NewzIntel.com

Category: Economy

  • MIL-OSI Economics: US car insurance premiums that rank among highest globally poised to go even higher with tariffs, says GlobalData

    Source: GlobalData

    US car insurance premiums that rank among highest globally poised to go even higher with tariffs, says GlobalData

    Posted in Insurance

    With the recent 25% tariffs imposed on goods imported from Mexico and Canada, the cost of vehicle repairs is expected to rise in the US, placing additional pressure on insurers to increase car insurance premiums, which are already among the highest globally, according to GlobalData, a leading data and analytics company.

    GlobalData’s 2024 Emerging Trends Insurance Consumer Survey reveals that 53.5% of US consumers pay over $1,000 annually for car insurance. In comparison, only 21.0% of UK consumers report paying more than GBP750 ($966), while just 16.9% of Chinese consumers state their premiums exceed CNY7,000 ($963). Among all 11 countries included in the survey, none have a higher proportion of consumers paying $1,000 or more for car insurance than the US.

    Charlie Hutcherson, Insurance Analyst at GlobalData, comments: “The recent trade measures introduced by the US government will have significant repercussions across the automotive and insurance industries. The tariffs on imported auto parts from Mexico and Canada will drive up costs across the supply chain, making vehicle repairs more expensive and contributing to rising insurance premiums.”

    The rising costs stem from the integrated supply chains that auto companies have established with manufacturers in Mexico and Canada, which play a critical role in the US automotive industry. According to the American Iron and Steel Institute (AISI), Mexico and Canada accounted for approximately 35% of US steel imports last year, while Canada supplied nearly half of the country’s aluminum imports. Additionally, more than 30% of total auto parts used in the US were imported from these two countries, reflecting the industry’s reliance on cross-border trade to keep costs down.

    Hutcherson continues: “As US consumers are already paying some of the highest car insurance premiums globally, the tariffs are likely to exacerbate the situation. Rising repair costs will force insurers to adjust pricing models, and many consumers may see their premiums increase further. To navigate these challenges, insurers must focus on improving claims cost management and exploring alternative solutions such as telematics-based policies and strategic partnerships with repair networks.”

    Hutcherson concludes: “The knock-on effect of higher tariffs will be felt across the entire automotive ecosystem. Consumers, insurers, and manufacturers will all have to adapt as costs rise. For insurers, retaining customers in a competitive market will require innovative pricing strategies and cost-effective solutions to help offset the financial strain caused by these policy changes.”

    *GlobalData’s Emerging Trends Insurance Consumer Survey featured a panel of consumers aged 18+, with 5,520 respondents spread across 11 countries in different regions to identify global trends. There was a minimum of 500 respondents per country. It is GlobalData’s first-ever dedicated multi-market insurance consumer survey.

    MIL OSI Economics –

  • MIL-OSI Global: Ilona Maher and the myth of feminine fragility – how one rugby player is reshaping sport

    Source: The Conversation – UK – By Sheree Bekker, Associate Professor, Department for Health, University of Bath

    American rugby player Ilona Maher has risen to global fame. Not just because of her athletic ability (though that is remarkable, winning an Olympic bronze in 2024 in the USA rugby sevens team, and now signing a professional contract with England’s Bristol Bears), but because of what she represents.

    Maher received widespread attention during the Paris Olympics as she shared her journey to sporting success and acceptance on TikTok. It’s a streak she’s continued with a recent turn on the US reality contest Dancing With the Stars, in which she finished second.

    Now in Bristol to play 15-a-side rugby in preparation for the 2025 World Cup, Maher’s popularity (she has 3.4 million followers on Tiktok, more than any other rugby player in the world, of any gender) signals a generational shift. One that is increasingly rejecting outdated notions of femininity, fragility and women’s place in sport.

    Maher is unapologetically big, strong and bold, embodying traits that women have historically been told they shouldn’t possess. She doesn’t shy away from expressing herself. Instead, she has expanded the western cultural model of what strength and confidence can look like.

    On Dancing with the Stars, Maher reversed conventional gender roles by lifting her partner during routines. After the show, she spoke candidly about the financial challenges of being a professional athlete in women’s rugby. She highlighted how lack of investment in the sport has forced her to find additional ways to sustain her career, such as participating in the dance show.

    Maher lifted her partner on Dancing with the Stars.

    Breaking barriers

    This rebellion against gender norms is both personal and political. Sport has long been a site of this struggle for women.

    Participation itself was once radical, as women had to fight just to step onto the field. When American runner Bobbi Gibb broke the rules to run the Boston Marathon in 1966, it was a subversive act that sparked backlash. She ran without permission, having been told women weren’t capable enough, and completed the race easily.

    In our new book, Open Play: The Case for Feminist Sport, we explain how women who excelled in physically demanding sports were often vilified for threatening the traditional gender norms that placed them in passive or nurturing roles, rather than active, competitive ones.

    Athletes who showed strength, endurance and skill in these domains challenged deeply ingrained stereotypes of women as physically inferior and fragile. As a result, they faced intense scrutiny, both socially and publicly. Their achievements were often dismissed as anomalies, and they were frequently subject to sexist criticism, questioning their femininity or even whether they were “real” women at all.

    Maher, too, has faced this misogynistic criticism, with online trolls questioning her gender identity. She has spoken openly about the shame she felt as a child, growing up in a body which defied traditional expectations of femininity that are defined by smallness. Yet by confronting these prejudices, she offers the world a new example of what a woman’s body – and a woman’s power – can look like and do.

    Feminism and sport

    Feminism has historically focused on achieving equality in social, political and economic realms. Yet thinkers like Mary Wollstonecraft recognised early on that physicality was central to maintaining men’s dominance. Wollstonecraft argued in 1792 that women’s perceived physical inferiority wasn’t natural, but a product of their subjugation.

    Sport has since become a pivotal arena for challenging the myth of feminine fragility, which persists in part because of the supposedly objective proof that men outperform women in many physical feats. But Wollstonecraft’s insights remain relevant: men and women still do not compete on equal terms. Women’s sports receive a fraction of the funding, resources and cultural support of men’s.

    And the inequalities extend far beyond economic and cultural support. Women are often discouraged from participating in sport, and shamed if they excel.

    We argue that the segregation of women’s sport, often framed as necessary to “protect female athletes”, actually perpetuates inequality. Around the world, women are still barred from competing against men no matter how exceptional they are, while men retain access to the best facilities, funding and opportunities.

    In our book, we argue that this structural segregation reinforces the myth of women’s inferiority while denying women and other athletes with marginalised gender identities the chance to push boundaries and showcase their full potential. Ending this segregation would challenge the narrative of feminine fragility and open the best of sport to everyone.

    We believe that Maher embodies this challenge. Her fans see in her a bold rejection of outdated gender stereotypes and a celebration of what women can achieve when given the chance. But her visibility also threatens those invested in maintaining traditional hierarchies. The backlash she faces is a reminder of how high the stakes are.

    Sheree Bekker is Co-Director of the Feminist Sport Lab. She is also affiliated with the UK Collaborating Centre on Injury and Illness Prevention in Sport, an International Olympic Committee Research Centre.

    Stephen Mumford is Co-Director of the Feminist Sport Lab.

    – ref. Ilona Maher and the myth of feminine fragility – how one rugby player is reshaping sport – https://theconversation.com/ilona-maher-and-the-myth-of-feminine-fragility-how-one-rugby-player-is-reshaping-sport-248395

    MIL OSI – Global Reports –

  • MIL-OSI Asia-Pac: Reply to Tweet of Shri Mallikarjun Kharge

    Source: Government of India (2)

    Posted On: 07 MAR 2025 5:04PM by PIB Delhi

    The Namami Gange Programme, launched in 2014 by the Government of India, stands as one of the most ambitious and holistic initiatives ever undertaken to restore the health of the River Ganga. Its multifaceted approach integrates pollution abatement, ecological restoration, capacity building, and community engagement, with a focus on both the river’s environmental integrity and the livelihoods of millions who depend on it.

    In Namami Gange Programme, the implementation of the projects picked up pace after completion of preparatory activities which included robust monitoring & financial approval mechanism. Against available resources of Rs. 20,424.82 Crore for the period 2014-15 to 2023-24, NMCG has disbursed Rs. 16,648.49 Crore, which is 82% of the budgetary provisions.

    It is worth noting that the programme’s financial outlay of Rs. 42,500 Crore is not to be treated as immediate expenditure target (cash outgo), but rather a sanctioning space that includes present expenditure and future commitments (annuity payment / O&M expense) for pollution abatement infrastructure with a lifecycle of 17 years (2 years of construction phase and 15 years of operation and maintenance phase). Hybrid Annuity Model was taken as an innovative approach to ensure responsible operation and maintenance of the constructed STPs which has resulted into spread of capital expenditure over 15 years of O&M phase.

    The Namami Gange Programme has made significant strides in pollution abatement, creating 3,446 MLD of sewage treatment capacity, surpassing the pre-2014 capacity by over 30 times. NMCG has completed 127 projects and 152 Sewage Treatment Plants within 7-8 years, demonstrating notable progress in restoring the River Ganga’s pristine glory.

    The objective of CGF is to mobilize contributions from all sections of the civil society, including residents of the country, NRIs and corporates. 95% of the contributors to the CGF are individual citizens and balance 5% is private corporates and public sector companies. The utilization of funds under CGF undergoes through a rigorous sanctioning process as with budgetary expenditure under NGP with utmost financial prudence. CGF is mainly used for unique and signature projects having significant contribution to the achievement of the National Mission for Clean Ganga objectives. 

    As per the CPCB’s periodic report on polluted river stretches for restoration of water quality; in Uttar Pradesh in 2015 the stretch from Kannauj to Varanasi was in PRS III (BOD 10-20 mg/l) category whereas in 2022 the river quality witnessed an improvement due to continuous efforts and the improved polluted river stretch falls in PRS V (BOD 3-6 mg/l). In UP, out of 135 operational STPs 118 STPs (more than 90% are compliant) achieving norms.

    In Bihar, in 2015 the stretch from Buxar to Bhagalpur was in PRS II (BOD 20-30 mg/l) category whereas in 2022 the river quality witnessed an improvement due to continuous efforts and the improved polluted river stretch falls in PRS IV (BOD 6-10 mg/l). In Bihar, out of 14 STPs 13 are operational.

    In West Bengal, in 2018 the stretch from Triveni to Diamond Harbour was in PRS III (BOD 10-20 mg/l) category whereas in 2022 the river quality witnessed an improvement due to continuous efforts and the improved polluted river stretch falls in PRS IV (BOD 6-10 mg/l). In West Bengal, out of 55 existing STPs 53 of them were functional.

    To summarize there has been a significant improvement in the water quality in all the states including the above referred states.

    In Prayagraj, it would be pertinent to mention that from 2017 to 2024, the treatment capacity has increased from 268 MLD to 348 MLD. Also, the river water quality has improved from PRS IV to PRS V. Further, out of 60 untapped drains in 2017 now there is no untapped drains. Similarly, for Varanasi, treatment capacity has increased from 100 MLD to 420 MLD, number of untapped drains has reduced from 8 to one partially tapped drain and PRS has improved from IV to V.

    The improvement in riverine ecosystem is substantiated by the increase in population of Gangetic Dolphin. The comparison of baseline (2018) and current study of WII indicates increase in the population of Gangetic Dolphins (Platanista gangetica) from 3,330 (+/-) 630 to 3,936 (+/-) 763. Now dolphins are recorded from the previously unreported stretches of the Ganga River, such as the stretch between Bithura to Rasula Ghat (Prayagraj). The dolphins were also reported for the first time from the Babai and Bagmati rivers in India.

    The success of the Namami Gange Programme in rejuvenating the Ganga is being recognized on the global stage. In December 2022, the UN Decade on Ecosystem Restoration acknowledged it as one of the Top 10 World Restoration Flagship Initiatives. Furthermore, the International Water Association awarded the National Mission for Clean Ganga (NMCG) the title of Climate Smart Utility, further cementing the programme’s commitment to sustainable water management.

    ***

    Dhanya Sanal K

    (Release ID: 2109118) Visitor Counter : 31

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Union Home Minister and Minister of Cooperation Shri Amit Shah attends CISF Raising Day parade in Thakkolam, Tamil Nadu as Chief Guest

    Source: Government of India

    Union Home Minister and Minister of Cooperation Shri Amit Shah attends CISF Raising Day parade in Thakkolam, Tamil Nadu as Chief Guest

    CISF has not only secured country’s development, progress, and movement but also played a crucial role in their smooth operation

    Tamil language, culture, and traditions are invaluable jewels of India’s culture

    It is a matter of pride to name the CISF Regional Training Center in Thakkolam after the great warrior of the Chola dynasty, Rajaditya Chola

    Now, youth can take CAPF recruitment exams in Tamil as well as all the languages included in the Eighth Schedule of the Constitution

    Like the Chief Ministers of other states, the Chief Minister of Tamil Nadu should also start medical and engineering courses in the Tamil language as soon as possible, This will benefit Tamil medium students

    The security of ports, airports, and important commercial, tourism, and research institutions, as well as key establishments related to the country’s industrial development, cannot be imagined without CISF

    Posted On: 07 MAR 2025 3:30PM by PIB Delhi

    Union Home Minister and Minister of Cooperation, Shri Amit Shah attended the 56th Raising Day Parade of the Central Industrial Security Force (CISF) in Thakkolam, Tamil Nadu, as the chief guest today. On this occasion, Union Minister, Dr. L. Murugan and CISF Director General Shri Rajvinder Singh Bhatti were also present.

    In his address, the Union Home Minister, Shri Amit Shah said that in the last 56 years, the CISF has not only ensured the development, progress and mobility of the country, but has also played an important role in their smooth functioning. He said that the security of vital installations associated with the industrial development of the country, including ports, airports, important business, tourism and research institutions cannot be imagined without the CISF. Shri Shah said that it is due to the unwavering loyalty, hard work and dedication of the CISF personnel that the country is moving forward safely in the field of industrial development. He said that CISF personnel have also taken interest in numerous social activities and taken it forward.

    Shri Amit Shah said that Prime Minister Shri Narendra Modi has set the resolve to make India the third-largest economy in the world by 2027 and to make India the leader in every field by 2047, in front of the country’s 140 crore people. He emphasized that CISF’s contribution will be very important in fulfilling these goals. Union Home Minister said that it was decided in 2019 that instead of celebrating the CISF Raising Day in Delhi, it would be celebrated in different parts of the country. Accordingly, today, the CISF Raising Day event was held at the Regional Training Center in Thakkolam, Tamil Nadu.

    Union Home Minister and Minister of Cooperation said that the culture of Tamil Nadu has played a significant role in strengthening India’s culture in many ways. Whether it is administrative reforms, achieving spiritual heights, setting educational standards, or promoting the message of unity and integrity of the country, Tamil Nadu has greatly strengthened Indian culture in every field. He said that the Tamil language, culture, and traditions are invaluable jewels of India’s culture, and the entire country acknowledges this. Shri Shah mentioned that, in line with this, it has been decided to name the CISF Regional Training Centre in Thakkolam after the great warrior of the Chola dynasty, Rajaditya Chola, which is a matter of pride. He further stated that Rajaditya Chola, on this land, created numerous tales of valor and sacrifice, attaining martyrdom and advancing the glorious traditions of the Chola Empire.

    Union Home Minister said that over 14,000 positions were filled in CISF last year. If we consider all the Central Armed Police Forces (CAPF), more than one lakh youth have been provided employment, and the recruitment process for 50,000 more youth is currently underway.

    Shri Amit Shah said that until now, there was no provision for recruitment exams for CAPF in regional languages. However, according to the decision of the Modi government, besides Hindi and English, now youth can take the CAPF recruitment exams in Tamil and other languages included in the Eighth Schedule of the Constitution. He requested the Chief Minister of Tamil Nadu, like the Chief Ministers of other states, he should also start medical and engineering courses in the Tamil language soon. This will not only strengthen Tamil as a mother tongue but also benefit students studying in Tamil medium. It will not only empower the mother tongue but also provide equal opportunities for children educated in the Tamil medium.

    Union Home Minister and Minister of Cooperation said that CISF has always prioritized security. Over the past 56 years, CISF has set golden standards in national security across every sector of the country. He mentioned that CISF personnel work to protect the movement of nearly one crore people at various places, including ports, airports, and metros, ensuring their safety from all threats. The contribution of CISF personnel is crucial for the industrial and educational development of the country and for the smooth functioning of the nation. Under their vigilance, all establishments, including ports, airports, and metros, are secure. It is a matter of pride that CISF personnel are also entrusted with the security of the new Parliament building. Shri Shah mentioned that CISF personnel ensure the safe movement of over 70 lakh passengers daily in the Delhi Metro with discipline and patience, without any lapses. Additionally, they are responsible for the security of 250 ports. He further stated that CISF’s responsibilities for port security are expected to increase in the future.

    Union Home Minister said that the government has equipped CISF with state-of-the-art technology and is continuously providing the force with the latest technological advancements. He mentioned that ‘Digi Yatra’ has been implemented at many airports, which has significantly reduced the time required for security checks. CISF has not only adopted international standards in airport security but is also very close to setting records in this regard. He mentioned that an Internal Quality Control Unit has also been established, through which continuous training is ensuring the maintenance of high security standards. CISF has also established a special training center for counter-drone capabilities. Shri Shah mentioned that the Jewar Airport in Uttar Pradesh and the Navi Mumbai Airport in Maharashtra will soon be included under CISF’s security. For this, the Ministry of Home Affairs approved the establishment of three new battalions last year, one of which will be a completely women’s battalion.

    Paying tributes to the 127 CISF personnel who made the supreme sacrifice in protecting the country, the Home Minister said that these 127 personnel made their supreme sacrifice while discharging the responsibility of security in different parts. He told the family members of these jawans that it was because of the sacrifice of their family member that the country today stands before the world with a high head.

    Union Home Minister and Minister of Cooperation Shri Amit Shah launched the CISF’s annual magazine, Sentinel. He also honored 10 personnel with the President’s Police Medal, 2 with the Jeevan Raksha Medal, and 10 with the Gallantry Medal. Shri Shah stated that all these personnel have advanced the excellent traditions of CISF. Union Home Minister laid the foundation stone for six different infrastructure and development projects worth ₹88 crore to improve the health, smooth duty performance, and facilities for CISF personnel. He also inaugurated the newly constructed gym and Pup hall at SSG Noida.

    Union Home Minister virtually flagged off the CISF Cyclothon 2025. He said that this cycle rally will cover every coastal village of the country and reach the Vivekananda Rock Memorial in Kanyakumari. During this journey, our personnel will not only raise awareness about security in the coastal villages but also inform the villagers about development. Additionally, CISF personnel will collect suggestions related to security and village development. Union Home Minister emphasized that the ‘ground zero inputs’ provided by the personnel will help ensure better facilities and security in these coastal villages.

    Shri Amit Shah said that CISF has planted more than five lakh trees in the past five years, and a target of planting over three lakh trees has been set for the next year. He mentioned that under the ‘Ek Ped Maa Ke Naam’ campaign launched by Prime Minister Shri Narendra Modi, every CISF personnel will plant a tree to express gratitude to their mothers. Shri Shah appealed to all CISF personnel to include yoga practice in their daily routine. He mentioned that several steps have been taken for the welfare of Central Armed Police Force (CAPF) personnel, including the issuance of over 31 lakh cards under the Ayushman CAPF scheme. Additionally, 13,000 homes and 113 barracks have been constructed, and under the e-Housing Portal, it has been ensured that no housing remains vacant. Shri Shah stated that special barracks have been created for female personnel, and the ex-gratia amount has also been increased. He added that the sale of indigenous products in Central Police Welfare Stores is being promoted, and from April 1, 2024, a 50 per cent discount on GST is being offered.

    ***

    RK/ASH/PR/PS

    (Release ID: 2109087) Visitor Counter : 56

    Read this release in: Hindi

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: A Holistic Approach for Cleanliness of River Ganga

    Source: Government of India (2)

    Posted On: 07 MAR 2025 3:12PM by PIB Delhi

    Namami Gange Programme’, is an Integrated Conservation Mission, approved as ‘Flagship Programme’ by the Union Government in June 2014 with budget outlay of Rs.20,000 Crore to accomplish the twin objectives of effective abatement of pollution, conservation and rejuvenation of National River Ganga.

    The Government of India (GoI) launched the Namami Gange Programme (NGP) in 2014-15 for the rejuvenation of river Ganga and its tributaries with a budgetary outlay of ₹ 20,000 crore, for five years, up to March 2021 and has been further extended to March 2026 with a budgetary outlay of ₹ 22,500 crore.

    The National Ganga Plan (CS) has been allocated a financial outlay of ₹3,400 crore[1] for the year 2025-26. This investment aims to enhance sewage treatment capacity, improve water quality, and regulate industrial waste discharge to rejuvenate the Ganga River and achieve prescribed bathing standards by 2025.

     

    Ganga: Lifeline of India

    The Ganga River, one of the most sacred rivers in the world, faces significant threats from excessive water abstraction and pollution. As a vital part of India’s cultural heritage and a key resource for sustenance, the river’s health is of paramount importance. To address these challenges, the Namami Ganga program was launched with the twin objectives of effectively reducing pollution and conserving and rejuvenating River Ganga.

