Union budget 2026 (ANI image)

The Federation of Associations of Cottage and Small Industries (FACSI) has requested the central government to provide tax, credit and regulatory relief measures for micro and small enterprises (MSEs) in the 2026-27 Union Budget, aiming to sustain growth and strengthen their role in India’s industrial ecosystem.In a pre-budget letter to finance minister Nirmala Sitharaman, FACSI president H K Guha said the recommendations were framed after consultations with various associations of entrepreneurs and MSE groups across the country, according to PTI.Among the key demands, the industry body called for the constitution of an exclusive council for small and micro enterprises under the Ministry of MSME, a higher exemption threshold under the GST regime and a single, simplified GST return for small units.FACSI also proposed statutory collateral-free lending of up to Rs 1 crore for MSEs at an interest cap of 6-7 per cent, interest subvention during financial stress and automatic renewal of working capital limits for compliant units.Highlighting liquidity concerns, the federation demanded GST refunds within 15 days with statutory interest for delays and complete decriminalisation of procedural lapses under GST, labour and local laws.For export-oriented units, FACSI suggested the creation of an Export Risk Equalisation Fund to support small exporters affected by sudden tariff hikes, alongside higher lending targets by SIDBI and public sector banks.The letter also sought a reduction in fees for MSEs submitting tenders through the GeM portal and stronger functioning of State Facilitation Councils to address delayed payments. FACSI observed that some measures would require amendments to the MSMED Act, 2006.Guha emphasised the need for closer coordination with state governments to extend subsidies on renewable energy installations, electricity charges and local levies and to provide special facilities for units in industrial estates managed by state development corporations.“These measures will be a significant enabler for the growth of MSEs in India,” Guha said.

Gold prices remained firm across major Indian cities on Tuesday, while silver surged to fresh record highs amid global uncertainty and safe-haven buying.The yellow metal eased slightly after scaling record highs. On the MCX, February gold slipped Rs 196 or 0.14%, to Rs 1,41,836 per 10 grams. In overseas markets, Comex gold fell 0.33% to USD 4,599.44 per ounce, while silver hovered near record levels at USD 85.20 per ounce.Meanwhile, silver prices continued their sharp rally, with silver futures on the MCX hitting a new lifetime high of Rs 2,72,202 per kg for March delivery, up Rs 3,232 or 1.2%. Over the past two trading sessions, silver prices have jumped Rs 19,477, or 7.7%, driven by geopolitical tensions in Iran and uncertainty over the US Federal Reserve’s policy stance, according to PTI. In international markets, Comex silver was trading near record levels at USD 85.20 per ounce after crossing the USD 86 mark in the previous session, as safe-haven demand remained strong.

Gold price in Delhi

Gold prices in Delhi stood at Rs 14,268 per gram for 24-karat gold, up Rs 38. The price of 22-karat gold rose Rs 35 to Rs 13,080 per gram, while 18-karat gold increased Rs 29 to Rs 10,705 per gram.

Gold price in Mumbai

In Mumbai, 24-karat gold was priced at Rs 14,253 per gram, up Rs 38. The 22-karat rate stood at Rs 13,065 per gram, up Rs 35, while 18-karat gold rose Rs 29 to Rs 10,690 per gram.

Gold price in Chennai

Gold prices in Chennai were higher compared to other cities. The price of 24-karat gold rose Rs 55 to Rs 14,368 per gram, while 22-karat gold increased Rs 50 to Rs 13,170 per gram. The 18-karat rate climbed Rs 35 to Rs 10,980 per gram.

Gold price in Ahmedabad

In Ahmedabad, 24-karat gold was priced at Rs 14,258 per gram, up Rs 38. The 22-karat rate rose Rs 35 to Rs 13,070 per gram, while 18-karat gold increased Rs 29 to Rs 10,695 per gram.

Gold price in Hyderabad

Gold prices in Hyderabad stood at Rs 14,253 per gram for 24-karat gold, up Rs 38. The 22-karat rate was Rs 13,065 per gram, up Rs 35, while 18-karat gold rose Rs 29 to Rs 10,690 per gram.

