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Indian government extends helping hands to poor people by building houses for them

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In order to provide the under-priviledged better living conditions, the Indian government initiated the PM Awas Yojana in 2014. Under it, till March 24, 2022, more than 2 crores 32 lakh pucca (concrete) houses have been completed.

People who had believed that life would now pass on pavements and huts, the government itself handed over the keys of the houses to these families. These houses consist of all the amenities including toilets, electricity connection under the Saubhagya scheme, LED bulb under the Ujala scheme, gas connection under the Ujjwala scheme, and water connection under Har Ghar Jal Yojana. That is, the poor beneficiary no longer needs to visit government offices separately for these facilities. Despite the hurdles caused by Corona in the last two years, this work was not allowed to slow down.

Pradhan Mantri Awas Yojana – Urban (PMAY-U), a flagship Mission of Government of India being implemented by Ministry of Housing and Urban Affairs (MoHUA), was launched on June 25, 2015. The Mission addresses urban housing shortage among the EWS/LIG and MIG categories including the slum dwellers by ensuring a pucca house to all eligible urban households by the year 2022, when Nation completes 75 years of its Independence.

The Mission provides Central Assistance to the implementing agencies through States/Union Territories (UTs) and Central Nodal Agencies (CNAs) for providing houses to all eligible families/ beneficiaries against the validated demand for houses for about 1.12 crore. As per PMAY(U) guidelines, the size of a house for Economically Weaker Section (EWS) could be upto 30 sq. mt. carpet area, however States/UTs have the flexibility to enhance the size of houses in consultation and approval of the Ministry.

In continuation to this government’s efforts towards empowerment of women from EWS and LIG unlike earlier schemes, PMAY (U) has made a mandatory provision for the female head of the family to be the owner or co-owner of the house under this Mission.

Jamna of Lanji block of Balaghat, Madhya Pradesh lives with her two daughters. They were living in a dilapidated house that could fall any day. Jamna says that in such a situation, the Modi government has supported, my house has become pucca now. Bhagwanta Devi of Dewas is also happy that now there will be no problem during the monsoon. Such stories from every state and district of the country that poor people are getting pucca houses.

The Ministry of Housing & Urban Affairs has initiated Affordable Rental Housing Complexes (ARHCs), a sub-scheme under Pradhan Mantri Awas Yojana – Urban (PMAY-U). This will provide ease of living to urban migrants/ poor in Industrial Sector as well as in non-formal urban economy to get access to dignified affordable rental housing close to their workplace.

MoHUA has initiated the Global Housing Technology Challenge – India (GHTC-India) which aims to identify and mainstream a basket of innovative construction technologies from across the globe for the housing construction sector that are sustainable, eco-friendly and disaster-resilient.

In Madhya Pradesh, 5.25 lakh such beneficiaries were handed over the keys of the house under the ‘Griha Pravesham’ program. During the event, Prime Minister Narendra Modi himself interacted with many beneficiaries. The Prime Minister said in the programme, “When efforts of an honest government and efforts of empowered poor come together, poverty is defeated”.

He further said the campaign of providing pucca houses to the poor is not just a government scheme but a commitment to instill confidence in the rural poor. It is the first step to give courage to the poor to come out of poverty. When poor people have a roof over their head, they can focus on educating their children. The Prime Minister said the previous government had built “only a few lakh houses for the poor in their tenure. My government has built 2.5 crore houses for them. Of these, 2 crores are in villages. Women too have the ownership rights of around two crore houses built under the Pradhan Mantri Awas Yojana. And, work didn’t slow down despite Corona.”

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Gold, silver decline sharply on weekly basis as crude prices rise

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Gold prices dipped 3.28 per cent on a weekly basis, while silver prices declined 7.83 per cent this week, as rising crude oil prices heightened inflation fears.

The rising inflation concerns reinforced expectations that global interest rates will stay higher for longer, prompting a wave of selling across precious‑metals markets.

On Friday, MCX gold futures expiring December declined 0.81 per cent while MCX silver futures for December shed 1.75 per cent. Gold futures stood at Rs 1,42,150, while silver futures stood at Rs 1,96,100 per kg.

Gold saw its steepest weekly decline since June and slipped below the psychologically important $4,000 per ounce level for the first time since mid-July, analysts said.

The selloff in silver intensified over weakness in US technology stocks, particularly AI-linked companies, which triggered margin calls and forced investors to liquidate precious-metal holdings.

Meanwhile, crude oil surged to multi-month highs following renewed attacks on Saudi energy infrastructure and shipping routes, while the Indian rupee surrendered its early-week gains amid rising oil prices and renewed dollar demand.

However, lower prices encouraged physical gold purchases in India during the Dussehra festival, providing some underlying demand support, while Chinese jewellery demand remained subdued.

