Category: Asia Pacific

MIL-OSI Economics: RBI Bulletin – March 2025
Source: Reserve Bank of India

Today, the Reserve Bank released the March 2025 issue of its monthly Bulletin. The Bulletin includes four speeches, five articles and current statistics.

The five articles are: I. State of the Economy; II. Spatial Distribution of Monsoon and Agricultural Production; III. Changing Dynamics of India’s Remittances – Insights from the Sixth Round of India’s Remittances Survey; IV. Decoupling Economic Growth from Emissions: A LMDI Decomposition Analysis; and V. Market Access and IMF Arrangements: Evidence from Across the Globe.

I. State of the Economy

The resilience of the global economy is being tested by escalating trade tensions and a heightened wave of uncertainty around the scope, timing, and intensity of tariffs. While engendering heightened volatility in global financial markets, these have also caused apprehensions about the slowdown in global growth. Amidst these challenges, the Indian economy continues to demonstrate resilience as evident in the robust performance of the agriculture sector and improving consumption. The reverberations of a tumultuous external environment, however, are being reflected in sustained foreign portfolio outflows. India’s macroeconomic strength to face these challenges is bolstered by a decline in headline CPI inflation to a seven-month low of 3.6 per cent in February 2025 on account of a further correction in food prices.

II. Spatial Distribution of Monsoon and Agricultural Production

By Abhinav Narayanan and Harendra Kumar Behera

This article analyses the impact of spatial variation of rainfall across districts on production of Kharif crops. It also examines how deficient or excess rainfall during specific periods impact the production of specific crops.

Highlights:
- Extreme weather events such as excessive or insufficient rainfall cause significant crop damages leading to disruptions in production resulting in reduced yields or lower quality of produce.
- The timing of extreme weather events is crucial, as crop production cycles vary.
- Insufficient rainfall in the months of June and July negatively impacts cereal and pulses production, while oilseeds are particularly vulnerable to excessive rainfall during the harvesting period (August-September).
III. Changing Dynamics of India’s Remittances – Insights from the Sixth Round of India’s Remittances Survey

By Dhirendra Gajbhiye, Sujata Kundu, Alisha George, Omkar Vinherkar, Yusra Anees, Jithin Baby

This article analyses the results of the sixth round of India’s remittances survey conducted for 2023-24. It captures various dimensions of inward remittances to India – country-wise source of remittances, state-wise destination of remittances, transaction-wise size of remittances, prevalent mode of transmission, cost of sending remittances and share of remittances transmitted through the digital modes vis-à-vis cash.

Highlights:
- India’s inward remittances have more than doubled during 2010-11 to 2023-24 and have been a stable source of external financing during this period. Following a pandemic-led contraction during 2020-21, remittances to India in the post pandemic period recorded a significant surge.
- The survey results indicate that the share of inward remittances from advanced economies has risen, surpassing the share of Gulf economies in 2023-24, reflecting a shift in migration pattern towards skilled Indian diaspora.
- Maharashtra, followed by Kerala and Tamil Nadu, continue to be the dominant recipient of remittances.
- The cost of sending remittances to India has moderated significantly, driven by digitalisation, but remains higher than the SDG target of 3 per cent.
- Additionally, on an average, 73.5 per cent of total remittances received by the money transfer operators in 2023-24 were through digital mode.
- Furthermore, fintech companies offer affordable cross-border remittance services, fostering competition among different remittance service providers.
IV. Decoupling Economic Growth from Emissions: A LMDI Decomposition Analysis

By Madhuresh Kumar, Shobhit Goel, Manu Sharma, Muskan Garg

This article examines the drivers behind India’s CO₂ emissions growth from 2012 to 2022 using the Logarithmic Mean Divisia Index (LMDI) decomposition method. It breaks down total emissions into key contributing factors, including the impact of GDP growth (activity effect), improvements in energy efficiency (energy intensity effect), shifts in the economic structure (structural effect), changes in the composition of fuel (fuel mix effect), and the growing share of renewable energy in electricity generation, which reduces the carbon intensity of electricity (emission factor effect).

Highlights:
- During 2012-22, energy-related CO2 emissions increased by 706 million tons. The main contributor was economic growth (+1073 Mt), with a smaller impact from the change in fuel mix of the economy (+78 Mt). However, gains in energy efficiency (-399 Mt), structural changes (-15 Mt), and improvements in emission intensity of electricity due to increased use of renewables (-30 Mt) helped curb emissions.
- India’s energy efficiency improved by 1.9 per cent annually, exceeding the global average.
- India’s growth decoupled from emissions, with a decoupling elasticity of 0.59, comparable to other lower-middle-income countries.
- Renewables have had a small but significant impact on emission reduction over the past decade, with solar and wind accounting for 2.1 percent of total primary energy in 2022-23.
- Going ahead, the emission factor effect is expected to play a more prominent role as renewables increasingly replace fossil fuels and green hydrogen usage expands in industries.
V. Market Access and IMF Arrangements: Evidence from Across the Globe

By Shruti Joshi and PSS Vidyasagar

The article analyses loans availed by various countries from the International Monetary Fund (IMF) during 2000-2023 and finds a negative relation between market access and dependence on IMF’s loan for those countries which resorted to IMF loans.

Highlights:
- During 2000-2023, dependence of Emerging Market and Developing Economies (EMDEs) on IMF resources increased on account of their limited access to international financial markets and alternate sources of funding. Several fast growing large EMDEs, including India and China, however, did not have to take recourse to the IMF loans.
- During the crisis periods, especially the Global Financial Crisis and Euro-Zone Crisis, some Advanced Economies also resorted to IMF loans due to their reduced market access on account of sovereign rating downgrades.
- Among countries that resorted to IMF loans, those which faced a larger country risk premium availed larger funding.
- Access to alternative sources of funding such as Regional Financing Arrangements (RFAs) and swap lines reduces the dependence on IMF loans.
The views expressed in the Bulletin articles are of the authors and do not represent the views of the Reserve Bank of India.

(Puneet Pancholy)
Chief General Manager

Press Release: 2024-2025/2418
MIL OSI Economics –
March 20, 2025
MIL-OSI Africa: Deputy President stresses importance of coordinated approach to challenges

Source: South Africa News Agency

Deputy President Paul Mashatile has stressed the need for a coordinated approach to peacebuilding and economic resilience.

This as he highlighted that the conflicts between Russia and Ukraine and conflicts in the eastern Democratic Republic of Congo, Sudan, in the Sahel, and in Gaza, continue to exert a heavy human toll while heightening global insecurity.

The Deputy President was speaking at the United Nations University (UNU) in Tokyo, Japan on Tuesday.

The UNU, in partnership with the Embassy of South Africa in Japan, is co-hosting a symposium exploring South Africa’s G20 Presidency and steps to ensure solidarity, equality and sustainability for all.

Touching on the deepening conflict and instability across Africa and the world, the Deputy President said this requires coordinated preventive action including dedicated intervention on peace building that is programmatic in nature.

“We are encouraged by the partnership between the United Nations University and the University of South Africa (UNISA) in cooperation with other relevant partner organisations to co-design and co-deliver required capacity building programmes for African leaders and mediators for resolving conflicts and blazing a path towards achieving peace, security and prosperity, “the Deputy President explained.

He further emphasised the urgent need for comprehensive, African-centred peace-building research and training programmes that span throughout Africa to address the urgent demand for capacity for conflict management and resolution, as well as society reconstruction.

G20 Presidency

“In our G20 Presidency, South Africa will continue to advocate for diplomatic solutions. Inclusive dialogue is the foremost guarantor of sustainable peace.
“South Africa has shown a firm resolve in its foreign policy by promoting principles of justice, solidarity, equality, peace, and respect, underpinned by its commitment to human dignity and leaving no one behind,” he said.

This was the reason South Africa has placed solidarity, equality, sustainability at the centre of its G20 Presidency.

As part of South Africa’s G20 intention to place Africa’s development at the top of the agenda, Mashatile outlined four key priorities which are strengthening disaster resilience, ensuring debt sustainability for developing economies, mobilising finance for a just energy transition, and harnessing critical minerals for sustainable growth.

“Our hosting of the G20 Finance Ministers and Central Bank Governors Meeting, and the Business 20 provided an opportunity for us to promote South Africa and Africa as a business and investment destination and for the country to take the lead on providing solutions to global economic challenges,” he said.

He emphasised the country’s commitment to driving economic reforms, increasing investor confidence, and enhancing structural efficiencies in energy, water, and transport sectors.

“We believe that addressing structural concerns is essential to maintaining investor confidence and ensuring long-term economic stability. It is only by accelerating structural reforms and harnessing the power of the private sector that the country can sustain economic momentum and attract further foreign investment.

“As the South African government, we are implementing extensive structural, policy, and regulatory reforms to enhance the economy’s performance,” he said.

AI role in shaping Africa’s economic future

The Deputy President also emphasised the role of artificial intelligence (AI) and digital transformation in shaping Africa’s economic future, calling for greater collaboration between African institutions and international organisations.

Quoting Professor Tshilidzi Marwala, he noted the need for South Africa to embrace AI while also ensuring ethical considerations remain central to its deployment.

He urged institutions like UNU to partner with African universities to foster digital skills development and AI-driven innovation.

As the G20 Presidency has shifted to South Africa, the Deputy President said that AI has emerged as a key area of focus.

Through the G20 Presidency, he said the country aims to harness AI to advance the Sustainable Development Goals agenda and address global challenges.

“We encourage the United Nations University to work alongside Africa in the development of AI, which has the potential to considerably boost the continent’s economies. You must cooperate with additional universities in South Africa and throughout Africa to help overcome digital barriers, promote equality, and support inclusive sustainable development,” he said.

Mashatile added that African governments are also recognising the importance of the digital economy, which is heavily influenced by artificial intelligence. He noted that the digital economy and AI are becoming more important drivers of economic and social value creation throughout the world.

“We are investing in digital infrastructure, skills development, and entrepreneurship to assist Africa’s digital economy to expand,” he said. – SAnews.gov.za

MIL OSI Africa –

March 20, 2025
MIL-OSI: Magnite’s ClearLine Equips Cross Screen Media with the Tools to Maximize Voter Reach

Source: GlobeNewswire (MIL-OSI)

WASHINGTON, March 19, 2025 (GLOBE NEWSWIRE) — Magnite (NASDAQ: MGNI), the largest independent sell-side advertising company, announced an expanded partnership with Cross Screen Media following a successful 2024 election cycle. The adoption of ClearLine, Magnite’s self-service buying solution, helped Cross Screen Media bypass middlemen, put more spend toward working media, and drive incremental voter reach.

In a 2024 statewide race, ClearLine was used in parallel with two DSPs and a linear TV schedule. Cross Screen Media’s measurement solution found that over a two-week period in October, ClearLine drove 4% incremental reach beyond the other digital and TV components, and 8% incremental reach beyond the DSPs alone.

“It’s the job of every political advertiser to identify the voters that will swing an election and ensure your message is reaching them,” said Chauncey Southworth, CEO of Cross Screen Media. “Adding ClearLine removes intermediaries, creates a more direct line between campaign ad dollars and voters, and in combination with our cross-screen measurement solution, drives incremental reach that can be the difference in an election.”

Founded in 2017, Cross Screen Media offers advertising technology built for politics, empowering agencies and their campaigns to win elections through data-driven media planning, activation, and measurement. With 40% of swing voters nationwide unreachable via linear TV, and elections often decided by fractions of a percent, direct avenues to CTV inventory are crucial to ensuring advertisers can maximize reach amongst likely voters. The fast-paced nature of politics means buyers need a responsive platform that makes it easy to adjust budgets, creatives, and targeting in an instant. Magnite’s ClearLine delivers on this by streamlining the buying process, establishing a more direct and efficient route to premium inventory, and significantly increasing spend allocated toward working media.

“The savviest political advertisers are always seeking innovative, highly efficient, and measurable ways to connect with voters,” said Erik Brydges, Head of Political Demand at Magnite. “ClearLine helps Cross Screen Media and their agency customers accomplish this goal, and represents the future of how we believe CTV will be transacted. As CTV’s share of spend continues to grow, executing budgets directly within the supply side tech ecosystem provides immediate advantages to political campaigns.”

About Magnite
We’re Magnite (NASDAQ: MGNI), the world’s largest independent sell-side advertising company. Publishers use our technology to monetize their content across all screens and formats including CTV, online video, display, and audio. The world’s leading agencies and brands trust our platform to access brand-safe, high-quality ad inventory and execute billions of advertising transactions each month. Anchored in bustling New York City, sunny Los Angeles, mile high Denver, historic London, colorful Singapore, and down under in Sydney, Magnite has offices across North America, EMEA, LATAM, and APAC.

About Cross Screen Media
Cross Screen Media is a leading CTV activation managed service for political and public affairs agencies, built on a proprietary technology platform that enables advertisers to plan and measure local advertising across Connected TV and audience-driven Linear TV. We seamlessly fit into existing workflows to help agencies scale, differentiate and deliver high-impact campaigns for their clients.

Media Contact:
Megan Hughes
mhughes@magnite.com

The MIL Network –

March 20, 2025
MIL-Evening Report: Swarbrick pleads for NZ cross-party support for sanctions on Israel

By Russell Palmer, RNZ News political reporter

Green Party co-leader Chlöe Swarbrick says the need for Aotearoa New Zealand to impose sanctions against Israel has grown more urgent after airstrikes on Gaza resumed, killing more than 400 people.

Swarbrick lodged a member’s bill in December and said that with all opposition parties backing it, the support of just six backbench government MPs would mean it could skip the “biscuit tin” and be brought to Parliament for a first reading.

“I feel as though every other day there is something else which adds urgency, but yes — I think as a result of the most recent round of atrocities and particularly the public focus, attention, energy and effort that is being that has been put on them, that, yes, parliamentarians desperately need to act.

Swarbrick claimed there were government MPs who were keen to support her bill, saying it was why her party was publicly pushing the numbers needed to get it across the line.

“We have the most whipped Parliament in the Western world,” she said. “We would hope that parliamentarians would live up to all of those statements that they make about their values and principles when they do their bright-eyed and bushy-tailed maiden speeches.

“The time is now, people cannot hide behind party lines anymore.

“I know for a fact that there are government MPs that are keen to support this kaupapa.”

Standing order allowance
Standing Order 288 allows MPs who are not ministers or undersecretaries to indicate their support for a member’s bill.

If at least 61 MPs get behind it, the legislation skips the “biscuit tin” ballot.

If answered, Swarbrick’s call would be the first time this process is followed.

Labour confirmed its support for the bill last week.

A coalition spokesperson said the government’s policy position on the matter remained unchanged, including in response to Swarbrick’s bill.

New Zealand has consistently advocated for a two-state solution to the Middle East conflict.

Swarbrick pointed to New Zealand’s support — alongside 123 other countries — of a UN resolution calling for sanctions against those responsible for Israel’s presence in the occupied Palestinian territories, including in relation to settler violence.

Conditional support
The government’s support for the resolution was conditional and included several caveats — including that the 12-month timeframe for Israel to withdraw from the occupied territories was “unrealistic”, and noted the resolution went beyond what was initially proposed.

None of the other 123 countries which supported the resolution have yet brought sanctions against Israel.

“Unfortunately, in the several months following that resolution in September of last year, our government has done nothing to fulfil that commitment,” Swarbrick said.

The Ministry of Foreign Affairs’ permanent representative to the UN Carolyn Schwalger in September noted that the Resolution imposed no obligations on New Zealand beyond what already existed under international law, but “New Zealand stands ready to implement any measures adopted by the UN Security Council”.

NZ ambassador to the UN Carolyn Schwalger speaking at the UN General Assembly . . . “New Zealand stands ready to implement any measures adopted by the UN Security Council.” Image: Screenshot/UN General Assembly livestream/RNZ

Prime Minister Christopher Luxon in December said the government had a long-standing position of travel bans on extremist Israeli settlers in the occupied territories, and wanted to see a two-state solution developed.

Israel’s Prime Minister Benjamin Netanyahu said its military pressure against Hamas was to secure the release of the remaining hostages taken by Hamas during the October 7 attack, and “this is just the beginning”.

Israel continues to deny accusations of genocide, war crimes and crimes against humanity.

South African genocide case against Israel
However, South Africa has taken a case of genocide against Israel to the International Court of Justice (ICJ) and the trial remains ongoing with 14 countries having confirmed that they are intervening in support of South Africa.

The attack on Israel in 2023 left 1139 people dead, with about 250 hostages taken.

UN Secretary General António Guterres said in a tweet he was “outraged” by the Israeli airstrikes.

“I strongly appeal for the ceasefire to be respected, for unimpeded humanitarian assistance to be re-established and for the remaining hostages to be released unconditionally,” he said.

This article is republished under a community partnership agreement with RNZ.

I am outraged by the Israeli airstrikes in Gaza.

I strongly appeal for the ceasefire to be respected, for unimpeded humanitarian assistance to be reestablished and for the remaining hostages to be released unconditionally.

— António Guterres (@antonioguterres) March 18, 2025

MIL OSI Analysis – EveningReport.nz –

March 20, 2025
MIL-OSI Global: Is Google Maps brainwashing us? It might be if the theory of ‘extended cognition’ is correct

Source: The Conversation – Canada – By Susan Dieleman, Jarislowsky Chair in Trust and Political Leadership and Associate Professor of Philosophy, University of Lethbridge

Over a billion people use Google Maps to help them navigate their world every month. If you own a smartphone, the odds are better than average you’re one of those people.

If you’re using Google Maps in the United States, you may have noticed some recent changes to your world. The “Gulf of Mexico” is now the “Gulf of America,” and “Mount Denali” is again “Mount McKinley.” These are both changes instigated by U.S. President Donald Trump.

Google is reportedly systematically removing resistance to these changes.

When compared to how common it is for the Google search engine to boost misinformation and fake news, and feed into confirmation bias, changing the name of a body of water might not seem like a big deal. But the philosophical theory of “extended cognition” suggests such changes might not be so innocuous after all.

Cognitive processes — not all in our heads

The notion of extended cognition, along with the notion of the extended mind, was presented in a 1998 paper by British philosopher Andy Clark and his Australian colleague, David J. Chalmers.

They argued that the environment plays an active role in our cognitive processes.

Take their example of “the use of pen and paper to perform long multiplication” — something that could have been done in the mind is extended, as it were, to the external world. If it had been done in one’s mind, we wouldn’t hesitate to call this a cognitive process.

The point is — moving this process outside the mind doesn’t change what it is. Rather, as they put it: “Cognitive processes ain’t (all) in the head!”

They suggest that if the resources of an external tool are always there when we need them, then those resources are, in effect, “part of the basic package of cognitive resources that I bring to bear on the everyday world.”

Back in 1998, almost decade before the advent of the iPhone, they used the example of a pocket calculator, with a suggestion that it’s unlikely the average person would always have one with them. Imagine, then, how smartphones play an integral role in many of our cognitive processes.

In fact, as Chalmers pointed out in a later piece, the iPhone he purchased quickly became part of his mind. This is because it replaced part of his memory, harboured some of his desires, facilitated some of his calculations and more.

In short, we outsource many of our cognitive tasks to our technologies. Our smartphones, in particular, play an important role in keeping track, remembering, calculating and finding our way.

‘Attention economy’

In what’s come to be known as the attention economy, the role of technologies in our cognitive processes is amplified further.

As Google strategist-turned-philosopher James Williams notes, technologies’ low-level engagement goals include “maximizing the amount of time you spend with their product, keeping you clicking or tapping or scrolling as much as possible, or showing you as many pages or ads as they can.”

The more time spent on our phones, the more of our attention they demand, and the more integrated they are in our cognitive processes.

When I’ve taught a unit on technology in Introduction to Philosophy courses in recent years, I’ve instructed students to read this piece by Canadian cognitive science scholar Karina Vold and reflect on their relationships to their phones — something most readily admit they’d never done before.

As Vold points out, there could be significant legal implications if courts were to accept the theory of extended cognition in a world where smartphone technologies are ubiquitous. They might even include whether and how the law could protect “what and how we think from undue influence.”

From this perspective, the fact that Google can change maps literally overnight gains new significance.

If we take the theory of extended cognition seriously, we can understand Google’s changes, like renaming the Gulf of Mexico the Gulf of America, as problematically undermining our autonomy. In a sense, Google is able to get into our cognitive processes and, at will, make changes — to our understanding and memory of how the physical world is structured and navigated — without our consent.

As a result, such changes fall on the wrong side of the admittedly blurry distinction between persuasion and coercion.

Persuasion versus coercion

Traditionally understood, persuasion respects individuals’ autonomy. It requires critical thinking and argumentation, which involve presenting reasons in support of a claim to people, who then use their own cognitive powers to decide whether to adopt or reject those reasons and claims.

Conversely, coercion is closer to a form of brainwashing. It involves undermining or bypassing a person’s ability to accept or reject an argument. It gets into the cognitive processes themselves, making changes without knowledge or consent.

