The futures prices of silver along with gold were seen declining on Tuesday morning. On Tuesday morning, silver futures of May 5, 2020, fell by 1.02 percent, or Rs 430, on MCX at Rs 41,527 per kg. Apart from this, on Tuesday morning, silver futures on MCX was down by 0.90 percent or Rs 384 to trade at Rs 42,136 per kg on July 3, 2020.

Talking about the international market, there is also a drop in gold spot and futures prices on Tuesday morning. According to Bloomberg, the global spot price of gold was down 1 percent, or $ 17.11, at $ 1,696.88 an ounce on Tuesday morning. At the same time, the global futures price of gold was trading at $ 1710.70 an ounce, falling 0.76 percent or $ 13.10 on Comex on Tuesday morning. Besides, the global spot price of silver was down by 1.01 percent, or $ 0.15, on Tuesday morning at $ 15.05 an ounce.

What is the futures price?

Gold is traded in two ways. One in the spot market and the other in the futures market. The futures market is also called a commodity exchange. Commodities are sold and purchased digitally in the futures market. In the futures market, deals are made in future prices based on the old and new prices of the commodity. There are deals in this market up to a fixed date. The futures market has a direct impact on the spot market. There is no major difference in commodity prices between the spot market and the futures market.

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A similar petition was filed by a textile company in Maharashtra last week. However, the trade union of Maharashtra has also filed an application in the petition of the textile company saying that it is the right of the employees to get a full salary. However, these petitions are not yet on trial. Meanwhile, this new petition has been filed by the Ludhiana Hand Tools Association.

In the petition of the Ludhiana Hand Tools Association, the court has demanded the cancellation of the order of the Center on March 29. After this, on 30 March, the Ministry of Labor and Employment issued an advisory to all the regional labor commissioners, saying that all the employees of the establishments that were closed by the lockdown would be considered on duty during this period. All private and government establishments are advised that they neither expel employees nor deduct their wages. Not only this, temporary and contract employees were also considered involved in this.

The petition states whether the Disaster Management Act 2005 empowers the Center to order private establishments to pay full salaries to personnel in a disaster. Whereas in a similar situation, the Industrial Disputes Act, 1948 has made a provision of giving 50 percent salary. The question is whether taking care of the interests of the working class, the Center can put the entire burden on the employers, while the employers are also running at a huge loss.

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Traders who brought goods from China and sold them in India are now thinking of taking the risk of manufacturing that item in the country itself. One such businessman, Nitin Agarwal, said that he used to visit China at least three times a year for business. But after the COVID-19 outbreak, they would avoid going to China for the next one year. He told that many businessmen like him will not order Chinese businessmen over the phone because Chinese businessmen have lost their trust all over the world.

Cosmetic goods businessman Deepak Arora said that in the post-19 Kovid environment, hundreds of businessmen like him are preparing to get machines and technology from China instead of getting finished goods to end our dependence on China.

Traders said that given the perceptions that people are making about China, the sale of Chinese goods will definitely be affected. Traders said that now people will buy goods manufactured in India at a very expensive price and if 50 percent import from China is stopped for the next one year, then domestic manufacturing can get at least $ 30-35 billion in work. is. In 2018, India imported $ 76.87 billion from China, while India exported $ 18.83 billion to China during this period.

Between January and November last year, $ 68 billion was imported from China, while India’s exports were just $ 16.32 billion. China does not allow Indian IT and pharma companies to sell products in their markets. India exports light items like cotton, yarn, fabric, metal, stone. At the same time, China imports things like telecom equipment, TVs, electronics items, nuclear reactors, boilers, machinery parts in our country.

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Tomar was addressing the Kharif conference with video conferencing due to the coronavirus epidemic. He said that the ministry will fulfill the needs of the states in the Kharif season farming. The purpose of this conference was to solve the problems by considering the strategy of increasing crop yield with the states. Tomar said that an extraordinary situation has arisen due to the outbreak of Coronavirus, which all people have to solve jointly. Quoting the Prime Minister, Tomar said that his government will do everything possible to rescue the village, the poor and the farmer in this crisis.

During the conference, the Ministry of Agriculture presented the picture of the forthcoming crop year. Accordingly, the target of crop production during the crop year 2020-21 has been set at 29.83 million tonnes. It has set a target of 14.94 million tonnes of foodgrains in the forthcoming Kharif season and 14.84 million tonnes of foodgrains in the rabi season, while in the year 2019-20 it is 29.10 million tonnes.

The government’s emphasis is on the cultivation of horticultural crops along with food grains, on which the economy of many states is based. Agriculture Secretary Sanjay Aggarwal also stressed on ensuring nutritional security along with food security. In the coming Kharif season, it was said to expand the cultivation of pulses and oilseeds and increase production.

The country is not self-sufficient in the case of edible oils. More than 60 percent of edible oils are imported for domestic requirements. The government is fully focused on increasing its production. All states were asked to implement this.

In the discussion regarding the preparation of Kharif crops, detailed information was sought from all the states about their requirements. His opinion was sought regarding the needs related to improved seeds, fertilizer, pesticides, and irrigation. In view of the expected arrival of monsoon and normal rains, an appeal was made to execute the Kharif preparations.

