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
Sensex, Nifty extend gains on buying in heavyweights

Mumbai, Oct 7: Indian stock markets continued their upward trend on Tuesday, supported by buying in major stocks such as ICICI Bank, ITC and more.
However, profit booking in select banking stocks limited the overall gains during the early trading hours.
The Sensex, which rose more than 100 points in early trade, was trading at 81,843, up 52 points or 0.06 per cent.
The Nifty also gained 34 points or 0.14 per cent to reach 25,112 after hitting an intra-day high of 25,140.
Among the top gainers on the Sensex were Power Grid, Bajaj Finance, HCL Tech, Bharti Airtel, ICICI Bank, Ultratech Cement, NTPC, Hindustan Unilever, Bajaj Finserv, and BEL, which rose between 0.3 per cent and 1.6 per cent.
On the other hand, Trent, Axis Bank, Tata Motors, TCS, SBI, Kotak Bank, Tech Mahindra, HDFC Bank, and Infosys were among the major losers, slipping up to 2.7 per cent.
In the broader market, the Nifty MidCap index gained 0.08 per cent, while the Nifty SmallCap index rose 0.41 per cent — showing continued interest from investors in smaller companies.
Among sectoral indices, Nifty Metal and Nifty IT were the top performers, each gaining 0.4 per cent.
The Nifty PSU Bank index was the worst hit, falling 0.3 per cent due to profit booking in public sector lenders.
Analysts said that overall market sentiment remains positive, though some volatility may persist due to profit-taking at higher levels.
“The ongoing mild rally in the market has the potential to gain momentum. The FII selling in India is slowly declining since the sharp appreciation in other markets has pushed up their valuations and the valuation differential between India and other markets has come down,” analysts said.
“Since there is huge short position in the market any positive news can trigger short-covering, further aiding the rally,” they added.
Business
PM Modi to inaugurate India Mobile Congress 2025 on October 8

New Delhi, Oct 6: Prime Minister Narendra Modi will inaugurate the India Mobile Congress (IMC) 2025, Asia’s premier telecom and technology event, on October 8 in the national capital, Ministry of Communications said on Monday.
The four-day mega event, themed “Innovate to Transform,” will run till October 11 and is expected to showcase India’s growing leadership in the global digital and telecom space.
Union Minister for Communications Jyotiraditya M. Scindia visited the IMC 2025 venue to review the final preparations ahead of the Prime Minister’s inauguration.
Scindia also travelled to the venue and back via the Airport Metro, symbolising India’s push for modern and sustainable urban transport.
During his visit, the minister toured the exhibition area, interacted with participating startups and exhibitors, and chaired review meetings with senior officials from the Department of Telecommunications (DoT), the Cellular Operators Association of India (COAI), and other partner agencies.
Speaking to the media, Scindia said that IMC 2025 would mark a new era in global connectivity, where technologies like 5G, 6G, artificial intelligence (AI), machine learning (ML), the Internet of Things (IoT), and satellite communications would come together to shape the future.
He emphasised that the event reflects Prime Minister Modi’s vision of a self-reliant and innovative India that connects not only within but also with the world.
IMC 2025 is expected to attract more than 1.5 lakh visitors, 7,000 delegates from over 150 countries, and 400 exhibitors spread across 4.5 lakh square feet.
The event will also feature over 1,600 technology demonstrations and 100 sessions with more than 800 speakers discussing the latest developments in telecom and digital innovation.
Highlighting the scale of the event, Scindia said that IMC has grown from being a national platform to becoming a global technology congress that represents India’s digital leadership.
He added that the 2025 edition will include six major global summits — covering 6G research, artificial intelligence, cybersecurity, satellite communications, startups, and the Global Startup World Cup — India Edition.
The minister also underlined India’s achievements in the telecom sector, noting that the country now ranks among the world’s top three digital economies with 1.2 billion mobile subscribers, 970 million internet users, and the fastest-ever 5G rollout completed in just 22 months.
Business
Sensex rises 583 points, Nifty tops 25,000 as IT and banking stocks lead rally

Mumbai, Oct 6: The Indian stock markets continued their winning streak for the third straight session on Monday, driven by strong buying in the IT and banking shares.
The benchmark Sensex jumped 582.95 points, or 0.72 per cent, to close at 81,790.12, while the Nifty rose 183.4 points, or 0.74 per cent, to end the day at 25,077.
“From a technical perspective, Nifty has successfully broken above the key psychological and technical resistance level of 25,000, turning the structure decisively positive,” analysts said.
“Any dip toward the 25,000 zone is expected to act as a strong support level, with immediate resistance seen at 25,200 and 25,500,” they added.
The Bank Nifty also delivered a stellar performance, opening with a gap-up and maintaining its upward trajectory through the session.
The index surged past 56,100, hitting an intra-day high of 56,164, with next resistance levels seen at 56,300–56,500, and support placed around 55,821–55,500, experts stated.
Broader markets also joined the rally, with the Nifty Midcap 100 gaining 0.89 per cent and the Nifty Smallcap 100 inching up 0.28 per cent.
In the Sensex pack, TCS, Tech Mahindra, Eternal, Axis Bank, and Bajaj Finance were the top performers, climbing as much as 3 per cent.
Meanwhile, Trent, Tata Steel, Power Grid, and Titan ended the session with losses. Among sectors, IT stocks led the gains as the Nifty IT index surged 2.28 per cent.
The Nifty Private Bank, Financial Services, and Healthcare indices also closed in positive territory.
On the other hand, Metal, FMCG, and Media shares came under pressure, slipping up to 1 per cent.
Market experts said the upbeat sentiment in IT stocks and strong institutional buying supported the overall market momentum.
“The domestic equity market ended the session on a positive note, led by gains in the financial services and IT sectors, ahead of the Q2 results,” they said.
“The banking index outperformed, bolstered by strong quarterly updates announced by large scheduled banks and attractive valuations, while hospital stocks surged following the revision of CGHS rates,” market experts added.
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