In an era when technology companies compete for increasing shares of our attention, and therefore of our cognitive processes, it becomes increasingly difficult, but also urgently important, to be aware of whether we are being persuaded or brainwashed, and what we are being persuaded or brainwashed to believe.

Though the name of a body of water on a Google Map might not seem like a big deal, it’s at least a reminder to be vigilant.

Susan Dieleman receives funding as the Jarislowsky Chair in Trust and Political Leadership at the University of Lethbridge.

– ref. Is Google Maps brainwashing us? It might be if the theory of ‘extended cognition’ is correct – https://theconversation.com/is-google-maps-brainwashing-us-it-might-be-if-the-theory-of-extended-cognition-is-correct-251604

MIL OSI – Global Reports –

March 20, 2025
MIL-OSI United Kingdom: Chancellor’s National Wealth Fund to deliver growth and boost security
Source: United Kingdom – Executive Government & Departments

News story

Chancellor’s National Wealth Fund to deliver growth and boost security

Chancellor sets new strategy for National Wealth Fund to reflect our Plan for Change, unlocking billions of pounds of private investment into the UK.
New strategic steer will see National Wealth Fund take on higher risk projects as government goes further and faster to kickstart economic growth, make Britain a clean energy superpower and boost security.

Government also launches recruitment for a new National Wealth Fund CEO to build on the £1.8 billion unlocked in private investment since July.

The National Wealth Fund will unlock over £70 billion in private investment to help deliver economic growth, make Britain a clean energy superpower, and strengthen the defence sector, the Chancellor has confirmed today [19 March].

The new strategic direction sets clean energy, advanced manufacturing, digital technologies, and transport as new priority sectors for the National Wealth Fund. Money will be invested across the United Kingdom in projects like carbon capture, green hydrogen, gigafactories, green steel, and ports.

Crucially, the Chancellor’s steer will help direct investment to the industries our defence sector relies on – advanced manufacturing and digital and dual-use technologies – working with industry to keep Britain safe and building on the Government’s commitment to increase spending on defence and national security to 2.5% of GDP from April 2027.

The National Wealth Fund’s economic capital limit will also be increased from £4.5 billion to £7 billion, allowing it take on greater risk. This means it has more flexibility over its investments and can support more projects that struggle to access private finance.

Chancellor of the Exchequer, Rt Hon Rachel Reeves MP, said:

My number one mission is kickstarting economic growth through our Plan for Change to make Great Britain a stronger, more resilient country and put more money into the pockets of working people.

I am determined to go further and faster to get our economy growing. By directing tens of billions of pounds into the UK’s industrial strengths, we’ll deliver the high-skilled, high-paid jobs of the future in every corner of the country.

Since July last year, the National Wealth Fund has unlocked 9,900 jobs and nearly £1.8 billion of private investment in growth-driving industries like green energy and technology.

Investment has already started flowing into priority sectors including £55 million for Connected Kerb to increase coverage of EV charging networks and a £28.6 million investment into Cornish Metals.

The Chancellor’s strategic steer comes as a new £9.6 million National Wealth Fund investment was announced today for Solihull Council to improve the area’s heating infrastructure and reduce bills, providing low carbon heating, hot water and power to town centre buildings.

To lead this new chapter for the UK’s flagship public investor, the Government has also launched a recruitment campaign for the National Wealth Fund’s next CEO.

John Flint will step down from the role of CEO in the summer after successfully seeing through the National Wealth Fund’s transition from the UK Infrastructure Bank.

The Chancellor will also establish a new UK Strategic Public Investment Forum joining up the UK’s leading policymakers and public financial institutions including the CEOs of the National Wealth Fund, British Business Bank, UK Export Finance, Homes England, Innovate UK, and Great British Energy and The Crown Estate.

The forum – the first of its kind – will cooperate on delivering investments to the priority areas set out by the Chancellor and will be tasked with ensuring the Government is getting maximum impact for its investments.

Stemming from this, the National Wealth Fund will work closely with Great British Energy to support its quick establishment as a publicly owned clean energy company that will boost Britain’s energy security making it a clean energy superpower, lower bills, create jobs, and grow the economy.

Investing in homegrown clean energy industries is an essential part of the government’s drive to replace the UK’s dependency on fossil fuel markets controlled by petrostates and dictators with clean, homegrown power.

Secretary of State for Energy Security and Net Zero, Rt Hon Ed Miliband MP, said:

Clean power is the economic opportunity of the 21st century – and through the National Wealth Fund we will seize this opportunity to invest in British industries and workers.

We are delivering our clean energy superpower mission to make our country energy secure and deliver the good jobs that the British people deserve.

More details on Great British Energy’s developer mandate have also been released today.

The partnership between Great British Energy and the National Wealth Fund will see the former bringing project development expertise as well as investment, and the latter providing finance, a model already being deployed in Japan and Denmark.

Harnessing private investment via the National Wealth Fund is part of the Government’s wider efforts to kickstart economic growth and deliver a new era of security and renewal through our Plan for Change.

Cutting red tape so major infrastructure projects can progress, removing unnecessary hurdles in the planning system so more homes can be built, and progressing new economic partnerships with international partners like Japan and India is part of the work being undertaken to grow the economy and put more money in people’s pockets.

More information

Investments made by the National Wealth Fund can be found on the National Wealth Fund website

Further details of the Chancellor’s strategic steer for the National Wealth Fund can be found in the Statement of Strategic Priorities to the National Wealth Fund

Further details of the recruitment of the National Wealth Fund’s next CEO can be found in the National Wealth Fund Candidate Information Pack CEO (PDF, 463 KB, 13 pages).

The findings of the public financial institution stocktake including a landscape map can be found in the Launch of the UK Strategic Public Investment Forum

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Published 19 March 2025
MIL OSI United Kingdom –
March 20, 2025
MIL-OSI Asia-Pac: Medical bill set for LegCo

Source: Hong Kong Information Services

A bill allowing patients to accept physiotherapy and occupational therapy without a doctor’s referral under specified circumstances and enabling allied health professionals to accept referrals from Chinese medicine practitioners will be published in the Gazette on March 21.

Announcing the move today, the Government said the Medical Professions (Amendment) Bill 2025 is scheduled for the first reading at the Legislative Council on March 26 following its gazettal.

Noting that “supplementary medical professions” has been used for over 40 years since the enactment of the Supplementary Medical Professions Ordinance in 1980, the Government said the bill will rename the term as “allied health professions” in view of the increasingly important and specialised roles of five professions in Hong Kong’s healthcare system.

To address the challenges to the healthcare system posed by an ageing population and the increasing prevalence of chronic diseases, the Government also encouraged citizens to seek early medical intervention for common illnesses, noting that allowing patients to access physiotherapy and occupational therapy direct is one of the key elements.

The bill sets out three circumstances under which patients may seek these therapy services directly without a doctor’s referral.

People may seek services directly from physiotherapists (PTs) and occupational therapists (OTs) for health conditions covered by recognised clinical protocols, and the PTs and OTs must adhere to the recognised clinical protocols at all times.

Patients may also seek direct physiotherapy or occupational therapy services for health conditions diagnosed by a registered doctor or Chinese medicine practitioners (CMP) within the past 12 months without obtaining a new referral letter each time.

Alternatively, PTs and OTs may provide direct services to patients without a doctor’s referral in emergency or other situations and community services approved by the Medical Professions Council, which will be renamed as the Allied Health Professions Council. Details of the designated situations will be set out in the two professional codes of practice issued by the council.

To further Chinese medicine as a constituent part of the healthcare system, the bill provides a legal framework for allied health professionals to accept referrals from CMPs under suitable conditions.

The Chinese medicine profession and allied health professions must reach a consensus on professional standards regarding knowledge, skills, professional competencies and conduct to formulate implementation details and update the relevant codes of practice.

In view of the practical clinical and operational needs of the Chinese Medicine Hospital of Hong Kong, the bill also allows relevant allied health professionals to accept referrals from CMPs within the hospital, supporting its phased commencement of services from the end of this year.

Additionally, a new limited registration pathway is proposed to admit qualified non-locally trained allied health professionals to practise in designated institutions within their specialised fields on the premise of not compromising professional standards.

Applications will be subject to approval by the Allied Health Professions Council. The designated institutions include Department of Health, Hospital Authority, Primary Healthcare Commission, Chinese Medicine Hospital and institutions offering allied health profession training programmes.

The council may impose conditions on an applicant’s practice to confine them to a specific scope of practice. Allied health professionals under limited registration will not be eligible for migration to full registration.

Meanwhile, the Government has proposed a new temporary registration pathway to enable non-locally trained allied health professionals to come to Hong Kong for academic exchanges and clinical demonstrations. A temporary registration will be valid for no more than 14 days and is not renewable.

The bill’s other amendments include the introduction of continuing professional development as a mandatory requirement for allied health professionals and changes to the composition and structure of the aforesaid council and its five constituent boards to better regulate the professions and promote cross-disciplinary collaboration.

Also included are technical amendments, such as extending the validity of the existing practising certificates to three years and adjusting various fees under the Supplementary Medical Professions Ordinance.

MIL OSI Asia Pacific News –

March 20, 2025

MIL-OSI: GDS Holdings Limited Reports Fourth Quarter and Full Year 2024 Results

Source: GlobeNewswire (MIL-OSI)

SHANGHAI, China, March 19, 2025 (GLOBE NEWSWIRE) — GDS Holdings Limited (“GDS Holdings”, “GDS” or the “Company”) (NASDAQ: GDS; HKEX: 9698), a leading developer and operator of high-performance data centers in China, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024.

DayOne Data Centers Limited (“DayOne”), previously known as GDS International or GDSI, completed and closed its Series B equity raise on December 31, 2024. At closing, GDS’s equity interest in DayOne was diluted from 52.7% to 35.6%. Accordingly, GDS deconsolidated DayOne as a subsidiary and recognized DayOne as an equity investee. In the consolidated financial statements for the quarter and year ended December 31, 2024, DayOne’s operational results and cash flows have been excluded from the Company’s financial results from continuing operations and have been separately itemized under discontinued operations. Retrospective adjustments to the historical statements of operations and cash flows have also been made to provide a consistent basis of comparison for the financial results. Furthermore, retrospective adjustments were made to categorize and label DayOne’s assets and liabilities as “assets or liabilities of discontinued operations” on balance sheets for the comparative periods. Additionally, DayOne’s operating metrics have also been excluded from the Company’s operating metrics and have been separately itemized under discontinued operations.

Fourth Quarter 2024 Financial Highlights For Continuing Operations

Net revenue increased by 9.1% year-over-year (“Y-o-Y”) to RMB2,690.7 million (US$368.6 million) in the fourth quarter of 2024 (4Q2023: RMB2,465.3 million).
Net loss from continuing operations was RMB173.4 million (US$23.8 million) in the fourth quarter of 2024 (4Q2023: RMB3,074.6 million).
Adjusted EBITDA (non-GAAP) increased by 13.9% Y-o-Y to RMB1,297.7 million (US$177.8 million) in the fourth quarter of 2024 (4Q2023: RMB1,139.2 million). See “Non-GAAP Disclosure” and “Reconciliations of GAAP and non-GAAP results” elsewhere in this earnings release.
Adjusted EBITDA margin (non-GAAP) was 48.2% in the fourth quarter of 2024 (4Q2023: 46.2%).

Full Year 2024 Financial Highlights For Continuing Operations

Net revenue increased by 5.5% Y-o-Y to RMB10,322.1 million (US$1,414.1 million) in 2024 (2023: RMB9,782.4 million).
Net loss from continuing operations was RMB770.9 million (US$105.6 million) in 2024 (2023: RMB3,926.0 million).
Adjusted EBITDA (non-GAAP) increased by 3.0% Y-o-Y to RMB4,876.4 million (US$668.1 million) in 2024 (2023: RMB4,733.0 million). See “Non-GAAP Disclosure” and “Reconciliations of GAAP and non-GAAP results” elsewhere in this earnings release.
Adjusted EBITDA margin (non-GAAP) was 47.2% in 2024 (2023: 48.4%).

Fourth Quarter and Full Year 2024 Operating Highlights For Continuing Operations

Total area committed and pre-committed increased by 1.8% Y-o-Y to 629,997 sqm as of December 31, 2024 (December 31, 2023: 618,942 sqm).
Area utilized increased by 11.8% Y-o-Y to 453,094 sqm as of December 31, 2024 (December 31, 2023: 405,302 sqm).
Utilization rate for area in service was 73.8% as of December 31, 2024 (December 31, 2023: 73.9%).

“In 2024, we executed our business strategy in a disciplined way,” stated Mr. William Huang, Chairman and CEO of GDS. “We focused on backlog delivery while being selective on new commitments. At the same time, we made significant progress with our asset monetisation program with first ever data center ABS issue in China. Looking forward, we are well positioned strategically and financially to capture new business opportunities arising from AI.”

Fourth Quarter 2024 Financial Results For Continuing Operations

Net revenue in the fourth quarter of 2024 was RMB2,690.7 million (US$368.6 million), a 9.1% increase over the same period last year of RMB2,465.3 million. The Y-o-Y increase was mainly due to continued ramp-up of our data centers.

Cost of revenue in the fourth quarter of 2024 was RMB2,112.5 million (US$289.4 million), a 3.9% increase over the same period last year of RMB2,032.4 million. The Y-o-Y increase was in line with the continued growth of our business.

Gross profit was RMB578.1 million (US$79.2 million) in the fourth quarter of 2024, a 33.5% increase over the same period last year of RMB432.9 million.

Gross profit margin was 21.5% in the fourth quarter of 2024, compared with 17.6% in the same period last year. The Y-o-Y increase was mainly due to a lower level of depreciation and amortization costs as percentage of net revenue as the data centers continue to ramp up.

Adjusted Gross Profit (“Adjusted GP”) (non-GAAP) is defined as gross profit excluding depreciation and amortization, operating lease cost relating to prepaid land use rights, accretion expenses for asset retirement costs and share-based compensation expenses allocated to cost of revenue. Adjusted GP was RMB1,396.7 million (US$191.3 million) in the fourth quarter of 2024, an 11.8% increase over the same period last year of RMB1,249.3 million. See “Non-GAAP Disclosure” and “Reconciliations of GAAP and non-GAAP results” elsewhere in this earnings release.

Adjusted GP margin (non-GAAP) was 51.9% in the fourth quarter of 2024, compared with 50.7% in the same period last year. The Y-o-Y increase was mainly due to a lower level of cash cost components as percentage of net revenue.

Selling and marketing expenses, excluding share-based compensation expenses of RMB6.9 million (US$0.9 million), were RMB23.7 million (US$3.2 million) in the fourth quarter of 2024, a 4.1% decrease over the same period last year of RMB24.7 million (excluding share-based compensation of RMB9.3 million). The Y-o-Y decrease was mainly due to less marketing activities.

General and administrative expenses, excluding share-based compensation expenses of RMB55.9 million (US$7.7 million), depreciation and amortization expenses of RMB79.0 million (US$10.8 million) and operating lease cost relating to prepaid land use rights of RMB15.6 million (US$2.1 million), were RMB108.5 million (US$14.9 million) in the fourth quarter of 2024, a 3.3% increase over the same period last year of RMB105.1 million (excluding share-based compensation expenses of RMB35.8 million, depreciation and amortization expenses of RMB88.9 million and operating lease cost relating to prepaid land use rights of RMB16.6 million). The Y-o-Y increase was due to an increase in corporate activities as business continues to grow.

Research and development costs were RMB6.9 million (US$0.9 million) in the fourth quarter of 2024, compared with RMB12.8 million in the same period last year.

Impairment losses of long-lived assets was zero in the fourth quarter of 2024, compared with RMB3,013.4 million in the same period last year.

Net interest expenses for the fourth quarter of 2024 were RMB458.7 million (US$62.8 million), a 1.8% increase over the same period last year of RMB450.7 million. The Y-o-Y increase was mainly due to a higher level of total borrowings.

Foreign currency exchange gain for the fourth quarter of 2024 was RMB8.1 million (US$1.1 million), compared with a loss of RMB6.0 million in the same period last year.

Others, net for the fourth quarter of 2024 was RMB29.7 million (US$4.1 million), compared with RMB30.3 million in the same period last year.

Income tax expenses for the fourth quarter of 2024 were RMB34.1 million (US$4.7 million), compared with income tax benefits of RMB225.3 million in the same period last year.

Net loss from continuing operations in the fourth quarter of 2024 was RMB173.4 million (US$23.8 million), compared with RMB3,074.6 million in the same period last year.

Adjusted EBITDA (non-GAAP) is defined as net income (loss) excluding income (loss) from discontinued operations, net interest expenses, income tax expenses (benefits), depreciation and amortization, operating lease cost relating to prepaid land use rights, accretion expenses for asset retirement costs, share-based compensation expenses, gain from purchase price adjustment and impairment losses of long-lived assets. Adjusted EBITDA was RMB1,297.7 million (US$177.8 million) in the fourth quarter of 2024, a 13.9% increase over the same period last year of RMB1,139.2 million.

Adjusted EBITDA margin (non-GAAP) was 48.2% in the fourth quarter of 2024, compared with 46.2% in the same period last year. The Y-o-Y increase was mainly due to a lower level of cash cost components as percentage of net revenue and a decrease in corporate expenses as percentage of net revenue.

Full Year 2024 Financial Results For Continuing Operations

Net revenue in 2024 was RMB10,322.1 million (US$1,414.1 million), a 5.5% increase from RMB9,782.4 million in 2023, or a 6.3% increase excluding previously disclosed one-time items in 2023.

Cost of revenue in 2024 was RMB8,099.4 million (US$1,109.6 million), a 3.4% increase from RMB7,831.2 million in 2023.

Gross profit was RMB2,222.6 million (US$304.5 million) in 2024, a 13.9% increase from RMB1,951.2 million in 2023. Gross profit margin was 21.5% in 2024, compared with 19.9% in 2023.

Selling and marketing expenses, excluding share-based compensation expenses of RMB25.0 million (US$3.4 million), were RMB91.4 million (US$12.5 million) in 2024, a 5.9% decrease from RMB97.1 million (excluding share-based compensation of RMB43.8 million) in 2023.

General and administrative expenses, excluding share-based compensation expenses of RMB165.6 million (US$22.7 million), depreciation and amortization expenses of RMB291.7 million (US$40.0 million) and operating lease cost relating to prepaid land use rights of RMB65.3 million (US$8.9 million), were RMB395.3 million (US$54.2 million) in 2024, a 13.9% increase from RMB347.1 million (excluding share-based compensation expenses of RMB162.9 million, depreciation and amortization expenses of RMB387.8 million and operating lease cost relating to prepaid land use rights of RMB68.2 million) in 2023.

Research and development costs were RMB36.3 million (US$5.0 million) in 2024, compared with RMB38.2 million in 2023.

Impairment losses of long-lived assets was zero in 2024, compared with RMB3,013.4 million in 2023.

Net interest expenses were RMB1,834.9 million (US$251.4 million) in 2024, a 0.4% decrease from RMB1,842.5 million in 2023.

Others, net was RMB49.1 million (US$6.7 million) in 2024, compared with RMB109.7 million in 2023.

Net loss from continuing operations was RMB770.9 million (US$105.6 million) in 2024, compared with RMB3,926.0 million in 2023.

Adjusted EBITDA (non-GAAP) was RMB4,876.4 million (US$668.1 million) in 2024, a 3.0% increase from RMB4,733.0 million in 2023, or a 5.1% increase excluding previously disclosed one-time items in 2023.

Adjusted EBITDA margin (non-GAAP) was 47.2% in 2024, compared with 48.4% in 2023, or 47.8% excluding previously disclosed one-time items in 2023.

Fourth Quarter and Full Year 2024 Financial Results for Discontinued Operations

Net revenue was RMB443.4 million (US$60.7 million) in the fourth quarter of 2024, a 331.1% increase from RMB102.9 million in the same period last year. For the full year 2024, net revenue was RMB1,262.1 million (US$172.9 million), a 618.2% increase from RMB175.7 million in 2023.

Loss from operations of discontinued operations, net of income taxes in the fourth quarter of 2024 was RMB190.5 million (US$26.1 million), compared with RMB90.0 million in the same period last year. Loss from operations of discontinued operations, net of income taxes in 2024 was RMB400.8 million (US$54.9 million), compared with RMB359.4 million in 2023.

Adjusted EBITDA (non-GAAP) for discontinued operations is defined as loss from operations of discontinued operations, net of income taxes excluding net interest expenses, income tax expenses (benefits), depreciation and amortization, operating lease cost relating to prepaid land use rights and accretion expenses for asset retirement costs. Adjusted EBITDA (non-GAAP) was RMB109.7 million (US$15.0 million) in the fourth quarter of 2024, compared with RMB3.8 million in the same period last year. For the full year 2024, Adjusted EBITDA (non-GAAP) was RMB332.3 million (US$45.5 million), compared with negative RMB98.5 million in 2023.