Market participants forecast that precious metals could remain under pressure if elevated energy prices reinforce inflation concerns and expectations of tighter monetary policy. However, physical demand and any moderation in bond yields could offer support following the recent correction, they said.

Markets largely expect the US Fed to keep interest rates unchanged at the October 27–28 policy meeting, but expectations of another rate hike in December remain elevated, with traders pricing approximately a 78 per cent probability.

Investors are also awaiting the US Personal Consumption Expenditures report next week for additional guidance on inflation and future interest-rate decisions.

Immediate resistance for Comex Gold is placed at $4,070–$4,100 zone, while support lies at $3,970–$4,000 zone, analysts said.

For MCX Gold, immediate resistance is placed at Rs 1,43,000–Rs 1,43,700 zone, while the support lies at Rs 1,40,000–Rs 1,41,000, they added.

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ED raids Hyderabad firms in Rs 326 crore bank fraud probe

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The Directorate of Enforcement (ED), Hyderabad Zonal Office, on Friday conducted search operations at seven premises across Hyderabad, Secunderabad and Medchal-Malkajgiri in Telangana under the Prevention of Money Laundering Act (PMLA), an official statement said on Saturday.

The raids targeted the registered office of M/s Kanakadhara Ventures Pvt. Ltd. (KVPL), the residences of its directors, and premises linked to entities and individuals alleged to have acted as conduits for the diversion of bank funds.

The searches form part of an ongoing investigation into the alleged “misutilisation” and diversion of credit facilities sanctioned to KVPL and its directors, the ED statement said.

The ED case stems from an FIR dated December 8, 2022, registered by the Central Bureau of Investigation, Bank Securities and Fraud Branch (BS&FB), Bangalore, on a complaint from Punjab National Bank.

The FIR alleges offences under Sections 120-B, 420, 468 and 471 of the Indian Penal Code, and provisions of the Prevention of Corruption Act, 1988.

According to the agency, a consortium of banks led by Punjab National Bank — comprising IDBI Bank, Union Bank of India, Andhra Bank (now UBI) and Bank of Baroda — suffered a loss of Rs 326.49 crore.

ED investigations revealed that Bank Guarantee and Letter of Credit facilities granted to KVPL were misused. Funds were allegedly diverted through related and conduit entities on the strength of fabricated steel purchase invoices and transport documents.

The company is also accused of operating bank accounts outside the consortium arrangement without the knowledge of the lending banks, the statement said.

During the searches, officials seized incriminating documents, digital devices and other records related to the diversion and layering of funds. Unaccounted cash amounting to Rs 15 lakh was also recovered.

Multiple immovable properties and investments linked to the case have been identified.

ED said further investigation is underway.

The coordinated action underscores the agency’s continued focus on tracing the proceeds of bank frauds and cracking down on complex money-laundering networks involving corporate entities.

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Indian equities extend losses this week as Brent crude oil rises to 6-month high

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The macroeconomic environment remains challenging, with crude oil emerging as a key source of uncertainty for domestic markets, analysts said on Saturday, as the Indian equities endured a challenging, holiday-shortened week, with benchmark indices extending their losses.

Nifty 50 and Sensex recorded weekly declines of approximately 2.4 per cent and 2.2 per cent, respectively.

Both benchmark indices extended their losing streaks to four consecutive sessions.

The sell-off spread beyond large-cap stocks, with mid-cap and small-cap indices experiencing sharper declines as investors reduced exposure amid rising uncertainty, said market participants.

The Nifty 50 ended the week under pressure, after declining for four consecutive sessions. Persistent selling has weakened the short-term technical structure, with the index struggling to sustain its earlier recovery.

The immediate resistance zone is placed around 22,800, followed by 23,000, said analysts. For the Sensex, on the downside, 72,600–72,500 forms the immediate support zone.

The broader market took the brunt of the de-risking, as valuation concerns and the unwinding of leveraged positions triggered a disproportionately sharp correction in mid- and small-caps, while large-caps held up comparatively better.

Across sectors, IT was the lone pocket of resilience, recovering from early selling to end the week largely unchanged on improving earnings visibility and renewed investor appetite.

However, rate-sensitive sectors such as consumer durables, metals and realty saw the heaviest selling as input-cost and margin worries resurfaced, said analysts.

Brent crude oil rose to a six-month high on Friday. Brent futures gained 3.1 per cent to close at $116.72 a barrel, highest since April 29. US West Texas Intermediate added 3.8 per cent to settle at $103.27 a barrel.

Brent added 6.2 per cent for the week, while WTI advanced 2 per cent for the week.

According to analysts, sustained increases in crude prices could raise energy and transportation costs, weigh on consumption and intensify pressure on oil-sensitive sectors.

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