NewzIntel.com

Category: Asia

  • MIL-OSI Asia-Pac: Holistic Health and Nutrition Champion Luke Coutinho’s Visits Anganwadi Centers in New Delhi

    Source: Government of India

    Holistic Health and Nutrition Champion Luke Coutinho’s Visits Anganwadi Centers in New Delhi

    Implementation of Poshan Abhiyaan and Government’s commitment to tackling malnutrition through Saksham Anganwadi and Poshan 2.0 witnessed during visit

    Posted On: 28 FEB 2025 2:44PM by PIB Delhi

    Renowned holistic health coach and co-founder of Luke Coutinho Holistic Healing Systems, Mr. Luke Coutinho, visited Anganwadi Centre in Kusumpur Pahari ICDS Project AWC 55 & 59in R K Puram, New Delhi today to witness first-hand the implementation of Poshan Abhiyaan.

    The visit aligns with the Government of India’s commitment to tackling malnutrition through Saksham Anganwadi and Poshan 2.0 (Mission Poshan 2.0) in which social behavioural change and community participation is a major component.

     

    During his visit, Mr. Coutinho interacted with Anganwadi workers who are key stakeholders engaged in strengthening nutrition and early childhood education in the community. He also interacted with the children at the Anganwadi Centre and motivated all towards good nutrition and healthy lifestyle practices.

     

    He saw how the real-time tracking of nutritional services is being done through the ‘Poshan Tracker’ application, an advanced IT governance tool that monitors the infrastructure and service delivery at Anganwadi Centres. This tool, available in 24 languages, has facilitated near real-time data collection and targeted interventions, ensuring improved service efficiency for beneficiaries.

     

    Praising Prime Minister Shri Narendra Modi’s, anti obesity campaign and clarion call for reduction of edible oil for cooking, Mr Luke talked about awareness and community mobilisation being done by MoWCD through annual Jan Andolan events i.e. Poshan Maah and Poshan Pakhwada under Poshan Abhiyaan.

    He emphasised on involvement of males in the family for good nutrition. He also praised Ministry’s initiatives of use of millet in Supplementary Nutrition Program and use of technology for real-time tracking of nutritional services through the ‘Poshan Tracker’ application under Saksham Anganwadi and Mission Poshan 2.0.

      

     

    The Joint Secretary, Ministry of WCD mentioned that for ensuing 7 th Poshan Pakhwada 2025 from 18 th March to 2 nd April 2025, emphasis has been given on Healthy lifestyle to address Obesity in Children besides Focus on first 1000 days of life, Popularisation of Beneficiary Module and Management of malnutrition through implementation of CMAM Module.

    To encourage adoption of locally available food in the daily diet, Mr. Luke Coutinho planted Curry leave sapling.

    The Joint Secretary, Minisyry of WCD presented a copy of ‘Poshan Utsav Book’, conceptualized by the Ministry of Women and Child Development and curated by the Deendayal Research Institute (DRI). It serves as a comprehensive repository for appreciation of the rich culinary heritage and nutritional diversity of the country.

    This visit by Mr. Coutinho is expected to create greater awareness about the importance of holistic nutrition and early childhood education, reinforcing the collective mission of achieving a healthier and better-nourished India.

     **** 

    SS/MS

    (Release ID: 2106898) Visitor Counter : 38

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Excel in frontier tech by making best use of internationally-competitive infrastructure being set-up in India: Raksha Mantri to youth during National Science Day celebrations in Hyderabad

    Source: Government of India

    Excel in frontier tech by making best use of internationally-competitive infrastructure being set-up in India: Raksha Mantri to youth during National Science Day celebrations in Hyderabad

    “India can remain strong & secure in adverse situations if it has solutions to critical technological challenges”

    Govt’s endeavour is to harness the potential of India’s youth to achieve the goal of Viksit Bharat by 2047, says Shri Rajnath Singh

    Posted On: 28 FEB 2025 2:43PM by PIB Delhi

    Raksha Mantri Shri Rajnath Singh has called upon the youth to inculcate scientific temper and excel in frontier technologies by making best use of the internationally-competitive infrastructure being established in the country due to the Government’s efforts. He was inaugurating Vigyan Vaibhav, a two-day science and technology extravaganza organised in Hyderabad, Telangana as part of National Science Day celebrations on February 28, 2025.

    “War is increasingly moving from hardware to software-oriented. New technological breakthroughs are on the horizon and we have to take a lead in transformative technologies such as Artificial Intelligence, Quantum Computing, Machine Learning and Clean-tech. India can remain strong and secure in adverse situations if it has solutions to critical technological challenges. Our youth must adopt scientific outlook & critical thinking and try to go beyond the ordinary,” said Shri Rajnath Singh. He recalled the words of former President Dr APJ Abdul Kalam who said “Science is a beautiful gift to humanity; we should not distort it but use it for betterment of society”.

    Raksha Mantri reiterated Prime Minister Shri Narendra Modi-led Government’s commitment to harness modern technology for the safety and security of the nation, terming education in the field as crucial for the future. India’s youth possesses tremendous potential and it is the Government’s endeavour to harness their capabilities to achieve the vision of Viksit Bharat by 2047, he said.

    Shri Rajnath Singh threw light on the New Education Policy 2020 which aims to transform science education in the country by encouraging creativity, critical thinking and innovation. He added that the theme of this year’s National Science Day i.e. ‘Empowering Indian youth for global leadership in Science and Innovation for Viksit Bharat’ reflects the same approach. He described the theme as a reflection of New India’s aspiration for progress through innovation and global scientific leadership.

    Speaking on the occasion, Telangana Chief Minister Shri A Revanth Reddy stated that Hyderabad has long been a hub of scientific excellence and technological innovation. He urged the young minds participating in Vigyan Vaibhav 2025 to dream big and embrace innovation with passion.

    As part of the event, a grand exhibition has been organised which welcomed over 30,000 students. Featuring 200+ exhibition stalls, it provided a rare opportunity for students to witness cutting-edge defence and aerospace technologies developed by DRDO and leading Indian industries. The exhibition aimed to ignite curiosity, inspire innovation, and encourage young minds to pursue careers in STEM fields, fostering the next generation of scientists, engineers, techno-preneurs who will propel India towards global technological leadership.

    Secretary, Department of Defence R&D and Chairman DRDO Dr Samir V Kamat; President, Aeronautical Society of India (AeSI) Dr G Satheesh Reddy; Director Generals and Directors of DRDO; CMDs of PSUs and heads of industries attended the event.

    Vigyan Vaibhav is jointly organised by DRDO, AeSI, and Kalam Institute of Youth Excellence to commemorate National Science Day in honour of legendary scientist Sir CV Raman and his ground-breaking contributions to science. The event brings together policymakers, scientists, industry leaders, academicians, and young innovators to discuss and showcase advancements that will shape the nation’s future. As India advances towards Viksit Bharat by 2047, it serves as a reminder that the path to self-reliance is paved with scientific excellence, innovation, and collaboration.

    ***

    SR/Savvy

    (Release ID: 2106896) Visitor Counter : 64

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Union Health Minister Shri JP Nadda inaugurates 9th National Summit on Good & Replicable Practices and Innovation in Public Healthcare System in Puri, Odisha

    Source: Government of India

    Union Health Minister Shri JP Nadda inaugurates 9th National Summit on Good & Replicable Practices and Innovation in Public Healthcare System in Puri, Odisha

    National Health Policy 2017 brought about a paradigm shift in approach from curative healthcare to one that encompasses curative as well as preventive, promotive and comprehensive aspects: Shri JP Nadda

    “Work done on Ayushman Arogya Mandir under the National Health Mission has strengthened the foundation of primary healthcare in the overall healthcare pyramid”

    “Decline of Maternal Mortality Rate in India is double that of the global decline which highlights the effort taken in strengthening the healthcare system from the grassroot level. The Infant Mortality Rate and Under 5 Mortality Rate has also seen a noteworthy downfall”

    “WHO’s World Malaria Report 2024 and Global TB Report 2024 acknowledges India’s significant achievements towards the goal of elimination of both the diseases”

    Shri Nadda highlights the importance of Jan Bhagidari; credits ASHA workers, SHOs and other grassroot level health workers for the achievements made in the healthcare sector

    Emphasizes the importance of making lifestyle changes to counter the threat of Non-Communicable Diseases

    Merging of Odisha’s Gopabandhu Jan Arogya Yojana with the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana is a momentous step as people from Odisha can now access over 29,000 private hospitals across the country, benefiting over 4.5 crore people, especially the migrant workers: Shri Mohan Charan Majhi

    Posted On: 28 FEB 2025 2:27PM by PIB Delhi

    Union Health Minister Shri Jagat Prakash Nadda inaugurated the 9th National Summit on Good & Replicable Practices and Innovation in the Public Healthcare System in Puri, Odisha today in the presence of Shri Mohan Charan Majhi, Chief Minister, Odisha; Dr. Mukesh Mahaling, Health Minister, Odisha and Dr Sambit Patra, Member of Parliament (Lok Sabha) from Puri.

    The 2 days summit will showcase and document various best practices and innovations adopted by States and UTs for addressing their public health challenges. It will also provide an opportunity for knowledge sharing and cross-learning among the States/UTs.

    Addressing the session, Shri JP Nadda highlighted that India has made a significant stride in healthcare since 2014. He stated that the National Health Policy 2017 brought about a paradigm shift in approach from curative healthcare to one that encompasses curative as well as preventive, promotive and comprehensive aspects. Similarly, the Union Minister noted that the government has also given a lot of impetus to tertiary healthcare in addition to improving primary and secondary healthcare.

    He noted that the Union Government’s focus is on ensuring quality and affordable healthcare services for the people. On this note, he stated that the work done on Ayushman Arogya Mandir under the National Health Mission has strengthened the foundation of primary healthcare in the overall healthcare pyramid.

    Shri Nadda stated that “the decline of Maternal Mortality Rate (MMR) in India is double that of the global decline which highlights the effort taken in strengthening the healthcare system from the grassroot level. The Infant Mortality Rate (IMR) and Under 5 Mortality Rate has also seen a noteworthy downfall.”  He also credited Odisha for its appreciable strides in IMR and MMR.

    The Union Health Minister highlighted that “the WHO’s World Malaria Report 2024 acknowledges India’s significant reduction in malaria cases. Similarly, India has witnessed a noteworthy 17.7% decline in TB incidence from 2015 to 2023, a rate that is over twice the global average decline of 8.3% according to the WHO Global TB Report 2024”. He noted that despite the COVID-19 setback, India has not diluted its TB eradication target. He highlighted the ongoing 100-Day TB Elimination Campaign, spanning 455 districts across 33 states which has detected 5 lakh TB patients already.

    Acknowledging the importance of Jan Bhagidari for the success of any campaign, the Union Health Minister credited the ASHA workers, SHOs and other grassroot level health workers for the achievements made in the healthcare sector. He stated that Panchayati Raj Institutions should be more empowered to further strengthen the healthcare base in India.

    On the threat from Non-Communicable Diseases, Shri Nadda emphasized on the need for bringing lifestyle changes. He praised NHM for its ongoing Intensified Special NCD Screening Drive which is offering free of cost screening of Diabetes, Hypertension and 3 types of Cancer – Oral, Breast and Cervical cancer. He also highlighted a recent Lancet study which found that patients enrolled under AB PM-JAY saw a 90% rise in access to cancer treatment within 30 days, reducing delay in treatment and easing financial burden of cancer patients.

    Shri Nadda noted that every district in the country will have day care cancer centers in the next 3 years with 200 districts to be covered in this year itself. He also emphasized on tele-medicine to strengthen healthcare further.

    On the occasion, the Union Health Minister and other dignitaries released a Coffee Table Book on 9th National Summit on Best Practices, Report on the 16th Common Review Mission Report, Four Regional Conferences of NHM (2024-25) report and the Non-Communicable Diseases Conference Report (Jan 2025).

    Speaking on the occasion, Shri Mohan Charan Majhi said that Odisha is an important pillar in the Union Government’s vision of a Swasthya Bharat. He said that under the motto of “Swasthya Odisha, Samruddh Odisha”, the state will bring more energy and focus in achieving all the UN SDG goals.

    Shri Majhi said that the merging of Odisha’s Gopabandhu Jan Arogya Yojana with the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB PMJAY) scheme is a momentous step as people from Odisha can now access over 29,000 private hospitals across the country, benefiting over 4.5 crore people, especially the migrant workers of the state.

    He informed that a slew of national institutes is coming up in the state including National Institute of Yoga and Naturopathy, National Institute of Pharmaceutical Education & Research (NIPER) and a National Institute of Speech and Hearing. He also stated that a new Government Nursing College and four dental colleges will be opened in Odisha.

