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Category: Business

  • MIL-OSI USA: Tacoma Rail Receives Over $8.3M In Federal Funding to Reduce Its GHG Emissions 

    Source: United States House of Representatives – Congresswoman Marilyn Strickland (WA-10)

    Lakewood, Washington – Today, the U.S. Department of Transportation (DOT) announced over $8,300,000 for Tacoma Rail through the Consolidated Rail Infrastructure and Safety Improvements (CRISI) Program.  

    Tacoma Rail, a short line operating out of the Port of Tacoma, provides vital services to the local and regional economies. With this funding from DOT, Tacoma Rail will upgrade the diesel engines of four locomotives, significantly improving fuel efficiency and reducing freight rail emissions by over 90 percent. 

    “This grant awarded to Tacoma Rail is another example of how federal funding strengthens our local economies,” said Strickland. “I am proud to support Tacoma Rail as they work to modernize their freight rail equipment, reduce greenhouse gas emissions, and improve air quality for surrounding neighborhoods.” 

    “This investment is a big deal for Tacoma – for our port, our rail system, and our competitiveness,” said Rep. Derek Kilmer (WA-06). “I’m proud to have supported this important project alongside Representative Strickland. It will reduce emissions and ensure Tacoma Rail can modernize without the costs being solely borne by local taxpayers. I look forward to the impact this investment will have on the future of the railroad in our region.” 

    “This award from the Federal Railroad Administration marks a win for cleaner air in the community Tacoma Rail serves,” said Paul Hoover with Tacoma Rail. “We are committed to working toward environmental justice, and repowering four 1980’s era locomotives to modern EPA Tier 4 emission standards moves us toward our goal. This project will reduce greenhouse gas emissions by 93 percent, and fine-particle air pollution by 97 percent.“ 

    “These grant funds will support an important Port partner in significantly reducing emissions of yard locomotives. Tacoma Rail plays a critical role in our supply chain ecosystem, moving goods out from our harbors towards consumer markets, and the investment in cleaner equipment is a win for our regional air quality” said Port of Tacoma Commission President and The Northwest Seaport Alliance Co-chair Kristin Ang. 

    “The maritime sector requires significant investment and partnership to reduce diesel emissions, and we are grateful to Representatives Strickland and Kilmer and Tacoma Rail for being partners in emission reduction efforts across our gateway. Investments in air quality improvements greatly impact all those that live and work near our port facilities,” stated Hamdi Mohamed, Port of Seattle Commission President and The Northwest Seaport Alliance Co-Chair. 

    Earlier this year, U.S. Representatives Marilyn Strickland (WA-10) and Derek Kilmer (WA-06) jointly advocated for this important economic investment to DOT.  The CRISI Program – bolstered by the Infrastructure Investment and Jobs Act (IIJA) – provides funding for projects that improve the safety, efficiency, and reliability of intercity passenger and freight rail. 

    U.S. Representative Marilyn Strickland serves on the House Armed Services Committee and the House Transportation and Infrastructure Committee. She is whip for the Congressional Black Caucus, a member of the New Democrat Coalition, and one of the first Korean-American women elected to Congress. 

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    MIL OSI USA News –

  • MIL-OSI USA: As Trump Admin. Poised to Rollback Environmental Protections, Congressman Maxwell Frost Introduces the Youth Climate Leadership Act to Ensure Young People Have a Seat at the Table to Fight the Climate Crisis

    Source: United States House of Representatives – Representative Maxwell Frost Florida (10th District)

    November 14, 2024

    Bicameral Bill Would Codify the Existence of the Youth Advisory Council at the EPA and Establish Youth Councils at Key Environmental Agencies

    WASHINGTON, D.C. — Today, Congressman Maxwell Alejandro Frost (D-FL) introduced a new bill in the House of Representatives, the Youth Climate Leadership Act, legislation to cement the existence of the National Environmental Youth Advisory Council (NEYAC) at the Environmental Protection Agency (EPA) and to create more youth advisory councils at relevant federal agencies. Frost’s bill comes as President-Elect Donald Trump has vowed to gut and rollback climate protections once back in the White House.

    Under President Biden, EPA Administrator Regan created the Youth Advisory Council with the goal of ensuring the next generation of Americans had a seat at the table when it came to tackling the climate crisis and ensuring the U.S. is a global leader in the fight to protect our environment. Since then the council has been composed of young people from all over the country who are focused on putting forth comprehensive solutions that can be implemented at the federal level.

    The Youth Climate Leadership Act has already been introduced in the Senate by Senators Laphonza Butler (D-CA) and Ed Markey (D-MA). Frost’s introduction now means that both the Senate and the House could act swiftly to pass the legislation and ensure the President can sign it into law. 

    “By creating the Youth Advisory Council at the EPA, we ensured that for the first time ever, young people would be centered and heard in our fight to tackle the climate crisis. This is about leaving the planet a better place than we found it, for our present and for our future,” said Congressman Maxwell Frost. “The incoming Administration has made it clear that saving our environment is not a priority. The work the Youth Council and the EPA have done has changed our country for the better and put young people at the helm. We must act swiftly to do everything we can to protect the progress we have made.”

    “The decisions we make – or don’t make – today to address our climate crisis will have lifelong impacts on the youngest Americans. To prepare for the future, the next generation of leaders must take a seat at the table now,” said Senator Laphonza Butler. “The Youth Climate Leadership Act will make sure that the federal government listens to young people’s voices as we fight to achieve our nation’s climate goals.”

    The Youth Climate Leadership Act directs the Secretaries of Agriculture, Commerce, Energy, and Interior, as well as the Administrator of the Environmental Protection Agency, to establish Youth Advisory Councils made up of young people between the ages of 16 and 29 for the purpose of providing recommendations regarding environmental issues as they relate to youth, including:

    • Recommendations regarding programs to help local governments address environmental issues in disadvantaged communities;

    • Recommendations regarding performance measures to quantify the impact of climate change and other environmental harms that affect youth communities; and

    • Researching, writing reports on, and making recommendations with a focus on environmental justice, climate change mitigation and resilience, and pollution reduction.

    The bill provides $250,000 annually to each agency for the purposes of operating the Youth Advisory Councils, for total annual funding of $1.25 million.

    The legislation has also been endorsed by the Sierra Club, Environmental Defense Fund, Center for Biological Diversity, River Kidz, Florida Native Plant Society, Latino Outdoors, Moms Clean Air Force, California Environmental Voters.

    “Youth voices must be uplifted when it comes to climate policy,” said Jackie Ostfeld, Campaign Director of Sierra Club’s Outdoors for All. “Not only will this provide valuable experience to put our young people in a good position as the next generation of decision makers, these policy decisions have a direct impact on their futures. They deserve to play a part in deciding what that future is. We have already seen the ambition and drive young climate activists have. This is a wonderful move by Representative Frost to invest in the nation’s future and acknowledge the role that youth voices can have in shaping climate policy.”

    “It is so critically important that the voices of young people be heard, and given serious consideration, by our lawmakers. The future belongs to all of us, and the youngest among us have the most to gain – or lose – in the fight to address climate change. They will inherit the results of Congressional action – or inaction,” said Eugene Kelly, President of Florida Native Plant Society.

    “The River Kidz are youth advocates who are part of the Rivers Coalition and are dedicated to championing a safe, healthy, and ecologically balanced St. Lucie River Estuary and Indian River Lagoon. We proudly endorse the Youth Climate Leadership Act and recognize the critical importance of young voices in shaping environmental policy, ensuring a healthy environment for all to thrive. We thank Representative Frost for introducing this bill and look forward to seeing River Kidz and other passionate young leaders serve on these newly established Youth Advisory Councils,” said Casey Darling Kniffin and Kelli Doré, River Kidz Co-Leads.

    “It’s imperative that youth voices are centered in discussions of federal climate mitigation and adaptation strategies. Young Americans face a future dominated by climate catastrophe because we’ve failed to rapidly and equitably transition away from fossil fuels,” said Camden Weber, climate and energy policy specialist at the Center for Biological Diversity. “I’m thankful for Rep. Frost’s leadership on the Youth Climate Leadership Act, which will uplift and empower this generation of passionate climate leaders. Their role in sculpting this country’s climate plan is most needed in these perilous times.”

    “Uplifting often unheard voices is an important part of what we aim to do at Latino Outdoors. The Youth Climate Leadership Act would do precisely that for youth, particularly for those in disadvantaged communities,” said Luis Villa, Executive Director of Latino Outdoors. “It would help demonstrate to young people that their voices matter and that they belong in the conversation about our collective future. We are grateful to Congressman Frost for proposing this legislation and for the opportunity to voice our support.”

    “As a member of Gen Z, I believe youth advisory councils will serve a crucial role in providing young people a long-overdue voice in government decision-making and cultivating the intergenerational collaboration necessary to create equitable climate solutions,” said Sam Schmitz from Moms Clean Air Force. “Young people have already witnessed the dire impacts and injustices of climate change which has catalyzed us to be a generation full of passionate climate leaders eager to inform the decisions that will dictate our future. Moms Clean Air Force applauds this important step toward creating a healthy, prosperous, and equitable environment for my generation and all those to come.”

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    MIL OSI USA News –

  • MIL-OSI USA: Rep. Sykes Celebrates $7.86 Billion Dollar CHIPS Grant For Intel

    Source: United States House of Representatives – Representative Emilia Strong Sykes (OH-13)

    November 26, 2024

    Ohio set to receive billions for New Albany plants, creating thousands of good-paying, union jobs

    WASHINGTON, D.C. — Today, U.S. Representative Emilia Sykes (OH-13) celebrated the news that the U.S. Department of Commerce is set to award $7,865,000,000 in funding from the CHIPS and Science Act to Intel to strengthen the U.S. supply chain and reestablish American leadership in semiconductor manufacturing. This includes billions coming back to Ohio where Intel is investing more than $28 billion to build two new chip factories in Ohio, creating 3,000 manufacturing jobs and 7,000 construction jobs.  

    “Once again, the CHIPS and Science Act is providing our communities with the resources needed to ensure Ohio remains the heart of America’s manufacturing industry. This major, multi-billion dollar investment will boost our entire state’s economy and create thousands of good-paying, union jobs right here at home,” said Rep. Sykes. “As a member of the House Science, Space, and Technology Committee, which oversees the implementation of the CHIPS and Science Act, I will continue fighting to bring federal dollars back to our state, so that every community has economic opportunities and we are working to lower costs by onshoring jobs back to the United States.”

    Leading-edge chips power the most sophisticated technology on the planet, including developing AI and building critical military capabilities. Intel’s process technologies such as Intel 18A and advanced packaging technologies, combined with its foundry services, would strengthen U.S. domestic supply of these advanced chips. This federal investment in Intel will support both the creation and advanced packaging of leading-edge chips through projects in Arizona, New Mexico, Ohio, and Oregon. Intel’s overall expansion plan is estimated to support approximately 10,000 manufacturing jobs and 20,000 construction jobs across all four states, and more than 50,000 indirect jobs from suppliers and supporting industries.

    The award will directly support Intel’s expected U.S. investment of nearly $90 billion by the end of the decade, which is part of the company’s overall $100+ billion expansion plan. The Department of Commerce will disburse the funds based on Intel’s completion of project milestones. 

    MIL OSI USA News –

  • MIL-OSI USA: Congressman Dan Goldman Recognizes Nation’s Food Banks Ahead of Thanksgiving Holiday

    Source: United States House of Representatives – Congressman Dan Goldman (NY-10)

    Approximately 49 Million Food Insecure Americans Rely on Food Banks and Meal Programs for Nutrition Each Year 

     

    Read the Resolution Here 

    New York, NY – Congressman Dan Goldman (NY-10) joined Congressman Lou Correa (CA-46) in his resolution declaring the House of Representatives’ support and gratitude for the work done by food banks, food pantries, and other community-based organizations across the United States to end food insecurity.  

    “When our neighbors in New York and across the country struggle to make ends meet, many turn to food banks as their only source of food,” Congressman Dan Goldman said. “As we approach the holiday season, I want to join my colleagues in extending thanks to these organizations and their tireless employees for supporting so many people in need as we continue the fight against food insecurity.” 

    Approximately 49 million Americans relied on food banks or meal programs to meet their nutritional needs in 2022. Food bank networks and their partners play a crucial role in combating hunger in America, partnering with federal, city, and state governments to deliver food to vulnerable groups such as seniors, children, veterans, and unhoused individuals. In 2022, these food banks collected, prepared, and distributed over five billion meals across the United States. 

    Congressman Dan Goldman is committed to ensuring no person goes hungry in America. 

    Earlier this year, Goldman secured a $581,000 Community Project Funding Grant award for the UA3 Food Bank Network to expand their food storage capacity and improve distribution among low-income residents in New York City. Over the summer, Goldman secured a $175,000 Community Project Funding Grant Award for Rethink Food, a sustainable community kitchen that has delivered over 1.9 million meals to 40+ community-based organizations across New York City.  
    This summer, Congressman Goldman convened a Summer Nutrition Town Hall to discuss food insecurity, share information about New York State’s Summer EBT program and its rollout, and provide resources to residents who would like to apply. 
    Goldman is also a cosponsor of the ‘WIC For Kids Act,’ which would increase access to the Special Supplemental Nutrition Program under the Women, Infants, and Children (WIC) Program. 

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    MIL OSI USA News –

  • MIL-OSI Banking: ADB Appoints Leah Gutierrez as Director General For New Sectors Department 3

    Source: Asia Development Bank

    MANILA, PHILIPPINES (3 February 2025) — The Asian Development Bank (ADB) has appointed Leah Gutierrez as Director General for a newly-formed department within the bank.

    Ms. Gutierrez assumed the leadership of Sectors Department 3, which will manage operations for finance, human and social development, and public sector management and governance.

    “The bank aims to deliver on the ambitious development goals of its corporate strategy and help meet the rapidly evolving needs of its member countries,” said Ms. Gutierrez. “ADB will continue to collaborate and innovate as client demands grow.”

    Ms. Gutierrez has over 35 years of professional experience, including 24 years at ADB. Prior to her appointment, Ms. Gutierrez was the Director General of the Pacific Department where she led the planning, implementation, and supervision of the department’s work to support the Pacific region. She has also held senior positions in ADB’s Strategy, Policy, and Partnerships Department, Southeast Asia Department, and Office of the Secretary.

