Business
Goa’s economy can’t revive with mining ban in force

With an alarming decline in Goas economic growth, the state government can no longer afford to sit on the issue of mining ban, a survey revealed.
According to the Economic Survey released by the Directorate of Planning, Statistics and Evaluation, Goa’s economy grew by a mere 1.6 per cent in 2020-21.
The coastal state’s economy is heavily dependent on manufacturing, agriculture, tourism, and mining. While the first two sectors showed a clear decline during the assessment period, the inflow of both national and foreign tourists was curtailed due to the Covid-19 pandemic.
The survey observes that during the pandemic period, the tourism-related businesses came down to almost zero. On the other hand, mining operations have stayed suspended in Goa for more than four years.
“The major chunk of mining related businesses has not been able to switch over or diversify their line in view of bleak changes of buyers for their assets riddled with debts. Alternate business for existing mining assets in other states is not easy to get as there are a lot of challenges posed from local people of respective states,” said Ralph De Sousa, President, Goa Chamber of Commerce & Industry (GCCI).
“And for assets like river barges it is more challenging as operations are typical to Goa Logistic system. Also, overall, there is no alternative to the mining business to replace the employment that is lost due to abrupt stoppage of mining operation 4 years ago. There is a hope given that mining is going to start soon so disposing the debt ridden asset gets tricky.
“The financial situation worsens with every passing day with the Goa mining ban continuing with no firm solution but hope of a major decision by the Government to restart mining. The state’s businesspersons are witnessing worsening CIBIL rating and at the same time financial institutions are facing rising NPAs.
“The immediate resumption of Goa mining industry can provide relief to the stressed situation in the state,” he added.
Goa’s consistently rising debt is an alarming concern over the last 10 years. Depending solely on loans and advances would over a period come to haunt the borrower as interest element too augments.
Goa’s main economic pillar, mining, continues to lie in suspension for several years which causes not just economic concerns but also causes hardships to those dependent on it. Ease of doing business has been affected and further casts apathy on the industrial sector on how operations, infrastructure, markets, foreign exchange, value addition built up from scratch, entirely by the industry be allowed to deteriorate with time.
The local industry as well as other Apex chambers have repeatedly raised concerns and the desired solutions expected to be taken from the Government.
“Keeping in mind sustainability, mining needs to resume earliest,” said Glenn Kalavampara, Secretary, Goa Mineral Ore Exporters Association (GMOEA).
According to the Economic Survey, Goa’s primary sector accounted for 5.24 per cent of the gross state domestic product GSDP in 2020-21.
Even the secondary sector, which contributed 55 per cent to the state economy, saw a decline, and only the tertiary or services sector was seen bucking the trend with 39.72 per cent contribution.
The state’s economic activity at constant prices for 2020-21 is estimated at Rs 53,959.86 crore, as against Rs 53,099.57 crore in 2019-20.
National
IRCTC’s Chhatrapati Shivaji Maharaj heritage train tour receives overwhelming response

New Delhi, June 7: The Indian Railway Catering and Tourism Corporation (IRCTC), a Navratna company under the Ministry of Railways, Government of India, has received an overwhelming response to its newly-launched ‘Chhatrapati Shivaji Maharaj Circuit Train Tour.’
Scheduled to depart from Chhatrapati Shivaji Maharaj Terminus (CSMT), Mumbai, on June 9, the heritage tour is already fully booked. A total of 710 passengers have secured their spots across various classes, with 480 bookings in Economy (Sleeper Class), 190 in Comfort (3AC), and 40 in Superior (2AC).
This six-day train journey has been specially curated to showcase the glorious history and grand legacy of Chhatrapati Shivaji Maharaj.
The tour is the result of a collaborative effort between the Government of Maharashtra, Indian Railways, and IRCTC, aiming to provide travellers with an immersive experience that brings to life the heroic saga of the legendary Maratha ruler.
The train will cover historically significant sites such as Raigad Fort, Shivneri Fort, Pratapgad Fort, Panhala Fort, Lal Mahal, Kasba Ganpati Temple, and Shivsrushti, all closely associated with the key events and life of Chhatrapati Shivaji Maharaj.
The journey begins with the train departing from CSMT and heading toward Mangaon station on the Konkan Railway network, the nearest access point to Raigad Fort.
Raigad is the site of Shivaji Maharaj’s coronation and was his capital. After sightseeing, tourists will travel to Pune for an overnight hotel stay. On the second day, they will visit Lal Mahal, a red palace originally built by Shivaji’s father Shahaji Bhosale in 1630, and later rebuilt in 1984.
Tourists will also see the Kasba Ganpati Temple, believed to have been established by Shivaji’s mother Jijabai, and the historical theme park Shivsrushti, where Shivaji’s life story is presented through 3D visuals and interactive exhibits. Visitors will spend a second night in Pune.
On the third day, the tour continues to Shivneri Fort, Shivaji Maharaj’s birthplace located atop a hill near Junnar and will also visit the Bhimashankar Jyotirlinga Temple, one of the twelve Jyotirlingas in India.
After the visit, tourists return to Pune for overnight rest. On the fourth day, the train will proceed to Satara. From there, travellers will explore Pratapgad Fort, the historic site of the 1659 battle between Shivaji Maharaj and Afzal Khan of the Bijapur Sultanate.
After this visit, the group will leave for Kolhapur.
The final day of the tour begins with the train arriving at Chhatrapati Shahu Maharaj Terminus in Kolhapur.
Following this, there will be a tour of the iconic Panhala Fort, located in the Sahyadri Hills. This fort has deep historical connections with Shivaji Maharaj, who was held captive there for over 500 days before making a dramatic escape.
Known as the ‘Fort of Serpents’ due to its winding structure, Panhala is also famous for the legendary bravery of Baji Prabhu Deshpande, Shivaji’s general, during a crucial battle to retain control of the fort.
The tour package includes train travel, comfortable hotel accommodations, all vegetarian meals, transfers and sightseeing via air-conditioned buses, travel insurance, and the assistance of experienced tour escorts.
IRCTC has assured that all necessary arrangements have been made to ensure the safety and comfort of passengers while providing a culturally enriching and memorable journey.
National
Eid prayers across J&K pass off peacefully

