Category: Economy

MIL-OSI: SPS Commerce Reports Fourth Quarter and Fiscal Year 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

Company delivers 96th consecutive quarter of topline growth

Fourth quarter 2024 revenue grew 18% and recurring revenue grew 19% from the fourth quarter of 2023

MINNEAPOLIS, Feb. 10, 2025 (GLOBE NEWSWIRE) — SPS Commerce, Inc. (NASDAQ: SPSC), a leader in retail supply chain cloud services, today announced financial results for the fourth quarter and year ended December 31, 2024.

Financial Highlights

Fourth Quarter 2024 Financial Highlights

Revenue was $170.9 million in the fourth quarter of 2024, compared to $145.0 million in the fourth quarter of 2023, reflecting 18% growth.
Recurring revenue grew 19% from the fourth quarter of 2023.
Net income was $17.6 million or $0.46 per diluted share, compared to net income of $19.0 million or $0.51 per diluted share in the fourth quarter of 2023.
Non-GAAP income per diluted share was $0.89, compared to non-GAAP income per diluted share of $0.75 in the fourth quarter of 2023.
Adjusted EBITDA for the fourth quarter of 2024 increased 18% to $49.6 million compared to the fourth quarter of 2023.

Fiscal Year 2024 Financial Highlights

Revenue was $637.8 million for the year ended December 31, 2024, compared to $536.9 million for the year ended December 31, 2023, reflecting 19% growth.
Recurring revenue grew 20% from the year ended December 31, 2023.
Net income was $77.1 million or $2.04 per diluted share for the year ended December 31, 2024, compared to net income of $65.8 million or $1.76 per diluted share for the comparable period in 2023, reflecting 17% growth in year-over-year net income.
Non-GAAP income per diluted share was $3.48, compared to non-GAAP income per diluted share of $2.85 in the year ended December 31, 2023.
Adjusted EBITDA for the year ended December 31, 2024 increased 18% to $186.6 million compared to the year ended December 31, 2023.

“We are pleased with what we have accomplished in 2024, and I would like to congratulate SPS Commerce employees for their unwavering commitment to excellence and exceptional understanding of the retail supply chain,” said Chad Collins, CEO of SPS Commerce. “With the depth and breadth of solutions we offer today, we are uniquely positioned to support all trading relationships and continue growing our network to move the world of commerce forward.”

“We believe that SPS’ leading retail network and competitive product portfolio position us well to continue on our profitable growth trajectory,” said Kim Nelson, CFO of SPS Commerce.

Guidance*

First Quarter 2025 Guidance

Revenue is expected to be in the range of $178.5 million to $180.0 million, representing 19% to 20% year-over-year growth.
Net income per diluted share is expected to be in the range of $0.39 to $0.41, with fully diluted weighted average shares outstanding of 38.7 million shares.
Non-GAAP income per diluted share is expected to be in the range of $0.82 to $0.84.
Adjusted EBITDA is expected to be in the range of $49.5 million to $50.5 million.
Non-cash, share-based compensation expense is expected to be $15.0 million, depreciation expense is expected to be $5.4 million, and amortization expense is expected to be $9.2 million.

Fiscal Year 2025 Guidance

Revenue is expected to be in the range of $758.0 million to $763.0 million, representing 19% to 20% growth over 2024.
Net income per diluted share is expected to be in the range of $1.93 to $1.99, with fully diluted weighted average shares outstanding of 38.9 million shares.
Non-GAAP income per diluted share is expected to be in the range of $3.78 to $3.84.
Adjusted EBITDA is expected to be in the range of $227.5 million to $231.0 million, representing 22% to 24% growth over 2024.
Non-cash, share-based compensation expense is expected to be $63.0 million, depreciation expense is expected to be $23.5 million, and amortization expense is expected to be $39.8 million.

*Inclusive of the expected results of the Carbon6 acquisition

The forward-looking measures and the underlying assumptions involve significant known and unknown risks and uncertainties, and actual results may vary materially. The Company does not present a reconciliation of the forward-looking non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA margin, and non-GAAP income per share, to the most directly comparable GAAP financial measures because it is impractical to forecast certain items without unreasonable efforts due to the uncertainty and inherent difficulty of predicting, within a reasonable range, the occurrence and financial impact of and the periods in which such items may be recognized.

Quarterly Conference Call

To access the call, please dial 1-833-816-1382, or outside the U.S. 1-412-317-0475 at least 15 minutes prior to the 3:30 p.m. CT start time. Please ask to join the SPS Commerce Q4 2024 conference call. A live webcast of the call will also be available at http://investors.spscommerce.com under the Events and Presentations menu. The replay will also be available on our website at http://investors.spscommerce.com.

About SPS Commerce

SPS Commerce is the world’s leading retail network, connecting trading partners around the globe to optimize supply chain operations for all retail partners. We support data-driven partnerships with innovative cloud technology, customer-obsessed service, and accessible experts so our customers can focus on what they do best. Over 45,000 recurring revenue customers in retail, grocery, distribution, supply, manufacturing, and logistics are using SPS as their retail network. SPS has achieved 96 consecutive quarters of revenue growth and is headquartered in Minneapolis. For additional information, contact SPS at 866-245-8100 or visit www.spscommerce.com.

SPS COMMERCE, SPS, SPS logo and INFINITE RETAIL POWER are marks of SPS Commerce, Inc. and registered in the U.S. Patent and Trademark Office, along with other SPS marks. Such marks may also be registered or otherwise protected in other countries.

SPS-F

Use of Non-GAAP Financial Measures

To supplement our consolidated financial statements, we provide investors with Adjusted EBITDA, Adjusted EBITDA Margin, and non-GAAP income per share, all of which are non-GAAP financial measures. We believe that these non-GAAP financial measures provide useful information to our management, Board of Directors, and investors regarding certain financial and business trends relating to our financial condition and results of operations.

Our management uses these non-GAAP financial measures to compare our performance to that of prior periods for trend analyses and planning purposes. Adjusted EBITDA is also used for purposes of determining executive and senior management incentive compensation. We believe these non-GAAP financial measures are useful to an investor as they are widely used in evaluating operating performance. Adjusted EBITDA and Adjusted EBITDA Margin are used to measure operating performance without regard to items such as depreciation and amortization, which can vary depending upon accounting methods and the book value of assets, and to present a meaningful measure of corporate performance exclusive of capital structure and the method by which assets were acquired.

These non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP. These non-GAAP financial measures exclude significant expenses and income that are required by GAAP to be recorded in our consolidated financial statements and are subject to inherent limitations. Investors should review the reconciliations of non-GAAP financial measures to the comparable GAAP financial measures that are included in this press release.

Adjusted EBITDA Measures:

Adjusted EBITDA consists of net income adjusted for income tax expense, depreciation and amortization expense, stock-based compensation expense, realized gain or loss from investments held and foreign currency impact on cash and investments, investment income, and other adjustments as necessary for a fair presentation. Other adjustments for the year ended December 31, 2024 included the expense impacts from disposals of certain capitalized internally developed software and one-time acquisition-related insurance costs. Other adjustments for the year ended December 31, 2023 included the expense impacts from disposals of certain capitalized internally developed software and acquisition-related employee severance costs. Net income is the comparable GAAP measure of financial performance.

Adjusted EBITDA Margin consists of Adjusted EBITDA divided by revenue. Margin, the comparable GAAP measure of financial performance, consists of net income divided by revenue.

Non-GAAP Income Per Share Measure:

Non-GAAP income per share consists of net income adjusted for stock-based compensation expense, amortization expense related to intangible assets, realized gain or loss from investments held and foreign currency impact on cash and investments, other adjustments as necessary for a fair presentation, including for the year ended December 31, 2024 the expense impacts from disposals of certain capitalized internally developed software and one-time acquisition-related insurance costs, and for the year ended December 31, 2023 the expense impacts from disposals of certain capitalized internally developed software and acquisition-related employee severance costs, and the corresponding tax impacts of the adjustments to net income, divided by the weighted average number of shares of common and diluted stock outstanding during each period. Net income per share, the comparable GAAP measure of financial performance, consists of net income divided by the weighted average number of shares of common and diluted stock outstanding during each period. To quantify the tax effects, we recalculated income tax expense excluding the direct book and tax effects of the specific items constituting the non-GAAP adjustments. The difference between this recalculated income tax expense and GAAP income tax expense is presented as the income tax effect of the non-GAAP adjustments.

Forward-Looking Statements

This press release may contain forward-looking statements, including information about management’s view of SPS Commerce’s future expectations, plans and prospects, including our views regarding future execution within our business, the opportunity we see in the retail supply chain world and our performance for the first quarter and full year of 2025, within the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, uncertainties and other factors which may cause the results of SPS Commerce to be materially different than those expressed or implied in such statements. Certain of these risk factors and others are included in documents SPS Commerce files with the Securities and Exchange Commission, including but not limited to, SPS Commerce’s Annual Report on Form 10-K for the year ended December 31, 2023, as well as subsequent reports filed with the Securities and Exchange Commission. Other unknown or unpredictable factors also could have material adverse effects on SPS Commerce’s future results. The forward-looking statements included in this press release are made only as of the date hereof. SPS Commerce cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, SPS Commerce expressly disclaims any intent or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.



SPS COMMERCE, INC. CONSOLIDATED BALANCE SHEETS (Unaudited; in thousands, except shares)

	December 31, 2024			December 31, 2023
ASSETS
Current assets
Cash and cash equivalents	$	241,017		$	219,081
Short-term investments		—			56,359
Accounts receivable		56,214			50,160
Allowance for credit losses		(4,179	)		(3,320	)
Accounts receivable, net		52,035			46,840
Deferred costs		65,342			62,403
Other assets		23,513			16,758
Total current assets		381,907			401,441
Property and equipment, net		37,547			36,043
Operating lease right-of-use assets		8,192			7,862
Goodwill		399,180			249,176
Intangible assets, net		181,294			107,344
Other assets
Deferred costs, non-current		20,572			20,347
Deferred income tax assets		505			505
Other assets, non-current		2,033			1,126
Total assets	$	1,031,230		$	823,844
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable	$	8,577		$	7,420
Accrued compensation		47,160			41,588
Accrued expenses		12,108			8,014
Deferred revenue		74,256			69,187
Operating lease liabilities		4,583			4,460
Total current liabilities		146,684			130,669
Other liabilities
Deferred revenue, non-current		6,189			6,930
Operating lease liabilities, non-current		7,885			9,569
Deferred income tax liabilities		15,541			8,972
Other liabilities, non-current		241			229
Total liabilities		176,540			156,369
Commitments and contingencies
Stockholders’ equity
Common stock		40			39
Treasury stock		(99,748	)		(128,892	)
Additional paid-in capital		627,982			537,061
Retained earnings		336,099			259,045
Accumulated other comprehensive gain (loss)		(9,683	)		222
Total stockholders’ equity		854,690			667,475
Total liabilities and stockholders’ equity	$	1,031,230		$	823,844


SPS COMMERCE, INC. CONSOLIDATED STATEMENTS OF INCOME (Unaudited; in thousands, except per share amounts)

	Three Months Ended December 31,					Twelve Months Ended December 31,
		2024			2023		2024		2023
Revenues	$	170,907		$	144,965	$	637,765	$	536,910
Cost of revenues		55,585			49,040		210,714		182,069
Gross profit		115,322			95,925		427,051		354,841
Operating expenses
Sales and marketing		39,220			33,214		148,920		122,936
Research and development		17,142			14,216		62,809		53,654
General and administrative		26,354			20,612		102,929		84,887
Amortization of intangible assets		7,862			4,998		23,510		16,116
Total operating expenses		90,578			73,040		338,168		277,593
Income from operations		24,744			22,885		88,883		77,248
Other income (expense), net		(373	)		3,456		10,593		8,315
Income before income taxes		24,371			26,341		99,476		85,563
Income tax expense		6,812			7,330		22,422		19,739
Net income	$	17,559		$	19,011	$	77,054	$	65,824

Net income per share
Basic	$	0.47		$	0.52	$	2.07	$	1.80
Diluted	$	0.46		$	0.51	$	2.04	$	1.76

Weighted average common shares used to compute net income per share
Basic		37,646			36,831		37,306		36,646
Diluted		38,133			37,640		37,856		37,475


SPS COMMERCE, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited; in thousands)