    A national of the Philippines, she holds a PhD in Economics from University of Pennsylvania, USA, and a bachelor’s degree in Business Economics from the University of the Philippines.

    ADB introduced a new operating model in 2022 to better serve the rapidly changing needs of its developing member countries. To support this mandate, the Sectors Group was restructured into three distinct Sector Departments, ensuring a balanced spread of responsibilities. The realignment will enhance managerial oversight, improve operational efficiency, and ensure more effective leadership across all functions.

    ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 69 members—49 from the region.

    MIL OSI Global Banks –

  • MIL-OSI Banking: Hideaki Iwasaki Appointed as Director General for New Sectors Department 1

    Source: Asia Development Bank

    MANILA, PHILIPPINES (3 February 2025) — The Asian Development Bank (ADB) has appointed Hideaki Iwasaki as Director General for a newly-formed department, Sectors Department 1, which will manage operations for the energy and transport sectors.

    “Being appointed to this role is an honor for me personally, and more importantly an opportunity to create lasting positive impacts for our member countries across our operational sectors,” said Mr. Iwasaki. “My team will work hard to ensure the most efficient and effective support for key challenges facing Asia and the Pacific, as envisaged by the Midterm Review of ADB’s Strategy 2030 focus areas.”

    Mr. Iwasaki has more than 34 years of professional work experience, including more than 22 years in ADB. Prior to his appointment, he served as Deputy Director General for the Pacific Department where he provided guidance and advice to project teams on managing implementation risks and transaction costs, and guided the North Pacific team. He was formerly Country Director to Thailand and had senior roles in the Southeast Asia and Central and West Asia departments.

    He is a national of Japan and holds a master’s degree in Civil Engineering from Virginia Polytechnic Institute & State University, USA, and master’s and bachelor’s degrees in Urban Engineering from the University of Tokyo, Japan.

    ADB introduced a new operating model in 2022 to better serve the rapidly changing needs of its developing member countries. To support this mandate, the Sectors Group was restructured into three distinct Sector Departments, ensuring a balanced spread of responsibilities. The realignment will enhance managerial oversight, improve operational efficiency, and ensure more effective leadership across all functions.

    ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 69 members—49 from the region.

    MIL OSI Global Banks –

  • MIL-OSI Banking: ADB Appoints Emma Veve as Director General for Pacific

    Source: Asia Development Bank

    MANILA, PHILIPPINES (3 February 2025) — The Asian Development Bank (ADB) has appointed Emma Veve as Director General of its Pacific Department (PARD), where she will be responsible for the department’s vision and strategy in the subregion.

    Beginning her new role today, Ms. Veve will lead the delivery of the forthcoming Pacific Approach 2026–2030, which will serve as ADB’s overall country partnership strategy for 12 of its 14 Pacific developing members: Cook Islands, Kiribati, the Marshall Islands, the Federated States of Micronesia, Nauru, Niue, Palau, Samoa, Solomon Islands, Tonga, Tuvalu, and Vanuatu. She will also lead the implementation of ADB’s individual country partnership strategies for Fiji and Papua New Guinea.

    “I am delighted to be back working in the Pacific, and I’m deeply committed to helping shape the new Pacific Approach, which will serve as ADB’s guide to assisting the Pacific developing members achieve their development goals,” said Ms. Veve. “In keeping with ADB’s role as Asia and the Pacific’s climate bank, we will remain focused on combatting climate change and its impacts using innovation, knowledge, and collaboration.”

    Prior to her appointment as Director General for the Pacific, Emma was Deputy Director General with ADB’s Southeast Asia Department. She also served as the Deputy Director General of the Pacific Department where she supported the Director General in the delivery of ADB operations across the 14 Pacific developing member countries. Ms. Veve has also held other senior roles within ADB’s economic, social, and urban sectors in the Pacific Department. 

    Before joining ADB in 2005, Emma was the Economic Advisor with the Pacific Islands Forum Secretariat in Suva, Fiji and held various positions in the Australian commonwealth public service. She is a national of Australia, holds a double degree in agricultural science and economics from the University of Queensland, Brisbane, Australia; and holds a master’s degree in economics from the University of New England, Armidale, Australia.

    ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 69 members—49 from the region.

    MIL OSI Global Banks –

  • MIL-OSI Banking: Money Market Operations as on January 31, 2025

    Source: Reserve Bank of India
    (Amount in ₹ crore, Rate in Per cent)
      Volume
    (One Leg)    		 Weighted
    Average Rate    		 Range
    A. Overnight Segment (I+II+III+IV) 12,919.45 6.54 5.50-6.90
         I. Call Money 2,607.70 6.53 5.50-6.70
         II. Triparty Repo 8,450.45 6.49 6.25-6.70
         III. Market Repo 0.00 – –
         IV. Repo in Corporate Bond 1,861.30 6.78 6.75-6.90
    B. Term Segment      
         I. Notice Money** 10,435.20 6.60 5.10-6.70
         II. Term Money@@ 121.50 – 6.65-7.50
         III. Triparty Repo 3,29,263.55 6.58 6.20-6.80
         IV. Market Repo 1,50,257.25 6.66 5.00-6.90
         V. Repo in Corporate Bond 0.00 – –
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo Fri, 31/01/2025 3 Mon, 03/02/2025 1,00,013.00 6.51
         (b) Reverse Repo          
    3. MSF# Fri, 31/01/2025 1 Sat, 01/02/2025 4,401.00 6.75
      Fri, 31/01/2025 2 Sun, 02/02/2025 0.00 6.75
      Fri, 31/01/2025 3 Mon, 03/02/2025 1,910.00 6.75
    4. SDFΔ# Fri, 31/01/2025 1 Sat, 01/02/2025 97,719.00 6.25
      Fri, 31/01/2025 2 Sun, 02/02/2025 0.00 6.25
      Fri, 31/01/2025 3 Mon, 03/02/2025 5,176.00 6.25
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       3,429.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo Fri, 24/01/2025 14 Fri, 07/02/2025 1,62,096.00 6.51
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF#          
    4. SDFΔ#          
    D. Standing Liquidity Facility (SLF) Availed from RBI$       9,556.71  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     1,71,652.71  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     1,75,081.71  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on January 31, 2025 9,30,798.53  
         (ii) Average daily cash reserve requirement for the fortnight ending February 07, 2025 9,12,544.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ January 31, 2025 1,00,013.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on January 10, 2025 -40,102.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    Ajit Prasad          
    Deputy General Manager
    (Communications)    
    Press Release: 2024-2025/2064

    MIL OSI Global Banks –

  • MIL-OSI Banking: Lufthansa extends A380 service to Bangkok

    Source: Lufthansa Group

    Lufthansa, Germany’s flagship carrier and largest airline, is pleased to announce the extension of its Airbus A380 service from Bangkok to Munich for the peak Songkran holiday season. In response to growing demand during this key travel period, Lufthansa will operate its flagship aircraft on this route, offering passengers a luxurious and comfortable flying experience between the two major cities.

    The A380, known for its spacious cabins, cutting-edge amenities, and state-of-the-art technology, will be deployed for additional flights starting in early April 2025, coinciding with the annual Songkran Festival in Thailand. As one of the most significant cultural events in Thailand, the Songkran holiday attracts millions of travelers both domestically and internationally. Lufthansa’s decision to extend its A380 service aims to provide travelers with enhanced capacity and superior comfort during this busy travel period.

    “We are excited to extend our A380 service on the Munich-Bangkok route during the Songkran holiday season,” said Felipe Bonifatti, Vice President Asia Pacific & Joint Ventures East. “The A380 offers unparalleled comfort and capacity, and we are confident that our passengers will appreciate the extra space and top-tier service as they travel during the busy Thai New Year period.”

    Lufthansa’s decision to continue the deployment of the A380 for the Songkran season follows the airline’s continued commitment to enhancing the travel experience for its passengers. With its wide-body design and cutting-edge technology, the Airbus A380 is ideal for long-haul flights, offering passengers an elevated level of comfort when flying with the national airline of Germany.

    About Lufthansa Group

    The Lufthansa Group is an aviation group with operations worldwide. With 100,000+ employees, Lufthansa Group generated revenue of €35.4bn in the financial year 2023. Our largest business segment is Passenger Airlines while other key business segments include Logistics and Maintenance, Repair and Overhaul (MRO). Other companies and Group functions such as IT companies and Lufthansa Aviation Training form complementary components of the Group. All airlines and business segments play leading roles in their respective markets.

    MIL OSI Global Banks –

  • MIL-OSI Banking: Result of the Daily Variable Rate Repo (VRR) auction held on February 03, 2025

    Source: Reserve Bank of India

    Tenor 1-day
    Notified Amount (in ₹ crore) 75,000
    Total amount of bids received (in ₹ crore) 48,785
    Amount allotted (in ₹ crore) 48,785
    Cut off Rate (%) 6.51
    Weighted Average Rate (%) 6.52
    Partial Allotment Percentage of bids received at cut off rate (%) NA

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/2065

    MIL OSI Global Banks –

  • MIL-OSI Banking: Notice of the Settlement of Patent Infringement Lawsuit with Magna International Inc.

    Source: Panasonic

    Headline: Notice of the Settlement of Patent Infringement Lawsuit with Magna International Inc.

    Yokohama, Japan, February 3rd, 2025 – Panasonic Automotive Systems Co., Ltd. (Headquarters: Yokohama, Kanagawa, Japan; President: Masashi Nagayasu; hereinafter referred to as “PAS”) has entered into a patent cross-licensing agreement with Magna Electronics Inc. (Headquarters: USA) and Magna International Inc. (Headquarters: Canada) regarding in-vehicle products. This agreement allows both companies to mutually utilize certain of each other’s patented technologies, aiming to enhance technological innovation and market competitiveness.
    In March 2021, Panasonic filed lawsuits in the U.S. Federal Court in Texas and the Munich District Court in Germany, claiming that products of Magna International Inc. infringed on our patents related to advanced driver assistance systems (ADAS) for automobiles. Magna filed counterclaims asserting certain patents against Panasonic. After continued discussions, we have agreed to settle by entering into a patent cross-licensing agreement for in-vehicle products and to withdraw all pending lawsuits. The terms of the agreement remain confidential between the parties.
    We will continue to strive to enhance our corporate value through the protection and utilization of our intellectual property rights.
    Masashige MIZUYAMA, our Executive Vice President (CTO, Intellectual Property), commented, “This agreement is an important step to further strengthen our technological capabilities and intellectual property accumulated by the PAS and Panasonic Group, enhancing our competitiveness in the global market. We will continue to provide more innovative products and meet our customers’ expectations.”

    MIL OSI Global Banks –

  • MIL-OSI China: Hotel services evolve to match Spring Festival trends

    Source: China State Council Information Office

    Located near Tiananmen Square and the Forbidden City, Hilton Beijing Wangfujing is a popular hotel choice for travelers exploring the Chinese capital, while a set of thoughtful services to embrace the Year of the Snake adds to this hotel’s unique appeal.

    Customers can enjoy steamed red buns filled with Beijing’s famous roast duck, and make a woodblock printing of their personal Chinese zodiac animal or a Peking Opera portrait of Sun Wukong, the star of the globally popular 3A game which debuted last year. Served on a traditional copper hot pot, desserts at this hotel are shaped after auspicious Chinese icons like lion, persimmon and cabbage.

    Customized Spring Festival food and services, designed with local cultural characteristics, are also rolled out in many other Hilton hotels across the country, and even in some overseas markets, according to Wendy Huang, senior vice president and commercial director with Hilton Greater China & Mongolia.

    “We hope to leverage creative cuisine and local culture — especially unique intangible cultural heritage and local customs, to make their holiday a meaningful cultural journey for our guests,” Huang said.

    Celebrating the Chinese New Year by traveling and experiencing Chinese culture has become a new tradition during the Spring Festival, which nurtures new business opportunities for the hospitality sector.

    Increasing affluence and a growing preference for convenience has prompted many Chinese families to dine out on Chinese New Year’s Eve. Some online platforms reported a more than 100-percent increase in orders for family reunion dinners compared to the previous year, according to the Ministry of Commerce.

    “Our 10-person table dining set on that evening was fully booked,” said a staff member at Hilton Beijing Wangfujing.

    The Spring Festival holiday has become a crucial period for the tourism industry. Hilton’s data showed that while bookings in traditional tourism hubs like east China during this period had remained robust this year compared to 2024, some niche destinations such as Jiuzhaigou, Urumqi and Maotai Town had also posted positive booking trends in 2025 compared with last year.

    As a significant holiday characterized by family reunions, over 80 percent of the travelers during the Chinese New Year period are families, according to a report issued by the China Association of Travel Services and travel platform Tuniu.com.

    Notably, the trend of multi-generational travel, including grandparents, parents and children, as well as parent-child trips, is particularly prominent, accounting for 36 percent and 27 percent of total travel numbers, respectively, the report said.

    To meet family travel needs, Hilton offers connecting rooms to ensure close interaction while providing independent space for family members. Pet-friendly services are also available for people traveling with cats or dogs, according to Huang.

    In recent years, the U.S.-based group has seen more than 100 hotels open each year in China — its largest overseas market. Hilton had opened hotels in over 250 destinations across China by the end of 2024.

    “Chinese travelers’ needs are constantly evolving, and this will continue to fuel our service innovation,” Huang said.

    MIL OSI China News –

  • MIL-OSI China: China to file lawsuit against latest tariffs

    Source: China State Council Information Office

    China will file a lawsuit with the World Trade Organization and take necessary countermeasures to safeguard its own rights and interests, the Ministry of Commerce said on Sunday after the United States announced it would impose a 10 percent additional tariff on goods from China.

    The Ministry of Commerce said this move fails to solve the problems faced by the US, and undermines normal economic and trade cooperation between the two countries. An expert from a think tank in Beijing said the decision is expected to have a significant impact on US and Chinese industries.

    “The unilateral imposition of tariffs by the US seriously violates the rules of the WTO. We urge the US to objectively and rationally view and handle its own fentanyl and other issues, rather than resorting to tariff threats against other countries,” the ministry said in a statement.

    Zhou Mi, a researcher at the Chinese Academy of International Trade and Economic Cooperation, said a higher tariff on Chinese goods will likely result in higher costs of importing products from China, and this cost may be further amplified along the supply chain.

