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On September 17, the government increased the EPFO wage threshold from Rs 15,000 to Rs 25,000. The revision is expected to extend mandatory coverage to more than 10 million additional workers and give another push to workforce formalisation. In the frequently asked questions released on the matter, the ministry acknowledged that the revised wage ceiling would inevitably raise employers' costs.
Recent declines in gold prices in India have sparked greater interest among physical buyers, leading to reduced discounts from sellers. With the festival season on the horizon, demand is likely to surge, particularly for jewelry. Similarly, Singapore reports increased buying activity, as evidenced by dealer inventories. Meanwhile, China is keeping a close eye on price fluctuations, experiencing high premiums for gold.
The higher speed of 100 kmph was successfully put to the test today, according to Railway minister Ashwini Vaishnaw. Vande Bharat Express (Train No. 26401/26404) set a new record by traversing the world's highest railway bridge, Chenab Bridge, and India's first cable-stayed railway bridge, the Anji Khad Bridge at 100 kmph.
In a concerning trend, global food prices have surged to their highest point in nearly four years, driven by disruptions in trade and adverse weather conditions. According to the United Nations' Food and Agriculture Organization, there are marked increases in the costs of cereals, sugar, and vegetable oils. Interestingly, the prices for meat and dairy products have dipped during this period.
Russia became an unusually attractive supplier when Western buyers retreated after the war with Ukraine. Its share of Indian crude imports, below 2% before the war, expanded rapidly as discounts compensated refiners for longer supply chains. In the present day, the situation has become more complex, the new US law potentially changes the economics of India’s Russian oil purchases.