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.
Business
RBI reduces inflation forecast to 3.7 pc for 2025-26

Mumbai, June 6: The RBI has revised its inflation outlook for 2025-26 downwards from the earlier forecast of 4 per cent to 3.7 per cent, Reserve Bank Governor Sanjay Malhotra said on Friday.
Taking all these factors into consideration, and assuming a normal monsoon, CPI inflation for the financial year 2025-26 is now projected at 3.7 per cent, with Q1 at 2.9 per cent, Q2 at 3.4 per cent, Q3 at 3.9 per cent, and Q4 at 4.4 per cent.
He pointed out that Inflation has softened significantly over the last six months from above the tolerance band in October 2024 to well below the target, with signs of a broad-based moderation. The near-term and medium-term outlook now gives us the confidence of not only a durable alignment of headline inflation with the target of 4 per cent, as exuded in the last meeting, but also the belief that during the year, it is likely to undershoot the target at the margin.
While food inflation outlook remains soft, core inflation is expected to remain benign with easing of international commodity prices in line with the anticipated global growth slowdown, Malhotra explained.
He pointed out that CPI headline inflation continued its declining trajectory in March-April, with headline CPI inflation moderating to a nearly six-year low of 3.2 per cent (y-o-y) in April 2025. This was led mainly by food inflation, which recorded the sixth consecutive monthly decline.
Fuel group witnessed a reversal of deflationary conditions and recorded positive inflation prints during March and April, partly reflecting the hike in LPG prices. Core inflation remained largely steady and contained during March-April, despite the increase in gold prices exerting upward pressure, Malhotra said.
The outlook for inflation points towards benign prices across major constituents. The record wheat production and higher production of key pulses in the Rabi crop season should ensure an adequate supply of key food items. Going forward, the likely above normal monsoon along with its early onset augurs well for Kharif crop prospects.
Reflecting this, inflation expectations are showing a moderating trend, more so for the rural households. Most projections point towards continued moderation in the prices of key commodities, including crude oil, the RBI Governor said.
However, at the same time, Malhotra had a word of caution. “Notwithstanding these favourable prognoses, we need to remain watchful of weather-related uncertainties and still evolving tariff-related concerns with their attendant impact on global commodity prices,” he added.
International
Man shot in targeted attack in Australian state of Queensland

Sydney, June 6: A man has been hospitalised with serious injuries following a targeted shooting in the Australian state of Queensland.
The Queensland Police Service said on Friday that emergency services were deployed to a house in Parkwood, 65 kilometres southeast of Brisbane, around 7:50 p.m. on Thursday in response to reports that a man had sustained gunshot wounds to his leg and other injuries to his hand.
According to media, the 21-year-old man was found at the scene with serious injuries and was taken to hospital in a stable condition.
A police statement said that initial inquiries indicated that the incident was a targeted shooting and that there was no ongoing threat to the public.
An investigation into the attack was ongoing and police commenced a search for the perpetrator.
In a separate incident, Australian police are investigating a fatal stabbing in a remote outback mining town west of Sydney.
Emergency services were called to conduct a welfare check at a home in Broken Hill, over 900 kilometers from Sydney in the far west outback of the state of New South Wales (NSW), just after 11:50 p.m. on Thursday.
Police officers arrived at the scene where they found a man, believed to be aged in his 40s, with stab wounds to his neck.
He was treated by ambulance paramedics but could not be revived and was declared deceased.
Local police established a crime scene at the house and have commenced an investigation into the man’s death with assistance from the NSW Homicide Squad.
National
Kerala Guv upset after Minister skips event displaying Bharat Mata’s portrait