	Twelve Months Ended December 31,
		2024			2023
Cash flows from operating activities
Net income	$	77,054		$	65,824
Reconciliation of net income to net cash provided by operating activities
Deferred income taxes		(9,786	)		(10,079	)
Depreciation and amortization of property and equipment		18,721			18,631
Amortization of intangible assets		23,510			16,116
Provision for credit losses		7,683			5,707
Stock-based compensation		54,557			45,508
Other, net		577			2,415
Changes in assets and liabilities, net of effects of acquisitions
Accounts receivable		(9,653	)		(11,949	)
Deferred costs		(3,120	)		(10,724	)
Other assets and liabilities		(7,313	)		1,834
Accounts payable		796			(3,947	)
Accrued compensation		1,434			7,143
Accrued expenses		4,115			1,302
Deferred revenue		728			6,464
Operating leases		(1,905	)		(1,947	)
Net cash provided by operating activities		157,398			132,298
Cash flows from investing activities
Purchases of property and equipment		(20,046	)		(19,761	)
Purchases of investments		(85,759	)		(133,994	)
Maturities of investments		143,275			131,331
Acquisition of businesses, net		(147,924	)		(70,218	)
Net cash used in investing activities		(110,454	)		(92,642	)
Cash flows from financing activities
Repurchases of common stock		(37,567	)		—
Net proceeds from exercise of options to purchase common stock		4,714			9,856
Net proceeds from employee stock purchase plan activity		9,827			8,114
Payments for contingent consideration		—			(2,000	)
Net cash provided by (used in) financing activities		(23,026	)		15,970
Effect of foreign currency exchange rate changes		(1,982	)		562
Net increase in cash and cash equivalents		21,936			56,188
Cash and cash equivalents at beginning of period		219,081			162,893
Cash and cash equivalents at end of period	$	241,017		$	219,081



SPS COMMERCE, INC. NON-GAAP RECONCILIATIONS (Unaudited; in thousands, except Margin, Adjusted EBITDA Margin, and per share amounts)

Adjusted EBITDA
	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
		2024			2023			2024			2023
Net income	$	17,559		$	19,011		$	77,054		$	65,824
Income tax expense		6,812			7,330			22,422			19,739
Depreciation and amortization of property and equipment		4,711			4,667			18,721			18,631
Amortization of intangible assets		7,862			4,998			23,510			16,116
Stock-based compensation expense		12,293			9,411			54,557			45,508
Realized (gain) loss from investments held and foreign currency impact on cash and investments		2,521			(1,201	)		(115	)		(1,726	)
Investment income		(2,205	)		(2,287	)		(10,582	)		(7,660	)
Other		86			28			1,064			1,198
Adjusted EBITDA	$	49,639		$	41,957		$	186,631		$	157,630

Adjusted EBITDA Margin
	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2024			2023			2024			2023
Revenue	$	170,907		$	144,965		$	637,765		$	536,910

Net income		17,559			19,011			77,054			65,824
Margin		10	%		13	%		12	%		12	%

Adjusted EBITDA		49,639			41,957			186,631			157,630
Adjusted EBITDA Margin		29	%		29	%		29	%		29	%

Non-GAAP Income per Share
	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
		2024			2023			2024			2023
Net income	$	17,559		$	19,011		$	77,054		$	65,824
Stock-based compensation expense		12,293			9,411			54,557			45,508
Amortization of intangible assets		7,862			4,998			23,510			16,116
Realized (gain) loss from investments held and foreign currency impact on cash and investments		2,521			(1,201	)		(115	)		(1,726	)
Other		86			28			1,064			1,198
Income tax effects of adjustments		(6,371	)		(3,906	)		(24,505	)		(19,983	)
Non-GAAP income	$	33,950		$	28,341		$	131,565		$	106,937

Shares used to compute net income and non-GAAP income per share
Basic		37,646			36,831			37,306			36,646
Diluted		38,133			37,640			37,856			37,475

Net income per share, basic	$	0.47		$	0.52		$	2.07		$	1.80
Non-GAAP adjustments to net income per share, basic		0.43			0.25			1.46			1.12
Non-GAAP income per share, basic	$	0.90		$	0.77		$	3.53		$	2.92

Net income per share, diluted	$	0.46		$	0.51		$	2.04		$	1.76
Non-GAAP adjustments to net income per share, diluted		0.43			0.24			1.44			1.09
Non-GAAP income per share, diluted	$	0.89		$	0.75		$	3.48		$	2.85

The annual per share amounts may not cross-sum due to rounding.

Contact:
Investor Relations
The Blueshirt Group
Irmina Blaszczyk & Lisa Laukkanen
SPSC@blueshirtgroup.com
415-217-4962

The MIL Network –

February 11, 2025

MIL-OSI: PennantPark Investment Corporation Announces Financial Results for the Quarter Ended December 31, 2024

Source: GlobeNewswire (MIL-OSI)

MIAMI, Feb. 10, 2025 (GLOBE NEWSWIRE) — PennantPark Investment Corporation (NYSE: PNNT) announced today its financial results for the first quarter ended December 31, 2024.

HIGHLIGHTS
Quarter ended December 31, 2024 (unaudited)
($ in millions, except per share amounts)

Assets and Liabilities:
Investment portfolio ⁽¹⁾	$	1,298.1
Net assets	$	494.3
GAAP net asset value per share	$	7.57
Quarterly increase in GAAP net asset value per share		0.1	%
Adjusted net asset value per share ⁽²⁾	$	7.57
Quarterly increase in adjusted net asset value per share ⁽²⁾		0.1	%

Credit Facility	$	460.0
2026 Notes	$	148.8
2026-2 Notes	$	163.3
Regulatory debt to equity	1.58x
Weighted average yield on debt investments		12.0	%

Operating Results:
Net investment income	$	13.0
Net investment income per share	$	0.20
Core net investment income per share ⁽³⁾	$	0.20
Distributions declared per share	$	0.24

Portfolio Activity:
Purchases of investments*	$	295.7
Sales and repayments of investments*	$	353.7

PSLF Portfolio data:
PSLF investment portfolio	$	1,275.1
Purchases of investments	$	353.8
Sales and repayments of investments	$	109.1

________________________
* excludes U.S. Government Securities

Includes investments in PennantPark Senior Loan Fund, LLC (“PSLF”), an unconsolidated joint venture, totaling $208.2 million, at fair value.
This is a non-GAAP financial measure. The Company believes that this number provides useful information to investors and management because it reflects the Company’s financial performance excluding the impact of unrealized gain on the Company’s multi-currency, senior secured revolving credit facility with Truist Bank, as amended, the “Credit Facility.” The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP.
Core net investment income (“Core NII”) is a non-GAAP financial measure. The Company believes that Core NII provides useful information to investors and management because it reflects the Company’s financial performance excluding one-time or non-recurring investment income and expenses. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. For the quarter ended December 31, 2024, there were no one-time events, resulting in $0.20 of Core NII..

CONFERENCE CALL AT 12:00 P.M. EST ON FEBRUARY 11, 2025

PennantPark Investment Corporation (“we,” “our,” “us” or the “Company”) will also host a conference call at 12:00 p.m. (Eastern Time) on Tuesday, February 11, 2025 to discuss its financial results. All interested parties are welcome to participate. You can access the conference call by dialing toll-free (888) 394-8218 approximately 5-10 minutes prior to the call. International callers should dial (646) 828-8193. All callers should reference conference ID #9452525 or PennantPark Investment Corporation. An archived replay will also be available on a webcast link located on the Quarterly Earnings page in the Investor section of PennantPark’s website.

PORTFOLIO AND INVESTMENT ACTIVITY

“We are pleased to announce another quarter of solid NAV and credit performance,” said Arthur Penn, Chairman and CEO. “Our earnings stream continues to be strong and is driven in part by the excellent returns generated by our PSLF Joint Venture. Additionally, our dividend stream is supported by substantial spillover income.”

As of December 31, 2024, our portfolio totaled $1,298.1 million and consisted of $575.0 million or 44% of first lien secured debt, $124.8 million or 10% of U.S. Government Securities, $50.0 million or 4% of second lien secured debt, $206.1 million or 16% of subordinated debt (including $132.2 million or 10% in PSLF) and $342.2 million or 26% of preferred and common equity (including $76.0 million or 6% in PSLF). Our interest bearing debt portfolio consisted of 92% variable-rate investments and 8% fixed-rate investments. As of December 31, 2024, we had two portfolio companies on non-accrual, representing 4.3% and 1.5% percent of our overall portfolio on a cost and fair value basis, respectively. Overall, the portfolio had net unrealized appreciation of $13.6 million as of December 31, 2024. Our overall portfolio consisted of 158 companies with an average investment size of $7.4 million (excluding U.S. Government Securities), had a weighted average yield on interest bearing debt investments of 12.0%.

As of September 30, 2024, our portfolio totaled $1,328.1 million and consisted of $667.9 million or 50% of first lien secured debt, $99.6 million or 8% of U.S. Government Securities, $67.2 million or 5% of second lien secured debt, $181.7 million or 14% of subordinated debt (including $115.9 million or 9% in PSLF) and $311.7 million or 23% of preferred and common equity (including $67.9 million or 5% in PSLF). Our interest bearing debt portfolio consisted of 94% variable-rate investments and 6% fixed-rate investments. As of September 30, 2024, we had two portfolio companies on non-accrual, representing 4.1% and 2.3% percent of our overall portfolio on a cost and fair value basis, respectively. Overall, the portfolio had net unrealized appreciation of $11.2 million as of September 30, 2024. Our overall portfolio consisted of 152 companies with an average investment size of $8.1 million (excluding U.S. Government Securities), had a weighted average yield on interest bearing debt investments of 12.3%.

For the three months ended December 31, 2024, we invested $295.7 million in 12 new and 61 existing portfolio companies with a weighted average yield on debt investments of 10.6% (excluding U.S. Government Securities). For the three months ended December 31, 2024, sales and repayments of investments totaled $353.7 million (excluding U.S. Government Securities).

For the three months ended December 31, 2023, we invested $231.1 million in 12 new and 32 existing portfolio companies with a weighted average yield on debt investments of 11.9%. For the three months ended December 31, 2023, sales and repayments of investments totaled $71.0 million (excluding U.S. Government Securities).

PennantPark Senior Loan Fund, LLC

As of December 31, 2024, PSLF’s portfolio totaled $1,275.1 million, consisted of 112 companies with an average investment size of $11.4 million and had a weighted average yield interest bearing debt investments of 10.7%.

As of September 30, 2024, PSLF’s portfolio totaled $1,031.2 million, consisted of 102 companies with an average investment size of $10.1 million and had a weighted average yield interest bearing debt investments of 11.3%.

For the three months ended December 31, 2024, PSLF invested $353.8 million (including $286.6 million was purchased from the Company) in 15 new and 43 existing portfolio companies at weighted average yield interest bearing debt investments of 10.5%. PSLF’s sales and repayments of investments for the same period totaled $109.1 million.

For the three months ended December 31, 2023, PSLF invested $81.0 million (including $50.8 million were purchased from the Company) in five new and seven existing portfolio companies at weighted average yield on interest bearing debt investments of 12.7%. PSLF’s sales and repayments of investments for the same period totaled $29.1 million.

RESULTS OF OPERATIONS

Set forth below are the results of operations during the three months ended December 31, 2024 and 2023.

Investment Income

For the three months ended December 31, 2024, investment income was $34.2 million, which was attributable to $25.2 million from first lien secured debt, $2.0 million from second lien secured debt, $1.1 million from subordinated debt and $5.9 million from other investments, respectively. For the three months ended December 31, 2023, investment income was $34.3 million, which was attributable to $25.1 million from first lien secured debt, $2.6 million from second lien secured debt, $1.3 million from subordinated debt and $5.3 million from preferred and common equity, respectively. The decrease in investment income for the three months ended December 31, 2024 was primarily due to the changes in our portfolio and investment yields.

Expenses

For the three months ended December 31, 2024, expenses totaled $21.2 million and were comprised of $11.7 million of debt related interest and expenses, $4.3 million of base management fees, $2.8 million of incentive fees, $1.7 million of general and administrative expenses and $0.7 million of provision for excise taxes. For the three months ended December 31, 2023, expenses totaled $18.7 million, and were comprised of; $9.6 million of debt-related interest and expenses, $4.0 million of base management fees, $3.3 million of incentive fees, $1.4 million of general and administrative expenses and $0.4 million of provision for excise taxes. The increase in expenses for the three months ended December 31, 2024 was primarily due an increase in debt related interest and expenses.