    The Ganga River Basin

    The Ganga River basin is the largest in India, encompassing 27% of the country’s land mass and supporting about 47% of its population. Spanning over 11 states, the basin covers nearly 27% of India’s total geographical area. The majority of the basin, around 65.57%, is used for agriculture, while water bodies cover 3.47% of the area. Despite receiving 35.5% of the total water input in terms of precipitation, the Ganga River Basin is the second most water-stressed basin in India, following the Sabarmati Basin, with only 39% of the average per capita annual rainwater input among major Indian river basins. [2]

     

    Vision

    The vision for Ganga rejuvenation revolves around restoring the river’s wholesomeness, defined by ensuring “Aviral Dhara” (Continuous Flow), “Nirmal Dhara” (Unpolluted Flow), and maintaining its geological and ecological integrity. A comprehensive Ganga River Basin Management Plan (GRBMP) was developed by a consortium of seven IITs, emphasizing an Integrated River Basin Management (IRBM) approach with multi-sectoral and multi-agency interventions.

    Key Interventions

    • Pollution Abatement (Nirmal Ganga): Addressing and reducing the sources of pollution in the river.
    • Improving Ecology and Flow (Aviral Ganga): Enhancing the ecological health and continuous flow of the river.
    • Strengthening People-River Connect (Jan Ganga): Fostering a deeper connection between the people and the river through community engagement and awareness.
    • Facilitating Research and Policy (Gyan Ganga): Promoting diversified research, scientific mapping, studies, and evidence-based policy formulation

    Over the years, concerted efforts made by NMCG are beginning to find success in restoring the pristine glory of the river.

     

    Progress Overview( As of 31 January 2025) [3]

    • A comprehensive total of 492 projects, valued at 40121.48 Crore, have been launched.
    • Among these, 307 projects have reached completion and are now operational.
    • An impressive 206 projects addressing Sewage Infrastructure have been set in motion.
    • A substantial fund of 33003.63Crore has been sanctioned for these sewage infrastructure projects.
    • Of these, 127 sewerage projects have been successfully completed, playing a pivotal role in mitigating pollution.
    • Additionally, 56 projects dedicated to Biodiversity & Afforestation have been undertaken.
    • These projects have received a funding commitment of over ₹ 905.62 Crore.
    • Notably, 39 projects focused on biodiversity and afforestation have been successfully concluded, augmenting the ecological equilibrium of the Ganga basin.

     

    Government’s Recent Initiatives for a Pollution Free Ganga[4]

     

    1. In a major step towards tackling pollution, the 60th Executive Committee Meeting of the National Mission for Clean Ganga (NMCG) approved the interception and diversion of the Durga Drain and the construction of a 60 MLD capacity sewage treatment plant (STP) in Varanasi, Uttar Pradesh, at a cost of ₹274.31 crore. This project, based on the hybrid annuity model, includes a 75 MLD capacity main pumping station and other essential structures, ensuring long-term wastewater management and pollution control.

     

    1. Additionally, a significant project was approved to prevent the flow of untreated sewage into Varuna, a major tributary of the Ganga, in Bhadohi. With an investment of ₹127.26 crore, this initiative will establish three STPs with capacities of 17 MLD, 5 MLD, and 3 MLD, along with an extensive sewer network to tap four major drains and prevent pollution. This project follows the Design-Build-Operate-Transfer (DBOT) model, ensuring sustainable operation and maintenance over the next 15 years.

     

    1. A National Framework for Safe Reuse of Treated Water has been developed by NMCG to guide States in formulating their reuse policies and to establish economic models for the reuse of treated wastewater. NMCG has also issued a guidance handbook for urban policymakers and city officials on safely reusing treated water, which aims to conserve freshwater resources and promote sustainable water management practices. [5]

     

    1. Seven Biodiversity Parks in seven districts (Mirzapur, Bulandshahar, Hapur, Budaun, Ayodhya, Bijnore and Pratapgarh) of Uttar Pradesh and 5 priority wetlands in Uttar Pradesh (3), Bihar (1) and Jharkhand (1) have been sanctioned.

     

    1. NMCG, through the State Forest Department, has implemented a forestry intervention project along the main stem of river Ganga. 33,024 hectares area have been afforested with an expenditure of about ₹ 398 crore.

     

    1. A total of 143.8 lakhs of Indian Major Carp (IMC) fingerlings have been ranched in the Ganga since 2017 to conserve fish biodiversity and prey base for river Dolphins, and ensure the livelihood of fishers in the Ganga basin under the special project implemented by Central Inland Fisheries Research Institute (CIFRI).

     

    1. A total of 203 number of sewerage infrastructure projects costing ₹ 32,613 crore have been taken up for remediation of polluted river areas with treatment capacity of 6,255 Million Litres per Day (MLD). 127 STP projects with a capacity of 3,446 MLD have been completed and made operational.

     

    1. For industrial pollution abatement, 3 nos. of Common Effluent Treatment Plants (CETPs) have been sanctioned, i.e., Jajmau CETP (20 MLD), Banther CETP (4.5 MLD), and Mathura CETP (6.25 MLD). Two projects, Mathura CETP (6.25 MLD) and Jajmau CETP (20 MLD) have been completed.

     

    Conclusion

     

    The National Mission for Clean Ganga (NMCG) strives to deploy the best available knowledge and resources globally for Ganga rejuvenation. With significant progress achieved in various interventions, the programme continues to strive towards its goal of ensuring a clean and thriving Ganga for future generations.

     

    References

    https://nmcg.nic.in/ 

    https://nmcg.nic.in/writereaddata/fileupload/41_WebsiteMonthofApril2024.pdf

    https://nmcg.nic.in/NamamiGanga.aspx

    Annual Report 2023: https://nmcg.nic.in/Annual_Reports.aspx

    Ganga Vision Document: https://nmcg.nic.in/Disclosure.aspx

    Namami Gange Programme – At A Glance, September 2020: https://nmcg.nic.in/NamamiGanga.aspx

    Monthly Progress Report: https://nmcg.nic.in/projectsearch.aspx

    UNSTARRED QUESTION NO. 684

    https://pib.gov.in/PressReleasePage.aspx?PRID=2102458

    https://pib.gov.in/PressReleasePage.aspx?PRID=2040176#:~:text=The%20Government%20of%20India%20(GoI,outlay%20of%20%E2%82%B9%2022%2C500%20crore.

    A Holistic Approach for Cleanliness of River Ganga

    *****

    Santosh Kumar/Sheetal Angral/Ritu Kataria/ Madiha Iqbal

    (Release ID: 2109078) Visitor Counter : 55

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Fisheries Startup Conclave 2.0 to be held on 8th March 2025 in Hyderabad, Telangana

    Source: Government of India

    Fisheries Startup Conclave 2.0 to be held on 8th March 2025 in Hyderabad, Telangana

    Union Minister Shri Rajiv Ranjan Singh, along with MoS Prof. S.P.Singh Baghel & Shri George Kurian to grace the occasion

    National Fisheries Digital Platform Mobile App ; The Fisheries Startup Grand Challenge 2.0 to be Unveiled

    Posted On: 07 MAR 2025 2:46PM by PIB Delhi

    The Department of Fisheries, under the Ministry of Fisheries, Animal Husbandry and Dairying (MoFAH&D) is organizing a Fisheries Startup Conclave 2.0 on 8th March 2025 in Hyderabad, Telangana. The event will be graced by Union Minister, Shri Rajiv Ranjan Singh, MoFAH&D and Ministry of Panchayati Raj, along with Minister of State, Shri George Kurian, MoFAH&D and Ministry of Minority Affairs and Minister of State, Prof. S.P. Singh Baghel, MoFAH&D and Ministry of Panchayati Raj. The event will also witness participation from government officials, Fisheries Startups and Entrepreneurs.

    The Startup Conclave 2.0 will bring together key stakeholders to discuss and promote innovation in the fisheries sector. Deliberations on startup opportunities in fisheries/aquaculture along with e- commerce prospects in the sector will also be held. Startup conclave 2.0 will also witness the launch of the National Fisheries Digital Platform (NFDP) Mobile App, a transformative initiative aimed at streamlining digital access to fisheries-related services and resources. The Fisheries Startup Grand Challenge 2.0 will also be unveiled, reinforcing the government’s commitment to fostering entrepreneurship and technological advancements in the sector. Additionally, the distribution of Entrepreneur Model approvals to fisheries startups will recognize and support emerging enterprises, further strengthening the fisheries startup ecosystem. The technical feedback & interaction session will provide a platform for  in-depth discussions on the fisheries ecosystem in India and key initiatives undertaken by National Fisheries Development Board (NFDB) and Indian Council of Agricultural Research (ICAR) along with experience sharing by fisheries startups.

    Background

    India’s fisheries and aquaculture sector sustains 3 crore livelihoods and drives employment across the value chain. Since 2015, the Government has invested ₹38,572 crore through initiatives like the Blue Revolution Scheme, FIDF, PMMSY, and PM-MKSSY to promote sustainable growth. The rapid growth of India’s fisheries and aquaculture sector has fuelled the rise of over 300 fisheries startups, driving innovation and efficiency. These startups leverage advanced technologies such as blockchain, IoT, and AI to develop commercially viable solutions that address grassroots challenges, enhance productivity, ensure traceability, and improve value chain efficiencies. The Department of Fisheries has launched multiple initiatives to foster innovation and support fisheries startups. The Matsya Manthan series serves as a platform for knowledge exchange and collaboration among stakeholders, facilitating discussions on emerging trends and best practices. To strengthen the fisheries startup ecosystem, the Department has established dedicated incubation centers. LINAC-NCDC Fisheries Business Incubation Centre (LIFIC) in Gurugram, the first of its kind under PMMSY, was inaugurated in 2021. A Business Incubation Centre for Fisheries and Aquaculture has been set up at Guwahati Biotech Park, Assam with a total outlay of Rs 9 crore. Additionally, three premier institutions—MANAGE Hyderabad, ICAR-CIFE Mumbai, and ICAR-CIFT Kochi—have been notified as incubation centers under Department of Fisheries to support at least 100 fisheries start-ups, cooperatives, FPOs, and SHGs. To further strengthen the fisheries startup ecosystem, the Department conducts regular stakeholder consultations, addressing challenges, offering financial assistance, and shaping policy interventions to drive growth in the sector.

    ****

    Aditi Agrawal

    (Release ID: 2109060) Visitor Counter : 27

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: “Sarpanch Pati” Culture Under Spotlight in New Digital Campaign

    Source: Government of India (2)

    “Sarpanch Pati” Culture Under Spotlight in New Digital Campaign

    New Episode of the Panchayat Web series  “Asli Pradhan Kaun?” showcases exemplary Leadership skills of Elected Woman Gram Pradhan

    Posted On: 07 MAR 2025 2:01PM by PIB Delhi

    The Ministry of Panchayati Raj (MoPR) has launched a pioneering campaign to eliminate proxy representation and promote genuine women leadership at the grassroots level. As part of this initiative, MoPR has collaborated with The Viral Fever (TVF) for the production of a series of  compelling digital content that addresses critical issues affecting local rural governance. Created within the universe of the widely acclaimed web-series Panchayat, this production by TVF features renowned actors like Neena Gupta, Chandan Roy, and Faisal Malik.

    The first of these productions, “Asli Pradhan Kaun?” premiered on 4th March, 2025, coinciding with the launch of the Ministry’s “Sashakt Panchayat Netri Abhiyan” (सशक्त पंचायत-नेत्री अभियान). The film was screened at Vigyan Bhawan, New Delhi before an audience of over 1,200 elected women representatives of Panchayati Raj Institutions from across the country.

    The film ‘Asli Pradhan Kaun?’, illustrates how effectively a woman Gram Pradhan exercises her powers for  public welfare. “Asli Pradhan Kaun?”  addresses the issue of ‘Sarpanch Pati’ culture – where male family members unofficially represent elected women leaders – a practice that undermines the constitutional mandate of women representation in Panchayati Raj Institutions. Speaking about her role, acclaimed actor Neena Gupta said, “It’s always a pleasure to be part of stories that have a purpose. Asli Pradhan Kaun? is not just another production – it is a reflection of real-life challenges faced by women in rural India. I am excited for audiences to see how beautifully this message has been conveyed through storytelling”.

    This initiative comes in the wake of the recent Report on “Transforming Women’s Representation and Roles in Panchayati Raj Systems and Institutions: Eliminating Efforts for Proxy Participation”, which has gained wider attention and gathered momentum in favour of the Ministry’s consistent efforts to strengthen genuine women leadership in local governance. As part of its comprehensive approach, the Ministry will release two additional productions focusing on:

    1. Digital Intervention and Transparency – Showcasing how technology can transform rural governance
    2. Own Source Revenue – Highlighting the importance of financial independence / self-reliance for Panchayats

    Also featuring actors Durgesh Kumar and Bullu Kumar, these upcoming releases will further advance the Ministry’s mission to create impactful change at the grassroots level. The year-long “Sashakt Panchayat Netri Abhiyan” is designed to enhance the capacity and effectiveness of Women Elected Representatives of Panchayati Raj Institutions across the country. It will focus on building skills and confidence of women elected to Panchayati Raj positions, ensuring they can exercise their constitutional rights and responsibilities effectively.

    Click here to watch :https://youtu.be/GVxadWl5Cjk?si=B8A652NLbt1odCo6

    ***

    Aditi Agrawal

    (Release ID: 2109041) Visitor Counter : 13

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: English rendering of PM’s address at Republic Plenary Summit 2025

    Source: Government of India

    Posted On: 06 MAR 2025 11:07PM by PIB Delhi

    Namaskar!

    You all must be tired, your ears must be tired of Arnab’s loud voice, sit down Arnab, it is not the election season yet. First of all, I congratulate Republic TV for this innovative experiment. You people have brought the youth here by involving them at the grassroots level, by organizing such a big competition. When the youth of the country get involved in the national discourse, there is novelty in thoughts, it fills the entire environment with a new energy and we are feeling this energy here at this time. In a way, with the involvement of youth, we are able to break every bond, go beyond limits, yet there is no goal that cannot be achieved. There is no destination that cannot be reached. Republic TV has worked on a new concept for this summit. I congratulate all of you for the success of this summit, I greet you. Well, I also have a little selfishness in this, one, for the last few days I have been thinking that I have to bring one lakh youth into politics and that one lakh are such who are first timers in their families, so in a way, such events are preparing the ground for this aim of mine. Secondly, there is my personal benefit, the personal benefit is that those who will go to vote in 2029 do not know what the headlines of newspapers used to be before 2014, they do not know, there used to be scams of 10-10, 12-12 lakh crores, they do not know and when they will go to vote in 2029, there will be nothing before them for comparison and therefore, I have to pass that test and I have full faith that this ground which is being created will make that work strong.

    Friends, 

    Today the whole world is saying that, it is the century of India, you haven’t heard this.  India’s achievements, India’s successes have raised a new hope in the whole world. The India about which it was said that it will sink itself and take us down with it, that India is today driving the growth of the world. What is the direction of India’s future, we come to know this from our work and achievements today. Even 65 years after independence, India was the world’s eleventh largest economy. In the last decade, we have become the world’s fifth largest economy, and now we are going to become the world’s third largest economy at the same speed.

    Friends, 

    Let me also remind you of what happened 18 years ago. The reason for this figure being 18 years is special because those who have turned 18, who are becoming voters for the first time, do not know about the period before 18 years, that is why I have taken that figure. 18 years ago, i.e., in 2007, India’s annual GDP reached one trillion dollars. In simple words, this was the time when economic activity in India was worth one trillion dollars in a year. Now look at what is happening today? Now almost one trillion dollars’ worth of economic activity is happening in a single quarter. What does this mean? The amount of economic activity that was happening in India in a year 18 years ago is now happening in just three months. This shows how fast today’s India is progressing. I will give you some examples, which show how big changes have come in the last decade and how the results have come. In the last 10 years, we have succeeded in bringing 25 crore people out of poverty. This number is more than the total population of many countries. You can also remember the time when the government itself accepted, the Prime Minister himself said that if one rupee was sent, only 15 paise reached to the poor, who used to eat up that 85 paise and then there is today’s era. In the last decade, more than 42 lakh crore rupees have been transferred to the accounts of the poor through DBT, Direct Benefit Transfer, DBT. If you do the calculation of 15 paise out of a rupee, then what will be the calculation of 42 lakh crore? Friends, today when one rupee goes out from Delhi, 100 paise reaches the last place.

    Friends, 

    10 years ago, India was nowhere in the world in terms of solar energy. But today India is among the top-5 countries in the world in terms of solar energy capacity. We have increased the solar energy capacity by 30 times. Solar module manufacturing has also increased by 30 times. 10 years ago, we used to import even Holi pichkaris and children’s toys from abroad. Today our toy exports have tripled. Till 10 years ago, we used to import even rifles for our army from abroad and in the last 10 years, our defence exports have increased 20 times.

    Friends,

    In these 10 years, we have become the world’s second largest steel producer, the world’s second largest mobile phone manufacturer and the world’s third largest startup ecosystem. In these 10 years, we have increased our capital expenditure on infrastructure five times. The number of airports in the country has doubled. In these ten years, the number of operational AIIMS in the country has tripled. And in these 10 years, the number of medical colleges and medical seats has also almost doubled.

    Friends, 

    The temperament of today’s India is different. Today’s India thinks big, sets big targets and today’s India shows great results. And this is happening because the thinking of the country has changed, India is moving ahead with big aspirations. Earlier our thinking was like, it’s okay, it happens, let it be, whatever happens, let it be, whoever has to do something will do it, do your own thing. Earlier the thinking had become so narrow, I will give you an example of it. There was a time, if there was a drought somewhere, if it was a drought-affected area, then people used to give memorandums when Congress was in power, so what did the villagers demand, that sir, famines keep happening, so at this time during famine, relief work should start, we will dig pits, take out the soil, fill it in other pits, this is what people used to demand, someone would say what did he demand, that sir, please get a hand pump installed in my area, they used to demand a hand pump for water, sometimes what did the MPs demand, give him a gas cylinder a little early, MPs used to do this work, they used to get 25 coupons and the Member of Parliament used those 25 coupons to oblige for gas cylinders in his entire area. One MP 25 cylinders in a year and all this was happening till 2014. MPs used to demand that Sir, this train that is going, please give it a stoppage in my area, a stoppage was being demanded.

    I am saying all these things which were happening before 2014, not very old. Congress had crushed the aspirations of the people of the country. That is why the people of the country had even stopped having hope, they had accepted that nothing will happen from them, what are they doing. People used to say that brother, okay, if you can do only this much, then do only this much. And today you see, how fast the situation and thinking are changing. Now people know who can work, who can bring results, and this is not the common citizen, if you listen to the speeches in the House, then the opposition also gives the same speech, why is Modi ji not doing this, it means they think that this is what will do.

    Friends, 

    The aspiration that we have today is reflected in their words. The way of speaking has changed. What do people demand now? Earlier people used to ask for stoppages, now they come and say, start a Vande Bharat train at my place too. I had gone to Kuwait some time back, so when I normally go out to the labour camp there, I try to go to my countrymen wherever they work. So, when I went to the labour colony there, I was talking to our labourer brothers and sisters who work in Kuwait, some have been working there for 10 years, some for 15 years. Now see, a labourer from a village in Bihar has been working in Kuwait for 9 years and comes here once in a while. When I was talking to him, he said, Sir, I want to ask a question. I said, please ask. He said, Sir, please build an international airport near my village at the district headquarters. I was so glad that a labourer from my country’s village in Bihar who has been working in Kuwait for 9 years also thinks that now an international airport will be built in his district. This is the aspiration of a common citizen of India today, which is driving the whole country towards the goal of developed India.

    Friends, 

    The strength of any society or nation increases only when restrictions are removed from its citizens, obstacles are removed, walls of hindrances fall. Only then the strength of the citizens of that country increases, even the height of the sky becomes small for them. Therefore, we are constantly removing the barriers that previous governments had put before the citizens. Now I give an example of the space sector. Earlier, everything in the space sector was the responsibility of ISRO. ISRO certainly did a great job, but the remaining potential in the country regarding space science and entrepreneurship was not being utilized, everything was confined to ISRO. We courageously opened the space sector for young innovators. And when I made the decision, it did not make the headline of any newspaper, because there is no understanding either. Republic TV viewers will be happy to know that today more than 250 space startups have been formed in the country, this is the wonder of the youth of my country. These startups are today making rockets like Vikram-S and Agnibaan. The same happened in the sector of mapping, there were so many restrictions, you could not make an atlas, technology has changed. Earlier, if you had to make a map in India, you had to make rounds of government offices for years. We removed this restriction as well. Today, data related to geo-spatial mapping is paving the way for new startups.

    Friends, 

    Nuclear energy, the sector related to nuclear energy was also kept under government control earlier. There were restrictions, constraints, walls were erected. Now in this year’s budget, the government has announced to open it for the private sector. And this has strengthened the path to add 100 GW of nuclear energy capacity by 2047.