    Dr Mukesh Mahaling highlighted that Odisha has made remarkable achievements in institutional deliveries which has increased to more than 92% today. He stated that “MMR and IMR cases have reduced at a fast pace. Cancer treatment and chemotherapy are already provided in the district hospitals in Odisha.” He further stated that the government is working towards ensuring that all districts in Odisha have hospitals.

    Smt. Punya Salila Srivastava noted that the NHM National Summits has developed into a powerful medium for delivery of equitable, quality and affordable health services. She noted that states will be able to share best practices and learnings from Common Review Missions (CRMs) held earlier which will help them in widening Jan Bhagidari, optimizing resources and meeting challenges. She urged states to continue to focus on enhancing quality standards and assess the areas where more resources are required for more effective service delivery.

     

    Brief Note on 9th National Summit on Best Practice:

    The Ministry of Health and Family Welfare (MoHFW) organizes an annual National Innovation Summit on Good and Replicable Practices and Innovations in the Public Health System. This summit aims to showcase and document best practices and innovations adopted by States and Union Territories (UTs) to address public health challenges. It serves as a platform for knowledge sharing and cross-learning among States/UTs. The initiative began in 2013, with seven previous summits held. The eighth summit, along with Chintan Shivir, was conducted in May 2022 in Kevadia, Gujarat.

    The process for the 9th National Summit on Best Practices commenced in December 2023. A directive (D.O. No. NHSRC/21-22/KMD/Best Practices/1001_part (1)) was sent to States/UTs, inviting submissions of innovations and best practices via the National Healthcare Innovation Portal (NHInP). A total of 165 entries were submitted, which included trial and duplicate entries. After a thorough review and elimination of duplicates, selected entries for oral presentations and posters were finalized, with input from Programme Divisions and under the review of the Joint Secretary (Policy).

    Additionally, the dissemination of the report from the 16th Common Review Mission (CRM), conducted across 19 States in November 2024, will be a key part of the summit. The CRM involved a national briefing on November 18, 2024, followed by field visits from November 19-23, 2024, across 17 states (Arunachal Pradesh, Assam, Bihar, Chhattisgarh, Gujarat, Haryana, Himachal Pradesh, Jammu and Kashmir, Karnataka, Tripura, Mizoram, Odisha, Rajasthan, Madhya Pradesh, Uttarakhand, Uttar Pradesh, West Bengal) and from November 26-30, 2024 in two more states (Jharkhand and Maharashtra). A total of 19 teams, including government officials, public health experts, civil society representatives, and development partners, participated in the CRM.

    Smt. Aradhana Patnaik, Additional Secretary & Mission Director (NHM), Union Health Ministry; Shri Saurabh Jain, Joint Secretary (Policy), Union Health Ministry; senior officials such as Additional Chief Secretary, Principal Secretary, Mission Directors, Senior Nodal officials from States/UTs (including NHM), and representatives from the Union Health Ministry, National Health Systems Resource Centre (NHSRC), and Regional Resource Centre for Northeastern States (RRC-NE) were present on the occasion.

    ***

    MV

    HFW/HFM-NHM National Summit Inauguration/28th February 2025/1

    (Release ID: 2106886) Visitor Counter : 59

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Second Agreement Concerning Amendment to CEPA Agreement on Trade in Services to be implemented on March 1

    Source: Hong Kong Government special administrative region

    Second Agreement Concerning Amendment to CEPA Agreement on Trade in Services to be implemented on March 1
    Second Agreement Concerning Amendment to CEPA Agreement on Trade in Services to be implemented on March 1
    ******************************************************************************************

         The Hong Kong Special Administrative Region (HKSAR) Government today (February 28) said that the Second Agreement Concerning Amendment to the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA) Agreement on Trade in Services (Amendment Agreement II) signed between the Ministry of Commerce and the HKSAR Government under the framework of CEPA will be implemented tomorrow (March 1).      The Amendment Agreement II further opens up the services market of the Mainland to Hong Kong, enabling Hong Kong businesses and professionals to enter the Mainland market with more preferential treatments. The Amendment Agreement II introduces new liberalisation measures across a number of service sectors where Hong Kong enjoys competitive advantages, such as financial services, construction and related engineering services, testing and certification, telecommunications, motion pictures, television and tourism services. The liberalisation measures take various forms, including removing or relaxing restrictions on equity shareholding and business scope in the establishment of enterprises; relaxing qualification requirements for Hong Kong professionals providing services; and easing restrictions on Hong Kong’s exports of services to the Mainland market. Most of the liberalisation measures apply to the whole Mainland, while some of them are designated for pilot implementation in the nine Pearl River Delta municipalities in the Guangdong-Hong Kong-Macao Greater Bay Area.      The Amendment Agreement II also brings along institutional innovation and collaboration enhancements. It includes the addition of “allowing Hong Kong-invested enterprises to adopt Hong Kong law” and “allowing Hong Kong-invested enterprises to choose for arbitration to be seated in Hong Kong” as facilitation measures for Hong Kong investors; and removal of the period requirement on Hong Kong service suppliers to engage in substantive business operations in Hong Kong for three years in most service sectors.      Since the signing of the Amendment Agreement II, the HKSAR Government has been proactively liaising with various chambers of commerce, industries and advisory bodies, etc, to enhance the trade’s understanding of the liberalisation measures. In addition, in the middle of this month, the HKSAR Government co-organised with the Ministry of Commerce a forum to introduce the content and implementation arrangements of the measures as well as the criteria and procedures for application for preferential treatments to over 350 participants, including representatives from local and foreign chambers of commerce, consulates, major trade associations and professional sectors. The HKSAR Government will continue to assist the trade in making good use of the preferential measures of the Amendment Agreement II to facilitate Hong Kong in fully capitalising on the city’s distinctive advantages of enjoying strong support of the motherland and maintaining close connection to the world under the “one country, two systems” principle, and to contribute to the national development of new quality productive forces and solid progress in promoting high-quality development.      The Mainland and Hong Kong signed the Agreement on Trade in Services (the Services Agreement) under the framework of CEPA in November 2015, basically achieving liberalisation of trade in services between the two places. Subsequently, the two sides signed an agreement to amend the Services Agreement in November 2019 and the relevant liberalisation measures have been implemented since June 2020. To further enhance liberalisation and facilitate trade in services in response to the aspirations of the Hong Kong business community for greater participation in the development of the Mainland market, the two sides signed the Amendment Agreement II on October 9, 2024, to make further amendments to the Services Agreement.      To provide one-stop facilitation to the trade, the Trade and Industry Department (TID) has established a dedicated website (www.tid.gov.hk/english/cepa/index.html) where the enterprises and professionals concerned can access more details about CEPA.      The TID also maintains a telephone hotline (2398 5667) and email (cepa@tid.gov.hk) for CEPA-related enquiries, and helps liaise with relevant bureaux, departments or the Mainland authorities to follow up on those issues. 

     
    Ends/Friday, February 28, 2025Issued at HKT 17:00

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: ALIMCO to establish 1st Auxiliary Production Centre in Tripura to boost Assistive Device Manufacturing and Service Delivery for Divyangjan and Senior Citizens in the North-East region

    Source: Government of India (2)

    Posted On: 28 FEB 2025 2:11PM by PIB Delhi

    In a landmark step towards enhancing accessibility and service delivery for Persons with Disabilities (PwDs) and Senior Citizens in the North-East region, Artificial Limbs Manufacturing Corporation of India (ALIMCO) a PSU under Union Ministry of Social Justice and Empowerment is set to establish its first Auxiliary Production Centre (AAPC) at Purba Laxmibill, Sepahijala District, Tripura.

    With an investment of Rs. 45 Crore, the centre will mark the beginning of a new era in assistive device manufacturing and service delivery in the North-East region. It will serve the need for a dedicated production and distribution facility to efficiently cater to the North-East. This new initiative further aims to enhance accessibility to assistive devices while generating employment opportunities for the local population.

    The Bhumi Pujan and Foundation Stone Laying Ceremony for this facility will take place on 1st March 2025, in the august presence of dignitaries viz. Chief Minister (Tripura), Dr. Manik Saha, along with Shri B.L. Verma, Union Minister of State for Social Justice and Empowerment. Other dignitaries gracing the occasion would include Shri Tinku Roy, Minister of Social Welfare, Government of Tripura, Shri Biplab Dev, Member of Parliament, West Tripura and Shri Sushanta Deb, MLA, Bishalgarh.

    This initiative is a significant step towards regional empowerment and inclusivity, reinforcing Central Government’s commitment to serving the persons with disabilities across India. The State Government of Tripura has played a key role in facilitating land acquisition in Sepahijala District, and efforts have been expedited under the guidance of Department of Empowerment of Persons with Disabilities (Divyangjan), Government of India.

    Shri Praveen Kumar, CMD, ALIMCO, Shri A. K Pandey, Deputy Secretary, DEPwD, Government of India, along with senior officers from the Social Welfare Department of Tripura and the District Administration of Sepahijala shall be present on the occasion.

    *****

    VM

    (Release ID: 2106882) Visitor Counter : 59

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Union Minister for Coal and Mines, Shri G. Kishan Reddy to Inaugurate 175th Foundation Day Celebrations of Geological Survey of India at Kolkata on 4th March 2025

    Source: Government of India (2)

    Union Minister for Coal and Mines, Shri G. Kishan Reddy to Inaugurate 175th Foundation Day Celebrations of Geological Survey of India at Kolkata on 4th March 2025

    GSI to Organize Mega Walkathon Across the Country on 2nd March 2025 to Kick Off the Commemorative Celebrations

    Posted On: 28 FEB 2025 1:50PM by PIB Delhi

    The Geological Survey of India (GSI), one of the oldest scientific organizations in the country, is set to celebrate its 175th year of geoscientific legacy. To mark this historic milestone, Union Minister of Coal & Mines, Shri G Kishan Reddy will inaugurate the Foundation Day celebrations on 4th March 2025 at Central Headquarters, Kolkata, in the esteemed presence of Shri Asit Saha, Director General, GSI, heads of organisations along with senior officials, geoscientists, and stakeholders.

    Established in 1851 by Sir Thomas Oldham, GSI has played a pioneering role in geological mapping, mineral exploration, disaster studies, and geoscientific research, significantly contributing to India’s industrial and economic growth.

    As a curtain-raiser to this grand celebration, GSI will organize a Pan-India Walkathon on 2nd March 2025, bringing together geoscientists, students, policymakers, and the general public, across all GSI offices in the country. The Central Headquarters, Kolkata will serve as the focal point, with the event taking place at CK-CL Park, Salt Lake, Sector-II, led by Shri Asit Saha, Director General, GSI. More than just a commemorative event, the Walkathon will provide a unique platform to engage with communities, raise awareness about the significance of geoscience, and inspire future generations to explore and innovate. Participants from diverse backgrounds will join hands to celebrate GSI’s 175-year legacy of excellence in geosciences.

    During the 175th Foundation Day celebrations on 4th March 2025, GSI will showcase its rich legacy and scientific contributions through a series of engaging events, insightful publications and unveiling of Special Postal Cover, My stamp and two geoscientific mobile apps. Diverse exhibitions and historical photo gallery highlighting a visual journey through GSI’s 175-year legacy, its milestones and achievements will be showcased. To foster public engagement and awareness about geosciences, various competitions, interactive events and a blood donation camp will be organized, encouraging participation from all walks of life, reinforcing GSI’s commitment to social responsibility and community welfare.

    As one of India’s pioneering scientific institutions, GSI has evolved from discovering coal for railways to driving cutting-edge innovations in geoscience. The 175th Foundation Day celebrations will not only honour its rich legacy but also reaffirm its commitment to advancing geoscientific investigations, mineral exploration, and technological innovation for the Nation’s progress. With an overwhelming spirit of participation, the Geological Survey of India looks forward to an inspiring and impactful celebration of knowledge, fitness, and consciousness for geoscience.

     

    ****

    Shuhaib T

    (Release ID: 2106867) Visitor Counter : 97

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Interest rate for fifth interest payment of Silver Bond Series due 2025

    Source: Hong Kong Government special administrative region

    Interest rate for fifth interest payment of Silver Bond Series due 2025
    Interest rate for fifth interest payment of Silver Bond Series due 2025
    ***********************************************************************

    The following is issued on behalf of the Hong Kong Monetary Authority:     The Hong Kong Monetary Authority, as representative of the Hong Kong Special Administrative Region Government, announced today (February 28) the relevant per annum interest rate for the fifth interest payment of Silver Bond Series due 2025 (Issue Number 03GB2509R) (the Bonds) issued under the Retail Bond Issuance Programme of the Government Bond Programme.           According to the Issue Circular dated August 9, 2022, for the Bonds, the fifth interest payment of the Bonds is scheduled to be made on March 14, 2025, and the relevant interest rate is scheduled to be determined and announced on February 28, 2025, as the higher of the prevailing Floating Rate and Fixed Rate.              On February 28, 2025, the Floating Rate and Fixed Rate are as follows: 

    Floating Rate:
    +1.82 per cent (Annex)

    Fixed Rate:
    +4.00 per cent

          Based on the Floating Rate and Fixed Rate set out above, the relevant interest rate for the fifth interest payment is determined and announced as 4.00 per cent per annum.