Net Investment Income

For the three months ended December 31, 2024 and 2023, net investment income totaled $13.0 million, or $0.20 per share and $15.7 million, or $0.24 per share. The decrease in net investment income for the three months ended December 31, 2024 was primarily due to increase in interest expense.

Net Realized Gains or Losses

For the three months ended December 31, 2024 and 2023, net realized gains (losses) totaled $(2.6) million and $1.8 million, respectively. The change in realized gains (losses) was primarily due to changes in the market conditions of our investments and the values at which they were realized.

Unrealized Appreciation or Depreciation on Investments and Debt

For the three months ended December 31, 2024 and 2023, we reported net change in unrealized appreciation (depreciation) on investments of $2.4 million and $(5.0) million, respectively. As of December 31, 2024 and September 30, 2024, our net unrealized appreciation (depreciation) on investments totaled $13.6 million and $11.2 million, respectively. The net change in unrealized depreciation on our investments was primarily due to changes in the capital market conditions of our investments and the values at which they were realized.

For the three months ended December 31, 2024 and 2023, the Truist Credit Facility had a net change in unrealized appreciation (depreciation) of $3.3 million and $(2.0) million, respectively. As of December 31, 2024 and September 30, 2024, the net unrealized appreciation (depreciation) on the Truist Credit Facility totaled $4.4 million and $1.1 million, respectively. The net change in unrealized depreciation was primarily due to changes in the capital markets.

Net Change in Net Assets Resulting from Operations

For the three months ended December 31, 2024 and 2023, net increase (decrease) in net assets resulting from operations totaled $16.1 million or $0.25 per share and $10.7 million or $0.16 per share, respectively. The increase in net assets from operations for the three months ended December 31, 2024 was primarily due to a decrease in the net realized and unrealized depreciation in the portfolio primarily driven by changes in market conditions.

LIQUIDITY AND CAPITAL RESOURCES

Our liquidity and capital resources are derived primarily from cash flows from operations, including investment sales and repayments, income earned, proceeds of securities offerings and debt financings. Our primary use of funds from operations includes investments in portfolio companies and payments of interest expense, fees and other operating expenses we incur. We have used, and expect to continue to use, our debt capital, proceeds from the rotation of our portfolio and proceeds from public and private offerings of securities to finance our investment objectives and operations.

As of December 31, 2024 and September 30, 2024, we had $464.5 million and $461.5 million, respectively, in outstanding borrowings under the Truist Credit Facility. The Truist Credit Facility had a weighted average interest rate of 6.8% and 7.2%, respectively, exclusive of the fee on undrawn commitments. As of December 31, 2024 and September 30, 2024, we had $10.5 million and $13.5 million of unused borrowing capacity under the Truist Credit Facility, respectively, subject to leverage and borrowing base restrictions.

As of December 31, 2024 and September 30, 2024, we had cash and cash equivalents of $55.9 million and $49.9 million, respectively, available for investing and general corporate purposes. We believe our liquidity and capital resources are sufficient to allows us to effectively operate our business.

For the three months ended December 31, 2024, our operating activities provided cash of $18.7 million and our financing activities used cash of $12.7 million. Our operating activities provided cash primarily due to our investment activities and our financing activities used cash primarily for distributions paid to stockholders.

For the three months ended December 31, 2023, our operating activities used cash of $155.1 million and our financing activities provided cash of $153.2 million. Our operating activities used cash primarily due to our investment activities and our financing activities provided cash primarily from borrowings under the Truist Credit Facility.

DISTRIBUTIONS

During the three months ended December 31, 2024, we declared distributions of $0.24 per share, for total distributions of $15.7 million. During the three months ended December 31, 2023, we declared distributions of $0.21 per share, for total distributions of $13.7 million. We monitor available net investment income to determine if a return of capital for tax purposes may occur for the fiscal year. To the extent our taxable earnings fall below the total amount of our distributions for any given fiscal year, stockholders will be notified of the portion of those distributions deemed to be a tax return of capital. Tax characteristics of all distributions will be reported to stockholders subject to information reporting on Form 1099-DIV after the end of each calendar year and in our periodic reports filed with the SEC.

RECENT DEVELOPMENTS

The multi-currency Truist Credit Facility was upsized to $500.0 million (increased from $475 million in February 2025).

AVAILABLE INFORMATION

The Company makes available on its website its Quarterly Report on Form 10-Q filed with the SEC and stockholders may find the report on our website at www.pennantpark.com.


PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (In thousands, except share data)

	December 31, 2024			September 30, 2024
	(unaudited)
Assets
Investments at fair value
Non-controlled, non-affiliated investments (amortized cost—$856,406 and $916,168, respectively)	$	845,829		$	910,323
Non-controlled, affiliated investments (amortized cost—$57,109 and $56,734, respectively)		11,032			33,423
Controlled, affiliated investments (amortized cost—$370,967 and $343,970, respectively)		441,205			384,304
Total investments (amortized cost—$1,284,482 and $1,316,872, respectively)		1,298,066			1,328,050
Cash and cash equivalents (cost—$55,868 and $49,833, respectively)		55,851			49,861
Interest receivable		5,227			5,261
Receivable for investments sold		47,230			—
Distribution receivable		5,359			5,417
Due from affiliates		144			228
Prepaid expenses and other assets		214			269
Total assets		1,412,091			1,389,086
Liabilities
Truist Credit Facility payable, at fair value (cost—$464,456 and $461,456, respectively)		460,033			460,361
2026 Notes payable, net (par— $150,000)		148,796			148,571
2026 Notes-2 payable, net (par— $165,000)		163,293			163,080
Payable for investment purchased		125,050			100,096
Distributions payable		5,224			5,224
Base management fee payable		4,268			4,297
Incentive fee payable		2,756			3,057
Accounts payable and accrued expenses		5,500			4,053
Interest payable on debt		2,850			6,406
Due to affiliates		—			33
Total liabilities		917,770			895,178
Net assets
Common stock, 65,296,094 and 65,296,094 shares issued and outstanding, respectively Par value $0.001 per share and 200,000,000 shares authorized		65			65
Paid-in capital in excess of par value		743,968			743,968
Accumulated deficit		(249,712	)		(250,125	)
Total net assets	$	494,321		$	493,908
Total liabilities and net assets	$	1,412,091		$	1,389,086
Net asset value per share	$	7.57		$	7.56


PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except share data) (Unaudited)

	Three Months Ended December 31,
	2024			2023
Investment income:
From non-controlled, non-affiliated investments:
Interest	$	18,767		$	21,068
Payment-in-kind		1,421			2
Dividend income		508			692
Other income		582			1,425
From non-controlled, affiliated investments:
Payment-in-kind		—			347
From controlled, affiliated investments:
Interest		7,255			5,481
Payment-in-kind		823			632
Dividend income		4,851			4,689
Total investment income		34,207			34,336
Expenses:
Interest and expenses on debt		11,741			9,557
Base management fee		4,268			4,004
Incentive fee		2,756			3,321
General and administrative expenses		1,250			1,214
Administrative services expenses		500			189
Expenses before provision for taxes		20,515			18,285
Provision for taxes on net investment income		700			393
Net expenses		21,215			18,678
Net investment income		12,992			15,658
Realized and unrealized gain (loss) on investments and debt:
Net realized gain (loss) on investments and debt:
Non-controlled, non-affiliated investments		(2,560	)		2,581
Non-controlled and controlled, affiliated investments		—			(750	)
Net realized gain (loss) on investments and debt		(2,560	)		1,831
Net change in unrealized appreciation (depreciation) on:
Non-controlled, non-affiliated investments		(4,777	)		(12,270	)
Non-controlled and controlled, affiliated investments		7,138			7,324
Provision for taxes on unrealized appreciation (depreciation) on investments		(37	)		150
Debt appreciation (depreciation)		3,328			(2,040	)
Net change in unrealized appreciation (depreciation) on investments and debt		5,652			(6,836	)
Net realized and unrealized gain (loss) from investments and debt		3,092			(5,005	)
Net increase (decrease) in net assets resulting from operations	$	16,084		$	10,653
Net increase (decrease) in net assets resulting from operations per common share	$	0.25		$	0.16
Net investment income per common share	$	0.20		$	0.24

ABOUT PENNANTPARK INVESTMENT CORPORATION

PennantPark Investment Corporation, or the Company, is a business development company that invests primarily in U.S. middle-market companies in the form of first lien secured debt, second lien secured debt, subordinated debt and equity investments. PennantPark Investment Corporation is managed by PennantPark Investment Advisers, LLC.

ABOUT PENNANTPARK INVESTMENT ADVISERS, LLC

PennantPark Investment Advisers, LLC is a leading middle market credit platform, managing $9.4 billion of investable capital, including available leverage. Since its inception in 2007, PennantPark Investment Advisers, LLC has provided investors access to middle market credit by offering private equity firms and their portfolio companies as well as other middle-market borrowers a comprehensive range of creative and flexible financing solutions. PennantPark Investment Advisers, LLC is headquartered in Miami and has offices in New York, Chicago, Houston, Los Angeles, and Amsterdam.

FORWARD-LOOKING STATEMENTS

This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. You should understand that under Section 27A(b)(2)(B) of the Securities Act of 1933, as amended, and Section 21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 do not apply to forward-looking statements made in periodic reports PennantPark Investment Corporation files under the Exchange Act. All statements other than statements of historical facts included in this press release are forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the SEC. PennantPark Investment Corporation undertakes no duty to update any forward-looking statement made herein. You should not place undue influence on such forward-looking statements as such statements speak only as of the date on which they are made.

We may use words such as “anticipates,” “believes,” “expects,” “intends,” “seeks,” “plans,” “estimates” and similar expressions to identify forward-looking statements. Such statements are based on currently available operating, financial and competitive information and are subject to various risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations.

The information contained herein is based on current tax laws, which may change in the future. The Company cannot be held responsible for any direct or incidental loss resulting from applying any of the information provided in this publication or from any other source mentioned. The information provided in this material does not constitute any specific legal, tax or accounting advice. Please consult with qualified professionals for this type of advice.

Contact:	Richard T. Allorto, Jr.
	PennantPark Investment Corporation
	(212) 905-1000
	www.pennantpark.com

The MIL Network –

February 11, 2025

MIL-OSI United Nations: Noting Terrorist Groups’ Resilience, UN Counter-Terrorism Chief Tells Security Council Lasting Global Collaboration Key to Address Conditions Conducive to Lawlessness

Source: United Nations General Assembly and Security Council

Speakers Discuss Risk ISIL/Da’esh, Their Affiliates Pose in Syria, Afghanistan, Across Africa

The resilience of terrorist groups underscores the need for sustained international collaboration and comprehensive, long-term responses that address the conditions conducive to terrorism, the Security Council heard today during a briefing on the threat posed by Islamic State in Iraq and the Levant (ISIL/Da’esh).

Vladimir Voronkov, Under-Secretary-General of the United Nations Office of Counter-Terrorism, discussing the Secretary-General’s twentieth biannual strategic-level report on the topic, highlighted the volatile situation in Syria, and “the risk that stockpiles of advanced weapons could fall into the hands of terrorists”. An estimated 42,500 individuals, some with alleged links to Da’esh, remain in detention camps in the north-east. Member States must “facilitate the safe, voluntary and dignified repatriation of their nationals still stranded in those camps and facilities”, he said.

Providing details on the global terrorism landscape during the past six months, he said that, in Afghanistan, ISIL-Khorasan continued to pose a significant threat noting that its supporters plotted attacks in Europe and were actively seeking to recruit individuals from Central Asian States. In West Africa and the Sahel, Da’esh affiliates and other terrorist groups intensified attacks, including against schools in Burkina Faso, Mali and Niger, while in Somalia, the organization successfully recruited foreign terrorist fighters.

Sub-Saharan Africa has become the epicenter of global terrorism, he said, noting that the United Nations has prioritized capacity-building support to the continent. His office increased its delivery of technical assistance by 16 per cent, relying notably on the work of its Rabat Office. Highlighting the Fusion Cells programme which delivered specialized training to 124 analysts from 21 African Member States, he stressed the need to further strengthen border security to counter movements of terrorists. His office partnered with the Governments of Kuwait and Tajikistan to organize a conference on this.

The Countering Terrorist Travel programme, he said, continued to expand with 63 beneficiary Member States who are increasingly relying on the goTRAVEL software to collect and process passenger data to detect and prevent terrorist movements. Noting that the Pact for the Future renewed the international community’s commitment to a future free from terrorism, he urged Member States to translate these commitments into action, prioritizing inclusive, networked and sustainable responses.