Gold price in Bhubaneswar

In Bhubaneswar, 24-karat gold was priced at Rs 14,253 per gram, up Rs 38. The 22-karat rate stood at Rs 13,065 per gram, up Rs 35, and 18-karat gold increased Rs 29 to Rs 10,690 per gram.

Gold price in Kolkata

Gold prices in Kolkata matched most eastern markets, with 24-karat gold at Rs 14,253 per gram, up Rs 38. The 22-karat rate stood at Rs 13,065 per gram, while 18-karat gold rose Rs 29 to Rs 10,690 per gram.

Gold price in Jaipur

In Jaipur, 24-karat gold was priced at Rs 14,268 per gram, up Rs 38. The 22-karat rate rose Rs 35 to Rs 13,080 per gram, while 18-karat gold increased Rs 29 to Rs 10,705 per gram.

Gold price in Lucknow

Gold prices in Lucknow stood at Rs 14,268 per gram for 24-karat gold, up Rs 38. The 22-karat rate saw a marginal rise of Rs 1 to Rs 13,046 per gram, while 18-karat gold increased Rs 29 to Rs 10,705 per gram.

Gold price in Bengaluru

In Bengaluru, 24-karat gold was priced at Rs 14,253 per gram, up Rs 38. The 22-karat rate stood at Rs 13,065 per gram, up Rs 35, while 18-karat gold rose Rs 29 to Rs 10,690 per gram.

Gold price in Patna

Gold prices in Patna stood at Rs 14,258 per gram for 24-karat gold, up Rs 38. The 22-karat rate increased Rs 35 to Rs 13,070 per gram, while 18-karat gold rose Rs 29 to Rs 10,695 per gram.

Gold price in Kanpur

In Kanpur, 24-karat gold was priced at Rs 14,268 per gram, up Rs 38. The 22-karat rate rose marginally by Rs 1 to Rs 13,046 per gram, while 18-karat gold increased Rs 29 to Rs 10,705 per gram.

File photo (Picture credit: AP)

Recent political and military developments in Venezuela are unlikely to have any meaningful impact on global crude oil prices in the near term, or on Indian companies, as the country plays a relatively small role in global oil supply, Crisil Ratings said on Tuesday.In a note, Crisil said that even if the situation in Venezuela worsens and disrupts oil production, the effect on international crude prices would be limited, according to news agency PTI.

Venezuela accounts for only about 1.5 per cent of global crude oil supply, which reduces its ability to significantly influence prices.The assessment comes after a US military operation in early January led to the capture of Venezuelan President Nicolas Maduro on drug-related charges, triggering uncertainty in the oil-rich Latin American nation. Despite holding some of the world’s largest proven crude reserves, Venezuela’s current contribution to global supply remains modest.Crisil pointed out that crude prices have stayed largely steady in recent days, with Brent crude hovering just above $60 a barrel. It added that the developments in Venezuela are not expected to have any material impact on India’s global trade position or the credit quality of Indian companies.India’s direct trade exposure to Venezuela is limited. Imports from the South American country account for less than 0.25 per cent of India’s total imports. Of these, crude oil makes up more than 90 per cent of the roughly Rs 14,000 crore worth of imports recorded in the 2025 financial year, according to PTI. Venezuela supplies about 1 per cent of India’s overall crude oil requirement.While India imports nearly 85 per cent of its crude oil needs and remains sensitive to global price movements, Crisil said the current situation in Venezuela is unlikely to affect oil prices in the near term. However, it flagged a possible longer-term impact if investments flow into Venezuela’s oil sector.“While we do not anticipate any material near-term impact of the Venezuela situation on crude oil prices, investments for increasing crude oil production in Venezuela, which has vast untapped reserves, could boost oil supply globally and lead to softening of crude oil prices over the medium to long term, which could be a positive for India Inc,” Crisil said, as quoted by PTI.India’s exports to Venezuela are also small, standing at below Rs 2,000 crore in fiscal 2025, or less than 0.1 per cent of total exports. These shipments are spread across sectors such as pharmaceuticals, ceramics, textiles and two-wheelers. Pharmaceutical exports were around Rs 900 crore, accounting for less than 0.5 per cent of India’s total pharma exports, while other sectors recorded exports of Rs 80–120 crore each.Crisil said it does not expect any material impact on the credit profiles of Indian companies dealing with Venezuelan customers due to the limited scale of trade, but added that it will continue to closely monitor developments.Meanwhile, the US has indicated that it is actively engaging with Venezuela’s new leadership, with President Donald Trump recently saying that Washington was working “along really well” with Caracas and highlighting ongoing oil shipments to the US.