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Rajan made this comment in a blog post titled ‘Possibly India’s biggest challenge in recent times’. He said that this is probably the biggest emergency situation since independence. During the global financial crisis of 2008-09 there was a huge reduction in demand, but then our employees were going to work, our companies were strong due to year-on-year growth, our financial system was in better condition and the government’s financials Resources were also in good condition. While we are still struggling with the corona virus epidemic, some of these are not true.

However, Rajan said that if acted with proper methods and priority, India has so many sources of strength that it can not only overcome the epidemic like corona virus but also set a strong foundation for the future. Rajan said that all the work will not benefit much from being controlled by the Prime Minister’s Office because there is already more work load on the people there.

Rajan said that a lot needs to be done at the present time. The government should call those who have proved their experience and their abilities. There are many people in India who can help the government overcome this. The government can also seek help from opposition parties by crossing the line of political division, which has experience of draining the country from the last global financial crisis.

The former RBI governor said that our first priority should be to prevent the spread of infection through a wide-scale investigation, distance from each other and strict quarantine to prevent the outbreak of the corona virus. He said the 21-day lockdown is the first step. This has given us time to prepare better. The government is fighting with the help of our courageous medical personnel and is ready to use all possible resources including public, private sector, defense sector, retired people.

Rajan said that we cannot bear lockdown for long. In such a situation, we have to consider how to resume economic activities while keeping the transition limited. He said that India now also needs to prepare a plan about what will be done after the virus could not be controlled even after lockdown.

Courtsey: jagran.com

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The consumption of petrol and diesel in India has decreased by more than 50 percent. The crude reserves of most of the country’s refineries are full. However, due to lack of demand, most of the refineries in the country have either stopped production or are producing very little of their capacity. According to a senior official of Indian Oil Corporation, the country’s largest refinery, till last Wednesday, the company had cut production by 30 percent.

Retail sales of petrol, diesel, bitumen and other industrial products had reduced by 50 percent by then. The demand from the railway and aviation sector is also negligible. So, the crude purchase agreements already in place are enough to meet the demand. However, the demand for LPG is increasing and uninterrupted supply is being made.

Mukesh Kumar Surana, chairman of Hindustan Petroleum Corporation Limited (BPCL), told Dainik Jagran that ‘we have started controlling our production keeping in view the future demand due to the lockdown as it is a sensitive task to reserve petroleum products. . We are also reducing production in refineries accordingly. While Ajay Bansal, president of the association of 68,000 petrol pumps of the country, says that in the last 15 days, the sale of petrol and diesel has reduced by 95 percent.

Bansal cites an old report by the Government of India, that 70 percent of diesel and 99 percent of petrol are used in the transport sector. Seeing the number of vehicles on the road, it is clear that their claim of reduction in sales by 95 percent is close to the truth. The International Energy Agency has said that three billion people have stopped taking to the streets, reducing the demand for 20 million barrels of crude oil. If industrial production stagnates due to corona for more days, then the purchase of crude in the international market in the last three months can be met only for the next one year.

The demand for LPG is increasing, the government is ready

Despite lower petrol and diesel sales, the demand for LPG in the country is increasing. Looking at the possibility of increasing demand for LPG in the coming days, Petroleum and Natural Gas Minister Dharmendra Pradhan on Sunday spoke to Saudi Arabia’s Energy Minister Prince Abdul Aziz and President of Saudi Arabia’s largest oil company Saudi Aramco, Amin Nasir.

Pradhan said that Saudi Arabia has assured that it will continue to supply LPG as per India’s domestic demand. Indian Oil Corporation Chairman Sanjeev Singh has stated that state-owned oil companies are fully capable of meeting the demand for LPG. According to HPCL Chairman Mukesh Kumar Surana, the trend of keeping two or three cylinders in reserve is seen in the people, due to which the demand has increased.

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According to Kanwar Vivek, CEO of Yes AMC, investors are advised to continue investing in the market. He said that if the investors have money then they should invest in the long term. It is noteworthy that the market sentiment has weakened due to the outbreak of Novel Coronavirus and a sharp reduction in the prices of crude oil, and this has led to huge volatility in the equity markets. This month, the BSE Sensitive Index, based on 30 stocks, has registered a 12 per cent decline so far. The Sensex has fallen from 34,000 points to around 29,000.

According to Vivek, the current market conditions are very attractive to long-term investors and this is the right time to invest in long-term equities.

Expressing similar views, Ashika Wealth Advisors CEO and co-founder Amit Jain said that the worse the market performance, the greater the chances of better returns in the medium to long term. He said that new investors should invest 40 per cent in mutual funds, which can give about seven-eight per cent returns. He said that the remaining 60 percent of the money should be invested in multi-asset and mid-cap schemes.

Courtsey: jagran.com

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The US has emerged as the new center of the coronavirus, where more than one million people are reported to be infected. The US has overtaken China in terms of infection. It is noteworthy that the stock markets closed on Friday after climbing for three days. Traders booked profits before the announcement of the economic package. During this period, the S&P 500 declined by 3.4% and the Dow by 4.1%.

Trump urged Congress to finalize the package as soon as possible. Earlier, he had said that he would provide financial help to working families and small businessmen.

Looking at the long-term impact on the economy, Trump is considering easing the Federal Guidelines. However, many governors, public health experts and some members of his government are also in favor of prolonging the restrictions.

Courtsey: jagran.com

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