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Industry associations call for legislative route to resume mining in Goa

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With the BJP getting re-elected in Goa, the call for resuming mining operations in the state has grown louder. It has been four years since mining was stopped in Goa and industry associations claim that the ban has severely hurt the state’s economy, along with adversely affecting people’s livelihoods. According to a recent survey, nearly two in five Goan households have been impacted by the mining ban in some way or the other.

Despite several appeals by different stakeholders to the government in the past, no action has been taken on the ground. In a fresh set of recommendations, CII Goa State Council and Goa Chamber of Commerce & Industry (GCCI) have urged to immediately resume sustainable mining to revive the state economy.

Last week, the Goa Mining People’s Front (GMPF) too urged the state and central leadership to act in the matter. In February 2018, the Supreme Court quashed 88 mining leases in Goa, bringing the local iron ore industry to a standstill. The decision affected the livelihoods of over 3 lakh mining dependents in the state.

Recommendations have been made by CII Goa to the Centre and State to resume mining in the State. CII as an apex industry body strongly recommends the resumption of sustainable mining to bring Goa’s economy back on track. Though great efforts have been put in by various industry bodies in the state, very little has been seen on ground.

Since the mining concessions which were given in perpetuity under Portuguese Law were converted into Mining Leases by the Abolition Act 1987, it is only fair that the benefit of a tenure of 50 years from date of grant which is available to leases throughout the country as per the 2015 MMDR Amendment Act, be made available to Goan leases. Though the leases came into being in 1987, the tenure was made effective retrospectively from 1961 to protect the revenue collected by the state government from 1961-1987.

This retrospective application of the Act has been struck down by the High Court and the issue is pending before a 9 judge bench of the Hon’ble Supreme Court. The Ministry of Mines has even filed an application before the Hon’ble Supreme Court urging that the matter be expeditiously heard since till then, no further action can be taken with respect to the leases. Under the circumstances, a legislative cure as suggested above is the only option for a swift resumption of mining which is a source of revenue not only to the government but also to many secondary and tertiary industries in Goa.

It’s also relevant to point out that almost 30 per cent of the sale price of ore produced goes to the State exchequer in the form of royalty, contribution to District Mineral Fund, Iron ore Permanent Fund etc. “There is an urgent need for the authorities to take necessary decisions in the interest and growth of the state” said Swati Salgaocar, Chairperson, CII Goa State Council.

Voicing similar concerns, Ralph De Sousa, President, Goa Chamber of Commerce & Industry (GCCI), said, “Mining is the lifeline of Goan economy. Mining is going on normally all over the Country except goa. It’s up to the Central Govt to restart Mining with proper checks & balances. GCCI strongly feels that the State’s Commerce and Industry needs a boost to get over the current economic lull that is caused due to mining closure for the last 4 years and further worsened with Covid pandemic. The Ukraine war may further affect the business some way or the other. Need of the hour is that both these sectors have to jump start to tide over the economic crisis for overall socio-economic development of the state. We have already represented to the state Government for its immediate attention to resolve the mining matter in a sustainable yet quickest possible manner. GCCI membership is awaiting the opportunity to benefit from mining which will in turn address the unemployment crisis of the state.”

Glenn Kalavampara, Secretary, Goa Mineral Ore Exporters Association said, “The Wealth of the Minerals are meaningless unless they are extracted, processed & converted into goods, meant for the benefit of mankind. It’s rather unfortunate that despite generating valuable economic returns as well as providing livelihood to many, mining in Goa had been under a constant suspension since Mid-March 2018. Concerned Stakeholders have repeatedly been raising concerns & hopeful of a solution since long. Post 4 years, the stakeholders dependent on the mining operations have only undergone endless pain, depression and anxieties.”

The industry associations have said that mining activities should be immediately resumed in the state to undo the livelihood and economic deadlock and allow Goans to earn a stable income and work for a better future.

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Govt asks Meta to review Facebook and Instagram recommendation systems

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The Ministry of Electronics and Information Technology (MeitY) has asked technology giant firm Meta to review the content recommendation and ranking systems that power Facebook and Instagram, stepping up regulatory scrutiny of how social media algorithms amplify information in India, according to multiple reports.

In an advisory issued to the company, the ministry had asked Meta to ensure that its recommendation systems do not lead to the disproportionate exposure of users to a single or limited set of narratives and instead provide greater access to diverse, relevant and credible information, according to them.

The ministry also directed Meta to strengthen mechanisms for rapidly identifying, reviewing and escalating content that gains significant reach through recommendation systems when such material has the potential to contribute to public confusion, violence or disruption of public order.