Adjusted EBITDA margin (non-GAAP) was 24.7% in the fourth quarter of 2024, compared with 3.7% in the same period last year. For the full year 2024, adjusted EBITDA margin (non-GAAP) was 26.3% compared with negative 56.1% in 2023.

Gain on Deconsolidation of Subsidiaries

Gain on deconsolidation of subsidiaries in the fourth quarter of 2024 and full year of 2024 was RMB4,475.5 million (US$613.1 million), arising from the difference between the aggregate of the fair value of retained non-controlling equity interest and the carrying amount of equity interest owned by other investors in former subsidiaries at the date of deconsolidation, and the carrying amount of the deconsolidated subsidiaries’ assets and liabilities.

Net Income

Net income in the fourth quarter of 2024 was RMB4,111.6 million (US$563.3 million), compared with a net loss of RMB3,164.6 million in the same period last year.

Net income was RMB3,303.8 million (US$452.6 million) in 2024, compared with a net loss of RMB4,285.4 million in 2023.

Basic and diluted income per ordinary share in the fourth quarter of 2024 was RMB2.81 (US$0.39), compared with loss of RMB2.16 in the same period last year.

Basic and diluted income per American Depositary Share (“ADS”) in the fourth quarter of 2024 was RMB22.51 (US$3.08), compared with loss of RMB17.30 in the same period last year.

Basic and diluted income per ordinary share was RMB2.29 (US$0.31) in 2024, compared with loss of RMB2.96 in 2023.

Basic and diluted income per ADS was RMB18.28 (US$2.50) in 2024, compared with loss of RMB23.67 in 2023.

Liquidity for GDS Excluding DayOne

GDS deconsolidated DayOne as a subsidiary on December 31, 2024. As a result, the following financial information excludes DayOne’s assets and liabilities.

As of December 31, 2024, cash was RMB7,867.7 million (US$1,077.9 million).

Total short-term debt was RMB4,978.4 million (US$682.0 million), comprised of short-term borrowings and the current portion of long-term borrowings of RMB4,341.6 million (US$594.8 million), the current portion of convertible bonds payable of RMB575 thousand (US$79 thousand) and the current portion of finance lease and other financing obligations of RMB636.2 million (US$87.2 million). Total long-term debt was RMB38,084.2 million (US$5,217.5 million), comprised of long-term borrowings (excluding current portion) of RMB21,906.0 million (US$3,001.1 million), the non-current portion of convertible bonds payable of RMB8,576.6 million (US$1,175.0 million) and the non-current portion of finance lease and other financing obligations of RMB7,601.7 million (US$1,041.4 million).

During the fourth quarter of 2024, the Company obtained new debt financing and refinancing facilities of RMB960.0 million (US$131.5 million) for continuing operations.

During the full year of 2024, the Company obtained new debt financing and refinancing facilities of RMB5,734.0 million (US$785.5 million) for continuing operations.

Liquidity For DayOne

As of December 31, 2024, upon deconsolidation, cash was RMB9,930.9 million (US$1,360.5 million). Total gross debt, including borrowings and finance lease and other financing obligations, was RMB10,417.6 million (US$1,427.2 million).

Fourth Quarter and Full Year 2024 Operating Results For Continuing Operations

Sales

Total area committed and pre-committed at the end of the fourth quarter of 2024 was 629,997 sqm, compared with 618,942 sqm at the end of the fourth quarter of 2023 and 626,783 sqm at the end of the third quarter of 2024, an increase of 1.8% Y-o-Y and 0.5% quarter-over-quarter (“Q-o-Q”), respectively. In the fourth quarter of 2024, gross additional total area committed was 9,387 sqm, mainly contributed by data centers in Shanghai. Net additional total area committed was 3,214 sqm. In the full year of 2024, gross additional total area committed was 49,452 sqm, and net additional total area committed was 11,055 sqm.

Data Center Resources

Area in service at the end of the fourth quarter of 2024 was 613,583 sqm, compared with 548,352 sqm at the end of the fourth quarter of 2023 and 595,606 sqm at the end of the third quarter of 2024, an increase of 11.9% Y-o-Y and 3.0% Q-o-Q. In the fourth quarter of 2024, net additional area in service for China was 17,977 sqm, mainly from data centers in Changshu, Langfang and Huizhou.

Area under construction at the end of the fourth quarter of 2024 was 102,691 sqm, compared with 151,602 sqm at the end of the fourth quarter of 2023 and 120,422 sqm at the end of the third quarter of 2024, a decrease of 32.3% Y-o-Y and 14.7% Q-o-Q, respectively.

Commitment rate for area in service was 91.9% at the end of the fourth quarter of 2024, compared with 92.5% at the end of the fourth quarter of 2023 and 92.1% at the end of the third quarter of 2024. Pre-commitment rate for area under construction was 64.1% at the end of the fourth quarter of 2024, compared with 73.8% at the end of the fourth quarter of 2023 and 65.1% at the end of the third quarter of 2024.

Move-In

Area utilized at the end of the fourth quarter of 2024 was 453,094 sqm, compared with 405,302 sqm at the end of the fourth quarter of 2023 and 438,654 sqm at the end of the third quarter of 2024, an increase of 11.8% Y-o-Y and 3.3% Q-o-Q. In the fourth quarter of 2024, gross additional area utilized was 16,390 sqm, mainly contributed by data centers in Langfang, Huizhou and Shanghai. Net additional area utilized was 14,440 sqm. In the full year of 2024, gross additional area utilized was 79,431 sqm, and net additional area utilized was 47,792 sqm.

Utilization rate for area in service was 73.8% at the end of the fourth quarter of 2024, compared with 73.9% at the end of the fourth quarter of 2023 and 73.6% at the end of the third quarter of 2024.

Fourth Quarter and Full Year 2024 Operating Results for Discontinued Operations

Total power committed was 469 MW as of December 31, 2024, an increase from 433 MW as of September 30, 2024. The contribution was mainly from the two sites in Johor, Malaysia.

Power Capacity in Service was 132 MW as of December 31, 2024, compared to 131 MW as of September 30, 2024. Power Capacity Under Construction was 369 MW as of December 31, 2024, an increase from 320 MW as of September 30, 2024. This increase was primarily driven by the progress of two new data centers under construction in Johor sites.

Power utilized was 123 MW as of December 31, 2024, an increase from 105 MW as of September 30, 2024. Utilization Rate was 93.6% as of December 31, 2024.

Recent Development

Reference is made to the Company’s press release on March 10, 2025 where it announced that it has entered into definitive agreements to monetize, on a net basis, a 70% equity interest in certain of its data centers, at an implied enterprise value (“EV”) to EBITDA multiple of around 13 times. In such transaction, GDS is selling a 100% equity interest in certain data center project companies to a purchaser which is special purpose vehicle involving the issue of an Asset Backed Security (“ABS”). The ABS is 70% subscribed by top tier institutional investors in China, led by China Life Insurance Company Limited (“China Life”), whilst GDS subscribes for the remaining 30% and retains the rights for on-going operation of the underlying data centers. The ABS will be registered on the Shanghai Stock Exchange as a privately-held standardized security product. The ABS is specifically designed to facilitate an eventual injection into a public REIT vehicle (commonly referred to as “C-REIT”) for public offering and listing in the future, when certain qualification requirements under the ABS scheme are satisfied. Notwithstanding the above, such potential injection remains subject to, among other things, the satisfaction of relevant regulatory and disclosure requirements (including but not limited to the Hong Kong Listing Rules requirement on spin-off listing) and there is currently no concrete or definitive plan in this regard.

Business Outlook For Continuing Operations

For the full year of 2025, the Company expects its total revenues to be between RMB11,290 million to RMB11,590 million, implying a year-on-year increase of between approximately 9.4% to 12.3%; and its Adjusted EBITDA to be between RMB5,190 million to RMB5,390 million, implying a year-on-year increase of between approximately 6.4% to 10.5%. In addition, the Company expects capex to be around RMB4,300 million for the full year of 2025.

This forecast assumes completion of the ABS transaction and deconsolidation of the underlying data center project companies. However, the gain on sale is not included in Adjusted EBITDA.

This forecast reflects the Company’s preliminary view on the current business situation and market conditions, which are subject to change.

Conference Call

Management will hold a conference call at 8:00 a.m. U.S. Eastern Time on March 19, 2025 (8:00 p.m. Beijing Time on March 19, 2025) to discuss financial results and answer questions from investors and analysts.

Participants should complete online registration using the link provided below at least 15 minutes before the scheduled start time. Upon registration, participants will receive the conference call access information, including dial-in numbers, a personal PIN and an e-mail with detailed instructions to join the conference call.

Participant Online Registration:
https://register-conf.media-server.com/register/BI4cc739e1f3c748ffa22f7df4125e5079

A live and archived webcast of the conference call will be available on the Company’s investor relations website at investors.gds-services.com.

Non-GAAP Disclosure

Our management and board of directors use Adjusted EBITDA, Adjusted EBITDA margin, Adjusted GP and Adjusted GP margin, which are non-GAAP financial measures, to evaluate our operating performance, establish budgets and develop operational goals for managing our business. We believe that the exclusion of the income and expenses eliminated in calculating Adjusted EBITDA and Adjusted GP can provide useful and supplemental measures of our core operating performance. In particular, we believe that the use of Adjusted EBITDA as a supplemental performance measure captures the trend in our operating performance by excluding from our operating results the impact of our capital structure (primarily interest expense), asset base charges (primarily depreciation and amortization, operating lease cost relating to prepaid land use rights, accretion expenses for asset retirement costs and impairment losses of long-lived assets), other non-cash expenses (primarily share-based compensation expenses), and other income and expenses which we believe are not reflective of our operating performance, whereas the use of adjusted gross profit as a supplemental performance measure captures the trend in gross profit performance of our data centers in service by excluding from our gross profit the impact of asset base charges (primarily depreciation and amortization, operating lease cost relating to prepaid land use rights and accretion expenses for asset retirement costs) and other non-cash expenses (primarily share-based compensation expenses) included in cost of revenue. In addition, we exclude the income (loss) from discontinued operation from our Adjusted EBITDA and Adjusted EBITDA margin to measure our financial performance from continuing operations, which will be consistent with our future financial performance disclosure.

We note that depreciation and amortization is a fixed cost which commences as soon as each data center enters service. However, it usually takes several years for new data centers to reach high levels of utilization and profitability. The Company incurs significant depreciation and amortization costs for its early stage data center assets. Accordingly, gross profit, which is a measure of profitability after taking into account depreciation and amortization, does not accurately reflect the Company’s core operating performance.

We also present these non-GAAP measures because we believe these non-GAAP measures are frequently used by securities analysts, investors and other interested parties as measures of the financial performance of companies in our industry.

These non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. These non-GAAP financial measures have limitations as analytical tools, and when assessing our operating performance, cash flows or our liquidity, investors should not consider them in isolation, or as a substitute for gross profit, net income (loss), cash flows provided by (used in) operating activities or other consolidated statements of operations and cash flow data prepared in accordance with U.S. GAAP. There are a number of limitations related to the use of these non-GAAP financial measures instead of their nearest GAAP equivalent. First, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted GP, and Adjusted GP margin are not substitutes for gross profit, net income (loss), cash flows provided by (used in) operating activities or other consolidated statements of operation and cash flow data prepared in accordance with U.S. GAAP. Second, other companies may calculate these non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of these non-GAAP financial measures as tools for comparison. Finally, these non-GAAP financial measures do not reflect the impact of income (loss) from discontinued operations, net interest expenses, incomes tax benefits (expenses), depreciation and amortization, operating lease cost relating to prepaid land use rights, accretion expenses for asset retirement costs, share-based compensation expenses, gain from purchase price adjustment and impairment losses of long-lived assets, each of which have been and may continue to be incurred in our business.

We mitigate these limitations by reconciling the non-GAAP financial measure to the most comparable U.S. GAAP performance measure, all of which should be considered when evaluating our performance. We do not provide forward-looking guidance for certain financial data, such as depreciation, amortization, accretion, share-based compensation and net income (loss); the impact of such data and related adjustments can be significant. As a result, we are not able to provide a reconciliation of forward-looking U.S. GAAP to forward-looking non-GAAP financial measures without unreasonable effort. Such forward-looking non-GAAP financial measures include the forecast for Adjusted EBITDA in the section captioned “Business Outlook For Continuing Operations” set forth in this press release.

For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of GAAP and non-GAAP results” set forth at the end of this press release.

Exchange Rate

This announcement contains translations of certain RMB amounts into U.S. dollars (“USD”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB7.2993 to US$1.00, the noon buying rate in effect on December 31, 2024 in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred could be converted into USD or RMB, as the case may be, at any particular rate or at all.

Statement Regarding Preliminary Unaudited Financial Information

The unaudited financial information set out in this earnings release is preliminary and subject to potential adjustments. Adjustments to the consolidated financial statements may be identified when audit work has been performed for the Company’s year-end audit, which could result in significant differences from this preliminary unaudited financial information.

About GDS Holdings Limited

GDS Holdings Limited (NASDAQ: GDS; HKEX: 9698) is a leading developer and operator of high-performance data centers in China. The Company’s facilities are strategically located in and around primary economic hubs where demand for high-performance data center services is concentrated. The Company’s data centers have large net floor area, high power capacity, density and efficiency, and multiple redundancies across all critical systems. GDS is carrier and cloud-neutral, which enables its customers to access the major telecommunications networks, as well as the largest PRC and global public clouds, which are hosted in many of its facilities. The Company offers co-location and a suite of value-added services, including managed hybrid cloud services through direct private connection to leading public clouds, managed network services, and, where required, the resale of public cloud services. The Company has a 24-year track record of service delivery, successfully fulfilling the requirements of some of the largest and most demanding customers for outsourced data center services in China. The Company’s customer base consists predominantly of hyperscale cloud service providers, large internet companies, financial institutions, telecommunications carriers, IT service providers, and large domestic private sector and multinational corporations. The Company also holds a non-controlling 35.6% equity interest in DayOne Data Centers Limited which develops and operates data centers in International markets.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “aim,” “anticipate,” “believe,” “continue,” “estimate,” “expect,” “future,” “guidance,” “intend,” “is/are likely to,” “may,” “ongoing,” “plan,” “potential,” “target,” “will,” and similar statements. Among other things, statements that are not historical facts, including statements about GDS Holdings’ beliefs and expectations regarding the growth of its businesses and its revenue for the full fiscal year, the business outlook and quotations from management in this announcement, as well as GDS Holdings’ strategic and operational plans, are or contain forward-looking statements. GDS Holdings may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”) on Forms 20-F and 6-K, in its current, interim and annual reports to shareholders, in announcements, circulars or other publications made on the website of the Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause GDS Holdings’ actual results or financial performance to differ materially from those contained in any forward-looking statement, including but not limited to the following: GDS Holdings’ goals and strategies; GDS Holdings’ future business development, financial condition and results of operations; the expected growth of the market for high-performance data centers, data center solutions and related services in China and regions in which GDS’ major equity investees operate, such as South East Asia; GDS Holdings’ expectations regarding demand for and market acceptance of its high-performance data centers, data center solutions and related services; GDS Holdings’ expectations regarding building, strengthening and maintaining its relationships with new and existing customers; the results of operations, growth prospects, financial condition, regulatory environment, competitive landscape and other uncertainties associated with the business and operations of our significant equity investee DayOne; the continued adoption of cloud computing and cloud service providers in China and other major markets that may impact the results of our equity investees, such as South East Asia; risks and uncertainties associated with increased investments in GDS Holdings’ business and new data center initiatives; risks and uncertainties associated with strategic acquisitions and investments; GDS Holdings’ ability to maintain or grow its revenue or business; fluctuations in GDS Holdings’ operating results; changes in laws, regulations and regulatory environment that affect GDS Holdings’ business operations and those of its major equity investees; competition in GDS Holdings’ industry in China and in markets that affect the business of our major equity investees, such as South East Asia; security breaches; power outages; and fluctuations in general economic and business conditions in China and globally, and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks, uncertainties or factors is included in GDS Holdings’ filings with the SEC, including its annual report on Form 20-F, and with the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release and are based on assumptions that GDS Holdings believes to be reasonable as of such date, and GDS Holdings does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

GDS Holdings Limited
Laura Chen
Phone: +86 (21) 2029-2203
Email: ir@gds-services.com

Piacente Financial Communications
Ross Warner
Phone: +86 (10) 6508-0677
Email: GDS@tpg-ir.com

Brandi Piacente
Phone: +1 (212) 481-2050
Email: GDS@tpg-ir.com

GDS Holdings Limited

GDS HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”))

		As of December 31, 2023		As of December 31, 2024
		RMB		RMB		US$

	Assets
Current assets
	Cash	7,354,809		7,867,659		1,077,865
	Accounts receivable, net of allowance for credit losses	2,493,059		3,021,956		414,006
	Value-added-tax (“VAT”) recoverable	214,385		240,506		32,949
	Prepaid expenses and other current assets	483,833		482,950		66,164
	Current assets of discontinued operations	437,567		0		0
	Total current assets	10,983,653		11,613,071		1,590,984

Non-current assets
	Long-term investments in equity investees	7,298		7,544,555		1,033,600
	Property and equipment, net	40,098,423		40,204,133		5,507,944
	Prepaid land use rights, net	22,388		21,774		2,983
	Operating lease right-of-use assets	5,310,723		5,193,408		711,494
	Goodwill and intangible assets, net	6,574,669		6,367,493		872,343
	Other non-current assets	2,538,542		2,704,194		370,473
	Non-current assets of discontinued operations	8,910,994		0		0
	Total non-current assets	63,463,037		62,035,557		8,498,837
	Total assets	74,446,690		73,648,628		10,089,821

	Liabilities, Mezzanine Equity and Equity
Current liabilities
	Short-term borrowings and current portion of long-term borrowings	2,582,350		4,341,649		594,803
	Convertible bonds payable, current	0		575		79
	Accounts payable	2,749,896		2,593,305		355,281
	Accrued expenses and other payables	1,265,259		1,389,072		190,302
	Operating lease liabilities, current	132,811		117,345		16,076
	Finance lease and other financing obligations, current	547,847		636,152		87,152
	Current liabilities of discontinued operations	1,027,313		0		0
	Total current liabilities	8,305,476		9,078,098		1,243,693

Non-current liabilities
	Long-term borrowings, excluding current portion	23,088,055		21,905,985		3,001,108
	Convertible bonds payable, non-current	8,434,766		8,576,583		1,174,987
	Operating lease liabilities, non-current	1,344,264		1,279,726		175,322
	Finance lease and other financing obligations, non-current	7,894,185		7,601,651		1,041,422
	Other long-term liabilities	1,586,012		1,537,952		210,699
	Non-current liabilities of discontinued operations	3,670,129		0		0
	Total non-current liabilities	46,017,411		40,901,897		5,603,538
	Total liabilities	54,322,887		49,979,995		6,847,231

Mezzanine equity
	Redeemable preferred shares	1,064,766		1,080,656		148,049
	Total mezzanine equity	1,064,766		1,080,656		148,049

GDS Holdings Limited shareholders’ equity
	Ordinary shares	516		527		72
	Additional paid-in capital	29,337,095		29,596,268		4,054,672
	Accumulated other comprehensive loss	(974,393	)	(1,094,377	)	(149,929	)
	Accumulated deficit	(9,469,758	)	(6,044,372	)	(828,075	)
	Total GDS Holdings Limited shareholders’ equity	18,893,460		22,458,046		3,076,740
Non-controlling interests		165,577		129,931		17,801
	Total equity	19,059,037		22,587,977		3,094,541

	Total liabilities, mezzanine equity and equity	74,446,690		73,648,628		10,089,821

GDS HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for number of shares and per share data)

		Three months ended								Year ended
		December 31, 2023		September 30, 2024		December 31, 2024					December 31, 2023		December 31, 2024
		RMB		RMB		RMB		US$			RMB		RMB		US$

Net revenue
Service revenue		2,465,283		2,619,578		2,690,482		368,595			9,781,884		10,321,888		1,414,093
Equipment sales		0		0		180		25			564		180		25
Total net revenue		2,465,283		2,619,578		2,690,662		368,620			9,782,448		10,322,068		1,414,118
Cost of revenue		(2,032,352	)	(2,061,995	)	(2,112,545	)	(289,417	)		(7,831,222	)	(8,099,439	)	(1,109,619	)
Gross profit		432,931		557,583		578,117		79,203			1,951,226		2,222,629		304,499

