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India’s Gold Investments Soar 60% to ₹1.5 Lakh Crore in 2024: Report

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A report released on Wednesday revealed that gold investments in India experienced a remarkable increase in 2024, rising by 60% in value to approximately $18 billion (around Rs 1.5 lakh crore) compared to 2023.
The World Gold Council (WGC) noted that gold investment demand reached 239 tonnes, marking the highest level since 2013, reflecting a 29% increase from the 185 tonnes recorded the previous year.

In the October-December quarter, gold investment remained robust, with demand hitting 76 tonnes, nearly matching the performance of the previous quarter, according to the report.

With 239 tonnes demanded, India accounted for 20% of the global gold investment market, which totaled 1,180 tonnes in 2024. This reflects a 25% increase in worldwide demand compared to 945.5 tonnes in 2023.

The report attributes this surge primarily to the consistent rise in gold prices throughout the year. After a reduction in import duties in July, prices began to climb steadily. A market correction in November led to increased investor interest as many sought opportunities to buy at lower prices. Moreover, the festive seasons of Dhanteras and Diwali in October and November significantly boosted gold purchases.

The report highlighted that major metropolitan areas experienced heightened buying activity, facilitated by e-commerce platforms offering quick delivery of small gold investment bars and coins—sometimes within just 10-15 minutes.

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Additionally, the underperformance of other investment assets contributed to the gold surge. The domestic stock markets, which showed average returns in the first half of the year, suffered a notable decline by the end of 2024 after reaching record highs in the third quarter.

The report also indicated that the demand for gold is expected to expand to include gold exchange-traded funds (ETFs) and mutual funds. After hitting a four-year low of 3,080 tonnes in April, global gold ETF holdings gradually recovered throughout the year, aside from a minor decline in November. This increase has been linked to rising geopolitical uncertainties, evolving expectations regarding interest rates, and gold’s strongest annual price performance since 2010.

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Business

RBI Ends Special Dollar-Rupee Swap Window Early Amid Strong Demand

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Mumbai: The Reserve Bank of India (RBI) has decided to close its special forex swap facility for fresh FCNR deposits early.

The facility will now close on August 31, the RBI said on Friday.

The central bank said the decision was taken after receiving an encouraging response. The facility has attracted $52.3 billion through fresh foreign currency deposits.

Banks can continue to undertake swaps with the RBI against FCNR deposits raised under the facility until September 11.

Meanwhile, the schemes for External Commercial Borrowings and Overseas Foreign Currency Borrowings will remain open until December 31, 2026.

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The RBI launched the special US dollar-rupee forex swap facility on June 8. It allowed banks to raise fresh three-to-five-year FCNR deposits.

Banks could then swap these deposits with the RBI at a concessional rate. The facility effectively covered the entire hedging cost for banks.

The strong response to the scheme led the RBI to bring the facility to an early close.

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Leksa Lighting Technologies Named among India’s Top 100 MSMEs

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Moodbidri: A dream that began in the rural area of Niddodi in Moodbidri has now gained national recognition. Leksa Lighting Technologies Pvt. Ltd., founded by Ronald Sylvan D’Souza, has been recognised as one of India’s Top 100 MSME companies.

The prestigious national recognition was presented by the MSME Udyog Foundation at a ceremony held in New Delhi on August 8, 2026.

Ronald Sylvan D’Souza started his entrepreneurial journey from a humble background. Through hard work, discipline and continuous efforts, he built Leksa Lighting Technologies into a recognised lighting technology company.

The company has focused on quality, technological innovation and indigenous manufacturing. Research and development have also played an important role in its growth.

Leksa Lighting has adopted Japanese work practices to improve its manufacturing and operational standards. The company has also worked towards developing quality lighting solutions in India.

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What began as a dream in rural Karnataka has now reached different parts of the country. The company is also making its presence felt in international markets.

Speaking about the recognition, Ronald Sylvan D’Souza said the award was not an individual achievement. He credited the entire Leksa team, customers, business partners, family members and everyone who supported the company.

He said he was proud and happy to see a dream that began in Niddodi and Moodbidri receive recognition at the national level.

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The achievement highlights the potential of rural entrepreneurs. It also shows that determination, discipline and consistent hard work can help a business from a rural area achieve success on a national platform.

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Leksa Lighting Technologies’ journey stands as an example of how a local dream can grow into a nationally recognised enterprise.

 

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Vehicle Prices to Increase from August 1

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New Delhi: Buying a new vehicle is set to become more expensive from August 1, adding to the financial burden on consumers. Several automobile manufacturers have announced a price hike due to rising production costs.

The increase is mainly driven by higher prices of raw materials and components. The cost of steel, aluminium, rubber, plastic, electronic chips, batteries, and spare parts has gone up in recent months. Global market changes caused by ongoing conflicts and inflation have also increased manufacturing expenses.

As a result, vehicle companies have decided to raise the prices of new models. Customers planning to purchase a new vehicle are likely to pay more from August 1.

The price hike is also expected to affect the travel and transport industry. Travel agencies and tour operators say buying new cars, SUVs, and other passenger vehicles will become more expensive.

Operators have already been facing higher expenses due to increased fuel prices and toll charges. With the additional cost of new vehicles, many travel agencies are preparing to revise their rental charges.

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The Karnataka Travels Association has indicated that travel fares may be increased to manage the rising operating costs. Passengers may have to pay more for each trip if the revised rates are implemented.

Meanwhile, several automobile manufacturers have already published details of the upcoming price increase on their official websites. Consumers planning to buy a new vehicle may consider making their purchase before the revised prices come into effect on August 1.

 

 

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