Thiruvananthapuram, June 6: Reacting to the controversy after the Kerala Agriculture Minister P. Prasad boycotted the state-level celebrations on the World Environment Day at the Raj Bhavan — the official residence of the state Governor, Rajendra V. Arlekar, the latter expressed his displeasure.
Speaking at the event as the state Governor, Arlekar expressed his displeasure by saying that the Agriculture Minister should also have been present here.
“The State Education Minister informed that he could not come. Then the Agriculture Minister also did not come. I do not know what better issues we have, the Agriculture Minister wanted to remove the portrait of Bharat Mata from the dais,” said Governor Arlekar.
“I told them that we will do everything else, but we cannot remove Bharat Mata’s portrait as this is what we are living for and probably that’s the reason why they did not come,” he added.
“What sort of thinking we have in our minds,” lamented Governor Arlekar.
The reason was that the State Agriculture Minister did not want the portrait of the Bharat Mata, commonly used by the Rashtriya Swayamsevak Sangh (RSS), to be placed on the central dais.
Minister Prasad told the media that the programme was decided after speaking to the Governor.
“Last night, a change was made, and this was not acceptable to the state government. The picture was not the regular Bharat Mata picture which we use, but at the Raj Bhavan, it was the one that is used by the RSS. It is not right to keep such pictures, and the Governor said it cannot be changed, and hence the state government decided not to take part in the event at the Raj Bhavan,” he said.
“This is an unconstitutional thing. It is only after this Governor took over that there have been such changes. We have the highest regard and respect towards the normal Bharat Mata picture, but not the one used by the RSS,” Prasad added.
Incidentally, on Tuesday evening, officials from the concerned Minister’s office were at the Raj Bhavan for an inspection of the Central Hall, where the picture of Bharat Mata was kept.
Later, the officials who visited the Raj Bhavan told the Minister about the picture. Following this, the Minister spoke to Chief Minister Pinarayi Vijayan, and later, the decision was taken that Minister Prasad would not attend the meeting.
The Minister called the Raj Bhavan and told that he would not be able to attend the event if the picture of Bharat Mata used by the RSS was not removed.
However, Governor Arlekar stood his ground and said that the picture of Bharat Mata would not be removed.
Later, the state government decided to hold a function in the Durbar Hall of the State Secretariat to mark the World Environment Day celebrations.
The Kerala Chief Secretary, A. Jayathilak, was directed to organise a separate event.
Prior to this event, on Thursday, there were two different state-level functions — one chaired by Governor Arlekar at the Raj Bhavan and the other in the Durbar Hall with Minister Prasad presiding over.
Prasad, a first-time legislator, is a member of the Commmunist Party Of India (CPI).
Former Kerala Minister and State CPI Secretary, Binoy Viswam, said this was unacceptable, as the picture of Bharat Mata used by the RSS should not be displayed at a state function.
Incidentally, last month, Governor Arlekar had invited prominent RSS ideologue S. Gurumurthy for a talk after the successful Operation Sindoor, and Chief Minister Vijayan had said that it was wrong to convert the Raj Bhavan into a place for the RSS.
-
Crime3 years ago
Class 10 student jumps to death in Jaipur
-
Maharashtra8 months ago
Mumbai Local Train Update: Central Railway’s New Timetable Comes Into Effect; Check Full List Of Revised Timings & Stations
-
Maharashtra8 months ago
Mumbai To Go Toll-Free Tonight! Maharashtra Govt Announces Complete Toll Waiver For Light Motor Vehicles At All 5 Entry Points Of City
-
Maharashtra8 months ago
False photo of Imtiaz Jaleel’s rally, exposing the fooling conspiracy
-
National News8 months ago
Ministry of Railways rolls out Special Drive 4.0 with focus on digitisation, cleanliness, inclusiveness and grievance redressal
-
Crime8 months ago
Baba Siddique Murder: Mumbai Police Unable To Get Lawrence Bishnoi Custody Due To Home Ministry Order, Says Report
-
Maharashtra7 months ago
Maharashtra Elections 2024: Mumbai Metro & BEST Services Extended Till Midnight On Voting Day
-
National News9 months ago
J&K: 4 Jawans Killed, 28 Injured After Bus Carrying BSF Personnel For Poll Duty Falls Into Gorge In Budgam; Terrifying Visuals Surface