Operating expenses
	Selling and marketing expenses	(34,050	)	(32,356	)	(30,571	)	(4,188	)		(140,890	)	(116,440	)	(15,952	)
	General and administrative expenses	(246,274	)	(211,392	)	(259,048	)	(35,490	)		(965,982	)	(917,877	)	(125,748	)
	Research and development expenses	(12,800	)	(8,588	)	(6,862	)	(940	)		(38,159	)	(36,319	)	(4,976	)
	Impairment losses of long-lived assets	(3,013,416	)	0		0		0			(3,013,416	)	0		0
(Loss) income from continuing operations		(2,873,609	)	305,247		281,636		38,585			(2,207,221	)	1,151,993		157,823
Other income (expenses):
	Net interest expenses	(450,700	)	(463,327	)	(458,745	)	(62,848	)		(1,842,529	)	(1,834,851	)	(251,374	)
	Foreign currency exchange (loss) gain, net	(5,991	)	586		8,117		1,112			(1,573	)	18,942		2,595
	Others, net	30,347		5,001		29,727		4,072			109,729		49,057		6,721
Loss from continuing operations before income taxes		(3,299,953	)	(152,493	)	(139,265	)	(19,079	)		(3,941,594	)	(614,859	)	(84,235	)
Income tax benefits (expenses)		225,342		347		(34,144	)	(4,678	)		15,577		(156,053	)	(21,379	)
Net loss from continuing operations		(3,074,611	)	(152,146	)	(173,409	)	(23,757	)		(3,926,017	)	(770,912	)	(105,614	)

Discontinued operations
	Loss from operations of discontinued operations, net of income taxes	(90,033	)	(78,963	)	(190,491	)	(26,097	)		(359,376	)	(400,796	)	(54,909	)
	Gain on deconsolidation of subsidiaries	0		0		4,475,539		613,146			0		4,475,539		613,146
(Loss) income from discontinued operations		(90,033	)	(78,963	)	4,285,048		587,049			(359,376	)	4,074,743		558,237

Net (loss) income		(3,164,644	)	(231,109	)	4,111,639		563,292			(4,285,393	)	3,303,831		452,623

Net loss from continuing operations		(3,074,611	)	(152,146	)	(173,409	)	(23,757	)		(3,926,017	)	(770,912	)	(105,614	)
Net income from continuing operations attributable to non-controlling interests		(1,676	)	(1,755	)	(1,268	)	(174	)		(5,026	)	(6,209	)	(851	)
Net loss from continuing operations attributable to GDS Holdings Limited shareholders		(3,076,287	)	(153,901	)	(174,677	)	(23,931	)		(3,931,043	)	(777,121	)	(106,465	)

(Loss) income from discontinued operations		(90,033	)	(78,963	)	4,285,048		587,049			(359,376	)	4,074,743		558,237
Net loss from discontinued operations attributable to non-controlling interests		366		5,092		3,373		462			366		7,317		1,003
Net loss from discontinued operations attributable to redeemable non-controlling interests		0		35,432		75,550		10,350			0		120,447		16,501
Net (loss) income from discontinued operations attributable to GDS Holdings Limited shareholders		(89,667	)	(38,439	)	4,363,971		597,861			(359,010	)	4,202,507		575,741

Net (loss) income attributable to GDS Holdings Limited shareholders		(3,165,954	)	(192,340	)	4,189,294		573,930			(4,290,053	)	3,425,386		469,276
Cumulative dividend on redeemable preferred shares		(13,679	)	(13,618	)	(13,679	)	(1,874	)		(53,625	)	(54,232	)	(7,430	)
Net (loss) income available to GDS Holdings Limited ordinary shareholders		(3,179,633	)	(205,958	)	4,175,615		572,056			(4,343,678	)	3,371,154		461,846

(Loss) income per ordinary share
Basic and diluted		(2.16	)	(0.14	)	2.81		0.39			(2.96	)	2.29		0.31

Weighted average number of ordinary share outstanding
Basic and diluted		1,469,982,015		1,476,130,132		1,484,083,188		1,484,083,188			1,468,187,956		1,475,079,754		1,475,079,754

GDS HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”))

	Three months ended								Year ended
	December 31, 2023		September 30, 2024		December 31, 2024				December 31, 2023		December 31, 2024
	RMB		RMB		RMB		US$		RMB		RMB		US$

Net (loss) income	(3,164,644	)	(231,109	)	4,111,639		563,292		(4,285,393	)	3,303,831		452,623
Foreign currency translation adjustments, net of nil tax	117,674		538,739		(391,639	)	(53,654	)	(125,118	)	74,741		10,239
Defined benefit plan, net of nil tax	0		0		(41	)	(6	)	0		(41	)	(6	)
Amounts reclassified from accumulated other comprehensive loss	0		0		(96,957	)	(13,283	)	0		(96,957	)	(13,283	)
Comprehensive (loss) income	(3,046,970	)	307,630		3,623,002		496,349		(4,410,511	)	3,281,574		449,573
Comprehensive (income) loss attributable to non-controlling interests	(1,678	)	(5,287	)	6,631		908		(5,575	)	(1,076	)	(147	)
Comprehensive (income) loss attributable to redeemable non-controlling interests	0		(107,365	)	126,721		17,361		0		24,904		3,412
Comprehensive (loss) income attributable to GDS Holdings Limited shareholders	(3,048,648	)	194,978		3,756,354		514,618		(4,416,086	)	3,305,402		452,838

GDS HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”))

	Three months ended								Year ended
	December 31, 2023		September 30, 2024		December 31, 2024				December 31, 2023		December 31, 2024
	RMB		RMB		RMB		US$		RMB		RMB		US$

Net (loss) income	(3,164,644	)	(231,109	)	4,111,639		563,292		(4,285,393	)	3,303,831		452,623
Net loss (income) from discontinued operations	90,033		78,963		(4,285,048	)	(587,049	)	359,376		(4,074,743	)	(558,237	)
Depreciation and amortization	865,485		803,535		865,896		118,627		3,368,474		3,243,004		444,290
Amortization of debt issuance cost and debt discount	34,010		33,467		18,290		2,506		140,625		110,724		15,169
Share-based compensation expense	80,765		61,194		82,965		11,366		336,616		296,487		40,619
Impairment losses of long-lived assets	3,013,416		0		0		0		3,013,416		0		0
Others	(202,637	)	(63,810	)	(29,703	)	(4,069	)	(187,844	)	(115,941	)	(15,884	)
Changes in operating assets and liabilities	326,171		(42,362	)	315,821		43,267		(385,994	)	(543,700	)	(74,487	)
Net cash provided by operating activities from continuing operations	1,042,599		639,878		1,079,860		147,940		2,359,276		2,219,662		304,093
Net cash (used in) provided by operating activities from discontinued operations	(93,209	)	1,636		(150,554	)	(20,626	)	(294,019	)	(281,297	)	(38,538	)
Net cash provided by operating activities	949,390		641,514		929,306		127,314		2,065,257		1,938,365		265,555

Purchase of property and equipment and land use rights	(282,591	)	(788,123	)	(381,382	)	(52,249	)	(3,175,406	)	(2,965,384	)	(406,256	)
(Payments) receipts related to acquisitions and investments	(396,051	)	0		27,000		3,699		(1,339,639	)	1,125,023		154,128
Net cash used in investing activities from continuing operations	(678,642	)	(788,123	)	(354,382	)	(48,550	)	(4,515,045	)	(1,840,361	)	(252,128	)
Net cash used in investing activities from discontinued operations	(784,990	)	(2,110,682	)	(3,011,040	)	(412,511	)	(2,827,863	)	(6,920,177	)	(948,060	)
Net cash used in investing activities	(1,463,632	)	(2,898,805	)	(3,365,422	)	(461,061	)	(7,342,908	)	(8,760,538	)	(1,200,188	)

Net cash (used in) provided by financing activities from continuing operations	(271,778	)	(392,325	)	(612,447	)	(83,905	)	1,266,936		174,295		23,878
Net cash provided by financing activities from discontinued operations	958,799		2,334,112		11,441,448		1,567,472		2,892,824		16,883,042		2,312,967
Net cash provided by financing activities	687,021		1,941,787		10,829,001		1,483,567		4,159,760		17,057,337		2,336,845
Effect of exchange rate changes on cash and restricted cash	4,705		(28,109	)	(6,457	)	(885	)	154,302		(13,592	)	(1,862	)

Net increase (decrease) of cash and restricted cash	177,484		(343,613	)	8,386,428		1,148,935		(963,589	)	10,221,572		1,400,350
Cash and restricted cash at beginning of period	7,740,395		10,096,689		9,753,076		1,336,166		8,882,066		7,917,932		1,084,752
Reclassification as assets of disposal group classified as held for sale	53		0		0		0		(545	)	0		0
Cash and restricted cash at end of period	7,917,932		9,753,076		18,139,504		2,485,101		7,917,932		18,139,504		2,485,102
Less: Cash and restricted cash of discontinued operations at end of period or deconsolidation date	(420,610	)	(1,760,719	)	(10,045,974	)	(1,376,293	)	(420,610	)	(10,045,974	)	(1,376,293	)
Cash and restricted cash of continuing operations at end of period	7,497,322		7,992,357		8,093,530		1,108,808		7,497,322		8,093,530		1,108,809

GDS HOLDINGS LIMITED
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”)
except for percentage data)

Three months ended

Year ended

December 31,
2023

September 30,
2024

December 31, 2024

December 31, 2023

December 31, 2024

RMB

US$

RMB

US$

Gross profit

432,931

557,583

578,117

79,203

1,951,226

2,222,629

304,499

Depreciation and amortization

775,122

731,630

786,869

107,801

2,974,546

2,947,444

403,798

Operating lease cost relating to prepaid land use rights

10,615

11,536

11,996

1,643

38,792

44,872

6,147

Accretion expenses for asset retirement costs

1,588

1,730

1,709

234

6,599

6,827

935

Share-based compensation expenses

29,066

20,549

18,002

2,466

116,467

92,402

12,659

Adjusted GP

1,249,322

1,323,028

1,396,693

191,347

5,087,630

5,314,174

728,038

Adjusted GP margin

50.7%

50.5%

51.9%

52.0%

51.5%

GDS HOLDINGS LIMITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for percentage data)

	Three months ended								Year ended
	December 31, 2023		September 30, 2024		December 31, 2024				December 31, 2023		December 31, 2024
	RMB		RMB		RMB		US$		RMB		RMB		US$

Net (loss) income	(3,164,644	)	(231,109	)	4,111,639		563,292		(4,285,393	)	3,303,831		452,623
Loss (income) from discontinued operations	90,033		78,963		(4,285,048	)	(587,049	)	359,376		(4,074,743	)	(558,237	)
Net loss from continuing operations	(3,074,611	)	(152,146	)	(173,409	)	(23,757	)	(3,926,017	)	(770,912	)	(105,614	)
Net interest expenses	450,700		463,327		458,745		62,848		1,842,529		1,834,851		251,374
Income tax (benefits) expenses	(225,342	)	(347	)	34,144		4,678		(15,577	)	156,053		21,379
Depreciation and amortization	865,485		803,535		865,896		118,627		3,368,474		3,243,004		444,290
Operating lease cost relating to prepaid land use rights	27,199		27,602		27,609		3,782		106,964		110,126		15,087
Accretion expenses for asset retirement costs	1,588		1,730		1,709		234		6,599		6,827		935
Share-based compensation expenses	80,765		61,194		82,965		11,366		336,616		296,487		40,619
Impairment losses of long-lived assets	3,013,416		0		0		0		3,013,416		0		0
Adjusted EBITDA	1,139,200		1,204,895		1,297,659		177,778		4,733,004		4,876,436		668,070
Adjusted EBITDA margin	46.2%		46.0%		48.2%		48.2%		48.4%		47.2%		47.2%

Additional Information for Discontinued Operations (Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”))

	As of December 31, 2023	As of December 31, 2024
	RMB	RMB	US$
Property and equipment, net	7,401,071	16,646,191	2,280,519
Cash	355,902	9,930,915	1,360,530
Gross debt	5,169,734 ⁽¹⁾	10,417,647	1,427,212

Note:

Including amounts due to GDSH.

Additional Information for Discontinued Operations Cont’d (Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for percentage data)

	Three months ended				Year ended
	December 31, 2023	September 30, 2024	December 31, 2024		December 31, 2023	December 31, 2024
	RMB	RMB	RMB	US$	RMB	RMB	US$

Net revenue	102,853	363,209	443,413	60,747	175,737	1,262,063	172,902
Cost of revenue	(90,862)	(252,211)	(290,131)	(39,748)	(194,570)	(859,254)	(117,717)
Operating expenses	(66,214)	(88,776)	(150,543)	(20,624)	(233,249)	(400,336)	(54,846)
(Loss) income from operations	(54,223)	22,222	2,739	375	(252,082)	2,473	339
Other expenses, net	(35,020)	(110,846)	(126,457)	(17,324)	(106,494)	(346,145)	(47,422)
Loss from operations of discontinued operations before income taxes	(89,243)	(88,624)	(123,718)	(16,949)	(358,576)	(343,672)	(47,083)
Income tax (expenses) benefits	(790)	9,661	(66,773)	(9,148)	(800)	(57,124)	(7,826)
Loss from operations of discontinued operations, net of income taxes	(90,033)	(78,963)	(190,491)	(26,097)	(359,376)	(400,796)	(54,909)
Net interest expenses	42,060	76,069	102,991	14,110	107,286	280,652	38,449
Income tax expenses (benefits)	790	(9,661)	66,773	9,148	800	57,124	7,826
Depreciation and amortization	50,650	107,739	128,662	17,627	151,271	393,735	53,941
Operating lease cost relating to prepaid land use rights	295	0	1,778	244	1,290	1,782	244
Accretion expenses for asset retirement costs	52	0	(1)	0	206	(211)	(29)
Adjusted EBITDA	3,814	95,184	109,712	15,032	(98,523)	332,286	45,522
Adjusted EBITDA margin	3.7%	26.2%	24.7%	24.7%	(56.1)%	26.3%	26.3%

Net cash (used in) provided by operating activities	(93,209)	1,636	(150,554)	(20,626)	(294,019)	(281,297)	(38,538)
Net cash used in investing activities	(784,990)	(2,110,682)	(3,011,040)	(412,511)	(2,827,863)	(6,920,177)	(948,060)
Net cash provided by financing activities	958,799	2,334,112	11,441,448	1,567,472	2,892,824	16,883,042	2,312,967

The MIL Network –

March 20, 2025

MIL-OSI: YieldMax™ ETFs Announces Distributions on CRSH (100.59%), ULTY (79.43%), TSLY (76.84%), LFGY (66.79%), SNOY (63.58%) and Others

Source: GlobeNewswire (MIL-OSI)

CHICAGO and MILWAUKEE and NEW YORK, March 19, 2025 (GLOBE NEWSWIRE) — YieldMax™ today announced distributions for the YieldMax™ Weekly Payers and Group A ETFs listed in the table below.

ETF Ticker¹	ETF Name	Distribution Frequency	Distribution per Share	Distribution Rate^2,4	30-Day SEC Yield³	ROC⁵	Ex-Date & Record Date	Payment Date
GPTY	YieldMax™ AI & Tech Portfolio Option Income ETF	*Weekly*	$0.2640	33.60%	0.00%	0.00%	3/20/2025	3/21/2025
LFGY	YieldMax™ Crypto Industry & Tech Portfolio Option Income ETF	*Weekly*	$0.4723	66.79%	0.00%	53.27%	3/20/2025	3/21/2025
QDTY	YieldMax™ Nasdaq 100 0DTE Covered Call ETF	*Weekly*	$0.3124	–	–	47.65%	3/20/2025	3/21/2025
RDTY	YieldMax™ R2000 0DTE Covered Call ETF	*Weekly*	$0.3193	–	–	0.00%	3/20/2025	3/21/2025
SDTY	YieldMax™ S&P 500 0DTE Covered Call ETF	*Weekly*	$0.3175	–	–	100.00%	3/20/2025	3/21/2025
ULTY	YieldMax™ Ultra Option Income Strategy ETF	*Weekly*	$0.0977	79.43%	0.00%	100.00%	3/20/2025	3/21/2025
YMAG	YieldMax™ Magnificent 7 Fund of Option Income ETFs	*Weekly*	$0.0850	29.28%	61.87%	24.87%	3/20/2025	3/21/2025
YMAX	YieldMax™ Universe Fund of Option Income ETFs	*Weekly*	$0.1526	57.05%	85.03%	43.60%	3/20/2025	3/21/2025
CRSH	YieldMax™ Short TSLA Option Income Strategy ETF	Every 4 weeks	$0.6458	100.59%	3.00%	98.10%	3/20/2025	3/21/2025
FEAT	YieldMax™ Dorsey Wright Featured 5 Income ETF	Every 4 weeks	$0.6925	25.57%	122.88%	0.00%	3/20/2025	3/21/2025
FIVY	YieldMax™ Dorsey Wright Hybrid 5 Income ETF	Every 4 weeks	$0.7092	25.90%	67.34%	0.00%	3/20/2025	3/21/2025
GOOY	YieldMax™ GOOGL Option Income Strategy ETF	Every 4 weeks	$0.3284	33.98%	4.12%	0.00%	3/20/2025	3/21/2025
OARK	YieldMax™ Innovation Option Income Strategy ETF	Every 4 weeks	$0.3210	51.60%	3.25%	71.26%	3/20/2025	3/21/2025
SNOY	YieldMax™ SNOW Option Income Strategy ETF	Every 4 weeks	$0.8119	63.58%	2.45%	0.00%	3/20/2025	3/21/2025
TSLY	YieldMax™ TSLA Option Income Strategy ETF	Every 4 weeks	$0.4638	76.84%	4.69%	94.16%	3/20/2025	3/21/2025
TSMY	YieldMax™ TSM Option Income Strategy ETF	Every 4 weeks	$0.5772	47.98%	3.59%	93.02%	3/20/2025	3/21/2025
XOMO	YieldMax™ XOM Option Income Strategy ETF	Every 4 weeks	$0.2950	26.06%	3.38%	77.73%	3/20/2025	3/21/2025
YBIT	YieldMax™ Bitcoin Option Income Strategy ETF	Every 4 weeks	$0.4357	56.11%	1.61%	97.70%	3/20/2025	3/21/2025
Weekly Payers & Group B ETFs scheduled for next week: GPTY LFGY QDTY RDTY SDTY ULTY YMAG YMAX BABO DIPS FBY GDXY JPMO MARO MRNY NVDY PLTY

Performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted above. Performance current to the most recent month-end can be obtained by calling (833) 378-0717.

Note: DIPS, FIAT, CRSH and YQQQ are hereinafter referred to as the “Short ETFs”.

Distributions are not guaranteed. The Distribution Rate and 30-Day SEC Yield are not indicative of future distributions, if any, on the ETFs. In particular, future distributions on any ETF may differ significantly from its Distribution Rate or 30-Day SEC Yield. You are not guaranteed a distribution under the ETFs. Distributions for the ETFs (if any) are variable and may vary significantly from period to period and may be zero. Accordingly, the Distribution Rate and 30-Day SEC Yield will change over time, and such change may be significant.

Investors in the Funds will not have rights to receive dividends or other distributions with respect to the underlying reference asset(s).

¹ All YieldMax™ ETFs shown in the table above (except YMAX, YMAG, FEAT, FIVY and ULTY) have a gross expense ratio of 0.99%. YMAX, YMAG and FEAT have a Management Fee of 0.29% and Acquired Fund Fees and Expenses of 0.99% for a gross expense ratio of 1.28%. FIVY has a Management Fee of 0.29% and Acquired Fund Fees and Expenses of 0.59% for a gross expense ratio of 0.88%. “Acquired Fund Fees and Expenses” are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies, namely other YieldMax™ ETFs. ULTY has a gross expense ratio after the fee waiver of 1.30%. The Advisor has agreed to a fee waiver of 0.10% through at least February 28, 2026.

² The Distribution Rate shown is as of close on March 18, 2025. The Distribution Rate is the annual distribution rate an investor would receive if the most recent distribution, which includes option income, remained the same going forward. The Distribution Rate is calculated by annualizing an ETF’s Distribution per Share and dividing such annualized amount by the ETF’s most recent NAV. The Distribution Rate represents a single distribution from the ETF and does not represent its total return. Distributions may also include a combination of ordinary dividends, capital gain, and return of investor capital, which may decrease an ETF’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. These Distribution Rates may be caused by unusually favorable market conditions and may not be sustainable. Such conditions may not continue to exist and there should be no expectation that this performance may be repeated in the future.

³ The 30-Day SEC Yield represents net investment income, which excludes option income, earned by such ETF over the 30-Day period ended February 28, 2025, expressed as an annual percentage rate based on such ETF’s share price at the end of the 30-Day period.

⁴ Each ETF’s strategy (except those of the Short ETFs) will cap potential gains if its reference asset’s shares increase in value, yet subjects an investor to all potential losses if the reference asset’s shares decrease in value. Such potential losses may not be offset by income received by the ETF. Each Short ETF’s strategy will cap potential gains if its reference asset decreases in value, yet subjects an investor to all potential losses if the reference asset increases in value. Such potential losses may not be offset by income received by the ETF.

⁵ ROC refers to Return of Capital. The ROC percentage is the portion of the distribution that represents an investor’s original investment.

Each Fund has a limited operating history and while each Fund’s objective is to provide current income, there is no guarantee the Fund will make a distribution. Distributions are likely to vary greatly in amount.