    “For US manufacturers, when they import intermediate materials or products from China, the costs of those products will increase, and the price increase will be transmitted along the layers of the supply chain. US consumers could face price inflation on certain products of over 10 percent,” Zhou said.

    He added that Chinese exporters could also face a significant challenge, as US importers may need to renegotiate with Chinese companies about specific prices and plans on additional costs.

    The Foreign Ministry said in a statement on Sunday that China has expressed strong dissatisfaction and resolute opposition to the latest move, and will take necessary countermeasures to firmly safeguard its legitimate rights and interests.

    There are no winners in trade disputes, and China’s stance is consistent and firm.

    The US has levied a 10 percent tariff on Chinese imports under the pretext of the fentanyl issue.

    The Foreign Ministry said fentanyl is a problem of the US, and China has been among the countries with the strictest and most thoroughly enforced narcotics control policies in the world. In a humanitarian spirit, China has provided support to the US in dealing with its fentanyl problem.

    “China urges the US to correct its wrong practices, maintain the hard-won progress of China-US drug control cooperation, and promote stable, healthy and sustainable development of China-US relations,” the Foreign Ministry said in the statement.

    The latest move comes after a year of robust foreign trade between US and China.

    In December alone, US seaports handled an equivalent of 451,000 40-foot containers of goods from China, up 14.5 percent year-on-year, with some companies stockpiling goods early to get ahead of tariff threats, according to trade data supplier Descartes Systems Group.

    Last year, US imports of machinery, bedding, plastic toys and other products from China rose 15 percent over the levels seen in 2023, data from Descartes showed.

    Some US companies decided to import goods “earlier” than usual to avoid the tariff threats and potential strikes at ports, Jonathan Gold, president of supply chain and customs policy at the National Retail Federation, told China Daily.

    Since 2018, the original round of tariffs imposed on China by the first Trump administration and those kept and extended by then President Joe Biden’s administration, have caused a significant impact.

    The Peterson Institute for Inter-national Economics in Washington, DC, found that in 2018, the two-way trade between China and the US was $659 billion. In 2024, the figure declined to $578 billion.

    Thomas Fullerton, an economics professor at the University of Texas at El Paso, said a better way for the US to address the competition with countries in the Asia-Pacific region would have been “to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership”, a free trade agreement between 12 countries.

    “As trade barriers, tariffs can also cause domestic industries to become less competitive,” Fullerton said.

    According to the executive order, the US also imposed a 25 percent tariff on goods from Mexico and Canada. For energy products from Canada, the US imposed a 10 percent tariff.

    MIL OSI China News –

  • MIL-OSI Asia-Pac: NEXT FIVE YEARS PRESENT A UNIQUE OPPORTUNITY TO REALIZE ‘SABKA VIKAS’; UNION BUDGET 2025-26

    Source: Government of India (2)

    NEXT FIVE YEARS PRESENT A UNIQUE OPPORTUNITY TO REALIZE ‘SABKA VIKAS’; UNION BUDGET 2025-26

    AGRICULTURE, MSME, INVESTMENT, AND EXPORTS TO BE FOUR POWERFUL ENGINES IN JOURNEY OF DEVELOPMENT

    FOCUS ON GARIB, YOUTH, ANNADATA AND NARI IN THE BUDGET

    Posted On: 01 FEB 2025 1:01PM by PIB Delhi

    Next five years is seen as a unique opportunity to realize ‘Sabka Vikas’, said the Union Minister for Finance & Corporate Affairs, Smt. Nirmala Sitharaman while presenting the Union Budget 2025-26 in Parliament today. In her budget speech, the Union Finance Minister emphasized on stimulating balanced growth of all regions.

    The Minister highlighted that our economy is the fastest-growing among all major global economies. Our development track record of the past 10 years and structural reforms have drawn global attention. Confidence in India’s capability and potential has only grown in this period, the Minister added.

    The Union Budget 2025-26 highlights Government’s efforts to accelerate growth, secure inclusive development, invigorate private sector investments, uplift household sentiments, and enhance spending power of India’s rising middle class.

    Specifying Agriculture, MSME, Investment, and Exports to be four powerful engines in journey of development, the Minister underlined that this budget aims to initiate transformative reforms across six domains. During the next five years, the domains of Taxation, Power Sector, Urban Development, Mining, Financial Sector and Regulatory Reforms will augment our growth potential and global competitiveness. The Finance Minister said that in the journey of development, “Our Reforms” is the fuel; where, “Inclusivity” is a guiding spirit; and the “Viksit Bharat” is the destination.

    Focussing on Garib, Youth, Annadata and Nari in her Union Budget 2025-26 speech, the Union Finance Minister underscored on proposed development measures spanning ten broad areas. These are namely, Spurring Agricultural Growth and Productivity; Building Rural Prosperity and Resilience; Taking Everyone Together on an Inclusive Growth path; Boosting Manufacturing and Furthering Make in India; Supporting MSMEs; Enabling Employment-led Development; Investing in people, economy and innovation; Securing Energy Supplies; Promoting Exports; and Nurturing Innovation.

    The Union Minister observed that “Viksit Bharat” encompasses zero-poverty; hundred per cent good quality school education; access to high-quality, affordable, and comprehensive healthcare; hundred per cent skilled labour with meaningful employment; seventy per cent women in economic activities; and farmers making our country the ‘food basket of the world’.

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  • MIL-OSI Asia-Pac: BUDGET OUTLAY FOR JAL JEEVAN MISSION ENHANCED TO RS. 67,000 CRORE

    Source: Government of India (2)

    BUDGET OUTLAY FOR JAL JEEVAN MISSION ENHANCED TO RS. 67,000 CRORE

    JAL JEEVAN MISSION EXTENDED UNTIL 2028

    MISSION TO ACHIEVE 100% COVERAGE OVER NEXT THREE YEARS

    Posted On: 01 FEB 2025 1:00PM by PIB Delhi

    While presenting the Union Budget 2025-26 in the Parliament today, Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman said that the total budget outlay for Jal Jeevan Mission has been enhanced to Rs 67,000 Crore. She said that the Mission stands extended until 2028.

    Smt. Nirmala Sitharaman stated that 15 crore households representing 80 per cent of India’s rural population have benefitted by the Jal Jeevan Mission since 2019. She added that access to potable tap water connections is provided under this Mission and in the next three years the target is to achieve 100 per cent coverage.

    Jal Jeevan Mission’s focus will be on the quality of infrastructure and O&M of rural piped water supply schemes through “Jan Bhagidhari”. Separate MoUs will be signed with states/UTs, to ensure sustainability and citizen-centric water service delivery, informed Smt. Sitharaman.

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  • MIL-OSI Asia-Pac: A NUCLEAR ENERGY MISSION FOR RESEARCH & DEVELOPMENT OF SMALL MODULAR REACTORS (SMR) WILL BE SET UP: BUDGET 2025-26

    Source: Government of India (2)

    A NUCLEAR ENERGY MISSION FOR RESEARCH & DEVELOPMENT OF SMALL MODULAR REACTORS (SMR) WILL BE SET UP: BUDGET 2025-26

    AT LEAST 5 INDIGENOUSLY DEVELOPED SMRS WILL BE OPERATIONALIZED BY 2033

    Posted On: 01 FEB 2025 12:58PM by PIB Delhi

    Union Minister of Finance and Corporate Affairs, Smt. Nirmala Sitharaman, while presenting the Budget 2025-2026 in the Parliament today said that a Nuclear Energy Mission for research & development of Small Modular Reactors (SMR) with an outlay of  ` 20,000 crore will be set up. At least 5 indigenously developed SMRs will be operationalized by 2033, she informed.

    Smt. Sitharaman highlighted that development of at least 100 GW of nuclear energy by 2047 is essential for our energy transition efforts. For an active partnership with the private sector towards this goal, amendments to the Atomic Energy Act and the Civil Liability for Nuclear Damage Act will be taken up.

    The Budget also proposes that states will be incentivized for electricity distribution reforms and augmentation of intra-state transmission capacity. This will improve financial health and capacity of electricity companies. The Minister informed that additional borrowing of 0.5 per cent of GSDP will be allowed to states, contingent on these reforms.

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  • MIL-OSI Asia-Pac: UNION BUDGET 2025-26 PROPOSES TO REMOVE SEVEN CUSTOMS TARIFF RATES FOR INDUSTRIAL GOODS

    Source: Government of India (2)

    UNION BUDGET 2025-26 PROPOSES TO REMOVE SEVEN CUSTOMS TARIFF RATES FOR INDUSTRIAL GOODS

    EXEMPTION TO 36 MORE LIFE SAVING MEDICINES FOR CANCER AND OTHER RARE DISEASES FROM BASIC CUSTOMS DUTY

    BOOST TO E-MOBILITY: 35 ADDITIONAL CAPITAL GOODS FOR EV BATTERY MANUFACTURING EXEMPTED FROM BCD

    PROPOSALS TO SUPPORT DOMESTIC MANUFACTURING AND VALUE ADDITION WHILE PROMOTING EXPORTS, FACILITATING TRADE AND PROVIDING RELIEF TO COMMON PEOPLE

    Posted On: 01 FEB 2025 12:55PM by PIB Delhi

    The Union Budget 2025-26 presented by Union Minister for Finance and Corporate Affairs, Smt Nirmala Sitharaman in parliament today, focuses its customs proposals on rationalizing tariff structure and addressing duty inversion. The Minister said that the proposals will also support domestic manufacturing and value addition while promoting exports, facilitating trade and providing relief to common people.

    Delivering on the promise to review customs rate structure announced in July 2024, the Budget proposes to remove seven customs tariff rates for industrial goods over and above the seven tariff rates removed in Budget 2023-24. This will leave only eight tariff rates, including ‘zero’ rate. The Budget also proposes to levy not more than one cess or surcharge. This will exempt Social Welfare Surcharge on 82 tariff lines that are subject to a cess.

     

    Relief on import of Drugs/Medicines

    In sector specific proposals, the Budget comes as a big relief to patients, particularly to those suffering from cancer, rare diseases and other severe chronic diseases. The Budget proposes to add 36 life saving drugs and medicines to the list of medicines fully exempted from Basic Customs Duty. The Budget also proposes to add 6 life saving medicines to the list attracting concessional customs duty of 5%. Full exemption and concessional duty will also respectively apply on the bulk drugs for manufacture of the above.

    Specified drugs and medicines under Patient Assistance Programmes run by pharmaceutical companies are fully exempt from Basic Customs Duty, provided the medicines are supplied free of cost to patients. The Budget proposes to add 37 more medicines along with 13 new patient assistance programmes to the list.

    Support to Domestic Manufacturing and Value addition

    The Budget proposes to add 35 additional capital goods for EV battery manufacturing, and 28 additional capital goods for mobile phone battery manufacturing to the list of exempted capital goods. “This will boost domestic manufacture of lithium-ion battery, both for mobile phones and electric vehicles”, FM stated in her speech.

    The Budget also proposes to fully exempt Basic Customs Duty on cobalt powder and waste, the scrap of lithium-ion battery, Lead, Zinc and 12 more critical minerals. Finance Minister said that this will help secure their availability for manufacturing in India and promote more jobs for our youth. This is in addition to the 25 critical minerals fully exempted of BCD in July 2024 Budget.

    To promote domestic production of technical textile products such as agro-textiles, medical textiles and geo textiles at competitive prices, the Budget proposes to add two more types of shuttle-less looms to the list of fully exempted textile machinery. “I also propose to revise the BCD rate on knitted fabrics covered by nine tariff lines from “10% or 20%” to “20% or Rs.115 per kg, whichever is higher”, said Finance Minister in her speech.

    In line with the ‘Make in India’ policy, the Budget proposes to increase the BCD on Interactive Flat Panel Display (IFPD) from 10% to 20% and reduce the BCD to 5% on Open Cell and other components. The Minister informed that it will rectify the inverted duty structure.

    Considering the long gestation period of shipbuilding, the Budget proposes to continue the exemption of BCD on raw materials, components, consumables or parts for the manufacture of ships for another ten years. The Budget also proposes the same dispensation for ship breaking to make it more competitive.

    The Budget also proposes to reduce the BCD from 20% to 10% on Carrier Grade ethernet switches to make it at par with Non-Carrier Grade ethernet switches. Finance Minister said that that this will prevent classification disputes.

    Export Promotion

    The Budget also contains certain tax proposals to promote exports. To facilitate exports of handicrafts, it proposes to extend the time period for export from six months to one year, further extendable by another three months, if required. The Budget also proposes to add nine handicraft items to the list of duty-free inputs.

    The Budget also proposes to exempt crust leather from 20% export duty to facilitate exports by small tanners, while fully exempting BCD on Wet Blue leather to facilitate imports for domestic value addition and employment.

    To enhance India’s competitiveness in the global seafood market, the Budget proposes to reduce BCD from 30% to 5% on Frozen Fish Paste (Surimi) for manufacture and export of its analogue products. It also proposes to reduce BCD from 15% to 5% on fish hydrolysate for manufacture of fish and shrimp feeds.

    To promote development of domestic MROs for aircraft and ships, the July 2024 Budget extended the time limit for export of foreign origin goods that were imported for repairs, from 6 months to one year and further extendable by one year. The Budget 2025-26 proposes to extend the same dispensation for railway goods.

    Trade facilitation and Ease of Doing Business

    Presently, the Customs Act, 1962 does not provide any time limit to finalize Provisional Assessments leading to uncertainty and cost to trade. As a measure of promoting ease of doing business, the Budget proposes to fix a time-limit of two years, extendable by a year, for finalizing the provisional assessment.

    The Budget also proposes to introduce a new provision that will enable importers or exporters, after clearance of goods, to voluntarily declare material facts and pay duty with interest but without penalty. “This will incentivize voluntary compliance. However, this will not apply in cases where department has already initiated audit or investigation proceedings”, said Smt Sitharaman.

    The Budget proposes to extend the time limit for the end-use of imported inputs in the relevant rules, from six months to one year. This will not only allow industry to better plan their imports, but also provide operational flexibility in view of cost and uncertainty of supply. Further, such importers will now have to file only quarterly statements instead of a monthly statement.