     
    Ends/Friday, February 28, 2025Issued at HKT 16:30

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Monetary Statistics for January 2025

    Source: Hong Kong Government special administrative region

    Monetary Statistics for January 2025
    Monetary Statistics for January 2025
    ************************************

    The following is issued on behalf of the Hong Kong Monetary Authority:     According to statistics published today (February 28) by the Hong Kong Monetary Authority, total deposits with authorized institutions increased by 1.4 per cent in January 2025. Among the total, Hong Kong dollar deposits and foreign currency deposits increased by 1.3 per cent and 1.5 per cent respectively in January. Renminbi deposits in Hong Kong increased by 6.5 per cent in January to RMB986.8 billion at the end of January, mainly reflecting fund flows of corporates. The total remittance of renminbi for cross-border trade settlement amounted to RMB1,377.4 billion in January, compared with RMB1,401.6 billion in December. It should be noted that changes in deposits are affected by a wide range of factors, such as interest rate movements and fund-raising activities. It is therefore more appropriate to observe the longer-term trends, and not to over-generalise fluctuations in a single month.     Total loans and advances decreased by 0.2 per cent in January. Among the total, loans for use in Hong Kong (including trade finance) decreased by 0.5 per cent, while loans for use outside Hong Kong increased by 0.6 per cent in January. The Hong Kong dollar loan-to-deposit ratio decreased to 75.7 per cent at the end of January from 77.1 per cent at the end of December, as Hong Kong dollar deposits increased while Hong Kong dollar loans decreased.     Hong Kong dollar M2 and M3 both increased by 1.5 per cent in January, and both increased by 4.5 per cent when compared to a year ago. The seasonally-adjusted Hong Kong dollar M1 decreased by 3.0 per cent in January while increased by 1.8 per cent compared to a year ago, reflecting in part investment-related activities. Total M2 and total M3 both increased by 1.6 per cent in January. Compared to a year earlier, total M2 and total M3 both increased by 9.6 per cent.     As monthly monetary statistics are subject to volatilities due to a wide range of transient factors, such as seasonal and IPO-related funding demand as well as business and investment-related activities, caution is required when interpreting the statistics.

     
    Ends/Friday, February 28, 2025Issued at HKT 16:30

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Residential mortgage survey results for January 2025

    Source: Hong Kong Government special administrative region

    Residential mortgage survey results for January 2025
    Residential mortgage survey results for January 2025
    ****************************************************

    The following is issued on behalf of the Hong Kong Monetary Authority:     The Hong Kong Monetary Authority announced the results of the residential mortgage survey for January 2025.           The number of mortgage applications in January 2025 increased month-on-month by 3.3 per cent to 6 516.           Mortgage loans approved in January 2025 decreased by 2.1 per cent compared with December 2024 to HK$25 billion. Among these, mortgage loans financing primary market transactions increased by 15.5 per cent to HK$10 billion and those financing secondary market transactions decreased by 11.7 per cent to HK$12.2 billion. Mortgage loans for refinancing decreased by 8.8 per cent to HK$2.9 billion.           Mortgage loans drawn down during January 2025 increased by 17.6 per cent compared with December 2024 to HK$15.6 billion.           The ratio of new mortgage loans priced with reference to HIBOR increased from 91.3 per cent in December 2024 to 93 per cent in January 2025. The ratio of new mortgage loans priced with reference to best lending rates decreased from 4.1 per cent in December 2024 to 3.4 per cent in January 2025.           The outstanding value of mortgage loans increased month-on-month by 0.1 per cent to HK$1,872.9 billion at end-January 2025.           The mortgage delinquency ratio stood at a low level of 0.12 per cent and the rescheduled loan ratio was unchanged at nearly 0 per cent.

     
    Ends/Friday, February 28, 2025Issued at HKT 16:30

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Post-Budget Webinar on “Agriculture and Rural Prosperity” to be held tomorrow

    Source: Government of India

    Post-Budget Webinar on “Agriculture and Rural Prosperity” to be held tomorrow

    Prime Minister Shri Narendra Modi to deliver virtual keynote address

    Union Minister for Agriculture & Farmers ‘Welfare Shri Shivraj Singh Chouhan to address farmers

    Posted On: 28 FEB 2025 1:37PM by PIB Delhi

    Ministry of Agriculture & Farmers’ Welfare is organizing a daylong Post-Budget Webinar on “Agriculture and Rural Prosperity” tomorrow. Prime Minister Shri Narendra Modi will deliver the keynote address, it would be joined by the all the Union Ministers. Agriculture Minister Shri Shivraj Singh Chouhan would present his views at 3:30 pm tomorrow. This webinar aims to engage stakeholders in a focused discussion and strategizing the effective implementation of the 2025 Budget announcements. The event, scheduled in the form of a webinar, will address key areas on agriculture growth and rural prosperity, ensuring a collaborative approach to realize the vision outlined in the budget. Besides, the webinar is also to align key stakeholders, including private sector experts, industry representatives, and subject matter specialists, in the implementation of the 2025 Budget for “Agriculture and Rural Prosperity’ through structured, sub-theme-focused webinars. The goal is to facilitate dialogue, gather insights, and ensure timely and coordinated actions towards achieving the set goals. It is scheduled to start at 10 am tomorrow and as many as seven to eight speakers would present their views on various subject. Besides Prime Minister will deliver the keynote address at 12:3O pm virtually.

     

    *****

    MG/RN/KSR

    (Release ID: 2106861) Visitor Counter : 84

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Film Development Fund launches Film Production Grant Scheme for Promoting Chinese Culture

    Source: Hong Kong Government special administrative region

    Film Development Fund launches Film Production Grant Scheme for Promoting Chinese Culture
    Film Development Fund launches Film Production Grant Scheme for Promoting Chinese Culture
    *****************************************************************************************

    The following is issued on behalf of the Hong Kong Film Development Council (FDC):     “The Chief Executive’s 2024 Policy Address” announced the provision of financial support for the film industry under the Film Development Fund (FDF) to produce films that promote Chinese culture, showcasing fine traditional Chinese culture elements to audiences. The Government will launch the Film Production Grant Scheme for Promoting Chinese Culture (GSPCC), with a view to encouraging creators to incorporate Chinese cultural elements into film productions, thereby promoting the charm and diversity of Chinese culture. The GSPCC is open for application from today (February 28) to September 1, 2025, for a period of six months.     The GSPCC accepts applications for feature-length narrative and animation films. It is anticipated that a maximum of two projects will be subsidised. Each approved film project will receive a grant of up to $10 million. The producers and directors of the applications for the GSPCC shall possess substantial experience in the film industry, while the directors shall be permanent residents of Hong Kong.       The Government will form an independent assessment panel to assess applications based on five criteria: script quality, promotion of Chinese cultural elements, production budget, market potential and execution capability of the production team.  Details of the GSPCC and relevant application forms are available on the FDC’s website (www.fdc.gov.hk/en/gspcc).     The Chairman of the FDC, Dr Wilfred Wong, said, “Chinese culture has a long and rich history with profound connotations. We hope that this new scheme will encourage more Hong Kong directors to unleash their creativity to produce films on Chinese culture, strengthening the promotion of excellent traditional Chinese culture through the power of films.”

     
    Ends/Friday, February 28, 2025Issued at HKT 16:10

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Appointments to Culture Commission

    Source: Hong Kong Government special administrative region

         The Government announced today (February 28) the appointment of members to the Culture Commission (CuC), with effect from March 1, 2025, for a term of two years.
          
         The Secretary for Culture, Sports and Tourism, Miss Rosanna Law, welcomed the appointments. She said, “The newly appointed and reappointed members have rich experience in arts, culture and community services. I trust that they will provide valuable advice to the Government in fostering the development of Hong Kong’s arts, culture and creative industries.”
          
         Miss Law also thanked the three outgoing members, Mr Edward Cheng Wai-sun, Professor Tseng Sun-man and Mrs Dominica Yang, for their contributions to the CuC.
          
         The membership of the new-term CuC is as follows:
     
    Chairman
    ————-
    Secretary for Culture, Sports and Tourism
     
    Non-official members
    ———————–
    Dr Wilfred Wong Ying-wai (Vice-chairman)
    Dr Adrian Cheng Chi-kong
    Mr Vincent Cheng Wing-shun
    Ms Lovinia Chiu Siu-yin *
    Mr Vincent Chow Wing-shing
    Mr Kenneth Fok Kai-kong
    Mr Andy Hei Kao-chiang
    Ms Leonie Ki Man-fung
    Dr Lam Ho-yi
    Mr Peter Lau Man-pong *
    Mrs Margaret Leung Ko May-yee
    Dr Victor Lo Chung-wing
    Ms Lo Kwong-ping *
    Professor Lui Yu-hon
    Professor Fredric Mao Chun-fai
    Mr Daryl Ng Win-kong
    Mr Henry Tang Ying-yen
    Mr Eric Tsang Chi-wai
    Mrs Bonnie Woo Chan Tak-chi
    Mr Charles Yang Chuen-liang *
    Mr Yang Yong
    Mr Alexander Yeung Ching-loong
    Dr Frankie Yeung Wai-shing
    Mr Yu Chiu-for *
    Dr Allan Zeman
     
    Official members
    ———————
    Secretary for Development or his/her representative
    Secretary for Education or his/her representative
    Secretary for Home and Youth Affairs or his/her representative
     
    * new members
     
         The CuC, chaired by the Secretary for Culture, Sports and Tourism, advises on matters such as strategy to encourage the private sector’s participation in promoting the development of arts, culture and creative industries, and promote arts and cultural exchanges between Hong Kong and the Mainland as well as the rest of the world, with a view to realising the vision of turning Hong Kong into an East-meets-West centre for international cultural exchange.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Vice-President to visit Mumbai (Maharashtra) on 1st March, 2025

    Source: Government of India (2)

    Vice-President to visit Mumbai (Maharashtra) on 1st March, 2025

    VP to be Chief Guest at the Annual Day Function of K.P.B. Hinduja College of Commerce

    Posted On: 28 FEB 2025 12:52PM by PIB Delhi

    The Vice-President of India, Shri Jagdeep Dhankhar, will be on a one-day tour of Mumbai, Maharashtra on 1st March, 2025.

    During the visit, the Vice-President will preside as Chief Guest at the Annual Day Function of K.P.B. Hinduja College of Commerce, Mumbai in Maharashtra.

    ****

    JK/RC/SM

    (Release ID: 2106843) Visitor Counter : 89

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: PRESIDENT OF INDIA GRACES CONVOCATION CEREMONY OF NATIONAL FORENSIC SCIENCES UNIVERSITY

    Source: Government of India

    Posted On: 28 FEB 2025 12:35PM by PIB Delhi

    The President of India, Smt Droupadi Murmu, graced the convocation ceremony of the National Forensic Sciences University at Gandhinagar today (February 28, 2025). 

    Speaking on the occasion, the President said that a justice-based social system is considered the best in our country. By combining heritage and development, we are building a developed India based on justice. In the last few years, the Ministry of Home Affairs has taken several effective steps to strengthen the role of forensic sciences and develop facilities and capacity in this field. 

    The President said that any justice system would be considered robust only if it is truly inclusive. She told students that their goal should be to provide fair and speedy justice based on forensic evidence to all sections of society, especially those from the weaker and disadvantaged sections. She urged them to contribute to the good governance of the country. 

    The President said that changes related to crime investigation and evidence have been made in the three new criminal laws. In cases where the punishment period is seven years or more, it has now become mandatory for a forensic expert to visit the crime scene and investigate. The Bharatiya Nagarik Suraksha Sanhita made provision for development of Forensic facilities in all states in a time-bound manner. Time-bound forensic examination has been made mandatory in many statutes. The President said that these changes would increase demand for forensic experts.  

    The President said that due to rapid changes in technology, especially in the fields of digital technology and Artificial Intelligence, the capabilities of forensic sciences experts are increasing, but at the same time, criminals are also discovering new ways. People associated with our policing, prosecution and criminal justice delivery system can be successful in controlling crime and making justice accessible only by being smarter, more prompt and alert than the criminals. She expressed confidence that with the contribution of National Forensic Sciences University, a strong forensic system would develop, the conviction rate would increase and criminals would be afraid of committing crimes. 

    Please click here to see the President’s Speech

     

    *****

    MJPS/SR/BM

    (Release ID: 2106834) Visitor Counter : 85

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: National Waterways (Construction of Jetties/Terminals) Regulations, 2025; set to open new opportunities for private players in IWT sector

    Source: Government of India

    Posted On: 28 FEB 2025 12:27PM by PIB Delhi

    In a significant move to enhance infrastructure development and improve the ease of doing business, regulations have been put in place for the establishment of jetties and terminals by various entities, including private, public, and joint ventures, on national waterways across the country.