This Ramadan, donating gets easier as Sharjah launches new app / AI Generated Image

As the crescent moon for Ramadan 2026 approaches, Sharjah is already lighting the way for a season of immense kindness. Sharjah Charity International (SCI) has officially pulled back the curtain on its most ambitious seasonal drive yet, titled the “Joud” campaign. With a staggering goal of AED 130 million, this initiative is designed to ensure that no one, whether in the UAE or across the globe, feels forgotten during the Holy Month.

Sharjah Charity unveils Ramadan 2026 ‘Jood’

The campaign was officially inaugurated by Sheikh Saqr bin Mohammed bin Khalid Al Qasimi, Chairman of SCI, marking a significant milestone in Sharjah’s humanitarian journey. The word “Joud” translates to “Generosity,” and the 2026 campaign lives up to its name by targeting a massive audience. The board of directors emphasized that this year is about more than just numbers; it is about reaching the most vulnerable communities with speed and dignity. By planning months in advance, the charity ensures that logistics are set to deliver aid to remote areas globally exactly when the first fast begins.

Ramadan 2026 goals

The Jood 2026 campaign is designed to make a meaningful impact both inside the United Arab Emirates and internationally. With a Dh150 million target, the funds will support initiatives that reflect the spirit of Ramadan, feeding the hungry, helping the needy, and uplifting families.According to SCI Executive Director Abdullah Sultan bin Khadem, key allocations include:

With these distributions, SCI expects the campaign to reach more than two million beneficiaries during this Ramadan season.

New digital donation app

A highlight of the campaign launch was the unveiling of a new smart digital application available on both the Apple Store and Google Play. The app is part of SCI’s broader digital transformation initiative to make donation processes easier and more accessible for contributors.The application has been developed in-house by the charity’s digital team and includes advanced features such as an AI-powered smart assistant named “Ahmed” designed to simplify the donation experience and help users quickly choose categories of giving.According to SCI board member Saeed Ghanem Al Suwaidi, the app’s design focuses on user friendliness and saving time for donors by enabling them to complete their charitable contributions in just a few steps. He also called on the public to download the app and join the campaign in supporting SCI’s various initiatives. The launch of Jood 2026 comes at a time when Ramadan initiatives are taking centre stage across the UAE, reflecting the emirates’ commitment to community support and global humanitarian outreach. Beyond Sharjah Charity’s efforts, other major Ramadan campaigns, such as the UAE Food Bank’s ‘United in Giving’ initiative, which delivered meals to millions last year, show how widespread and coordinated charity work has become during the holy month.

Meta is reportedly planning significant job cuts, around 10%, within its Reality Labs division, responsible for VR products like Meta Quest. This strategic shift prioritizes artificial intelligence development, potentially impacting CEO Mark Zuckerberg’s long-term metaverse vision. Investors have expressed concerns over substantial VR spending with slower-than-expected consumer adoption.

Facebook-parent Meta is planning to cut 10% of its workforce in Reality Labs Division which is behind the Meta Quest headsets, Ray-Ban Smart Glasses and the virtual reality social network known as the Metaverse. Quoting people familiar with the development, a Bloomberg report says that the job cuts come as the company shifts priorities to build next-generation artificial intelligence (AI). It states that the latest job cuts may put breaks on Meta CEO Mark Zuckerberg‘s long-chased vision of building virtual reality for the metaverse which started in 2014 with the acquisition of virtual reality start-up Oculus in 2014 for $2 billion. Another step in this direction came in 2021, when Facebook rebranded itself as Meta.