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  • MIL-OSI Asia-Pac: HIGHLIGHTS OF UNION BUDGET 2025-26

    Source: Government of India (2)

    Posted On: 01 FEB 2025 12:42PM by PIB Delhi

    PART A

    Union Minister for Finance and Corporate Affairs Smt Nirmala Sitharaman presented Union Budget 2025-26 in the Parliament today. The highlights of the budget are as follows:

    Budget Estimates 2025-26

    • The total receipts other than borrowings and the total expenditure are estimated at ₹ 34.96 lakh crore and ₹ 50.65 lakh crore respectively.
    • The net tax receipts are estimated at ₹ 28.37 lakh crore.
    • The fiscal deficit is estimated to be 4.4 per cent of GDP.
    • The gross market borrowings are estimated at ₹ 14.82 lakh crore.
    • Capex Expenditure of ₹11.21 lakh crore (3.1% of GDP) earmarked in FY2025-26.

    AGRICULTURE AS THE 1ST ENGINE OF DEVELOPMENT

    Prime Minister Dhan-Dhaanya Krishi Yojana – Developing Agri Districts Programme

    • The programme to be launched in partnership with the states, covering 100 districts with low productivity, moderate crop intensity and below-average credit parameters, to benefit 1.7 crore farmers.

    Building Rural Prosperity and Resilience

    • A comprehensive multi-sectoral programme to be launched in partnership with states to address under-employment in agriculture through skilling, investment, technology, and invigorating the rural economy.
    • Phase-1 to cover 100 developing agri-districts.

    Aatmanirbharta in Pulses

    • Government to launch a 6-year “Mission for Aatmanirbharta in Pulses” with focus on Tur, Urad and Masoor.
    • NAFED and NCCF to procure these pulses from farmers during the next 4 years.

    Comprehensive Programme for Vegetables & Fruits

    • A comprehensive programme to promote production, efficient supplies, processing, and remunerative prices for farmers to be launched in partnership with states.

    Makhana Board in Bihar

    • A Makhana Board to be established to improve production, processing, value addition, and marketing of makhana.

     

    National Mission on High Yielding Seeds

    • A National Mission on High Yielding Seeds to be launched aiming at strengthening the research ecosystem, targeted development and propagation of seeds with high yield, and commercial availability of more than 100 seed varieties.

    Fisheries

    • Government to bring a framework for sustainable harnessing of fisheries from Indian Exclusive Economic Zone and High Seas, with a special focus on the Andaman & Nicobar and Lakshadweep Islands.

    Mission for Cotton Productivity

    • A 5-year mission announced to facilitate significant improvements in productivity and sustainability of cotton farming, and promote extra-long staple cotton varieties.

    Enhanced Credit through KCC

    • The loan limit under the Modified Interest Subvention Scheme to be enhanced from ₹ 3 lakh to ₹ 5 lakh for loans taken through the KCC.

    Urea Plant in Assam

    • A plant with annual capacity of 12.7 lakh metric tons to be set up at Namrup, Assam.

    MSMEs AS THE 2ND ENGINE OF DEVELOPMENT

    Revision in classification criteria for MSMEs

    • The investment and turnover limits for classification of all MSMEs to be enhanced to 2.5 and 2 times respectively.

    Credit Cards for Micro Enterprises

    • Customized Credit Cards with ₹ 5 lakh limit for micro enterprises registered on Udyam portal, 10 lakh cards to be issued in the first year.

    Fund of Funds for Startups

    • A new Fund of Funds, with expanded scope and a fresh contribution of ₹ 10,000 crore to be set up.

    Scheme for First-time Entrepreneurs

    • A new scheme for 5 lakh women, Scheduled Castes and Scheduled Tribes first-time entrepreneurs to provide term-loans upto ₹ 2 crore in the next 5 years announced.

    Focus Product Scheme for Footwear & Leather Sectors

    • To enhance the productivity, quality and competitiveness of India’s footwear and leather sector, a focus product scheme announced to facilitate employment for 22 lakh persons, generate turnover of ₹ 4 lakh crore and exports of over ₹ 1.1 lakh crore.

    Measures for the Toy Sector

    • A scheme to create high-quality, unique, innovative, and sustainable toys, making India a global hub for toys announced.

    Support for Food Processing

    • A National Institute of Food Technology, Entrepreneurship and Management to be set up in Bihar.

    Manufacturing Mission – Furthering “Make in India”

    • A National Manufacturing Mission covering small, medium and large industries for furthering “Make in India” announced.

    INVESTMENT AS THE 3RD ENGINE OF DEVELOPMENT

    1. Investing in People

    Saksham Anganwadi and Poshan 2.0

    • The cost norms for the nutritional support to be enhanced appropriately.

    Atal Tinkering Labs

    • 50,000 Atal Tinkering Labs to be set up in Government schools in next 5 years.

    Broadband Connectivity to Government Secondary Schools and PHCs

    • Broadband connectivity to be provided to all Government secondary schools and primary health centres in rural areas under the Bharatnet project.

    Bharatiya Bhasha Pustak Scheme

    • Bharatiya Bhasha Pustak Scheme announced to provide digital-form Indian language books for school and higher education.

    National Centres of Excellence for Skilling

    • 5 National Centres of Excellence for skilling to be set up with global expertise and partnerships to equip our youth with the skills required for “Make for India, Make for the World” manufacturing.

    Expansion of Capacity in IITs

    • Additional infrastructure to be created in the 5 IITs started after 2014 to facilitate education for 6,500 more students.

    Centre of Excellence in AI for Education

    • A Centre of Excellence in Artificial Intelligence for education to be set up with a total outlay of ₹ 500 crore.

    Expansion of medical education

    • 10,000 additional seats to be added in medical colleges and hospitals next year, adding to 75000 seats in the next 5 years.

    Day Care Cancer Centres in all District Hospitals

    • Government to set up Day Care Cancer Centres in all district hospitals in the next 3 years, 200 Centres  in 2025-26.

    Strengthening urban livelihoods

    • A scheme for socio-economic upliftment of urban workers to help them improve their incomes and have sustainable livelihoods announced.

    PM SVANidhi

    • Scheme to be revamped with enhanced loans from banks, UPI linked credit cards with ₹ 30,000 limit, and capacity building support.

    Social Security Scheme for Welfare of Online Platform Workers

    • Government to arrange for identity cards, registration on e-Shram portal and healthcare under PM Jan Arogya Yojna, for gig-workers.

     

    1. Investing in the Economy

    Public Private Partnership in Infrastructure

    • Infrastructure-related ministries to come up with a 3-year pipeline of projects in PPP mode, States also encouraged.

    Support to States for Infrastructure

    • An outlay of ₹1.5 lakh crore proposed for the 50-year interest free loans to states for capital expenditure and incentives for reforms.

    Asset Monetization Plan 2025-30

    • Second Plan for 2025-30 to plough back capital of ₹ 10 lakh crore in new projects announced.

    Jal Jeevan Mission

    • Mission to be extended until 2028 with an enhanced total outlay.

    Urban Challenge Fund

    • An Urban Challenge Fund of ₹ 1 lakh crore announced to implement the proposals for ‘Cities as Growth Hubs’, ‘Creative Redevelopment of Cities’ and ‘Water and Sanitation’, allocation of ₹ 10,000 crore proposed for 2025-26.

    Nuclear Energy Mission for Viksit Bharat

    • Amendments to the Atomic Energy Act and the Civil Liability for Nuclear Damage Act to be taken up.
    • Nuclear Energy Mission for research & development of Small Modular Reactors (SMR) with an outlay of ₹20,000 crore to be set up, 5 indigenously developed SMRs to be operational by 2033.

    Shipbuilding

    • The Shipbuilding Financial Assistance Policy to be revamped.
    • Large ships above a specified size to be included in the infrastructure harmonized master list (HML).

    Maritime Development Fund

    • A Maritime Development Fund with a corpus of ₹ 25,000 crore to be set up, with up to 49 per cent contribution by the Government, and the balance from ports and private sector.

    UDAN – Regional Connectivity Scheme

    • A modified UDAN scheme announced to enhance regional connectivity to 120 new destinations and carry 4 crore passengers in the next 10 years.
    • Also to support helipads and smaller airports in hilly, aspirational, and North East region districts.

    Greenfield Airport in Bihar

    • Greenfield airports announced in Bihar, in addition to the expansion of the capacity of Patna airport and a brownfield airport at Bihta.

    Western Koshi Canal Project in Mithilanchal

    • Financial support for the Western Koshi Canal ERM Project in Bihar.

    Mining Sector Reforms

    • A policy for recovery of critical minerals from tailings to be brought out.

    SWAMIH Fund 2

    • A fund of ₹ 15,000 crore aimed at expeditious completion of another 1 lakh dwelling units, with contribution from the Government, banks and private investors announced.

    Tourism for employment-led growth

    • Top 50 tourist destination sites in the country to be developed in partnership with states through a challenge mode.

     

    1. Investing in Innovation

    Research, Development and Innovation

    • ₹20,000 crore to be allocated to implement private sector driven Research, Development and Innovation initiative announced in the July Budget.

    Deep Tech Fund of Funds

    • Deep Tech Fund of Funds to be explored to catalyze the next generation startups.

    PM Research Fellowship

    • 10,000 fellowships for technological research in IITs and IISc with enhanced financial support.

    Gene Bank for Crops Germplasm

    • 2nd Gene Bank with 10 lakh germplasm lines to be set up for future food and nutritional security.

    National Geospatial Mission

    • A National Geospatial Mission announced to develop foundational geospatial infrastructure and data.

    Gyan Bharatam Mission

    • A Gyan Bharatam Mission for survey, documentation and conservation of our manuscript heritage with academic institutions, museums, libraries and private collectors to be undertaken to cover more than 1 crore manuscripts announced.

    EXPORTS AS THE 4TH ENGINE OF DEVELOPMENT

    Export Promotion Mission

    • An Export Promotion Mission, with sectoral and ministerial targets, driven jointly by the Ministries of Commerce, MSME, and Finance to be set up.

    BharatTradeNet

    • ‘BharatTradeNet’ (BTN) for international trade to be set-up as a unified platform for trade documentation and financing solutions.

    National Framework for GCC

    • A national framework to be formulated as guidance to states for promoting Global Capability Centres in emerging tier 2 cities.

    REFORMS AS FUEL: FINANCIAL SECTOR REFORMS AND DEVELOPMENT

    FDI in Insurance Sector

    • The FDI limit for the insurance sector to be raised from 74 to 100 per cent, for those companies which invest the entire premium in India.

    Credit Enhancement Facility by NaBFID

    • NaBFID to set up a ‘Partial Credit Enhancement Facility’ for corporate bonds for infrastructure.

    Grameen Credit Score

    • Public Sector Banks to develop ‘Grameen Credit Score’ framework to serve the credit needs of SHG members and people in rural areas.

    Pension Sector

    • A forum for regulatory coordination and development of pension products to be set up.

    High Level Committee for Regulatory Reforms

    • A High-Level Committee for Regulatory Reforms to be set up for a review of all non-financial sector regulations, certifications, licenses, and permissions.

    Investment Friendliness Index of States

    • An Investment Friendliness Index of States to be launched in 2025 to further the spirit of competitive cooperative federalism anounced.

    Jan Vishwas Bill 2.0

    • The Jan Vishwas Bill 2.0 to decriminalize more than 100 provisions in various laws.

     

    PART B

     

    DIRECT TAX

     

    • No personal income tax payable upto income of Rs 12 lakh (i.e. average income of Rs 1 lakh per month other than special rate income such as capital gains) under the new regime.
    • This limit will be Rs 12.75 lakh for salaried tax payers, due to standard deduction of Rs 75,000.
    • The new structure will substantially reduce the taxes of the middle class and leave more money in their hands, boosting household consumption, savings and investment.
    • The new Income-Tax Bill to be clear and direct in text so as to make it simple to understand for taxpayers and tax administration, leading to tax certainty and reduced litigation.
    • Revenue of about ₹ 1 lakh crore in direct taxes will be forgone.

     

    • Revised tax rate structure

     

    • In the new tax regime, the revised tax rate structure will stand as follows:

     

    0-4 lakh rupees

    Nil

    4-8 lakh rupees

    5 percent

    8-12 lakh rupees

    10 percent

    12-16 lakh rupees

    15 percent

    16-20 lakh rupees

    20 percent

    20- 24 lakh rupees

    25 percent

    Above 24 lakh rupees

    30 percent

     

     

    • TDS/TCS rationalization for easing difficulties

     

    • Rationalization of Tax Deduction at Source (TDS) by reducing number of rates and thresholds above which TDS is deducted.
    • The limit for tax deduction on interest for senior citizens doubled from the present Rs 50,000 to Rs 1 lakh.
    • The annual limit of Rs 2.40 lakh for TDS on rent increased to Rs 6 lakh.
    • The threshold to collect tax at source (TCS) on remittances under RBI’s Liberalized Remittance Scheme (LRS) increased from Rs 7 lakh to Rs 10 lakh.
    • The provisions of the higher TDS deduction will apply only in non-PAN cases.
    • Decriminalization for the cases of delay of payment of TCS up to the due date of filing statement.

     

     

    • Reducing Compliance Burden

     

    • Reduction of compliance burden for small charitable trusts/institutions by increasing their period of registration from 5 years to 10 years.

     

    • The benefit of claiming the annual value of self-occupied properties as nil will be extended for two such self-occupied properties without any condition.

     

    • Ease of Doing Business

     

    • Introduction of a scheme for determining arm’s length price of international transaction for a block period of three years.
    • Expansion of the scope of safe harbour rules to reduce litigation and provide certainty in international taxation.
    • Exemption of withdrawals made from National Savings Scheme (NSS) by individuals on or after the 29th of August, 2024.
    • Similar treatment to NPS Vatsalya accounts as is available to normal NPS accounts, subject to overall limits.

     

    • Employment and Investment

     

    Tax certainty for electronics manufacturing Schemes

     

    • Presumptive taxation regime for non-residents who provide services to a resident company that is establishing or operating an electronics manufacturing facility.
    • Introduction of a safe harbour for tax certainty for non-residents who store components for supply to specified electronics manufacturing units.

     

    Tonnage Tax Scheme for Inland Vessels

     

    The benefits of existing tonnage tax scheme to be extended to inland vessels registered  under the Indian Vessels Act, 2021 to promote inland water transport in the country.