    The National Waterways (Construction of Jetties/Terminals) Regulations, 2025, formulated by Inland Waterways Authority of India (IWAI) under the Ministry of Ports, Shipping and Waterways (MoPSW), are designed to attract private sector investment in setting up terminals, streamline processes and promote efficient use of India’s vast waterways network.

    By enabling entities, including private players, to develop and operate jetties and terminals, these regulations open up new opportunities for investment, trade, and economic growth, while also improving logistical efficiency. This initiative is expected to contribute to the reduction of transportation costs, enhance cargo movement, and support the overall growth of the inland waterways sector, positioning it as a key driver of nation’s economy.

    Key Highlights of the Regulations

    Under the new regulations, any entity including private, wishing to develop or operate an inland waterway terminal on a national waterway need to obtain a ‘No Objection Certificate’ (NoC) from IWAI. Both existing and new terminals, whether permanent or temporary, are covered under these regulations. Permanent terminals can be maintained for the lifetime by the operator, while temporary terminals will have an initial five-year term with the possibility of extensions. The terminal developer and operator will be responsible for the technical design and construction of the terminal, ensuring it aligns with their business plan and provides adequate access.

    Digital Portal for Terminal Applications

    IWAI is developing an online application portal to streamline and digitise the application process for terminal developers and operators. This digital platform will enhance efficiency, transparency, and accessibility, in line with the government’s vision of Ease of Doing Business (EODB) and digitisation. The portal will provide a seamless interface for applicants to submit requests and track progress.

    Boosting Private Participation and Infrastructure Development

    Under the dynamic leadership of Prime Minister Shri Narendra Modi and the guidance of Union Minister of Ports, Shipping and Waterways Shri Sarbananda Sonowal, IWAI has made significant strides in developing waterways as a key engine of economic growth. The cargo movement on national waterways has surged over the last decade, from 18 million tonnes to 133 million tonnes in FY 2023-24. This advancement is in line with the Prime Minister’s vision to promote sustainable development, foster private sector participation, and enhance Ease of Doing Business by leveraging digitalisation and streamlining processes.

    Additionally, the newly launched Jalvahak scheme, which aims to incentivize a shift in cargo transport by nearly 17% from the current 4700 million tonne kilometres on national waterways, is expected to further boost private sector participation.

    With the enforcement of the National Waterways (Construction of Jetties/Terminals) Regulations, 2025, private entities are expected to play a greater role in the development and expansion of inland waterway terminals, thus contributing to the overall growth of the sector.

    ***

    G.D. Hallikeri / Henry / Shweta

    (Release ID: 2106826) Visitor Counter : 67

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Raksha Rajya Mantri meets Commissioner for Defence & Space, European Commission in New Delhi

    Source: Government of India

    Posted On: 28 FEB 2025 12:20PM by PIB Delhi

    Raksha Rajya Mantri Shri Sanjay Seth held a meeting with the Commissioner for Defence and Space, European Commission Mr Andrius Kubilius in New Delhi on February 28, 2025. They comprehensively discussed the India-European Union bilateral defence and security cooperation with focus on maritime engagements & information sharing in the Indo-Pacific.

    Shri Sanjay Seth and Mr Andrius Kubilius also explored ways & means to enhance defence industrial cooperation, particularly the participation of European defence companies in joint projects and co-production opportunities in India. They considered the modalities of Indian participation in the European Union’s Permanent Structured Cooperation and other European developmental projects.

    Mr Andrius Kubilius is visiting India as a part of the President European Commission-led delegation along with the College of Commissioners.

    ****

    SR/Savvy

    (Release ID: 2106824) Visitor Counter : 99

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Online auction of vehicle registration marks to be held from March 20 to 24

    Source: Hong Kong Government special administrative region

    Online auction of vehicle registration marks to be held from March 20 to 24
    Online auction of vehicle registration marks to be held from March 20 to 24
    ***************************************************************************

         The Transport Department (TD) today (February 28) said that the next online auction of vehicle registration marks (VRMs) will be held from noon on March 20 (Thursday) to noon on March 24 (Monday) through the auction platform E-Auction (e-auction.td.gov.hk). Interested bidders can participate in the online auction only after they have successfully registered as E-Auction users.      A spokesman for the TD said, “A total of 80 Ordinary VRMs will be available at this online public auction. The list of VRMs (see Annex) has been uploaded to the E-Auction website. Applicants who have paid a $1,000 deposit to reserve the Ordinary VRM for auction should also register as an E-Auction user in advance in order to participate in the online bidding, including placing the first bid at the opening price of $1,000. Otherwise, the VRMs reserved by them may be bid on by other interested bidders at or above the opening price. Auctions for VRMs with “HK” or “XX” as a prefix, special VRMs and personalised VRMs will continue to be carried out through physical auctions by bidding paddles, and their announcement arrangements remain unchanged.”      Members of the public participating in the online bidding should take note of the following important points: (1) Bidders should register in advance as an E-Auction user by “iAM Smart+” equipped with the digital signing function; or by using a valid digital certificate and an email address upon completion of identity verification. Registered “iAM Smart” users should provide their Hong Kong identity card number, while non-Hong Kong residents who are not “iAM Smart” users should provide the number of their passport or other identification documents when registering as E-Auction users. (2) Bidders are required to provide a digital signature to confirm the submission and amount of the bid by using “iAM Smart+” or a valid digital certificate at the time of the first bid of each online bidding session (including setting automatic bids before the auction begins) to comply with the requirements of the Electronic Transactions Ordinance. (3) If a bid is made in respect of a VRM within the last 10 minutes before the end of the auction, the auction end time for that particular VRM will be automatically extended by another 10 minutes, up to a maximum of 24 hours. (4) Successful bidders must follow the instructions in the notification email issued by the TD to log in to the E-Auction within 48 hours from the issuance of the email and complete the follow-up procedures, including: 

    completing the Purchaser Information for the issuance of the Memorandum of Sale of Registration Mark (Memorandum of Sale); and
    making the auction payment online by credit card, Faster Payment System (FPS) or Payment by Phone Service (PPS). Cheque or cash payment is not accepted in the E-Auction.

    (5) A VRM can only be assigned to a motor vehicle registered in the name of the purchaser. Relevant information on the Certificate of Incorporation must be provided by the successful bidder in the Purchaser Information of the Memorandum of Sale if the VRM purchased is to be registered under the name of a body corporate. (6) Successful bidders will receive a notification email around seven working days after payment has been confirmed and can download the Memorandum of Sale from the E-Auction. The purchaser must apply for the VRM to be assigned to a motor vehicle registered in the name of the purchaser within 12 months from the date of issue of the Memorandum of Sale. If the purchaser fails to do so within the 12-month period, in accordance with the statutory provision, the allocation of the VRM will be cancelled and a new allocation will be arranged by the TD without prior notice to the purchaser.      The TD has informed all applicants who have reserved the Ordinary VRMs for this round of auction of the E-Auction arrangements in detail by post. Members of the public may refer to the E-Auction website or watch the tutorial videos for more information. Please call the E-Auction hotline (3583 3980) or email (e-auction-enquiry@td.gov.hk) for enquiries. 

     
    Ends/Friday, February 28, 2025Issued at HKT 15:00

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: CFS announces food safety report for January

    Source: Hong Kong Government special administrative region

    CFS announces food safety report for January
    CFS announces food safety report for January
    ********************************************

         The Centre for Food Safety (CFS) of the Food and Environmental Hygiene Department today (February 28) released the findings of its food safety report for last month. The results of about 3 300 food samples tested were found to be satisfactory except for five unsatisfactory samples which were announced earlier. The overall satisfactory rate was 99.8 per cent.     A CFS spokesman said about 1 300 food samples were collected for microbiological tests, and about 2 000 samples were taken for chemical and radiation level tests.     The microbiological tests covered pathogens and hygiene indicators; the chemical tests included testing for pesticides, preservatives, metallic contaminants, colouring matters, veterinary drug residues and others; and the radiation level tests included testing for radioactive caesium and iodine in samples collected from imported food from different regions.     The samples comprised about 1 300 samples of vegetables and fruit and their products; about 100 samples of cereals, grains and their products; about 300 samples of meat and poultry and their products; about 400 samples of milk, milk products and frozen confections; about 300 samples of aquatic and related products; and about 900 samples of other food commodities (including beverages, bakery products and snacks).     The five unsatisfactory samples comprised a Chinese wolfberry leaf sample and a snow pea sample detected with pesticide residues at levels exceeding the legal limit; a dried soybean curd sample detected with a non-permitted preservative; and a dan dan noodle sample and a satay beef noodle sample detected with excessive Clostridium perfringens.     The CFS has taken follow-up actions on the above-mentioned unsatisfactory samples, including informing the vendors concerned of the test results, instructing them to stop selling the affected food items, and tracing the sources of the food items in question.     The spokesman reminded the food trade to ensure that food is fit for human consumption and meets legal requirements. Consumers should patronise reliable shops when buying food and maintain a balanced diet to minimise food risks.     Separately, in response to the Japanese Government’s discharge of nuclear-contaminated water at the Fukushima Nuclear Power Station, the CFS will continue enhancing the testing on imported Japanese food, and make reference to the risk assessment results to adjust relevant surveillance work in a timely manner. The CFS will announce every working day on its dedicated webpage (www.cfs.gov.hk/english/programme/programme_rafs/daily_japan_nuclear_incidents.html) the radiological test results of the samples of food imported from Japan, with a view to enabling the trade and members of the public to have a better grasp of the latest safety information.

     
    Ends/Friday, February 28, 2025Issued at HKT 15:00

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Appointments to Committee on Innovation, Technology and Industry Development announced

    Source: Hong Kong Government special administrative region

    Appointments to Committee on Innovation, Technology and Industry Development announced
    Appointments to Committee on Innovation, Technology and Industry Development announced
    **************************************************************************************

         The Government announced today (February 28) the appointment of two non-official members recruited through the Member Self-recommendation Scheme for Youth (MSSY) and the reappointments of 16 incumbent non-official members to the Committee on Innovation, Technology and Industry Development (CITID) for a two-year term from March 3, 2025, to March 2, 2027.           The Secretary for Innovation, Technology and Industry, Professor Sun Dong, thanked outgoing members Mr Nicholas Chan Hiu-fung and Mr Kingsley Wong Kwok for their contributions during their term of service.      Established on March 3, 2023, the CITID is chaired by the Secretary for Innovation, Technology and Industry, and advises the Government on the strategic development of innovation and technology in Hong Kong. The updated membership of the CITID is as follows: Chairman————Secretary for Innovation, Technology and IndustryProfessor Sun Dong Ex-officio members—————————–Chairman, Hong Kong Science and Technology Parks CorporationDr Sunny Chai Ngai-chiu Chairman, Hong Kong Cyberport Management Company LimitedMr Simon Chan Sai-ming Chairman, Hong Kong Applied Science and Technology Research Institute Company LimitedMr Sunny Lee Wai-kwong Chairman, Hong Kong Productivity CouncilMr Sunny Tan Non-official members—————————–Professor Chan Ching-chuenMr Calvin Chan Ka-waiMr Duncan ChiuMr Holden Chow Ho-dingMr Steve Chuang Tzu-hsiungMr Hsu Hoi-shanProfessor Nancy Ip Yuk-yuMr Victor Kwok Hoi-kit*Mr Liu DaProfessor Liu Yun-huiProfessor Lu JianProfessor Anderson Shum Ho-cheungMr Hendrick SinProfessor Teng Jin-guangMs Karmen Yeung Ka-yinMr Yuan Xiao-hang*Ms Eunice Yung Hoi-yanDr Philip Zhai Pu Official members—————————-Secretary for Commerce and Economic Development (or his/her representative)Secretary for Education (or his/her representative)Secretary for Financial Services and the Treasury (or his/her representative)Permanent Secretary for Innovation, Technology and IndustryUnder Secretary for Innovation, Technology and IndustryCommissioner for Innovation and TechnologyCommissioner for Digital Policy * Joined through the MSSY

     
    Ends/Friday, February 28, 2025Issued at HKT 15:00

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI: SIMPPLE Ltd. Announces Transition of Chief Financial Officer

    Source: GlobeNewswire (MIL-OSI)

    Singapore, Feb. 28, 2025 (GLOBE NEWSWIRE) — SIMPPLE Ltd. (NASDAQ: SPPL) (“SIMPPLE” or “the Company”), a leading technology provider and innovator in the facilities management (FM) sector, today announced that Mr. Sovik Bromha has tendered his resignation as Chief Financial Officer (“CFO”) of the Company to pursue other business opportunities, effective April 14, 2025. Mr. Gary Goh has been appointed as SIMPPLE CFO, effective January 22, 2025, succeeding Sovik Bromha. Gary will oversee SIMPPLE’s financial operations, enterprise-wide optimization, and capital allocation activities, and will play a meaningful leadership role in guiding the Company’s strategy to support its long-term growth objectives and enhance shareholder value.  

