Mumbai, Dec 25: Gautam Adani, Chairman of the Adani Group, hailed war heroes, farmers, and the specially abled as the Navi Mumbai International Airport (NMIA) — India’s newest Greenfield airport — welcomed its first passengers on Thursday.

The airport, inaugurated by Prime Minister Narendra Modi on October 8, began its operations on the day of Christmas.

Welcoming the first passengers, the Adani Group Chairman saluted the soldiers who protect the nation, workers who built the airport for their “unbreakable spirit”, farmers who feed the country, and the specially abled who inspire the nation.

“It was a deeply moving moment to stand beside Param Vir Chakra awardees Captain Bana Singh and Subedar Major Sanjay Kumar as the Navi Mumbai International Airport (NMIA) welcomed its very first passengers,” said Gautam Adani, in a post on social media platform X.

“In that moment, alongside the war heroes, stood the other quiet architects of the nation — the workers who built this airport with their bare hands and unbreakable spirit; the farmers and their families who feed India; the social workers who selflessly serve millions alongside the @AdaniFoundation; and our specially abled colleagues who inspire us every single day. For many of them, this was the first flight of their lives,” the Adani Group Chairman added.

“Soldiers who protect Bharat. Workers who build Bharat. Farmers who sustain Bharat. Social workers who serve Bharat. The specially abled who inspire Bharat,” the industrialist said.

Gautam Adani stated that NMIA showcases an opportunity for the country to move forward without leaving anyone behind.

“@AdaniPriti and I were deeply honoured to stand with them at NMIA – a moment that captured what this airport truly represents – opportunity with dignity, and a rising India that moves forward without leaving anyone behind,” the Adani Group Chairman said.

“Their blessings, their courage, and their resilience drive us every single day to build bigger, serve better, and work harder in service of the nation. Jai Hind,” the businessman added.

NMIA is a public-private partnership (PPP) between Mumbai International Airport Limited (MIAL), a subsidiary of Adani Airports Holdings Limited (AAHL), which holds the majority stake of 74 per cent, while the City and Industrial Development Corporation of Maharashtra Limited (CIDCO) hold the remaining 26 per cent.

In the first month, NMIA will operate for 12 hours — between 08:00 hours and 20:00 hours — handling 23 scheduled daily departures.

During the initial launch period, passengers will benefit from services operated by IndiGo, Air India Express, and Akasa Air, connecting Mumbai to 16 major domestic destinations.

Starting February 2026, the airport will transition to round-the-clock operations, expanding to 34 daily departures to meet the increasing needs of the MMR.

NMIA is also conducting comprehensive Operational Readiness and Airport Transfer (ORAT) trials in collaboration with all stakeholders, including security agencies and airline partners.

Mumbai, Dec 25: In a year marked by heightened global uncertainty, precious metals delivered exceptional returns for investors, with silver emerging as a surprise winner.

Silver prices surged by more than 137 per cent — outperforming gold — which also posted a strong gain of around 68 per cent this year.

With equity markets facing volatility, both metals strengthened their position as preferred safe investment options, but silver clearly outshone all traditional choices.

Gold’s strong performance was supported by geopolitical tensions, inflation concerns, and expectations of interest rate cuts by the US Federal Reserve.

A major driving force behind gold’s rally was steady buying by global central banks. For three consecutive years — 2022, 2023 and 2024 — central banks have purchased more than 1,000 tonnes of gold each year.

Alongside this, global investors continued to invest through gold ETFs, using them as a safe place to park funds.

Big global banks have turned increasingly bullish on gold’s outlook. Goldman Sachs has raised its 2026 year-end gold price target to $4,900 per ounce, citing strong central bank demand and ETF inflows.

Deutsche Bank has also upgraded its outlook, projecting gold prices at $4,450 per ounce in 2026.

Silver’s rally, however, has been driven by more than just safe-haven demand. Strong industrial usage has played a crucial role.

Growing demand from sectors such as solar power, electric vehicles, and electronics has significantly increased silver consumption.

At the same time, supply constraints have tightened the market, pushing prices sharply higher.

This dual role — as a precious metal and an industrial input — has helped silver deliver more than double the returns of gold in 2025.

Looking ahead, experts believe the positive momentum in silver could continue into 2026.

Market specialists say that strong industrial demand, limited supply, and supportive global trends could help silver rise by another 15 to 20 per cent next year.

Some analysts expect that in the first half of 2026 alone, silver may generate an additional 20 to 25 per cent return from current levels, though they advise investors to invest gradually, especially if prices see short-term corrections.

Gold’s outlook also remains positive for 2026. Continued central bank buying, possible US rate cuts, and ongoing geopolitical risks are expected to support prices.

Analysts suggest that keeping an eye on central bank activity — whether they continue buying, hold their reserves, or start selling — will be critical, as their actions often signal future price trends well in advance.

“With uncertainty still dominating the global economic landscape, precious metals are likely to continue playing an important role in investor portfolios, offering a mix of safety and growth potential,” experts stated.

Meanwhile, both metal’s prices climbed to new record highs on the MCX on Wednesday morning, helped by a weak US dollar and expectations that the US Federal Reserve may cut interest rates further.

Gold futures for February rose 0.42 per cent to touch an all-time high of Rs 1,38,469 per 10 grams. Silver futures for March jumped nearly 2 per cent to hit a fresh record of Rs 2,23,742 per kg.

In the global market, gold prices crossed the $4,500 per ounce level for the first time. The rise was driven by strong demand for safe-haven assets as investors expect more interest rate cuts by the US Federal Reserve next year.

New Delhi, Dec 24: Recent reforms under GST 2.0 show that simplification and tax moderation can coexist with strong revenue growth, a report said on Wednesday, calling for freezing peak tax rates and expanding tax base through technology.

The white paper from Think Change Forum said that recent GST reforms proved wrong the long-held belief that higher tax rates are necessary to boost collections as gross GST collections rose 4.5 per cent (on-year) to Rs 1.95 lakh crore in October 2025.

The report argued that the rise in tax collection validated the principle that in high‑informality economies compliance elasticity outweighs rate elasticity. The report, however, flagged that India’s tax‑to‑GDP ratio of around 17 per cent masks a narrow direct tax base and heavy reliance on regressive indirect levies.

“High taxes — whether direct or indirect — always encourage evasion and corruption. Lower taxes widen the base and improve compliance. GST collections are rising because the economy is formalising — but we must avoid creating a new 40 per cent peak rate that undermines compliance. Ideally, GST should be restricted to just 5 per cent and 18 per cent,” said Yogendra Kapoor, author and public speaker.

The forum called for prioritising freezing peak direct tax rates, expanding the direct tax base through technology, avoiding MRP‑based taxation and completing the GST credit chain in the upcoming Union Budget.

As the compensation cess sunsets, the MRP-based taxation is prone to manipulation in a cash-heavy economy and the government should rely instead on clean, specific duties that are easier to enforce.

The Budget should outline a phased roadmap to bring petroleum, electricity and other excluded inputs under GST to restore tax neutrality and reduce cascading costs for industry, it added.

It also listed other priorities including incentivising productive reinvestment and aggressively curtailing the parallel economy.

“The Budget must strengthen enforcement against smuggling, illicit trade and tax evasion so that non-compliance becomes costlier than compliance and honest taxpayers are no longer penalised,” the report noted.