    Friends, 

    You will be surprised to know that there is an untapped economic potential of Rs 100 lakh crore, even more than that, lying in our villages. I am repeating this figure before you again – Rs 100 lakh crore, this is not a small figure, this economic potential is present in the form of houses in the villages. Let me explain it to you in a simpler way. Now here in a city like Delhi, if your house is worth 50 lakhs, one crore, 2 crores, you also get a bank loan on the value of your property. If you have a house in Delhi, then you can take a loan of crores of rupees from the bank. Now the question is, houses are not only in Delhi, there are houses in villages too, there are owners of houses there too, why does it not happen there? Loans are not available on houses in villages because in India there were no legal documents for houses in villages, proper mapping could not be done. Therefore, the country and its citizens could not get the proper benefit of this power of the villages. And it is not just India’s problem, people in the big countries of the world do not have property rights. Big international organizations say that the country which gives property rights to its people, its GDP increases.

    Friends, 

    To give property rights to the houses in villages in India we have started a Swamitva scheme. For this, we are conducting drone surveys in every village and mapping every house in the village. Today, property cards of village houses are being given to people across the country. The government has distributed more than two crore property cards and this work is going on continuously. Earlier, due to the absence of property cards, there were many disputes in the villages, people had to go to courts, all this has ended now. Now the villagers are getting loans from banks on these property cards, due to this the villagers are starting their own business, doing self-employment. Just the other day I was talking to the beneficiaries of this Swamitva Yojana on video conference. I met a sister from Rajasthan. She said that after getting my property card, I took a loan of Rs. 9 lakhs in the village and said that I started a business and I have repaid half the loan and now it will not take me much time to repay the entire loan and there is a possibility of getting more loans, what a confidence level.

    Friends, 

    The biggest beneficiary of all the examples I have given is the youth of my country. The youth, who are the biggest stakeholders of developed India. The youth, who are the X-Factor of today’s India. This X means Experimentation Excellence and Expansion, Experimentation, that is, our youth have moved beyond the old ways and created new paths. Excellence means that the youth have set global benchmarks. And expansion means that innovation has been scaled up by our youth for 140 crore countrymen. Our youth can provide solutions to the country’s major problems, but this capability has not been utilized properly earlier. Earlier governments did not even think that youth can also provide solutions to the country’s problems through hackathons. Today we organize the Smart India Hackathon every year. So far 10 lakh youth have become a part of it. Many ministries and departments of the government have put forward many problems related to governance before them, told them to tell us what could be the solution. In the hackathon, our youth have developed about two and a half thousand solutions and given them to the country. I am happy that you have also taken this culture of hackathon forward. And I congratulate the youth who have won and I am happy that I got a chance to meet those young people.

    Friends, 

    In the last 10 years, the country has experienced a new age of governance. In the last decade, we have transformed the impact less administration into impactful Governance. When you go to the field, people often say that they have received the benefit of a particular government scheme for the first time. It is not that those government schemes did not exist earlier. Schemes existed earlier as well, but last mile delivery at this level is being ensured for the first time. You often conduct interviews of beneficiaries of the Pradhan Mantri Awas Yojana. Earlier, houses for the poor were sanctioned on paper. Today, we build houses for the poor on the ground. Earlier, the entire process of building a house was government driven. The type of house to be built, what materials would be used, was decided by the government. We have made it owner driven. The government puts money in the beneficiary’s account, the beneficiary himself decides what kind of house will be built. And we also held a country-wide competition for house design, put forward models of houses, involved people for designing, and decided things with public participation. Due to this, the quality of houses has also improved and houses are also getting completed at a faster speed. Earlier, half-constructed houses were built by joining bricks and stones, we have built the house of the poor’s dreams. These houses have tap water, gas connection under the Ujjwala scheme, electricity connection under the Saubhagya scheme, we have not just built four walls, we have built life in those houses.

     Friends, 

    National security is a very important aspect for the development of any country. In the last decade, we have worked a lot on security. You remember, earlier, breaking news of serial bomb blasts used to be shown on TV, there used to be special programmes on the network of sleeper cells. Today, all this has disappeared from both the TV screen and the Indian soil. Otherwise, earlier when you used to travel by train or go to the airport, you used to get warnings like, if there is an unclaimed bag lying there, do not touch it, today these 18-20 year old young people may not have heard that news. Today, Naxalism is also counting its last breaths in the country. Earlier, more than a hundred districts were in the grip of Naxalism, but today it is limited to less than two dozen districts. This was possible only when we worked with the spirit of nation first. We brought governance to the grassroot level in these areas. Within no time, thousands of kilometers long roads were built in these districts, schools and hospitals were built, 4G mobile network reached and the country is seeing the results today.

    Friends, 

    Today, Naxalism is being cleared from the jungles due to the decisive decisions of the government, but now it is spreading its roots in the urban centers. Urban Naxals have spread their network so fast that the political parties which were opposed to urban Naxals, whose ideology was once inspired by Gandhiji and which was connected to the roots of India, today Naxals have made inroads in such political parties. Today, the voice of Urban Naxals and their own language is heard there. From this, we can understand how deep their roots are. We have to remember that Urban Naxals are staunch opponents of both India’s development and our heritage. By the way, Arnab has also taken up the responsibility of exposing Urban Naxals. Development is necessary for a developed India and strengthening the heritage is also necessary. And that is why we have to be cautious of Urban Naxals.

    Friends, 

    Today’s India is touching new heights while facing every challenge. I am confident that all of you at Republic TV Network will always give a new dimension to journalism with the spirit of Nation First. With this belief that you should continue to catalyze the aspiration of a developed India through your journalism, I thank you very much and wish you all the best. Thank you!

     

    DISCLAIMER: This is the approximate translation of PM’s speech. Original speech was delivered

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Text of the Vice-President’s address at the inaugural ‘Murli Deora Memorial Dialogues’ (Excerpts)

    Source: Government of India (2)

    Posted On: 06 MAR 2025 10:30PM by PIB Delhi

    We had such a feast, both of governance and leadership. Shinde Ji, you have stolen the thunder. I am wonderstruck whether I can add anything. I may only repackage it. I recall every moment I spent with Shinde Ji, but more when me and my wife, went to his residence and had the good fortune to perform puja.

    His address is remarkably relevant, full of depth, assessment of contemporary scenario and challenges. He speaks of spinal experience he has gained from worker to leader and a leader is always a leader. It doesn’t matter in a cricket team you play at which number.

    I am absolutely elated that a leader has such a sacrificial attitude. My congratulations to you.

    We have amongst us, Shrimati Hema Deora Ji. I was greatly touched because she is privy to the hand holding which I received as a young parliamentarian from Shri Murli Deora Ji. I was elected to Parliament in 1989 and that was a big change. Congress had lost power and I was a Union Minister. He was a congressman. He took me to then Bombay, now Mumbai, and he helped me and introduced me to people who matter in industry and in the Marwadi community. When she revealed this briefly I had vivid recollection of those days. A man of sterling qualities, Murli Deora Ji. Ma’am your presence matters to us. I’m sure you will have the good occasion to see your son perform in Rajya Sabha. Eknath Shinde Ji has sent a jewel to Rajya Sabha. He marks his addresses with due diligence, thorough study, calm and composed. I’m sure you’ll be in Chairman’s Gallery to applaud him someday.

    We have amongst us distinguished Members of Parliament. Though the audience is absolutely very imminent and each one of you matters to me hugely but I don’t believe in taking risks. Therefore I must recognise presence of Members of Parliament. One on the dais, Shri Milind Deora Ji. A stalwart of politics in the State and the Nation, Shri Ashok Chauhan Ji. Shri G.K. Vasan Ji, whose father had handheld me in a similar manner as Murli Deora Ji. Young, energetic, youthful, but in third term, Shrikant Shinde Ji. I hope I don’t miss any parliamentarian otherwise, I may suffer at their hands

    Shri Raghavendra Singh, President Kotak Mahindra Bank is energy capsule has great administrative capacities, but what I gather from him, having known him, for the third generation, is full of positivity. I must recognize presence of some who are present here, Shri Ashok Hinduja Ji is here, We have Shri Uday Kotak Ji.

    I’ll come to Amrita Ji a little later because she is much beyond the spouse of the Chief Minister for me. His Holiness Syedna Sahab Ji.

    Shri Gauranga Das, Shri Gaur Gopal Das, they both are from ISCON. People in Industry, Shri Pranav Adani, Shri Neeraj Bajaj, Mr. Jalas Dhani, and let me tell you, everyone who is present here, I am greatly indebted, but never miss a journalist if he is your friend. You may suffer at his hands forever. I am referring to none other than Sanjay Pugalia, whom I have known for more than four decades. We had such a wonderful cricket match and India is in the finals so why not remember Surya Kumar Yadav? He’s known as Mr. 360 degrees

    Now, Amrita ji. Amrita ji, you have created a problem for me because of a condition I set for Devendra Fadnavis, that I will receive him at Upa-Rashtrapati Niwas as only if he is accompanied by Amrita ji. Every time he makes excuse, please ensure. I would love to receive both of you at Upa-Rashtrapati Niwas, where I have had the great occasion to receive Shinde Ji.

    Now, ladies and gentlemen, I come to the inaugural lecture.

    It is an absolute honour and privilege to deliver the Murli Deora Memorial Lecture Dialogue, dedicated to one of the finest public figures in politics, who nurtured friendships all his life. He bridged the differences and was loved by all. In his life, he missed one thing. He had no adversaries that was his stature. Murali bhai, as fondly reminisced by his peers, exemplified public spirit and dedication.

    He was a statesman in the mould of a politician, a rare blend of foresight and pragmatism. From being the youngest mayor of Bombay, now Mumbai, to serving seven terms in Parliament, he showed deep commitment to democratic values and public service. His belief in dialogue, debate, discussion, deliberation, consensual approach, cooperative approach, coordination, are being missed now.

    Murli Deora will always be remembered for his proactive efforts to save the country from the hazards of smoking. He approached the highest Court of the land, sought affirmative intervention to secure a ban on smoking at public places. Life of Murli Deora Ji was a testament to the idea of leadership, that this idea is not a pedestal but a pilgrimage, a journey of service to the last, the least and the lonely.

    I commend, ladies and gentlemen, Milind Deora, a senior parliamentarian, former Union Minister, and his friends for organising this annual feature as a befitting tribute to Murli Ji. The theme “Leadership and Governance” is indeed thought provoking as also of great contemporaneous relevance.

    Bharat, home to one sixth of humanity, is the oldest, largest and most vibrant and functional democracy. Bharat is the only Nation in the world that has constitutionally structured democratic institutions from village to National level.

    First, I focus on the source of Governance in Democracy. Our Constitution’s Preamble indicates ‘We The People’ as the foundational source and premise of Governance. Preamble of the Constitution also reveals purpose of governance being Justice, Equality, Fraternity for all.  We must appreciate the contours of ‘We The People’  the ultimate repository of sovereignty. A sovereignty that we cannot afford to dilute or to be taken away.

    We the people through electoral platforms constitute Parliament, Legislatures, panchayats, municipalities and elect the President and the Vice- President. The sanctity of this repository of sovereignty is essential for democratic governance. Imagine what will befall us if we are deprived of our sovereignty. The integrity of ‘We the People’ in the present times is being stressed and challenged and the challenge is surfacing in multiple ways. Leadership faces a daunting task to preserve and sustain this.

    Let me advert to some worrying trends. There are many, I am referring only to some. The Nation houses millions of illegal migrants causing a demographic upheaval. Millions of illegal migrants are in this country making a huge demand on our health services, education services. They are depriving our people of employment opportunities. Such elements have alarmingly secured electoral relevance in some areas and their securing electoral relevance is shaping the essence of our democracy. Emerging dangers can be evaluated through historical reference where Nations were swept off their ethnic identity by similar demographic invasions.

    As a matter of fact there are countries where demographic invasion resulted in complete eclipse of ethnicity where ethnicity was in complete majority.

    Ladies and gentlemen, this malaise, far more severe than COVID, is aggravatingly intersected with conversions through allurements, with vulnerable sections trying to be trapped, the marginalised, the tribal, the weaker become easy prey to these temptations and allurements.

    Faith is your own, faith is dictated by conscience. The Indian constitution gives freedom of faith but if this faith is held hostage by temptations, it is according to me, defacing freedom of faith. The concerning objective behind these pernicious designs is to detrimentally vary and ultimately eclipse ‘We the people’s’ identity and secure for themselves a majoritarianism position. I’m sure no one will disagree. This danger has to be thwarted.

    This is too serious an onslaught to be either countenanced or overlooked. Just reflect for a moment the change that has taken place in our demography in the last two decades. Look at some of the areas where impregnable fortresses emerged.

    The theme “Leadership and Governance” is indeed thought provoking as also of great contemporaneous relevance.

    Bharat, home to one sixth of humanity, is the oldest, largest and most vibrant and functional democracy. Bharat is the only nation in the world that has constitutionally structured democratic institutions from village to national level.

    First, I focus on the source of Governance in Democracy. Our Constitution’s Preamble indicates ‘We The People’ as the foundational source and premise of Governance. The Preamble of the Constitution also reveals purpose of governance being Justice, Equality, Fraternity for all.  We must appreciate the contours of ‘We The People’ – the ultimate repository of sovereignty.

    A sovereignty that we cannot afford to dilute or to be taken away.

    The power of ‘We the people’ cannot suffer any sacrilege or dilution. Leadership must engage in overdrive, generating National consensus to preserve the sanctity of ‘We the people’ and work in togetherness, in tandem, to neutralise all misadventures against it.

    ‘We The People’ faces onslaughts from within and without. Forces inimical to Bharat have converged to systemically weaken nationalistic spirit. Constitutional institutions face orchestrated public ridicule as part of political strategy. Even the Presidency isn’t spared. Tarnishing institutions, especially on foreign land, is against our culture, is against our national interest.

    Every citizen has the power of social media. I beseech everyone in the interest of this country to be alive to these trends and make contributions. Anti-national narratives gain evil-inspired momentum. Misinformation aimed at destabilising the nation is rising.

    We had the painful occasion to see it during COVID. The pandemic that shook the world, then a nation of over 1.3 billion faced it by innovative mechanisms initiated by the Prime Minister and it was successfully handled. The entire global fraternity, as I call it, in Bharat, while tackling pandemic at home, lent assistance to hundreds of other countries. But some amongst us did not spare any effort to run us down. Such category of people who are recipe for chaos need to be exposed. Leadership must navigate this challenge through citizens’ mindset response.

    Friends, Bharat is a global beacon of inclusivity and thrives with unity in diversity. This calls for all to prioritise nation first. Commitment to nationalism marks freedom and democracy.

    No interest, partisan, economic, or personal, can justifiably be the ground to compromise national interest.

    Ladies and gentlemen, Issues of constitutional clarity, whether Constitution is categorical, our founding fathers have given us the path. On issues like language, common civil code, seats of divisions are being sown. The response of the government emanates from constitutional

    prescriptions.

    We have to work in overdrive to see that these issues that are premised on our Constitution are not politicised to the detriment of the Nation.

    Leadership must seek national consensus and public awareness to sensitize people of the dangers that are inherent in such approaches. India’s civilizational ethos offer a rich repository of leadership principles that predate modern governance theories by millennia.

    Our Vedic knowledge offers insight for leadership. Leadership in public life requires vision, character, and commitment to nationalism. We have seen what wonders visionary leadership can do in the last 10 years. The nation has navigated from a disturbed scenario of gloom to one of hope and possibility.

    We must always remember, ladies and gentlemen, we are the land of Vedas, Upanishads, Ramayan, Mahabharat, Srimad Bhagavad Gita and the wisdom therein guides us all throughout.

    The Bhagvad Gita provides timeless leadership lessons through Lord Krishna’s counsel to Arjuna.

    “यद्यदाचरति श्रेष्ठस्तत्तदेवेतरो जनः।

    स यत्प्रमाणं कुरुते लोकस्तदनुवर्तते॥”

    “Whatever a great man does, others follow. Whatever standard he sets by his exemplary acts, the world pursues.”

    This verse underscores the profound responsibility of leaders, because they are naturally taken as torchbearers, role models whose actions shape the course of the society.

    But a challenge that is coming to society from these people is very dangerous. An informed mind, having held credible positions, trades on the ignorance of people to monetise politically. And that happened on many occasions in the last ten years. People in authority, who presided over our financial institutions for long, had no qualms in indicating to the world that India can never register economic rise beyond 5%. And we had one and a half times of that, that very year. On such matters, ladies and gentlemen, our memory should not be short.

    Kautilya’s Arthashastra, perhaps the world’s earliest comprehensive treatise on statecraft and governance, offers sophisticated insights on leadership.

    I quote “The king shall consider as good not what pleases himself but what pleases his subject.”

    This ancient wisdom resonates with modern governance principles, where true leadership transcends self-interest to embrace collective welfare. We all have seen this development. We need to continue it.

    Let us reflect on what is there in our civilisational essence and ethos. Vasudhaiva Kutumbakam, Sarvajan Hitaaya, Sarvajan Sukhaaya.

    These are the twin pillars of governance from our scriptures, and look at how it translated for the entire world to know. During India’s presidency of G20, one earth, one family, one future, this was universally accoladed and accepted.

    Friends, democracy flourishes with expression and dialogue. Abhivyakti or samvad are its jewels. One is incomplete without the other. Expression complements dialogue and the other way round. If you believe in the right of expression without taking note of the dialogue, then you miss the point. In the process you indicate, I alone am right, to the exclusion of every other thought. And that is why we have emanated from our scriptures, Anantavada. This is essential. Inalienable facet of good governance, judgemental response to different viewpoints, differing viewpoints, a point that is different than yours, reflects absolutism. And absolutism has no place in democracy. Democracy requires consensual approach.  The other point of view must be considered. And there should be an effort for convergence to an agreed viewpoint.

    Constituent Assembly debates exemplify this approach. For little less than three years, in 18 sessions, Constituent Assembly deliberated very contentious issues, very divisive issues that took recourse to dialogue, debate, discussion, and deliberation.

    There never was an occasion for disruption or disturbance but when we find such a big change taking place. Disruption is being weaponized as a political strategy to make Parliament or legislatures dysfunctional. This does not augur well for the health of democracy and in some situations, it will pronounce death knell of democracy. If these temples of democracy do not perform constitutional ordainment, then people in the country are bound to be concerned and worried.

    I, as Chairman of the Council of States, express my deep anguish. And I appeal to people at large, academia, intellectuals, those in business, trade, commerce and industry, those in media, public servants, to create a mindset to put pressure on Parliamentarians and representatives. You perform because there can be no vacuum in democracy. If the legitimate platform of debate is dysfunctional. People will take to the streets. They have to voice their concerns in one way or the other.

    Ladies and gentlemen, coming to another challenge. Last 10 years, the nation has witnessed exponential economic upsurge, phenomenal infrastructural growth, deep digitization, technological penetration, unknown before. Global institutions are accommodating Bharat as a favorite destination of investment and opportunity. The rural landscape has been revolutionized with every house having toilet, electric connection, pipe water is on the way, gas connection, road connectivity, health and education centers. And people therefore have gravitated to politics of development as indicated by Eknath Shinde Ji. In that scenario, this phenomenal success story during the last 10 years brings with it a great challenge. On one hand, no nation in the world has this kind of growth as Bharat has had in the last 10 years.

    India at the moment on account of this growth is the most aspirational nation in the world. Imagine a country of 1.4 billion with that kind of demographic dividend getting into aspirational mode. The leadership has to perform at rocket speed. Because there can be restiveness, restlessness. And therefore I call upon every person, do not look at the government alone. Your opportunity basket is flattening every day, blossoming. When you look at surface of the sea, or deep sea, or ground surface, or deep ground, or sky, or space.

    India’s performance has increased your participation. Blue economy or space economy, you can take to that area.

    Good governance requires that we prevent problems, we preempt problems. It is not merely solving a problem. We must have a full diagnosis. Why should a problem be there at all? Real-time delivery is quintessential.

    There was a time not long ago when power corridors were infested with lies and agents, corrupt elements, who extra-legally leveraged decision-making. Patronage was the password for a contract or a job. But on account of introduction of technology, expedition service delivery, transparent and accountable mechanism. These power corridors now are fully sanitised. The world is looking to India for generating transparency, accountability, quick service delivery, people-centric policies in their countries

    Ladies and gentlemen, I see one concern, and that concern is across the political spectrum. There is emergence of a new strategy, and the strategy is of appeasement or being placatory.

    Now, election is important in Democracy but not the end of it. Our scriptures have indicated means are as important as the end.

    And the governments, we are in a state where financial position is very strong. The financial capital of the country, a global center for business and trade, but some governments that took recourse to this appeasement and placatory mechanisms are finding it very difficult to sustain in power, but one consequence is very categorical and those in economics know it.

    We have stalwarts of economics sitting here and that is if there is excessive spending on electoral promises, then the state’s ability to invest in infrastructure is correspondingly reduced. This is detrimental to the growth scenario.