    Mr. Goh is a finance and accounting industry leader in Singapore, with over 15 years of audit and assurance, accounting and financial advisory experience serving a wide range of industries, including technology, retail, maritime, construction and manufacturing sectors. Mr. Goh founded a public accounting firm, GYSG Group, in 2014 that provides professional services including audit and assurance, accounting, tax advisory-compliance, corporate secretarial, and corporate advisory services. On that note, GYSG had provided financial advisory and corporate secretarial services to SIMPPLE in 2022. Prior to that, he spent four years at KPMG as an Engagement Manager, where he contributed to audit and assurance projects for multi-national corporations, listed companies, and government-linked companies. Gary had graduated with a Bachelor of Mechanical Engineering from the National University of Singapore in 2008 and Bachelor of Applied Accounting from Oxford Brookes University in 2009. Aside from being a Chartered Accountant, he is also a Chartered Valuer and Appraiser (CVA), ISCA Financial Forensic Accounting, and Public Accountant.

    In compliance with SEC and NASDAQ regulations, SIMPPLE has updated its governance framework, finance controls, and processes to maintain compliance with respect to engagements with GYSG.

    “We are confident that Gary’s wealth of financial knowledge and keen sense of business and industry understanding will strengthen our Company’s financial operations and business strategies. Sovik and Gary will work closely together to ensure a smooth transition as we continue to build on the momentum we have already established in late-2024,” said SIMPPLE chief executive officer Norman Schroeder.

    “I am excited to be part of this fast-growing journey at SIMPPLE. SIMPPLE is a great company on a meaningful mission, to revolutionize facilities management operations through advanced technologies. I am aligned with SIMPPLE’s leadership team and will continue to build on the good work the Company has achieved to enhance shareholder value.” Gary said.

    Chairman of the Board and Executive Director, Kelvin Lee, added “All of us at SIMPPLE thank Sovik for his contribution as CFO. With Gary onboard, I am confident we are able to align our overall cost structure and setting SIMPPLE up for profitable growth.”

    About SIMPPLE LTD.

    Headquartered in Singapore, SIMPPLE LTD. is an advanced technology solution provider in the emerging PropTech space, focused on helping facilities owners and managers manage facilities autonomously. Founded in 2016, the Company has a strong foothold in the Singapore facilities management market, serving over 60 clients in both the public and private sectors and extending out of Singapore into Australia and the Middle East. The Company has developed its proprietary SIMPPLE Ecosystem, to create an automated workforce management tool for building maintenance, surveillance and cleaning comprised of a mix of software and hardware solutions such as robotics (both cleaning and security) and Internet-of-Things (“IoT”) devices. 

    For more information on SIMPPLE, please visit: https://www.simpple.ai/

    Safe Harbor Statement

    This press release contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance, including: our financial performance and projections; our growth in revenue and earnings; and our business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: our ability to change the direction of the Company; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement.

    Forward-looking statements are only predictions. The forward-looking events discussed in this press release and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about us. We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this press release and other statements made from time to time by us or our representatives might not occur.

    For investor and media queries, please contact:

    SIMPPLE LTD.
    Investor Relations Department
    Email: ir@simpple.ai

    Visit the Investor Relation Website: https://www.investor.simpple.ai/

    Skyline Corporate Communications Group, LLC
    Scott Powell, President
    1177 Avenue of the Americas, 5th Floor
    New York, NY 10036
    Tel: (646) 893-5835
    Email: info@skylineccg.com 

    The MIL Network –

  • MIL-OSI Asia-Pac: Monthly review of accounts of the Government of India upto January, 2025 (FY2024-25)

    Source: Government of India

    Posted On: 28 FEB 2025 4:47PM by PIB Delhi

    The monthly account of the Government of India upto January, 2025, has been consolidated and reports published. The highlights are given below:-

    The Government of India has received ₹24,00,412 crore (76.3% of corresponding RE 2024-25 of Total Receipts upto January, 2025 comprising ₹19,03,558 crore Tax Revenue (Net to Centre), ₹4,67,630 crore of Non-Tax Revenue and ₹29,224 crore of Non-Debt Capital Receipts. ₹10,74,179 crore has been transferred to State Governments as Devolution of Share of Taxes by Government of India upto this period which is ₹2,53,929 crore higher than the previous year.

    Total Expenditure incurred by the Government of India is ₹35,69,954 crore (75.7% of corresponding RE 2024-25), out of which ₹28,12,595 crore is on Revenue Account and ₹7,57,359 crore is on Capital Account. Out of the Total Revenue Expenditure, ₹8,75,461 crore is on account of Interest Payments and ₹3,37,733 crore is on account of Major Subsidies.

    ****

    NB/KMN

    (Release ID: 2106950) Visitor Counter : 32

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Our Hon’ble Prime Minister Shri Narendra Modi is absolutely right in his vision to combat the problem of Obesity: Mr. Luke Coutinho

    Source: Government of India

    Our Hon’ble Prime Minister Shri Narendra Modi is absolutely right in his vision to combat the problem of Obesity: Mr. Luke Coutinho

    We need to have regulation and awareness about junk food for children and adults, which is contributing towards the obesity epidemic: Mr. Luke

    Posted On: 28 FEB 2025 4:19PM by PIB Delhi

    Our Hon’ble Prime Minister, Shri Narendra Modi, is absolutely right in his vision of combating this problem of obesity, said Mr. Luke Coutinho while visiting an Anganwadi Center in New Delhi today. Mr. Luke Coutinho is a renowned holistic health coach and co-founder of Luke Coutinho Holistic Healing Systems. He is on a visit to Delhi to attend a media conclave.

    Talking about nutrition, Mr. Luke said that three issues need to be focused on. First, early start at child level to get their nutrition right, second, the right education about nutrition in different languages across our diverse country and, third, access to local superfoods like millet. He added that we need to have regulation and awareness about junk food for children and adults, which is contributing towards the obesity epidemic.

     

    Praising the Prime Minister Shri Narendra Modi, Mr. Luke said that “Shri Modi has encouraged us to use local superfoods. We can maintain a natural balanced diet with these foods and support the macros of proteins, carbohydrates and fat “.

    Supporting the mission against obesity, he said that “Everyone should take personal responsibility as an Indian citizen to do our part and choose the right food, exercise every day and focus on our mental & emotional health “.

    Mr. Luke said that to overcome obesity, our Prime Minister has spoken about a reduction in edible oil in our foods by 10 percent. He added that “we need awareness and mindfulness and Ghar-ka-khana (home cooked food) has to be promoted and it will require the unity of the country, honoring the Prime Minister’s vision and all of our personal responsibility to make India healthy “.

    ****

    MV/AKS

    (Release ID: 2106933) Visitor Counter : 90

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Siu Lam Integrated Rehabilitation Services Complex officially opens (with photos)

    Source: Hong Kong Government special administrative region

    Siu Lam Integrated Rehabilitation Services Complex officially opens (with photos)
    Siu Lam Integrated Rehabilitation Services Complex officially opens (with photos)
    *********************************************************************************

         The Chief Secretary for Administration, Mr Chan Kwok-ki, officiated at the Opening Ceremony of the Siu Lam Integrated Rehabilitation Services Complex (the Services Complex) today (February 28), and joined participating guests in witnessing the launch of the largest integrated rehabilitation services complex in Hong Kong to showcase the Government’s support and commitment to persons with disabilities and their carers.     Addressing the ceremony, Mr Chan expressed gratitude to the organisations and groups that had contributed to the project. He commended the design of the Services Complex for making full use of its spatial advantages as well as incorporating smart technology and rehabilitation equipment to create a safe and comfortable living environment for the service users. He was also pleased to learn that the Services Complex smoothly implements a medical-social collaboration model, where close communication and flexible arrangements enable quality medical services for the residents with fewer hospital visits. He called on different sectors to continue to foster cross-sectoral collaboration and make joint efforts in taking forward innovation and improvement in rehabilitation services, as well as serving persons with disabilities and their families with compassion, thereby building a caring and inclusive community.     Mr Chan said that the Government has long been attentive to the needs of persons with disabilities and the development of rehabilitation services. The estimated recurrent expenditure of the Social Welfare Department (SWD) on rehabilitation and medical social services has reached $12.6 billion in 2025-26, a 35 per cent increase in comparison with that of five years ago, which demonstrates the Government’s commitments in supporting persons with disabilities. The Government will continue to strive for service enhancements, including the provision of additional places for rehabilitation services, so that the total number of such service places will reach around 39 900 by 2028-29 for meeting the keen demand for support services for persons with disabilities.     At the ceremony, Mr Chan, accompanied by the Secretary for Labour and Welfare, Mr Chris Sun; the Permanent Secretary for Labour and Welfare, Ms Alice Lau; and the Director of Social Welfare, Mr Edward To, presided at the unveiling ceremony of the Services Complex. A tour of the residential care and day training facilities of the Services Complex was also arranged for the guests prior to the ceremony to showcase to them the relevant service operations.     Located at 12 and 20 Hong Fai Road, Siu Lam, Tuen Mun, the Services Complex, which has commenced operation in phases starting from December 2023, was designed and constructed by consultants and contractors commissioned by the SWD. The Services Complex is operated by the Tung Wah Group of Hospitals, SAHK and the New Life Psychiatric Rehabilitation Association, providing a total of 1 150 residential care places and 560 day training places for mentally handicapped persons, physically handicapped persons as well as persons in mental recovery. Incorporating ample communal space and large glass windows to improve ventilation and provide sufficient natural light, the Services Complex integrates with the surrounding environment to allow service users to enjoy the beautiful scenery.

     
    Ends/Friday, February 28, 2025Issued at HKT 19:00

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Yuen Long Swimming Pool temporarily closed

    Source: Hong Kong Government special administrative region

    Yuen Long Swimming Pool temporarily closed
    Yuen Long Swimming Pool temporarily closed
    ******************************************

    Attention TV/radio announcers:Please broadcast the following as soon as possible and repeat it at regular intervals:     Here is an item of interest to swimmers.     The Leisure and Cultural Services Department announced today (February 28) that Yuen Long Swimming Pool in Yuen Long District has been temporarily closed for cleaning and superchlorination following the discovery of a small amount of vomit in the pool.     It will be reopened at 6.30am tomorrow (March 1).     The department appeals to swimmers to be considerate and to keep the swimming pools clean. They are advised not to swim after a full meal and should use the toilet facilities if necessary before swimming. 

     
    Ends/Friday, February 28, 2025Issued at HKT 18:53

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: CAD follows up on air traffic control incident

    Source: Hong Kong Government special administrative region

         The Civil Aviation Department (CAD) is following up on an air traffic control (ATC) incident that occurred yesterday morning (February 27). At around 7am yesterday, an MNG Airlines’ A330 cargo flight (flight number MNB380) from Hong Kong International Airport (HKIA) to Turkmenistan and another Silk Road Western Airlines’ B777 cargo flight (flight number AZG625) to Baku were granted clearance by ATC officers to depart from the Centre Runway (Runway 07C) and the South Runway (Runway 07R) of HKIA, respectively, following standard flight procedures. After taking off, both cargo flights were subsequently instructed by ATC officers to climb to 5 000 feet and 3 000 feet, respectively, to maintain vertical separation. However, as the climbing rates of the two cargo flights varied from what the ATC officers had anticipated, the desired vertical separation was not achieved. During this time, both cargo flights followed standard departure procedures and maintained visual contact with each other. When the aircraft were approximately 7 nautical miles northeast of HKIA, the traffic collision avoidance system of the Silk Road Western Airlines’ B777 cargo flight issued an alert to its crew, and the aircraft then descended to 2 500 feet. After the incident, both aircraft continued to their destinations according to their flight plans.

         The CAD is highly concerned about the incident and has immediately initiated an investigation and follow-up actions according to procedures. Preliminary information indicates that the incident may involve non-compliance by ATC personnel with established procedures for arranging aircraft for take-off. The relevant ATC personnel have been temporarily removed from frontline ATC duties.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Task Group on New Medical School discusses next steps for evaluating proposals on establishment of third medical school (with photo)

    Source: Hong Kong Government special administrative region

         The Task Group on New Medical School, co-chaired by the Secretary for Health, Professor Lo Chung-mau, and the Secretary for Education, Dr Choi Yuk-lin, convened its third meeting today (February 28) to discuss the next steps for evaluating proposals on the establishment of the third medical school.

