Cabinet will decide on renaming Ramanagara district as Bengaluru South: CM Siddaramaiah
Mysuru (Karnataka), Jul 10: Karnataka Chief Minister Siddaramaiah on Wednesday said the State Cabinet would take a decision on the proposal to rename neighbouring Ramanagara district as 'Bengaluru South.'
The proposal to rename the district, consisting of Ramanagara, Magadi, Kanakapura, Channapatna and Harohalli taluks, has once again gained steam, with a Karnataka Deputy Chief Minister D K Shivakumar-led delegation on Tuesday meeting Siddaramaiah and submitting a memorandum to raise the pitch.
They have also proposed that Ramanagara town, about 50 kms from here, remain as the headquarters of the renamed district.
"Leaders from Ramanagara district had met me under the leadership of D K Shivakumar, stating that people of the region consider themselves to be part of Bengaluru since the beginning, so the district should be renamed as Bengaluru South district. I said it has to be decided at the Cabinet and will place the matter before the Cabinet," Siddaramaiah told reporters here.
ALSO READ: Demand for formation of Bengaluru South District: Delegation led by DCM submits request to CM
Taking a dig at the proposal, JD(S) leader and Union Minister H D Kumaraswamy on Tuesday reportedly said that he would reverse the plan, if implemented, in the event of him becoming Chief Minister again.
Kumaraswamy,. a former Chief Minister, also alleged that the motive behind the proposal was to exploit real estate opportunities there.
Ramanagara is the home district of Shivakumar, who is also the state Congress chief. Shivakumar, who first mooted the proposal in October last year, is in-charge Minister for Ramanagara and also the Bengaluru City Development Minister.
Reacting to Kumarawamy's comments, Siddaramaiah said: "first of all they won't come to power. So he (Kumaraswamy) reversing it is an illusion."
"It is people who give power. Can someone become CM just like that by claiming to become? We (Congress) were in opposition for five years, after that with the blessings of the people we have come to power by winning 136 seats. Have people blessed Kumaraswamy to become CM? Let's see what people decide in the next election," he added.
Kumaraswamy was the Chief Minister of the JD(S)-BJP coalition when Ramanagara district was carved out in August 2007.
Kumaraswamy had earlier threatened to go on a fast unto death if the government decides to go-ahead with the proposal to rename the district.
Ramanagara district is the political turf of Kumaraswamy as he has represented Ramanagara and Channapatna Assembly segments, and also had been an MP from the region.
The proposal has gained significance ahead of Channapatna Assembly bypolls -- the date for which is yet to be announced -- necessitated following Kumaraswamy's election to Lok Sabha from Mandya.
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Silver, gold script sharp comeback as US-Iran ceasefire calms global jitter
New Delhi (PTI): Silver prices surged Rs 11,000 to Rs 2.51 lakh per kilogram in the national capital on Wednesday, while gold advanced to Rs 1.56 lakh per 10 grams amid strong global cues after the US and Iran agreed to a two-week ceasefire.
According to the All India Sarafa Association, the white metal zoomed by Rs 11,000, or nearly 5 per cent, to Rs 2,51,000 per kg (inclusive of all taxes) from Tuesday's closing level of Rs 2,40,000 per kg.
Gold of 99.9 per cent purity also appreciated by Rs 3,200, or 2.09 per cent, to Rs 1,56,400 per 10 grams (inclusive of all taxes). It settled at Rs 1,53,200 per 10 grams in the previous market session.
Analysts said bullion prices strengthened as geopolitical tensions in West Asia eased, triggering a broader relief rally across global financial markets.
Gold maintained strong gains and approached a three-week high on Wednesday as improved global risk sentiment, along with a pullback in US dollar and crude oil prices, boosted demand for precious metals, Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.
The positive momentum came after an agreement reached just before a self-imposed deadline by US President Donald Trump, who confirmed a pause in military action, conditional on the reopening of the Strait of Hormuz.
Iran also signalled that safe passage through the Strait would be possible during the ceasefire period, further easing supply concerns.
In the overseas markets, spot gold gained USD 97.48, or 2.07 per cent, to USD 4,803.33 per ounce, while silver was trading 6 per cent higher at USD 77.33 per ounce.
"Spot gold in the international markets surged on Wednesday after the announcement of a temporary ceasefire in the Iran war," Praveen Singh, Head of Commodities at Mirae Asset Sharekhan, said.
He added that commodities, bonds and equities rallied after crude oil prices crashed nearly 20 per cent on the ceasefire announcement, as a decline in energy rates will reduce interest rate hike chances by global central banks, including the US Federal Reserve.
Echoing similar sentiments, Kaynat Chainwala, AVP Commodity Research, Kotak Securities, said precious metal prices rose up to 7 per cent as the dollar slipped below 99 on US-Iran ceasefire relief, temporarily easing fears of prolonged energy supply shocks and the associated inflationary fallout.
The rally in bullion ran alongside a broader relief rally in global markets. Throughout the conflict, gold's traditional safe-haven appeal has been tempered by liquidity stress, as investors were compelled to liquidate bullion positions to cover losses elsewhere in their portfolios, she added.
"With the ceasefire conditional and compliance around the Strait of Hormuz still uncertain, any signs of a breach or collapse could quickly reverse sentiment and renew downside risk across precious metals," Chainwala said.