Meta layoffs may be announced soon

Meta’s Reality Labs Division roughly has 15,000 employees. According to the Bloomberg report, Meta may announce the cuts to Reality Labs as soon as January 13, 2025. Sources told the publication that layoffs are said to disproportionately affect those in the metaverse unit who work on virtual reality (VR) headsets and a VR-based social network. As per a memo sent by the company to employees last week, Meta’s chief technology officer Andrew Bosworth, who also heads Reality Labs, has called for a ‘most important’ meeting on Wednesday – January 14, asking staff to attend in person.Last year, Zuckerberg asked top executives to make cuts to their 2026 budgets while he pours money into A.I. research. As Meta faces competition from companies like OpenAI and Google, Mr. Zuckerberg has increased the budget for TBD Lab, the skunk works unit at Meta that aims to build superintelligence, a godlike AI system.As reported by Bloomberg, the company also plans to reallocate some of the money from virtual reality products to increase the budget for its wearables division, which builds smart glasses and wristband computing devices.

Meta investors raises concerns

Despite the company spending tens of billions of dollars on developing virtual reality headset, the consumer response has been slower than expected. Investors have grown wary of Meta’s spending.In December last year, a company spokeswoman said Meta was “shifting some of our investment from Metaverse toward A.I. glasses,” and was not planning “any broader changes.”

IREF pointed out that Indian rice shipments to the US are already levied with a 50% duty. (AI image)

India’s rice exports may bear the brunt of escalating tensions in Iran and US President Donald Trump’s latest move to impose 25% tariffs on any country doing trade with Iran. “Effective immediately, any Country doing business with the Islamic Republic of Iran will pay a Tariff of 25% on any and all business being done with the United States of America. This Order is final and conclusive. Thank you for your attention to this matter!,” Trump posted on social media platform Truth Social.Recent export figures show that India shipped Basmati rice worth $468.10 million to Iran during April to November of 2025–26, which is 5.99 lakh metric tonnes. Despite Iran remaining one of the most important overseas markets for Indian Basmati, the ongoing instability has increasingly strained order execution, delayed remittances and unsettled delivery schedules in the current fiscal year, according to Indian Rice Exporters Federation (IREF).

Trump tariffs & Iran tensions: What’s ahead for India’s rice exports?

Rising internal turmoil and large-scale demonstrations in Iran are starting to weigh on India’s rice export outlook to the country, disrupting trade flows and exerting downward pressure on basmati prices at home, says IREF. The uncertainty has spread across the export chain, affecting contracting, payments and shipment planning.These pressures are now clearly reflected in domestic markets. Prices of major basmati varieties have fallen sharply over the past week, driven by cautious buying, postponed deals and growing risk aversion among exporters.

India’s Rice Exports to US

Dr. Prem Garg, National President, Indian Rice Exporters Federation (IREF), said: “Iran has historically been a pillar market for Indian Basmati. However, the current internal turmoil has disrupted trade channels, slowed payments, and dented buyer confidence. The immediate fallout is evident in Indian mandis, where Basmati prices have softened sharply within days. Exporters must exercise heightened caution, particularly with respect to credit exposure and shipment timelines.”Dr. Garg noted that IREF has advised exporters to re-evaluate the risks tied to Iranian contracts, strengthen payment safeguards and refrain from excessive inventory build-up aimed solely at the Iran market. “We are not sounding an alarm, but urging prudence. In periods of geopolitical and internal instability, trade is often the first casualty. A calibrated approach is essential to protect both exporters and farmers. India’s rice sector is resilient, but it must be safeguarded through timely intelligence and responsible trade practices,” he said.The federation has also urged industry participants to expand their presence in alternative destinations across West Asia, Africa and Europe to mitigate the impact of any extended slowdown in shipments to Iran.Talking about Trump’s announcement of 25% tariffs, IREF pointed out that Indian rice shipments to the US are already levied with a 50% duty, which is a steep jump from the earlier tariff rate of 10%.“Despite this substantial tariff escalation, Indian rice exports to the U.S. have not witnessed a corresponding decline in volume. This resilience is largely due to the fact that Indian rice—particularly Basmati—is not a like-for-like substitute for rice of Pakistani or U.S. origin. Additionally, Indian rice is deeply embedded in the culinary traditions of the Gulf region and the Indian subcontinent diaspora, ensuring sustained consumer demand despite price pressures,” says IREF.

