Bengaluru auto drivers reject 20% fare hike; Plan protest
No scope for change; drivers must follow it: Transport Minister Ramalinga Reddy
Bengaluru: Bengaluru's auto drivers have expressed strong opposition to the government's decision to increase fares by 20% starting August 1, with several unions announcing a boycott of the hike.
The protest is expected to involve around 50,000 drivers who have called for a halt on recalibrating meters until the government reviews the decision, as reported by Deccan Herald on Wednesday.
The District Transport Authority has set a new base fare of Rs 36 for the first 2 km and Rs 18 for every additional kilometre. This is a rise from the current fare of Rs 30 for the first 2 km and Rs 15 per km, which has been in place since 2021.
“We are dissatisfied with the hike. It is unscientific and ignores inflation. We have written to the chief secretary and Bangalore Urban deputy commissioner, but received no response,” DH quoted D. Rudramurthy, general secretary, Auto Rickshaw Drivers’ Union (ARDU), as saying.
Drivers are demanding a base fare of Rs 40 and Rs 20 per km. C. Sampath, General Secretary of the Adarsha Auto Union, also voiced concerns over the practicality of the new fares. "We will not accept anything less. The fare must be rounded off. With UPI usage declining, giving change will become a problem," he stated.
However, Transport Minister Ramalinga Reddy stood firm on the fare hike. "The fare was finalised after due research. There is no scope for change. Drivers must follow it,” DH quoted Reddy as saying.
A senior Regional Transport Officer (RTO) official quoted in the report warned that non-compliance could affect drivers’ fitness certificates and permits. “We will coordinate with the traffic police and the Bangalore Urban deputy commissioner,” he added.
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Silver slides for 3rd straight day to Rs 2.6 lakh/kg; gold drops to Rs 1.52 lakh/10g
New Delhi (PTI): Silver prices extended its steep fall for the third straight day, tumbling Rs 52,000 to Rs 2.60 lakh per kg in the national capital on Monday, while gold fell to Rs 1.52 lakh per 10 grams amid weak global trends and a firm US dollar.
According to the All India Sarafa Association, the white metal nosedived Rs 52,000, or nearly 17 per cent, to Rs 2,60,000 per kilogram (inclusive of all taxes).
On Saturday, the metal tanked 19 per cent, or Rs 72,500, to Rs 3.12 lakh per kilogram.
In the last three sessions, silver prices have fallen Rs 1,44,500, or nearly 36 per cent from Rs 4,04,500 per kg -- its all-time high -- recorded on January 29.
Gold price of 99.9 per cent purity also bore the brunt of the sell-off, crashing by Rs 12,800, or 7.73 per cent, to Rs 1,52,700 per 10 grams (inclusive of all taxes) on Monday. It had settled at Rs 1,65,500 per 10 grams in the previous session.
Over the last three sessions, the metal has plunged Rs 30,300, or nearly 17 per cent, from its record high of Rs 1,83,000 per 10 grams on January 29, as investors rushed to book profits after a sharp rally.
"Gold and silver languished after the US dollar surged amidst President Donald Trump's tariff negotiations, and de-escalation between US and Iran with US shutdown fears also being delayed once again with a liquidity push," said Manav Modi, Analyst, Commodities at Motilal Oswal Financial services Ltd.
Gaurav Garg, Research Analyst at Lemonn Markets Desk, said, the Union Budget 2026-27 delivered no changes to gold and silver import duties in the domestic markets, contrary to market expectations, removing a potential near-term catalyst for prices in the country.
In the global market, gold and silver mirrored the bearish trend, with spot yellow metal slipping USD 83.75, or 1.72 per cent, to USD 4,781.60 per ounce.
"Spot gold began the week on a negative note and continue to reel under intense selling pressure, driven by firm dollar and President Trump's nomination of Kevin Warsh as the next Fed Chair," Praveen Singh, Research Analyst, Mirae Asset Sharekhan, said.
Spot silver prices also slipped USD 1.2, or 1.42 per cent, to USD 83.49 per ounce in the overseas trade.
"Market participants will focus on developments in Middle East, alongside monetary policy decisions from Europe, the UK, and India," Saumil Gandhi, Senior Analyst, Commodities at HDFC Securities, said.
On the economic front, traders will also monitor US key data releases, including non-farm payrolls, the unemployment rate, and speeches from several Federal Reserve officials, are expected to influence the precious metals market this week, he added.