Approach Centered on Prevention, Respect for Human Rights Key to Countering Terrorist Threat

Also briefing the Council was Natalia Gherman, Executive Director of Counter-Terrorism Committee Executive Directorate, who voiced concern over the humanitarian and security crisis in north-eastern Syria, with over 40,000 individuals confined in camps and detention facilities, under conditions marked by overcrowding, inadequate shelter and limited access to clean water and sanitation. Beyond the Middle East, Da’esh remains agile, taking advantage of ongoing conflicts and regions experiencing growing instability, she continued. The group now poses a threat to security and sustainable development across the African continent.

Armed terrorist groups, such as Islamic State West Africa Province, are exploiting fragile conditions to recruit children, commit abductions and attack schools and hospitals. In the Sahel and the Lake Chad Basin, Da’esh’s centralized operations continue to proliferate as regional cooperation declines, she said, adding that the role of the regional financial hubs used by the group and its affiliates has also expanded.

“Addressing these threats requires an approach centered on prevention, grounded in respect for human rights, and with regional cooperation as the linchpin,” she stressed, noting the Committee’s visits to Côte d’Ivoire, Ghana, Malawi, Mauritania and the United Republic of Tanzania. Assessments revealed gaps in border security and the need for stronger regional collaboration to counter the transnational nature of Da’esh’s activities. For its part, the Executive Directorate has recently adopted the non-binding guiding principles on preventing, detecting and disrupting the use of new and emerging financial technologies for terrorist purposes — the so-called “Algeria Guiding Principles”, she said.

Council Members Concerned Over Terrorists’ Adeptness at Expanding Operations, Attractomg New Recruits

In the ensuing discussion, Council members expressed concern that, despite decades of counter-terrorism efforts, the phenomenon has transformed adeptly, taking advantage of new technology and financial innovations. Sierra Leone’s delegate said that ISIL/Da’esh and their affiliates “continue to demonstrate resilience and adapt their modus operandi with extensive propaganda, as well as increased finances, fighters’ expertise and technology”. 14,000 fatalities were recorded on the African continent alone in 2024, he said, noting the impact on women and girls. A security-centered approach alone is insufficient, he stressed.

Along similar lines, Algeria’s delegate said that terrorist groups use the lack of development and marginalization to recruit and expand — therefore, security arrangements and development initiatives are equally necessary to combat this. Highlighting the Sahel, he said that well-equipped armed groups are adopting advancing military strategies as well as using organized crime, narcotic trafficking, kidnapping and new technologies to finance such operations.

France’s speaker noted that Da’esh, Al-Qaida and their affiliates are misappropriating new technology — such as drones — to carry out more targeted and lethal attacks. “These groups thrive on the soil where basic human rights are being violated, where women are marginalized,” she stated, adding that their use of sexual violence as a means of sowing terror has been documented.

“Our work is far from complete,” said Somalia’s representative, spotlighting “patterns of expansion” across regions, with groups establishing networks that transcend national borders. For its part, his Government has successfully conducted military operations with international partners to neutralize foreign Da’esh affiliates and implement joint security initiatives.

The representative of the United States highlighted her Government’s “precision air strikes” against ISIS in Somalia on 1 February. Her country “stands ready to find and eliminate terrorists who threaten the United States and our allies,” she said. She also urged Council members to list more ISIL and Al-Qaida affiliates in the 1267 Sanctions Committee list so that they will be subject to its worldwide assets travel ban and arms embargo. While the Sahel has become “the global epicenter for fatalities from terrorist attacks”, ISIS-Khorasan is increasing its capabilities to conduct attacks and recruit in Afghanistan and Pakistan, she said.

Counter-terrorism Policies Must Oppose Double Standards and Selectivity

Pakistan’s delegate drew attention to the need to address white supremacy and far-right extremism, as well. Counter-terrorism policies have so far singled out only one religion — Islam — but they must address the negative impact of stigmatizing Muslims and fanning the flames of Islamophobia, he said. His country is at the forefront of counter-terrorism efforts, fighting not only Da’esh, but also TTP [Tehrik-e Taliban Pakistan] and Majid Brigade. Further, “the international community has failed to address State terrorism, including the use of State power to suppress legitimate struggles for self-determination or to continue foreign occupation”, he said.

It was the North Atlantic Treaty Organization’s (NATO) invasion into Libya and the invasion of Iraq which spawned ISIL, the Russian Federation’s delegate said. Further, the United Nations’ counter-terrorism officials must “study the facts” on assistance to terrorists provided by Western countries, he said, adding that Ukraine, for instance, has become a logistic hub from which weapons disseminate across the world. NATO troops who hastily left Afghanistan also abandoned vast quantities of weapons which fell into the hands of ISIL and affiliates, he said.

The Council should oppose double standards and selectivity in counter-terrorism efforts, China’s representative, Council President for the month, speaking in his national capacity, underscored. He also voiced concern over the Turkistan Islamic Party in Syria, and called on Damascus to fulfil its counter-terrorism obligations and prevent any terrorist forces from using the Syrian territory to threaten the security of other countries.

Calls to Ensure Terrorist Groups Do Not Take Advantage of Instability in Syria

Several speakers, including the delegates of Denmark and Slovenia, stressed the need to ensure that terrorist groups do not take advantage of the instability in Syria. Greece’s delegate underlined the need for a political road map in that country that includes constitutional reform, free and fair elections and inclusive governance. “This is the only way towards the eradication not only of Da’esh, but terrorism in general,” he added. The United Kingdom’s delegate spotlighted the Global Coalition’s efforts to reduce the risk Da’esh poses as Syria embarks on its historical political transition. However, “we cannot fight terrorism with force alone”, he emphasized, calling for a whole-of-society approach — with the meaningful participation of women — to address the long-term drivers of terrorism.

Terrorists’ Increased Use of Information and Communications Technology Draws Concern

Delegates also considered how to tackle terrorist groups’ increased use of information and communications technology (ICT), with Guyana’s representative noting that gaming and social media platforms bolster resources and recruitment. The Analytical Support and Sanctions Monitoring Team has reported extensively on the increased risk of online radicalization and recruitment targeting youth and minors and the increasing use of cryptocurrencies by Da’esh, she said.

Also noting Da’esh’s use of cryptocurrencies, Panama’s delegate said: “Terrorism thrives on secrecy and underground flows of money.” His country is the only Latin American nation to participate in the Global Coalition against Da’esh and is committed to preventing terrorists from using the Panamanian banking system for their financing.

The Republic of Korea’s speaker stressed that the international community must respond by leveraging artificial-intelligence-driven analytics to improve threat detection, disrupt terrorist narratives and bolster information integrity. Seoul’s new “AI and Preventing and Countering Violent Extremism” project, designed in collaboration with the United Nations Office of Counter-Terrorism, seeks to map out how terrorists exploit AI and build States’ capacity to counter these tactics by incorporating AI solutions, he said.

MIL OSI United Nations News –

February 11, 2025
MIL-OSI USA: Shaheen, Hassan Help Reintroduce Bipartisan SHRED Act to Keep Ski Fees Local, Support New Hampshire Recreation Management
US Senate News:
Source: United States Senator for New Hampshire Jeanne Shaheen

(Washington, DC) – U.S. Senators Jeanne Shaheen (D-NH) and Maggie Hassan (D-NH) helped reintroduce the Ski Hill Resources for Economic Development (SHRED) Act, led by U.S. Senators Michael Bennet (D-CO) and John Barrasso (R-WY). The bipartisan bill would fuel investment in outdoor recreation in mountain communities by enabling National Forests like the White Mountain National Forest to retain a portion of the annual fees paid by ski areas operating within their boundaries.

“During the winter, New Hampshire’s stunning White Mountains and impressive ski slopes attract Granite State residents and tourists alike – making it a key pillar of our outdoor recreation economy,” said Shaheen. “This bipartisan bill will reinvest ski fees to improve ski areas and support overall recreation in the White Mountain National Forest. I’ll continue supporting commonsense investments in our recreation economy to benefit local communities and preserve our landscapes for generations to come.”

“New Hampshire’s ski resorts are cornerstones of our winter tourism industry and our state’s economy,” said Hassan. “The SHRED Act is a commonsense, bipartisan bill that will help strengthen our local communities by ensuring that ski fees are invested in maintaining and improving the places that make New Hampshire a premier destination for winter sports. This legislation will benefit both our local communities and the millions of visitors who come to experience the Granite State’s natural beauty.”

In exchange for using some of America’s most stunning forestlands, the 124 ski areas operating on Forest Service lands across the country pay fees to the Forest Service that average over $40 million annually. The SHRED Act would establish a framework for local National Forests to retain a portion of ski fees to offset increased recreational use and support local ski permit and program administration. The SHRED Act also provides the Forest Service with flexibility to direct resources where they are needed the most.

Specifically, the SHRED Act would invest in the Granite State by:
- Keeping Ski Fees Local: By establishing a Ski Area Fee Retention Account to retain the fees that ski areas pay to the Forest Service. For National Forests that generate ski fees, 80 percent of those fees are available for authorized uses at the local National Forest. The remaining 20 percent of those fees would be available to assist any National Forests with winter or broad recreation needs.
- Supporting Winter Recreation: In each forest, 75 percent of the retained funds are directly available to support the Forest Service Ski Area Program and permitting needs, process proposals for ski area improvement projects, provide information for visitors and prepare for wildfire. Any excess funds can be directed to other National Forests with winter or broad recreation needs.
- Addressing Broad Recreation Needs: In each forest, 25 percent of the retained funds are available to support a broad set of year-round local recreation management and community needs, including special use permit administration, visitor services, trailhead improvements, facility maintenance, search and rescue activities, avalanche information and education, habitat restoration at recreation sites and affordable workforce housing. This set-aside would dramatically increase some Forest Service unit’s budgets to meet the growing visitation and demand for outdoor recreation.
Shaheen and Hassan have long led efforts in Congress that support and invest in New Hampshire’s tourism and travel industries that fuel local economies across the state. Shaheen led her bipartisan Outdoor Recreation Jobs and Economic Impact Act into law to require the federal government to measure the impact of the outdoor recreation on the economy. In November 2024, Shaheen applauded the release of an annual report showing a $1.2 trillion economic contribution by the outdoor recreation sector in 2023, including adding $3.9 billion to New Hampshire’s economy. In New Hampshire, outdoor recreation accounts for 3.4% of gross domestic product (GDP) and employs 32,000 people, which is a 2.9% increase in jobs.

Shaheen and Hassan led efforts to help secure full funding and permanent authorization for the Land and Water Conservation Fund (LWCF), which has helped protect more than 2.5 million acres of land and supported tens of thousands of state and local outdoor recreation projects throughout the nation. In 2020, the Senators helped lead the Great American Outdoors Act into law to permanently fund the LWCF and provide mandatory funding for deferred maintenance on public lands.
MIL OSI USA News –
February 11, 2025
MIL-OSI USA: Cassidy, Hassan Reintroduce Bill to Connect Individuals to The Workforce

US Senate News:

Source: United States Senator for Louisiana Bill Cassidy

WASHINGTON – U.S. Senators Bill Cassidy, M.D. (R-LA) and Maggie Hassan (D-NH) reintroduced the Improve and Enhance the Work Opportunity Tax Credit Act to build the U.S. workforce and help connect individuals to good jobs. The bill will strengthen the Work Opportunity Tax Credit (WOTC), which has a proven track record of helping disadvantaged individuals secure employment. Companion legislation was introduced in the U.S. House of Representatives by U.S. Representative Lloyd Smucker (R-PA-11).
“It’s not always easy to rejoin the workforce,” said Dr. Cassidy. “By helping employers connect with prospective employees struggling to find work, we boost the American economy and reduce the reliance on government assistance. It’s a win-win.”
“Ensuring that every American has access to a good-paying job is critical to the success of our country and our local communities,” said Senator Hassan. “This commonsense, bipartisan legislation will help connect more Granite Staters to good-paying jobs, while also lowering costs for businesses that invest in hiring veterans, people with disabilities, and others who may face barriers to employment.”
“The best anti-poverty program is a good job. The Work Opportunity Tax Credit (WOTC) is a program that supports employers and employees as they reenter the workforce. I am committed to helping disadvantaged Americans get back to work by advancing legislation to improve this proven tool. WOTC is a bipartisan solution that every Member of Congress should support,” said Representative Smucker.
The WOTC provides a federal tax credit to employers who invest in American workers who have consistently faced barriers to employment, including eligible veterans, SNAP recipients, individuals with disabilities, and long-term unemployed individuals. Employers incur higher recruitment and training costs to reach WOTC eligible populations and support their successful transition back into employment. WOTC has not been updated since its enactment twenty-seven years ago, and its value has been eroded significantly due to inflation. The National Employment Opportunity Network reports that the WOTC has saved federal governments an estimated $202 billion over ten years.
The Improve and Enhance the Work Opportunity Tax Credit Act would:

Update the WOTC, which has not been changed since its enactment twenty-seven years ago and encourage longer-service employment.
Increase the current credit percentage from 40% to 50% of qualified wages.
Add a second level of credit for employees who work 400 or more hours.
Eliminate the arbitrary age cap at which SNAP recipients are eligible for WOTC. This change will provide an incentive to hire older workers and better align the credit with previously adopted work reforms.