    And therefore, I would call upon leadership of all political parties in the interest of democratic values to generate a consensus that engages into such kind of electoral promises that can be performed only at the cost of CAPEX expenditure of the state.

    I should not be misunderstood, ladies and gentlemen, because while the Indian Constitution has given us right of equality, it does provide in Article 14, 15 and 16 an acceptable category of affirmative governance, affirmative action, the reservation for SC, ST, for those who are in the economically weaker section. That is sanctified.

    There are exceptional situations for rural India, for the farmer, where affirmative steps are required to be taken. But this is very distinct from the other aspects I was talking about. This is not placatory or appeasing. It is justifiable economic policy. And therefore, it is good leadership that can take a call, where to draw the line in the fiscal sense in the matter of political foresight and leadership spine.

    There is another aspect on which we need to focus. National debate is required so that we take note of the shift from Democracy to Emocracy. Emotion-driven policies, emotion-driven debates, discourses threaten good governance. Historically, populism is bad economics. And once a leader gets attached to populism it is difficult to get out of the crisis. And therefore, the central factor has to be the good of the people, the largest good of the people, and the lasting good of the people. Empower people to empower themselves rather than empower them momentarily, because that affects their productivity.

    Our institutions are very critical. Our institutions must continue to be relevant. Political leadership must address declining relevance of institutions due to disruption and divisive politics. We have an example before us, as I said earlier. We have the legacy of our Constitution being negotiated through dialogue without acrimony. Today’s leaders should consult this spirit.

    Parliament is much beyond ideological discourse. Its democracy is a temple where discussions should focus on progress and people’s welfare. Sliding parliamentary institutions into irrelevance is a challenge to democracy and our existence. It is worrisome when disruption and disturbance are weaponised, as I said. A dysfunctional Parliament, particularly in Bharat, that is the world’s oldest, largest, and most vibrant democracy, is injustice to the people. Our people deserve much better from our parliamentarians.

    From this sacred place, I urge parliamentarians and legislators to soul-search. Democracy cannot function when expression and dialogue are compromised, while citizens must hold representatives accountable. For eternal vigilance remains freedom’s price. Institutional perimeters must be maintained. Judicial overreach into executive governance disrupts democratic values. I do not mean to reflect more on it, but I affirm governance is the sole prerogative of the executive and this is premised because executive is accountable to the people, to the legislature, every five years or before, the executive has to go to the people to get their approval. And every action taken by the executive is amenable to legislature intervention but if this executive function is performed by any other institution, including judicial, it will be difficult to look for accountability and, furthermore the wherewithal, the information, the database, that help arrive at a decision cannot be available at other institutions other than the executive.

    Leadership is purpose driven and not position of power. It has been said in Upanishad. The Ishavasya Upanishad ईशवस्य उपनिषद counsels: “तेन त्यक्तेन भुञ्जीथाः” (Ten Tyakten bhunjitha)– “Enjoy through renunciation.”

    Our leaders will have to embrace this philosophy. Selfless service in governance by blending India’s timeless wisdom with today’s needs create Tagore’s vision. Rabindranath Tagore has said, I tread where mind is without fear and head is held high.

    “सत्यमेव जयते नानृतम्”, which emanates from Mundaka Upanishad, it says, truth alone must survive and nothing else. The Rig Veda, moving together in harmony principle, must be our North Star.

    ****

    JK/RC/SM

    (Release ID: 2108969) Visitor Counter : 146

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Text of the Vice-President’s address at ‘Murli Deora Memorial Dialogue’ (Excerpts)

    Source: Government of India

    Posted On: 06 MAR 2025 10:30PM by PIB Delhi

    We had such a feast, both of governance and leadership. Shinde Ji, you have stolen the thunder. I am wonderstruck whether I can add anything. I may only repackage it. I recall every moment I spent with Shinde Ji, but more when me and my wife, went to his residence and had the good fortune to perform puja.

    His address is remarkably relevant, full of depth, assessment of contemporary scenario and challenges. He speaks of spinal experience he has gained from worker to leader and a leader is always a leader. It doesn’t matter in a cricket team you play at which number.

    I am absolutely elated that a leader has such a sacrificial attitude. My congratulations to you.

    We have amongst us, Shrimati Hema Deora Ji. I was greatly touched because she is privy to the hand holding which I received as a young parliamentarian from Shri Murli Deora Ji. I was elected to Parliament in 1989 and that was a big change. Congress had lost power and I was a Union Minister. He was a congressman. He took me to then Bombay, now Mumbai, and he helped me and introduced me to people who matter in industry and in the Marwadi community. When she revealed this briefly I had vivid recollection of those days. A man of sterling qualities, Murli Deora Ji. Ma’am your presence matters to us. I’m sure you will have the good occasion to see your son perform in Rajya Sabha. Eknath Shinde Ji has sent a jewel to Rajya Sabha. He marks his addresses with due diligence, thorough study, calm and composed. I’m sure you’ll be in Chairman’s Gallery to applaud him someday.

    We have amongst us distinguished Members of Parliament. Though the audience is absolutely very imminent and each one of you matters to me hugely but I don’t believe in taking risks. Therefore I must recognise presence of Members of Parliament. One on the dais, Shri Milind Deora Ji. A stalwart of politics in the State and the Nation, Shri Ashok Chauhan Ji. Shri G.K. Vasan Ji, whose father had handheld me in a similar manner as Murli Deora Ji. Young, energetic, youthful, but in third term, Shrikant Shinde Ji. I hope I don’t miss any parliamentarian otherwise, I may suffer at their hands

    Shri Raghavendra Singh, President Kotak Mahindra Bank is energy capsule has great administrative capacities, but what I gather from him, having known him, for the third generation, is full of positivity. I must recognize presence of some who are present here, Shri Ashok Hinduja Ji is here, We have Shri Uday Kotak Ji.

    I’ll come to Amrita Ji a little later because she is much beyond the spouse of the Chief Minister for me. His Holiness Syedna Sahab Ji.

    Shri Gauranga Das, Shri Gaur Gopal Das, they both are from ISCON. People in Industry, Shri Pranav Adani, Shri Neeraj Bajaj, Mr. Jalas Dhani, and let me tell you, everyone who is present here, I am greatly indebted, but never miss a journalist if he is your friend. You may suffer at his hands forever. I am referring to none other than Sanjay Pugalia, whom I have known for more than four decades. We had such a wonderful cricket match and India is in the finals so why not remember Surya Kumar Yadav? He’s known as Mr. 360 degrees

    Now, Amrita ji. Amrita ji, you have created a problem for me because of a condition I set for Devendra Fadnavis, that I will receive him at Upa-Rashtrapati Niwas as only if he is accompanied by Amrita ji. Every time he makes excuse, please ensure. I would love to receive both of you at Upa-Rashtrapati Niwas, where I have had the great occasion to receive Shinde Ji.

    Now, ladies and gentlemen, I come to the inaugural lecture.

    It is an absolute honour and privilege to deliver the Murli Deora Memorial Lecture Dialogue, dedicated to one of the finest public figures in politics, who nurtured friendships all his life. He bridged the differences and was loved by all. In his life, he missed one thing. He had no adversaries that was his stature. Murali bhai, as fondly reminisced by his peers, exemplified public spirit and dedication.

    He was a statesman in the mould of a politician, a rare blend of foresight and pragmatism. From being the youngest mayor of Bombay, now Mumbai, to serving seven terms in Parliament, he showed deep commitment to democratic values and public service. His belief in dialogue, debate, discussion, deliberation, consensual approach, cooperative approach, coordination, are being missed now.

    Murli Deora will always be remembered for his proactive efforts to save the country from the hazards of smoking. He approached the highest Court of the land, sought affirmative intervention to secure a ban on smoking at public places. Life of Murli Deora Ji was a testament to the idea of leadership, that this idea is not a pedestal but a pilgrimage, a journey of service to the last, the least and the lonely.

    I commend, ladies and gentlemen, Milind Deora, a senior parliamentarian, former Union Minister, and his friends for organising this annual feature as a befitting tribute to Murli Ji. The theme “Leadership and Governance” is indeed thought provoking as also of great contemporaneous relevance.

    Bharat, home to one sixth of humanity, is the oldest, largest and most vibrant and functional democracy. Bharat is the only Nation in the world that has constitutionally structured democratic institutions from village to National level.

    First, I focus on the source of Governance in Democracy. Our Constitution’s Preamble indicates ‘We The People’ as the foundational source and premise of Governance. Preamble of the Constitution also reveals purpose of governance being Justice, Equality, Fraternity for all.  We must appreciate the contours of ‘We The People’  the ultimate repository of sovereignty. A sovereignty that we cannot afford to dilute or to be taken away.

    We the people through electoral platforms constitute Parliament, Legislatures, panchayats, municipalities and elect the President and the Vice- President. The sanctity of this repository of sovereignty is essential for democratic governance. Imagine what will befall us if we are deprived of our sovereignty. The integrity of ‘We the People’ in the present times is being stressed and challenged and the challenge is surfacing in multiple ways. Leadership faces a daunting task to preserve and sustain this.

    Let me advert to some worrying trends. There are many, I am referring only to some. The Nation houses millions of illegal migrants causing a demographic upheaval. Millions of illegal migrants are in this country making a huge demand on our health services, education services. They are depriving our people of employment opportunities. Such elements have alarmingly secured electoral relevance in some areas and their securing electoral relevance is shaping the essence of our democracy. Emerging dangers can be evaluated through historical reference where Nations were swept off their ethnic identity by similar demographic invasions.

    As a matter of fact there are countries where demographic invasion resulted in complete eclipse of ethnicity where ethnicity was in complete majority.

    Ladies and gentlemen, this malaise, far more severe than COVID, is aggravatingly intersected with conversions through allurements, with vulnerable sections trying to be trapped, the marginalised, the tribal, the weaker become easy prey to these temptations and allurements.

    Faith is your own, faith is dictated by conscience. The Indian constitution gives freedom of faith but if this faith is held hostage by temptations, it is according to me, defacing freedom of faith. The concerning objective behind these pernicious designs is to detrimentally vary and ultimately eclipse ‘We the people’s’ identity and secure for themselves a majoritarianism position. I’m sure no one will disagree. This danger has to be thwarted.

    This is too serious an onslaught to be either countenanced or overlooked. Just reflect for a moment the change that has taken place in our demography in the last two decades. Look at some of the areas where impregnable fortresses emerged.

    The theme “Leadership and Governance” is indeed thought provoking as also of great contemporaneous relevance.

    Bharat, home to one sixth of humanity, is the oldest, largest and most vibrant and functional democracy. Bharat is the only nation in the world that has constitutionally structured democratic institutions from village to national level.

    First, I focus on the source of Governance in Democracy. Our Constitution’s Preamble indicates ‘We The People’ as the foundational source and premise of Governance. The Preamble of the Constitution also reveals purpose of governance being Justice, Equality, Fraternity for all.  We must appreciate the contours of ‘We The People’ – the ultimate repository of sovereignty.

    A sovereignty that we cannot afford to dilute or to be taken away.

    The power of ‘We the people’ cannot suffer any sacrilege or dilution. Leadership must engage in overdrive, generating National consensus to preserve the sanctity of ‘We the people’ and work in togetherness, in tandem, to neutralise all misadventures against it.

    ‘We The People’ faces onslaughts from within and without. Forces inimical to Bharat have converged to systemically weaken nationalistic spirit. Constitutional institutions face orchestrated public ridicule as part of political strategy. Even the Presidency isn’t spared. Tarnishing institutions, especially on foreign land, is against our culture, is against our national interest.

    Every citizen has the power of social media. I beseech everyone in the interest of this country to be alive to these trends and make contributions. Anti-national narratives gain evil-inspired momentum. Misinformation aimed at destabilising the nation is rising.

    We had the painful occasion to see it during COVID. The pandemic that shook the world, then a nation of over 1.3 billion faced it by innovative mechanisms initiated by the Prime Minister and it was successfully handled. The entire global fraternity, as I call it, in Bharat, while tackling pandemic at home, lent assistance to hundreds of other countries. But some amongst us did not spare any effort to run us down. Such category of people who are recipe for chaos need to be exposed. Leadership must navigate this challenge through citizens’ mindset response.

    Friends, Bharat is a global beacon of inclusivity and thrives with unity in diversity. This calls for all to prioritise nation first. Commitment to nationalism marks freedom and democracy.

    No interest, partisan, economic, or personal, can justifiably be the ground to compromise national interest.

    Ladies and gentlemen, Issues of constitutional clarity, whether Constitution is categorical, our founding fathers have given us the path. On issues like language, common civil code, seats of divisions are being sown. The response of the government emanates from constitutional

    prescriptions.

    We have to work in overdrive to see that these issues that are premised on our Constitution are not politicised to the detriment of the Nation.

    Leadership must seek national consensus and public awareness to sensitize people of the dangers that are inherent in such approaches. India’s civilizational ethos offer a rich repository of leadership principles that predate modern governance theories by millennia.

    Our Vedic knowledge offers insight for leadership. Leadership in public life requires vision, character, and commitment to nationalism. We have seen what wonders visionary leadership can do in the last 10 years. The nation has navigated from a disturbed scenario of gloom to one of hope and possibility.

    We must always remember, ladies and gentlemen, we are the land of Vedas, Upanishads, Ramayan, Mahabharat, Srimad Bhagavad Gita and the wisdom therein guides us all throughout.

    The Bhagvad Gita provides timeless leadership lessons through Lord Krishna’s counsel to Arjuna.

    “यद्यदाचरति श्रेष्ठस्तत्तदेवेतरो जनः।

    स यत्प्रमाणं कुरुते लोकस्तदनुवर्तते॥”

    “Whatever a great man does, others follow. Whatever standard he sets by his exemplary acts, the world pursues.”

    This verse underscores the profound responsibility of leaders, because they are naturally taken as torchbearers, role models whose actions shape the course of the society.

    But a challenge that is coming to society from these people is very dangerous. An informed mind, having held credible positions, trades on the ignorance of people to monetise politically. And that happened on many occasions in the last ten years. People in authority, who presided over our financial institutions for long, had no qualms in indicating to the world that India can never register economic rise beyond 5%. And we had one and a half times of that, that very year. On such matters, ladies and gentlemen, our memory should not be short.

    Kautilya’s Arthashastra, perhaps the world’s earliest comprehensive treatise on statecraft and governance, offers sophisticated insights on leadership.

    I quote “The king shall consider as good not what pleases himself but what pleases his subject.”

    This ancient wisdom resonates with modern governance principles, where true leadership transcends self-interest to embrace collective welfare. We all have seen this development. We need to continue it.

    Let us reflect on what is there in our civilisational essence and ethos. Vasudhaiva Kutumbakam, Sarvajan Hitaaya, Sarvajan Sukhaaya.

    These are the twin pillars of governance from our scriptures, and look at how it translated for the entire world to know. During India’s presidency of G20, one earth, one family, one future, this was universally accoladed and accepted.

    Friends, democracy flourishes with expression and dialogue. Abhivyakti or samvad are its jewels. One is incomplete without the other. Expression complements dialogue and the other way round. If you believe in the right of expression without taking note of the dialogue, then you miss the point. In the process you indicate, I alone am right, to the exclusion of every other thought. And that is why we have emanated from our scriptures, Anantavada. This is essential. Inalienable facet of good governance, judgemental response to different viewpoints, differing viewpoints, a point that is different than yours, reflects absolutism. And absolutism has no place in democracy. Democracy requires consensual approach.  The other point of view must be considered. And there should be an effort for convergence to an agreed viewpoint.

    Constituent Assembly debates exemplify this approach. For little less than three years, in 18 sessions, Constituent Assembly deliberated very contentious issues, very divisive issues that took recourse to dialogue, debate, discussion, and deliberation.

    There never was an occasion for disruption or disturbance but when we find such a big change taking place. Disruption is being weaponized as a political strategy to make Parliament or legislatures dysfunctional. This does not augur well for the health of democracy and in some situations, it will pronounce death knell of democracy. If these temples of democracy do not perform constitutional ordainment, then people in the country are bound to be concerned and worried.

    I, as Chairman of the Council of States, express my deep anguish. And I appeal to people at large, academia, intellectuals, those in business, trade, commerce and industry, those in media, public servants, to create a mindset to put pressure on Parliamentarians and representatives. You perform because there can be no vacuum in democracy. If the legitimate platform of debate is dysfunctional. People will take to the streets. They have to voice their concerns in one way or the other.

    Ladies and gentlemen, coming to another challenge. Last 10 years, the nation has witnessed exponential economic upsurge, phenomenal infrastructural growth, deep digitization, technological penetration, unknown before. Global institutions are accommodating Bharat as a favorite destination of investment and opportunity. The rural landscape has been revolutionized with every house having toilet, electric connection, pipe water is on the way, gas connection, road connectivity, health and education centers. And people therefore have gravitated to politics of development as indicated by Eknath Shinde Ji. In that scenario, this phenomenal success story during the last 10 years brings with it a great challenge. On one hand, no nation in the world has this kind of growth as Bharat has had in the last 10 years.

    India at the moment on account of this growth is the most aspirational nation in the world. Imagine a country of 1.4 billion with that kind of demographic dividend getting into aspirational mode. The leadership has to perform at rocket speed. Because there can be restiveness, restlessness. And therefore I call upon every person, do not look at the government alone. Your opportunity basket is flattening every day, blossoming. When you look at surface of the sea, or deep sea, or ground surface, or deep ground, or sky, or space.

    India’s performance has increased your participation. Blue economy or space economy, you can take to that area.

    Good governance requires that we prevent problems, we preempt problems. It is not merely solving a problem. We must have a full diagnosis. Why should a problem be there at all? Real-time delivery is quintessential.

    There was a time not long ago when power corridors were infested with lies and agents, corrupt elements, who extra-legally leveraged decision-making. Patronage was the password for a contract or a job. But on account of introduction of technology, expedition service delivery, transparent and accountable mechanism. These power corridors now are fully sanitised. The world is looking to India for generating transparency, accountability, quick service delivery, people-centric policies in their countries

    Ladies and gentlemen, I see one concern, and that concern is across the political spectrum. There is emergence of a new strategy, and the strategy is of appeasement or being placatory.

    Now, election is important in Democracy but not the end of it. Our scriptures have indicated means are as important as the end.

    And the governments, we are in a state where financial position is very strong. The financial capital of the country, a global center for business and trade, but some governments that took recourse to this appeasement and placatory mechanisms are finding it very difficult to sustain in power, but one consequence is very categorical and those in economics know it.

    We have stalwarts of economics sitting here and that is if there is excessive spending on electoral promises, then the state’s ability to invest in infrastructure is correspondingly reduced. This is detrimental to the growth scenario.

    And therefore, I would call upon leadership of all political parties in the interest of democratic values to generate a consensus that engages into such kind of electoral promises that can be performed only at the cost of CAPEX expenditure of the state.

    I should not be misunderstood, ladies and gentlemen, because while the Indian Constitution has given us right of equality, it does provide in Article 14, 15 and 16 an acceptable category of affirmative governance, affirmative action, the reservation for SC, ST, for those who are in the economically weaker section. That is sanctified.

    There are exceptional situations for rural India, for the farmer, where affirmative steps are required to be taken. But this is very distinct from the other aspects I was talking about. This is not placatory or appeasing. It is justifiable economic policy. And therefore, it is good leadership that can take a call, where to draw the line in the fiscal sense in the matter of political foresight and leadership spine.

    There is another aspect on which we need to focus. National debate is required so that we take note of the shift from Democracy to Emocracy. Emotion-driven policies, emotion-driven debates, discourses threaten good governance. Historically, populism is bad economics. And once a leader gets attached to populism it is difficult to get out of the crisis. And therefore, the central factor has to be the good of the people, the largest good of the people, and the lasting good of the people. Empower people to empower themselves rather than empower them momentarily, because that affects their productivity.

    Our institutions are very critical. Our institutions must continue to be relevant. Political leadership must address declining relevance of institutions due to disruption and divisive politics. We have an example before us, as I said earlier. We have the legacy of our Constitution being negotiated through dialogue without acrimony. Today’s leaders should consult this spirit.

    Parliament is much beyond ideological discourse. Its democracy is a temple where discussions should focus on progress and people’s welfare. Sliding parliamentary institutions into irrelevance is a challenge to democracy and our existence. It is worrisome when disruption and disturbance are weaponised, as I said. A dysfunctional Parliament, particularly in Bharat, that is the world’s oldest, largest, and most vibrant democracy, is injustice to the people. Our people deserve much better from our parliamentarians.

    From this sacred place, I urge parliamentarians and legislators to soul-search. Democracy cannot function when expression and dialogue are compromised, while citizens must hold representatives accountable. For eternal vigilance remains freedom’s price. Institutional perimeters must be maintained. Judicial overreach into executive governance disrupts democratic values. I do not mean to reflect more on it, but I affirm governance is the sole prerogative of the executive and this is premised because executive is accountable to the people, to the legislature, every five years or before, the executive has to go to the people to get their approval. And every action taken by the executive is amenable to legislature intervention but if this executive function is performed by any other institution, including judicial, it will be difficult to look for accountability and, furthermore the wherewithal, the information, the database, that help arrive at a decision cannot be available at other institutions other than the executive.