Apart from that, the US-based company has been asked to implement the measures immediately and inform the government of the action taken.

The advisory specifically highlights photographs, videos and graphics related to ongoing public events where the authenticity, timing, location or surrounding circumstances may be unclear.

It calls for additional context where old or unrelated visuals are presented as current, where footage has been selectively edited or where unverified claims are made regarding emergencies, police action or other official measures.

Additionally, this marks the latest escalation in the government’s scrutiny of Meta’s moderation and recommendation systems.

Earlier in August, government officials questioned Meta executives over content recommendation algorithms, deepfakes, synthetic media and safeguards against unlawful content.

Meta has separately tightened content and advertising safeguards following concerns related to child sexual exploitation material.

The company said earlier this month it deployed new AI-driven advertising review systems and removed 5.3 million pieces of child sexual exploitation content in India during January-June 2026, with more than 98% detected proactively.

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Sensex, Nifty open flat amid mixed global cues

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Domestic equity benchmarks opened on a flat note on Monday tracking mixed global cues and momentum from last week’s gains.

Sensex opened at 74,849.30, up 120.03 points or 0.16 per cent, while Nifty began trading at 23,150.85, up 4.70 points or 0.02 per cent.

Sectorally, Nifty PSU Bank led gains and rose over 1 per cent, followed by Nifty Oil & Gas which surged 0.6 per cent.

In contrast, Nifty Private Bank, Nifty IT and Nifty Chemicals dropped up to 1 per cent.

Market experts said momentum from Nifty’s 2.8 per cent surge last week and good results from banking majors after better-than-expected IT earnings could keep the market resilient.

“However, escalation of tensions in Hormuz and consequent surge in Brent crude to $109 will act as a strong headwind,” according to them.

They further said that attractive large-cap valuations and rupee appreciation turned FII stance slightly positive, though unlikely to sustain at high crude prices. Large-caps outperforming mid and small-caps is likely to continue, with stock-specific action on Q2 results.

For Nifty, immediate support is placed at 22,950–23,000, while resistance is seen at 23,250–23,300, the experts said and added that RSI strengthened to 52.81 above its average of 34.70, while PCR stood at 1.08.

In the previous session on October 16, FIIs turned net buyers after 15 straight sessions of selling, buying equities worth about Rs 1,166 crore, while DIIs ended their 45-session buying streak with net sales of around Rs 3,661 crore.

On commodities, Brent crude traded nearly 2 per cent lower at around $107.76 per barrel, while US WTI declined about 1 per cent to $100.43.

In Asia, markets were mixed. Japan’s Nikkei traded 0.84 per cent lower, while Hong Kong’s Hang Seng and South Korea’s KOSPI rose up to 0.83 per cent. Indonesia’s Jakarta Composite fell over 5 per cent.

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India-EFTA trade pact opens new opportunities for Norwegian investment across key sectors

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India’s strong economic growth trajectory and the implementation of the India-EFTA Trade and Economic Partnership Agreement (TEPA) are creating significant opportunities for Norwegian investors, particularly in manufacturing, renewable energy, infrastructure, financial services and the digital economy, according to industry insights.

With GDP growth projected to remain around 6.5 per cent annually through 2030, India is widely expected to become the world’s third-largest economy by the end of the decade, according to EY India report.

Analysts attribute this outlook to strong domestic consumption, rising investments, ongoing infrastructure development and reforms aimed at improving the ease of doing business.

The India-EFTA TEPA, which came into effect in October 2025, is being viewed as a major milestone in India-Norway economic relations.

The agreement seeks to promote trade liberalisation, facilitate investment flows and deepen cooperation in areas such as innovation, sustainability and advanced technologies.

The pact includes investment commitments of $100 billion over 15 years and is expected to support the creation of one million direct jobs in India, aligning with the country’s broader goals of expanding manufacturing capacity and strengthening its position in global value chains.

Industry experts believe the agreement creates a strong framework for Norwegian companies to expand their presence in India by combining Norway’s expertise in technology, sustainability and capital-intensive industries with India’s large market and growth ambitions.

Several sectors have been identified as priority areas for collaboration, including manufacturing, renewable energy, oil and gas, maritime services, seafood processing, information and communication technology (ICT), fintech and financial services. These industries are expected to benefit from increasing bilateral cooperation under the TEPA framework.

The rapid expansion of India’s digital economy and digital payments ecosystem is also creating opportunities for Norwegian companies seeking exposure to one of the world’s largest and fastest-growing consumer markets.

At the same time, India’s policy measures aimed at attracting foreign investment are expected to provide a supportive environment for long-term investors, as per the report.

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