     

     

    • Extension for incorporation of Start-Ups

    Extension of the period of incorporation by 5 years to allow the benefit available to start-ups incorporated before 1.4.2030.

     

     

    • Alternate Investment Funds (AIFs)

     

    Certainty of taxation on the gains from securities to Category I and Category II AIFs which are undertaking investments in infrastructure and other such sectors.

     

     

    • Extension of investment date for Sovereign and Pension Funds

     

    Extension of the date of making investments in Sovereign Wealth Funds and Pension Funds by five more years, to 31st March, 2030, to promote funding from them to the infrastructure sector.

     

     

    INDIRECT TAX

    Rationalisation of Customs Tariff Structure for Industrial Goods

    Union Budget 2025-26 proposes to:

    1. Remove seven tariff rates. This is over and above the seven tariff rates removed in 2023-24 budget. After this, there will be only eight remaining tariff rates including ‘zero’ rate.
    2. Apply appropriate cess to broadly maintain effective duty incidence except on a few items, where such incidence will reduce marginally.
    3. Levy not more than one cess or surcharge. Therefore Social Welfare Surcharge on 82 tariff lines that are subject to a cess, exempted.

    Revenue of about ₹ 2600 crore in indirect taxes will be forgone.

    Relief on import of Drugs/Medicines

    • 36 lifesaving drugs and medicines fully exempted from Basic Customs Duty (BCD).
    • 6 lifesaving medicines to attract concessional customs duty of 5%.
    • Specified drugs and medicines under Patient Assistance Programmes run by pharmaceutical companies fully exempted from BCD; 37 more medicines added along with 13 new patient assistance programmes.

    Support to Domestic Manufacturing and Value addition

    • Critical Minerals :
      • Cobalt powder and waste, the scrap of lithium-ion battery, Lead, Zinc and 12 more critical minerals fully exempted from BCD.
    • Textiles:
      • Two more types of shuttle-less looms fully exempted textile machinery.
      • BCD rate on knitted fabrics revised from “10% or 20%” to “20% or ` 115 per kg, whichever is higher.
    • Electronic Goods:
      • BCD on Interactive Flat Panel Display (IFPD) increased from 10% to 20% .
      • BCD reduced to 5% on Open Cell and other components.
      • BCD on parts of Open Cells exempted.
    • Lithium Ion Battery:
      • 35 additional capital goods for EV battery manufacturing, and 28 additional capital goods for mobile phone battery manufacturing exempted.
    •  Shipping Sector: 
      • Exemption of BCD on raw materials, components, consumables or parts for the manufacture of ships extended for another ten years.
      • The same dispensation to continue for ship breaking.
    • Telecommunication: 
      • BCD reduced from 20% to 10% on Carrier Grade ethernet switches.

    Export Promotion

    • Handicraft Goods:
      • Time period for export extended  from six months to one year, further extendable by another three months, if required.
      • Nine items added to list of duty-free inputs.
    • Leather sector:         
      • BCD on Wet Blue leather fully exempted.
      • Crust leather exempted from 20% export duty.
    • Marine products:
      • BCD reduced from 30% to 5% on Frozen Fish Paste (Surimi) for manufacture and export of its analogue products.
      • BCD reduced from 15% to 5% on fish hydrolysate for manufacture of fish and shrimp feeds.
    • Domestic MROs for Railway Goods: 
      • Railways MROs to benefit similar to the aircraft and ships MROs in terms of import of repair items.
      • Time limit extended for export of such items from 6 months to one year and made further extendable by one year.

    Trade facilitation

    • Time limit for Provisional Assessment: 
      • For finalising the provisional assessment, time-limit of two years fixed, extendable by a year.
    • Voluntary Compliance:
      • A new provision introduced to enable importers or exporters, after clearance of goods, to voluntarily declare material facts and pay duty with interest but without penalty.
    • Extended Time for End Use:
      • Time limit for the end-use of imported inputs in the relevant rules extended from six months to one year.
      • Such importers to file only quarterly statements instead of a monthly statement.

    *****

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  • MIL-OSI Asia-Pac: SUMMARY OF UNION BUDGET 2025-26

    Source: Government of India (2)

    Posted On: 01 FEB 2025 12:36PM by PIB Delhi

    NO INCOME TAX ON AVERAGE MONTHLY INCOME OF UPTO RS 1 LAKH; TO BOOST MIDDLE CLASS HOUSEHOLD SAVINGS & CONSUMPTION

    SALARIED CLASS TO PAY NIL INCOME TAX UPTO ₹ 12.75 LAKH PER ANNUM IN NEW TAX REGIME

    UNION BUDGET RECOGNISES 4 ENGINES OF DEVELOPMENT – AGRICULTURE, MSME, INVESTMENT AND EXPORTS

    BENEFITTING 1.7 CRORE FARMERS, ‘PRIME MINISTER DHAN-DHAANYA KRISHI YOJANA’ TO COVER 100 LOW AGRICULTURAL PRODUCTIVITY DISTRICTS

    “MISSION FOR AATMANIRBHARTA IN PULSES” WITH A SPECIAL FOCUS ON TUR, URAD AND MASOOR TO BE LAUNCHED

    LOANS UPTO Rs. 5 LAKHS THROUGH KCC UNDER MODIFIED INTEREST SUBVENTION SCHEME

    FY-25 ESTIMATED TO END WITH FISCAL DEFICIT OF 4.8%, TARGET TO BRING IT DOWN TO 4.4% IN FY-26

    SIGNIFICANT ENHANCEMENT OF CREDIT WITH GUARANTEE COVER TO MSMEs FROM ₹ 5 CR TO ₹ 10 CR

    A NATIONAL MANUFACTURING MISSION COVERING SMALL, MEDIUM AND LARGE INDUSTRIES FOR FURTHERING “MAKE IN INDIA”

    50,000 ATAL TINKERING LABS IN GOVERNMENT SCHOOLS IN NEXT 5 YEARS

    CENTRE OF EXCELLENCE IN ARTIFICIAL INTELLIGENCE FOR EDUCATION, WITH A TOTAL OUTLAY OF ₹ 500 CRORE

    PM SVANIDHI WITH ENHANCED LOANS FROM BANKS, AND UPI LINKED CREDIT CARDS WITH ₹ 30,000 LIMIT

    GIG WORKERS TO GET IDENTITY CARDS, REGISTRATION ON E-SHRAM PORTAL &  HEALTHCARE UNDER PM JAN AROGYA YOJANA

    ₹ 1 LAKH CRORE URBAN CHALLENGE FUND FOR ‘CITIES AS GROWTH HUBS’

    NUCLEAR ENERGY MISSION FOR R&D OF SMALL MODULAR REACTORS WITH AN OUTLAY OF ₹ 20,000 CRORE

    MODIFIED UDAN SCHEME TO ENHANCE REGIONAL CONNECTIVITY TO 120 NEW DESTINATIONS

    ₹ 15,000 CRORE SWAMIH FUND TO BE ESTABLISHED FOR EXPEDITIOUS COMPLETION OF ANOTHER 1 LAKH STRESSED HOUSING UNITS

    ₹ 20,000 CRORE ALLOCATED FOR PRIVATE SECTOR DRIVEN RESEARCH DEVELOPMENT AND INNOVATION INITIATIVES

    GYAN BHARATAM MISSION FOR SURVEYAND CONSERVATION OF MANUSCRIPTS TO COVER MORE THAN ONE CRORE MANUSCRIPTS

    FDI LIMIT ENHANCED FOR INSURANCE FROM 74 TO 100 PER CENT

    JAN VISHWAS BILL 2.0 TO BE INTRODUCED FOR DECRIMINALISING MORE THAN 100 PROVISIONS IN VARIOUS LAWS

    UPDATED INCOME TAX RETURNS TIME LIMIT INCREASED FROM TWO TO FOUR YEARS

    DELAY IN TCS PAYMENT DECRIMINALISED

    TDS ON RENT INCREASED FROM ₹ 2.4 LAKH TO ₹ 6 LAKH

    BCD EXEMPTED ON 36 LIFESAVING DRUGS AND MEDICINES FOR TREATING CANCER, RARE AND CHRONIC DISEASES

    BCD ON IFPD INCREASED TO 20% AND ON OPEN CELLS REDUCED TO 5%

    BCD ON PARTS OF OPEN CELLS EXEMPTED TO PROMOTE DOMESTIC MANUFACTURING

    TO BOOST BATTERY PRODUCTION, ADDITIONAL CAPITAL GOODS FOR EV AND MOBILE BATTERY MANUFACTURING EXEMPTED

    BCD EXEMPTED FOR 10 YEARS ON RAW MATERIALS & COMPONENTS USED FOR SHIP BUILDING

    BCD REDUCED FROM 30% TO 5% ON FROZEN FISH PASTE AND 15% TO 5% ON FISH HYDROLYSATE

     

    Union Minister of Finance and Corporate Affairs Smt. Nirmala Sitharaman presented the Union Budget 2025-26 in Parliament today. Here is the summary of her budget speech;

    PART A

     

    Quoting Telugu poet and playwright Shri Gurajada Appa Rao’s famous saying, ‘A country is not just its soil; a country is its people.’ – the Finance Minister presented the Union Budget 2025-26 with the theme “Sabka Vikas” stimulating balanced growth of all regions.

    In line with this theme, the Finance Minister outlined the broad Principles of Viksit Bharat to encompass the following:

    a) Zero-poverty;

     b) Hundred per cent good quality school education;

    c) Access to high-quality, affordable, and comprehensive healthcare;

    d) Hundred per cent skilled labour with meaningful employment;

    e) Seventy per cent women in economic activities; and

    f) Farmers making our country the ‘food basket of the world’.

    The Union Budget 2025-2026 promises to continue Government’s efforts to accelerate growth, secure inclusive development, invigorate private sector investments, uplift household sentiments, and enhance spending power of India’s rising middle class. The Budget proposes development measures focusing on poor (Garib), Youth, farmer (Annadata) and women (Nari).

    The Budget aims to initiate transformative reforms in Taxation, Power Sector, Urban Development, Mining, Financial Sector, and Regulatory Reforms to augment India’s growth potential and global competitiveness.

    Union Budget highlights that Agriculture, MSME, Investment, and Exports are engines in the journey to Viksit Bharat using reforms as fuel, guided by the spirit of inclusivity.

     

    1st Engine: Agriculture

    Budget announced ‘Prime Minister Dhan-Dhaanya Krishi Yojana’ in partnership with states covering 100 districts to increase productivity, adopt crop diversification, augment post-harvest storage, improve irrigation facilities, and facilitate availability of long-term and short-term credit.

    A comprehensive multi-sectoral ‘Rural Prosperity and Resilience’ programme will be launched in partnership with states to address underemployment in agriculture through skilling, investment, technology, and invigorating the rural economy. The goal is to generate ample opportunities in rural areas, with focus on rural women, young farmers, rural youth, marginal and small farmers, and landless families.

    Union Finance Minister announced that Government will launch a 6-year “Mission for Aatmanirbharta in Pulses” with special focus on Tur, Urad and Masoor. Central agencies (NAFED and NCCF) will be ready to procure these 3 pulses, as much as offered during the next 4 years from farmers.

    The Budget has outlined measures to Comprehensive Programme for Vegetables & Fruits, National Mission on High Yielding Seeds, and a five year Mission for Cotton Productivity amongst other measures to promote agriculture and allied activities in a major way.

    Smt. Sitharaman announced the increase in loan limits from Rs. 3 lakh to Rs. 5 lakh for loans taken through Kisan Credit Cards under modified interest subvention scheme.

     

    2nd Engine: MSMEs

    Finance Minister described MSMEs as the second power engine for development as they constitute for 45% of our exports. To help MSMEs achieve higher efficiencies of scale, technological upgradation and better access to capital, the investment and turnover limits for classification of all MSMEs enhanced to 2.5 and 2 times, respectively. Further, steps to enhance credit availability with guarantee cover have also been announced.

    The Finance Minister also announced the launch of a new scheme for 5 lakh women, Scheduled Castes and Scheduled Tribes first-time entrepreneurs. This will provide term loans up to Rs. 2 crore during the next 5 years.

    Smt. Sitharaman announced that the Government will also implement a scheme to make India a global hub for toys representing the ‘Made in India’ brand. She added that the Government will set up a National Manufacturing Mission covering small, medium and large industries for furthering “Make in India”.

    3rd Engine: Investment

    Defining Investment as the third engine of growth, the Union Minister prioritized investment in people, economy and innovation. 

    Under the investment in people, she announced that 50,000 Atal Tinkering Labs will be set up in Government schools in next 5 years.

    Smt. Nirmala Sitharaman announced that broadband connectivity will be provided to all Government secondary schools and primary health centres in rural areas under the Bharatnet project.

    She said Bharatiya Bhasha Pustak Scheme will be implemented to provide digital-form Indian language books for school and higher education.

    Five National Centres of Excellence for skilling will be set up with global expertise and partnerships to equip our youth with the skills required for “Make for India, Make for the World” manufacturing.

    A Centre of Excellence in Artificial Intelligence for education will be set up with a total outlay of 500 crore.

    Budget announced that Government will arrange for Gig workers’ identity cards, their registration on the e-Shram portal and healthcare under PM Jan Arogya Yojana.

    Under the investment in Economy, Smt Sitharaman said Infrastructure-related ministries will come up with a 3-year pipeline of projects in PPP mode.

    She added that an outlay of Rs 1.5 lakh crore was proposed for the 50-year interest free loans to states for capital expenditure and incentives for reforms.

    She also announced the second Asset Monetization Plan 2025-30 to plough back capital of Rs 10 lakh crore in new projects.

    The Jal Jeevan Mission was extended till 2028 with focus on the quality of infrastructure and Operation & Maintenance of rural piped water supply schemes through “Jan Bhagidhari”.

    Government will set up an Urban Challenge Fund of Rs.1 lakh crore to implement the proposals for ‘Cities as Growth Hubs’, ‘Creative Redevelopment of Cities’ and ‘Water and Sanitation’.

    Under the investment in Innovation, an allocation of ₹20,000 crore is announced to implement private sector driven Research, Development and Innovation initiative.