India-Iran Trade Overview

There is currently little certainty on how the proposed 25% tariff would be implemented. Even in a scenario where the overall tariff load increases further, IREF does not anticipate a big drop in Indian rice shipments to the US. “The United States remains the 10th largest market for Indian rice globally and the fourth largest destination for Indian Basmati, underscoring its strategic importance,” IREF said.In contrast, IREF flagged more serious risks emerging from Iran, where disruptions at the local market level have started to interfere with trade payments. Exporters have been informed by importers that they are struggling to meet contractual obligations and transfer funds to India, injecting a high degree of uncertainty into ongoing transactions. Although such episodes have been witnessed earlier, the direction and duration of the current disruption remain uncertain and are likely to trigger additional volatility in prices, cash flows, and overall market confidence in the near term.“As global trade becomes increasingly intertwined with geopolitics, the situation in Iran serves as a reminder that food exports—particularly strategic commodities such as rice—are highly sensitive to regional stability. For India’s rice ecosystem, timely caution today may help prevent deeper distress tomorrow,” IREF concludes.

General Upendra Dwivedi (ANI photo)

NEW DELHI: Army chief General Upendra Dwivedi on Tuesday reflected on Operation Sindoor, describing the counterterror military action as “ongoing” and warning Pakistan, that any “future misadventure will be resolutely responded.”General Dwivedi issued a direct warning to Islamabad, saying, “At least 6 terror camps still active across the LoC & 2 across the International Border after Operation Sindoor against Pakistan. Will act, if any (nefarious) attempts are carried out.”Addressing the annual Army Day press conference, General Dwivedi said a “clear decision to respond decisively was taken at the highest level.” He added, “Operation Sindoor was conceptualised and executed with precision. Through 22 minutes of initiation on 7th May and an orchestration that lasted 88 hours up to 10th May, the operation reset strategic assumptions by striking deep, dismantling terror infrastructure, and puncturing the longstanding nuclear rhetoric. The Army successfully destroyed seven out of the nine targets and thereafter played a pivotal role in ensuring a calibrated response to Pak actions.”Upendra Dwivedi highlighted the heavy losses suffered by the Pakistan Army, saying that about 100 of their personnel were killed in firing along the LoC and IB during heightened military tensions.The Army chief stressed that the counterterror operation, launched in retaliation to the Pahalgam terror attack, remains “ongoing,” and reiterated the warning of a “resolute response” to any future misadventures. He also acknowledged the coordinated national effort behind the operation, saying, “I must acknowledge the proactive role of all stakeholders at the national level, including CAPFs, Intelligences, civic bodies, state administration and other ministries, whether it’s MHA, Railways and many more…”Also read: Project-75I; How India’s $8 billion submarine upgrade reshapes the Pakistan, China equationCalling the mission a benchmark in joint operations, General Dwivedi said, “Operation Sindoor was the best example of tri-service synergy under clear-cut political directive and full freedom to act or respond.”He also added that military responses in future will be a combined action and reflected on PM Modi’s vision, General Dwivedi said, “Now the battle of the future will not be won by a single arm or even a single service. It will be a national level enterprise. The Prime Minister captured this vision through the mantra of ‘Jai’ where jointness integrates our effort, Atmanirbharta empowers our capability and accelerated innovation drives ideas into action. So, based on the lessons drawn during Operation Sindoor and in line with the Indian Army‘s belief that change must come at the velocity of relevance. We prefix the verb acceleration to all our nouns, that is initiatives.”Commenting on the broader security situation in the North, the Army chief said, “The situation along the Northern Front remains stable, but needs constant vigil. Apex-level interactions, renewed contact, and confidence-building measures are contributing to the gradual normalisation of the situation that has also enabled grazing, hydrotherapy camps, and other activities along the Northern Borders.” On India-China border, he said “With our continued strategic orientation on this front, our deployment along the Line of Actual Control remains balanced and robust. Concurrently, capability development and infrastructure enhancement are progressing through a whole-of-government approach.”The Army chief also responded to and rejected China’s repeated claims on Jammu and Kashmir’s Shaksgam Valley, reiterating India’s position: “India considers the 1963 agreement between Pakistan and China on Shaksgam Valley.”In the intervening nights of May 6 and May 7, Indian armed forces carried out precision strikes under Operation Sindoor, destroying nine major terror hideouts in Pakistan-occupied Kashmir (PoK) and mainland Pakistan. The strikes targeted headquarters of Jaish-e-Mohammad in Bahawalpur and Lashkar-e-Taiba in Muridke.Following the operation, India clarified that the strikes were aimed solely at terror infrastructure and not Pakistan’s state machinery. However, Islamabad attempted retaliatory missile and drone attacks, all of which were intercepted and neutralised by India’s air defence systems, preventing any loss of life or property.India then launched retaliatory strikes on Pakistan’s military installations, destroying key airbases, including Rahim Yar Khan and the Nur Khan airbase.