    Leadership is purpose driven and not position of power. It has been said in Upanishad. The Ishavasya Upanishad ईशवस्य उपनिषद counsels: “तेन त्यक्तेन भुञ्जीथाः” (Ten Tyakten bhunjitha)– “Enjoy through renunciation.”

    Our leaders will have to embrace this philosophy. Selfless service in governance by blending India’s timeless wisdom with today’s needs create Tagore’s vision. Rabindranath Tagore has said, I tread where mind is without fear and head is held high.

    “सत्यमेव जयते नानृतम्”, which emanates from Mundaka Upanishad, it says, truth alone must survive and nothing else. The Rig Veda, moving together in harmony principle, must be our North Star.

    ****

    JK/RC/SM

    (Release ID: 2108969) Visitor Counter : 27

    MIL OSI Asia Pacific News –

  • MIL-OSI Europe: Written question – A set of measures to support cancer startups – E-000820/2025

    Source: European Parliament

    Question for written answer  E-000820/2025
    to the Commission
    Rule 144
    Dimitris Tsiodras (PPE)

    There are around 1 027 cancer startups in the EU (1 325 in the US), with 41.6 % in the early stage of development, while 34.7 % are still in the seed stage[1].

    In contrast, US companies are growing faster, with 40 % of them being at a more advanced stage (compared to 24 % in the EU) and holding significantly larger patent portfolios (in technologies such as cellular immunotherapy, gene therapy and image analysis) than their European counterparts. US-based companies hold 82 % more international patents than their EU counterparts, while startups and early-stage companies exceed EU portfolios by 58 % and 56 %, respectively.

    In view of the above:

    • 1.What actions will the Commission take to ensure that Europe remains at the forefront of global cancer research?
    • 2.In view of the Startup Strategy, how will the Commission enhance access to finance, and is the Commission considering the creation of a European initiative to enhance the participation of institutional investors in venture capital?
    • 3.How will the Commission support startups in securing and strategically using their intellectual property rights?

    Submitted: 24.2.2025

    • [1] European Patent Office, New frontiers in oncology: an evolving innovation ecosystem, 2025.
    Last updated: 7 March 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Greece’s role in the EU’s next Multiannual Financial Framework – E-000883/2025

    Source: European Parliament

    Question for written answer  E-000883/2025
    to the Commission
    Rule 144
    Nikolaos Anadiotis (NI)

    In its Communication on ‘The Road to the next Multiannual Financial Framework’[1], published on 12 February 2025, the Commission sets out the main political and budgetary challenges ahead of the next Multiannual Financial Framework (MFF).

    Although Greece has benefited from the European Structural and Investment Funds, it needs to be supported even further with sufficient resources. It is essential that funding for Greece is secured in the upcoming MFF, in order to support its economy, among other things, and help it to address additional needs relating to the management of migration flows at the EU’s external borders and geopolitical pressures, as well as to deal with a number of challenges such as budgetary constraints, the green transition and the cohesion and agricultural policies.

    In view of the above, can the Commission answer the following:

    • 1.How will it ensure that the new MFF continues to provide sufficient support to the cohesion and agricultural policies for countries such as Greece?
    • 2.Has it made provision for specific funding mechanisms for Member States, with a view to addressing increased migration flows at the EU’s external borders and geopolitical challenges?
    • 3.What initiatives will it take to ensure that the green and digital transition does not adversely affect industry and small and medium-sized entrepreneurship in Greece, but instead boosts the competitiveness of small and medium-sized enterprises?

    Submitted: 28.2.2025

    • [1] https://ec.europa.eu/commission/presscorner/detail/en/ip_25_486
    Last updated: 7 March 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: EIB lends Latvian energy utility Latvenergo €200 million loan to refurbish power-distribution network

    Source: European Investment Bank

    • EIB lends Latvian energy utility Latvenergo €200 million loan to refurbish power-distribution network
    • Project to make electricity supply more reliable for Latvian residents and businesses
    • Financing also promotes renewable energy and climate action

    The European Investment Bank (EIB) is lending Latvian energy utility Latvenergo AS €200 million to upgrade the country’s electricity distribution network. State-owned Latvenergo AS will use the EIB credit to make the electricity-distribution system both more efficient and more capable of delivering clean power.

    This project, due to be completed by the end of 2026, will add digital features to the network, improve the dependability of electricity supply for the almost 1.9 million customers and contribute to the European Union’s fight against climate change.

    “Modernising Latvia’s electricity-distribution network is important both for the climate and for energy security,” said EIB Vice-President Thomas Östros. “This project will significantly boost the reliability of electricity supply for the country and accelerate the integration of renewable-energy sources into the energy mix, paving the way for a sustainable and resilient energy future. The EIB is glad to be able to support Latvenergo in this transformative endeavour.”

    The EIB’s financing offers Latvenergo favourable terms – including flexible disbursements and a longer duration – compared with market alternatives. The support is expected in turn to attract more long-term financing for Latvenergo and strengthen its green credentials.

    The credit marks the seventh financing accord between the EIB and Latvenergo, highlighting their strong partnership.

    “We are investing to promote energy sector transition to renewable resources and in modernisation of distribution network to make a significant contribution to the economy of the country,” said Guntars Baļčūns, Member of the Management Board of Latvenergo AS. “These targets require significant financial resources, and the EIB provides access to competitive funding that supports both business and climate objectives. Our successful cooperation with the EIB has continued for more than 25 years, and this loan will allow us to use the resources we invest in solar and wind parks more efficiently.”

    The investment programme aligns with Latvia’s National Energy and Climate Plan for 2021-2030 and the EIB’s Energy Lending Policy. In addition to supporting climate action, it aims to promote economic, social and regional cohesion.

    Background information  

    EIB 

    The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, high-impact investments outside the European Union, and the capital markets union.  

    The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security.  

    All projects financed by the EIB Group are in line with the Paris Climate Agreement, as pledged in our Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.  

    Fostering market integration and mobilising investment, the Group supported a record of over €100 billion in new investment for Europe’s energy security in 2024 and mobilised €110 billion in growth capital for startups, scale-ups and European pioneers. Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower than the EU average.

    High-quality, up-to-date photos of our headquarters for media use are available here.

    Latvenergo

    Latvenergo Group is one of the largest providers of energy supply services in the Baltic states, engaged in the generation and trade of electricity and thermal energy, and distribution of electricity. Since 1939, Latvenergo is the largest producer of renewable energy in the Baltics and one of the greenest electricity generators in Europe – approximately half of the electricity is generated in three large hydropower plants. They are complemented by modernized combined heat and power plants, where electricity is obtained from natural gas. The Group develops new green wind and solar energy generation capacities in Baltics and is also a leader in the field of electromobility services. All shares of Latvenergo AS are owned by the state and held by the Ministry of Economics of the Republic of Latvia.

    MIL OSI Europe News –

  • MIL-OSI: Lithium Carbonate Futures Now Live for Trading on Abaxx Exchange

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, March 07, 2025 (GLOBE NEWSWIRE) — Abaxx Technologies Inc. (CBOE:ABXX)(OTCQX:ABXXF) (“Abaxx” or the “Company”), a financial software and market infrastructure company, indirect majority shareholder of Abaxx Singapore Pte Ltd. (“Abaxx Singapore”), the owner of Abaxx Commodity Exchange and Clearinghouse (individually, “Abaxx Exchange” and “Abaxx Clearing”), and producer of the SmarterMarkets™ Podcast, today announced that its three regional, physically-deliverable Lithium Carbonate futures contracts are now live for trading.

    The energy transition is driving demand for battery metals to unprecedented levels, while countries race to secure critical supply chains — yet commodity futures markets have not kept pace with these new realities. Globally, lithium carbonate demand is projected to grow by 16% per year through 2030, according to the IEA¹, reinforcing the need for transparent price benchmarks and effective risk management tools. Abaxx’s Lithium Carbonate futures establish the first USD-denominated, physically-deliverable benchmark for lithium carbonate outside of China, offering transparent price discovery, precise hedging, and supply chain optimization in a market shaped by geopolitical shifts and evolving trade flows.

    Each regional contract is US dollar-denominated, physically deliverable DAP (Delivered at Place, as defined by Incoterms 2020), representing 1 tonne of lithium carbonate, with delivery locations at ports in Singapore, Rotterdam, and Baltimore.

    “Lithium carbonate sits at a critical point in the supply chain — between spodumene and hydroxide — where a benchmark price is most needed,” said Sacha Lifschitz, Head of Battery Materials at Abaxx Exchange. “By introducing a physically-deliverable contract with a direct delivery mechanism, we’re ensuring alignment with real-world trade flows. With contracts for lithium carbonate deliverable in Singapore, Rotterdam, and Baltimore, market participants now have access to pricing that reflects the market conditions specific to each region, creating a more transparent and effective pricing tool for the industry.”

    Abaxx’s suite of futures contracts for energy, environmental markets and battery metals is open for trading 14 hours a day, Monday through Friday. Visit abaxx.exchange/resources-clearing-members-brokers for a full list of clearing firms and execution brokers.

    About Abaxx Technologies
    Abaxx is building Smarter Markets — markets empowered by better financial technology and market infrastructure to address our biggest challenges, including the energy transition. In addition to developing and deploying financial technologies that make communication, trade, and transactions easier and more secure, Abaxx is an indirect majority-owner of subsidiaries Abaxx Exchange and Abaxx Clearing, recognized by MAS as a “recognised market operator” (RMO) and “approved clearing house” (ACH), respectively.

    Abaxx Exchange and Abaxx Clearing are a Singapore-based commodity futures exchange and clearinghouse, introducing centrally cleared, physically deliverable commodities futures and derivatives to provide better price discovery and risk management tools for the commodities critical to our transition to a lower-carbon economy.

    For more information please visit abaxx.tech, abaxx.exchange and smartermarkets.media.

    For more information about this press release, please contact:

    Steve Fray, CFO
    Tel: +1 647-490-1590

    Media and investor inquiries:

    Abaxx Technologies Inc.
    Investor Relations Team
    Tel: +1 246 271 0082
    E-mail: ir@abaxx.tech

    ¹ International Energy Agency (IEA), Critical Minerals Data Explorer, Stated Policies Scenario. Available at: https://www.iea.org/data-and-statistics/data-tools/critical-minerals-data-explorer.

    Cautionary Statement Regarding Forward-Looking Information

    This press release includes certain “forward-looking statements” which do not consist of historical facts. Forward-looking statements include estimates and statements that describe Abaxx’s future plans, objectives, or goals, including words to the effect that Abaxx expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “seeking”, “should”, “intend”, “predict”, “potential”, “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, “continue”, “plan” or the negative of these terms and similar expressions. Since forward-looking statements are based on current expectations and assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to Abaxx, Abaxx does not provide any assurance that actual results will meet respective management expectations. Risks, uncertainties, assumptions, and other factors involved with forward-looking information could cause actual events, results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking information.

    Forward-looking information related to Abaxx in this press release includes, but is not limited to: Abaxx’s objectives, goals or future plans, benefits of the introduction of its Lithium Carbonate contracts; introduction of new battery materials products; the delivery of commodities subject to futures contracts; expectations related to the global energy transition; and positive impacts from the growth of global battery metal demand. Such factors impacting forward-looking information include, among others: risks relating to the global economic climate; dilution; Abaxx’s limited operating history; future capital needs and uncertainty of additional financing; the competitive nature of the industry; currency exchange risks; the need for Abaxx to manage its planned growth and expansion; the effects of product development and need for continued technology change; protection of proprietary rights; the effect of government regulation and compliance on Abaxx and the industry; acquiring and maintaining regulatory approvals for Abaxx’s products and operations; the ability to list Abaxx’s securities on stock exchanges in a timely fashion or at all; network security risks; the ability of Abaxx to maintain properly working systems; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; and volatile securities markets impacting security pricing unrelated to operating performance. In addition, particular factors which could impact future results of the business of Abaxx include but are not limited to: operations in foreign jurisdictions, protection of intellectual property rights, contractual risk, third-party risk; clearinghouse risk, malicious actor risks, third- party software license risk, system failure risk, risk of technological change; dependence of technical infrastructure; and changes in the price of commodities, capital market conditions, restriction on labor and international travel and supply chains, and the risk factors identified in the Company’s most recent management discussion and analysis filed on SEDAR+. Abaxx has also assumed that no significant events occur outside of Abaxx’s normal course of business.

    Abaxx cautions that the foregoing list of material factors is not exhaustive. In addition, although Abaxx has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, or intended. When relying on forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Abaxx has assumed that the material factors referred to in the previous paragraphs will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The forward-looking statements and information contained in this press release represents the expectations of Abaxx as of the date of this press release and, accordingly, is subject to change after such date. Abaxx undertakes no obligation to update or revise any forward-looking statements and information, whether as a result of new information, future events or otherwise, except as required by law. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements and information. Cboe Canada does not accept responsibility for the adequacy or accuracy of this press release.

    The MIL Network –

  • MIL-OSI: Advantage Solutions Reports Fourth Quarter and 2024 Results: Transformation Initiatives Continue to Strengthen the Company

    Source: GlobeNewswire (MIL-OSI)

    Delivered Adjusted EBITDA growth through strong execution and cost discipline

    Continued progress on the transformation to enhance capabilities and increase operating efficiencies

    Management expects growth in Revenues and Adjusted EBITDA in 2025

    ST. LOUIS, March 07, 2025 (GLOBE NEWSWIRE) — Advantage Solutions Inc. (NASDAQ: ADV) (“Advantage,” “Advantage Solutions,” the “Company,” “we,” or “our”), a leading business solutions provider to consumer goods manufacturers and retailers, today reported financial results for the three and 12 months ended Dec. 31, 2024.

    Unless otherwise noted, results presented in this release are from continuing operations, and comparisons are on a prior year basis. Revenues for the three months were $892.3 million compared with $991.9 million, and net loss was $177.9 million compared to a net loss of $2.7 million. Revenues for the full year were $3,566.3 million compared with $3,900.1 million, and net loss was $378.4 million compared to a net loss of $81.2 million.

    Q4 and 2024 Full Year Financial Highlights

    • Organic revenues(1) in Q4 declined 2.4% and increased 1% for the full year. Adjusted EBITDA increased 8.9% to $94.6 million in Q4 and 1.1% to $356.0 million for the full year compared to the prior year.  
    • Achieved healthy profit performance in 2024 across Experiential Services and Retailer Services, while right-sizing Branded Services to adjust to the demand environment.  
    • The Company remains focused on disciplined capital allocation with 2024 voluntary debt repurchases and share buybacks of approximately $158 million and $34 million, respectively.
    “In 2024, we made solid progress against our ongoing transformation and took operational actions to remain resilient in a dynamic market,” said Advantage CEO Dave Peacock. “We believe we are in a better position today to navigate market uncertainties as we execute on key initiatives designed to increase our operating efficiencies and capabilities, bringing greater speed, precision and insight to our clients, while positioning the company to accelerate growth in the coming years.”

     

       
      Consolidated Financial Summary from Continuing Operations
      (amounts in thousands) Three Months Ended December 31,   Change (Reported)   Organic(1)  
        2024   2023   $   %   %  
      Total Revenues $ 892,285     $ 991,948     $ (99,663 )   (10.0%)   (2.4%)  
      Total Net Loss $ (177,935 )   $ (2,663 )   $ (175,272 )   NMF      
      Total Adjusted EBITDA $ 94,555     $ 86,825     $ 7,730     8.9%      
      Adjusted EBITDA Margin   10.6 %     8.8 %                
                                 
          Year Ended December 31,   Change (Reported)   Organic(1)  
        2024   2023   $   %   %  
      Total Revenues $ 3,566,324     $ 3,900,125     $ (333,801 )   (8.6%)   1.0%  
      Total Net Loss $ (378,404 )   $ (81,211 )   $ (297,193 )   NMF      
      Total Adjusted EBITDA $ 356,014     $ 352,248     $ 3,766     1.1%      
      Adjusted EBITDA Margin   10.0 %     9.0 %                
       

    The complete earnings release can be found here.

    Media Contact: Peter Frost | press@youradv.com
    Investor Contact: Ruben Mella | investorrelations@youradv.com 

    (1)  Excludes ~$76 million and ~$374 million in 4Q’23 and  2023, respectively, related to the deconsolidation of the European JV, which occurred in 4Q’23.
    NMF = Not Meaningful

    Conference Call Details
    Date/Time  Mar. 7, 2025, 8:30 am EST
    Dial-in
    (10 minutes before the call)    		 800-225-9448 within the United States or +1-203-518-9708 outside the United States
    Dial-in Code: ADVQ4
    Webcast Available at: ADV 4Q and 2024 FY Earnings Webcast
    Replay 844-512-2921 within the United States or +1-412-317-6671 outside the United States
    Replay ID: 11158219
       

    About Advantage Solutions

    Advantage Solutions is the leading omnichannel retail solutions agency in North America, uniquely positioned at the intersection of consumer-packaged goods (CPG) brands and retailers. With its data- and technology-powered services, Advantage leverages its unparalleled insights, expertise and scale to help brands and retailers of all sizes generate demand and get products into the hands of consumers, wherever they shop. Whether it’s creating meaningful moments and experiences in-store and online, optimizing assortment and merchandising, or accelerating e-commerce and digital capabilities, Advantage is the trusted partner that keeps commerce and life moving. Advantage has offices throughout North America and strategic investments and owned operations in select international markets. For more information, please visit YourADV.com.

    Included with this press release are the Company’s consolidated and condensed financial statements as of and for the three months and year ended December 31, 2024. These financial statements should be read in conjunction with the information contained in the Company’s Annual Report on Form 10-K, to be filed with the Securities and Exchange Commission (the “SEC”) on March 7, 2025.

    Forward-Looking Statements

    Certain statements in this press release may be considered forward-looking statements within the meaning of the federal securities laws, including statements regarding the expected future performance of Advantage’s business and projected financial results. Forward-looking statements generally relate to future events or Advantage’s future financial or operating performance. These forward-looking statements generally are identified by the words “may”, “should”, “expect”, “intend”, “will”, “would”, “could”, “estimate”, “anticipate”, “believe”, “predict”, “confident”, “potential” or “continue”, or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks, uncertainties and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements.

    These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Advantage and its management at the time of such statements, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, market-driven wage changes or changes to labor laws or wage or job classification regulations, including minimum wage; future potential pandemics or health epidemics; Advantage’s ability to continue to generate significant operating cash flow; client procurement strategies and consolidation of Advantage’s clients’ industries creating pressure on the nature and pricing of its services; consumer goods manufacturers and retailers reviewing and changing their sales, retail, marketing and technology programs and relationships; Advantage’s ability to successfully develop and maintain relevant omni-channel services for our clients in an evolving industry and to otherwise adapt to significant technological change; Advantage’s ability to maintain proper and effective internal control over financial reporting in the future; Advantage’s substantial indebtedness and our ability to refinance at favorable rates; and other risks and uncertainties set forth in the section titled “Risk Factors” in the Annual Report on Form 10-K to be filed by the Company with the SEC on March 7, 2025, and in its other filings made from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Advantage assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

    Non-GAAP Financial Measures and Related Information

    This press release includes certain financial measures not presented in accordance with generally accepted accounting principles (“GAAP”), including Adjusted EBITDA from Continuing Operations, Adjusted EBITDA from Discontinued Operations, Adjusted EBITDA by Segment, Adjusted Unlevered Free Cash Flow and Net Debt. These are not measures of financial performance calculated in accordance with GAAP and may exclude items that are significant in understanding and assessing Advantage’s financial results. Therefore, the measures are in addition to, and not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP, and should not be considered in isolation or as an alternative to net income, cash flows from operations or other measures of profitability, liquidity or performance under GAAP. You should be aware that Advantage’s presentation of these measures may not be comparable to similarly titled measures used by other companies. Reconciliations of historical non-GAAP measures to their most directly comparable GAAP counterparts are included below.

    Advantage believes these non-GAAP measures provide useful information to management and investors regarding certain financial and business trends relating to Advantage’s financial condition and results of operations. Advantage believes that the use of Adjusted EBITDA from Continuing Operations, Adjusted EBITDA from Discontinued Operations, Adjusted EBITDA by Segment, Adjusted Unlevered Free Cash Flow, and Net Debt provide an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing Advantage’s financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. Non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. Additionally, other companies may calculate non-GAAP measures differently, or may use other measures to calculate their financial performance, and therefore Advantage’s non-GAAP measures may not be directly comparable to similarly titled measures of other companies.

    Adjusted EBITDA from Continuing Operations, Adjusted EBITDA from Discontinued Operations and Adjusted EBITDA by Segment are supplemental non-GAAP financial measures of our operating performance. Adjusted EBITDA from Continuing Operations and Adjusted EBITDA from Discontinued Operations mean net (loss) income before (i) interest expense (net), (ii) provision for (benefit from) income taxes, (iii) depreciation, (iv) amortization of intangible assets, (v) impairment of goodwill, (vi) changes in fair value of warrant liability, (vii) stock based compensation expense, (viii) equity-based compensation of Karman Topco L.P., (ix) fair value adjustments of contingent consideration related to acquisitions, (x) acquisition and divestiture related expenses, (xi) (gain) loss on divestitures, (xii) restructuring expenses, (xiii) reorganization expenses, (xiv) litigation expenses (recovery), (xv) costs associated with COVID-19, net of benefits received, (xvi) costs associated with (recovery from) the Take 5 Matter, (xvii) EBITDA for economic interests in investments and (xviii) other adjustments that management believes are helpful in evaluating our operating performance. 

