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The pace of price rises jumped to 3%, above expectations as well as the Bank of England's target.
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Uday Kotak warned against excessive protectionism, urging India to embrace competition instead of shielding domestic industries with high tariffs. While some protection is needed for emerging sectors, excessive barriers can stifle innovation, reduce productivity, and hinder India's integration into global supply chains, ultimately limiting long-term economic growth and competitiveness.
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Stocks in the defence sector posted strong gains, with Data Patterns rising 14.4% to Rs 1,631, Bharat Dynamics increasing 9.1% to Rs 1,102.25, and Zen Technologies advancing 10% to Rs 1,068.65. Other notable players, such as DCX Systems and Mazagon Dock Shipbuilders, also saw double-digit gains during intra-day trading.
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