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New Delhi: Volatility in gold prices has not deterred Indian buyers, with customers increasingly treating price corrections as opportunities to enter the market, similar to equity investors, Titan Company Managing Director Ajoy Chawla said. Many consumers who had earlier deferred purchases, being fence sitters due to rising prices, have now shifted strategy, choosing to buy during dips rather than wait indefinitely, he said. "People have burnt their fingers being fence sitters, so they are now using every correction to come into the market, as they do in the share market," Chawla told PTI. He acknowledged that volatility continues to mark the gold trade, but demand remains resilient. "Customers will try to participate. Those who missed out will try to come in," he said, underlining the strong sentiment around the yellow metal. Titan's jewellery division, which includes the flagship Tanishq brand, has benefitted from this trend, supported by product innovation and festive demand in the December quarter. Gold prices have shown significant volatility in early February 2026, fluctuating between highs near Rs 1.61 lakh per 10 grams and recent drops amid global cues and profit-taking. According to Chawla, many fence sitters who waited in the first half of the year began purchasing gold ahead of the festive and wedding season, anticipating that prices would not decline further. Global uncertainty also played a role in driving sentiment, he said, adding that cultural factors continue to underpin demand. "So weddings, festivals and milestones mean that customers, in fact women, must be telling their husbands that all your share market is on one side. But see, we have always been the wiser ones and now you better listen to me when I have to tell you that you buy jewellery. It's an asset, not an expense," he said. This anecdotal dynamic, Chawla suggested, is playing out in many households, with men becoming "a little sobered lot" as women assert jewellery's role as a secure investment. He further noted that a sense of FOMO (fear of missing out) also drove demand. "So there was a FOMO. People jumped into it, saying a better buy now than regret later. And that went on, I think all the way into January," said Chawla. However, he also cautioned against making predictions, pointing to volatility over the last two to three years. "Sometimes you can not predict how a month will go. The first half may go very well, and the second half you will see a certain slowdown, and the other way around also," he said. The company's approach, he explained, has been to maximise gains when demand is strong. "When the going is good, when there is occasion to buy, whether it's a wedding or festival, we should go all out, make the most out of it because we don't know what will happen one month later or 15 days later," Chawla said. He pointed out that gold prices remain connected to broader macroeconomic factors such as US Federal Reserve interest rates, bond yields and global liquidity. "We cannot predict it, but... whatever we have heard from many investment advisors, many people who are in that financial sector, their view is that there is a secular need for central banks worldwide to de-risk and therefore they see gold as a structural play," Chawla said. At the same time, he cautioned that volatility is "inevitable" as there will be some corrections from time to time as in any commodity pricing. "There will be corrections, there will be ups and downs, there will be volatility. So I mean it, it can be risky, but if you are playing the long game, it may not matter," he added. Asked about the December quarter, Chawla said it was "fantastic", and the growth was led by Titan's jewellery division, which reported a spike of 45.6 per cent in its revenue to Rs 23,492 crore. Chawla said Titan chose not to compromise on inventory, retail investments or marketing during the festive and weeding season in the December quarter. "In fact, we went overboard on marketing. We said this is the time to gain share. So we went very aggressive on marketing, both visibility, freshness, innovation, bringing in celebrities," Chawla said. On the outlook for the jewellery division, he said its so far so good, but volatility is here to stay. "One good month does not mean the next month will be very good. Now that gold prices are fluctuating as opposed to only showing an upward trend, we will wait and watch. So far, it's decent. It's good. I am not unhappy about it," he said. Titan's jewellery division is the largest contributor to the company. In FY25, revenue from operations of Titan -- a JV between the Tata group and the Tamil Nadu government -- was at Rs 57,339 crore, in which its jewellery division contributed Rs 46,571 crore -- over 81 per cent.

New Delhi: The government is conducting a "very thorough study" of flight operations by non-scheduled operators and uncontrolled airfields to look at areas where steps need to be taken, according to Civil Aviation Minister K Rammohan Naidu.Flight operations by Non-Scheduled Operators (NSOPs) have come under increased regulatory scrutiny in the wake of the fatal crash of a VSR Ventures-owned LearJet 45 plane that killed Maharashtra Deputy Chief Minister Ajit Pawar and four others on January 28.The Directorate General of Civil Aviation (DGCA) has already initiated a special safety audit of NSOPs earlier this month.Naidu told PTI that the civil aviation ministry is doing a "thorough study" of the NSOPs, as well as the uncontrolled airfields.Areas where something needs to be done with respect to NSOPs and uncontrolled airfields will be looked into, he said.On January 28, VSR Ventures' Learjet 45, carrying Pawar and four others, crashed near the Baramati airport, and the Aircraft Accident Investigation Bureau (AAIB) is expected to very soon come out with its preliminary report on the fatal accident.NSOPs are generally those entities that do not have a fixed schedule for operators and mostly operate chartered flights.Baramati is an uncontrolled airfield, and traffic information is provided by instructors/pilots from the flying training organisations at that place.An uncontrolled aerodrome is an aerodrome without a control tower, or one where the tower is not in operation, according to the website SKYbrary.In a detailed statement on the LearJet 45 crash, the ministry, on January 28, said the "aircraft was cleared to land on runway 11 at 0843IST; however, they did not give a readback of the landing clearance"."Next, the ATC saw the flames around the threshold of runway 11 at 0844 IST. The emergency services then rushed to the crash site," it had said.Meanwhile, the minister, speaking to PTI on the sidelines of an event here this week, also said the focus is to boost airlines with smaller operations.He was responding to a query on whether the ministry would be looking at having a 'too big to fail' concept for the airlines, similar to the banking sector, in the wake of IndiGo operational disruptions in December.