    Adjusted EBITDA by Segment means, with respect to each segment, operating income (loss) from continuing operations before (i) depreciation, (ii) amortization of intangible assets, (iii) impairment of goodwill, (iv) stock based compensation expense, (v) equity-based compensation of Karman Topco L.P., (vi) fair value adjustments of contingent consideration related to acquisitions, (vii) acquisition and divestiture related expenses, (viii) restructuring expenses, (ix) reorganization expenses, (x) litigation expenses (recovery), (xi) costs associated with COVID-19, net of benefits received, (xii) costs associated with (recovery from) the Take 5 Matter, (xiii) EBITDA for economic interests in investments and (xiv) other adjustments that management believes are helpful in evaluating our operating performance, in each case, attributable to such segment.

    Adjusted EBITDA Margin means Adjusted EBITDA from Continuing Operations divided by total revenues. 

    Adjusted Unlevered Free Cash Flow represents net cash provided by (used in) operating activities from continuing and discontinued operations less purchase of property and equipment as disclosed in the Statements of Cash Flows further adjusted by (i) cash payments for interest, (ii) cash received from interest rate derivatives, (iii) cash paid for income taxes; (iv) cash paid for acquisition and divestiture related expenses, (v) cash paid for restructuring expenses, (vi) cash paid for reorganization expenses, (vii) cash paid for contingent earnout payments included in operating cash flow, (viii) cash paid for costs associated with COVID-19, net of benefits received, (ix) cash paid for costs associated with the Take 5 Matter, (x) net effect of foreign currency fluctuations on cash, and (xi) other adjustments that management believes are helpful in evaluating our operating performance. Adjusted Unlevered Free Cash Flow as a percentage of Adjusted EBITDA means Adjusted Unlevered Free Cash Flow divided by Adjusted EBITDA from Continuing Operations and Adjusted EBITDA from Discontinued Operations.

    Net Debt represents the sum of current portion of long-term debt and long-term debt, less cash and cash equivalents and debt issuance costs. With respect to Net Debt, cash and cash equivalents are subtracted from the GAAP measure, total debt, because they could be used to reduce the debt obligations. We present Net Debt because we believe this non-GAAP measure provides useful information to management and investors regarding certain financial and business trends relating to the Company’s financial condition and to evaluate changes to the Company’s capital structure and credit quality assessment.

    Advantage Solutions Inc.
    Reconciliation of Net Income (Loss) to Adjusted EBITDA
    (Unaudited)
     
    Continuing Operations Three Months Ended December 31,     Year Ended December 31,  
    (in thousands) 2024     2023     2024     2023  
    Net loss from continuing operations $ (177,935 )   $ (2,663 )   $ (378,404 )   $ (81,211 )
    Add:                      
    Interest expense, net   32,308       45,851       146,792       165,734  
    Benefit from income taxes from continuing operations   (24,745 )     (21,653 )     (62,787 )     (37,648 )
    Depreciation and amortization   51,622       51,420       204,553       208,856  
    Impairment of goodwill and indefinite-lived asset   175,500       43,500       275,170       43,500  
    Gain on deconsolidation of subsidiaries   —       (58,891 )     —       (58,891 )
    Changes in fair value of warrant liability   (225 )     (873 )     (584 )     (286 )
    Stock-based compensation expense (a)   6,794       9,533       31,019       38,933  
    Equity-based compensation of Karman Topco L.P. (b)   1,381       754       723       (2,524 )
    Fair value adjustments related to contingent consideration related to acquisitions (c)   —       665       1,678       11,152  
    Acquisition and divestiture related expenses (d)   39       142       (1,168 )     3,206  
    Restructuring expenses (e)   5,933       —       30,051       —  
    Reorganization expenses (f)   14,820       17,829       88,800       56,133  
    Litigation (recovery) expenses (g)   482       855       (1,940 )     9,519  
    Costs associated with COVID-19, net of benefits received (h)   —       (2 )     —       3,283  
    Costs associated with the Take 5 Matter, net of (recoveries) (i)   764       63       1,845       (1,380 )
    EBITDA for economic interests in investments (j)   7,817       295       20,266       (6,128 )
    Adjusted EBITDA from Continuing Operations $ 94,555     $ 86,825     $ 356,014     $ 352,248  
                                   
    (a) Represents non-cash compensation expense related to performance stock units, restricted stock units, and stock options under the 2020 Advantage Solutions Incentive Award Plan and the Advantage Solutions 2020 Employee Stock Purchase Plan.
    (b) Represents expenses related to (i) equity-based compensation expense associated with grants of Common Series D Units of Karman Topco L.P. made to one of the sponsors of Advantage and (ii) equity-based compensation expense associated with the Common Series C Units of Karman Topco L.P.
    (c) Represents adjustments to the estimated fair value of our contingent consideration liabilities related to our acquisitions, for the applicable periods.
    (d) Represents fees and costs associated with activities related to our acquisitions, divestitures, and related reorganization activities, including professional fees, due diligence, and integration activities.
    (e) Restructuring charges including programs designed to integrate and reduce costs intended to further improve efficiencies in operational activities and align cost structures consistent with revenue levels associated with business changes. Restructuring expenses include costs associated with the Voluntary Early Retirement Program (“VERP”) and employee termination benefits associated with a reduction-in-force (“2024 RIF”) and other optimization initiatives.
    (f) Represents fees and costs associated with various internal reorganization activities, including professional fees, lease exit costs, severance, and nonrecurring compensation costs.
    (g) Represents legal settlements, reserves, and expenses that are unusual or infrequent costs associated with our operating activities.
    (h) Represents (i) costs related to implementation of strategies for workplace safety in response to COVID-19, including employee-relief fund, additional sick pay for front-line associates, medical benefit payments for furloughed associates, and personal protective equipment; and (ii) benefits received from government grants for COVID-19 relief.
    (i) Represents cash receipts from an insurance policy for claims related to the Take 5 Matter and costs associated with investigation and remediation activities related to the Take 5 Matter, primarily professional fees and other related costs.
    (j) Represents additions to reflect our proportional share of Adjusted EBITDA related to our equity method investments and reductions to remove the Adjusted EBITDA related to the minority ownership percentage of the entities that we fully consolidate in our financial statements.

    The MIL Network –

  • MIL-OSI Economics: FSA investigator achieves record exam score

    Source: Isle of Man

    The following news release has been issued by the School of International Financial Services (SIFS) to celebrate the achievement of an Isle of Man Financial Services Authority employee in securing a record exam score.

     

    Isle of Man Financial Services Authority Investigator propels the Isle of Man to the top of global regulatory qualification rankings with record-breaking exam score.

    Rachael Kennedy, an investigator in the Isle of Man Financial Services Authority’s (IOMFSA) Enforcement Division, has achieved the joint-highest mark ever recorded, scoring 97 out of 100, in the International Certificate in Financial Services Regulation (ICFSR). Her outstanding performance matches that of Kate Rogers from the Jersey Financial Services Commission (JFSC), who previously set the record.

    The ICFSR, awarded by The Chartered Governance Institute (CGI) and offered by the School of International Financial Services (SIFS), is a globally recognised qualification that provides regulatory professionals with a comprehensive understanding of financial services regulation. The programme blends theoretical insights with practical case studies, equipping candidates with the necessary skills to navigate complex regulatory environments effectively.

    Bettina Roth, Chief Executive of the Isle of Man Financial Services Authority, commented: “We are committed to providing professional development opportunities for all our staff. The courses run by the School of International Financial Services ensure our people gain the appropriate qualifications, knowledge, and skills to fulfil their regulatory duties in support of the Island’s financial services sector. We were pleased to learn of Rachael’s exceptional performance in the ICFSR and look forward to supporting her continued development.”

    Reflecting on her achievement, Rachael Kennedy said: “I really enjoyed the International Certificate in Financial Services Regulation, which has provided me with a solid understanding of the principles of regulation. The course offers a good mix of practical case work and theory to help embed knowledge that I have since been able to apply in my role as a regulator. I am grateful for the support provided by the Authority through its professional development programme. It has been pivotal in helping me to achieve this success.”

    Rachael’s achievement underscores the value of professional development in the regulatory sector. The ICFSR continues to equip professionals with essential knowledge and practical skills to uphold regulatory standards in financial services.

    MIL OSI Economics –

  • MIL-OSI Economics: Isabel Schnabel: Interview with wochentaz

    Source: European Central Bank

    Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Patricia Hecht and Beate Willms on 5 February 2025

    7 March 2025

    Ms Schnabel, do you remember the first time you held money in your hand?

    That must have been during primary school. I often used my pocket money to buy sweets or an ice lolly.

    So money was just a means of payment for you, something that let you buy things?

    Exactly. However, my father placed great importance on me understanding how to deal with money early on – even though as a teenager I wasn’t that interested. He later recommended an apprenticeship at a bank to me when I wasn’t sure what to do after I had finished school. And one of his arguments was that I should learn how to manage money.

    Did you have the impression he was particularly concerned because you were a girl?

    Well, he didn’t make the same suggestion to my brother. That bothered me a little. It was just taken for granted that my brother could deal with money. But, at the end of the day, my father’s recommendation may have been one of the reasons why I ended up in a male-dominated field.

    Is it true that women engage too little with money?

    I do think so. On average, women have a lower level of financial literacy than men. That’s a problem. It can lead to them making suboptimal financial decisions and possibly ending up in financial difficulties. For example, women are more at risk of poverty in old age. So financial planning is particularly important for women.

    Are women themselves to blame for being financially worse off?

    There are many structural reasons, for example interrupted career paths due to becoming a mother or caring for elderly relatives. In addition, women are significantly more likely to work part-time. These factors contribute to women having lower incomes and smaller pensions. The insufficient engagement with financial matters is also linked to traditional gender roles. However, there’s also an element of individual responsibility. Just as one needs to think about one’s health, one needs to also deal with finances. Today, there are plenty of ways to get informed, for example, through podcasts or YouTube channels, to name just a few.

    Today you are one of the people responsible for deciding on the financing conditions for 350 million people in the euro area, because it’s the ECB’s task to keep inflation in check. Out of the 26 members of the Governing Council, only two are women – Christine Lagarde and you. Is the monetary policy that you pursue different from that of the men?

    Research shows that men and women do behave differently when it comes to economic issues. So it is possible that monetary policy may change when more women join the decision-making bodies. What is key here is diversity – also in terms of views and experiences. That’s what makes decision-making more robust.

    How do financial decisions made by men and women differ?

    Women tend to be more risk-averse in their financial decisions and they are more afraid of losses. This, for example, leads them to invest less in the stock market and thus achieve lower returns. Women also have less confidence in their financial decision-making. So improving financial literacy would be particularly important for women.

    Is there a feminist monetary policy?

    To be honest, I haven’t really thought about this. Monetary policy used to focus primarily on the economy as a whole, for instance on aggregate economic activity or consumption. Meanwhile, research has evolved and is now looking more into the underlying heterogeneity. We know, for instance, that poorer people are particularly affected by rising energy and food prices. There are likely also noticeable differences across genders.

    What are you doing to attract more women to the ECB?

    As an institution, we have a keen interest in equal opportunities. This does not always mean a fifty-fifty distribution, but we aim to represent the society for which we make our decisions and to use the entire talent pool available. This is why we have set targets at all levels of hierarchy. In order to achieve those, around half of all new hires and promotions should be women, as long as we are below our targets.

    What else are you doing?

    We try to remove barriers. Often this concerns obstacles like a lack of childcare. The ECB offers good childcare facilities, starting at infancy, and we also have a European School. Additionally, we noticed that women applied for promotions less frequently than men. When reading a vacancy notice, women have more doubts than men whether they fulfill all the criteria perfectly. We are now more explicitly encouraging women to apply. This strategy has proven to be very successful.

    Are salary differences transparent at the ECB?

    We are part of the public service, which means that we follow a clear salary structure that depends on qualifications and tasks. Then there are various allowances, which depend on things like staff members’ family situation but not on their gender.

    How do you deal with the responsibility for decisions that affect the lives of so many people?

    When I learnt in 2019 that I would be nominated for the ECB’s Executive Board, I had just arrived by train at Bonn’s main station. I saw the people on the platform and thought – in the future, I will have to make decisions affecting all these people! That’s a completely different role from that of a researcher, and one that carries a lot of responsibility. I take my job extremely seriously and try to take all decisions to the very best of my knowledge.

    You worked at different universities in Germany and the United States for 15 years, became a professor in 2007, and you were also a member of the German Council of Economic Experts. Throughout your career, you were always one of few women – often the only one, as in the case of the ”wise (wo)men”.

    The higher you go, the fewer women there are. That is still the case. And it shapes the style of communication. An example was the research seminars at university, where all the professors were men and the tone was often very harsh and aggressive. As a young researcher, that bothered me, and I know my female colleagues felt the same.

    How did you deal with it?

    I simply accepted it at the time, but it made me feel insecure. You need to have confidence in your career potential. Some women are better at handling a male-dominated environment than others. But there are also women who have a different type of personality. Some of my female colleagues left the university back then.

    Does the tone change when there is another woman in the room?

    Yes, it changes the entire tone of the conversation. This is especially true when an institution or committee is led by a woman, as is the ECB. Christine Lagarde can set the tone here. I am really impressed by how she manages to create such an inclusive and friendly climate.

    Is there something like female solidarity between the two of you?

    Absolutely. We have a close personal relationship. We also talk about private matters and we trust each other. She listens to my concerns. I can always approach her and she finds time for me even though she is extremely busy.

    Is it different with your male colleagues?

    There are a number of male colleagues with whom I have a similarly trusting relationship, but it is indeed different. There is greater emotional closeness among women.

    How important are women’s networks in your field?

    Very important. It took me a long time to understand that. Today, I am part of many informal women’s networks. It is particularly important to invite younger women and to support each other. Former US Secretary of State, Madeleine Albright, once said there is a special place in hell for women who don’t help other women. We must support each other rather than seeing each other primarily as competitors. I myself benefited from having a female mentor who later became a colleague at the University of Mainz.

    You do that too. During the pandemic, your colleague Isabella Weber – a left-leaning economist from the University of Massachusetts who was then in her mid-30s – suggested tackling inflation with strategic price controls. As this contradicted the textbooks, Nobel laureate Paul Krugman, among others, publicly dismissed her idea as “truly stupid”.

    I found this treatment of Isabella Weber intolerable. And I had the impression that a man would have been treated differently. That simply shouldn’t be the case. Although I didn’t share the view on price controls, we must be open to consider unconventional ideas. It was probably also about maintaining power and thought leadership. In general, I would find it disastrous if women were discouraged from challenging the mainstream because of this.

    Have you yourself ever felt that people were treating you differently because you are a woman?

    I experience this constantly on social media. I am sometimes besieged with sexist comments and I then mute those people. But I don’t experience this in my immediate professional environment.

    But did you suffer from any disadvantages because of being a woman?

    At the beginning of my career, during my studies, I was firmly convinced that it didn’t matter whether one was a man or a woman. I thought I just had to be good enough, and then I would make it. At that time, I wasn’t particularly positive about the promotion of women. It took a while before I realised that there were a number of gender-specific barriers. For example, during my entire university studies in Germany, I didn’t have a single female professor. So I had no role models. These issues became more obvious when I had children. I have three daughters, which means that I was either pregnant or breastfeeding for around six years. The time between the ages of 32 and 38 were very exhausting for me. And that was precisely the critical phase for progressing in an academic career. When I arrived at the office completely rushed in the morning, I already had my first major task behind me. I sometimes struggled with that. Travelling also wasn’t easy when the children were small. I wasn’t very keen on it either, as I wanted to be with my family.

    How did you manage it nonetheless?

    My doctoral advisor Martin Hellwig played a major role in this. He had helped me to build up networks already during my doctoral studies – before I had children. At the time, I hadn’t yet realised how important that was. When the children came, he gave me complete flexibility.

    How soon did you return to work?

    Very quickly. With the first child, I was back at my computer right away. With the second, I took my daughter to the office in the beginning. By the time of the third child, I was already a professor, so I brought her with me when commuting by train from Bonn to Mainz during the breastfeeding period. Just getting the stroller into those old trains was a real challenge. All of the commuters knew me – the woman with the baby! At university, I had many people to support me. I sometimes recruited students to look after my baby while I was teaching. I even breastfed during office hours.

    Did your husband bring the children to work too?

    No, because I was breastfeeding. But it wouldn’t have been possible without him. My husband has always been very involved in our family work, even more so than me in recent years. I now work in Frankfurt, but our family is still in Bonn. Besides, we have had a wonderful nanny for over 20 years, who has been with us every day and helped us tremendously.

    Not everyone can afford a nanny.

    At the beginning, almost an entire salary went to that. But it’s sometimes overlooked that paid childcare is also an investment. It allows you to stay on your career path. And I always knew that my children were very well taken care of. That’s why I rarely had a guilty conscience.

    Did you have to make compromises because of your dual role as a mother and as an economist?

    Constantly. One must not have the expectation of being absolutely perfect in each role at all times. Otherwise, you will fail to live up to your own standards. But that wasn’t always easy for me.

    What did you have to compromise on?

    Mostly on my personal needs – I didn’t have much time for myself. And the same was true for my husband. But we also learned to be efficient. In the evenings, we would sometimes put our children to bed with their tights on to speed things up in the morning.

    Have you ever been accused of being a “raven mother” (bad mother)?

    Subtly, yes. But I didn’t take on that role. The paediatrician and author Remo Largo once said, in essence, that the most important thing was to be happy as a parent and a good role model. Children imitate what they see. And I believe I am a good mother to my daughters.

    It took you a few years to call yourself a feminist. Where do your daughters stand on that today?

    My daughters grew up knowing that women can achieve anything they want. Of course they complained from time to time that I wasn’t at home as much as other mothers. But they really like what I do and take it as motivation. My daughters are true feminists who will speak up when they are disadvantaged. I wouldn’t have had the confidence to do that at their age, but of course the world has also changed in that regard.

    And how do you introduce them to the topic of money?

    My husband and I are both economists and we have often talked about how to deal with money. But they tended to find financial investment rather tedious. Today, two of my daughters are studying economics, so they have automatically come closer to these topics.

    Mark Zuckerberg recently said that companies needed more “masculine energy”. Do you find that worrying, also in relation to your daughters?

    That worries me a lot. There’s a risk that society will go backwards, even though we are far from where we want to be. In the United States, this is currently more pronounced than it is here. But it’s spilling over. For the ECB, I can say that we stand firmly behind our diversity and inclusion strategy.

    MIL OSI Economics –

  • MIL-OSI Economics: President Lagarde hosts International Women’s Day event on closing gender gap in financial literacy

    Source: European Central Bank

    7 March 2025

    • New financial literacy network of central banks and national competent authorities to focus on actions for women
    • Committed to harmonising financial literacy data for comprehensive insights across Europe
    • Panel discussion with Claudia Buch, Chair of the ECB’s Supervisory Board; Klaas Knot, President of De Nederlandsche Bank; Joachim Nagel, President of the Deutsche Bundesbank; Fabio Panetta, Governor of the Banca d’Italia and Annamaria Lusardi, Professor at Stanford University

    The European Central Bank (ECB) today hosted an event to mark International Women’s Day, addressing financial literacy with a special emphasis on the gender gap.

    “Today Europe must address two key challenges: increasing sluggish productivity growth to stay competitive; and maintaining price stability in an increasingly volatile world,” ECB President Christine Lagarde told participants. “And improving financial literacy among women can facilitate efforts to address both issues”.

    The 2023 Eurobarometer found that women are 12 percentage points less likely to understand the concept of inflation than men. The ECB Consumer Expectations Survey for 2023 found that 52% of Europeans lack basic financial literacy and that 60% of this group are women. The actions discussed at today’s event underscore that euro area central banks can significantly help to advance financial literacy and promote financial inclusion, particularly among women.

    President Lagarde’s opening remarks were followed by a panel discussion with Claudia Buch, Chair of the ECB’s Supervisory Board; Klaas Knot, President of De Nederlandsche Bank; Joachim Nagel, President of the Deutsche Bundesbank; Fabio Panetta, Governor of the Banca d’Italia; and Annamaria Lusardi, Professor at Stanford University and expert on financial literacy. President Lagarde and the panellists committed to several actions, such as creating a financial literacy network of central banks, focusing on actions to strengthen financial literacy in general and for women in particular, and the harmonisation of financial literacy data across Europe.

    Chair Buch focused on how financially literate bank customers contribute to a healthier banking sector and therefore support financial stability. Governors Knot, Nagel and Panetta described the financial literacy strategy of their respective countries, such as developing educational programmes to be used in schools or at the workplace. These best practices can be shared with other countries looking to tackle financial literacy disparities.