    Finance Minister proposed National Geospatial Mission to develop foundational geospatial infrastructure and data which will benefit urban planning.

    Budget proposes Gyan Bharatam Mission, for survey, documentation and conservation of  more than 1 crore manuscripts with academic institutions, museums, libraries and private collectors. A National Digital Repository of Indian knowledge systems for knowledge sharing is also proposed.

    4th Engine: Exports

    Smt. Sitharaman defined Exports as the fourth engine of growth and said that jointly driven by the Ministries of Commerce, MSME, and Finance; Export Promotion Mission will help MSMEs tap into the export market. She added that a digital public infrastructure, ‘BharatTradeNet’ (BTN) for international trade was proposed as a unified platform for trade documentation and financing solutions.

    The Finance Minister mentioned that support will be provided to develop domestic manufacturing capacities for our economy’s integration with global supply chains. She also announced that government will support the domestic electronic equipment industry for leveraging the opportunities related to Industry 4.0. A National Framework has also been proposed for promoting Global Capability Centres in emerging tier 2 cities.

    The government will facilitate upgradation of infrastructure and warehousing for air cargo including high value perishable horticulture produce.

    Reforms as the Fuel

    Defining Reforms as the fuel to the engine, Smt. Sitharaman said that over the past 10 years, the Government had implemented several reforms for convenience of tax payers, such as faceless assessment, tax payers charter, faster returns, almost 99 per cent returns being on self-assessment, and Vivad se Vishwas scheme. Continuing with these efforts, she reaffirmed the commitment of the tax department to “trust first, scrutinize later”.

    Financial Sector Reforms and Development

    In a demonstrated steadfast commitment of the Government towards ‘Ease of Doing Business’, the Union Finance Minister proposed changes across the length and breadth of the financial landscape in India to ease compliance, expand services, build strong regulatory environment, promote international and domestic investment, and decriminalisation of archaic legal provisions.

    The Union Finance Minister proposed to raise the Foreign Direct Investment (FDI) limit for the insurance from 74 to 100 per cent, to be available for those companies that invest the entire premium in India.

    Smt. Sitharaman proposed a light-touch regulatory framework based on principles and trust to unleash productivity and employment. She proposed four specific measures to develop this modern, flexible, people-friendly, and trust-based regulatory framework for the 21st first century, viz.:

    1. High Level Committee for Regulatory Reforms
    • To review all non-financial sector regulations, certifications, licenses, and permissions.
    • To strengthen trust-based economic governance and take transformational measures to enhance ‘ease of doing business’, especially in matters of inspections and compliances
    • To make recommendations within a year
    • States will be encouraged to be onboarded

     

    1. Investment Friendliness Index of States
    • An Investment Friendliness Index of States will be launched in 2025 to further the spirit of competitive cooperative federalism.

     

    1. Mechanism under the Financial Stability and Development Council (FSDC)
    • Mechanism to evaluate impact of the current financial regulations and subsidiary instructions.
    • Formulate a framework to enhance their responsiveness and development of the financial sector.

     

    1. Jan Vishwas Bill 2.0
    • To decriminalise more than 100 provisions in various laws.

    Fiscal Consolidation

    Reiterating the commitment to stay the course for fiscal consolidation, the Union Finance Minister stated that the Government endeavours to keep the fiscal deficit each year such that the Central Government debt remains on a declining path as a percentage of the GDP and the detailed roadmap for the next 6 years has been detailed in the FRBM statement. Smt. Sitharaman stated that the Revised Estimate 2024-25 of fiscal deficit is 4.8 per cent of GDP, while the Budget Estimates 2025-26 is estimated to be 4.4 per cent of GDP.

    Revised Estimates 2024-25

    The Minister said that the Revised Estimate of the total receipts other than borrowings is ₹31.47 lakh crore, of which the net tax receipts are ₹25.57 lakh crore. She added that the Revised Estimate of the total expenditure is ₹47.16 lakh crore, of which the capital expenditure is about ₹10.18 lakh crore.

    Budget Estimates 2025-26

    For FY 2025-26, the Union Finance Minister stated that the total receipts other than borrowings and the total expenditure are estimated at ₹34.96 lakh crore and ₹50.65 lakh crore respectively. The net tax receipts are estimated at ₹28.37 lakh crore.

    PART B

    Reposing faith on middle class in nation building, the Union Budget 2025-26 proposes new direct tax slabs and rates under the new income tax regime so that no income tax is needed to be paid for total income upto ₹ 12 Lakh per annum, i.e. average income of Rs 1 Lakh per month, other than special rate income such as Capital Gain. Salaried individuals earning upto ₹ 12.75 Lakh per annum will pay NIL tax, due to standard deduction of ₹ 75,000. Towards the new tax structure and other direct tax proposals, Government is set to lose revenue of about ₹ 1 lakh crore.

    Under the guidance of Prime Minister Shri Narendra Modi, the Government has taken steps to understand the needs voiced by the people. The direct tax proposals include personal income tax reform with special focus on middle class, TDS/TCS rationalization, encouragement to voluntary compliances along with reduction of compliance burden, ease of doing business and incentivizing employment and investment.

    The Budget proposes revised tax rate structure under the new tax regime as follows;

    Total Income per annum

    Rate of Tax

    ₹ 0 – 4 Lakh

    NIL

     ₹ 4 – 8 Lakh

    5%

    ₹ 8 – 12 Lakh

    10%

    ₹ 12 – 16 Lakh

    15%

    ₹ 16 – 20 Lakh

    20%

    ₹ 20 – 24 Lakh

    25%

    Above ₹ 24 Lakh

    30%

    To rationalize TDS/TCS, Budget doubles limit for tax deduction on interest earned by senior citizens from the present ₹ 50,000 to ₹ 1 Lakh. Further, TDS threshold on rent has been increased to ₹ 6 Lakh from ₹ 2.4 Lakh per annum. Other measures include, increasing of threshold to collect TCS to ₹ 10 Lakh and continuing with higher TDS deductions only in non-PAN cases. After the decriminalization of delay in payment of TDS, delay in TCS payments has now been decriminalized.

    Encouraging voluntary compliance, Budget extends time-limit to file updated returns for any assessment year, from the current limit of two years, to four years. Over 90 Lakh taxpayers paid additional tax to update their income. Small charitable trusts/institutions have been given the benefit by increasing their period of registration from 5 to 10 years, reducing compliance burden. Further, tax payers can now claim annual value of two self-occupied properties as NIL, without any condition. Last budget’s Vivad Se Vishwas Scheme has received a great response, with nearly 33,000 tax payers having availed the scheme to settle their disputes. Giving benefits to senior and very senior citizens, withdrawals made from National Savings Scheme Accounts on or after 29th of August, 2024 have been exempted. NPS Vatsalya accounts also to get similar benefits.

    For ease of doing business, Budget introduces a scheme for determining arm’s length price of international transaction for a block period of three years. This is in line with global best practices. Further, self harbor rules are being expanded to provide certainty in international taxation.

    To promote employment and investment, a presumptive taxation regime is envisaged for non-residents who provide services to a resident company that is establishing or operating an electronics manufacturing facility. Further, benefits of existing tonnage tax scheme are proposed to be extended to inland vessels. To promote start-up ecosystem, period of incorporation has been extended for a period of 5 years. To promote investment in the infrastructure sector, Budget extends the date of making investment in Sovereign Wealth Funds and Pension Funds by five more years, to 31st March, 2030.

    As part of rationalization of Customs tariffs of industrial goods, Budget proposes to; (i) Remove seven tariffs, (ii) apply appropriate cess to maintain effective duty incidence, and (iii) levy not more than one cess or surcharge.

    As relief on import of Drugs/Medicines, 36 lifesaving drugs and medicines for treating cancer, rare diseases and chronic diseases have been fully exempted from Basic Customs Duty (BCD). Further, 37 medicines along with 13 new drugs and medicines under Patient Assistance Programmes have been exempted from Basic Customs Duty (BCD), if supplied free to patients.

    To support Domestic Manufacturing and Value Addition, BCD on 25 critical minerals, that were not domestically available, were exempted in July 2024. The Budget 2025-26 fully exempts cobalt powder and waste, scrap of lithium-ion battery, Lead, Zinc and 12 more critical minerals. To promote domestic textile production, two more types of shuttle-less looms added to fully exempted textile machinery. Further, BCD on knitted fabrics covering nine tariff lines from “10% to 20%” revised to “20% or ₹ 115 kg, whichever is higher”.

    To rectify inverted duty structure and promote “Make in India”, BCD on Interactive Flat Panel Display (IFPD) increased to 20% and on Open cells reduced to 5%. Further to promote manufacture of Open cells, BCD on parts of Open Cells stands exempted.

    To boost manufacturing of Lithion-ion battery in the country, 35 additional capital goods for EV battery manufacturing, and 28 additional capital goods for mobile phone battery manufacturing added to the list of exempted capital goods. Union Budget 2025-26 also continues exemption on BCD on raw materials, components, consumables or parts for ship building for another ten years. Budget also reduced BCD from 20% to 10% on Carrier Grade ethernet switches to make it at par with Non-Carrier Grade ethernet switches.

    For export promotion, Budget 2025-26 facilitates exports of handicrafts, fully exempts BCD on Wet Blue leather for value addition and employment, reduce BCD from 30% to 5% on Frozen Fish Paste and reduce BCD from 15% to 5% on fish hydrolysate for manufacture of fish and shrimp feeds.

    Union Minister of Finance and Corporate Affairs Smt. Nirmala Sitharaman said that Democracy, Demography and Demand are key pillars of Viksit Bharat journey. She said that the middle class gives strength of India’s growth and the Government has periodically hiked the ‘Nil tax’ slab in recognition to their contribution. She said the proposed new tax structure will substantially boost consumption, savings and investment, by putting more money in the hands of the middle class.

    *****

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: INAUGURAL EDITION OF INDIAN NAVY HALF MARATHON AT NEW DELHI

    Source: Government of India

    Posted On: 01 FEB 2025 9:35AM by PIB Delhi

    The Indian Navy will host the inaugural edition of the Indian Navy Half Marathon (INHM), on 02 Feb 25 at New Delhi.

    Over ten thousand participants are expected to compete across three race categories: 21.1 km, 10 km and 5 km runs, making it an inclusive event for runners of all calibers and backgrounds. This landmark event is being organised in partnership with IDFC FIRST Bank.

    Preparations are underway to deliver an unforgettable experience for every participant. The event will be hosted at the Jawaharlal Nehru Stadium, with the race route covering India Gate and the historic Kartavya Path. INHM will be flagged off by the Hon’ble Minister of Youth Affairs and Sports, Government of India, Shri Mansukh L Mandaviya. In addition, the event will also be graced by senior officers and distinguished personalities from the Armed Forces, civilian guests and renowned sportspersons.

    To celebrate the dedication of the most committed runners, we proudly introduce The Indian Navy Slam – a prestigious honour awarded to those who complete all four races organized by the Indian Navy in Kochi, Visakhapatnam, Mumbai, and New Delhi. This distinctive recognition embodies the discipline and determination of the Indian Navy, reflecting the perseverance and grit of runners.

    ⁠Indian Oil Corporation Limited also joins as an Associate Partner and the event has garnered strong support from key agencies, with the Delhi Police and New Delhi Municipal Council (NDMC) playing pivotal roles in ensuring the event’s success.

    The event aims to celebrate the spirit of fitness, discipline, and national pride. With a striking race route, esteemed dignitaries, and the unwavering support of key partners, the event is set to inspire all participants. With this inaugural edition, the Indian Navy reaffirms its commitment to foster a culture of health, resilience, and camaraderie. We eagerly anticipate an exhilarating race day on 2nd Feb 25 and look forward to welcome all participants to this spectacular sporting event in the heart of New Delhi.

    _____________________________________________________________

    VM/SKY                                                                                                        25/25

    (Release ID: 2098334) Visitor Counter : 63

    MIL OSI Asia Pacific News –

  • MIL-Evening Report: Dating apps could have negative effects on body image and mental health, our research shows

    Source: The Conversation (Au and NZ) – By Zac Bowman, PhD Candidate, College of Education, Psychology & Social Work, Flinders University

    Dikushin Dmitry/Shutterstock

    Around 350 million people globally use dating apps, and they amass an estimated annual revenue of more than US$5 billion. In Australia, 49% of adults report using at least one online dating app or website, with a further 27% having done so in the past.

    But while dating apps have helped many people find romantic partners, they’re not all good news.

    In a recent review, my colleagues and I found using dating apps may be linked to poorer body image, mental health and wellbeing.

    We collated the evidence

    Our study was a systematic review, where we collated the results of 45 studies that looked at dating app use and how this was linked to body image, mental health or wellbeing.

    Body image refers to the perceptions or feelings a person has towards their own appearance, often relating to body size, shape and attractiveness.

    Most of the studies we included were published in 2020 onwards. The majority were carried out in Western countries (such as the United States, the United Kingdom and Australia). Just under half of studies included participants of all genders. Interestingly, 44% of studies observed men exclusively, while only 7% included just women.

    Of the 45 studies, 29 looked at the impact of dating apps on mental health and wellbeing and 22 considered the impact on body image (some looked at both). Some studies examined differences between users and non-users of dating apps, while others looked at whether intensity of dating app use (how often they’re used, how many apps are used, and so on) makes a difference.

    More than 85% of studies (19 of 22) looking at body image found significant negative relationships between dating app use and body image. Just under half of studies (14 of 29) observed negative relationships with mental health and wellbeing.

    The studies noted links with problems including body dissatisfaction, disordered eating, depression, anxiety and low self-esteem.

    Dating apps are becoming increasingly common. But could their use harm mental health?
    Rachata Teyparsit/Shutterstock

    It’s important to note our research has a few limitations. For example, almost all studies included in the review were cross-sectional – studies that analyse data at a particular point in time.

    This means researchers were unable to discern whether dating apps actually cause body image, mental health and wellbeing concerns over time, or whether there is simply a correlation. They can’t rule out that in some cases the relationship may go the other way, meaning poor mental health or body image increases a person’s likelihood of using dating apps.

    Also, the studies included in the review were mostly conducted in Western regions with predominantly white participants, limiting our ability to generalise the findings to all populations.

    Why are dating apps linked to poor body image and mental health?