Standardized Performance

For YMAX, click here. For YMAG, click here. For TSLY, click here. For OARK, click here. For APLY, click here. For NVDY, click here. For AMZY, click here. For FBY, click here. For GOOY, click here. For NFLY, click here. For CONY, click here. For MSFO, click here. For DISO, click here. For XOMO, click here. For JPMO, click here. For AMDY, click here. For PYPY, click here. For SQY, click here. For MRNY, click here. For AIYY, click here. For MSTY, click here. For ULTY, click here. For YBIT, click here. For CRSH, click here. For GDXY, click here. For SNOY, click here. For ABNY, click here. For FIAT, click here. For DIPS, click here. For BABO, click here. For YQQQ, click here. For TSMY, click here. For SMCY, click here. For PLTY, click here. For BIGY, click here. For SOXY, click here. For MARO, click here. For FEAT, click here. For FIVY, click here. For LFGY, click here. For GPTY, click here. For CVNY, click here. For SDTY, click here. For QDTY, click here. For RDTY, click here.

Important Information

This material must be preceded or accompanied by the prospectus. For all prospectuses, click here.

Tidal Financial Group is the adviser for all YieldMax™ ETFs.

THE FUND, TRUST, AND ADVISER ARE NOT AFFILIATED WITH ANY UNDERLYING REFERENCE ASSET.

Risk Disclosures (applicable to all YieldMax ETFs referenced above, except the Short ETFs)

YMAX, YMAG, FEAT and FIVY generally invest in other YieldMax™ ETFs. As such, these two Funds are subject to the risks listed in this section, which apply to all the YieldMax™ ETFs they may hold from time to time.

Investing involves risk. Principal loss is possible.

Call Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s call writing strategy will impact the extent that the Fund participates in the positive price returns of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold call options and over longer periods.

Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given period. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next.

High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses.

Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

Price Participation Risk. The Fund employs an investment strategy that includes the sale of call option contracts, which limits the degree to which the Fund will participate in increases in value experienced by the underlying reference asset over the Call Period.

Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security (ARKK, TSLA, AAPL, NVDA, AMZN, META, GOOGL, NFLX, COIN, MSFT, DIS, XOM, JPM, AMD, PYPL, SQ, MRNA, AI, MSTR, Bitcoin ETP, GDX^®, SNOW, ABNB, BABA, TSM, SMCI, PLTR, MARA, CVNA), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

Indirect Investment Risk. The Index is not affiliated with the Trust, the Fund, the Adviser, or their respective affiliates and is not involved with this offering in any way.

Risk Disclosures (applicable only to GPTY)

Artificial Intelligence Risk. Issuers engaged in artificial intelligence typically have high research and capital expenditures and, as a result, their profitability can vary widely, if they are profitable at all. The space in which they are engaged is highly competitive and issuers’ products and services may become obsolete very quickly. These companies are heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. The issuers are also subject to legal, regulatory and political changes that may have a large impact on their profitability. A failure in an issuer’s product or even questions about the safety of the product could be devastating to the issuer, especially if it is the marquee product of the issuer. It can be difficult to accurately capture what qualifies as an artificial intelligence company.

Technology Sector Risk. The Fund will invest substantially in companies in the information technology sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund’s investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.

Risk Disclosure (applicable only to MARO)

Digital Assets Risk: The Fund does not invest directly in Bitcoin or any other digital assets. The Fund does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. The Fund does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than the Fund. Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility.

Risk Disclosures (applicable only to BABO and TSMY)

Currency Risk: Indirect exposure to foreign currencies subjects the Fund to the risk that currencies will decline in value relative to the U.S. dollar. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad.

Depositary Receipts Risk: The securities underlying BABO and TSMY are American Depositary Receipts (“ADRs”). Investment in ADRs may be less liquid than the underlying shares in their primary trading market.

Foreign Market and Trading Risk: The trading markets for many foreign securities are not as active as U.S. markets and may have less governmental regulation and oversight.

Foreign Securities Risk: Investments in securities of non-U.S. issuers involve certain risks that may not be present with investments in securities of U.S. issuers, such as risk of loss due to foreign currency fluctuations or to political or economic instability, as well as varying regulatory requirements applicable to investments in non-U.S. issuers. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Non-U.S. issuers may also be subject to different regulatory, accounting, auditing, financial reporting and investor protection standards than U.S. issuers.

Risk Disclosures (applicable only to GDXY)

Risk of Investing in Foreign Securities. The Fund is exposed indirectly to the securities of foreign issuers selected by GDX^®’s investment adviser, which subjects the Fund to the risks associated with such companies. Investments in the securities of foreign issuers involve risks beyond those associated with investments in U.S. securities.

Risk of Investing in Gold and Silver Mining Companies. The Fund is exposed indirectly to gold and silver mining companies selected by GDX^®’s investment adviser, which subjects the Fund to the risks associated with such companies.

The Fund invests in options contracts based on the value of the VanEck Gold Miners ETF (GDX^®), which subjects the Fund to some of the same risks as if it owned GDX^®, as well as the risks associated with Canadian, Australian and Emerging Market Issuers, and Small-and Medium-Capitalization companies.

Risk Disclosures (applicable only to YBIT)

YBIT does not invest directly in Bitcoin or any other digital assets. YBIT does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. YBIT does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than YBIT.

Bitcoin Investment Risk: The Fund’s indirect investment in Bitcoin, through holdings in one or more Underlying ETPs, exposes it to the unique risks of this emerging innovation. Bitcoin’s price is highly volatile, and its market is influenced by the changing Bitcoin network, fluctuating acceptance levels, and unpredictable usage trends.

Digital Assets Risk: Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility. Potentially No 1940 Act Protections. As of the date of this Prospectus, there is only a single eligible Underlying ETP, and it is an investment company subject to the 1940 Act.

Bitcoin ETP Risk: The Fund invests in options contracts that are based on the value of the Bitcoin ETP. This subjects the Fund to certain of the same risks as if it owned shares of the Bitcoin ETP, even though it does not. Bitcoin ETPs are subject, but not limited, to significant risk and heightened volatility. An investor in a Bitcoin ETP may lose their entire investment. Bitcoin ETPs are not suitable for all investors. In addition, not all Bitcoin ETPs are registered under the Investment Company Act of 1940. Those Bitcoin ETPs that are not registered under such statute are therefore not subject to the same regulations as exchange traded products that are so registered.

Risk Disclosures (applicable only to the Short ETFs)

Investing involves risk. Principal loss is possible.

Price Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the value of the underlying reference asset. This strategy subjects the Fund to certain of the same risks as if it shorted the underlying reference asset, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the value of the underlying reference asset, the Fund is subject to the risk that the value of the underlying reference asset increases. If the value of the underlying reference asset increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses.

Put Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s put writing (selling) strategy will impact the extent that the Fund participates in decreases in the value of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold put options and over longer periods.

Purchased OTM Call Options Risk. The Fund’s strategy is subject to potential losses if the underlying reference asset increases in value, which may not be offset by the purchase of out-of-the-money (OTM) call options. The Fund purchases OTM calls to seek to manage (cap) the Fund’s potential losses from the Fund’s short exposure to the underlying reference asset if it appreciates significantly in value. However, the OTM call options will cap the Fund’s losses only to the extent that the value of the underlying reference asset increases to a level that is at or above the strike level of the purchased OTM call options. Any increase in the value of the underlying reference asset to a level that is below the strike level of the purchased OTM call options will result in a corresponding loss for the Fund. For example, if the OTM call options have a strike level that is approximately 100% above the then-current value of the underlying reference asset at the time of the call option purchase, and the value of the underlying reference asset increases by at least 100% during the term of the purchased OTM call options, the Fund will lose all its value. Since the Fund bears the costs of purchasing the OTM calls, such costs will decrease the Fund’s value and/or any income otherwise generated by the Fund’s investment strategy.

Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying reference asset, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings.

Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

Price Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will participate in decreases in value experienced by the underlying reference asset over the Put Period.

Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, for any Fund that focuses on an individual security (e.g., TSLA, COIN, NVDA), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

Risk Disclosures (applicable only to YQQQ)

Index Overview. The Nasdaq 100 Index is a benchmark index that includes 100 of the largest non-financial companies listed on the Nasdaq Stock Market, based on market capitalization.

Index Level Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the Index level. This strategy subjects the Fund to certain of the same risks as if it shorted the Index, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the Index level, the Fund is subject to the risk that the Index level increases. If the Index level increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses. The Fund may also be subject to the following risks: innovation and technological advancement; strong market presence of Index constituent companies; adaptability to global market trends; and resilience and recovery potential.

Index Level Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will benefit from decreases in the Index level experienced over the Put Period. This means that if the Index level experiences a decrease in value below the strike level of the sold put options during a Put Period, the Fund will likely not experience that increase to the same extent and any Fund gains may significantly differ from the level of the Index losses over the Put Period. Additionally, because the Fund is limited in the degree to which it will participate in decreases in value experienced by the Index level over each Put Period, but has significant negative exposure to any increases in value experienced by the Index level over the Put Period, the NAV of the Fund may decrease over any given period. The Fund’s NAV is dependent on the value of each options portfolio, which is based principally upon the inverse of the performance of the Index level. The Fund’s ability to benefit from the Index level decreases will depend on prevailing market conditions, especially market volatility, at the time the Fund enters into the sold put option contracts and will vary from Put Period to Put Period. The value of the options contracts is affected by changes in the value and dividend rates of component companies that comprise the Index, changes in interest rates, changes in the actual or perceived volatility of the Index and the remaining time to the options’ expiration, as well as trading conditions in the options market. As the Index level changes and time moves towards the expiration of each Put Period, the value of the options contracts, and therefore the Fund’s NAV, will change. However, it is not expected for the Fund’s NAV to directly inversely correlate on a day-to-day basis with the returns of the Index level. The amount of time remaining until the options contract’s expiration date affects the impact that the value of the options contracts has on the Fund’s NAV, which may not be in full effect until the expiration date of the Fund’s options contracts. Therefore, while changes in the Index level will result in changes to the Fund’s NAV, the Fund generally anticipates that the rate of change in the Fund’s NAV will be different than the inverse of the changes experienced by the Index level.

YieldMax™ ETFs are distributed by Foreside Fund Services, LLC. Foreside is not affiliated with Tidal Financial Group, or YieldMax™ ETFs.

The MIL Network –

March 20, 2025

MIL-OSI: InitVerse 2nd Anniversary Celebration — Full Breakdown of 500,000 $INI, Limited NFTs, and Exclusive Benefits
Source: GlobeNewswire (MIL-OSI)

TORTOLA, British Virgin Islands, March 19, 2025 (GLOBE NEWSWIRE) — InitVerse, the next-generation Web3 SaaS platform, has rapidly expanded its footprint across nine countries, including Japan, Vietnam, France, Eastern Europe, the Middle East, Turkey, the Philippines, Indonesia, and Thailand. With over 20 localized Telegram and Discord communities, InitVerse now boasts a global user base exceeding 400,000 users.

On March 17th, InitVerse celebrates its 2nd anniversary, marking an exciting Web3 carnival where technology, profitability, and exclusivity converge. To express gratitude to the global community, InitVerse is generously distributing 500,000 $INI tokens through various activities, including NFT minting, on-chain tasks, staking and mining, and community KOL recruitment. Each activity incorporates limited-edition elements and high-reward mechanisms, creating a thrilling event that blends innovation with financial rewards.

This article will dive deep into the anniversary celebration, focusing on technological empowerment, revenue strategies, and effective participation methods, helping you seize this golden opportunity to achieve high returns at zero cost.

Tech at the Core: How INIChain Redefines Blockchain with Privacy Computing and Dynamic Block Partitioning

From its inception to the upcoming 2025 mainnet launch, INIChain has established a foundational privacy computing infrastructure. Coupled with the InitVerse SaaS platform, which provides streamlined developer tools, the ecosystem covers the entire lifecycle of blockchain application development—from core privacy infrastructure to rapid dApp deployment. Together, INIChain and InitVerse have built a comprehensive ecosystem catering to miners, developers, and blockchain builders. At the core of this vibrant InitVerse ecosystem lies INIChain’s innovative technology, transforming traditional Proof-of-Work (PoW) from an “energy-intensive competition” into a collaborative privacy-computing infrastructure. The recent 2nd-anniversary event prominently showcased these groundbreaking technical capabilities:
1. TfhEVM: The “Invisibility Cloak” for Private Smart Contracts
  - Technology Overview: TfhEVM integrates Fully Homomorphic Encryption (TFHE) with Ethereum’s EVM, enabling real-time computations on encrypted data. Input data is transformed into randomized polynomial ciphertexts, ensuring results are verifiable without decrypting sensitive information.
  - Developer Advantages: Through the InitVerse SaaS platform, Ethereum developers can easily deploy or migrate dApps with just one click, significantly reducing costs while providing robust privacy protection.
2. DDA Mechanism: The “Hash Power Regulator” for Miners
  - Dynamic Block Partitioning: Blocks are segmented into high-privacy blocks (requiring TFHE computation) and standard blocks (traditional PoW). High-privacy blocks offer higher rewards but have a higher computational barrier, whereas standard blocks enable participation from regular CPU miners.
  - VersaHash Algorithm: A more equitable mining approach that dynamically adjusts computational difficulty, ensuring balanced earnings across miners of varying capabilities.
  - Miner Rewards Model:
    
    Base Reward: Each block consistently yields 727.39 $INI, distributed proportionally based on mining contributions.
    
    Privacy Computing Bonus: Miners participating in high-privacy block validation receive an additional 15% reward boost.
Earn 500,000 $INI Risk-Free: Events You Shouldn’t Miss!

The anniversary event offers a series of mini-challenges that caters to users of all levels, allowing you to get high returns and unique rewards. Participate via the official event page.

Event 1: Limited NFT Minting – Guaranteed 5 $INI for First 10,000 Participants + Exclusive Epic Cards!
- Total Rewards: 50,000 $INI + Limited Edition INIBoo NFTs
- Event Period: From March 17th to April 13th. Split into 4 batches, each batch lasting 7 days (the first batch ends on March 13th).
- Participation Steps: Log in to the Candy platform → Complete verification → Select the batch → Pay 0.5 $INI → Mint NFT and claim $INI.
How It Works:
- Step-by-Step Participation:
  - Follow InitVerse on X, join the Telegram and Discord groups—this grants eligibility for a free NFT mint.
  - $INI back immediately — even after deducting the 0.5 $INI mint cost, yielding a net profit of 4.5 $INI per mint.
- Guaranteed Earnings:
  Each mint directly returns rewards—every user will profit at least 4.5 $INI per NFT minted.
- Scarcity and Benefits:
  - The NFT collection “INIBoo” is limited, featuring epic cards whose availability decreases daily.
  - NFT holders get perks such as merchandise, early testing access, whitelist airdrops, exclusive event tickets, VIP privileges, and governance rights, with benefits expanding alongside ecosystem growth.
Event 2: Earn 10 $INI + Mining Rewards in 4 Easy Steps!
- Prize Pool: 100,000 $INI
- Event Window: March 28 – April 16 (UTC), limited to the first 10,000 participants.
Step-by-Step Guide:
1. Follow the InitVerse X account and retweet the pinned tweet.
2. Join the Telegram and Discord communities.
3. Perform 10 mainnet transactions (e.g., token transfers between your addresses).
4. Mine on C-Mining Pool via provided tutorials (only 5 hours required).
After completing these tasks, claim your guaranteed 10 $INI reward.

Extra Benefits: Double your earnings by stacking mining rewards and the 10 $INI task reward.

Event 3: High-Yield Staking—Earn up to 50% APR!
- Total Prize Pool: 300,000 $INI
- Event Duration: March 28–April 16 (UTC). The staking period is fixed at 20 days, after which participation closes.
- Eligibility: Must first complete Event 2.
Participation Details:
- Stake at least 10 $INI on the event page.
- Rewards released after completing a 20-day staking period.
- Open to all, making it accessible even to small token holders.
Dynamic Reward:
- If ≥50,000 participants join, staking rewards increase to 50%, encouraging collective community participation.
- Guaranteed Minimum: Even if fewer than 20,000 users join, participants will still earn a guaranteed 10% return, far exceeding typical DeFi standards.
- Low Barrier to Entry: Participation starts from just 10 $INI, with straightforward staking rules, ensuring inclusivity for small-scale holders.
Ideal for: Long-term holders, community governance participants, and those seeking to maximize returns.

Event 4: 50,000 $INI Partnership Program

Details:
Seeking partnerships and influencers who can bring additional traffic and collaborate with InitVerse.
- Application:
  Directly message on Telegram: @samylmz
Final Thoughts:

InitVerse’s 2nd anniversary emphasizes universal community engagement, attractive rewards, and unique privileges, distributing 450,000 $INI directly to participants, with an additional 50,000 $INI allocated to strategic partnerships. This celebration isn’t just about rewards—it’s a decentralized initiative showcasing the power of community-driven innovation, paving the way for blockchain’s future.

About InitVerse:

InitVerse is an automated Web3 SaaS platform designed for streamlined DApp development and deployment, backed by INIChain and INICloud. It simplifies blockchain app creation, enhancing development efficiency through comprehensive, user-friendly tools.

Contact:
Sami Yilmaz
support@inichain.com

Disclaimer: This press release is provided by INIChain. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining related opportunities involves significant risks, including the potential loss of capital. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector–including cryptocurrency, NFTs, and mining–complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release.Speculate only with funds that you can afford to lose.

Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a50c8380-529d-4650-97e4-fed7f10f3ace

The MIL Network –
March 20, 2025
MIL-Evening Report: Labor promises PBS scripts will cost no more than $25, under latest health pitch for election

Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

The Albanese government will make another pre-election offer in health, promising that if re-elected it will legislate to ensure people pay no more than $25 for a script under the Pharmaceutical Benefits Scheme.

The measure, to be announced by Prime Minister Anthony Albanese on Thursday, would start on January 1 next year.

The government says it represents a cut of more than 20% in the maximum cost of PBS medicines, and would save Australians more than $200 million a year. Four out of five medicines would become cheaper.

The measure, included in next week’s budget, costs the government $689 million over the forward estimates.

Pensioners and concession card holders will continue to have the cost of their PBS medicines frozen at $7.70 until 2030.

This is the latest in a range of initiatives the government has taken in health, including promising billions of dollars to expand bulk billing and adding a number of drugs for women’s health to the PBS. The opposition, which matched the government’s bulk billing policy, will be under pressure to do the same with this latest measure.

Anthony Albanese said: “With cheaper medicines, more free GP visits and a stronger Medicare, we say to Australians, we’ve got your back”.

Health Minister Mark Butler said the last time Australians paid no more than $25 for a PBS medicine was more than 20 years ago.

Butler said when Peter Dutton was health minister in the Abbott government “he tried to make medicines cost more”.

“The contrast in this election is clear: cheaper medicines with a re-elected Albanese government or the frankly terrifying legacy of Peter Dutton, who wants medicines to cost more, not less.”

Michelle Grattan does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. Labor promises PBS scripts will cost no more than $25, under latest health pitch for election – https://theconversation.com/labor-promises-pbs-scripts-will-cost-no-more-than-25-under-latest-health-pitch-for-election-252510

MIL OSI Analysis – EveningReport.nz –

March 20, 2025
MIL-OSI Economics: Members consider trade agreements involving Australia, Cambodia, China, India, Nicaragua

Source: World Trade Organization

The India-Australia Economic Cooperation and Trade Agreement , covering trade in goods and services, came into force on 29 December 2022. Australia will eliminate customs duties on 98.3% of its tariff lines by the end of the implementation period in 2026, while India will do so for 69.8% by 2031. For trade in services, both parties have enhanced sectoral commitments beyond those under the WTO General Agreement on Trade in Services (GATS), including the movement of natural persons.

Australia said the landmark Agreement represents a significant development in the economic relationship between Australia and India and supports both countries’ deeper integration into the global economy. Australia added that the Agreement includes provisions on strengthening investment certainty, promoting regulatory cooperation and enhancing mobility for skilled professionals.

India said the Agreement has driven mutual growth and showcases the complementarity of both economies. The Agreement has significantly advanced trade ties and created new opportunities for business and employment. India added that both countries are committed to building on the momentum to deepen economic integration.

The Free Trade Agreement between China and Nicaragua, goods and services, entered into force on 1 January 2024. At the end of the transition period in 2038, 95.2% of tariff lines of China and 94.8% of tariff lines of Nicaragua will be duty-free under the Agreement. Each party will retain tariffs on approximately 5% of tariff lines after full implementation. On trade in services, the Agreement follows a negative list approach and adds new or improved commitments compared to the parties’commitments under the GATS in a number of areas including business services and health services. Moreover, the Agreement includes, among other things, provisions on the environment, competition, dispute settlement, small and medium enterprises, and e-commerce.

China said the Agreement establishes a high level of openness between both economies in terms of trade in goods and services and for investment. China noted that both economies are highly complementary and that there is a great potential for trade and investment cooperation.