    Highlighting the urgent need to accelerate efforts to close the gender gap in financial literacy across Europe, Professor Lusardi said that “differences in financial literacy between women and men are large and stubborn; they persist over time and across countries”. Speaking during the panel discussion, she added “We all have to bundle our resources to promote financial literacy and reduce the gender gap”.

    The event was the first in a series of annual gatherings designed to raise awareness and foster cooperation to close the gender gap in financial literacy. The ECB is committed to serving as a facilitator within the Eurosystem, promoting interaction and the exchange of best practices. This event aligns with the ECB’s broader diversity and inclusion efforts, aiming to inspire action and cooperation among stakeholders.

    For more information, please visit our website with the financial literacy initiatives in Europe.

    Photos of the event can be found on the ECB’s Flickr account.

    For media queries, please contact Anne Grüttner, tel.: +49 162 449 2511.

    MIL OSI Economics –

  • MIL-OSI United Kingdom: Communities at the heart of Local Government Reorganisation proposals

    Source: City of Derby

    Plans which put communities at the heart of council changes in Derbyshire – keeping local services close to local people, while protecting the county’s historic boundaries – have been outlined.

    The leaders of the eight borough and district councils in Derbyshire, together with the leader of Derby City Council, have set out their initial plans to create two unitary councils to cover the county – one in the north, and one in the south.

    The plans will be presented to the council’s respective decision-making bodies (where required) to approve the submission of interim proposals to Government by 21 March. Public consultation will be held before any final proposals are drawn up.

    This initial work has established two options of equal merit that meet the Government’s requirements.

    In the first option, Amber Valley Borough Council would be part of a northern unitary council, alongside High Peak Borough Council, Derbyshire Dales District Council, Chesterfield Borough Council, North East Derbyshire District Council, and Bolsover District Council.

    A separate southern unitary council would be formed by Derby City Council, South Derbyshire District Council, and Erewash Borough Council.

    In the second option, the structure remains the same, except Amber Valley Borough Council would move from the northern unitary council to join the southern unitary council instead.

    Both options maintain the integrity of the historic county of Derbyshire and reflect the existing boundaries of the borough, district and city councils.

    There will be a consultation process in the spring / summer seeking the views of residents, businesses, community representations and public sector partners to develop and shape proposals further. This will include specific consultation with the residents, businesses and other stakeholders in Amber Valley, to seek views on the borough’s placement in either the northern or southern unitary council.

    The conclusion of this initial phase of activity represents the leaders’ response to the publication of the Government’s English Devolution White Paper which requires all councils in ‘two-tier’ areas like Derbyshire to submit proposals to reorganise into unitary authorities, with outline plans to be submitted to Government by 21 March, and final plans to be submitted in November 2025.

    In a joint statement, the leaders said:

    Local councils provide a vast range of services that impact on everyone’s daily lives – supporting communities and neighbourhoods to thrive and grow, and creating opportunity for our people and places.

    As local leaders we take very seriously this responsibility, and in considering the very complex issues presented by Government’s call to restructure councils we are committed to working together with the shared goal of putting our communities first.

    We have explored a range of options that ensure that Derbyshire’s historic boundaries remain intact, while also creating new unitary councils of the right scale to deliver the best possible services for our communities.

    Our preferred option that meets government criteria involves the creation of two new unitary councils based on the existing geographies of the eight district and borough councils as the key building blocks, alongside the geography of Derby City Council.

    There is also the opportunity for the two new unitary councils to work in genuine partnership and collaborate on the delivery of all local government services, in turn ensuring the best possible value for money to local taxpayers. Most importantly, we believe these authorities would be of the appropriate size – the two councils would serve similarly sized populations of around 500,000 residents – to strike the right balance between retaining the strong local connections we already have with our communities and being financially sustainable.

    Our proposals also result in unitary councils of the right size and blend to engage fully and ensure our voice is heard at the East Midlands Combined County Authority and on key strategic issues close to our borders, whether that be our TransPennine and city links to Manchester and Sheffield in the north or our links to the East Midlands Freeport and Airport in the south.

    We don’t believe Derbyshire County Council’s plans for a single unitary council covering the whole of Derbyshire, excluding Derby, and serving a population of over 800,000 residents is the right approach. The organisation would be too large, and too far removed from the diverse communities that we serve.

    The county council’s plans would create a ‘doughnut effect’ around the city – leading to inefficient delivery of services and stifling economic and housing growth. It would also create significant disparity between the two unitary councils, in terms of both population and taxbase, and would therefore not meet the criteria the Government has set out.

    If local government must change, we want to make sure it does so in a way that keeps local services connected to the people who rely on them – creating councils which are big enough to deliver, and small enough to care.

    We have invited the Leader of Derbyshire County Council to be part of our joint discussions, but this has been declined. As the other local authorities in Derbyshire we have therefore moved quickly to draw up our own plans, which we believe clearly meet the Government’s criteria.

    To guide our final decisions, our proposals will be subject to extensive and meaningful consultation with residents, businesses, our workforces, partner public bodies, and the voluntary sector; ensuring all voices are captured and heard collectively.

    MIL OSI United Kingdom –

  • MIL-OSI Europe: Isabel Schnabel: Interview with wochentaz

    Source: European Central Bank

    Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Patricia Hecht and Beate Willms on 5 February 2025

    7 March 2025

    Ms Schnabel, do you remember the first time you held money in your hand?

    That must have been during primary school. I often used my pocket money to buy sweets or an ice lolly.

    So money was just a means of payment for you, something that let you buy things?

    Exactly. However, my father placed great importance on me understanding how to deal with money early on – even though as a teenager I wasn’t that interested. He later recommended an apprenticeship at a bank to me when I wasn’t sure what to do after I had finished school. And one of his arguments was that I should learn how to manage money.

    Did you have the impression he was particularly concerned because you were a girl?

    Well, he didn’t make the same suggestion to my brother. That bothered me a little. It was just taken for granted that my brother could deal with money. But, at the end of the day, my father’s recommendation may have been one of the reasons why I ended up in a male-dominated field.

    Is it true that women engage too little with money?

    I do think so. On average, women have a lower level of financial literacy than men. That’s a problem. It can lead to them making suboptimal financial decisions and possibly ending up in financial difficulties. For example, women are more at risk of poverty in old age. So financial planning is particularly important for women.

    Are women themselves to blame for being financially worse off?

    There are many structural reasons, for example interrupted career paths due to becoming a mother or caring for elderly relatives. In addition, women are significantly more likely to work part-time. These factors contribute to women having lower incomes and smaller pensions. The insufficient engagement with financial matters is also linked to traditional gender roles. However, there’s also an element of individual responsibility. Just as one needs to think about one’s health, one needs to also deal with finances. Today, there are plenty of ways to get informed, for example, through podcasts or YouTube channels, to name just a few.

    Today you are one of the people responsible for deciding on the financing conditions for 350 million people in the euro area, because it’s the ECB’s task to keep inflation in check. Out of the 26 members of the Governing Council, only two are women – Christine Lagarde and you. Is the monetary policy that you pursue different from that of the men?

    Research shows that men and women do behave differently when it comes to economic issues. So it is possible that monetary policy may change when more women join the decision-making bodies. What is key here is diversity – also in terms of views and experiences. That’s what makes decision-making more robust.

    How do financial decisions made by men and women differ?

    Women tend to be more risk-averse in their financial decisions and they are more afraid of losses. This, for example, leads them to invest less in the stock market and thus achieve lower returns. Women also have less confidence in their financial decision-making. So improving financial literacy would be particularly important for women.

    Is there a feminist monetary policy?

    To be honest, I haven’t really thought about this. Monetary policy used to focus primarily on the economy as a whole, for instance on aggregate economic activity or consumption. Meanwhile, research has evolved and is now looking more into the underlying heterogeneity. We know, for instance, that poorer people are particularly affected by rising energy and food prices. There are likely also noticeable differences across genders.

    What are you doing to attract more women to the ECB?

    As an institution, we have a keen interest in equal opportunities. This does not always mean a fifty-fifty distribution, but we aim to represent the society for which we make our decisions and to use the entire talent pool available. This is why we have set targets at all levels of hierarchy. In order to achieve those, around half of all new hires and promotions should be women, as long as we are below our targets.

    What else are you doing?

    We try to remove barriers. Often this concerns obstacles like a lack of childcare. The ECB offers good childcare facilities, starting at infancy, and we also have a European School. Additionally, we noticed that women applied for promotions less frequently than men. When reading a vacancy notice, women have more doubts than men whether they fulfill all the criteria perfectly. We are now more explicitly encouraging women to apply. This strategy has proven to be very successful.

    Are salary differences transparent at the ECB?

    We are part of the public service, which means that we follow a clear salary structure that depends on qualifications and tasks. Then there are various allowances, which depend on things like staff members’ family situation but not on their gender.

    How do you deal with the responsibility for decisions that affect the lives of so many people?

    When I learnt in 2019 that I would be nominated for the ECB’s Executive Board, I had just arrived by train at Bonn’s main station. I saw the people on the platform and thought – in the future, I will have to make decisions affecting all these people! That’s a completely different role from that of a researcher, and one that carries a lot of responsibility. I take my job extremely seriously and try to take all decisions to the very best of my knowledge.

    You worked at different universities in Germany and the United States for 15 years, became a professor in 2007, and you were also a member of the German Council of Economic Experts. Throughout your career, you were always one of few women – often the only one, as in the case of the ”wise (wo)men”.

    The higher you go, the fewer women there are. That is still the case. And it shapes the style of communication. An example was the research seminars at university, where all the professors were men and the tone was often very harsh and aggressive. As a young researcher, that bothered me, and I know my female colleagues felt the same.

    How did you deal with it?

    I simply accepted it at the time, but it made me feel insecure. You need to have confidence in your career potential. Some women are better at handling a male-dominated environment than others. But there are also women who have a different type of personality. Some of my female colleagues left the university back then.

    Does the tone change when there is another woman in the room?

    Yes, it changes the entire tone of the conversation. This is especially true when an institution or committee is led by a woman, as is the ECB. Christine Lagarde can set the tone here. I am really impressed by how she manages to create such an inclusive and friendly climate.

    Is there something like female solidarity between the two of you?

    Absolutely. We have a close personal relationship. We also talk about private matters and we trust each other. She listens to my concerns. I can always approach her and she finds time for me even though she is extremely busy.

    Is it different with your male colleagues?

    There are a number of male colleagues with whom I have a similarly trusting relationship, but it is indeed different. There is greater emotional closeness among women.

    How important are women’s networks in your field?

    Very important. It took me a long time to understand that. Today, I am part of many informal women’s networks. It is particularly important to invite younger women and to support each other. Former US Secretary of State, Madeleine Albright, once said there is a special place in hell for women who don’t help other women. We must support each other rather than seeing each other primarily as competitors. I myself benefited from having a female mentor who later became a colleague at the University of Mainz.

    You do that too. During the pandemic, your colleague Isabella Weber – a left-leaning economist from the University of Massachusetts who was then in her mid-30s – suggested tackling inflation with strategic price controls. As this contradicted the textbooks, Nobel laureate Paul Krugman, among others, publicly dismissed her idea as “truly stupid”.

    I found this treatment of Isabella Weber intolerable. And I had the impression that a man would have been treated differently. That simply shouldn’t be the case. Although I didn’t share the view on price controls, we must be open to consider unconventional ideas. It was probably also about maintaining power and thought leadership. In general, I would find it disastrous if women were discouraged from challenging the mainstream because of this.

    Have you yourself ever felt that people were treating you differently because you are a woman?

    I experience this constantly on social media. I am sometimes besieged with sexist comments and I then mute those people. But I don’t experience this in my immediate professional environment.

    But did you suffer from any disadvantages because of being a woman?

    At the beginning of my career, during my studies, I was firmly convinced that it didn’t matter whether one was a man or a woman. I thought I just had to be good enough, and then I would make it. At that time, I wasn’t particularly positive about the promotion of women. It took a while before I realised that there were a number of gender-specific barriers. For example, during my entire university studies in Germany, I didn’t have a single female professor. So I had no role models. These issues became more obvious when I had children. I have three daughters, which means that I was either pregnant or breastfeeding for around six years. The time between the ages of 32 and 38 were very exhausting for me. And that was precisely the critical phase for progressing in an academic career. When I arrived at the office completely rushed in the morning, I already had my first major task behind me. I sometimes struggled with that. Travelling also wasn’t easy when the children were small. I wasn’t very keen on it either, as I wanted to be with my family.

    How did you manage it nonetheless?

    My doctoral advisor Martin Hellwig played a major role in this. He had helped me to build up networks already during my doctoral studies – before I had children. At the time, I hadn’t yet realised how important that was. When the children came, he gave me complete flexibility.

    How soon did you return to work?

    Very quickly. With the first child, I was back at my computer right away. With the second, I took my daughter to the office in the beginning. By the time of the third child, I was already a professor, so I brought her with me when commuting by train from Bonn to Mainz during the breastfeeding period. Just getting the stroller into those old trains was a real challenge. All of the commuters knew me – the woman with the baby! At university, I had many people to support me. I sometimes recruited students to look after my baby while I was teaching. I even breastfed during office hours.

    Did your husband bring the children to work too?

    No, because I was breastfeeding. But it wouldn’t have been possible without him. My husband has always been very involved in our family work, even more so than me in recent years. I now work in Frankfurt, but our family is still in Bonn. Besides, we have had a wonderful nanny for over 20 years, who has been with us every day and helped us tremendously.

    Not everyone can afford a nanny.

    At the beginning, almost an entire salary went to that. But it’s sometimes overlooked that paid childcare is also an investment. It allows you to stay on your career path. And I always knew that my children were very well taken care of. That’s why I rarely had a guilty conscience.

    Did you have to make compromises because of your dual role as a mother and as an economist?

    Constantly. One must not have the expectation of being absolutely perfect in each role at all times. Otherwise, you will fail to live up to your own standards. But that wasn’t always easy for me.

    What did you have to compromise on?

    Mostly on my personal needs – I didn’t have much time for myself. And the same was true for my husband. But we also learned to be efficient. In the evenings, we would sometimes put our children to bed with their tights on to speed things up in the morning.

    Have you ever been accused of being a “raven mother” (bad mother)?

    Subtly, yes. But I didn’t take on that role. The paediatrician and author Remo Largo once said, in essence, that the most important thing was to be happy as a parent and a good role model. Children imitate what they see. And I believe I am a good mother to my daughters.

    It took you a few years to call yourself a feminist. Where do your daughters stand on that today?

    My daughters grew up knowing that women can achieve anything they want. Of course they complained from time to time that I wasn’t at home as much as other mothers. But they really like what I do and take it as motivation. My daughters are true feminists who will speak up when they are disadvantaged. I wouldn’t have had the confidence to do that at their age, but of course the world has also changed in that regard.

    And how do you introduce them to the topic of money?

    My husband and I are both economists and we have often talked about how to deal with money. But they tended to find financial investment rather tedious. Today, two of my daughters are studying economics, so they have automatically come closer to these topics.

    Mark Zuckerberg recently said that companies needed more “masculine energy”. Do you find that worrying, also in relation to your daughters?

    That worries me a lot. There’s a risk that society will go backwards, even though we are far from where we want to be. In the United States, this is currently more pronounced than it is here. But it’s spilling over. For the ECB, I can say that we stand firmly behind our diversity and inclusion strategy.

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Making the EU’s development aid contingent on the repatriation of immigrants – E-000654/2025

    Source: European Parliament

    Question for written answer  E-000654/2025/rev.1
    to the Commission
    Rule 144
    Kristoffer Storm (ECR), Dick Erixon (ECR), Fernand Kartheiser (ECR), Sebastian Tynkkynen (ECR)

    Finland recently suspended development cooperation with Somalia on account of its refusal to accept the repatriation of immigrants. This indicates that it is possible to put pressure on developing countries to take back their citizens if financial aid from the EU is halted.

    In the light of this, we ask the Commission the following questions:

    • 1.Does the Commission send financial development aid to Somalia directly or through development projects?
    • 2.Is the Commission willing to make the distribution of financial aid to developing countries contingent on the repatriation of immigrants to their country of origin?

    Submitted: 12.2.2025

    Last updated: 7 March 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: EIB Group and partners announce new initiatives to champion gender equality and women’s economic empowerment

    Source: European Investment Bank

    In collaboration with the European Commission, the EIB has launched the “Gender Finance Lab for commercial banks” under the InvestEU Advisory Hub. This advisory programme is designed to assist EU commercial banks in enhancing access to finance for women-owned and women-led businesses.

    The initiative will kick off with 25 European banks participating in a masterclass program focused on closing the gender finance gap and leveraging the economic potential of women entrepreneurs. By equipping financial institutions with the tools and strategies to effectively support women-led SMEs, the lab aims to unlock untapped opportunities in the market.

    EIB

    Just before the launch of the Gender Finance Lab, the EIB and CBNK (the bank for key engineering and health professionals formed by the merger of Banco Caminos and Bancofar) announced a historic initiative to support women entrepreneurs in the pharmaceutical sector in Spain. The operation represents the first EIB intermediated loan within the EU that is fully dedicated to supporting women entrepreneurs. It will benefit women who want to start or grow in the pharmaceutical sector, in urban and rural areas. This would represent around 600 pharmacies across the country. It will involve access to loans of an average size of 450,000 euros, with which women entrepreneurs can finance from the establishment of their business (purchase of licenses), working capital (stocks) or materials such as counters, shelves or computer equipment.

    Despite making up a majority of the workforce in the pharmacy sector, women continue to face barriers such as limited access to finance, wage gaps and underrepresentation in leadership positions. This operation seeks to address these challenges by providing tailored financial support to women entrepreneurs and business leaders, enabling them to scale their businesses and contribute to Spain’s economic growth.

    CBNK is among the 25 European banks that have already joined the InvestEU Gender Finance Lab.

    Women Climate Leaders Network celebrates one year of advocacy

    March 2025 marks the first anniversary of the Women Climate Leaders Network (WCLN), launched by the EIB Group to champion sustainable practices and empower businesses in their green transition. Over the past year, the network has developed actionable recommendations to help small and medium-sized enterprises (SMEs) and mid-sized companies adopt greener approaches and scale climate-friendly innovations, that they shared with EU policymakers at the EIB Group Forum.

    Recommendations include local knowledge-sharing platforms, simplified reporting, capacity building, and linking green to business benefits. Additionally, the Network advocates for enhanced policies to scale green innovation through temporary tax incentives, adjusted financial regulations, and regulatory sandboxes. The Network confirms that a single point of entry guidance for the next Multiannual Financial Framework – EU’s long-term budget – will be crucial in informing SMEs about available EU financing.

    As the Women Climate Leaders Network enters its second year, it remains dedicated to empowering businesses in the EU’s transition to a greener, more inclusive future.

    For more information: Gender equality and women’s economic empowerment 

    MIL OSI Europe News –

  • MIL-OSI Europe: President Lagarde hosts International Women’s Day event on closing gender gap in financial literacy

    Source: European Central Bank

    7 March 2025

    • New financial literacy network of central banks and national competent authorities to focus on actions for women
    • Committed to harmonising financial literacy data for comprehensive insights across Europe
    • Panel discussion with Claudia Buch, Chair of the ECB’s Supervisory Board; Klaas Knot, President of De Nederlandsche Bank; Joachim Nagel, President of the Deutsche Bundesbank; Fabio Panetta, Governor of the Banca d’Italia and Annamaria Lusardi, Professor at Stanford University

    The European Central Bank (ECB) today hosted an event to mark International Women’s Day, addressing financial literacy with a special emphasis on the gender gap.

    “Today Europe must address two key challenges: increasing sluggish productivity growth to stay competitive; and maintaining price stability in an increasingly volatile world,” ECB President Christine Lagarde told participants. “And improving financial literacy among women can facilitate efforts to address both issues”.

    The 2023 Eurobarometer found that women are 12 percentage points less likely to understand the concept of inflation than men. The ECB Consumer Expectations Survey for 2023 found that 52% of Europeans lack basic financial literacy and that 60% of this group are women. The actions discussed at today’s event underscore that euro area central banks can significantly help to advance financial literacy and promote financial inclusion, particularly among women.

    President Lagarde’s opening remarks were followed by a panel discussion with Claudia Buch, Chair of the ECB’s Supervisory Board; Klaas Knot, President of De Nederlandsche Bank; Joachim Nagel, President of the Deutsche Bundesbank; Fabio Panetta, Governor of the Banca d’Italia; and Annamaria Lusardi, Professor at Stanford University and expert on financial literacy. President Lagarde and the panellists committed to several actions, such as creating a financial literacy network of central banks, focusing on actions to strengthen financial literacy in general and for women in particular, and the harmonisation of financial literacy data across Europe.

    Chair Buch focused on how financially literate bank customers contribute to a healthier banking sector and therefore support financial stability. Governors Knot, Nagel and Panetta described the financial literacy strategy of their respective countries, such as developing educational programmes to be used in schools or at the workplace. These best practices can be shared with other countries looking to tackle financial literacy disparities.

