Go digital, even beggar using swipe machine: PM

Mangaluru, Feb 26: Mangaluru Smart City Limited (MSCL) Managing Director Mohammed Nazir on Wednesday said that 13 Schools in eight wards, here, will be upgraded under the Area Based Development (ABD) of the Smart City Mission (SCM).

Mr. Nazir, in a statement, said that the Schools selected include Government Higher Primary School Car Street, Bastigarden, Neereshwalya, Hoigebazar Lower Primary School, Government Practicing HS, Balmatta Primary School, Balmatta Secondary School, Bunder Higher Primary School (Urdu), Bunder Government High School (Urdu) and Bolara East Government Primary School.

These Smart Schools will have IT-enabled interactive teaching and learning tools, computer labs and open reading plazas.

Bengaluru, Jan 17: Chief minister BS Yediyurappa is likely to induct new ministers into his cabinet only after he returns from Davos, Switzerland, on January 25.

Yediyurappa will leave for Davos on January 19 to participate in the World Economic Forum’s 50th annual meet.

Sources say Yediyurappa is keen on expanding his cabinet before he leaves for Davos and is still trying to secure the green signal from BJP national president Amit Shah. However, Shah has cold-shouldered Yediyurappa’s several requests for a meeting to discuss the issue.

Shah is scheduled to visit Karnataka on January 18 to participate in a pro-Citizenship (Amendment) Act rally in Hubballi and the CM plans to corner him there. But, given the time constraint, Yediyurappa is likely to put off the exercise till he returns from Davos even if Shah extends approval.

“Even if Shah gives the green signal, Yediyurappa will have less than 24 hours to expand his cabinet,” a source said. “It is highly unlikely he will rush through the process of inducting ministers. Also, his presence is required to douse disgruntlement which is bound to arise once the new ministers are sworn in.”

The CM and the party high command are on different pages as far as cabinet expansion is concerned. While Yediyurappa is hell-bent on keeping his promise of inducting all the newly elected MLAs, who switched from Congress and JD(S) to the BJP, Shah is keen on sharing vacant berths equally between loyal MLAs and the new entrants. There are 16 cabinet berths vacant.

Shah, sources said, is of the opinion that giving 12 berths to the turncoats will lead to heartburn among loyalists and it will impact the party’s prospects in the next election. “Moreover, he is of the opinion that none of the turncoats have mass appeal, nor do they have any administrative experience. This, he thinks, will impact governance,” said a source.

This has resulted in a deadlock and the issue has dragged on for a month now.

New Delhi, Jun 26: With looming uncertainty and no likelihood of an early economic recovery in sight, the bull run in gold prices is here to stay. Analysts expect domestic futures to touch ₹ 52,000 per 10 grams in the next few months, till Diwali.

Experts also predict that with the current trend, gold may reach historic levels around ₹ 65,000 per 10 grams in two years time.

Futures of the yellow metal have touched new highs in India off late. On Wednesday, the August contract of gold futures on the Multi-Commodity Exchange (MCX) touched an all-time high of Rs 48,589 per 10 grams.

It has, however corrected since and is currently trading at ₹ 48,057 on the MCX, higher by ₹ 116 or 0.24 per cent from its previous close.

Market experts are of the view that both domestic and international gold prices are yet not done breaching records and will touch new highs in days to come.

The resurgence in the number of new cases of coronavirus infection across the globe has added to the uncertainty and fears.

Speaking to media persons, Anuj Gupta, DVP for Commodities and Currencies Research at Angel Broking, noted: "In short term we are expecting it to reach ₹ 48,800-49,000 and for long term, we are expecting ₹ 51,000-Rs 52,000 till Diwali."

On the prices in the international market, he said that it may reach around $1,790 per ounce in the near term from the current levels of $1,762 and the long term, it is likely to be around $1,820-1,850 per ounce.

Gupta noted that with International Monetary Fund's (IMF) latest downward revision of economic outlook, both global and of India, and the rising number of cases and high demand by gold exchange traded funds (ETF) have led to this record breaking rise in gold prices.

Covid-19 battered India's economy is projected to contract by 4.5 per cent this fiscal, according to the IMF and the global output is projected to decline by 4.9 per cent in 2020, 1.9 percentage points below the IMF's April forecast.

Hareesh V, Head of Commodity Research at Geojit Financial Services, said that gold's safe haven appeal will remain on the higher side as there is little hope of a quick global economic recovery amid rising virus cases across the world.

"Increased geopolitical instability and an under-performing dollar also lift the metal's sentiments," he added.

According to Prathamesh Mallya, AVP Research, Non-Agro Commodities & Currencies at Angel Broking, said that with the global output to contract and the economies in a deeper recession than most anticipate, gold as an asset class is a safe bet for investors across the globe.

"Although, the physical demand has declined drastically due to the restrictions and lockdowns, the activity of global central banks and their net purchases of gold signal that uncertainty will continue for most of 2020," he said.

He was also of the view that in the international market price of the metal may move towards $1,850 per ounce and in the domestic market it is likely to move higher towards Rs 50,000 per 10 grams.

"The investment demand as seen in the net additions of ETF holdings also signals that gold will shine for a much longer time even if the pandemic is under control. Till then, keep buying gold, if not in physical form, but in digital form," Mallya added.

Industry insiders like Aditya Pethe, Director, WHP Jewellers said: "I basically feel that the current trend for the gold is bullish and for the coming next 2 years, it is likely to move upwards. No one can predict the exact price as currently the trend is on rise but it might change after 6 months. In general for the coming 6 months to one year, the gold prices are likely to cross $2,000 which comes to roughly Rs 55,000. For a temporary moment it may reduce, basically fluctuate as well but overall trend of gold is going to be bullish."

On his part, Ishu Datwani, Founder, Anmol Jewellers said: "Yes - it's very likely that the gold price could easily go up to Rs 60,000-Rs 65,000 in the next two years. There is also a possibility of it going up even more."

"A lot of banks have been buying gold and there is also a possibility that the Indian rupee will depreciate against the dollar. This and geopolitical reasons will cause bullishness in gold."