         At the meeting, the Task Group agreed to adopt a holistic and comprehensive approach, in accordance with the 10 key parameters as set out earlier (including the financial sustainability of the new medical school), for evaluating the proposals submitted by universities from various perspectives. The expert advisors and other members of the Task Group will conduct an in-depth evaluation of the proposals in their respective areas of expertise. Apart from evaluating the content of the proposals, the Task Group also plans to conduct interviews within the second quarter of this year with the universities which have submitted proposals to get a better grasp of the proposals for making a consolidated consideration. The Task Group expects to complete the evaluation and recommend to the Government within this year a proposal that is in line with developing Hong Kong into an international medical training, research and innovation hub.

         Professor Lo said, “I hope that the final recommendation put forward by the Task Group later this year on the establishment of the new medical school will bring the standards of medical education and research in Hong Kong to new heights. In addition, the Financial Secretary has announced in the 2025-26 Budget that the Government will set aside resources to support universities in the development of the new medical school on a matching basis. In this connection, the financial sustainability of the proposed new medical school is of great importance. The funding arrangement of the new medical school is in fact also one of the 10 key parameters for consideration as set out by the Task Group earlier. The Task Group will examine in detail whether the proposals provide for a diversified funding plan, combined with viable financial management, to ensure the long-term and sustainable development of the new medical school.”

         Dr Choi said, “The 2024-2035 master plan on building China into a leading country in education newly released by our nation strives to accelerate the development of world-class universities and advanced disciplines. The assessment framework for the new medical school as endorsed by the Task Group lays down clear assessment requirements and criteria, including teaching and learning quality, and research excellence. As an important part of the Northern Metropolis University Town (NMUT), the new medical school not only can contribute to the overall development of the relevant university, but also enhance the academic and research excellence of the medical sector, which is conducive to developing Hong Kong into an international post-secondary education hub. We expect that the proposals to be submitted by the relevant institutions will set out collaborative development strategies with the higher education clusters and the medical sector in the vicinity of the NMUT to enhance the international competitiveness of Hong Kong’s post-secondary education.”

         The Task Group was established in October last year and has formulated the directions and parameters for establishing the new medical school. The 10 key parameters for consideration consist of Innovative strategic positioning, Staffing, Campus and teaching facilities, Clinical exposure and learning resources, Curriculum structure and assessment methodologies, Student admission arrangements, Funding arrangements, Implementation plan, Teaching and learning quality, as well as Research excellence. The Task Group issued a letter of invitation in December last year to local universities interested in establishing the new medical school for submission of proposals by March 17 this year, and held a briefing session to introduce to universities the relevant arrangements.    

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: SECOND ADVANCE ESTIMATES OF ANNUAL GROSS DOMESTIC PRODUCT FOR 2024-25, QUARTERLY ESTIMATES OF GROSS DOMESTIC PRODUCT FOR THE THIRD QUARTER (OCTOBER-DECEMBER) OF 2024-25 AND FIRST REVISED & FINAL ESTIMATES OF GROSS DOMESTIC PRODUCT, NATIONAL INCOME, CONSUMPTION EXPENDITURE, SAVING AND CAPITAL FORMATION FOR 2023-24 & 2022-23 RESPECTIVELY

    Source: Government of India (2)

    SECOND ADVANCE ESTIMATES OF ANNUAL GROSS DOMESTIC PRODUCT FOR 2024-25, QUARTERLY ESTIMATES OF GROSS DOMESTIC PRODUCT FOR THE THIRD QUARTER (OCTOBER-DECEMBER) OF 2024-25 AND FIRST REVISED & FINAL ESTIMATES OF GROSS DOMESTIC PRODUCT, NATIONAL INCOME, CONSUMPTION EXPENDITURE, SAVING AND CAPITAL FORMATION FOR 2023-24 & 2022-23 RESPECTIVELY

    Real GDP Growth Rate of 9.2% for 2023-24 is the highest in the previous 12 years except for 2021-22

    Growth Rate of Real GDP for 2024-25 is estimated as 6.5%

    Real GDP has observed a Growth Rate of 6.2% in Q3 of FY 2024-25

    Posted On: 28 FEB 2025 4:00PM by PIB Delhi

          The National Statistics Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI) is releasing in this Press Note the Second Advance Estimates (SAE) of Annual Gross Domestic Product (GDP) for Financial Year (FY) 2024-25; Quarterly Estimates of GDP for October-December Quarter (Q3) of FY 2024-25 along with its expenditure components and following Revised Estimates of GDP, National Income, Consumption Expenditure, Saving and Capital Formation:

    a.  First Revised Estimates (FRE) for the Financial year 2023-24;

    b.  Second Revised Estimates or Final Estimates (FE) for the Financial year 2022-23.

         These estimates are released both at Constant (2011-12) and Current Prices, in accordance with the release calendar of National Accounts. Detailed Notes on: (i) Second Advance Estimates (SAE) of Annual Gross Domestic Product (GDP) of FY 2024-25, Quarterly Estimates of GDP for October-December Quarter (Q3) of FY 2024-25 and (ii) Abovementioned Revised Estimates for financial years 2023-24 and 2022-23 are given respectively in Part A and Part B of the Press Note.

    Key Highlights:

    1.    Real GDP has been estimated to grow by 6.5% in FY 2024-25. Nominal GDP is expected to witness a growth rate of 9.9% in FY 2024-25. Both the growth rates are revised upward from their respective First Advance Estimates.

    2.    As per the First Revised Estimates, Real GDP has grown by 9.2% in the financial year 2023-24, which is highest in the previous 12 years except for the financial year 2021-22 (the post-covid year). This growth has been contributed by double-digit growth rates in ‘Manufacturing’ sector (12.3%), ‘Construction’ sector (10.4%) and ‘Financial, Real Estate & Professional Services’ sector (10.3%).

    3.    As per the Final Estimates, Real GDP has observed a growth rate of 7.6% in the financial year 2022-23, mainly contributed by double-digit growth rates in ‘Trade, Hotels, Transport, Communication & Services related to Broadcasting’ sector (12.3%), ‘Financial, Real Estate & Professional Services’ sector (10.8%) and ‘Electricity, Gas, Water Supply & Other Utility Services’ sector (10.8%).

    4.    Real GDP is estimated to grow by 6.2% in Q3 of FY 2024-25. Growth rate in Nominal GDP for Q3 of FY 2024-25 has been estimated at 9.9%.

    5.    The growth rate of Real GDP for Q2 of financial year 2024-25 has been revised upward to 5.6%.

    6.    ‘Construction’ sector is estimated to observe a growth rate of 8.6%, followed by ‘Financial, Real Estate & Professional Services’ sector (7.2%) and ‘Trade, Hotels, Transport, Communication & Services related to Broadcasting’ sector (6.4%) during 2024-25.

    7.    Private Final Consumption Expenditure (PFCE) is expected to register a good growth of 7.6% during 2024-25 as compared to 5.6% growth observed during 2023-24.

     

      PART A

    NOTE ON SECOND ADVANCE ESTIMATES OF ANNUAL GROSS DOMESTIC PRODUCT FOR 2024-25 

    QUARTERLY ESTIMATES OF GROSS DOMESTIC PRODUCT FOR THE THIRD QUARTER (OCT-DEC) OF 2024-25  

             The National Statistics Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI) is releasing in this Press Note, the Second Advance Estimates (SAE) of Annual Gross Domestic Product (GDP) for the Financial Year (FY) 2024-25 and Quarterly Estimates of GDP for the Third quarter (October-December) of 2024-25 along with its expenditure components both at Constant (2011-12) and Current Prices. Annual, Quarterly as well as April-December estimates of Gross Value Added (GVA) at Basic Prices by kind of economic activity along with year on year percent changes, expenditure components of GDP and annual estimates of Gross/Net National Income and Per Capita Income for the Financial years 2022-23, 2023-24 and 2024-25 at Constant and Current Prices are given in Statements 1A to 12A of Annexure A.

    I.  Annual Estimates and Growth Rates

              Real GDP or GDP at Constant Prices is estimated to attain a level of ₹187.95 lakh crore in the financial year 2024-25, against the First Revised Estimate of GDP for the year 2023-24 of ₹176.51 lakh crore. The growth rate in Real GDP during 2024-25 is estimated at 6.5% as compared to 9.2% in 2023-24. Nominal GDP or GDP at Current Prices is estimated to attain a level of ₹331.03 lakh crore in the year 2024-25, against ₹301.23 lakh crore in 2023-24, showing a growth rate of 9.9%.

               Real GVA is estimated at ₹171.80 lakh crore in the year 2024-25, against the FRE for the year 2023-24 of ₹161.51 lakh crore, registering a growth rate of 6.4% as compared to 8.6% growth rate in 2023-24. Nominal GVA is estimated to attain a level of ₹300.15 lakh crore during FY 2024-25, against ₹274.13 lakh crore in 2023-24, showing a growth rate of 9.5%

     

    Fig. 1: Annual GDP and GVA Estimates along with Y-o-Y Growth Rates at Constant Prices

     

    Fig. 2: Sectoral Composition and Growth Rates of Annual GVA

    Sectoral Composition of Nominal GVA in FY 2024-25

     

    Fig. 3: Composition and Growth Rates of Annual GVA in Broad Sectors

     

    II. Quarterly Estimates and Growth Rates

               Real GDP or GDP at Constant Prices in Q3 of FY 2024-25 is estimated at ₹47.17 lakh crore, against ₹44.44 lakh crore in Q3 of FY 2023-24, showing a growth rate of 6.2%. Nominal GDP or GDP at Current Prices in Q3 of FY 2024-25 is estimated at ₹84.74 lakh crore, against ₹77.10 lakh crore in Q3 of FY 2023-24, showing a growth rate of 9.9%.

                Real GVA in Q3 of FY 2024-25 is estimated at ₹43.13 lakh crore, against ₹40.60 lakh crore in Q3 of FY 2023-24, showing a growth rate of 6.2%. Nominal GVA in Q3 of FY 2024-25 is estimated at ₹77.06 lakh crore, against ₹69.90 lakh crore in Q3 of FY 2023-24, showing a growth rate of 10.2%.

    Fig. 4: Quarterly GDP and GVA Estimates along with Y-o-Y Growth Rates from Q1 FY 2021-22 to Q3 FY 2024-25 at Constant Prices

     

    Fig. 5: Sectoral Composition and Growth Rates of Quarterly GVA

    Sectoral Composition of Nominal GVA in Q3 of FY 2024-25

     

    Fig. 6: Composition and Growth Rates of Quarterly GVA in Broad Sectors

     

    [Primary Sector: Agriculture, Livestock, Forestry & Fishing and Mining & Quarrying 

    Secondary Sector: Manufacturing, Electricity, Gas, Water supply & Other Utility Services and    Construction

    Tertiary Sector: Trade, Hotels, Transport, Communication and Services related to Broadcasting, Financial, Real Estate & Professional Services and Public Administration, Defence & Other Services]

     

    III. Methodology and Major Data Sources:            

               Second Advance Estimates of Annual GDP and Quarterly Estimates GDP are compiled using the Benchmark-indicator method i.e. the estimates available for the previous financial year (2023-24) are extrapolated using the relevant indicators reflecting the performance of sectors. The First Advance Estimates (FAE) of Annual GDP for the financial year 2024-25 were released on 7th January, 2025, which were based on very limited data and used Provisional Estimates of 2023-24 as Benchmark Estimates. For Compilation of SAE, 2024-25, the Provisional Estimates of 2023-24 used at the time of FAE have been replaced by FRE, 2023-24 which have been compiled using industry-wise/institution-wise detailed information. Thus, overall as well as sectoral variations in SAE from FAE is attributed to revision of benchmark estimates and additional or updated data available on various indicators. The quarterly estimates of previous years along with the First and Second quarter estimates of 2024-25 released earlier have also undergone revision in accordance with the revision policy of National Accounts.

                The sector-wise estimates have been compiled using indicators/data sources like (i) Index of Industrial Production (IIP), (ii) Financial performance of Listed Companies based on available quarterly financial results of these companies upto Q3 FY 2024-25, (iii) Estimates of Major Agricultural Crops and Horticultural crops for 2024-25, as provided by Ministry of Agriculture and Farmers’ Welfare (iv) Production Targets and Summer as well as Rainy season production estimates of Major Livestock Products for FY 2024-25; (v) Fish Production, (vi) Production of Coal, Crude Petroleum, Natural Gas, Cement and Consumption of Steel, (vii) Net Tonne Kilometres and Passenger Kilometres for Railways, (viii) Passenger and Cargo traffic handled by Civil Aviation, (ix) Cargo traffic handled at Major and Minor Sea Ports, (x) Sales of Commercial Vehicles, (xi) Bank Deposits and Credits, (xii) Premium related information of Life and Non-Life Insurance companies, (xiii) Data on outward Supplies of Goods and Services available from GSTN upto January, 2025 (xiv) Accounts of Central and State Governments, (xv) Goods and Services Tax collections etc., available for first 9-10 months of the FY 2024-25. Year-on-Year growth rates (%) in the main indicators used in the estimation are given in the Annexure B.