The bill is supported by the Louisiana Retailers Association, Albertsons, American Health Care Association, American Hotel & Lodging Association, American Seniors Housing Association, American Staffing Association, American Trucking Associations, Argentum, Asian American Hotel Owners Association, Associated Builders and Contractors, Associated General Contractors of America, Associated Wholesale Grocers, Inc., Brookshire’s, Brookshire Grocery Company, Coalition of Franchisee Associations, Critical Labor Coalition, Due Process Institute, Dunkin Donuts Independent Franchisee Organization, FMI – The Food Industry Association, Franchise Business Services, Fresh By Brookshire’s, Giant Eagle and GetGo Café + Market, H-E-B. Honest Jobs, ICSC, International Franchise Association, The Worldwide Cleaning Industry Association, The Kroger Co., NAACP, NAPEO, National Association of Convenience Stores, National Association for Home Care and Hospice, National Association of Wholesaler-Distributors, National Beer Wholesalers Association, National Employment Opportunity Network (NEON), National Franchisee Association, National Grocers Association, National Restaurant Association, National Urban League, NATSO, Pete & Gerry’s Organics, LLC, Reasor’s, Retail Industry Leaders Association, Retail Grocers Association MO&KS, Retail Merchants Association, SIGMA: America’s Leading Fuel Marketers, Small Business & Entrepreneurship Council, Society for Human Resource Management, Spring Market, Super 1 Foods, UPS, and Wakefern Food Corp.
“The restaurant industry has hundreds of thousands of jobs that it needs to fill every month, many of which can be filled by individuals who have traditionally faced barriers to employment. Getting these people back to work is valuable to the individual, the restaurant operator and the community. We appreciate Sens. Cassidy and Hassan’s efforts to improve on WOTC as a tool for restaurant operators to hire needed staff and increase their business viability,” said Sean Kennedy, Executive Vice President of Public Affairs, National Restaurant Association.
“The Louisiana Restaurant Association applauds Sen. Cassidy for his leadership in introducing the Improve and Enhance the Work Opportunity Tax Credit (WOTC) Act. Restaurants in Louisiana are not just places to enjoy great food; they are training grounds for skill development and second chances for many individuals facing employment barriers. The WOTC program is essential for fostering opportunities, strengthening our workforce, and contributing to the economic vitality of our communities,” said Stan Harris, President and CEO, Louisiana Restaurant Association.
“America’s workforce is facing a perfect storm. The labor shortage, exacerbated by demographic shifts, aging population, declining participation, mismatch of skills and the lingering effects of the pandemic, has left employers struggling to fill jobs in critical industries. The Critical Labor Coalition strongly supports the Improve and Enhance the Work Opportunity Tax Credit Act, which will modernize WOTC to reflect today’s labor market realities and ensure that businesses—especially those hit hardest by workforce shortages—are incentivized to hire individuals from historically underemployed groups who may otherwise face barriers to entering the workforce,” said Misty Chally, Executive Director, Critical Labor Coalition.
“FMI – The Food Industry Association applauds Senators Bill Cassidy (R-LA) and Maggie Hassan (D-NH) for introducing this legislation to improve the Work Opportunity Tax Credit (WOTC). WOTC is an important workforce-building tool, utilized by our grocery, wholesaler, and product supplier members, to hire individuals facing barriers to employment. FMI is excited to work with Senators Cassidy and Hassan and House companion bill sponsors Representatives Lloyd Smucker (R-PA) and Terri Sewell (D-AL) on strengthening the path for veterans, SNAP participants, justice-involved individuals, and others to obtain meaningful employment in the food industry through enactment of this measure,” said Christine Pollack, FMI Vice President, Government Relations.
“The Work Opportunity Tax Credit has been a vital resource for franchise business owners that provide job opportunities to workers who have faced barriers to employment. IFA applauds Sens. Cassidy and Hassan for taking this important step to help franchised businesses hire workers from underserved communities and provide additional relief, especially since finding labor remains the most significant challenge for local franchises,” said Mike Layman, Chief Advocacy Officer, International Franchise Association.

MIL OSI USA News –

February 11, 2025
MIL-OSI USA: Relief Remains Available to Mississippi Businesses Impacted by April Storms:

Source: United States Small Business Administration

ATLANTA – The U.S. Small Business Administration (SBA) is reminding small businesses and private nonprofit (PNP) organizations in Mississippi of the March 10 deadline to apply for low interest federal disaster loans to offset economic losses caused by severe storms, straight-line winds, tornadoes, and flooding that occurred April 8-11, 2024.

The disaster declaration covers the counties of Attala, Claiborne, Copiah, Hancock, Harrison, Hinds, Holmes, Humphreys, Jasper, Kemper, Lauderdale, Leake, Leflore, Madison, Neshoba, Newton, Pearl River, Rankin, Scott, Sharkey, Simpson, Smith, Stone, Sunflower, Warren, Washington, and Winston in Mississippi, as well as St. Tammany Parish in Louisiana.

Under this declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries, and PNPs that suffered financial losses directly related to the disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises.

EIDLs are available for working capital needs caused by the disaster and are available even if the business or PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills that would have been paid had the disaster not occurred.

The loan amount can be up to $2 million with interest rates as low as 4% for small businesses and 3.25% for PNPs, with terms up to 30 years. Interest does not accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan amount terms based on each applicant’s financial condition.

For more information and to apply online visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

The deadline to return economic injury applications is March 10, 2025.

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About the U.S. Small Business Administration

The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

MIL OSI USA News –

February 11, 2025
MIL-OSI USA: Jesse Walsh: Possibility at the Cutting Edge of Flight

Source: NASA

Name: Jesse Walsh
Formal Job Classification: Project Formulation Manager
Organization: Project Formulation and Development Office, Flight Projects Directorate (Code 401.0)
What do you do and what is most interesting about your role here at Goddard? How do you help support Goddard’s mission?
As a formulation manager, I am the project manager in the room as we are designing science space flight missions. We develop proposals to be competed on the agency level against other NASA centers, and outside institutions.
I am also our office’s representative on the Earth science line of business.

What is your background?
In 2000, I graduated from the U.S. Naval Academy with a B.S. in mechanical engineering. In the Navy I went to flight school in Pensacola, Florida, and became a naval flight officer. I was the “Goose,” not “Maverick,” in the P-3 Orion, a four-engine prop plane that primarily hunts for submarines. I was then stationed in Hawaii as part of Patrol Squadron 9, that deployed to the Far East and Middle East. Next, I worked at the Naval Research Lab in Washington, D.C., as a project officer for science experiments on P-3s from Patuxent River Naval Air Station in Patuxent River, Maryland.
I developed migraines that disqualified me from flying. In 2007, I got a master’s in civil engineering project management from the University of Maryland. I then worked in Bethesda, Maryland, constructing buildings around the beltway, as a physics teacher at our local high school, and as a project manager of secure facilities with the Army Corps of Engineers.
In 2016, I became the assistant branch head for facilities planning at Goddard. I later entered the Flight Projects Development Program, a two-year project manager training program, during which time I worked at the Flight Projects Development Office and as the payload manager for Space Infrastructure Dexterous Robot (SPIDER), a payload on OSAM-1. I had a proposal selected for a second step, and I came back to PFDO to work proposals.
Why is this your dream job?
We are on the cutting edge of what will fly. We are designing the missions and figuring out what the world of possible will be in space in five to seven years. Scientists come to the table with ideas and engineers make those ideas reality. I make sure the whole team is working together and that all these ideas and solutions fit within our budget and schedule. We make ideas realities.
How do you translate between scientists and engineers?
It is primarily about understanding incentives. Everyone is thinking differently with different solutions, but we have the same goal. Some scientists have had an idea for years, but the idea still has to be workable. If the resulting instrument or spacecraft fails, technical issues are often the first to be examined. I help the engineers push what they are comfortable making and help the scientists understand the limits of technology.
Please talk about the competing pressures of your job.
We are responsible for taxpayer’s money. If one thing goes wrong, even on a smaller mission, the monetary loss can run into many millions. The missions we build have cost limits. We fit cutting edge science into a cost-limited opportunity.
NASA is extremely thorough. We safeguard taxpayer funds, but also push cutting-edge science.
We are on a seesaw. The engineers are more focused on technical solutions while the scientists are more focused on scientific results. I help everyone negotiate a balance that fits within the cost and schedule. The diversity between and among scientists, engineers, and financial experts is what creates NASA’s innovative solutions.

What are some of your negotiating techniques?
I try to build trust between team members by understanding everyone’s incentives and making sure all team members understand the different incentives. We may have different angles of approach, but we all have the same goal. People are more likely to compromise the means if they know we will end up at the same place.
What is your proudest accomplishment?
I am proudest of our Dorado proposal because it was cutting edge science. We were trying to discover where heavy metals like gold are created in the universe. We were trying to prove that we could do fundamental science on a very lean budget, $35 million.
We did not win the final proposal, but I was extremely proud of our team, a very small, high-functioning team, that made us feel like we could discover the world.
You recently transferred to support the Geospace Dynamics Constellation (GDC) mission. What do you most enjoy about your new role?
I am still learning what I don’t know about GDC. I am finding is fascinating to see how the plans that are made in early stages of formulation change and adapt as they run into unforeseen obstacles during implementation. I am really enjoying being part of a small, high performing team, that is mission focused.

Who is your favorite author?
I married a librarian, and books and stories are fundamental parts of our life. I love Hemingway because he portrays extremely complex, emotional scenarios in very simplistic terms.
Who is your science hero?
My high school physics teacher, Mr. Finkbeiner, who taught me that you understand science in your gut, not your head. Science is not memorizing equations; it is understanding how the world around you works.
What are your hobbies?
I love flyfishing on the Chesapeake’s tidal rivers and also on fresh water for trout. Flyfishing involves actively engaging with nature; reading the water and the tides, figuring out nature’s puzzle and trying to crack the code.
What is your “six-word memoir”? A six-word memoir describes something in just six words.
I can’t wait for what’s next!
By Elizabeth M. JarrellNASA’s Goddard Space Flight Center, Greenbelt, Md.

Conversations With Goddard is a collection of Q&A profiles highlighting the breadth and depth of NASA’s Goddard Space Flight Center’s talented and diverse workforce. The Conversations have been published twice a month on average since May 2011. Read past editions on Goddard’s “Our People” webpage.