Nicaragua said the Agreement, which builds upon the July 2022 Early Harvest Agreement, will produce mutual benefits for both countries. Nicaragua added that the Agreement provides an opportunity to transform the country’s structure of production, trading and investment.

The Free Trade Agreement between China and Cambodia, covering trade in goods and services, came into force on 1 January 2022. Under the Agreement, China has committed to eliminating customs duties on 97.3% of its tariffs by 2041, while Cambodia has committed to eliminating 90% of its tariffs during the same period. Much of the tariff elimination has been “front loaded” by both parties, with most tariff reductions already applied since 2022. For trade in services, Cambodia’s sectoral commitments remain the same as in its GATS commitments, except for a limited number of sectors, while China’s existing GATS commitments are further enhanced for a number of sectors under the Agreement. The Agreement also contains provisions on cooperation under the Belt and Road Initiative (BRI).

China said the Agreement is its first bilateral free trade agreement (FTA) signed with a least-developed country (LDC), noting that this sets a good example of cooperation with LDCs. China said it is also the first FTA that sets an independent chapter on cooperation under the BRI and that it will enhance value chains between the two countries.

Cambodia said the Agreement is consistent with WTO commitments as it eliminates duties on a substantial amount of trade between the two countries. Cambodia noted the Agreement provides benefits beyond the economic aspect as it also contributes to Cambodia’s broader development strategies.

Implementation of the RTA Transparency Mechanism

The Committee also took note of one new notification of an RTA, as well as five notifications of changes since its last session in November 2024. The signature of one Agreement was also the subject of an early announcement.

The outgoing chair, Ambassador Salomon Eheth (Cameroon), noted that there are 30 RTAs involving only WTO members and 38 involving non-members for which a factual presentation has to be prepared, counting goods and services separately. In addition, there are at least 58 RTAs currently in force that have not been notified to the WTO, with an updated list of these circulated prior to the Committee meeting and available on the RTA database. A number of delegations encouraged members to notify these agreements as soon as possible, while noting that delays may be due to constrained capacities of small delegations.

The Committee took note of the updated schedule for the submissions of implementation reports on RTAs. It noted that as of 1 March 2025, such reports were due for 223 RTAs with an additional 15 becoming due in 2025.

Election of new Chair

Members elected Ambassador José Valencia of Ecuador as the new Committee Chair. He replaces Ambassador Eheth.

Next meeting

The next Committee meetings for 2025 are scheduled for 17 June and 10 November.

Share

MIL OSI Economics –

March 20, 2025
MIL-OSI NGOs: Hong Kong: Article 23 law used to ‘normalize’ repression one year since enactment

Source: Amnesty International –

Just one year after its passage, Hong Kong’s Article 23 law has further squeezed people’s freedoms and enabled authorities to intensify their crackdown on peaceful activism in the city and beyond, Amnesty International said.

“Over the past year, Article 23 has been used to entrench a ‘new normal’ of systematic repression of dissent, criminalizing peaceful acts in increasingly absurd ways,” said Amnesty International’s China Director Sarah Brooks.

“People have been targeted and harshly punished for the clothes they wear as well as the things they say and write, or for minor acts of protest, intensifying the climate of fear that already pervaded Hong Kong. Freedom of expression has never been under greater attack.”

MIL OSI NGO –

March 20, 2025
MIL-OSI Economics: Samsung Members Connect 2025: A Galaxy AI-Powered Experience at SRI-Noida

Source: Samsung

The 2025 edition of Samsung Members Connect at Samsung R&D Institute India, Noida (SRI-Noida) brought together 74 passionate Galaxy users for an immersive journey into the world of Galaxy AI and the Galaxy S25 Series. This exclusive event offered a deep dive into AI-driven personalization, seamless productivity, enhanced gaming, and next-gen camera experiences, making it an unforgettable day for Samsung Members.

A Day of Learning, Fun & Innovation
The day kicked off with a welcome address by Samsung leaders, setting the stage for an insightful exploration of Samsung’s latest innovations. Participants got an exclusive first look at One UI 7.x, learning how it enhances personalization, convenience, and security across devices.

“Samsung Members Connect is more than just an event—it’s a unique platform where our engineers and passionate users come together, exchange ideas, and experience the future of technology firsthand. Their feedback drives us to keep pushing boundaries,” said Kyungyun Roo, Managing Director, SRI-Noida.

To keep the energy high, engaging energizer sessions were woven throughout the event, creating an interactive and exciting atmosphere.

“Being part of Samsung Members Connect is always special, but this time, the focus on AI-powered personalization and seamless device integration truly blew my mind!” shared Ashutosh Singhal, a thrilled participant.

The Multi-Device Experience segment showcased Samsung’s connected ecosystem, emphasizing seamless transitions between the Galaxy S25 series, Galaxy Watch, and Galaxy Buds for an effortless productivity and entertainment experience.

Next-Gen Gaming & Creative Camera Innovations
For gaming enthusiasts, the Enhanced Game Performance session provided insights into how AI optimizations in the Galaxy S25 series are delivering smoother gameplay, faster response times, and immersive visuals.

“As a mobile gamer, I was amazed to see the AI-powered improvements in gaming performance. The live demos truly showcased how the S25 series is redefining mobile gaming,” said Ravi Joshi, another Samsung Member.

Samsung’s Creative Camera Experience was a major highlight, featuring hands-on photography workshops where users explored advanced AI-powered editing tools and pro-grade photography features on the Galaxy S25 Ultra. The event also included a contest, challenging participants to capture the best creative shots using their devices.

A Celebration of Innovation & Community
Beyond the tech, Samsung Members Connect was filled with fun activities, a facility tour, contests, and a lucky draw. The day concluded with a cake-cutting ceremony, group photo, and hi-tea, celebrating the shared passion for innovation.

With an outstanding 95% positive feedback, the event was a resounding success, reaffirming Samsung’s commitment to delivering meaningful innovation and building a thriving community of Galaxy enthusiasts.

Until next time, keep exploring the endless possibilities with Galaxy AI!

MIL OSI Economics –

March 20, 2025
MIL-OSI Economics: Toyota Automobile Museum to Hold the 35th Classic Car Festival

Source: Toyota

Headline: Toyota Automobile Museum to Hold the 35th Classic Car Festival

The Toyota Automobile Museum, a cultural facility of Toyota, will host the 35th Toyota Museum Classic Car Festival on Sunday, April 20, at Expo 2005 Aichi Commemorative Park. The event aims to foster and preserve automobile culture in the community. Under the theme “The Evolution of Japanese Automobile Culture,” the festival will feature vehicle displays and demonstration runs, with support from domestic automakers, transcending brand boundaries.

MIL OSI Economics –

March 20, 2025
MIL-OSI NGOs: “A watch-and-learn moment”: Marshall Islands ratifies historic UN ocean treaty

Source: Greenpeace Statement –

SYDNEY/MAJURO, Friday 14 March 2025 — The Republic of Marshall Islands has become one of the first Pacific nations to ratify the historic Global Ocean Treaty, sending a powerful message to other world leaders: no more harm to the oceans.

It comes as Greenpeace’s flagship vessel, the Rainbow Warrior, arrived in Majuro to begin its six-week mission to elevate calls for nuclear and climate justice alongside the Marshallese community; and support independent scientific research into the impacts of decades-long nuclear weapons testing by the US government, including the impacts on the ocean – a main source of food, culture and livelihood for the Marshallese people.

On the ratification of the treaty, Shiva Gounden, Head of Pacific at Greenpeace Australia Pacific, said:

“We congratulate the Government of the Marshall Islands for its commitment to protecting the global oceans by inking the Global Ocean Treaty into law,” he said.

“The Marshall Islands continues to show its strength as a fearless and powerful custodian of its waters and lands. The ratifying of the treaty is a loud, clear message to the world that the Pacific Ocean and the world’s seas must be safeguarded. To the Global North, this must be a watch-and-learn moment.”

The Marshall Islands is the second Pacific nation to ratify the treaty. It follows Palau as the first country in the world to ratify last year, showcasing strong ocean protection leadership from the Pacific region.

“The global ocean connects us all. From the Marshall Islands to Tuvalu, Australia, Hawaii and beyond, we are all connected by these life-sustaining waters. It’s time for governments to follow the leaders and protect our blue planet for the good of our collective future,” Gounden added.

The ratification comes after Marshall Island announced its first protected ocean sanctuary in January, which will protect a mammoth swathe of water in the country’s north.

The historic Global Ocean Treaty is the most significant multilateral environmental deal since the 2015 Paris Climate Agreement. Adopted in June 2023 and currently signed by 112 countries, it will only enter into force once it is ratified by at least 60. Including the Marshall Islands, 20 countries have ratified the treaty. Australia has signed, but is yet to ratify

Greenpeace is urging governments worldwide to ratify the Global Ocean Treaty quickly to achieve the 30×30 target and start developing proposals for marine protected areas in the high seas.

—ENDS—

Notes

Photos of the Rainbow Warrior arriving in Majuro can be found here

Archival footage and images from the US nuclear weapons testing collected here

MIL OSI NGO –

March 20, 2025
MIL-OSI Asia-Pac: PARLIAMENT QUESTION: ISROs PROGRAMMES FOR STUDENTS

Source: Government of India (2)

Posted On: 19 MAR 2025 4:06PM by PIB Delhi

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi today approved the ‘Incentive Scheme for promotion of low-value BHIM-UPI transactions Person to Merchant (P2M)’ for the financial year 2024-25 in the following manner:

             i.        The incentive scheme for promotion of low-value BHIM-UPI transactions (P2M) will be implemented at an estimated outlay of 1,500 crore, from 01.04.2024 to 31.03.2025.

            ii.        Only the UPI (P2M) transactions upto 2,000/- for Small Merchants are covered under the scheme.

Category

Small Merchant

Large Merchant

Up to Rs. 2k

Zero MDR / Incentive (@0.15%)

Zero MDR / No Incentive

Over Rs. 2k

Zero MDR / No Incentive

Zero MDR / No Incentive

           iii.        Incentive at the rate of 0.15% per transaction value will be provided for transactions upto Rs.2,000 pertaining to category of small merchants.

          iv.        For all the quarters of the scheme, 80% of the admitted claim amount by the acquiring banks will be disbursed without any conditions.

            v.        The reimbursement of the remaining 20% of the admitted claim amount for each quarter will be contingent upon fulfilment of the following conditions:

a)    10% of the admitted claim will be provided only when the technical decline of the acquiring bank will be less than 0.75%; and

b)    The remaining 10% of the admitted claim will be provided only when the system uptime of the acquiring bank will be greater than 99.5%.

Benefits:

i.      Convenient, secure, faster cash flow, and enhanced access to credit through digital footprints.

ii.     Common citizens will benefit from seamless payment facilities with no additional charges.

iii.    Enable small merchants to avail of UPI services at no additional cost. As small merchants are price-sensitive, incentives would encourage them to accept UPI payment.

iv.    Supports the Government’s vision of a less-cash economy through formalizing and accounting the transaction in digital form.

v.     Efficiency gain- 20% incentive is contingent upon banks maintaining high system uptime and low technical decline. This will ensure round-the-clock availability of payment services to citizens.

vi.    Judicious balance of both the growth of UPI transactions and the minimum financial burden on the Government exchequer.

Objective:

·        Promotion of indigenous BHIM-UPI platform. Achieving the target of 20,000 crore total transaction volume in FY 2024-25.

·        Supporting the payment system participants in building a robust and secure digital payments infrastructure.

·        Penetration of UPI in tier 3 to 6 cities, especially in rural & remote areas by promoting innovative products such as feature phone based (UPI 123PAY) & offline (UPI Lite/UPI LiteX) payment solutions.

·     Maintain a high system uptime & minimize technical declines.

Background:

Promotion of digital payments is an integral part of the Government’s strategy for financial inclusion and provide wide-ranging payment options to the common man. The expenditure incurred by the digital payment industry while providing services to its customers / merchant is recovered through the charge of Merchant Discount Rate (MDR).

As per RBI, MDR upto 0.90% of transaction value is applicable across all card networks. (for Debit cards). As per NPCI, MDR upto 0.30% of transaction value is applicable for UPI P2M transaction. Since January 2020, to promote digital transactions, MDR was made zero for RuPay Debit Cards and BHIM-UPI transactions through amendments in section 10A in the Payments and Settlement Systems Act, 2007 and section 269SU of the Income-tax Act, 1961.

In order to support the payment ecosystem participants in effective delivery of services, “Incentive scheme for promotion of RuPay Debit Cards and low-value BHIM-UPI transactions (P2M)” has been implemented with due approval by the Cabinet. Year-wise incentive payout by the Government (in Rs. crore) during the last three financial years:

Financial Year

Gol Payout

RuPay Debit Card

BHIM-UPI

FY2021-22

1,389

432

957

FY2022-23

2,210

408

1,802

FY2023-24

3,631

363

3,268

The incentive is paid by the Government to the Acquiring bank (Merchant’s bank) and thereafter shared among other stakeholders: Issuer Bank (Customer’s Bank), Payment Service Provider Bank (facilitates onboarding of customer on UPI app / API integrations) and App Providers (TPAPs).

*****

MJPS/BM

(Release ID: 2112772) Visitor Counter : 6

MIL OSI Asia Pacific News –

March 20, 2025
MIL-OSI Asia-Pac: Cabinet approves Incentive scheme for promotion of low-value BHIM-UPI transactions (P2M)

Source: Government of India (2)

Posted On: 19 MAR 2025 4:05PM by PIB Delhi

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi today approved the ‘Incentive Scheme for promotion of low-value BHIM-UPI transactions Person to Merchant (P2M)’ for the financial year 2024-25 in the following manner:

             i.        The incentive scheme for promotion of low-value BHIM-UPI transactions (P2M) will be implemented at an estimated outlay of 1,500 crore, from 01.04.2024 to 31.03.2025.

            ii.        Only the UPI (P2M) transactions upto 2,000/- for Small Merchants are covered under the scheme.

Category

Small Merchant

Large Merchant

Up to Rs. 2k

Zero MDR / Incentive (@0.15%)

Zero MDR / No Incentive

Over Rs. 2k

Zero MDR / No Incentive

Zero MDR / No Incentive

           iii.        Incentive at the rate of 0.15% per transaction value will be provided for transactions upto Rs.2,000 pertaining to category of small merchants.

          iv.        For all the quarters of the scheme, 80% of the admitted claim amount by the acquiring banks will be disbursed without any conditions.

            v.        The reimbursement of the remaining 20% of the admitted claim amount for each quarter will be contingent upon fulfilment of the following conditions:

a)    10% of the admitted claim will be provided only when the technical decline of the acquiring bank will be less than 0.75%; and

b)    The remaining 10% of the admitted claim will be provided only when the system uptime of the acquiring bank will be greater than 99.5%.

Benefits:

i.      Convenient, secure, faster cash flow, and enhanced access to credit through digital footprints.

ii.     Common citizens will benefit from seamless payment facilities with no additional charges.

iii.    Enable small merchants to avail of UPI services at no additional cost. As small merchants are price-sensitive, incentives would encourage them to accept UPI payment.

iv.    Supports the Government’s vision of a less-cash economy through formalizing and accounting the transaction in digital form.

v.     Efficiency gain- 20% incentive is contingent upon banks maintaining high system uptime and low technical decline. This will ensure round-the-clock availability of payment services to citizens.

vi.    Judicious balance of both the growth of UPI transactions and the minimum financial burden on the Government exchequer.

Objective:

·        Promotion of indigenous BHIM-UPI platform. Achieving the target of 20,000 crore total transaction volume in FY 2024-25.

·        Supporting the payment system participants in building a robust and secure digital payments infrastructure.

·        Penetration of UPI in tier 3 to 6 cities, especially in rural & remote areas by promoting innovative products such as feature phone based (UPI 123PAY) & offline (UPI Lite/UPI LiteX) payment solutions.

·     Maintain a high system uptime & minimize technical declines.

Background:

Promotion of digital payments is an integral part of the Government’s strategy for financial inclusion and provide wide-ranging payment options to the common man. The expenditure incurred by the digital payment industry while providing services to its customers / merchant is recovered through the charge of Merchant Discount Rate (MDR).

As per RBI, MDR upto 0.90% of transaction value is applicable across all card networks. (for Debit cards). As per NPCI, MDR upto 0.30% of transaction value is applicable for UPI P2M transaction. Since January 2020, to promote digital transactions, MDR was made zero for RuPay Debit Cards and BHIM-UPI transactions through amendments in section 10A in the Payments and Settlement Systems Act, 2007 and section 269SU of the Income-tax Act, 1961.

In order to support the payment ecosystem participants in effective delivery of services, “Incentive scheme for promotion of RuPay Debit Cards and low-value BHIM-UPI transactions (P2M)” has been implemented with due approval by the Cabinet. Year-wise incentive payout by the Government (in Rs. crore) during the last three financial years:

Financial Year

Gol Payout

RuPay Debit Card

BHIM-UPI

FY2021-22

1,389

432

957

FY2022-23

2,210

408

1,802

FY2023-24

3,631

363

3,268

The incentive is paid by the Government to the Acquiring bank (Merchant’s bank) and thereafter shared among other stakeholders: Issuer Bank (Customer’s Bank), Payment Service Provider Bank (facilitates onboarding of customer on UPI app / API integrations) and App Providers (TPAPs).

*****

MJPS/BM

(Release ID: 2112771) Visitor Counter : 17

MIL OSI Asia Pacific News –

March 20, 2025
MIL-OSI Asia-Pac: NIDAAN PORTAL
Source: Government of India (2)

Posted On: 19 MAR 2025 4:03PM by PIB Delhi
Government has taken various information technology driven initiatives in the field of Drug Law Enforcement. Some of the initiatives are as under: –

Narco Coordination (NCORD) Portal accessible at https://narcoordindia.in/ is a gateway for all drugs and Narcotics Control Bureau (NCB) related information for all four tiers of stakeholders starting from district level to state level and Central Ministries including all Drug Law Enforcement Agencies (DLEAs).
To assist all DLEAs/other investigation agencies for investigation and proactive policing, National Integrated Database on Arrested Narco-Offenders (NIDAAN) portal is developed. It provides data of narcotics offenders involved in narcotics offences under Narcotic Drugs & Psychotropic Substances (NDPS) Act, 1985.

CCTNS (Crime & Criminal Tracking Network System) is aimed to inter-link all police stations under a common application software for the purpose of investigation, data analytics, research, policy making and providing Citizen Services such as reporting & tracking of complaints, request for antecedent verifications, etc.

A task force on Darknet and Crypto-Currency has been set up under the Multi Agency Centre (MAC) mechanism with a focus on monitoring all platforms facilitating Narco-trafficking, sharing of inputs on drug trafficking amongst Agencies/MAC members, interception of drug networks, continuous capturing of trends, modus operandi & nodes with regular database updates and review of related rules & laws.
1. The Government has launched MANAS Helpline No. 1933 designed as a unified platform for citizens to report the drug-related issues via multiple communication.
NIDAAN portal is exclusively meant for use of Drugs Law Enforcement Agencies. The portal has emerged as an effective tool for the Drug Law Enforcement Agencies. It has helped them in connecting dots, previous involvements, fingerprint search, working inter-linkages, busting the network, monitoring habitual offenders, financial investigation and making proposals for detention under Prevention of Illicit Traffic in Narcotic Drugs & Psychotropic Substances (PITNDPS), 1988. It also helps in monitoring status of current cases, bail, parole, handlers, etc.

This was stated by the Minister of State in the Ministry of Home Affairs Shri Nityanand Rai in a written reply to a question in the Rajya Sabha.

*****

RK/VV/ASH/RR/PR/PS
(Release ID: 2112770) Visitor Counter : 6

MIL OSI Asia Pacific News –
March 20, 2025
MIL-OSI Asia-Pac: Government engages services of National Institute of Mental Health and Neuro Sciences to enhance Psycho-Social Support for Distressed Women

Source: Government of India (2)

Government engages services of National Institute of Mental Health and Neuro Sciences to enhance Psycho-Social Support for Distressed Women

Govt launches ‘Mission Shakti Portal’ to empower women, enhance accessibility to services and to build capacity of functionaries and duty holders under various scheme and legislations

Posted On: 19 MAR 2025 3:57PM by PIB Delhi

The Protection of Women From Domestic Violence Act (PWDVA), 2005 has been enacted keeping in view the rights guaranteed under Article 14, 15 and 21 of the Constitution of India to provide for a remedy under the civil law which is intended to protect the women from being victims of domestic violence and to prevent the occurrence of domestic violence in the society.

In India domestic violence is governed by the Protection of Women From Domestic Violence Act (PWDVA), 2005 and it is defined under Section 3, which states that any act, omission or commission or conduct of a person harms or injures or endangers the health or safety of a women, whether mentally or physically, it amounts to domestic violence. It further includes any harm, harassment or injury caused to any women or any person related to her to meet any unlawful demand would also amount to domestic violence.

