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Majority feel MSP hike will help improve incomes of farmers

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 Issues related to farmers have been contentious for quite some time in the country, particularly after the Union Government passed three farm reform laws in the Parliament in 2020 and was compelled to withdraw the laws after a sustained await action by some farmer groups.

While the government insists that it is taking all possible steps to improve the incomes of farmers, opposition parties and some farm groups insist that the government is paying mere lip service to the sector without actually doing anything concrete.

The farm groups who protested against the three laws were not satisfied with the withdrawal but want to pass a fresh law that will make it mandatory for all players, including those in the private sector, to compulsorily pay the minimum support prices to farmers.

Though the government has not listened to the demand, it has publicly committed that it will keep raising the MSP as and when needed on a regular basis.

It is as part of this commitment that the government announced increased MSP for 14 crops whose harvesting will be due later this year.

A majority of respondents covered during a nationwide survey conducted by C Voter on behalf of IANS were of the opinion that this move will help improve the incomes of farmers. While more than 559 per cent of the respondents were of this opinion, the rest felt that farmer incomes would not improve despite the higher MSP.

There was hardly any difference in the responses between rural and urban respondents. In virtually no category did a majority of more than 50 per cent feel that the move to hike MSP will not lead to higher incomes. Unusual heat waves and other weather conditions have prompted the government to estimate that production will be lower than the initially estimated 111 million tonnes.

Business

Indian stock markets end lower amid escalating geopolitical tensions

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Mumbai, May 6: Indian stock markets ended lower on Tuesday, as escalating geopolitical tensions dampened investor sentiment and triggered broad-based selling across sectors.

The Sensex slipped by 155.77 points, or 0.19 per cent, to settle at 80,641.07. Meanwhile, the Nifty dropped more sharply by 81.55 points, or 0.33 per cent, closing at 24,379.60.

Several major stocks weighed on the indices. Eternal (formerly Zomato), State Bank of India (SBI), Tata Motors and NTPC were the top losers on the Sensex, falling between 1.94 per cent and 3.15 per cent.

On the other hand, some stocks managed to buck the trend. Bharti Airtel, Tata Steel, Mahindra and Mahindra, Hindustan Unilever, and Nestle India were among the ten Sensex gainers, rising by 1.66 per cent.

The selling pressure was even stronger in the broader market. The Nifty Midcap100 index fell by 2.27 per cent, while the Nifty Smallcap100 index dropped by 2.50 per cent — reflecting deeper losses beyond the frontline stocks.

Except for Nifty Auto, all sectoral indices on the NSE ended lower, with Nifty PSU Bank taking the biggest hit.

Out of 12 stocks, 11 in the PSU Bank index closed lower, pushing the index down by 1.18 per cent to close the session at 54,271.40.

Major drags included Bank of Baroda, which plunged 10.91 per cent, followed by Union Bank of India and Bank of India, which fell 6.19 per cent and 6.33 per cent, respectively.

The real estate sector also saw heavy losses. The Nifty Realty index declined by 3.58 per cent, led by a 6.36 per cent drop in Godrej Properties and a 4.96 per cent fall in Sobha Limited.

Adding to the nervousness in the market, the India VIX, often referred to as the fear index, rose by 3.58 per cent to 19 points — indicating increased market volatility.

The decline suggests investor caution across sectors, with profit booking and global cues possibly weighing on sentiment, market experts noted.

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UPI QR codes record 91.5 pc surge to 657.9 million, credit card growth slows

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Mumbai, May 6: UPI QR codes have recorded the fastest growth in digital payments infrastructure in the financial year 2024-25, with a 91.5 per cent jump over the previous financial year to 657.9 million, according to the latest RBI data.

The surge in UPI QR codes was accompanied by a slowdown in the growth rate of credit card transactions to 7.94 per cent year-on-year, while debit card additions registered a mere 2.7 per cent growth to 991 million.

The growth in the number of UPI QR codes has been accelerating with the increasing deployment by platforms like Google Pay, Paytm, and PhonePe.

The number of banks going live on UPI continues to increase, and the total touched 668 in April, which is expected to increase the value of such transactions, according to bank officials.

March saw a record Rs 24.77 lakh crore in UPI transactions, marking a 25 per cent increase in value and a 36 per cent increase in volume compared to the previous year.

UPI has become the dominant method for digital transactions in India. Nearly four out of five digital payments in the country were conducted on the Unified Payments Interface (UPI) in the financial year 2024 (FY24), according to the Reserve Bank of India’s annual report.

UPI’s share, compared to the cumulative volume of digital payments in the country, has grown steadily from 73.4 per cent in FY23 to 79.7 per cent in FY24. In FY20, UPI’s share as compared to the volume of total digital payments in India was pegged at 36.8 per cent.

The RBI is actively promoting digital payments through various initiatives, including the “Har Payment Digital” campaign, which aims to make every person in India aware of digital payments.

RBI also allows flexibility in revising transaction limits for UPI in-person merchant payments, allowing NPCI to adjust limits based on user needs, with safeguards in place which has made the mode of payment more convenient.

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Business

Indian stock market closes higher; Adani Group shares surge

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Mumbai, May 5: The Indian equity markets opened the week with strong gains on Monday, supported by a rally in Adani Group stocks and strength in select auto and banking shares.

Sensex started the day around 160 points higher at 80,662 and climbed to an intra-day high of 81,049.

Although it gave up some of the gains later in the session, the index still ended 295 points up at 80,797.

The Nifty touched a high of 24,526 during the day and eventually closed with a gain of 114 points, or 0.5 per cent, at 24,461.

“Markets started the week on a firm footing, lifted by steady foreign inflows and optimism around an impending India-US trade deal,” said Vikram Kasat of PL Capital.

Strength in Asian currencies and easing global trade tensions added to the positive sentiment, even as activity remained muted in some global markets due to holidays, Kasat added.

The Adani Group was at the centre of investor attention, with shares jumping up to 11 per cent following reports of the company’s top executives holding discussions with officials from the US President Donald Trump administration.

Adani Ports was the top performer among Sensex stocks, soaring 6.3 per cent. Other gainers included Mahindra and Mahindra, ITC, Power Grid Corporation and Tata Motors.

On the other hand, Kotak Mahindra Bank fell 4.5 per cent, making it the biggest loser on the Sensex. SBI and Axis Bank also ended the day in the red.

The broader market outperformed the benchmark indices. The BSE MidCap index jumped 1.5 per cent, while the SmallCap index advanced by 1.2 per cent.

Among sectors, oil and gas stocks saw notable buying, with the BSE Oil and Gas index rising 2 per cent, driven by strength in oil marketing companies.

Consumer durables, energy, and FMCG sectors also posted gains of over 1 per cent each.

However, the BSE Bankex ended lower, down nearly 1 per cent due to pressure on select banking names.

“The upbeat start to the week reflects investor optimism, driven by corporate developments and select sectoral momentum,” market experts noted.

The rupee traded positive, gaining 13 paise to settle at 84.32 as sustained FII inflows continue to support the domestic currency.

“Going ahead, the rupee is expected to trade in a range of 84.00 to 84.75, with continued global risk sentiment and commodity movements guiding intraday volatility,” Jateen Trivedi of LKP Securities noted.

Gold prices surged sharply as expectations of an interest rate cut by the US Federal Reserve this week fuelled strong buying.

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