MIL OSI USA News –

February 11, 2025
MIL-OSI USA: One Month Left to Apply for Federal Disaster Assistance

Source: US Federal Emergency Management Agency

Headline: One Month Left to Apply for Federal Disaster Assistance

One Month Left to Apply for Federal Disaster Assistance

LOS ANGELES – Homeowners and renters who have incurred damage or losses from the Los Angeles County wildfires that began Jan. 7 have until Monday,March 10, 2025, to apply for FEMA Individual Assistance. The program provides financial and other assistance to eligible individuals and households to help meet their basic needs and supplement their wildfire recovery efforts. FEMA may reimburse eligible applicants for temporary housing, home repairs to their primary home, personal property losses, medical and dental expenses related to the disaster, childcare and other serious disaster-related needs not covered by insurance.Residents who have insurance need to file insurance claims for damage to their homes, personal property and vehicles before applying. FEMA assistance is not taxed and will not affect Social Security, Medicaid or other federal benefits. FEMA grants do not have to be repaid. Apply for FEMA Individual Assistance:Online at DisasterAssistance.gov (fastest option).On the FEMA App (available at the Apple App Store or Google Play).By phone on the FEMA Helpline at 800-621-3362. If you use a relay service, give FEMA your number for that service. Helpline operators speak many languages: press 2 for Spanish or press 3 for an interpreter who speaks your language. Lines are open from 7 a.m. to 10 p.m. 7 days a week. Visit a Disaster Recovery Center (DRC). To locate a DRC near you, visit the DRC Locator.For an American Sign Language video on how to apply, visit FEMA Accessible: Three Ways to Register for FEMA Disaster Assistance. After You ApplyIf you had damage and applied for FEMA assistance, you can expect a call, text or email from FEMA to schedule a home inspection to assess disaster damage. Please note phone calls from FEMA may come from an unfamiliar number. Inspectors will try to reach you multiple times but eventually will stop calling if you do not respond. You will learn FEMA’s decision on what benefits you may receive in a Determination Letter sent by email or U.S. Mail.FEMA may refer you to the U.S. Small Business Administration for a SBA low-interest disaster loan to help offset damage and losses caused by the wildfires. Disaster loans are available to renters, homeowners and businesses and are the largest source of federal disaster funding for people impacted by disasters. The deadline to apply with the SBA is also March 10, 2025. Do not wait for your FEMA Determination Letter to apply for a SBA loan. To apply visit sba.gov/disaster; call SBA’s Customer Service Center at 800-659-2955 or email DisasterCustomerService@sba.gov for more information or to have a loan application mailed to you. For people who are deaf, hard of hearing or have a speech disability, dial 711 to access telecommunications relay services. You may also apply with the help of a SBA representative or submit your loan application at a Business Recovery Center. To find one, go to Appointment.sba.gov. Completed paper loan applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
barbara.murien…
Mon, 02/10/2025 – 17:44

MIL OSI USA News –

February 11, 2025
MIL-OSI USA: FEMA Exercises Borrowing Authority for National Flood Insurance Program

Source: US Federal Emergency Management Agency

Headline: FEMA Exercises Borrowing Authority for National Flood Insurance Program

FEMA Exercises Borrowing Authority for National Flood Insurance Program

Follows more than $10 billion in projected payments related to Hurricanes Helene and MiltonWASHINGTON — FEMA has exercised its borrowing authority under the National Flood Insurance Act of 1968 to borrow $2 billion from U.S. Treasury to pay eligible National Flood Insurance Program (NFIP) policyholder claims. This borrowing action follows payouts in 2024 from several large-scale and back-to-back flooding events. While the NFIP’s premiums are usually sufficient to pay claims in years without catastrophic floods, heavy rain events in 2024 –including hurricanes Helene and Milton– caused massive, widespread damage resulting in tens of thousands of flood insurance claims.Hurricane Helene has received more than 57,400 flood insurance claims totaling more than $4.5 billion as of Feb. 6, 2025. Based on data as of Jan. 31, 2025, the estimated range for total losses paid in to the NFIP is between $6.4 to $7.4 billion. Hurricane Milton received more than 21,100 flood insurance claims totaling more than $740 million as of Feb. 6, 2025. The estimated range for losses paid is between $1.2 to $2.9 billion based on data as of Jan. 31, 2025.The NFIP is not designed to pay for multiple catastrophic events in a single year without additional financial assistance. The combined losses from 2024 have depleted the NFIP’s funds generated from premiums to pay claims.FEMA’s borrowing authority is $30.425 billion, of which FEMA has already borrowed $20.525 billion in the aftermath of hurricanes Katrina, Sandy and Harvey between 2005-2017. The debt is now $22.525 billion.“The widespread, devastating flooding following hurricanes Helene and Milton reemphasizes the financial effects flooding can have not just to survivors but also the National Flood Insurance Program. We are strategically utilizing short-term borrowings in 60-day increments, demonstrating our careful and responsible management of the borrowing authority,” said Elizabeth Asche, Ph.D., Senior Executive of the National Flood Insurance Program. “Despite these challenges, the NFIP remains unwavering in its commitment to fully pay every claim and ensure policyholders receive the compensation they are owed for eligible flood-related losses.”FEMA has always paid its NFIP claims on all eligible losses. Those who take the step to protect their homes and businesses by purchasing flood insurance get paid every dollar they are owed under their flood insurance policies.Flooding continues to be the costliest and most frequent natural disaster in the United States and flood insurance is still the best way for individual homeowners, renters and businesses to financially protect against future flood losses. The NFIP provides about $1.3 trillion in coverage to nearly 4.7 million policyholders nationwide.For more information about the NFIP, visit Floodsmart.gov.
amy.ashbridge
Mon, 02/10/2025 – 16:44

MIL OSI USA News –

February 11, 2025
MIL-OSI Security: Two convicted in Eastern District of Texas COVID fraud scheme

Source: Office of United States Attorneys

SHERMAN, Texas – A Collin County man and a Floridian have been convicted of federal violations related to a COVID fraud scheme in the Eastern District of Texas, announced Acting U.S. Attorney Abe McGlothin, Jr.

Cord Dean Newman, 47, of Homosassa, Florida, and Eric “Phoenix” Marascio, 53, of Allen, were found guilty of conspiracy to commit wire fraud and conspiracy to commit money laundering following a four-day trial before U.S. District Judge Jeremy D. Kernodle on February 6, 2025.

According to information presented in court, Newman, a Hollywood stuntman, and Marascio, an author and baker, were convicted for their involvement in a multimillion-dollar loan fraud and money laundering conspiracy. The evidence at trial showed they were involved in a scheme to defraud lenders and the Small Business Administration’s (SBA’s) Paycheck Protection Program (PPP) by applying for and obtaining fraudulent PPP loans during the COVID-19 pandemic. Once Newman and Marascio obtained the loans, they used the funds in a manner inconsistent with the program, including to invest in foreign exchange currency markets, to purchase vehicles, and for various other non-business-related expenditures.

The Coronavirus Aid, Relief, and Economic Security (CARES) Act was a federal law enacted in March 2020 and designed to provide emergency financial assistance to the millions of Americans who were suffering the economic effects caused by the COVID-19 pandemic. One source of relief provided by the CARES Act was the authorization of forgivable loans to small businesses for job retention and certain other expenses, through a program referred to as the Paycheck Protection Program (PPP). The Economic Injury Disaster Loan (EIDL) Program was an SBA program that provided low-interest financing to small businesses, renters, and homeowners in regions affected by declared disasters.

The defendants each face up to 20 years in federal prison at sentencing. The maximum statutory sentence prescribed by Congress is provided here for information purposes, as the sentencing will be determined by the court based on the advisory sentencing guidelines and other statutory factors. A sentencing hearing will be scheduled after the completion of a presentence investigation by the U.S. Probation Office.

This case is being investigated by the Federal Bureau of Investigation and the Internal Revenue Service – Criminal Investigations. This case is being prosecuted by Assistant U.S. Attorneys in the Eastern District of Texas.

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MIL Security OSI –

February 11, 2025

MIL-OSI: F&M Bank Welcomes Peter Schork as Market President for Toledo, OH & Birmingham, MI

Source: GlobeNewswire (MIL-OSI)

ARCHBOLD, Ohio, Feb. 10, 2025 (GLOBE NEWSWIRE) — F&M Bank (“F&M”), an Archbold, Ohio-based bank owned by Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) announced that Peter Schork has joined F&M as Market President of the Toledo, Ohio and Birmingham, Michigan markets.

Lars Eller, President and CEO of F&M stated, “As a proven community banker, Peter brings a wealth of experience to F&M. His leadership, deep market knowledge, and commitment to building strong relationships will be an invaluable resource to F&M as we continue to grow and serve our communities. We look forward to the impact he will make in driving success for our customers, employees, and stakeholders.”

In his new role, Peter will oversee F&M’s presence in the Toledo, Ohio, and Birmingham, Michigan markets, including offices in Waterville, Swanton, Perrysburg, Sylvania, and Downtown Toledo, as well as F&M’s Loan Production Office in Troy and its Birmingham, Michigan location.

Peter brings over 25 years of banking and financial experience to F&M. Prior to joining the Company, he served as the Ann Arbor President for Oxford Bank and co-founded the Ann Arbor State Bank serving as its President and CEO. In addition to his community bank experience, Peter was the CFO at Catalyst Commercial Real Estate, and the President of a Michigan based title, mortgage, and real estate company. In addition to his business experience, Peter is a proud supporter of various community organizations. Currently he serves on the Michigan Theater Board of Trustees, is a member of the Ray and Eleanor Cross Foundation and the Kiwanis Club of Ann Arbor and is a Board Member and Treasurer for the Homeless/Unhoused Mission. Peter holds a Master of Business Administration (M.B.A.) with a specialization in Finance from Eastern Michigan University.

About F&M Bank:
F&M Bank is a local independent community bank that has been serving its communities since 1897. F&M Bank provides commercial banking, retail banking and other financial services. Our locations are in Butler, Champaign, Fulton, Defiance, Hancock, Henry, Lucas, Shelby, Williams, and Wood counties in Ohio. In Northeast Indiana, we have offices located in Adams, Allen, DeKalb, Jay, Steuben and Wells counties. The Michigan footprint includes Oakland County, and we have Loan Production Offices in Troy, Michigan; Muncie, Indiana; and Perrysburg and Bryan, Ohio.

Safe harbor statement
Private Securities Litigation Reform Act of 1995. Statements by F&M, including management’s expectations and comments, may not be based on historical facts and are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21B of the Securities Exchange Act of 1934, as amended. Actual results could vary materially depending on risks and uncertainties inherent in general and local banking conditions, competitive factors specific to markets in which F&M and its subsidiaries operate, future interest rate levels, legislative and regulatory decisions, capital market conditions, or the effects of the COVID-19 pandemic, and its impacts on our credit quality and business operations, as well as its impact on general economic and financial market conditions. F&M assumes no responsibility to update this information. For more details, please refer to F&M’s SEC filing, including its most recent Annual Report on Form 10-K and quarterly reports on Form 10-Q. Such filings can be viewed at the SEC’s website, www.sec.gov or through F&M’s website www.fm.bank.

Company Contact: Lars B. Eller President and Chief Executive Officer Farmers & Merchants Bancorp, Inc. (419) 446-2501 leller@fm.bank	Investor and Media Contact: Andrew M. Berger Managing Director SM Berger & Company, Inc. (216) 464-6400 andrew@smberger.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e11179be-cf20-449e-9416-ca1e8ff1fd2f

The MIL Network –

February 11, 2025

MIL-OSI USA: Governor Newsom sponsors legislation to provide interest for disaster-affected homeowners
Source: US State of California 2
Feb 10, 2025
What you need to know: Governor Newsom is sponsoring new legislation to allow homeowners who receive insurance payments for lost or damaged property to receive the interest accrued rather than lenders.

LOS ANGELES — As part of the state’s ongoing efforts to support survivors of the LA-area firestorm, Governor Newsom today announced sponsoring new legislation to ensure homeowners, not lenders, benefit from the interest earned on insurance payouts, particularly those impacted by California’s most destructive wildfires.

The legislation, authored by Assemblymember John Haradebian (D – Pasadena), seeks to correct an inequity in current law that allows lenders to collect interest on insurance funds held in escrow after a disaster.

“Homeowners rebuilding after a disaster need all the support they can get, including the interest earned on their insurance funds. This is a commonsense solution that ensures that they receive every resource available to help them recover and rebuild.”

Governor Gavin Newsom

The legislation, authored by Assemblymember John Haradebian (D-Pasadena), seeks to correct an inequity in current law that allows lenders to collect interest on insurance funds held in escrow after a disaster.

“Homeowners, not insurance companies, should receive the interest earned on their insurance payouts. Many Angelenos devastated by these wildfires have lost nearly everything; they are struggling and need every bit of financial support. This bill puts people over profits, ensuring that rightful insurance payments go to those who need them most,” said Assemblymember John Harabedian (D-Pasadena).

After a disaster, insurance payouts are held in escrow until rebuilding is complete, which can take months or even years. During this time, these funds can accrue significant interest.

While California law requires lenders to pay homeowners interest on escrowed funds for property taxes and insurance, it does not extend this requirement to insurance payouts held in escrow. This legislation would amend state law to explicitly require lenders to pay homeowners the interest earned on post-loss insurance payouts, just as they do for other escrowed property expenses

Why this matters

✅ Fairness: Homeowners should receive the interest their insurance funds generate—not lenders.

✅ Disaster recovery: Provides much-needed financial support for wildfire victims rebuilding their homes and communities.
✅ No new burdens on lenders: Simply aligns insurance payout escrow rules with existing California escrow interest law.
✅ Protecting homeowners’ rights: Ensures insurance funds are treated the same as other escrowed property expenses.