Jeff Bezos often points out that long-term success comes from staying committed to an idea while remaining open to changing the approach.

It’s almost official that Google founders Larry Page and Sergey Brin have cut ties with California. The two Google Guys have reportedly said Bye to California; joining the billionaires who have left the state, shifting businesses and houses. Page is worth around $270 billion, according to the Bloomberg Billionaires Index. According to a report in Wall Street Journal, Larry Page has bought two massive Miami estates for a combined $173.4 million. The report quotes people familiar with the situation Google co-founder Sergey Brin is also said to be in discussions to purchase a Miami home, according to people familiar with the situation.Some analysts have termed Google founders’ move to leave California strikingly similar to Jeff Bezos’ relocation playbook. According to them, the timing, structure, and destination of Page’s escape from Silicon Valley make his Florida pivot look quite like Amazon founder Jeff Bezos. But the big difference here is that Jeff Bezos did not leave California. Amazon founder left Seattle, the city where he started the online bookseller that grew into the global tech giant, Amazon.

When Jeff Bezos left Seattle

In 2024, Bezos announced on Instagram that he was leaving Seattle after nearly 30 years to move to Miami. He said that the move was to be closer to his parents and his rocket launches at Blue Origin. In his Instagram post, Bezos called Seattle his home since 1994. However, the timing, as some analysts pointed out, also suggested another reason: Taxes. In 2022 Washington state imposed a new, 7% capital gains tax on sales of stocks or bonds of more than $250,000. As Washington state does not have a personal income tax, so the new levy marked the first time that Bezos would face state taxes on his stock sales. As reported by CNBC, in 2022, when the Washington state’s Capital gains tax took effect, Bezos stopped selling. He didn’t sell any Amazon stock in 2022 or 2023, gifting only $200 million of shares at the end of that year.After his move to Miami, Bezos reportedly made up for lost time. Quoting an SEC filing, the report says that Bezos launched a pre-scheduled stock-selling plan to unload 50 million shares before January 31, 2025. And since Florida has no state income tax or a tax on capital gains, so on the $2 billion sale that Bezos made, he saved $140 million that he would have paid to Washington state. On the entire sale of 50 million shares over the next year, he saved more than at least 600 million.

What is California’s Billionaire’s tax

California’s proposed ballot initiative has been proposed by the Service Employees International Union-United Healthcare Workers West to offset federal budget cuts that will affect California’s health care system. It would impose a one-time, 5% tax on the assets of billionaires. The tax would retroactively apply to those who were California residents as of January 1, 2026. In December 2025, venture capitalist Peter Thiel announced that he opened an office for his family investment company in Miami. Donald Trump’s AI czar David Sacks unveiled a new office for his venture capital firm, Craft Ventures, in Austin, Texas.