New Delhi, Oct 3: We are in an era of an unprecedented global volatility where rules of international engagement are being rewritten, but India’s growth is firmly rooted in domestic factors and the country’s capacity to absorb global shocks is strong, Finance Minister Nirmala Sitharaman said here on Friday.

She highlighted that India’s robust domestic factors minimise impact of global uncertainties.

“We are in a shifting global landscape which resembles a zero-sum approach. Indian economy is resilient and continues to grow sustainably,” FM Sitharaman said while delivering an inaugural address at the ‘Kautilya Economic Conclave 2025’ in the national capital.

“By 2047, becoming Viksit Bharat by self reliance does not mean we wish to be a closed economy. We have to reach 8 per cent GDP growth to get to the goal for a developed nation,” she told the gathering.

According to the Finance Minister, we cannot afford to be passive spectators in today’s era.

“We must be active participants. Nations need to make choices between new monetary architecture. No nation can insulate itself from systemic changes, we must prepare to engage with them. Tariffs, sanctions and decoupling strategies are reshaping supply chains. International institutions need to reflect today’s realities,” she stressed.

Finance Minister further stated that what we face is not a temporary disruption but a structural transformation.

“The scale of challenge is too big. We will be understating the challenge at hand; it is structural transformation,” she said.

“The world as a whole is looking to come out of uncertainty, the global order is shifting. The world that emerged out of cold war and pushed for globalisation seems to be a thing of the past. Rules of international engagement are being rewritten,” she mentioned.

FM Sitharaman pointed out that the global order is shifting, with multilateral institutions currently undermining confidence in the international community. She cited the recent G20 discussions, where experts deliberated on the need for reforms in multilateral institutions to restore stability.

Highlighting India’s twin-track approach, the finance minister said the nation aims to simultaneously attain developed economy status by 2047 and strengthen self-reliance, clarifying that self-reliance does not imply pursuing a closed economy.

Mumbai, Oct 3: The Indian benchmark indices opened with mild losses on Friday due to sustained FII selling, despite positive global cues and market optimism driven by the Reserve Bank of India’s dovish pause.

As of 9.20 am, the Sensex was down 191 points, or 0.24 per cent at 80,792 and the Nifty declined 56 points, or 0.23 per cent at 24,780.

The broad cap indices, Nifty Midcap 100 and Nifty Smallcap 100, inched up 0.22 and 0.14 per cent respectively. Tata Steel, Axis Bank, Kotak Mahindra Bank, Tata Motors and Asian Paints were among major gainers on the Nifty pack, while losers included Max Healthcare, Bajaj Finance, Shriram Finance and ICICI Bank, among others.

Among sectoral indices, Nifty Metal, the top gainer, advanced 0.89 per cent. Nifty PSU Bank (up 0.59 per cent) and Nifty Pharma (up 0.30 per cent) were other major gainers. Nifty Media and Nifty FMCG were the top losers down 0.65 per cent and 0.45 per cent respectively.

Analysts said that from a technical perspective, a sustained move above 24,900 could pave the way for a rally toward 25,000 and 25,150. The immediate support is placed at 24,750 and 24,600, which may act as potential entry points for long trades.

The US markets ended in the green zone overnight, as Nasdaq edged up 0.39 per cent, the S&P 500 added 0.06 per cent, and the Dow moved up 0.17 per cent in the last trading session.

Asia-Pacific markets mostly rose Friday, tracking Wall Street gains as investors shrugged off the US government shutdown. Investors are waiting to see how long the shutdown will last to assess the gravity of its economic repercussions.

While China’s Shanghai index added 0.52 per cent, and Shenzhen advanced 0.35 per cent, Japan’s Nikkei added 1.44 per cent, while Hong Kong’s Hang Seng Index declined 0.84 per cent. South Korea’s Kospi added 2.70 per cent.

Analysts said that the central bank’s bold initiatives to boost credit growth in the economy can positively sustain the momentum in the market, particularly in Bank Nifty. However, the sustained selling by FIIs in the market is unlikely to sustain this momentum.

FIIs are likely to further accelerate selling since the market construct provides them the opportunity to sell aggressively. Robust buying from DIIs can provide some support to the market, particularly in large-cap auto stocks, which have strong fundamental support now, they added.

In the last trading session on Wednesday, foreign institutional investors (FIIs) sold equities worth Rs 1,605 crore, while domestic institutional investors (DIIs) were net buyers of equities worth Rs 2,916 crore.

New Delhi, Oct 1: Prime Minister Narendra Modi said on Wednesday that the welfare of the country’s farmers, who play a vital role in building a developed India, is a top priority for his government.

“To this end, the decision to increase the Minimum Support Price (MSP) for rabi crops has been taken. While this will strengthen our food security, it will also benefit our farmer brothers and sisters,” the Prime Minister said in a post on X.

He was referring to the Cabinet decision taken on Wednesday to increase the MSP for rabi crops for the 2026-27 marketing season to ensure remunerative prices to farmers for their produce.

The highest increase in MSP has been announced for Safflower at Rs 600 per quintal, followed by Lentil (Masur) at Rs 300 per quintal. For rapeseed and mustard, gram, barley, and wheat, there is an increase of Rs 250 per quintal, Rs 225 per quintal, Rs 170 per quintal and Rs 160 per quintal, respectively.

The Prime Minister further stated: “We are leaving no stone unturned to ensure the welfare of our farmer brothers and sisters across the country. In this regard, our government has approved the Mission on Self-Reliance in Pulses. While this historic initiative will boost the production of pulses, it will also strengthen our resolve for self-reliance.”

The Union Cabinet, chaired by the Prime Minister, on Wednesday approved the Mission for Aatmanirbharta in Pulses with a financial outlay of Rs 11,440 crore. The landmark initiative aimed at boosting domestic production and achieving self-sufficiency in pulses will be implemented over a six-year period from 2025-26 to 2030-31.

The Pulses Mission is expected to benefit around 2 crore farmers with the supply of better seeds, post-harvest infrastructure and 100 per cent assured procurement of Tur, Urad and Masoor pulses from growers at the Minimum Support Price during the next 4 years, according to an official statement.

Pulses hold special importance in India’s cropping systems and diets. India is the world’s largest producer and consumer of pulses. With rising incomes and standard of living, pulse consumption has increased. However, domestic production has not kept pace with demand, leading to a 15-20 per cent increase in pulse imports.

In another post on X, PM Modi highlighted a Cabinet decision on the decision on widening and upgradation of the Kalibor-Numaligarh section of NH-715 in Assam.

“A historic decision for Assam and the Northeast! The Cabinet decision on widening and upgradation of the Kalibor-Numaligarh section of NH-715, including an elevated corridor with wildlife-friendly measures in the Kaziranga stretch, will boost development as well as ensure animal safety. Tourism to Kaziranga will receive a big boost,” the Prime Minister wrote.

He also took to Twitter to underline the Cabinet’s approval for Phase-III of the Biomedical Research Career Programme, which “will nurture scientific talent, support fellowships, collaborative grants and build world-class biomedical research capacity across India.”