This legislation ensures that homeowners benefit from the interest earned on insurance funds, particularly those impacted by California’s most destructive wildfires.

Speeding recovery, helping survivors

Today’s announcement adds to the Governor’s work to cut red tape, remove onerous permitting requirements, and help speed rebuilding and recovery from the Los Angeles firestorms. On January 12, Governor Newsom issued an executive order to streamline the rebuilding of homes and businesses destroyed — suspending the California Environmental Quality Act (CEQA) and the California Coastal Act permitting requirements and review.

Cutting red tape to help rebuild Los Angeles faster and stronger. Governor Newsom issued an executive order to streamline the rebuilding of homes and businesses destroyed — suspending permitting and review requirements under the California Environmental Quality Act (CEQA) and the California Coastal Act. The Governor also issued an executive order further cutting red tape by reiterating that permitting requirements under the California Coastal Act are suspended for rebuilding efforts and directing the Coastal Commission not to issue guidance or take any action that interferes with or conflicts with the Governor’s executive orders. The Governor also issued an executive order removing bureaucratic barriers, extending deadlines, and providing critical regulatory relief to help fire survivors rebuild, access essential services, and recover more quickly.

Providing tax and mortgage relief to those impacted by the fires. California postponed the individual tax filing deadline to October 15 for Los Angeles County taxpayers. Additionally, the state extended the January 31, 2025, sales and use tax filing deadline for Los Angeles County taxpayers until April 30 — providing critical tax relief for businesses. Governor Newsom suspended penalties and interest on late property tax payments for a year, effectively extending the state property tax deadline. The Governor also worked with state– and federally-chartered banks that have committed to providing mortgage relief for survivors in certain zip codes.

Fast-tracking temporary housing and protecting tenants. To help provide necessary shelter for those immediately impacted by the firestorms, the Governor issued an executive order to make it easier to streamline construction of accessory dwelling units, allow for more temporary trailers and other housing, and suspend fees for mobile home parks. Governor Newsom also issued an executive order that prohibits landlords in Los Angeles County from evicting tenants for sharing their rental with survivors displaced by the Los Angeles-area firestorms.

Mobilizing debris removal and cleanup. With an eye toward recovery, the Governor directed fast action on debris removal work and mitigating the potential for mudslides and flooding in areas burned. He also signed an executive order to allow expert federal hazmat crews to start cleaning up properties as a key step in getting people back to their properties safely. The Governor also issued an executive order to help mitigate risk of mudslides and flooding and protect communities by hastening efforts to remove debris, bolster flood defenses, and stabilize hillsides in affected areas.

Safeguarding survivors from price gouging. Governor Newsom expanded restrictions to protect survivors from illegal price hikes on rent, hotel and motel costs, and building materials or construction. Report violations to the Office of the Attorney General here.

Directing immediate state relief. The Governor signed legislation providing over $2.5 billion to immediately support ongoing emergency response efforts and to jumpstart recovery efforts for Los Angeles. California quickly launched CA.gov/LAfires as a single hub of information and resources to support those impacted and bolsters in-person Disaster Recovery Centers. The Governor also launched LA Rises, a unified recovery initiative that brings together private sector leaders to support rebuilding efforts. Governor Newsom announced that individuals and families directly impacted by the recent fires living in certain zip codes may be eligible to receive Disaster CalFresh food benefits.

Getting kids back in the classroom. Governor Newsom signed an executive order to quickly assist displaced students in the Los Angeles area and bolster schools affected by the firestorms.

Protecting victims from real estate speculators. The Governor issued an executive order to protect firestorm victims from predatory land speculators making aggressive and unsolicited cash offers to purchase their property.

Helping businesses and workers get back on their feet. The Governor issued an executive order to support small businesses and workers, by providing relief to help businesses recover quickly by deferring annual licensing fees and waiving other requirements that may impose barriers to recovery.

Get help today

For those Californians impacted by the firestorms in Los Angeles, there are resources available.Californians can go to CA.gov/LAfires – a hub for information and resources from state, local and federal government.

Individuals and business owners who sustained losses from wildfires in Los Angeles County can apply for disaster assistance:

Online at DisasterAssistance.gov

By calling 800-621-3362

By using the FEMA smart phone application

Assistance is available in over 40 languages

If you use a relay service, such as video relay service (VRS), captioned telephone service or others, give FEMA the number for that service
Press Releases, Recent News
Recent news

Feb 7, 2025

News SACRAMENTO – Governor Gavin Newsom today announced the following appointments:Khalil “KC” Mohseni, of Sacramento, has been appointed Commissioner of the California Department of Financial Protection and Innovation, where he has been the Chief Deputy Director…

Feb 7, 2025

News SACRAMENTO – Governor Gavin Newsom today announced that he has signed the following bills: SBX1-1 by Senator Scott Wiener (D-San Francisco) – Budget Act of 2024.SBX1-2 by Senator Scott Wiener (D-San Francisco) – Budget Act of 2024. A signing message can be found…

Feb 7, 2025

News LOS ANGELES — Governor Gavin Newsom, LA28 Chairperson and President Casey Wasserman, Dodgers Chairman Mark Walter, and NBA legend Earvin “Magic” Johnson have teamed up through LA Rises to release a new PSA warning fire victims about predatory real estate…

MIL OSI USA News –
February 11, 2025
MIL-OSI USA: Growing Colorado’s Leading Aerospace Industry: Gov. Polis Announces Digantara Expansion in Colorado Springs

Source: US State of Colorado

COLORADO SPRINGS – Today, Governor Polis and the Global Business Development Division of the Colorado Office of Economic Development and International Trade (OEDIT) announced that Digantara, a leading space surveillance and intelligence company specializing in space domain awareness, has selected Colorado Springs, Colorado, for expansion.

“I’m thrilled to welcome Digantara to Colorado, the best place to live, work, and do business. Digantara will bring 61 new, good-paying jobs while supporting safer space operations,” said Governor Polis.

Based in India, Digantara develops space surveillance systems designed to manage increasing orbital traffic and enhance space operations by delivering accurate and real-time orbital insights. The company’s systems pair constellations of cost-efficient nanosatellites in low earth orbit with precise modeling to enable the space industry to secure long-term spaceflight safety and build maps for space.

“Colorado is a leader in aerospace innovation, and we’re thrilled to welcome Digantara to our growing Aerospace community,” said Lt. Governor Dianne Primavera and co-chair of the Colorado Space Coalition. “With top research institutions, a skilled workforce, and strong industry partnerships, our state is the ideal place for companies shaping the future of space. We look forward to seeing Digantara’s impact on space sustainability and security.”

Digantara specializes in patented space-to-space tracking Optical and LiDAR systems. The company plans to establish a Satellite Assembly, Integration and Testing (AIT) facility in Colorado Springs to develop these payloads locally, catering to the Intelligence, Surveillance and Reconnaissance (ISR) needs of U.S. Government and Department of Defense agencies.

“Colorado stands at the heart of the US aerospace-defense ecosystem, making it the perfect base for Digantara. Here, we aim to collaborate with the US aerospace and defense community locally, advancing global space security through innovation and partnership. Our mission is clear: contribute to U.S. and its allies’ defense efforts and help ensure a safe, sustainable space for a secure future,” said Anirudh Sharma, CEO of Digantara.

Digantara champions space sustainability, with active advocacy in the Paris Peace Forum’s Net Zero Space Initiative and the UN Space Bridge Dialogue on Global Space Traffic Coordination. In Colorado Springs, the company plans to establish a U.S. base to pursue opportunities to collaborate with U.S. defense agencies on surveillance and defense initiatives. This includes a capital investment of $35 million. Proximity to talent and the opportunity to locate in a leading aerospace market were key considerations.

“Colorado is now home to 2,000 aerospace companies, an increase of 26% over the last five years. When companies like Digantara expand in our state, they continue to strengthen this key sector of our economy while advancing innovative new technologies that will be critical to space and space missions,” said OEDIT Executive Director Eve Lieberman.

Digantara expects to create 61 net new jobs at an average annual wage of $82,645, which is 130% of the average annual wage in El Paso County. The positions will include software engineers, systems engineers, business developers, human resources, and finance roles.

The Colorado Economic Development Commission approved up to $759,034 in a performance-based Job Growth Incentive Tax Credit for the company over an eight-year period. These incentives are contingent upon Digantara, referred to as Project Diamond throughout the OEDIT review process, meeting net new job creation and salary requirements. The Colorado Springs City Council approved $198,225 over a four-year period in performance-based incentives. The sales and use tax rebates apply to the purchases of construction materials, equipment, machinery, furniture, and fixtures. The City’s Economic Development Department also offered to support the company through its Rapid Response Program, as well as talent and workforce development support. Additionally, El Paso County approved $812,030 in incentives.

“We are thrilled to welcome Digantara as they open their first U.S. office right here in our Colorado Springs, Olympic City USA,” said Mayor Yemi Mobolade. “As a key player in space surveillance and intelligence, specializing in space domain awareness, they are a perfect fit for our growing ecosystem of tech, aerospace, space, and cybersecurity companies. This is yet another example of the exciting expansion we’re seeing in this critical sector, further solidifying Colorado Springs’ position at the forefront of space innovation.”

“El Paso County is proud to support Digantara, which enhances our region’s leadership in the aerospace and defense industries—sectors that drive our local economy and safeguard our national security. We are committed to supporting businesses that create jobs, invest in our workforce, and strengthen our local economy. This investment goes beyond a single project; it represents a commitment to the future of our region, reinforcing our position as a place where businesses can innovate, expand, and thrive,” said El Paso County Commissioner and Chair Carrie Geitner.

“Digantara’s expansion is a big win for Colorado Springs and the Pikes Peak region, boosting our space talent and reinforcing our reputation as a prominent force in national security and a top location for aerospace and defense investments,” said Johnna Reeder Kleymeyer, President & CEO of Colorado Springs Chamber & EDC. “With our strong and diverse economy, highly skilled workforce, and cutting-edge technologies, it’s clear that Colorado Springs is the ideal place for space companies to innovate and thrive.”

In addition to Colorado, Digantara considered North Carolina, Texas and California for expansion. The company currently has 70 employees, none of whom are in Colorado.

About Colorado Office of Economic Development and International Trade

The Colorado Office of Economic Development and International Trade (OEDIT) works to empower all to thrive in Colorado’s economy. Under the leadership of the Governor and in collaboration with economic development partners across the state, we foster a thriving business environment through funding and financial programs, training, consulting and informational resources across industries and regions. We promote economic growth and long-term job creation by recruiting, retaining, and expanding Colorado businesses and providing programs that support entrepreneurs and businesses of all sizes at every stage of growth. Our goal is to protect what makes our state a great place to live, work, start a business, raise a family, visit and retire—and make it accessible to everyone. Learn more about OEDIT.

###

MIL OSI USA News –

February 11, 2025
MIL-OSI Security: IRS, Postal Employees Indicted for Stealing U.S. Treasury Check

Source: Office of United States Attorneys

KANSAS CITY, Mo. – Employees with the IRS and the U.S. Postal Service are among three defendants who have been indicted by a federal grand jury for stealing and cashing a U.S. Treasury check.

Sierra S. McCall, 31, of Independence, Mo., Jalen Koonce, 31, of Raytown, Mo., and Julian A. King, 31, address unknown, where charged in a three-count indictment returned under seal by a federal grand jury in Kansas City, Mo., on Thursday, Feb. 6. The indictment was unsealed and made public following Koonce’s arrest and initial court appearance on Friday, Feb. 7.

McCall is employed by the IRS as a customer contact representative. Koonce is employed by the U.S. Postal Service at the sorting facility where government checks are processed. King is the father of McCall’s child.

The federal indictment charges McCall, Koonce, and King together in one count of the theft of government property. The indictment alleges they aided and abetted each other to steal and cash a $72,236 U.S. Treasury check on Aug. 9, 2023.

The indictment also charges Koonce and King each with one count of money laundering related to financial transactions on Aug. 9, 2023, that involved the proceeds of the theft of government property.

The charges contained in this indictment are simply accusations, and not evidence of guilt. Evidence supporting the charges must be presented to a federal trial jury, whose duty is to determine guilt or innocence.

This case is being prosecuted by Assistant U.S. Attorney Paul S. Becker. It was investigated by Treasury Inspector General for Tax Administration (TIGTA) and the U.S. Postal Service – Office of Inspector General.