The said Act covers those women who are or has been in a relationship with any person, where both parties have lived together in a shared household and are related by consanguinity, marriage or through a relationship in the nature of marriage or adoption.

The National Crime Records Bureau (NCRB) compiles and publishes data on crimes, including crimes against women, in its publication titled “Crime in India,” which is available on the NCRB’s official website (https://ncrb.gov.in). This report is available up to the year 2022. As per the data of NCRB, the number of cases registered under the PWDVA, was 507 in 2021 and 468 in 2022.

The latest report of National Family Health Survey (NFHS-5 ), provides data for the period 2019-2021, which reveals that the percentage of ever-married women aged 18-49 years who have ever experienced spousal violence (physical and/ or sexual violence) has reduced to 29.3% as compared to 31.2% reported in NFHS-4 for the period 2015-2016.

“Police‟ and “Public Order‟ are State subjects under the Seventh Schedule to the Constitution of India. The responsibility to maintain law and order, protection of life and property of the citizens including investigation and prosecution in crimes against women and children rests primarily with the respective State Governments and they are competent to deal with it. Section 8 of the Protection of Women from Domestic Violence Act (PWDVA), 2005 mandates the States/ UTs to appoint such number of Protection Officers in each district as it may consider necessary and also to notify the area or areas within which a Protection Officer shall exercise the powers and perform the duties conferred. It is the duty of the Protection Officer to report the cases of domestic violence to the Magistrate upon receipt of complaints and to assist the Magistrate in the discharge of his functions. However, conviction of an accused person is done by the competent court after careful consideration of factual positions, evidence and all related legal aspects as per the provisions of law. The PWDVA provides to women remedies such as protection order, residence order etc. under it.

Nevertheless, the Central Government gives highest priority to ensuring safety and security of women and has undertaken various legislative and schematic interventions in this regard. These include legislations such as “Bharatiya Nyaya Sanhita“, “Bharatiya Nagrik Suraksha Sanhita“, “The Protection of Women from Domestic Violence Act, 2005‟, “The Dowry Prohibition Act, 1961‟ etc. Besides these legal provisions there are multiple schemes and projects implemented by the Government which include One Stop Centres (OSCs); Universalisation of Women Helplines (WHL), Emergency Response Support System (ERSS) which is a pan-India single number (112)/ mobile app based system for emergencies; capacity building in community through awareness programmes, setting up/ strengthening of Women Help Desks (WHDs) at Police Stations etc.

One Stop Centre (OSC) component of Mission Shakti Umbrella Scheme, which is fully funded by the central government is implemented across the country since 1^st April, 2015. It provides integrated support and assistance under one roof to women affected by violence and those in distress, both in private and public spaces. It also provides an integrated range of services including medical aid, legal aid and advice, temporary shelter, police assistance, psycho-social counselling to needy women. 802 OSCs are operational across the country and over 10.80 lakh women have been assisted upto 31^st January, 2025.

To ensure that the Police Stations are more women friendly and approachable, as they would be the first and single point of contact for any woman walking into a police station, 14,658 Women Help Desks (WHDs) have been set up, of which 13,743 are headed by women police officers. To provide help and support to needy women and women in distress, Emergency Response Support System (ERSS-112) has been established in all 36 States and UTs for various emergencies, with computer aided dispatch of field/ police resources. Since its launch, over 43 crore calls have been handled so far. In addition to ERSS, a fully functional dedicated Women helpline (WHL-181) is operational in 35 States/ UTs except West Bengal. The WHL has also been integrated with ERSS. So far, Women Helplines have handled over 2.10 crore calls and assisted over 84.43 lakh women.

A National dashboard has been developed by the Centre for Development of Advanced Computing (C-DAC) for monitoring calls across all States/UTs implementing the Women Helpline. This dashboard enables real-time monitoring of calls received and women assisted. Through this system, the Central Government is able to maintain centralized data on violence faced by women across India, categorized by types of cases, including instances of domestic violence.

Recognizing the need for psycho-social counseling to women affected by violence and those in distress, the Ministry of Women and Child Development has engaged the services of National Institute of Mental Health and Neuro Sciences (NIMHANS) for providing basic and advanced training under the project named “Stree Manoraksha‟ to the staff of One Stop Centres (OSCs) across the country on handling psycho-social and mental health care needs to support to such women. The Ministry also undertakes awareness exercise for safety and security of women and children from time to time. Further, the Government, through institutions like the National Commission for Women (NCW) have been spreading awareness through seminars, workshops, audio- visual, print and electronic media etc. to sensitize the people about the safety and security of women and children and also about various provisions of law. In addition, Ministry of Women and Child Development and Ministry of Home Affairs have issued advisories to States/ UTs from time to time on various issues pertaining to safety and security of women and children.

Under Nirbhaya Fund, Bureau of Police Research and Development (BPR&D) has also undertaken several initiatives, which, inter-alia include training and skill development programs for Investigation Officers, Prosecution Officers and Medical Officers. BPR&D has also prepared Standard Operating Procedures (SoPs) for “Women Help Desk at Police Stations‟ to ensure their smooth functioning by focusing on four critical components, viz. infrastructure, training, human resource development and response mechanism. A book titled “Women’s Safety and Security- a Handbook for First Responders and Investigators in the Police‟ has also been prepared for the purpose of prevention and investigation of crime against women with specific reference to the crime of sexual assault, which includes investigation, victim compensation and rehabilitation. Emphasis has been laid upon inculcating appropriate behavioural and attitudinal skills in the police force for prevention and detection of crimes against women and children and for proper interaction with the victims of crime. Webinars on women safety with sensitivity, gender sensitization of police personnel etc. have also been organized by BPR&D.

The Ministry has launched the ‘Mission Shakti Portal’ with all functional features on January 22, 2025. This portal aims to enhance accessibility of various government services for women, establish quality mechanisms for rescue, protection, and rehabilitation, and build the capacity of functionaries and duty holders under various schemes and legislations.

This information was given by the Minister of State for Women and Child Development Smt. Savitri Thakur in Rajya Sabha in reply to a question today.

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MIL OSI Asia Pacific News –

March 20, 2025
MIL-OSI Asia-Pac: Cabinet approves implementation of revised Rashtriya Gokul Mission with enhanced allocation for the years 2024-25 and 2025-26

Source: Government of India (2)

Posted On: 19 MAR 2025 4:19PM by PIB Delhi

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has today approved the Revised Rashtriya Gokul Mission (RGM) to boost growth in livestock sector. Implementation of revised RGM, as Central Sector component of Development Programmes scheme is being done with an additional outlay of Rs.1000 crore that is total outlay of Rs.3400 crore during 15^th Finance Commission cycle from 2021-22 to 2025-26.

Two New activities added are: (i) One-time assistance of 35% of the capital cost for establishment of Heifer Rearing Centres to Implementing Agencies for creation of 30 housing facilities having total 15000 heifers and (ii) To encourage farmers to purchase High genetic merit (HGM) IVF heifers to provide 3% interest subvention on loan taken by the farmer from milk unions / financial institutions/ banks for such purchase. This will help in systemic induction of high yielding breeds.

The revised Rashtriya Gokul Mission is approved with an allocation Rs.3400 crore during 15th Finance Commission cycle (2021-22 to 2025-26).

The scheme is for continuation of ongoing activities of Rashtriya Gokul Mission- strengthening of semen stations, Artificial Insemination network, implementation of bull production programme, accelerated breed improvement programme using sex sorted semen, skill development, farmer awareness, support for innovative activities including establishment of Centre of Excellence, strengthening of Central Cattle Breeding Farms and strengthening of Central Cattle Breeding Farms without any change in the pattern of assistance in any of these activities.

With the implementation of the Rashtriya Gokul Mission and other efforts of the Government, milk production has increased by 63.55% in the last ten years, along with the availability of milk per person, which was 307 grams per day in 2013-14, has increased to 471 grams per day in 2023-24. Productivity has also increased by 26.34% in the last ten years.

The Nationwide Artificial Insemination Programme (NAIP) under the RGM provides free of cost Artificial Insemination (AI) at the farmer’s doorstep in 605 districts across the country where the baseline AI coverage was below 50%. Till date, over 8.39 crores animals have been covered and 5.21crores farmers have been benefitted. RGM has also been at the forefront in bringing the latest technological interventions in breeding to the farmer’s doorstep. A total of 22 in vitro fertilization (IVF) labs have been set up across the country under the State Livestock Boards (SLBs) or in Universities and over 2541 HGM calves have been born. Two path breaking steps in Atmanirbhar technology are the Gau Chip and Mahish Chip, genomic chips for indigenous bovines developed by National Dairy Development Board (NDDB) and ICAR National Bureau of Animal Genetic Resources (NBAGR) and Gau Sort indigenously developed sex sorted semen production technology developed by NDDB.

The scheme is set to significantly boost milk production and productivity, ultimately increasing farmers’ incomes. It focuses on the protection and preservation of India’s indigenous bovine breeds through systematic and scientific efforts in bull production and the development of indigenous bovine genomic chips. Additionally, in Vitro Fertilization (IVF) has become an established technology, due to the initiatives taken under the scheme. This initiative will not only enhance productivity but also improves livelihoods of 8.5 crores farmers engaged in Dairying.

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MIL OSI Asia Pacific News –

March 20, 2025
MIL-OSI Asia-Pac: Redefining energy storage with photo-assisted, self-charging energy storage devices

Source: Government of India (2)

Posted On: 19 MAR 2025 4:14PM by PIB Delhi

Researchers have unveiled a novel air-chargeable battery for a sustainable power solution. This technology traps the oxygen from the environment to drive the charging process for energy storage and is a step towards a carbon-neutral future.

In a world racing toward renewable energy solutions, a photo-assisted battery offers great promise as they combine the best of two worlds– the light-capturing capability of solar cells and the robust energy storage of conventional batteries. Generally, solar panels convert sunlight into electricity, but they rely on separate battery systems to store the energy for later use. In contrast, photo-assisted batteries merge these functions into a single device, creating a seamless synergy between solar energy conversion and storage.

Photo-assisted batteries enhance the capacity of the batteries in the presence of light. However, it needs an external power supply to charge the battery. To overcome this limitation, there is an urgent requirement to develop energy storage devices with self-rechargeability.

Recent research has explored the “air-assisted self-charging” concept of aqueous ZIBs, aiming to utilize oxygen from the air to replenish the charge of the battery.

Researchers from the Centre for Nano and Soft Matter Sciences (CeNS), an autonomous institution under the Department of Science and Technology (DST) in Bengaluru, India, have developed a photo-assisted self-chargeable energy storage device that enhances the charge storage capacity in the presence of light. It can charge by its own in the presence of oxygen from the atmosphere.

A team led by Dr. Ashutosh Kumar Singh presented their study on these smart energy storage devices, titled “Photo-assisted self-chargeable aqueous Zn-ion energy storage device.” This work published in the Chemical Engineering Journal explores the integration of photo-assisted and self-chargeable features into zinc-ion batteries (ZIBs), utilizing vanadium oxide (VO₂) and tungsten trioxide (WO₃) as the primary cathode material.

This work introduces a novel approach utilizing VO₂ as an active material, blended with WO₃ as a charge-separating layer, to design a photoelectrode for air-photo-assisted self-charged zinc ion energy storage. In addition, this work reports the utilization of WO₃ as a charge-separating layer in photo-assisted self-chargeable energy storage device for the first-time. The device shows a significant increment in the charge storage capacity (170%) at a constant current density of 0.02 mA/cm². Additionally, the VO₂ layer works as an air cathode electrode that can help air-assisted self-charging. It demonstrates an open circuit potential (OCP) of 1 V. This shows the superiority of photo-assisted self-charged energy storage performance.

The findings pave the way for integrating these devices into self-reliable electronics, potentially powered by renewable energy sources. This marks a major step forward in the pursuit of sustainable energy solutions and demostrates the practical utility of energy storage devices in modern technology.

Figure: Schematic representation of the combination of photo-assisted (left) and air-assisted (right) energy storage devices. Schematic configuration of the device (left), a visual representation of the device in a charged state and which is powering an LCD device (right).

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MIL OSI Asia Pacific News –

March 20, 2025

MIL-OSI Asia-Pac: PALIAMENT QUESTION: INCLINATION OF GIRLS TOWARDS SCIENCE

Source: Government of India (2)

Posted On: 19 MAR 2025 4:13PM by PIB Delhi

The Department of Science and Technology (DST) is implementing Vigyan Jyoti programme to encourage meritorious girls to pursue higher education and careers in STEM (Science, Technology, Engineering, and Mathematics) fields since 2019-20. The program aims to promote gender parity in STEM by sustaining the talent pool in science and technology through various year-round activities like hands-on experiential learning sessions, interactions with scientific role models, visits to R&D and industrial labs, career guidance workshops and student-parent counselling sessions that provide exposure to increase the interest and inclination of girls towards science. Since its inception, Vigyan Jyoti programme has benefitted over 80,000 high-achieving girls from 300 districts across 35 States/UTs. To strengthen its impact, the Department of Science and Technology (DST) has engaged with over 250 premiers national institutions, including universities, science and technology institutes, CSIR labs, and other reputed organizations, which serve as knowledge partners, contributing significantly to the program’s mission of fostering more girls participation in STEM.

The details of girl students encouraged to pursue science during the last three years, state-wise is given below:

State/UTs	2022-23	2023-24	2024-25	Total
Andaman and Nicobar	100	100	115	315
Andhra Pradesh	692	880	889	2461
Arunachal Pradesh	277	233	347	857
Assam	925	970	1276	3171
Bihar	694	912	1243	2849
Chandigarh	100	100	103	303
Chhattisgarh	739	1066	1397	3202
Dadar, Nagar Haveli, Daman & Diu	200	200	188	588
Delhi	197	195	200	592
Goa	93	98	100	291
Gujarat	785	1703	1567	4055
Haryana	583	891	1580	3054
Himachal Pradesh	711	856	972	2539
Jammu and Kashmir	366	589	939	1894
Jharkhand	713	1017	1265	2995
Karnataka	846	1030	1278	3154
Kerala	686	810	975	2471
Ladakh	88	99	200	387
Madhya Pradesh	961	1273	1385	3619
Maharashtra	1001	1496	1709	4206
Manipur	291	289	463	1043
Meghalaya	222	300	394	916
Mizoram	47	90	87	224
Nagaland	82	104	97	283
Odisha	776	1082	1280	3138
Puducherry	341	399	396	1136
Punjab	653	1091	1480	3224
Rajasthan	920	1263	1712	3895
Sikkim	199	167	187	553
Telangana	491	745	771	2007
Tripura	213	233	299	745
Uttarakhand	664	861	900	2425
Uttar Pradesh	1285	1502	2566	5353
West Bengal	925	998	1083	3006

This information was given by Union Minister of State (Independent Charge) for Science and Technology, Earth Sciences, MoS PMO, Department of Atomic Energy, Department of Space, Dr. Jitendra Singh in a written reply in the Lok Sabha today.

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MIL OSI Asia Pacific News –

March 20, 2025

MIL-OSI Asia-Pac: Cabinet approves construction of 6- lane access controlled Greenfield Highway starting from JNPA Port (Pagote) to Chowk (29.219 km) in Maharashtra on BOT (Toll) mode

Source: Government of India (2)

Posted On: 19 MAR 2025 4:13PM by PIB Delhi

The Cabinet Committee on Economic Affairs chaired by the Prime Minister, Shri Narendra Modi, has approved the construction of 6- lane access controlled Greenfield High Speed National Highway starting from JNPA Port (Pagote) to Chowk (29.219 km) in Maharashtra. The project will be developed on Build, Operate and Transfer (BOT) mode at a total capital cost of Rs. 4500.62 Crore.

Development of road connecting infrastructure to major and minor ports in India is one of the main focus areas of integrated infrastructure planning under PM Gatishakti National Master Plan principles. With increasing container volume in JNPA port and the development of the Navi Mumbai International Airport, a need was identified for augmenting National highway connectivity in the region.

Currently, it takes 2-3 hours for vehicles to move from JNPA Port to the arterial Golden Quadrilateral (GQ) section of NH-48 and Mumbai – Pune Expressway due to heavy congestion in urban areas like Palaspe Phata, D-Point, Kalamboli junction, Panvel with traffic ~1.8 Lakh PCU/day. After the operationalization of Navi Mumbai airport in 2025, the need for direct connectivity is expected to increase further.

Accordingly, this project is designed to address these connectivity requirements and for improving the logistic efficiency of connecting JNPA port and Navi Mumbai International Airport.

The project alignment starts at JNPA port (NH 348) (Pagote village) and ends at Mumbai-Pune Highway (NH-48) while also linking Mumbai Pune Expressway and Mumbai Goa National highway (NH-66).

Two tunnels passing through Sahayadri are provided for ease of movement for commercial vehicles instead of ghat section in hilly terrain ensuring high speed and ease in movement for large container trucks.

The new 6 lane green field project corridor will lead to better port connectivity help in safe and efficient freight movement. The project will open new avenues of growth, development and prosperity in developing regions in and around Mumbai and Pune.

Map of Corridor

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MIL OSI Asia Pacific News –

March 20, 2025
MIL-OSI Asia-Pac: PALIAMENT QUESTION: RESEARCH AND INNOVATION IN S &T
Source: Government of India (2)

Posted On: 19 MAR 2025 4:12PM by PIB Delhi

The Research and Development (R&D) measures increased the exposure of the students in academic institutions to real-world problems and created opportunities for working on the state-of-the-art R&D infrastructure created in the Country. These measures cultivated critical thinking and innovation skills, bridged the gap between theoretical knowledge and practical applications and helped in building a very strong academia-industry ecosystem wherein research lead to technology transfer. R&D in academic institutions thus increased the exposure of students beyond the confines of traditional education and propelled them to the forefront of global competitiveness, positioning them for cutting-edge research, interdisciplinary collaboration, intellectual contributions and preparing them for the demands of a knowledge-driven society.

The impact of R&D measures taken by the Government in increasing exposure of students in academic institutions is given below:

The total Ph.D. enrolment in India has increased to 81.2% in 2021-2022 (2.13 lakh) from 2015-2016 (1.17 lakh). In 2021-22, female enrolment in PhD programs in India doubled to 99,000 (0.99 lakh) from 48,000 (0.48 lakh) in 2014-15, representing a significant increase in women’s participation in higher education, especially at the PhD level. In the year 2021-22, Gross Enrolment Ratio (GER) in higher education for the age group 18-23 years is estimated as 28.4, as compared to 23.7 in 2014-15. Female GER has increased to 28.5 in 2021-22 from 22.9 in 2014-15. Of the total enrolment in 2021-22, the number of Student enrolment in STEM for UG, PG, Ph.D. and M.Phil. levels is 98,49,488 (25.6%).

The details of various measures taken by the Government to collaborate with academic institutions to foster research and innovation in science and technology, thereby increasing exposure of students in academic institutions to Research and Development is given in Annexure – I.

ANNEXURE – I

1. Department of Biotechnology (DBT)

(a) Fellowship Programmes: DBT has taken significant steps to collaborate with academic institutions to foster research and innovation in science and technology. The Department has established several fellowship programs and initiatives that enhance collaboration between researchers and academic institutions. The DBT – Junior Research Fellowship Programme, DBT-RA Program in Biotechnology and Life Sciences, Ramalingaswami Re-entry Fellowship, Biotechnology Career Advancement and Re-orientation (BioCARe) Fellowship, and M K Bhan Fellowship programs represent significant initiatives by the Department to foster collaboration with academic institutions. These programs enhance exposure to research environments by creating pathways for researchers to engage with academic institutions, establish research groups, mentor students, and contribute to India’s scientific advancement.

(b) R&D Infrastructure: DBT has been supporting the development of research infrastructure at universities and research institutes across the country under Research Resource, Service Facility and Platform (abbreviated as RRSFP) Programme through the following components
- DBT- Boost to University Interdisciplinary Life Science Departments for Education and Research Programme (DBT-BUILDER) which focuses on upgrading the post-graduate teaching and training laboratories by enabling interdisciplinary advanced research and teaching capacity emphasizing discovery and innovation in proposed research areas, addressing emerging technologies with inter-disciplinary cross talk. In the DBT-BUILDER programme a total of 45 Universities and Institutes were supported, comprising 9 Central University, 14 State University, and 22 Private Universities or Postgraduate Colleges. Across these institutions, 177 departments received support, with 34 in central universities, 56 in state universities, and 87 in private institutions.
- DBT – Scientific Infrastructure Access for Harnessing Academia University Research Joint Collaboration (DBT-SAHAJ) aims at creating “national” service facility/research resource/platform to provide access to resources that could not be provided by any single researcher’s laboratory or scientific department. The Unified Online Booking Portal under the DBT-SAHAJ lists available equipment, user charges, and availability, allowing users to book facilities in advance.
(c) Star College Programme: The Star College Programme was initiated by DBT in 2008 to support colleges and universities offering undergraduate education to improve science teaching across the country. This Programme was launched for improving critical thinking and encouraging ‘hands on’ experimental science at undergraduate level in basic science subjects. On a larger perspective, the programme was initiated envisioning that it shall encourage more students to take up higher education in science. Through this programme the Department identifies colleges with potential for excellence and provides support for developing infrastructure for academics and laboratory activities. This support is in turn expected to invigorate teaching and provide unique exposure of students to experimental science.