                Total tax revenue used for GDP compilation includes non-GST revenue as well as GST revenue. The Revised Estimates of Tax revenue for 2024-25 as available in the Annual Financial Statement of the Central Government, along with latest available information from the websites of Controller General of Accounts (CGA) and Comptroller and Auditor General of India (CAG) have been used for estimating taxes on products at Current Prices. For compiling taxes on products at Constant Prices, volume extrapolation is done using volume growth of taxed goods and services. The total product subsidies at Current prices were compiled using the latest information on major subsidies viz. Food, Urea, Petroleum and Nutrient based subsidy for Centre as available on CGA website and the expenditure incurred on subsidies by most States up to December 2024 as available on CAG website along with the Centre/State-wise RE and BE provision for FY 2024-25. Information available on Revenue expenditure, Interest payments, Subsidies etc. from Centre and States for FY 2024-25 were used for estimating Government Final Consumption Expenditure (GFCE).

                Improved data coverage and revision in input data made by source agencies would have a bearing on subsequent revisions of these estimates. Estimates are, therefore, likely to undergo revisions for the aforesaid causes in due course, as per the release calendar. Users should take these into consideration while interpreting the figures. The Provisional Estimates of Annual GDP for FY 2024-25 along with Quarterly GDP estimates for the quarter January-March of FY 2024-25 (Q4 2024-25) will be released on 30.05.2025.

     

    ***********

    Annexure A

     

    Annexure B

     

    PART B

    NOTE ON FIRST REVISED & FINAL ESTIMATES OF GROSS DOMESTIC PRODUCT, NATIONAL INCOME, CONSUMPTION EXPENDITURE, SAVING AND CAPITAL FORMATION FOR 2023-24 & 2022-23 RESPECTIVELY

                In this part of the press note, First Revised Estimates of GDP, National Income, Consumption Expenditure, Saving and Capital Formation for the financial year 2023-24 and Second Revised/ Final Estimates for the financial year 2022-23 are given.

    2.         The First Revised Estimates for the year 2023-24 have been compiled using industry-wise/institution-wise detailed information instead of using the benchmark-indicator method employed at the time of release of Provisional Estimates on 31st May, 2024. The estimates of Gross Domestic Product (GDP) and other aggregates for the year 2022-23 have also undergone revisions on account of use of latest available datasets on agricultural production; industrial production (final results of Annual Survey of Industries: 2022-23); government data as available in budget documents (replacing Revised Estimates with actuals for the year 2022-23); comprehensive data available from various source agencies like Ministry of Corporate Affairs (MCA), Reserve Bank of India (RBI), National Bank for Agriculture and Rural Development (NABARD) etc. and additional data from State/UT Directorates of Economics and Statistics (DES).

    3.         The salient features of the revised estimates at aggregate level are given in the paras as follows.

    Gross Domestic Product

    4.         Real GDP or GDP at constant (2011-12) prices for the years 2023-24 and 2022-23 stands at ₹176.51 lakh crore and ₹161.65 lakh crore, respectively, showing a growth of 9.2 per cent during 2023-24 as compared to growth of 7.6 per cent during 2022-23.

    5.         Nominal GDP or GDP at current prices for the year 2023-24 is estimated at ₹301.23 lakh crore, against ₹268.90 lakh crore for the year 2022-23, showing a growth of 12.0 per cent during 2023-24 as compared to growth of 14.0 per cent during 2022-23.

    GVA and its Industry-wise Analysis

    6.         At the aggregate level, nominal Gross Value Added (GVA) at basic prices has increased by 11.2 per cent during 2023-24 compared to growth of 13.9 per cent during 2022-23. Real GVA, i.e., GVA at constant (2011-12) prices, has increased by 8.6 per cent in 2023-24, compared to 7.2 per cent growth in 2022-23.

    7.         The shares of broad sectors of the economy in overall GVA during 2011-12 to 2023-24 and the annual growth rates during these periods are mentioned below:

    #: Final Estimates; @: First Revised Estimates

    8.         The growth rates of Primary sector (comprising Agriculture, Livestock, Forestry, Fishing and Mining & Quarrying), Secondary sector (comprising Manufacturing, Electricity, Gas, Water Supply & Other Utility Services, and Construction) and Tertiary sector (Services) have been estimated as 2.7 per cent, 11.4 per cent and 9.0 per cent respectively in 2023-24 as against growth rates of 5.9 per cent, 2.4 per cent and 10.3 per cent respectively in the previous years. The growth in real GVA during 2023-24 is on account of growth in ‘Manufacturing’, ‘Electricity, Gas, Water Supply & Other Utility Services’, ‘Construction’, ‘Trade, repair, Hotels and Restaurants’, ‘Financial Services’, ‘Real Estate, Ownership of Dwelling & Professional Services’ and ‘Other services’ as may be seen from Statement 4.2B. However, ‘Agriculture, Livestock, Forestry and Fishing’, ‘Mining and Quarrying’ and ‘Public Administration and Defense’ have witnessed modest growth.

    Net National Income

    9.         Net National Income (NNI) at current prices for the year 2023-24 stands at ₹263.50 lakh crore as against ₹233.91 lakh crore in 2022-23, showing a growth of 12.7 per cent during 2023-24 as compared to growth of 13.3 per cent in the previous year.

    Gross National Disposable Income

    10.       Gross National Disposable Income (GNDI) at current prices is estimated at ₹305.94 lakh crore for the year 2023-24, while the estimate for the year 2022-23 stands at ₹273.39 lakh crore, showing a growth of 11.9 per cent for year 2023-24 as compared to growth of 14.3 per cent in the year 2022-23.

    Saving

    11.       Gross Saving during 2023-24 is estimated at ₹92.59 lakh crore against ₹82.44 lakh crore during 2022-23. Share of Non-financial corporations, Financial corporations, General Government and Household sectors in Gross Savings during 2023-24 stands at 36.0%, 8.2%, (-) 3.1% and 59.0% respectively. Rate of Gross Saving to GNDI for 2023-24 is estimated at 30.3 per cent as against 30.2 per cent for 2022-23.

    Capital Formation

    12.       Gross Capital Formation (GCF) at current prices is estimated at ₹94.68 lakh crore for the year 2023-24 as compared to ₹87.72 lakh crore during 2022-23. The rate of GCF to GDP is 31.4 per cent during 2023-24 as against 32.6 per cent in the 2022-23. The rates of capital formation in the years 2011-12 to 2019-20 and 2021-22 to 2023-24 have been higher than the rate of saving because of positive net capital flow from Rest of the World (RoW).

    13.       In terms of the share to the total GFCF (at current prices), the highest contributor is Non-Financial Corporations followed by Household sector, share of which stood at 44.2% and 41.7% respectively in 2023-24.

    14.       The rate of GCF to GDP at constant (2011-12) prices was 35.2 per cent in 2022-23 and 34.6 per cent in 2023-24.

    Consumption Expenditure

    15.       Private Final Consumption Expenditure (PFCE) at current prices is estimated at ₹181.30 lakh crore for the year 2023-24 as against ₹165.28 lakh crore in 2022-23. In relation to GDP, the PFCE to GDP ratio at current prices during 2022-23 and 2023-24 are 61.5 per cent and 60.2 per cent respectively. At constant (2011-12) prices, the PFCE is estimated at ₹93.85 lakh crore and ₹99.07 lakh crore, respectively for the years 2022-23 and 2023-24. The corresponding PFCE to GDP ratio for the years 2022-23 and 2023-24 are 58.1 per cent and 56.1 per cent respectively.

    16.       Government Final Consumption Expenditure (GFCE) at current prices is estimated at ₹31.04 lakh crore for the year 2023-24 as against ₹27.58 lakh crore during 2022-23. At constant (2011-12) prices the estimates of GFCE for the years 2022-23 and 2023-24 stand at ₹15.44 lakh crore and ₹16.70 lakh crore respectively.

    Per Capita Estimates

    17.       Per Capita Income i.e. Per Capita Net National Income at current prices is estimated at ₹1,69,145 and ₹1,88,892 respectively for the years 2022-23 and 2023-24. Per Capita PFCE at current prices, for the years 2022-23 and 2023-24 is estimated at ₹1,19,516 and ₹1,29,967 respectively.

    Summary of Revisions in the GDP Estimates

    Revision in the estimates of the year 2023-24

    18.       The following statement gives the major reasons of variation between the Provisional Estimates (released on 31st May, 2024) and the First Revised Estimates of GVA for 2023-24.

     

    Sector

    GVA growth in 2023-24

    (at 2011-12 Prices)

    Major reasons for variation

    Provisional Estimate (PE),

    May 2024

    First Revised Estimate (FRE),

    Feb 2025

    Primary

    2.1

    2.7

    GVA estimates of Agriculture, Livestock, Forestry and Fishing sectors have undergone revision due to revision in production estimates of crop sector as per Final Estimate of Ministry of Agriculture and Farmers welfare. The revision in other industries in Primary Sector is due to the incorporation of latest revised data.

    Secondary

    9.7

    11.4

    Estimates of secondary sector have undergone revision due to use of data from source agencies along with detailed analysis of Non-departmental Enterprises (NDE) & Private Corporate sectors and budget documents of Government whereas provisional estimates were indicator based.

    Tertiary

    7.6

    9.0

    Data from source agencies along with detailed analysis of Departmental Enterprises (DE), NDE and Private Corporate sectors have been used for compilation of estimates for FRE 2023-24 whereas provisional estimates were indicator based. Furthermore, the revision in Public Administration and Defence sector is due to the use of detailed analysis of Budget documents (Centre and State Governments) and latest information of Local Bodies and Autonomous Bodies. In case of Financial services, FRE is based on analysis of annual reports of Financial Corporations and data released by RBI, NABARD and other financial regulators.

    Total GVA at Basic Prices

    7.2

    8.6

     

    GDP

    8.2

    9.2

     

    [Primary Sector: Agriculture, Livestock, Forestry & Fishing and Mining & Quarrying 

    Secondary Sector: Manufacturing, Electricity, Gas, Water supply & Other Utility Services and    Construction

    Tertiary Sector: Trade, Hotels, Transport, Communication and Services related to Broadcasting, Financial, Real Estate & Professional Services and Public Administration, Defence & Other Services]

     

    Revisions in the estimates of the year 2022-23

    19.       The use of latest available data from various agencies has resulted in changes in both the levels of GVA and growth estimates for the years 2022-23.

    Revisions in Major Aggregates

    20.       The level of revisions in the major aggregates at current and constant (2011-12) prices are given in the following table:

     

    Major National Income Aggregates and their % Changes

                                                                                       (₹ in Lakh Crore)

    Sl. No.

    Item

    2022-23

    1st RE

    Final Estimates

    % change

    At Current Prices

    1

    GVA at basic prices

    246.59  

    246.47

    -0.1

    2

    GDP

    269.50

    268.90

    -0.2

    3

    GNI

    265.79

    265.20

    -0.2

    4

    NNI

    234.39

    233.91

    -0.2

    5

    GNDI

    273.99

    273.39

    -0.2

    At Constant Prices

    1

    GVA at basic prices

    148.05

    148.78

    0.5

    2

    GDP

    160.71

    161.65

    0.6

    3

    GNI

    158.31

    159.39

    0.7

    4

    NNI

    137.47

    138.51

    0.8

     

    Major reasons for revisions in GVA/GDP estimates for FY 2022-23 are as given below:

    • Use of updated production estimates (Final Estimates) of horticulture crops from Ministry of Agriculture and Farmers’ Welfare, increase in area under fodder crop and increase in production of sugarcane.
    • Increase in input value due to use of Cost of Cultivation Survey (CCS) 2022-23 and Electricity tariff for agriculture sector for the year 2022-23.
    • Use of updated information from NDE and updated information on minor minerals from States in case of Mining & Quarrying sector.
    • Use of final results of Annual Survey of Industries (ASI): 2022-23 and augmented data for non-financial private corporate sector.
    • Use of ‘Actuals’ in place of ‘Revised Estimates’ of different items of expenditure and receipts in the Central & State government budgets.
    • Use of updated information on Local Bodies & Autonomous Institutions.
    • Use of latest annual reports of Public Sector Enterprises.
    • Use of latest data received for Cooperative Banks, Post Office Saving Bank (POSB), Non-Banking Financial Institutions (NBFIs), and Financial Auxiliaries.

    Detailed statements

    21.       List of Statements released in part ‘B’ of the press note is given below. More details of the revised estimates, i.e., FRE 2023-24 and FE 2022-23 are available in Statements 1.1B to 9B of Annexure C, which are given in the PDF format of the press note.