    Despite these limitations, there are plausible reasons to expect there may be a link between dating apps and poorer body image, mental health and wellbeing.

    Like a lot of social media, dating apps are overwhelmingly image-centric, meaning they have an emphasis on pictures or videos. Dating app users are initially exposed primarily to photos when browsing, with information such as interests or hobbies accessible only after manually clicking through to profiles.

    Because of this, users often evaluate profiles based primarily on the photos attached. Even when a user does click through to another person’s profile, whether or not they “like” someone may still often be determined primarily on the basis of physical appearance.

    This emphasis on visual content on dating apps can, in turn, cause users to view their appearance as more important than who they are as a person. This process is called self-objectification.

    People who experience self-objectification are more likely to scrutinise their appearance, potentially leading to body dissatisfaction, body shame, or other issues pertaining to body image.

    Dating apps are overwhelmingly image-centric.
    Studio Romantic/Shutterstock

    There could be several reasons why mental health and wellbeing may be impacted by dating apps, many of which may centre around rejection.

    Rejection can come in many forms on dating apps. It can be implied, such as having a lack of matches, or it can be explicit, such as discrimination or abuse. Users who encounter rejection frequently on dating apps may be more likely to experience poorer self-esteem, depressive symptoms or anxiety.

    And if rejection is perceived to be based on appearance, this could lead again to body image concerns.

    What’s more, the convenience and game-like nature of dating apps may lead people who could benefit from taking a break to keep swiping.

    What can app developers do? What can you do?

    Developers of dating apps should be seeking ways to protect users against these possible harms. This could, for example, include reducing the prominence of photos on user profiles, and increasing the moderation of discrimination and abuse on their platforms.

    The Australian government has developed a code of conduct – to be enforced from April 1 this year – to help moderate and reduce discrimination and abuse on online dating platforms. This is a positive step.

    Despite the possible negatives, research has also found dating apps can help build confidence and help users meet new people.

    If you use dating apps, my colleagues and I recommend choosing profile images you feel display your personality or interests, or photos with friends, rather than semi-clothed images and selfies. Engage in positive conversations with other users, and block and report anyone who is abusive or discriminatory.

    It’s also sensible to take breaks from the apps, particularly if you’re feeling overwhelmed or dejected.

    If this article has raised issues for you, or if you’re concerned about someone you know, call Lifeline on 13 11 14. The Butterfly Foundation provides support for eating disorders and body image issues, and can be reached on 1800 334 673.

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

    – ref. Dating apps could have negative effects on body image and mental health, our research shows – https://theconversation.com/dating-apps-could-have-negative-effects-on-body-image-and-mental-health-our-research-shows-247336

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI China: China’s annual trade in services exceeds $1 trillion, boasting significant potential

    Source: China State Council Information Office

    China’s annual trade in services exceeded 1 trillion U.S. dollars for the first time last year, demonstrating significant potential for further growth.

    China’s services import and export value amounted to a record-high of 7.5 trillion yuan (about 1.05 trillion U.S. dollars) in 2024, expanding 14.4 percent year on year, according to the latest data from the Ministry of Commerce (MOC).

    Exports grew 18.2 percent year on year and imports grew 11.8 percent, according to the MOC.

    Driven by the global trends of digitization, smart technology advancement and green development, China’s trade in services grew in scale, its structure was optimized further and its international competitiveness was enhanced in 2024, said Li Jun, a researcher at the Chinese Academy of International Trade and Economic Cooperation under the MOC.

    He noted that the comprehensive relaxation and optimization of China’s visa-free transit policy has played a role in boosting inbound tourism over the last year.

    The broadly welcomed new policy has sparked the rise of “China Travel,” a popular hashtag on social media where many travelers share their experiences in China, with increasing numbers of international tourists being drawn by the country’s cultural landmarks, nature and city walks.

    “‘China Travel’ is booming rapidly, and this growth is expected to boost the country’s services trade further, while helping to drive the global travel industry toward continued recovery and prosperity,” Li said.

    China’s digital cultural platforms and content have been gaining significant traction overseas, Li said, noting the popularity of Chinese video game “Black Myth: Wukong,” the distribution of high-quality Chinese films and TV dramas on overseas streaming platforms such as Netflix and YouTube, and the fact that Chinese internet literature is influencing an increasing number of international readers.

    The Chinese government released a guideline on promoting the high-quality development of trade in services through high-standard opening-up in August last year.

    The document offered robust policy support for the development of China’s services trade, Li said, calling for more efforts to advance opening-up, innovation and international cooperation in the sector.

    Noting that China established a nationwide negative list management system for cross-border trade in services last year, Li suggested that the level of institutional opening-up should be improved continuously, that the negative list should be shortened gradually as appropriate, and that high-standard international economic and trade rules should be aligned with actively.

    He urged launching the construction of national demonstration zones for the innovative development of trade in services as soon as possible.

    To facilitate innovation, Li called for the potential of industrial digitization and digital transformation to be unlocked, for support for the professional organizations offering services in finance, consulting, design and certification to enhance their ability to provide international services, and for the accelerated development of green services.

    Bilateral, multilateral and regional collaboration in digital trade and trade in services should be expanded, Li said, suggesting that the role of major exhibition platforms should continue to be leveraged, and that international services trade cooperation parks should be developed.

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  • MIL-OSI China: EU criticizes US tariff, vowing to ‘respond firmly’ if targeted

    Source: China State Council Information Office

    The European Commission on Sunday criticized U.S. President Donald Trump’s tariff imposed upon three countries, saying they disrupt global trade and are harmful to all, and vowing to hit back if targeted.

    “The European Union (EU) regrets the U.S. decision to impose tariffs on Canada, Mexico, and China,” an EU spokesman was quoted by local media.

    He highlighted the importance of “open markets and respect for international trade rules,” saying they are essential for strong and sustainable economic growth. “Tariffs create unnecessary economic disruption and drive inflation. They are hurtful to all sides,” he added.

    Referring to potential U.S. tariffs on EU products, the spokesman said “the EU would respond firmly to any trading partner that unfairly or arbitrarily imposes tariffs on EU goods.”

    “Our trade and investment relationship with the United States is the biggest in the world. There is a lot at stake,” he was quoted as saying.

    Since Trump’s second term started, Brussels has been advocating that the two sides should work on strengthening the existing transatlantic relationships, and has dedicated efforts to avoiding a trade conflict with Washington through negotiation. However, Trump doubled down on his plan by saying he would “absolutely” impose tariffs on the EU goods last week.

    On Saturday, Trump signed an executive order to impose a 10-percent tariff hike on goods imported from China, and a 25-percent tariff on goods from Mexico and Canada. The move has drawn widespread opposition and immediate retaliations.

    In response, China’s Ministry of Commerce said Sunday that China will file a complaint at the World Trade Organization and take corresponding countermeasures to firmly safeguard its rights and interests. Canadian Prime Minister Justin Trudeau announced Saturday that Canada will impose a levy of 25 percent on 21 billion U.S. dollars worth of American goods as of Tuesday. Mexican President Claudia Sheinbaum has instructed the Secretariat of Economy to implement tariff and non-tariff measures to defend Mexico’s interests. 

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  • MIL-OSI China: US tariff move sparks criticism, concern in Germany

    Source: China State Council Information Office

    U.S. President Donald Trump’s tariff move against Canada, Mexico and China has sparked criticism and concern in Germany.

    On Saturday, Trump ordered to impose a 25-percent tariff on imports from Mexico and Canada, and a 10-percent tariff on Chinese goods. He also signaled that the European Union (EU) could be next, citing the bloc’s persistent trade surplus with the U.S.

    While reaffirming Germany’s commitment to economic ties with the U.S., German Chancellor Olaf Scholz emphasized that the first priority should be “not to divide up the world with many tariff barriers.”

    “Tariffs have never been a good idea to resolve trade policy conflicts,” Chairman of the German Christian Democratic Union Friedrich Merz said, warning of backlash in the U.S. as rising import costs would fuel inflation and hit American consumers directly.

    Dirk Jandura, president of the Federation of German Wholesale, Foreign Trade and Services (BGA), described the tariffs as “a clear warning to the EU and Ursula von der Leyen,” stressing that neither Germany nor the EU should remain passive.

    Trump’s move would come at a high cost for Americans, Jandura said, adding, “The losers are always end consumers, who will feel the price increase at the checkout.”

    German companies are also bracing for the impact, as many supply the U.S. market from Mexico, particularly in the automotive industry.

    According to the German newspaper Handelsblatt, Mexico has been Germany’s most important investment location in Latin America for years, with total investments exceeding 45 billion U.S. dollars since the 2000s.

    Volkswagen Group, which operates one of its largest vehicle factories in Mexico, produces nearly 80 percent of its North America vehicles in Mexico and Canada. A Volkswagen spokesman voiced concerns about the tariffs’ potential economic fallout, warning of negative effects on American consumers and the global auto industry.

    According to the credit rating agency S&P, Canada and Mexico produce around 5.3 million passenger cars annually, with approximately 70 percent destined for the U.S.

    Importers are likely to pass most, if not all, of the price increase to consumers, S&P noted, warning that the additional costs would further strain affordability in the U.S. auto market. 

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  • MIL-OSI Asia-Pac: NO INCOME TAX ON ANNUAL INCOME UPTO Rs. 12 LAKH UNDER NEW TAX REGIME

    Source: Government of India

    NO INCOME TAX ON ANNUAL INCOME UPTO Rs. 12 LAKH UNDER NEW TAX REGIME

    LIMIT TO BE Rs. 12.75 LAKH FOR SALARIED TAX PAYERS, WITH STANDARD DEDUCTION OF RS. 75,000

    UNION BUDGET 2025-26 BRINGS ACROSS-THE-BOARD CHANGE IN INCOME TAX SLABS AND RATES TO BENEFIT ALL TAX-PAYERS

    TAX SLAB RATE REDUCTION AND REBATES TO RESULT IN SUBSTANTIAL TAX RELIEF TO MIDDLE CLASS, THEREBY BOOSTING HOUSEHOLD CONSUMPTION EXPENDITURE AND INVESTMENT

    Posted On: 01 FEB 2025 1:28PM by PIB Delhi

    Reaffirming Government’s commitment to the philosophy of “trust first, scrutinize later”, the Union Budget 2025-26 has reposed faith in the Middle class and continued the trend of giving relief in tax burden to the common tax–payer. Presenting the Budget in the Parliament today, Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman proposed an across-the-board change in tax slabs and rates to benefit all tax-payers.

    Giving the good news to tax payers, the Finance Minister stated, “There will be no income tax payable upto income of Rs. 12 lakh (i.e. average income of Rs.1 lakh per month other than special rate income such as capital gains) under the new regime. This limit will be Rs.12.75 lakh for salaried tax payers, due to standard deduction of Rs. 75,000.”  Tax rebate is being provided in addition to the benefit due to slab rate reduction in such a manner that there is no tax payable by them, she added.

    Smt. Sitharaman stated, “The new structure will substantially reduce the taxes of the middle class and leave more money in their hands, boosting household consumption, savings and investment”. In the new tax regime, the Finance Minister proposed to revise tax rate structure as follows:

    0-4 lakh rupees

    Nil

    4-8 lakh rupees

    5 per cent

    8-12 lakh rupees

    10 per cent

    12-16 lakh rupees

    15 per cent

    16-20 lakh rupees

    20 per cent

    20- 24 lakh rupees

    25 per cent

    Above 24 lakh rupees

    30 per cent

    The total tax benefit of slab rate changes and rebate at different income levels can be illustrated in the table below:

    While underlining Taxation Reforms as one of key reforms to realize the vision of Viksit Bharat, Smt. Sitharaman stated that the new income-tax bill will carry forward the spirit of ‘Nyaya’. The new regime will be simple to understand for taxpayers and tax administration, leading to tax certainty and reduced litigation, she informed.

    Quoting Verse 542 from The Thirukkural, the Finance Minister stated, “Just as living beings live expecting rains, Citizens live expecting good governance.” Reforms are a means to achieve good governance for the people and economy. Providing good governance primarily involves being responsive. The tax proposals detail just how the Government under the guidance of Prime Minister Shri Narendra Modi has taken steps to understand and address the needs voiced by our citizens, Smt. Sitharaman added.

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  • MIL-OSI Asia-Pac: AGRICULTURE IS THE FIRST ENGINE FOR INDIA’S DEVELOPMENT JOURNEY: BUDGET 2025-26

    Source: Government of India

    AGRICULTURE IS THE FIRST ENGINE FOR INDIA’S DEVELOPMENT JOURNEY: BUDGET 2025-26

    MAKHANA BOARD TO BE ESTABLISHED IN BIHAR

    NATIONAL MISSION ON HIGH YIELDING SEEDS TO BE LAUNCHED

    SECOND GENE BANK WITH 10 LAKH GERMPLASM LINES TO BE SET UP

    FIVE- YEAR MISSION FOR COTTON PRODUCTIVITY ANNOUNCED

    KISAN CREDIT CARD LOAN LIMIT RAISED FROM Rs. 3 LAKH TO Rs. 5 LAKH

    12.7 LAKH METRIC TONS UREA PLANT TO BE SET UP AT NAMRUP, ASSAM

    ANDAMAN & NICOBAR AND LAKSHADWEEP ISLANDS WILL BE THE SPECIAL FOCUS OF THE NEW FRAMEWORK FOR SUSTAINABLE HARNESSING OF FISHERIES

    Posted On: 01 FEB 2025 1:27PM by PIB Delhi

    Emphasizing ‘Agriculture as the first engine’ for India’s development journey, Union Budget 2025-26 tabled in Parliament today by Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman, announced a slew of measures to spur Agricultural Growth and Productivity, thereby benefitting the Annadata.

    Announcing the Government’s decision to establish a Makhana Board in Bihar, Smt. Sitharaman said it will improve production, processing, value addition, and marketing of makhana as well as support the people engaged in these activities to be organized into Farmer Producer Organizations (FPOs). She added that the Board will provide handholding and training support to makhana farmers and also work to ensure they receive the benefits of all relevant Government schemes.

    The Minister stated that a National Mission on High Yielding Seeds will be launched with an aim to strengthen the research ecosystem, targeted development and propagation of seeds with high yield, pest resistance and climate resilience, and commercial availability of more than 100 seed varieties released since July 2024.