    Highlighting the urgent need to accelerate efforts to close the gender gap in financial literacy across Europe, Professor Lusardi said that “differences in financial literacy between women and men are large and stubborn; they persist over time and across countries”. Speaking during the panel discussion, she added “We all have to bundle our resources to promote financial literacy and reduce the gender gap”.

    The event was the first in a series of annual gatherings designed to raise awareness and foster cooperation to close the gender gap in financial literacy. The ECB is committed to serving as a facilitator within the Eurosystem, promoting interaction and the exchange of best practices. This event aligns with the ECB’s broader diversity and inclusion efforts, aiming to inspire action and cooperation among stakeholders.

    For more information, please visit our website with the financial literacy initiatives in Europe.

    Photos of the event can be found on the ECB’s Flickr account.

    For media queries, please contact Anne Grüttner, tel.: +49 162 449 2511.

    MIL OSI Europe News –

  • MIL-OSI Europe: Croatian businesses to get financing boost as EIB Group provides €132 million backing to Erste Bank

    Source: European Investment Bank

    • EIB Group offers €132 million in guarantees to Croatia-based Erste&Steiermärkische Bank d.d. to expand financing for range of businesses in the country
    • Package includes guarantees of €100 million from EIB and €32 million from EIF
    • Operation to bolster Croatian Mid-Caps, micro-entrepreneurs and social enterprises

    The European Investment Bank (EIB) Group is providing Croatia-based Erste&Steiermärkische Bank d.d. (ESB) with €132 million in support to expand lending to a range of businesses in the country. The backing is in the form of a €100 million guarantee from the EIB and two portfolio guarantees totalling €32 million from the European Investment Fund (EIF).

    ESB expects to use the EIB guarantee to generate as much as €280 million in new financing for Croatian Mid-Caps. The terms will include lower interest rates for loan recipients and higher risk-taking opportunities for ESB.

    “Ensuring businesses of all sizes have access to financing is fundamental to driving economic growth and stability,” said EIB Vice-President Teresa Czerwińska. “With this guarantee, we are reinforcing our commitment to supporting Croatian Mid-Caps, helping them seize new opportunities for expansion and innovation.”

    The EIF support totalling €32 million aims to bolster ESB lending to Croatian micro-entrepreneurs and social enterprises. It includes guarantees of €19.2 million for micro-entrepreneurs and €12.8 million for social enterprises including non-governmental organisations.

    This part of the package expands EIF-ESB cooperation under the InvestEU programme to bolster financial inclusion, facilitate entrepreneurship and drive sustainable social impact across Croatia. The expanded framework is focused particularly on start-ups and first-time borrowers and allows for favourable loan terms including reduced collateral requirements.

    “Access to finance remains one of the biggest challenges for start-ups and social enterprises,” said EIF Chief Executive Marjut Falkstedt. “On the back of strong demand in the Croatian market, we are renewing our partnership with ESB, increasing financial opportunities for these organisations and ultimately enabling them to contribute to financial and social inclusion in Croatia.”

    The new EIF guarantee for micro-entrepreneurs will enable total ESB lending to them of as much as €24 million. The guarantee for social enterprises will pave the way for total ESB financing to them of up to €16 million.

    “We are very pleased to continue and further deepen our long-standing successful cooperation with EIB Group. So far, in partnership with the EIB and EIF we have provided a total of €926 million in loans to our clients supported by the EIB funding and EIF guarantee instruments. Support for micro-entrepreneurs and social enterprises, as well as medium-sized enterprises, as important drivers of growth and economic development, is one of our key strategic pillars. With this package, we have additional financing instruments which will support client growth, contribute to job creation in our communities and result in realisation of numerous successful projects.” said Erste&Steiermärkische Bank d.d. Member of the Management Board, Mr Hannes Frotzbacher.

    Background information

    The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances investments that contribute to EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality.

    The European Investment Fund (EIF) is part of the European Investment Bank Group. It supports Europe’s SMEs by improving their access to finance through a wide range of selected financial intermediaries, such as banks, guarantee and leasing companies, micro-credit providers and private equity funds. The EIF designs and offers equity and debt financing instruments fostering EU objectives in support of entrepreneurship, growth, innovation, research and development, the green and digital transitions, and employment.

    High-quality, up-to-date photos of our headquarters for media use are available here.

    Erste & Steiermärkische Bank d.d. (ESB)  Erste&Steiermarkische Bank d.d. originates from the former strong regional banks – Riječka, Bjelovarska, Trgovačka and Čakovečka banka – and has been operating under this name since 1 August 2003. Today it is a modern bank, ranked No3 on the Croatian market by total assets, and a part of the international Erste Group, one of the leading financial service providers in CEE. What makes Erste Bank different is its employees, their approach to work, innovation, and care for the clients. The Bank has been posting great business results for years, continuously investing in digital development that facilitates innovation and creativity in customer service. By supporting the financial needs of the citizens and financing sound and profitable projects implemented by entrepreneurs and companies contributing to employment growth in the real sector, the Bank adequately supports the development of the entire economy.

    The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable recovery and growth. It also helps mobilise private investments for the European Union’s policy priorities, such as the European Green Deal and the digital transition. InvestEU brings together under one roof the multitude of EU financial instruments, making funding for investment projects in Europe simpler, more efficient and more flexible. The InvestEU Fund is implemented through financial partners that will invest in projects using EU budget guarantee of €26.2 billion. That guarantee will back investment projects of the implementing partners, increase their risk-bearing capacity and thus mobilise at least €372 billion in additional investment.

    MIL OSI Europe News –

  • MIL-OSI: Resolution Life Announces $9.7 billion Strategic Reinsurance Agreement with Protective Life

    Source: GlobeNewswire (MIL-OSI)

    • $9.7 billion reinsurance transaction
    • Comprised of structured settlement and secondary guarantee universal life business
    • Demonstrates Resolution Life’s prudent risk management, substantial capital strength and proven execution capabilities in the US life and annuity market

    HAMILTON, Bermuda, March 07, 2025 (GLOBE NEWSWIRE) — Resolution Life, a global life insurance group focusing on reinsurance and the acquisition and ongoing management of portfolios of life insurance policies, is pleased to announce the signing of a reinsurance transaction with Protective Life Corporation’s (“Protective”) insurance subsidiaries. Protective is a U.S. subsidiary of Tokyo-based Dai-ichi Life Holdings, Inc.

    The transaction scope includes blocks of in-force structured settlement annuities and secondary guarantee universal life business. Under the agreement, Protective will cede $9.7 billion in reserves and retain administration of the policies.

    The transaction will extend Resolution Life’s position as a leading global manager of in-force life insurance to c.$100 billion of general account life and annuity reserves and over four million policies in-force.

    This comes on the back of strong momentum for Resolution Life with the recent announcement of the acquisition of Resolution Life by Nippon Life to assist in Resolution Life’s next phase of growth.

    Warren Balakrishnan, CEO, US said,

    “This strategic transaction with Protective showcases our ability to manage complex life and annuity products at scale. Our substantial capital strength and proven execution record provide a strong, long-term partner for Protective Life and its policyholders. This transaction is a great example of our reinsurance offering to the US life and annuity market.”

    Moses Ojeisekhoba, President of Resolution Life said,

    “This is an exciting time for Resolution Life. With this transaction we continue to support the primary life insurance industry by providing long term capital for growth so they can respond to the changing needs of policyholders. With the recent announcement of Nippon Life’s acquisition of Resolution Life, we will continue to accelerate our growth in the highly active, multi-trillion-dollar global life and annuity consolidation sector.”

    Rich Bielen, President and CEO of Protective said,

    “At Protective, we are thrilled to announce this strategic reinsurance agreement with Resolution Life. This transaction represents an important milestone, allowing us to generate capital that can be invested for continued growth. We remain committed to growing life insurance sales through our valued distribution partners and look forward to continuing to provide exceptional service to our customers. We are excited about the opportunities it brings for Protective, our customers and our partners.”

    JP Morgan acted as financial advisor and Debevoise & Plimpton LLP served as legal counsel to Resolution Life. Wells Fargo served as financial advisor and Willkie Farr & Gallagher LLP served as legal counsel to Protective.

    Notes to Editors:

    About Resolution Life
    Resolution Life is a global life insurance group focusing on reinsurance and the acquisition and management of portfolios of life insurance policies. Since 2003 to date, prior Resolution entities together with Resolution Life have deployed approximately $19 billion of equity in the acquisition, reinsurance, consolidation and management of life insurance companies. Together, these companies have served the needs of over 13 million policyholders while managing approximately $390 billion of assets. Resolution Life today has operations in Bermuda, the U.K., the U.S., Australia, New Zealand and Singapore assisting the restructuring of the primary life insurance industry globally. Resolution Life provides a safe and reliable partner for insurers by:

    • Primarily focusing on existing customers, with selective new business growth in strategic markets
    • Delivering policyholder benefits in a secure, well capitalised environment
    • Returning capital to our institutional investors in the form of a steady dividend yield

    www.resolutionlife.com

    About Protective
    Protective has helped people achieve protection and security in their lives for 118 years. Through its subsidiaries, Protective offers life insurance, annuity, asset protection and employee benefits solutions and is helping nearly 17 million people protect what matters most. Protective’s approximately 3,800 employees put people first and deliver on the company’s promises to customers, partners, colleagues and communities – because we’re all protectors. With a long-term focus, financial stability and commitment to doing the right thing, Protective Life Corporation, a subsidiary of Dai-ichi Life Holdings, Inc., has $125 billion in assets, as of Dec. 31, 2024. Protective is headquartered in Birmingham, Alabama, and is supported by a robust virtual workforce and core sites in the greater Cincinnati area and St. Louis. For more information about Protective, visit www.protective.com.

    Media Enquiries:

    Resolution Life
    Temple Bar Advisory
    Alex Child-Villiers / Sam Livingstone / Alistair de Kare-Silver / Juliette Packard
    +44 (0)20 7183 1190 / resolution@templebaradvisory.com   

    Protective
    +1 205 268 7879
    media@protective.com

    This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

    The MIL Network –

  • MIL-OSI: Bybit Web3 Expands bbSOL Utility with Jito Restaking for Enhanced Rewards and Liquidity

    Source: GlobeNewswire (MIL-OSI)

    DUBAI, United Arab Emirates, March 07, 2025 (GLOBE NEWSWIRE) — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has partnered with P2P to introduce rstSOL, a token minted when users stake their bbSOL through Jito’s restaking protocol. With this collaboration, bbSOL holders can now deposit their tokens into the rstSOL vault on Jito, unlocking additional restaking rewards and enhanced capital efficiency. Bybit Web3 expands bbSOL utility in 10 DeFi use cases such as liquidity provision, lending, restaking, and yield trading. 

    Jito (Re) staking is a multi-asset staking protocol designed for Node Consensus Networks (NCNs). It allows staked assets to be tokenized into Vault Receipt Tokens (VRTs), improving liquidity and flexibility. With Jito (Re)staking, NCNs can customize staking rules, penalties, and rewards to optimize security and tokenomics. Due to its unique features, this restaking module is an ideal choice for launching new networks by leveraging shared security. This integration enables users to maximize staking rewards, maintain liquidity, and gain exposure to potential airdrops within the Solana ecosystem.

    “At Bybit, we’re always looking for ways to unlock more opportunities for our users in the Web3 space,” said Emily Bao, Head of Spot and Web3 at Bybit. “Through our partnership with P2P and integration with Jito, bbSOL holders can now access restaking rewards and optimize their staking strategies without losing liquidity. This marks another step forward in our mission to offer cutting-edge financial solutions within the crypto ecosystem.”

    How Jito Restaking Works for bbSOL Holders

    Users can amplify their staking returns in three simple steps:

    1. Obtaining bbSOL involves staking SOL on Bybit Web3, which provides bbSOL in return. Alternatively, bbSOL acquired on Bybit can be transferred to a Web3 wallet.
    2. Connecting to Jito Restaking requires navigating to the Jito platform, using a compatible wallet, and accessing the rstSOL vault.
    3. Restaking bbSOL allows deposits into the rstSOL vault, where additional rewards are generated.

    Bybit’s continued expansion into Web3 staking solutions strengthens its position as a leading innovator in blockchain finance. With Jito restaking, bbSOL holders can enhance their staking strategies, benefiting from increased liquidity, higher returns, and greater flexibility within the Solana ecosystem.

    For more details, users can refer to Bybit’s official guide on utilizing bbSOL with Jito restaking.

    #Bybit / #TheCryptoArk / #BybitWeb3

    About Bybit

    Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.

    For more details about Bybit, please visit Bybit Press

    For media inquiries, please contact: media@bybit.com 

    For updates, please follow: Bybit’s Communities and Social Media

    Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube

    Contact

    Head of PR

    Tony Au

    Bybit

    media@bybit.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1399478d-0b70-4131-8d33-c2cba527d5d5

    The MIL Network –

  • MIL-OSI United Kingdom: New Permanent Secretary to the Scottish Government appointed

    Source: United Kingdom – Executive Government & Departments

    News story

    New Permanent Secretary to the Scottish Government appointed

    Joe Griffin has been appointed as the new Permanent Secretary to the Scottish Government.

    Joe Griffin has been appointed as the new Permanent Secretary to the Scottish Government. Joe, who is currently Director General, Strategy & External Affairs in the Scottish Government, was chosen following an open and fair competition chaired by the First Civil Service Commissioner. The appointment has been made by the First Minister of Scotland in agreement with the UK Cabinet Secretary. Joe will take up the post on 7 April 2025. 

    First Minister John Swinney said:

    My thanks go to JP Marks for his devoted public service and leadership of the Civil Service. My Cabinet and I are grateful for the invaluable advice he has provided during his time at the Scottish Government. I join with so many across the Scottish public sector and beyond in wishing JP every success in his new role at HMRC. 

    I welcome Joe Griffin’s appointment as Permanent Secretary to the Scottish Government. He brings a wealth of experience to this role from his distinguished career in the Civil Service. I know from his record of delivery, not least on the massive expansion of early learning and childcare which he led, that Joe will deliver an unyielding focus on delivering for the people of Scotland.

    Cabinet Secretary Sir Chris Wormald said:

    I would like to congratulate Joe on his appointment.  He brings extensive experience from his roles at Scottish Government, including as Director General for Strategy and External Affairs and previously Director General for Education and Justice. Joe is well placed to lead the organisation and provide excellent support to Ministers. 

     I would like to thank JP Marks for his leadership of the Scottish Government over the last three years.

    Joe Griffin said: 

    It is a privilege to be appointed Permanent Secretary and lead the Civil Service in the Scottish Government.  I am grateful to the First Minister and the Cabinet Secretary for this opportunity. 

    My focus will be on working with colleagues and partners to drive progress and deliver the government’s four priorities; eradicating child poverty, growing the economy, tackling the climate emergency, and ensuring high quality and sustainable public services. I look forward to leading the organisation as we deliver in the service of Scotland.

    Updates to this page

    Published 7 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: TRA announces Interim CEO and confirms board leadership

    Source: United Kingdom – Executive Government & Departments

    News story

    TRA announces Interim CEO and confirms board leadership

    Steve O’Donoghue has been appointed Interim Chief Executive Officer (CEO) and Accounting Officer.

    The Trade Remedies Authority (TRA) is pleased to announce that Steve O’Donoghue will be stepping in as Interim Chief Executive Officer (CEO) and Accounting Officer.

    From mid-March, the TRA’s CEO, Oliver Griffiths will be moving to take up a new role at Ofcom. Interviews for the permanent CEO successor are taking place and the TRA expects an appointment to be made late March. 

    Steve O’Donoghue joined the TRA as its Director of Corporate Services in February 2021 and was appointed an executive director of the Board in June 2021. Steve brings extensive leadership experience in public sector finance, HR, governance and risk management. 

    Board Non-Executive Directors

    Additionally, the TRA is pleased to confirm that John Hughes and Adam Marshall CBE have renewed a three-year term as Non-Executive Directors (NEDs) on the TRA Board.

    John Hughes was appointed non-executive director and Chair of the Audit and Risk Assurance Committee (ARAC) of the Trade Remedies Authority in June 2021. 

    Adam Marshall was appointed a non-executive member of the Board in June 2021 and appointed as the Senior Independent Director in June 2024.

    Their continued contributions will provide valuable oversight and guidance as the TRA advances its mission of ensuring fair and effective trade remedies for UK industries.

    Updates to this page

    Published 7 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Council budget for 2025/26 agreed

    Source: City of Liverpool

    Councillors have approved Liverpool City Council’s budget for the next year.

    It will see an additional £15.3 million invested in the delivery of frontline services for residents.

    The budget includes an extra £1.5 million for neighbourhood services to help tackle issues such as flytipping, street cleansing and blight.

    The aim is to build on improvements which have seen a 25 per cent drop in complaints about street cleansing and weeding over the last year.

    Changes have included regular maintenance, litter picking and cleansing at 58 new locations, including central reservations, roundabouts and traffic islands; additional litter picks in areas including Kirkdale, Anfield, Picton and Dingle; and monthly cleansing of 850 communal bin stations.

    There is also £500k for the School Streets programme to improve road safety around primary schools.

    An additional £52 million is being set aside to deal with increased demand for adult and children’s social care, temporary housing and home to school transport. The Council has a legal duty to provide adult and children’s services, and they account for 63 per cent of spending.

    Council Leader, Cllr Liam Robinson, said: “This is the most positive budget we have been able to present for some time due to the new government giving greater certainty to councils including future multi-year settlements and a bigger share of funding towards cities like Liverpool.

    “The budget continues our investment in the issues we know local people care about such as street cleansing, waste management and improving recycling rates, which is why we are bringing these services back in-house.

    “Like all councils, we continue to face real pressures in areas such as adult and children’s social care, temporary housing and home to school transport, and will continue to work with sector partners to suggest longer term solutions to the Government.“

    Deputy Council Leader and Cabinet Member for Finance, Resources and Transformation, Councillor Ruth Bennett, said: “We are continuing to make great strides in improving our own financial management to drive up income and make the most of every pound. This is helping manage the demand pressures we face in areas such as social care.

    “This rigorous approach is increasing Council Tax collection levels, reducing outstanding Business Rates and cutting the amount of outstanding debt we are owed.”

    Council Tax bills will rise by 4.99 per cent in Council Tax, including two per cent ringfenced for adult social care. The majority of households in Liverpool – 59 per cent – live in Band A properties, and will see the charge for the council services element of their bill rise by £84.04 per year.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Joint statement on Local Government Reorganisation in Derbyshire – 7 March

    Source: City of Derby

    Joint statement from 

    Amber Valley Borough Council

    Bolsover District Council

    Chesterfield Borough Council

    Derby City Council

    Derbyshire Dales District Council

    Erewash Borough Council

    High Peak Borough Council

    North East Derbyshire District Council

    South Derbyshire District Council

    “Local councils provide a vast range of services that impact on everyone’s daily lives – supporting communities and neighbourhoods to thrive and grow, and creating opportunity for our people and places.

    “As local leaders we take very seriously this responsibility, and in considering the very complex issues presented by Government’s call to restructure councils we are committed to working together with the shared goal of putting our communities first.

    “We have explored a range of options that ensure that Derbyshire’s historic boundaries remain intact, while also creating new unitary councils of the right scale to deliver the best possible services for our communities.

    “Our preferred option that meets government criteria involves the creation of two new unitary councils based on the existing geographies of the eight district and borough councils as the key building blocks, alongside the geography of Derby City Council.

    “There is also the opportunity for the two new unitary councils to work in genuine partnership and collaborate on the delivery of all local government services, in turn ensuring the best possible value for money to local taxpayers. Most importantly, we believe these authorities would be of the appropriate size – the two councils would serve similarly sized populations of around 500,000 residents – to strike the right balance between retaining the strong local connections we already have with our communities and being financially sustainable.

    “Our proposals also result in unitary councils of the right size and blend to engage fully and ensure our voice is heard at the East Midlands Combined County Authority and on key strategic issues close to our borders, whether that be our TransPennine and city links to Manchester and Sheffield in the north or our links to the East Midlands Freeport and Airport in the south.

    “We don’t believe Derbyshire County Council’s plans for a single unitary council covering the whole of Derbyshire, excluding Derby, and serving a population of over 800,000 residents is the right approach. The organisation would be too large, and too far removed from the diverse communities that we serve.

    “The county council’s plans would create a ‘doughnut effect’ around the city – leading to inefficient delivery of services and stifling economic and housing growth. It would also create significant disparity between the two unitary councils, in terms of both population and taxbase, and would therefore not meet the criteria the Government has set out.

    “If local government must change, we want to make sure it does so in a way that keeps local services connected to the people who rely on them – creating councils which are big enough to deliver, and small enough to care.

    “We have invited the Leader of Derbyshire County Council to be part of our joint discussions, but this has been declined. As the other local authorities in Derbyshire we have therefore moved quickly to draw up our own plans, which we believe clearly meet the Government’s criteria.

    “To guide our final decisions, our proposals will be subject to extensive and meaningful consultation with residents, businesses, our workforces, partner public bodies, and the voluntary sector; ensuring all voices are captured and heard collectively.”

    MIL OSI United Kingdom –