    1. Statement 1.1B:          Key Aggregates of National Accounts at Current Prices
    2. Statement 1.2B:          Key Aggregates of National Accounts at Constant (2011-12) Prices
    3. Statement 2B:             Per Capita Income, Product and Final Consumption
    4. Statement 3.1B:          Output by Economic Activity and Capital Formation by Industry of Use at Current Prices
    5. Statement 3.2B:          Output by Economic Activity and Capital Formation by Industry of Use at Constant (2011-12) Prices
    6. Statement 4.1B:          Gross Value Added by Economic Activity at Current Basic Prices
    7. Statement 4.2B:          Gross Value Added by Economic Activity at Constant (2011-12) Basic Prices
    8. Statement 5B:             Finances for Gross Capital Formation
    9. Statement 6.1B:          Gross Capital Formation by Industry of Use at Current Prices
    10. Statement 6.2B:          Gross Capital Formation by Industry of Use at Constant (2011-12) Prices
    11. Statement 7.1B:          Gross Fixed Capital Formation by Asset & Institutional Sector at Current Prices
    12. Statement 7.2B:          Gross Fixed Capital Formation by Asset & Institutional Sector at Constant (2011-12) Prices                   
    13. Statement 8.1B:          Private Final Consumption Expenditure at Current Prices
    14. Statement 8.2B:          Private Final Consumption Expenditure at Constant (2011-12) Prices
    15. Statement 9B:             Institutional Sectors – Key Economic Indicators at Current Prices

    **************

    Annexure C

    FORMULAE

    1. GVA at basic prices (Production Approach) = Output at basic prices – Intermediate Consumption
    2. GVA at basic prices (Income Approach) = CE + OS/MI + CFC + Production taxes less Production subsidies(i)
    3. GDP = ∑ GVA at basic prices + Product taxes less Product subsidies(ii)
    4. NDP/NNI = GDP/GNI – CFC
    5. GNI = GDP + Net primary income from ROW (Receipts less payments)
    6. Primary Incomes = CE + Property and Entrepreneurial Income
    7. NNDI =NNI + other current transfers(iii) from ROW, net (Receipts less payments)
    8. GNDI = NNDI + CFC = GNI + other current transfers(iii) from ROW, net (Receipts less payments)
    9. Gross Capital Formation(iv) (Financing Side) = Gross Savings + Net Capital Inflow from ROW
    10. GCF (Expenditure Side) = GFCF + CIS + Valuables
    11. Gross Disposable Income of Govt. = GFCE + Gross Saving of General Government
    12. Gross Disposable Income (GDI) of Households = GNDI – GDI of Govt. – Gross Savings of All Corporations

     

    REMARKS ON THE FORMULAE

    1. Production taxes or subsidies are paid or received with relation to production and are independent of the volume of actual production. Some examples are:

    Production Taxes – Land Revenues, Stamps & Registration fees and Tax on profession

    Production Subsidies – Subsidies to Railways, Subsidies to village and small industries.

    1. Product taxes or subsidies are paid or received on per unit of product. Some examples are:

    Product Taxes- Goods & Service Tax, Excise duties, Sales tax, Service Tax and Import, Export duties

    Product Subsidies- Food, Petroleum and fertilizer subsidies.

    1. Other Current Transfers refers to current transfers other than the primary incomes.

    Gross Capital Formation (GCF) at the current as well as the constant prices is estimated by two approaches: – (i) through flow of funds, derived as Gross Saving plus net capital flow from Rest of the World (RoW); and (ii) by the commodity flow approach, derived by the type of assets.

    Click here to see Press Note in PDF format

    ********

    Samrat/ Dheeraj/Allen

    (Release ID: 2106921) Visitor Counter : 310

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Mr. Reuven Azar, Ambassador of Israel, calls on Dr. Devesh Chaturvedi, Secretary, Ministry of Agriculture and Farmers’ Welfare

    Source: Government of India

    Posted On: 28 FEB 2025 3:43PM by PIB Delhi

    Ambassador of Israel, Mr. Reuven Azar called on Secretary, Ministry of Agriculture and Farmers’ Welfare Dr. Devesh Chaturvedi at Krishi Bhawan, New Delhi. The meeting served as a platform to explore opportunities for strengthening cooperation in agriculture and allied sectors, with a focus on food security, sustainable supply chains, and innovative agricultural technologies.

    Dr. Chaturvedi emphasized the longstanding partnership between India and Israel in agriculture and allied sectors. He also highlighted the Prime Minister’s vision for recycling sewage water for agricultural use, as well as key trade and grain storage issues.

    The meeting focused on the upcoming visit of the Minister of Agriculture and Food Security of Israel, the impact of Centers of Excellence (CoEs) across 20 states on productivity, precision irrigation, post-harvest management, and market access issues.

    The discussions concluded with a shared commitment to strengthening Indo-Israel cooperation in agricultural innovation, technologies, and the horticulture sector, emphasizing mutually beneficial outcomes for both nations.

    The Israeli delegation included Mr. Fares Saeb, Deputy Chief of Mission. The Indian side was represented by senior officials from the Department of Agriculture & Farmers’ Welfare (DA&FW), including Joint Secretary (International Cooperation), Joint Secretary (MIDH) and Additional Commissioner (Plant Protection).

    *****

    MG/RN/KSR

    (Release ID: 2106918) Visitor Counter : 47

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Rail Sea Rail (RSR) Mode Coal Movement Almost Doubles in Two years to 54 MT in FY 24

    Source: Government of India

    Rail Sea Rail (RSR) Mode Coal Movement Almost Doubles in Two years to 54 MT in FY 24

    Push to Coal Ministries Efforts to Make Coal Transportation Competitive: Indian Railways Notifies Telescopic Benefit in Freight Rate to Coal Movement RSR Mode

    Posted On: 28 FEB 2025 3:26PM by PIB Delhi

    The Ministry of Coal has taken initiatives to promote Rail-Sea-Rail (RSR) which aims to integrate the RSR transportation for efficient movement of coal. This multi-modal system allows for seamless transportation of coal from mines to port and to their end users, while improving logistical efficiencies.

    The RSR mode reduces congestion on the all-rail route (ARR) by providing additional alternative mode of coal evacuation and ensures lower carbon-footprint compared to ARR mode of coal movement. The coastal shipping mode of transportation has potential to revolutionize India’s logistics industry.

    Over the last few years Ministry of Coal has made significant strides in use of the coal Rail-Sea-Rail (RSR) networks for evacuation of coal in coordination with Railways. As a result, the coal movement which was 28 MT in FY22 has almost doubled to 54 MT in FY 24 and is on the increasing trend.

    To achieve further increase in RSR mode for coal movement, Indian Railways has notified in February 2025 their decision to permit telescopic benefit in freight rate to coal movement to power houses transported from coal mines of CIL and its Subsidiaries. This would further aid in increasing the coal movement in RSR mode.

    At present movement of domestic coal from mines has been taking place through Rail-Sea-Rail (RSR) route in order to meet demand of various power plants. This involves movement of coal by rail in two legs i.e. from mines to Unloading Port as first leg and from subsequent Loading Port to power plants as second leg.  As a matter of policy, the charging of both the legs of rail transportation was done separately and independently by Railways.

    The telescopic benefit reduces rail freight for coal movement as compared to charging coal freight in both legs separately, resulting in reduced cost of transportation in RSR mode.

    This decision of Railways will aid in increasing the volume of coal movement further in RSR mode and promote coastal shipping.

    The Ministry of Coal remains committed to enhancing the Rail-Sea-Rail Coal Evacuation strategy to consistently meet the nation’s growing energy demands, ensuring a resilient and efficient energy supply system.

    ****

    Shuhaib T

    (Release ID: 2106915) Visitor Counter : 72

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Dr. Mansukh Mandaviya Chairs 237th meeting of Central Board of Trustees (CBT), EPF

    Source: Government of India

    Dr. Mansukh Mandaviya Chairs 237th meeting of Central Board of Trustees (CBT), EPF

    Central Board Recommends 8.25% Rate of Interest on EPF to its Subscribers for FY 2024-25

    Key Modifications Approved in EDLI Scheme; To Provide Greater Financial Security and Support to Family of Members

    Posted On: 28 FEB 2025 3:23PM by PIB Delhi

    Union Minister for Labour & Employment and Youth Affairs & Sports, Dr. Mansukh Mandaviya chaired the 237th meeting of Central Board of Trustees (CBT), EPF in New Delhi today. The Vice-Chairman Sushri Shobha Karandlaje, Union Minister of State for Labour & Employment and Micro, Small & Medium Enterprises, Co-Vice-Chairperson Ms. Sumita Dawra, Secretary, Labour & Employment and Member Secretary Mr. Ramesh Krishnamurthi, Central PF Commissioner were also present during the meeting.

    CBT recommended 8.25% annual rate of interest to be credited on EPF accumulations in members’ accounts for the financial year 2024-25. The interest rate would be officially notified by the Government of India, following which EPFO would credit the rate of interest into the subscribers’ accounts.

    Compared to many other fixed-income instruments, the Employees’ Provident Fund (EPF) offers relatively high and stable returns, ensuring steady growth of savings. The interest earned on EPF deposits is tax-free (up to a specified limit), making it a highly attractive investment option for salaried individuals. This reflects strong confidence in the credit profile of EPFO’s investments and its ability to deliver competitive returns to its members.

    Further continuing with the reform agenda, the CBT, under the chairmanship of Dr. Mansukh Mandaviya, took a series of path breaking decisions during the CBT meeting. The major decisions taken by the Board in the meeting include:

    • Enhancement of insurance benefits under EDLI Scheme: Following the actuarial valuation of the Employees’ Deposit Linked Insurance (EDLI) scheme, the Board approved key modifications in scheme to provide greater financial security and support to the family of members. This will address major grievances under this category and ensure a more inclusive approach to benefit claimants.

    Key enhancements under the revised scheme would be:

    1. Minimum Benefit Introduced for death within one year of service: A minimum life insurance benefit of Rs. 50,000 will be provided in cases where an EPF member dies without completing one year of continuous service. This amendment is expected to result in higher benefits for more than 5,000 cases of deaths in service, every year.

    2. Benefit for Members who die while in service after a non-contributory period: Previously, EDLI benefits were getting denied in such cases considering these as death away from service. Now, if a member passes away within six months of their last contribution received, the EDLI benefit will be admissible, provided the member’s name is not stuck off from rolls. The modification is estimated to result in benefits for more than 14,000 cases of such death cases every year.

    3. Consideration of Service Continuity: Earlier, a gap of even one or two days (such as weekends or holidays) between employment in two establishments led to the denial of minimum EDLI benefits of Rs 2.5 lakh and maximum of Rs 7 lakh, as the condition continuous service of one year was not met. Under the new modifications, a gap of up to two months between two spells of employment will now be considered as continuous service, ensuring eligibility for higher quantum EDLI benefits. This change is expected to benefit more than 1,000 cases of deaths in service, every year.

    The modifications are estimated to result in higher benefits under EDLI in more than 20,000 cases of death in service every year. These improvements aim to enhance the social security benefits for families of EPF members, ensuring better financial protection and reducing hardships faced by families in distress.

    • Status Note on Hon’ble Supreme Court Judgment on PoHW: For implementation of Hon’ble Supreme Court judgment dated 04.11.2022 relating to Pension on Higher Wages (PoHW), various steps have been taken by EPFO to facilitate members/pensioners/employers. CBT was apprised that EPFO is working on a mission mode and 72% of the applications have been processed.

    • Performance in Centralised Pension Payments System (CPPS): The Employees’ Provident Fund Organization (EPFO) has successfully implemented the Centralized Pension Payment System (CPPS) across all Regional Offices (ROs) from January 2025. Under this system, pension payments for all ROs are disbursed through a Centralized Pension Disbursement Account (CPDA) maintained at the New Delhi Branch of SBI. This will significantly reduce the grievances of pensioners who earlier had to wait for a long time for transfer of their case details from one RO to another. During the month of January, 2025, pension to 69.35 lakh pensioners amounting to Rs. 1710 crore was disbursed through CPPS.

    • Rationalizing Damages and Reducing Litigation: One of the major reasons for litigation has been the cases of imposition of damages for belated remittances of PF dues. The rate of imposition of damages had been rationalized to 1% per month of delay vide a Gazette Notification dated 14.06.2024. This is effective for defaults after the date of notification i.e. June 2024. In respect of defaults that had occurred prior to this period the rate of damages applicable ranged from 5% for delays for two months and up to 25% for delays beyond 6 months. In order to mitigate this situation and with a view of reduce and control the litigation, it was discussed to introduce a statutory mechanism wherein there would be an automatic abatement of cases on deposit of damages at the rate of 1% per month of delay.

    • Approval of Annual Budget of EPFO: The Board also approved the Revised Estimates for the year 2024-25 and Budget Estimates for the year 2025-26 for EPFO and the schemes administered by it.

    In the above meeting of CBT, representatives from the employers, employees and other senior officers of the Central Government and EPFO were also present.

    ***

    Himanshu Pathak

    (Release ID: 2106914) Visitor Counter : 130

    MIL OSI Asia Pacific News –