Events in Goa

Cooperative Movement Key to Economic Growth and Jobs, Says Assistant Registrar at Mapusa Event


Written by Tanisha Cardozo || Team Allycaral

The 72nd All India Cooperative Week celebrations in Mapusa showcased the growing importance of the cooperative movement in strengthening the economy and generating employment. Assistant Registrar for Cooperative Societies, Rajesh Parwar, emphasised that cooperatives remain essential for economic resilience, community empowerment, and inclusive development. Addressing the event jointly organised by Bardez Bazaar Consumers’ Cooperative Society and the Rotary Club of Mapuca, he explained that successful cooperatives depend on effective management, dedicated staff, and active shareholder participation. Parwar reminded societies of their legal obligation to conduct annual general body meetings and present audit reports to ensure transparency and accountability.

He highlighted new opportunities introduced through the Central Government’s MPACS legislation, which offers cooperatives an open platform to expand into diverse businesses. Parwar also pointed to schemes supporting common service centres, fuel stations, gas agencies, and grain storage, noting NABARD’s financial assistance for these ventures. He stressed that the real strength of the cooperative movement lies in supporting self-help groups, farmers involved in dairy and agriculture, and artisans working in handloom and handicraft sectors, observing that both cooperatives and community groups thrive when they uplift each other.

Guest of honour Amita Salatry of GCCI spoke about the cultural and spiritual significance of food, urging participants in the cooking competition to value presentation, aroma, and the use of traditional Goan elements. She reminded attendees that India’s cultural heritage regards food as divine and encouraged mindful consumption without waste.

Bardez Bazaar Chairman Nikhilchandra Khalap expressed the cooperative’s long-standing commitment to supporting self-help groups and small entrepreneurs. He shared how Bardez Bazaar has become a trusted first choice for distributors and small businesses seeking stability and visibility. Reflecting on Pandit Jawaharlal Nehru’s vision of cooperatives as “schools of democracy” capable of reaching every household, he emphasised that India’s journey toward self-reliance continues to be supported by all Prime Ministers, including the current leadership under Narendra Modi. Khalap also offered a glimpse into Bardez Bazaar’s humble beginnings, recounting how its founders secured a modest loan of ₹5,000 from Mapusa Urban Bank and developed the organisation into a ₹35-crore enterprise that operates without government aid or debt, employs 100 people, and consistently delivers a 20% dividend to its shareholders.

Rotary Club of Mapuca President Rohit Natekar announced that the club and Bardez Bazaar will launch a permanent project next year to support self-help groups and help them scale their initiatives. He also noted that Bardez Bazaar’s proposed mall will bring added benefits to the local community.

The event’s cooking competition, themed “Gomantakiya God Padarth,” celebrated Goan cuisine, with Mithila Harmalkar winning first prize, followed by Antara Naik and Harsha Redkar. Consolation prizes were awarded to Ranjana Narvekar, Nafiza Shaikh, and Varsha Polle. The celebration underscored how cooperatives continue to nurture talent, support livelihoods, and strengthen community bonds across Goa.

Business

India’s Gold Demand Drops 16% in Q3 2025 Amid Record Prices, Investment Buys Surge


India’s gold demand declined by 16% year-on-year in the July-September quarter of 2025, as record-high prices curtailed jewellery purchases even as investment buying showed remarkable growth, according to the World Gold Council (WGC). Total gold demand dropped to 209.4 tonnes in Q3 2025, compared with 248.3 tonnes during the same period last year. Despite the lower volume, the value of gold demand rose sharply by 23% to Rs 2,03,240 crore from Rs 1,65,380 crore, reflecting a surge in gold prices.

Gold jewellery, which forms the bulk of India’s consumption, fell 31% to 117.7 tonnes from 171.6 tonnes a year ago. However, consumers continued to adjust to high prices, keeping the total value of jewellery purchases steady at around Rs 1,14,270 crore. In contrast, investment demand grew 20% by volume to 91.6 tonnes and surged 74% in value to Rs 88,970 crore, highlighting Indian consumers’ growing commitment to gold as a long-term store of wealth.

The average gold price in India during the quarter climbed to Rs 97,074.9 per 10 grams, up 46% from Rs 66,614.1 a year earlier, excluding import duty and GST. Internationally, gold prices averaged $3,456.5 per ounce, compared with $2,474.3 in the same period last year.

Sachin Jain, Regional CEO (India) of the WGC, noted that despite the drop in overall demand, early signs of recovery were visible in October, driven by the festive and wedding seasons. Many consumers advanced wedding-related purchases in anticipation of further price increases, which could support strong fourth-quarter demand.

Gold imports fell 37% to 194.6 tonnes from 308.2 tonnes a year earlier, while recycling declined 7% to 21.8 tonnes. The WGC noted that the lower import volume reflected the exceptionally high base in the previous year, following a duty cut announced in the July 2024 budget that triggered a surge in purchases.

For the full year 2025, the WGC expects India’s gold demand to total between 600 and 700 tonnes, likely near the higher end of that range, after cumulative demand of 462.4 tonnes in the first nine months. Globally, gold demand hit a record 1,313 tonnes in Q3, driven mainly by central bank buying and investment inflows, with Poland’s National Bank as the largest central bank buyer.

Jain emphasized that India’s demand profile differs from global trends, where central bank purchases and investment flows dominate, as jewellery demand remains predominantly an Indian phenomenon. Geopolitical uncertainties, trade tensions, and diversification of dollar reserves into gold are expected to keep prices and demand momentum firm in the months ahead.