India's recent trade agreements mark more than incremental policy changes. They signal a strategic repositioning. India is no longer competing only on cost or capability; it is competing on market access. For a country that runs a structural current account deficit driven by energy and electronics imports, export competitiveness becomes central to macro stability. The real challenge, therefore, is not reducing imports but funding them sustainably. Exports remain India's most dependable answer.Global trade today is intensely competitive. Countries that combine lower production costs with preferential tariff access capture supply chains quickly. Even small tariff differences can gradually shift sourcing decisions. If a competing manufacturing hub offers similar quality at lower cost and enjoys better tariff access, global buyers will move. India's industrial and services capabilities are globally competitive; what increasingly determines success is whether exporters compete on equal terms.India's approach to trade partnerships is undergoing a subtle but important evolution. The country is no longer negotiating trade agreements from a position of vulnerability, but from a position of capability. Recent engagements with major economic blocs, including the United States, the UK and the European Union, reflect this shift. Preferential access to large consumption markets such as Europe strengthens export visibility and industrial scale. Improved tariff alignment with the United States enhances competitiveness in sectors directly linked to global manufacturing realignment. Collectively, these agreements are gradually repositioning India from being primarily a consumption-led economy to becoming an increasingly important participant in global production networks.Securing competitive accessThe India-EU trade agreement brings India into deeper economic engagement with a bloc that includes major industrial powerhouses such as Germany, France, Italy, Spain and the Netherlands and significantly expands India's global trade integration by providing preferential market access for most exports. Given that India and the EU together account for roughly 25% of global GDP and a third of world trade flows, the pact marks a structural milestone in India's journey toward export competitiveness and deeper global capital alignment.Improved tariff parity can drive tangible outcomes:Higher export volumes in labour-intensive sectorsGreater participation in the US friend-shoring supply chainsIncreased manufacturing scale and employmentIndia's tariff position is now broadly comparable to that of other major exporting economies supplying the US. In labour-intensive sectors such as textiles and leather, where even marginal cost differences matter, the earlier tariff disadvantage has narrowed significantly. In global trade, sourcing decisions are often made on narrow margins. India is now firmly on equal footing, competing on capability rather than tariff differential.Markets prefer visibilityRecent tariff clarity coincided with renewed FII inflows of approximately USD 1.7 billion, highlighting how trade visibility influences capital allocation decisions. Stronger export momentum is increasingly shaping earnings quality and market valuations. Export-oriented businesses typically demonstrate better earnings visibility and natural currency support during periods of rupee weakness. Export-heavy sectors such as IT and pharmaceuticals reflect this trend, with Nifty IT trading at 24-25x P/E and Nifty Pharma at c.30x, compared with discounted valuations in commodity cyclicals. Few sectors illustrate India's export transformation more clearly than electronics manufacturing. Not too long ago, India was largely a consumption market for global electronics brands. Today, it is emerging as a major production hub. Electronics exports have climbed to USD 48.2 billion in 2025, moving from seventh to third among India's export categories. Yet India's export-to-GDP ratio remains c.21%, well below several Asian manufacturing economies - highlighting the scale of opportunity ahead.Over the past year, FPI flows into Indian equities have turned volatile. After strong inflows through 2023-24, India saw net FPI outflows of nearly USD 17-18 billion in 2025 as global liquidity tightened and US yields moved higher. Even in early 2026, flows have remained uneven, with brief inflow spurts followed by profit-taking. For an economy managing a current account deficit driven by oil and electronics imports, strong export growth reduces dependence on unpredictable capital flows. It strengthens foreign exchange reserves, supports currency stability and enhances macro credibility. For investors, that stability matters. This is one reason export-oriented sectors such as IT services and pharmaceuticals have historically commanded premium valuations relative to purely domestic cyclicals.A clear strategic shiftIf India intends to sustain high growth while managing external stability, trade integration will be important. India is gradually moving from protection-led caution to competitiveness-led integration. At a time when global supply chains are being redefined, this shift is timely.Trade agreements do three important things: First, they improve export competitiveness and protect market share. Second, they strengthen foreign exchange management by expanding stable earnings. Third, they enhance India's attractiveness as a global manufacturing and services partner.These agreements reflect India's aspiration to lead, to compete, and to be counted among the world's most open, dynamic, and forward-looking economies. The message is clear: the world is opening its markets to India. It's time for us to step forward and lead from the front.(The author Neerja Ajit, is Vice President at NovaaOne)(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of The Economic Times.)