    To provide conservation support to both public and private sectors for genetic resources and ensure future food and nutritional security, the Minister said that the second Gene Bank with 10 lakh germplasm lines will be set up.

    Announcing the ‘Mission for Cotton Productivity’, Smt. Sitharaman highlighted that the five-year mission will facilitate significant improvements in productivity and sustainability of cotton farming, and promote extra-long staple cotton varieties. She said the mission will benefit lakhs of cotton growing farmers as the best of science & technology support will be provided to farmers. Aligned with the Government’s integrated 5F vision for the textile sector, the Minister remarked that the mission will help in increasing incomes of the farmers as well as ensure a steady supply of quality cotton for rejuvenating India’s traditional textile sector.

    Noting the importance of Kisan Credit Cards (KCC) in facilitating short term loans for around 7.7 crore farmers, fishermen, and dairy farmers, the Minister announced the enhancement of loan limit under the Modified Interest Subvention Scheme from Rs. 3 lakh to Rs. 5 lakh for loans taken through the KCC.

    Smt. Sitharaman announced the setting up of Urea plant with annual capacity of 12.7 lakh metric tons at Namrup, Assam. This, she said will further augment urea supply and help to achieve Atmanirbharta in urea production, along with the recently reopened three dormant urea plants in the Eastern region.

    Highlighting that India ranks second-largest globally in fish production and aquaculture with the Seafood exports valued at Rs. 60 thousand crore, the Union Minister remarked that the Government will bring in an enabling framework for sustainable harnessing of fisheries from Indian Exclusive Economic Zone and High Seas, with a special focus on the Andaman & Nicobar and Lakshadweep Islands, which will unlock the untapped potential of the marine sector.

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  • MIL-OSI Asia-Pac: PRIME MINISTER DHAN-DHAANYA KRISHI YOJANA TO BE LAUNCHED IN 100 LOW CROP PRODUCTIVITY DISTRICTS, PROGRAMME WILL HELP 1.7 CRORE FARMERS TO ENHANCE AGRICULTURAL PRODUCTIVITY, IMPROVE IRRIGATION FACILITIES AND FACILITATE LONG-TERM AND SHORT-TERM CREDIT: UNION BUDGET 2025-26

    Source: Government of India

    PRIME MINISTER DHAN-DHAANYA KRISHI YOJANA TO BE LAUNCHED IN 100 LOW CROP PRODUCTIVITY DISTRICTS, PROGRAMME WILL HELP 1.7 CRORE FARMERS TO ENHANCE AGRICULTURAL PRODUCTIVITY, IMPROVE IRRIGATION FACILITIES AND FACILITATE LONG-TERM AND SHORT-TERM CREDIT: UNION BUDGET 2025-26

    RURAL PROSPERITY AND RESILIENCE PROGRAMME ANNOUNCED TO ADDRESS UNDER-EMPLOYMENT IN AGRICULTURE TRHOUGH SKILLING, INVESTMENT, TECHNOLOGY AND INVIGORATING RURAL ECONOMY

    6-YEAR “MISSION FOR AATMANIRBHARTA IN PULSES”; EMPHASIS ON DEVELOPING CLIMATE RESILIENT SEEDS, IMPROVING POST-HARVEST STORAGE, ASSURING REMUNERATIVE PRICES TO FARMERS

    UNION BUDGET PROPOSES COMPREHEMSIVE PROGRAMME FOR VEGETABLES AND FRUITS TO PROMOTE PRODUCTION, EFFICIENT SUPPLIES, PROCESSING AND REMUNERATIVE PRICES FOR FARMERS

    PUBLIC SECTOR BANKS TO DEVELOP ‘GRAMEEN CREDIT SCORE’ FRAMEWORK TO SERVE CREDIT NEEDS OF SHG MEMBERS AND RURAL POPULATION

    Posted On: 01 FEB 2025 1:23PM by PIB Delhi

    Spurring agricultural growth and productivity is one of the development measures proposed in the Union Budget 2025-26. Agriculture is one of the four powerful engines amongst MSME, Investment and Exports, stated Union Minister of Finance and Corporate Affairs, Smt. Nirmala Sitharaman, while presenting the Union Budget 2025-26, in the Parliament today.

    Specific proposals proposed in the Union Budget to strengthen productivity and resilience in agriculture are as follows:

    Prime Minister Dhan-Dhaanya Krishi Yojana–Developing Agri Districts Programme:

    The Union Finance Minister stated that motivated by the success of the Aspirational Districts Programme, the Government will undertake a ‘Prime Minister Dhan-Dhaanya Krishi Yojana’ in partnership with states. Through the convergence of existing schemes and specialized measures, the programme will cover 100 districts with low productivity, moderate crop intensity and below-average credit parameters. The programme aims to enhance agricultural productivity; adopt crop diversification and sustainable agriculture practices; augment post-harvest storage at the panchayat and block level; improve irrigation facilities and facilitate availability of long-term and short-term credit. This programme is likely to help 1.7 crore farmers.

     

    Building Rural Prosperity and Resilience:

    A comprehensive multi-sectoral ‘Rural Prosperity and Resilience’ programme will be launched in partnership with states, added the Union Finance Minister. This will address under-employment in agriculture through skilling, investment, technology, and invigorating the rural economy. The goal is to generate ample opportunities in rural areas so that migration is an option, but not a necessity. She further added that the programme will focus on rural women, young farmers, rural youth, marginal and small farmers, and landless families. The programme aims in catalyzing enterprise development, employment and financial independence for rural women; accelerating creation of new employment and businesses for young farmers and rural youth; nurturing and modernizing agriculture for productivity improvement and warehousing, especially for marginal and small farmers and diversifying opportunities for landless families. The Union Finance Minister further highlighted that the global and domestic best practices will be incorporated and appropriate technical and financial assistance will be sought from multilateral development banks. In Phase-1, 100 developing agri-districts will be covered.

     

    Aatmanirbharta in Pulses:

    Smt. Nirmala Sitharaman highlighted that the Government is implementing the National Mission for Edible Oilseed for achieving atmanirbhrata in edible oils. The Government made concerted efforts and succeeded in achieving near self-sufficiency in pulses. Farmers responded to the need by increasing the cultivated area by 50 per cent and Government arranged for procurement and remunerative prices. Since then, with rising incomes and better affordability, consumption of pulses has increased significantly. She further emphasized that the Government will launch a 6-year “Mission for Aatmanirbharta in Pulses” with a special focus on Tur, Urad and Masoor. The Mission will place emphasis on development and commercial availability of climate resilient seeds; enhancing protein content; increasing productivity; improving post-harvest storage and management and assuring remunerative prices to the farmers. Central agencies (NAFED and NCCF) will be ready to procure these 3 pulses, as much as offered during the next 4 years from farmers who register with these agencies and enter into agreements.

     

    Comprehensive Programme for Vegetables & Fruits:

    The Union Finance Minister said that it is encouraging that people are increasingly becoming aware of their nutritional needs. It is a sign of a society becoming healthier. With rising income levels, the consumption of vegetables, fruits and Shree-Anna is increasing significantly. A comprehensive programme to promote production, efficient supplies, processing, and remunerative prices for farmers will be launched in partnership with states. She further added that appropriate institutional mechanisms for implementation and participation of farmer producer organizations and cooperatives will be set up.

     

    Grameen Credit Score:

    The Union Finance Minister stated that Public Sector Banks will develop ‘Grameen Credit Score’ framework to serve the credit needs of SHG members and people in rural areas.

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  • MIL-OSI Asia-Pac: FDI LIMIT FOR INSURANCE SECTOR RAISED FROM 74 TO 100 PER CENT

    Source: Government of India

    FDI LIMIT FOR INSURANCE SECTOR RAISED FROM 74 TO 100 PER CENT

    FORUM FOR REGULATORY COORDINATION AND DEVELOPMENT OF PENSION PRODUCTS TO BE SET UP: UNION BUDGET 2025-26

    ROLL OUT OF REVAMPED CENTRAL KYC REGISTRY PLANNED IN 2025

    PROCEDURES FOR SPEEDY APPROVAL OF COMPANY MERGERS TO BE RATIONALIZED, PROCESS TO BE MADE SIMPLER

    Posted On: 01 FEB 2025 1:21PM by PIB Delhi

    Budget 2025-26  aims to initiate transformative reforms across six domains which will augment our growth potential and global competitiveness during the next five years, the Union Finance & Corporate Affairs Minister said while presenting the Union Budget 2025-26 in the Parliament today.  

    One of these domains is Financial Sector which encompasses sectors like Insurance, Pensions, Bilateral Investment Treaties (BIT) and so forth.

    FDI in Insurance Sector

    Smt. Nirmala Sitharaman informed that the FDI limit for the insurance sector will be raised from 74 to 100 per cent. This enhanced limit will be available for those companies which invest the entire premium in India. The current guardrails and conditionalities associated with foreign investment will be reviewed and simplified.

    Pension Sector

    A forum for regulatory coordination and development of pension products will be set up, the Union Finance Minister stated.

    KYC Simplification

    To implement the earlier announcement on simplifying the KYC process, the revamped Central KYC Registry will be rolled out in 2025, Smt. Nirmala Sitharaman said. A streamlined system for periodic updating will also be implemented.

    Merger of Companies

    The Union Finance Minister also said that requirements and procedures for speedy approval of company mergers will be rationalized. The scope for fast-track mergers will also be widened and the process will be made simpler.

    Bilateral Investment Treaties

    To encourage sustained foreign investment and in the spirit of ‘first develop India’, the current model BIT will be revamped and made more investor-friendly, the Union Finance Minister added.

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  • MIL-OSI Asia-Pac: “NATIONAL MANUFACTURING MISSION” TO COVER SMALL, MEDIUM AND LARGE INDUSTRIES FOR FURTHERING “MAKE IN INDIA” ANNOUNCED IN UNION BUDGET 2025-26

    Source: Government of India

    “NATIONAL MANUFACTURING MISSION” TO COVER SMALL, MEDIUM AND LARGE INDUSTRIES FOR FURTHERING “MAKE IN INDIA” ANNOUNCED IN UNION BUDGET 2025-26

    A NEW ‘FOCUS PRODUCT SCHEME’ FOR FOOTWEAR & LEATHER SECTORS, SCHEME TO GENERATE EMPLOYMENT FOR 22 LAKH PERSONS

    NATIONAL ACTION PLAN FOR TOYS TO MAKE INDIA A GLOBAL HUB FOR TOYS

    Posted On: 01 FEB 2025 1:19PM by PIB Delhi

    A “National Manufacturing Mission” to cover small, medium and large industries for furthering “Make in India” was announced by the Union Minister for Finance and Corporate Affairs , Smt. Nirmala Sitharaman while presenting the Union Budget 2025-26 in Parliament today. This will provide policy support, execution roadmaps, governance and monitoring framework for central ministries and states.

    The National Manufacturing Mission will lay emphasis on five focal areas i.e. ease and cost of doing business; future ready workforce for in-demand jobs; a vibrant and dynamic MSME sector; availability of technology; and quality products.

    The Mission will also support Clean Tech manufacturing and aims to improve domestic value addition and build the ecosystem for solar PV cells, EV batteries, motors and controllers, electrolyzers, wind turbines, very high voltage transmission equipment and grid scale batteries, the Union Finance Minister added.

    The Finance Minister also outlined measures for Labour-Intensive Sectors, adding that Government will  undertake specific policy and facilitation measures to promote employment and entrepreneurship opportunities in labour-intensive sectors.

    The Union Minister specified that to enhance the productivity, quality and competitiveness of India’s footwear and leather sector, a focus product scheme will be implemented. The Union Finance Minister further informed that the scheme will support design capacity, component manufacturing, and machinery required for production of non-leather quality footwear, besides the support for leather footwear and products. The scheme is expected to facilitate employment for 22 lakh persons, generate turnover of Rs. 4 lakh crore and exports of over Rs. 1.1 lakh crore.

    The Union Minister further proposed National Action Plan for Toys to be implemented to make India a global hub for toys. The scheme will focus on development of clusters, skills, and a manufacturing ecosystem that will create high-quality, unique, innovative, and sustainable toys that will represent the ‘Made in India’ brand, the Minister added.

    On the front of support for food processing, the Union Finance Minister reiterated Government’s commitment towards ‘Purvodaya’. The Union Minister proposed to establish a National Institute of Food Technology, Entrepreneurship and Management in Bihar. The institute will provide a strong fillip to food processing activities in the entire Eastern region. This will result in enhanced income for the farmers through value addition to their produce, and skilling, entrepreneurship and employment opportunities for the youth.

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  • MIL-OSI Asia-Pac: INDIA POST TO ACT AS A CATALYST FOR THE RURAL ECONOMY: BUDGET 2025-26

    Source: Government of India

    INDIA POST TO ACT AS A CATALYST FOR THE RURAL ECONOMY: BUDGET 2025-26

    INDIA POST SERVICES WILL BE EXPANDED TO INCLUDE DBT, CREDIT SERVICES TO MICRO ENTERPRISES, INSURANCE AMONG OTHERS

    INDIA POST WILL BE TRANSFORMED AS A LARGE PUBLIC LOGISTICS ORGANIZATION TO MEET THE RISING NEEDS OF VISWAKARMAS, WOMEN, SHG, MSMEs ETC

    Posted On: 01 FEB 2025 12:57PM by PIB Delhi

    Union Minister of Finance and Corporate Affairs, Smt. Nirmala Sitharaman  said, while presenting the Budget 2025-26 in the Parliament today, that India Post with 1.5 lakh rural post offices, complemented by the India Post Payment Bank and a vast network of 2.4 lakh Dak Sevaks, will be repositioned to act as a catalyst for the rural economy.

    Finance Minister also proposed that the expanded range of services of India Post will include:

    1) rural community hub co-location;

    2) institutional account services;

    3) DBT, cash out and EMI pick-up;

    4) credit services to micro enterprises;

    5) insurance; and

    6) assisted digital services.

     

    Smt Sitharaman further added that India Post will also be transformed as a large public logistics organization. This will meet the rising needs of Viswakarmas, new entrepreneurs, women, self-help groups, MSMEs, and large business organizations.

    Union Minister also said that the services of India Post Payment Bank will be deepened and expanded in rural areas.

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