Center slashes basic custom duty on crude edible oils to 10%; Aims to reduce retail prices
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Fibre2Fashion
13 hours ago
- Fibre2Fashion
Mongolia, Kyrgyzstan sign MoU on cooperation in wool processing
During the recent state visit of Mongolian President Ukhnaagiin Khurelsukh to Kyrgyzstan, a number of bilateral agreements were signed that included a memorandum of understanding (MoU) on cooperation in wool processing. All the agreements are aimed at increasing joint cooperation. Mongolian Minister of Food, Agriculture and Light Industry Enkhbayar Jadamba and Kyrgyz Deputy Prime Minister and Minister of Water Resources, Agriculture and Processing Industry Bakyt Torobayev signed the MoU on cooperation in wool processing. During the recent state visit of Mongolian President Ukhnaagiin Khurelsukh to Kyrgyzstan, a number of bilateral agreements were signed that included an MoU on cooperation in wool processing. Both sides will implement joint projects in wool product supply, processing and promotion, while exchanging information and fostering business relations for mutual benefit. Within the framework of the 'White Gold' National Movement of Mongolia, Mongolian wool would be exported to Kyrgyzstan. Both sides will implement joint projects in wool product supply, processing and promotion, while exchanging information and fostering business relations for mutual benefit, according to Kyrgyz media outlets. Launched last year, the White Gold National Campaign is aimed at revitalising the light industry, stimulating the economic circulation of raw materials of animal origin, creating new jobs in the sector, raising production of value-added goods, boosting herders' incomes and improving their livelihoods. An agreement on scientific cooperation between the Kyrgyz National Academy of Sciences and the Academy of Sciences of Mongolia was also signed. Fibre2Fashion News Desk (DS)
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Business Standard
2 days ago
- Business Standard
Hallmarking for 9 carat gold gets green light: What it means for consumers
The government has approved hallmarking standards for 9 carat gold, making it officially part of the Bureau of Indian Standards' (BIS) hallmarking system. The notification was issued by the Ministry of Consumer Affairs, and the rule will take effect from this month, June 2025. What's happening: According to BIS, 9K gold must have a minimum fineness of 375 parts per thousand, and will now be subject to the same regulations as other gold categories. Jewellers and hallmarking centres must comply starting July 2025. Why it matters: Gold prices have surged to record highs in India, crossing ₹99,000 per 10 grams and briefly hitting ₹1,00,484 on the MCX. This has led to many consumers being priced out of the market. By making 9 carat gold (which costs roughly ₹38,110 per 10 grams, including GST) part of the hallmarking system, the government aims to: The background: Until now, hallmarking in India was permitted only for 24K, 23K, 22K, 20K, 18K, and 14K gold. The BIS hallmark certifies the gold's purity (measured in parts per thousand) and ensures consumer protection under the BIS Act, 2016. The absence of 9 carat gold from the list had limited jewellers' ability to sell lower-purity, affordable options with government-backed certification. That gap has now been filled. This development comes after a steep 60 per cent drop in gold sales by volume in June, the sharpest decline since the Covid-19 pandemic. Why have gold prices surged? Gold prices are surging due to a combination of global and domestic factors. Investors are turning to gold as a safe-haven asset amid heightened geopolitical tensions, particularly between the US and China, and growing political instability. A significant drop of over 4 per cent in the US Dollar Index this year has further boosted gold's appeal on the global stage. Central banks, especially in Asia, are increasing their gold reserves to diversify away from the US dollar, driven in part by concerns over political risks such as the freezing of Russian central bank assets. Additionally, the US Federal Reserve's interest rate cuts have made gold, which does not yield income, relatively more attractive. In India, domestic demand remains strong due to cultural and seasonal factors—key festivals in India traditionally see a rise in gold purchases, keeping demand high regardless of price trends. Industry speaks: Officials and industry leaders have welcomed the move as overdue and timely. 'We had been urging the government to introduce hallmarking of 9 carat gold for over a year,' said Surendra Mehta, national secretary, India Bullion & Jewellers Association (IBJA), speaking to The Economic Times. 'This will spur demand, especially in rural areas.' Suvankar Sen, MD & CEO of Senco Gold, added, 'It's a great initiative to make gold jewellery more accessible amid high prices. Modern designs come out smartly in 9K gold, and this move also supports innovation and exports.' The bigger picture: India is one of the world's largest consumers of gold, using 800–850 tonnes annually. Global factors, including inflation and geopolitical tensions like the Russia-Ukraine war, have driven up gold prices by over 25 per cent in the past year. Amid this, jewellers are increasingly turning to lower-carat jewellery to reduce production costs and attract budget-sensitive buyers, and hallmarked 9K jewellery could unlock new export opportunities, especially for lightweight, design-centric collections. What to watch out for: The new standard takes effect from July 2025, so not all jewellers may immediately offer hallmark-certified 9K gold. Consumers should look for the BIS hallmark and the fineness mark (375) when buying 9 carat jewellery. Gold watches and pens are now excluded from the BIS artefact definition; consumers should be aware that these items may not be hallmarked even if ma
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Business Standard
3 days ago
- Business Standard
Dr Reddy's gets 7 USFDA observations after Srikakulam plant inspection
A Form 483 is issued by the US health regulator when inspectors identify conditions that may violate the Food, Drug, and Cosmetic (FD&C) Act or relevant guidelines New Delhi Hyderabad-based pharmaceutical major Dr Reddy's Laboratories (DRL) has received a Form 483 with seven observations from the United States Food and Drug Administration (USFDA) in a recent inspection at its formulations manufacturing plant in Srikakulam, Andhra Pradesh, according to the exchange filing. The USFDA concluded the inspection of its FTO 11 facilities, the company stated in the filing. A Form 483 is issued by the US health regulator when inspectors identify conditions that may violate the Food, Drug, and Cosmetic (FD&C) Act or relevant guidelines. 'We have been issued a Form 483 with seven observations, which we will address within the stipulated timeline,' it added. Dr Reddy's Laboratories reported a 22 per cent year-on-year rise in consolidated net profit for the fourth quarter of financial year 2025, reaching ₹1,593.9 crore. The company has also announced a final dividend of ₹8 per equity share for FY 2024-25. The company's first-quarter results for FY26 are scheduled to be released on July 23.