(d) DBT-BIRAC Amrit Team Grant: is a new program of Department of Biotechnology (DBT) to support new and innovative collaborative research programs involving academia, the clinic and start-ups.

2. Department of Scientific & Industrial Research (DSIR)
1. and Postdoctoral fellowships: The Council of Scientific and Industrial Research (CSIR) under the Department of Scientific & Industrial Research (DSIR), Ministry of Science and Technology through its “Capacity Building and Human Resource Development Scheme” carried out by National S&T Human Resource Development Group (HRDG) has been providing doctoral and postdoctoral fellowships to young budding researchers through its various fellowship programmes. These young researchers are basically involved in science and technology development. The main objective of the programme is to nurture the budding scientific talent and to nourish the objective of pursuit of scientific research. The CSIR supported research fellows are working in more than 650 academic and R&D institutions. Apart from doctoral and postdoctoral fellowships, CSIR provides financial assistance to academic and R&D institution to carry out basic and applied research in the frontier and emerging areas of science and technology. These research projects of CSIR awarded to academic and R&D institutions are also a source of S&T human resource development as the principal investigators of these research projects are a guiding force and train young researchers in recent trends of science and technology research. These researchers contribute in the scientific publications, patents, technology, processes and overall development of S&T in the country. It is an established fact that the number of research articles published from an academic institute are proportional to the number of research scholars. This is the pool of young researchers being utilised by universities and R&D institutions for their research and development work/activities and is a precious S&T asset of the country. The research activities such as doctoral and postdoctoral fellowships and research grants are contributing in the scientific development of the country as India has attained 3rd position in terms of publishing the Science and Engineering research articles, contributed in increase in researchers per million populations from India which has now reached to 260 in 2020 compared to 215 in 2015.
3. Department of Science and Technology (DST)

DST is making several efforts through its various schemes and programmes to collaborate with academic institutions to foster research and innovation in science and technology, thereby increasing exposure of students in academic institutions to Research and Development. Details of significant initiatives are given below.

(a) Innovation in Science Pursuit for Inspired Research (INSPIRE): The Scheme aims at attracting young talent toward pursuing research as a career by leveraging the existing educational structure for talent identification, without conducting any competitive exams. Covering meritorious youth from school to university levels, the scheme supports those interested in studying science and choosing scientific research as a career. It facilitates human capacity building through scholarships, fellowships, and research exposure, enabling students to develop their skills and pursue opportunities in scientific research. The Scheme has the following components to create a robust ecosystem for cultivating future leaders in scientific research:
- INSPIRE Internship: Provides exposure to the top 1% of students at the Class X Board level by organizing Science Camps during summer or winter. These camps allow students to interact with renowned scientists, including Nobel Laureates, fostering curiosity and inspiring them to pursue science at an early age (16-17 years).
- Scholarship for Higher Education (SHE): Offers 12,000 scholarships annually to meritorious students aged 17-22 years, encouraging them to study basic and natural sciences at the undergraduate level with additional scholarship and mentorship support.
- INSPIRE Fellowship: Awards 1,000 fellowships annually to students aged 22-27 years for pursuing Ph.D. in basic and applied sciences, including engineering, medicine, agriculture, and veterinary sciences.
- INSPIRE Faculty Fellowship: Provides 100 fellowships annually to young researchers aged 27-32 years with a Ph.D. qualification, offering them the opportunity to carry out research in both basic and applied science areas for a duration of 5 years, helping them establish themselves as independent researchers.
(b) Fund for Improvement of S&T Infrastructure (FIST): The Schemes supports basic infrastructure and enabling facilities for promoting R&D activities in new and emerging areas and attracting fresh talents in universities & other educational institutions. It is considered as complimentary support for enabling Departments/ Centres/ Schools/ Colleges to pursue research activities more effectively and efficiently It was launched in 2000 under the Department of Science & Technology (DST). The duration of support for each FIST Project will be 5 years and will have 4 levels – Level-0, Level-1, Level-2, and Level-3. The programme has played a crucial role in fostering academic and research growth by providing financial support to a vast network of 3072 departments and PG colleges with an allocated budget of approximately Rs 3130.82 crores. This consistent support has significantly contributed to the advancement of scientific and technological endeavours across various universities and colleges, fuelling innovation and progress in India’s educational landscape.

(c) Sophisticated Analytical and Technical Help Institutes (SATHI) Centres: These Centres organizes training program for researchers, MSME and start-ups for sensitization and utilization of high-end equipment and provides appropriate level platform for networking and to explore possibilities for collaborative research and sharing of data, among the participants.

(d) Promotion of University Research and Scientific Excellence” (PURSE): The Scheme aims to bolster the Research and Development (R&D) foundation of universities nationwide. The primary objective is to enhance the research capabilities of Indian universities, fostering a robust research ecosystem and strengthening their R&D bases.

(e) Women in Science and Engineering-KIRAN (WISE-KIRAN): ensures the participation of women in the field of Science and Technology (S&T) through various gender-enabling programmes. The various components of the Scheme for improving the exposure of women to Research and Development are given below.
- The WISE Fellowship Programme aims to provide support to women who want to pursue a Ph.D and Post Doctorate
- Women’s Instinct for Developing and Ushering in Scientific Heights & Innovations (WIDUSHI): WIDUSHI Programme aims to encourage and support senior women scientists to conduct research in interdisciplinary areas of Science & Technology
- WISE Internship in Intellectual Property Rights (WISE-IPR) – WISE-IPR programme provides one-year training to women in the area of Intellectual Property Rights in order to develop a core professional skill in this domain
- Women International Grant Support (WINGS): WINGS Programme provides opportunities to Indian Women scientists to undertake research in the International research labs and academic institutions
- Consolidation of University Research for Innovation and Excellence (CURIE): CURIE Programme provides support to women institutions for establishing State-of-the art research infrastructure to enhance research facilities and improving R&D activities in order to create excellence in Science & Technology (S&T) domain
- VigyanJyoti programme aims to encourage girls to pursue higher education and career in STEM (Science, Technology, Engineering and Mathematics) especially in the areas where women participation is low in order to balance gender ratio across the streams
(f) The Anusandhan National Research Foundation (ANRF), erstwhile Science and Engineering Research Board (SERB) provides a wide range of fellowship which had increased the exposure of students to foster research and innovation in science and technology.

4. Department of Higher Education:

(a) The Prime Minister’s Research Fellowship (PMRF) Scheme: PMRF was introduced in 2018, with the objective to attract top talent to doctoral research in India, particularly in Science and Technology, by offering attractive fellowships at institutions like IITs, IISc, and IISERs. The PMRF scheme aims to improve the quality of research in higher educational institutions and foster innovation. The scheme is offered at all IITs, IISERs, Indian Institute of Science (IISc) Bangalore, and some top Central Universities/NITs that offer science and/or technology degrees. The fellowship covers a research grant of Rs. 2 lakhs per year (up to Rs. 10 lakhs for five years). A new version of the PMRF scheme, PMRF 2.0, was announced in the current budget with the introduction of 10,000 fellowships over the next 5 years to boost R&D and provide enhanced PhD fellowships. Industry participation in the PMRF program is explored through CSR funding or otherwise to enable industry to sponsor Fellows.

(b) University Grants Commission (UGC): The UGC supports research and innovation in educational institutions through schemes like “Teaching and Research in Interdisciplinary and Emerging Areas,” encouraging innovative proposals and specialized courses, and promoting Research Development Cells (RDCs) to foster a strong research ecosystem.

(c) All India Council for Technical Education (AICTE): AICTE supports research and innovation in technical education through various schemes, including the AICTE-Research Promotion Scheme (RPS), AICTE AURA, and by promoting infrastructure development, faculty development, and industry-institute interaction.

This information was given by Union Minister of State (Independent Charge) for Science and Technology, Earth Sciences, MoS PMO, Department of Atomic Energy, Department of Space, Dr. Jitendra Singh in a written reply in the Lok Sabha today.

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MIL OSI Asia Pacific News –
March 20, 2025
MIL-OSI Asia-Pac: PALIAMENT QUESTION: INDIAN BIOLOGICAL DATA CENTRE (IBDC)

Source: Government of India (2)

Posted On: 19 MAR 2025 4:11PM by PIB Delhi

Department of Biotechnology has created the national resource data of whole genome sequencing of 10,074 healthy individuals from 83 heterogeneous populations from 99 different sites, under the “Genome India” project, to create a library of genetic variations. This data aims to serving both scientific and medical community, fostering genomic research. Hence, the data has been archived at the Indian Biological Data Center (IBDC), a National Repository set up by this Department. The data can be used for developing indigenous chips, diagnostics and therapeutics, benefiting healthcare system of the country and thus will contribute to the bioeconomy of the country. The Department has planned to fund translational research in which this dataset will serve as a template, thus maximizing the benefits of the data generated under ‘Genome India’ project. This data will be disseminated to the researchers under the provisions of the Biotech-PRIDE (Promotion of Research and Innovation through Data Exchange) Guidelines and ‘Framework for Exchange of Data (FeED) Protocols.

Under the ‘Genome India’ project, the study has been carried out throughout the length and breadth of the country and ensured equitable sampling across linguistic, social, and regional groups in India. Approximately, 36.7% of the samples were collected from rural, 32.2 % from urban and 31.1 % from the tribal populations. It is imperative that maximum benefit should be accrued from the large data base already created. Hence the Department initially focuses on translational research using the already available dataset, for which proposals are being sought throughout the country and the process is still on; hence state wise data in this regard is not available.

This information was given by Union Minister of State (Independent Charge) for Science and Technology, Earth Sciences, MoS PMO, Department of Atomic Energy, Department of Space, Dr. Jitendra Singh in a written reply in the Lok Sabha today.

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MIL OSI Asia Pacific News –

March 20, 2025
MIL-OSI Asia-Pac: Cabinet approves setting up of a new Brownfield Ammonia-Urea Complex Namrup IV Fertilizer Plant within the existing premises of Brahmaputra Valley Fertilizer Corporation Limited (BVFCL), Namrup, Assam

Source: Government of India (2)

Posted On: 19 MAR 2025 4:09PM by PIB Delhi

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has today approved the proposal for setting up of a new Brownfield Ammonia-Urea Complex of 12.7 Lakh Metric Tonnes (LMT) annual capacity of Urea production within the existing premises of Brahmaputra Valley Fertilizer Corporation Limited (BVFCL), Namrup Assam, with an estimated total project cost of Rs.10,601.40 Crore with Debt Equity ratio of 70:30 through a Joint Venture (JV), under the New Investment Policy, 2012 read with its amendments on 7^th October, 2014. The tentative overall time schedule for commissioning of Namrup-IV Project is 48 months.

Additionally, the Cabinet also approved the National Fertilizers Limited (NFL)’s equity participation of 18% in relaxation to the limits prescribed in Department of Public Enterprises (DPE) guidelines; and constitution of an Inter-Ministerial Committee (IMC) to oversee the process of setting up of Namrup-IV Fertilizer Plant.

In the proposed JV, equity pattern will be as under:

(i)     Government of Assam:                                                            40%

(ii)    Brahmaputra Valley Fertilizer Corporation Limited (BVFCL):    11%

(iii)   Hindustan Urvarak & Rasayan Limited (HURL):                       13%

(iv)  National Fertilizers Limited (NFL):                                           18%

(v)    Oil India Limited (OIL):                                                             18%

BVFCL’s share of equity shall be in lieu of tangible assets.

The project will increase the domestic Urea production capacity in the country especially in the North-Eastern region. It will meet the growing demand of Urea fertilizers of North East, Bihar, West Bengal, Eastern Uttar Pradesh, and Jharkhand. The establishment of Namrup-IV unit will be more energy efficient. It will also open avenues for additional direct and indirect employment opportunity to the people of the area. It shall help achieve the vision of self-reliance in Urea in the country.

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MIL OSI Asia Pacific News –

March 20, 2025
MIL-OSI Asia-Pac: WELFARE OF CAPFs PERSONNEL
Source: Government of India (2)

Posted On: 19 MAR 2025 4:08PM by PIB Delhi
The details of the various schemes and the initiatives being taken by the Government for the welfare of Central Armed Police Force personnel are annexed.
- Ayushman CAPF as an initiative was launched on January 23, 2021 for providing cashless and paperless medical treatment at empaneled private and government hospitals across India to the serving personnel of Central Armed Police Forces, Assam Rifles, National Security Guard & National Disaster Response Force and their dependents.
- 41,79,361 Ayushman CAPF Cards (ID) have been generated.
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The Government of India has taken several welfare initiatives for the personnel of the Central Armed Police Forces (CAPFs) and their families. These initiatives encompass financial assistance, educational support, housing, and rehabilitation services.
- Ayushman CAPF: It is an initiative launched by the Government of India under the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB PM-JAY) specifically for personnel of the Central Armed Police Forces (CAPFs) and their families. It provides cashless and paperless medical treatment at empanelled private and government hospitals across India
- Ex-Gratia Payments: In the unfortunate event of death due to accidents during duty, CAPF personnel’s next of kin receive ₹25 lakh. For deaths resulting from acts of violence by terrorists or during enemy action, the compensation is ₹35 lakh.
- Accidental death insurance coverage under CAPF salary package scheme: This policy offers financial support to the families of personnel who lose their lives in the line of duty.
- Prime Minister’s Scholarship Scheme (PMSS): Launched to encourage higher technical and professional education among the wards and widows of CAPF and Assam Rifles personnel, the scheme offers 2,000 scholarships annually (1,000 for boys and 1,000 for girls). The scholarship amounts are ₹3,000 per month for girls and ₹2,500 per month for boys, disbursed annually as ₹36,000 and ₹30,000, respectively.
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- Contributory Welfare Fund:- Necessary guidelines issued to bring uniformity in payout to the Next of Kins (NoKs) of deceased CAPF personnel from Contributory Welfare Fund.
- Quota for wards of CAPF:- 26 seats in MBBS & 03 seats in BDS have been reserved for the wards of serving/deceased CAPFs & AR personnel.
- CAPF e-Awas Portal: A dedicated online platform facilitates the registration and allotment of residential quarters to CAPF personnel. The portal also provides services such as retention and regularization of accommodations.
- Welfare and Rehabilitation Board (WARB): Established to oversee the welfare and rehabilitation of retired CAPF personnel and their families, including the next of kin of deceased or disabled personnel, WARB operates through State and District Welfare Officers across the country.
- “CAPF Punarvaas” scheme: – A “CAPF Punarvaas” scheme was launched by linking Private Security Agencies (Regulation) Act (PSARA) website with WARB website where the data of retired and willing Ex- CAPF/AR personnel is made available to Private Security Agencies on PSARA website for re-employment in Private Security Agencies.
- Medical Facilities: Retired personnel and their spouses receive medical facilities from CGHS/CPMF Hospitals or a medical allowance of ₹1000 per month.
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- Risk and Hardship Allowances: Enhancements have been made to the existing risk and hardship allowances for CAPF personnel deployed in Jammu and Kashmir and Left-Wing Extremism affected districts.
- Kendriya Police Kalyan Bhandar (KPKB): Formerly known as the Central Police Canteen, KPKB provides quality products to CAPF personnel at discounted rates through direct negotiations with suppliers.
- Liberalized Pension Awards (LPA) and Extraordinary Family Pension (EFP): There are special pension schemes designed for the families of Central Armed Police Forces (CAPF) personnel who suffer death or disability due to operational hazards, ensuring financial security for their dependents.
- Bharat Ke Veer: It is an initiative launched by the Ministry of Home Affairs (MHA) to support the families of deceased Central Armed Police Forces (CAPF) personnel. It enables citizens to contribute financially to the families of soldiers who have sacrificed their lives in the line of duty.
This was stated by the Minister of State in the Ministry of Home Affairs Shri Nityanand Rai in a written reply to a question in the Rajya Sabha.

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MIL OSI Asia Pacific News –
March 20, 2025
MIL-OSI Asia-Pac: ‘WATAN KO JANO’ PROGRAMME

Source: Government of India (2)

Posted On: 19 MAR 2025 4:06PM by PIB Delhi

The ‘Watan Ko Jano’ programme, organized by the Government of Jammu and Kashmir under the funding from Ministry of Home Affairs, Government of India, is aimed at fostering national integration by exposing children of the age less than 18 years from government-run homes to the cultural, historical, and technological advancements of other parts of the country. The ‘Watan Ko Jano’ programme has been successful in promoting national integration, fostering unity among India’s youth, and helping create a more inclusive, harmonious society. The Government of Jammu and Kashmir is implementing various vocational training and skill development programmes including two flagship programs namely, Mission Youth and Mission Yuva. These missions have been specifically mandated to empower and enhance the skills of the youth in the region, providing them with the necessary tools and opportunities to excel in various sectors.

Further, under ‘Kashmiri Youth Exchange Programme (KYEP)’ various activities are being organized for school students/youth of Jammu and Kashmir with the other states/UTs through interactions, seminars, panel discussions, skill development, visit to Industries, exhibition of artefacts and local products of Kashmir valley, food festival, sharing of best practices, culture and customs, career guidance, patriotism and nation building programme, cultural programs, etc. by Nehru Yuva Kendra Sangathan (NYKS).

This was stated by the Minister of State in the Ministry of Home Affairs Shri Nityanand Rai in a written reply to a question in the Rajya Sabha.

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MIL OSI Asia Pacific News –

March 20, 2025
MIL-OSI Asia-Pac: GAGANYAAN-1 MISSION

Source: Government of India (2)

Posted On: 19 MAR 2025 4:01PM by PIB Delhi

Gaganyaan Programme is currently approved with a financial sanction of ~20,193 Crores. The envisaged expenditure is categorised into Revenue (~ 341 Crores) and Capital (~19852 Crores) elements catering to necessary technology development activities and undertaking uncrewed/ crewed flight missions. (Total: 8 Nos.).

There has been a revision in the scope and financial sanction of Gaganyaan Programme. The vision for space in the Amrit kaal envisages including other things, creation of an operational Bharatiya Antariksh Station by 2035 and Indian Crewed Lunar Mission by 2040. Towards building these new capabilities to enable longer duration Indian human space missions, various technologies have to be developed and validated. As per the revised scope, demonstration of these technologies is planned through eight missions (2 Crewed+ 6 Uncrewed) in a phased manner.

ISRO together with collaborating national agencies is responsible for development of various technologies which are planned to be demonstrated in this mission. Private enterprises are contributing enormously to the programme specifically in areas such as realization of launch vehicle systems, sub-systems and critical structures (simulated Crew Module/ Crew Module) for ground/ flight test program, Crew Module Recovery Models, Virtual reality based training simulators, realization of various subsystems of indigenous Environment Control and Life Support System (ECLSS) as well as avionics packages for ground simulations. Some of these contributing private enterprises are Tata Advanced Systems Limited, Tata Elxsi, Larsen & Toubro, Walchand nagar Industries, Manjira Machine Builders, Godrej Aerospace, Data Patterns India, Centum Electronics etc.

The Government of India has announced reforms, on June, 2020, in the space sector towards enabling the private players to provide end-to-end services towards enhancing the Indian space economy to a significant level. Indian Space Policy-2023 was released in April 2023 as an overarching, composite and dynamic framework to implement the space reform vision. It helps to promote greater participation of Non-Governmental Entities (NGEs) in the value chain of space economy in order to develop robust, innovative and competitive space ecosystem aiming for a larger share of India in global space economy. It also enables the NGEs to make use of infrastructure created through public funds. Further, amendment was made to the Foreign Direct Investment policy for space sector, enabling higher threshold of foreign investments in various space domains. Indian National Space Promotion and Authorisation Centre {IN-SPACe), a single-window agency, was formed under Department of Space, to promote, regulate and authorize space activities of Non-Governmental Entities {NG Es). Further, in order to carry out space activities, the facilities across various ISRO centres will also be permitted for use by private sector through IN-SPACe. New Space India Ltd (NSIL}, a CPSE under the Department of Space will transfer the matured technologies developed by ISRO to Indian industries. ISRO will also nurture Indian space industries by sharing its experiences on quality and reliability protocols, documentation, testing procedures etc. Announcement of Opportunities and initiatives like ‘Atmanirbharta in development of space technologies/ products/ systems through Indian industry’ are also being undertaken offering challenges in new domains of space technology.

This information was given by Union Minister of State (Independent Charge) for Science and Technology, Earth Sciences, MoS PMO, Department of Atomic Energy, Department of Space, Dr. Jitendra Singh in a written reply in the Lok Sabha today.

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MIL OSI Asia Pacific News –

March 20, 2025

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