Srinagar, June 7: Thousands of devout Muslims gathered across Jammu and Kashmir on Saturday to offer Eid al-Adha prayers. Peaceful congregations were also held in various cities and towns throughout the Union Territory.
Chief Minister Omar Abdullah and former Chief Minister Dr Farooq Abdullah joined the devotees in offering Eid prayers at the Hazratbal shrine on the outskirts of Srinagar city.
Hundreds of Muslims gathered at the shrine’s lawns to offer prayers. Former Chief Minister Mehbooba Mufti also offered Eid prayers at the Hazratbal shrine.
This is the holiest Muslim shrine in J&K as it houses the Holy Relic of the Prophet.
Authorities had made adequate arrangements for security, sanitation, and healthcare at different places for the devotees in Srinagar city and all other cities and towns across J&K.
In Jammu city, the main Eid congregation was held at the Eidgah grounds in the Residency Road area of the city. Hindu and Sikh friends of Muslims were the first to greet them at the end of the Eid prayers in Jammu, Poonch & Rajouri districts.
Large Eid congregations were also held in Budgam, Baramulla, Kupwara, Bandipora, Pulwama, Kulgam, and Shopian districts.
Children wearing new clothes accompanied their fathers to various Eidgahs, and after the prayers, Muslims embraced each other to carry forward the universal message of inclusive brotherhood of Islam.
After the Eid prayers, the ritual of offering animal sacrifices will begin across J&K.
Animal sacrifices are part of Eid al-Adha as these commemorate the greatest sacrifice offered by Prophet Abraham, who, under orders of Allah, decided to sacrifice his son, Ismail. As the blindfolded father tried to move the blade on the son’s throat, a lamb from heaven replaced Ismail under the knife.
When Prophet Abraham unfolded himself, he saw Ismail smiling at a distance when a lamb had substituted him for the sacrifice.
Muslims believe that when Prophet Abraham returned home handholding his son, there was a joyous celebration in the family — Allah had accepted Abraham’s sacrifice and also saved Ismail’s life.
Eid al-Adha is the commemoration of that great event in Islamic history, and each year, the Hajj pilgrimage comes to an end with the pilgrims offering animal sacrifices in Mecca.
The basic spirit behind Eid al-Adha is that the outcome of every event and the destiny of every human being are in the hands of God, with whatever name the faithful choose to remember Him.
It is customary for Muslims to send mutton to their relatives, neighbours, and the poor on this auspicious day so that nobody is left out of the festivities of Eid.
Business
Stock market exhibits resilience, RBI’s rate cut icing on the cake

Mumbai, June 7: After starting the week with consolidation, the domestic market exhibited resilience amid concerns over tariff wars and geopolitical escalations, analysts said on Saturday.
Markets consolidated for the third consecutive week but managed to end higher by nearly a per cent, buoyed by favourable domestic cues.
After remaining range-bound for most of the week, benchmark indices surged sharply on Friday and settled near the week’s high, with the Nifty closing at 25,003 and the Sensex at 82,118.99.
“The highlight of the week was the RBI’s policy announcement, which took the market by surprise. The central bank implemented a sharper-than-expected 50 bps repo rate cut and a 100 bps CRR reduction, signalling a strong pro-growth stance. Notably, the policy stance was also shifted from ‘accommodative’ to ‘neutral’ — a move that came sooner than expected,” said Ajit Mishra, SVP, Research, Religare Broking Ltd.
By front-loading its easing measures, the RBI has underscored its commitment to reviving domestic growth amid global uncertainties. While such a bold approach was expected to unfold gradually, this decisive action reinforces confidence in the central bank’s intent to support economic recovery while managing inflation risks.
This week, sectoral performance was broadly positive, with rate-sensitive sectors witnessing strong buying interest. Realty, auto, and banking stocks led the rally, reflecting improved outlooks for credit growth and consumer sentiment. Financials and NBFCs also gained, as lower interest rates are expected to enhance borrowing conditions.
Conversely, IT stocks underperformed due to persistent global uncertainties, particularly in the U.S. and European markets. In the broader markets, both midcap and smallcap indices outperformed the benchmarks, reflecting a risk-on sentiment among investors, with gains ranging between 2.8 per cent and 4 per cent.
According to Vinod Nair, Head of Research, Geojit Investments Ltd, bolstered by supportive macro indicators such as strong Q4 GDP, GST collection and a favourable monsoon, investors focused on domestically oriented and interest-sensitive sectors such as financials, real estate, retail and FMCG, which saw strength, supported by strong institutional inflows.
Profit booking was visible during the week on account of the ongoing global uncertainty. Mid and small caps generally outperformed large caps, driven by better earnings and valuations.
“While China’s rare earth restrictions pose long-term risks and investors await the inflation print in the US, the aggressive RBI rate cut, backed by cooling inflation and a steady GDP outlook, is likely to support investor confidence amidst the ongoing global uncertainties,” Nair noted.
Going forward, market participants will focus on key macroeconomic data for further cues. High-frequency indicators such as CPI inflation will be closely tracked to gauge demand trends and the central bank’s next steps, said experts.
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