MIL Security OSI –

February 11, 2025
MIL-OSI Europe: Answer to a written question – Consequences of the digital euro for financial stability and individual freedoms – E-002634/2024(ASW)
Source: European Parliament
The Commission proposal on a digital euro[1] takes the possible impact on financial stability and individual freedoms very seriously and proposes effective safeguards.

The proposal aims to preserve financial stability in normal and crisis times. The digital euro is envisaged primarily as a means of payment rather than a store of value.

Accordingly, the European Central Bank (ECB) would be required to develop tools to limit the digital euro’s store of value function, i.e. via limits on individual digital euro holdings, which the ECB could adapt over time to evolving circumstances.

These holding limits together with the zero interest rates and the payment function without actual holdings in digital euro (so called reverse waterfall mechanism) would limit the shift of commercial bank deposits to digital euro and thus mitigate the risk of bank disintermediation, protecting financial stability and the provision of credit by commercial banks.

The proposal also clearly and transparently limits and frames the processing of personal data related to the digital euro. This ensures full respect of the General Data Protection Regulation (GDPR)[2], including the principles of data minimisation and purpose limitation[3]. A user would be identified in line with EU anti-money laundering and counter terrorist financing rules[4].

The ECB would not have access to a user’s identity. The pseudonymisation foreseen in the proposal aims to ensure that users cannot be identifiable based on data patterns.

The proposal ensures that neither the ECB nor payment service providers would have access to data related to offline transactions as these would be settled directly between users. Offline transactions would therefore give users a level of privacy comparable to cash.

[1] COM/2023/369 final.

[2] OJ L 119, 4.5.2016, p. 1-88.

[3] Member State data protection authorities established under the GDPR will be responsible for the supervision of processing of personal data related to the digital euro as well as under the European Union Data Protection Regulation (OJ L 295, 21.11.2018, p. 39-98).

[4] https://finance.ec.europa.eu/financial-crime/anti-money-laundering-and-countering-financing-terrorism-eu-level_en
Last updated: 10 February 2025
MIL OSI Europe News –
February 11, 2025
MIL-OSI Europe: Answer to a written question – Speeding up procedures and increasing EU financial assistance to respond to natural disasters in the Member States – E-002796/2024(ASW)
Source: European Parliament
1. The EU Solidarity Fund (EUSF) is a post-disaster instrument which provides financial assistance to EU countries facing severe natural disasters according to the specific rules set out in Regulation (EC) No 2012/2002[1]. The EUSF financial assistance is intended to supplement the country’s public expenditure to finance essential emergency and recovery operations. It is not a rapid response instrument. The disbursement of financial assistance requires per application the prior mobilisation of the fund by the European Parliament and the Council, which can take several months.

2. Recognising the challenge, the Commission proposed a substantial financial reinforcement of the EUSF in the mid-term revision of the Multiannual Financial Framework (MFF)[2]. The budgetary authority decided to increase the Solidarity and Emergency Aid Reserve by EUR 1.5 billion for the years 2024-2027.

The EUSF now has an annual budget of EUR 1 016 million[3] (in 2018 prices).

The EUSF aid calculation methodology was established in 2003 and accepted by the European Parliament and the Council. Changes to the methodology would need to be aligned to the available budgetary resources of the Fund.

In the preparation of the next MFF, the Commission will carefully assess the operation of the EUSF and reflect how to best deliver on the EUSF’s objectives in the future.

[1] Council Regulation (EC) No 2012/2002 of 11 November 2002 establishing the European Union Solidarity Fund (OJ L 311, 14.11.2002, p. 3) as amended by Regulation (EU) No 661/2014 of the European Parliament and the Council of 15 May 2014 (OJ L 189, 27.6.2014, p. 143) and by Regulation (EU) 2020/461 of the European Parliament and the Council of 30 March 2020 (OJ L 99, 31.3.2020, p. 9). https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex:32002R2012

[2] Council Regulation (EU, Euratom) 2024/765 of 29 February 2024 amending Regulation (EU, Euratom) 2020/2093 laying down the multiannual financial framework for the years 2021 to 2027.

[3] EUR 1 144.1 million in 2024 prices.
Last updated: 10 February 2025
MIL OSI Europe News –
February 11, 2025
MIL-OSI Europe: Answer to a written question – Protecting consumers when making digital transactions and improving their awareness – E-002635/2024(ASW)
Source: European Parliament
Following the Digital Fairness Fitness Check report[1] published on 3 October 2024, the Commission will develop a Digital Fairness Act to address the identified consumer protection issues in the online environment, such as termination of subscription contracts, automatic renewal of subscriptions and conversion of free trials into paid subscriptions.

The specific options will be developed and assessed in an impact assessment. The Commission services are currently preparing a public consultation and impact assessment, to be conducted in 2025, ahead of a possible legislative proposal.

The Commission is also committed to improving awareness and understanding of the rights of European consumers through several initiatives.

The ConsumerPro[2] initiative is a capacity-building project with training programmes covering a wide range of topics, aimed at making consumer organisations and other actors in consumer policy better-equipped to protect and assist consumers.

The Consumer Education Hub[3] website is a repository of hundreds of educational materials and resources collected during two research studies carried out by the Commission in 2021-2022.

They can be used by all actors working in consumer education/advice and awareness raising. In 2024, the Commission launched a call for proposals[4] to provide financial support to initiatives and projects aimed at improving consumer education and awareness raising. Proposals selected for EU funding will be announced in Q1 2025.

[1] https://ec.europa.eu/info/law/better-regulation/have-your-say/initiatives/13413-Digital-fairness-fitness-check-on-EU-consumer-law_en

[2] https://www.beuc.eu/consumer-pro-boosting-professionals-consumer-protection

[3] https://consumer-education.eu/

[4] https://eismea.ec.europa.eu/funding-opportunities/calls-proposals/call-proposals-action-grants-support-consumer-education-awareness-raising-and-local-advice-consumers_en
Last updated: 10 February 2025
MIL OSI Europe News –
February 11, 2025
MIL-OSI Asia-Pac: Dragon boat challenge stages in Dubai to promote Hong Kong culture and heritage (with photos)

Source: Hong Kong Government special administrative region

Dragon boat challenge stages in Dubai to promote Hong Kong culture and heritage (with photos)
Dragon boat challenge stages in Dubai to promote Hong Kong culture and heritage (with photos)
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The Hong Kong Economic and Trade Office in Dubai (Dubai ETO) sponsored the Hong Kong Dragon Boat Challenge 2025, which took place in Dubai, the United Arab Emirates (UAE), on February 8 and 9 (Dubai time), to promote Hong Kong’s unique culture and heritage. Held at the Dubai Creek, this year’s races attracted more than 40 teams per day with a total of about 1 400 competitors during the two-day event. Among them was a team formed by the Dubai ETO, consisting of members of the Hong Kong community living in the UAE. Other than competitive races in various categories, the Dubai ETO also set up a promotional booth at the venue over the weekend to promote Hong Kong and provide information on her latest developments. Speaking at the award presentation ceremony, the Acting Director-General of the Dubai ETO, Mr Leo Poon, highlighted that the Dubai ETO has brought the dragon boat racing to Dubai for the third year not just to share the fun of dragon boat racing with the local community, but also to strengthen cultural ties and social connections between the two communities of Hong Kong and Dubai. “Hong Kong is not just an international trade hub and financial centre, we are also a dynamic city where East meets West, and home to a multitude of mega events. With the state-of-the-art Kai Tak Sports Park set for grand opening next month, Hong Kong will be hosting more international sports and cultural events, showcasing our city’s remarkable charm,” he added. The Dubai ETO will continue to organise various events in the member states of the Cooperation Council for the Arab States of the Gulf with the aim of deepening exchanges and promoting closer co-operation.

Ends/Tuesday, February 11, 2025Issued at HKT 2:35

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MIL OSI Asia Pacific News –

February 11, 2025

MIL-OSI Asia-Pac: Youth Parliament Competitions

Source: Government of India

Posted On: 10 FEB 2025 8:22PM by PIB Delhi

As per the Scheme of Financial Assistance to States/Union Territories for organizing Youth Parliament Competitions, the Ministry of Parliamentary Affairs provides financial assistance as per the following limits, subject to receiving of the claims on completion of the competitions from the concerned States/UTs:-

Sl. No.	Strength of Legislature	Maximum Amount for reimbursement
1.	Legislatures having members up to 100	₹ 3 lakhs per Legislature p.a.
2.	Legislatures having members between 100 -200	₹ 4 lakhs per Legislature p.a.
3.	Legislatures having members above 200	₹ 5 lakhs per Legislature p.a.
4.	UTs having no legislature	₹ 2 lakhs per UT p.a.

During the Financial Year 2024-25, total amount of financial assistance reimbursed to the states of Madhya Pradesh, Haryana and Odisha is as follows:

Sl. No.	State	Amount Reimbursed
	Madhya Pradesh	₹4,83,145/-
	Haryana	₹2,75,335/-
	Odisha	₹3,66,578/-
Total		₹ 11,25,058/-

As per the guidelines of the Scheme, the Ministry does not prescribe any particular subjects for questions and answers and other discussions in Youth Parliament sittings. However, it is desirable that the matters raised in the Youth Parliament sittings relate to contemporary important and relevant issues, welfare activity, defence of the country, social justice, social reforms, economic development, communal harmony, health and student discipline etc.

This information was given by the Minister of State for Parliamentary Affairs Dr. L. Murugan in a written reply in the Rajya Sabha today.

***

SS/ISA

(Release ID: 2101520) Visitor Counter : 56

MIL OSI Asia Pacific News –

February 11, 2025

MIL-OSI Asia-Pac: Director of Hong Kong and Macao Work Office of CPC Central Committee and Hong Kong and Macao Affairs Office of State Council Mr Xia Baolong inspects Hong Kong Park of Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone and Qianhai Shenzhen-Hong Kong Modern Service Industry Co-operation Zone

Source: Hong Kong Government special administrative region

     The Director of the Hong Kong and Macao Work Office of the Communist Party of China Central Committee and the Hong Kong and Macao Affairs Office (HKMAO) of the State Council, Mr Xia Baolong, visited the Hong Kong Park (the Park) of the Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone and the Qianhai Shenzhen-Hong Kong Modern Service Industry Co-operation Zone yesterday (February 9). During his inspection, Mr Xia hosted a discussion session in Qianhai and was briefed by the Hong Kong Special Administrative Region (HKSAR) Government on its work plans on the economy and financial services.

     In the morning, Mr Xia, accompanied by the Acting Chief Executive, Mr Chan Kwok-ki, and the Financial Secretary, Mr Paul Chan, paid an on-site visit to the Park. Mr Xia listened to presentations by the Secretary for Development, Ms Bernadette Linn, on the overall planning and development overview of the Northern Metropolis, as well as by the Secretary for Innovation, Technology and Industry, Professor Sun Dong, on the the latest development progress and the key foci of work for the Park.

     Thereafter, Mr Xia inspected the Qianhai Shenzhen-Hong Kong Modern Service Industry Co-operation Zone, and hosted a discussion session in which Mr Paul Chan introduced work and focus by the HKSAR Government in 2025 to advance the economy. The session lasted for nearly four hours, with in-depth discussions about how Hong Kong could further understand, respond to and embrace changes under the new circumstances, accelerate reforms to foster progress, enhance cooperation between Guangdong and Hong Kong, and better integrate into the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). The Secretary for Constitutional and Mainland Affairs, Mr Erick Tsang Kwok-wai; the Secretary for Financial Services and the Treasury, Mr Christopher Hui; the Secretary for Commerce and Economic Development, Mr Algernon Yau; Ms Linn; Professor Sun; the Secretary for Transport and Logistics, Ms Mable Chan; and the Acting Secretary for Culture, Sports and Tourism, Mr Raistlin Lau, attended the session.

     At the discussion session, Mr Xia recognised the work of the HKSAR Government under the leadership of the Chief Executive. He hoped that the HKSAR Government would thoroughly implement the spirit of the important speeches by President Xi in Macao and the Third Plenary Session of the 20th Central Committee of the Communist Party of China, and continue to be bold in reform, dare to break new ground, and to innovate continuously; and that there would be more reciprocal co-operation and collaborative development within the GBA.

     Mr Paul Chan stated that under the leadership of the Chief Executive, the HKSAR Government team will firmly uphold the principle of “one country” while leveraging the advantages of “two systems”. The Government team is determined to undertake reforms, dare to be innovative, and actively integrate into the national development and align with national development strategies. In face of a complex external environment, Hong Kong will co-ordinate development and security, maintain financial and economic security, whilst promoting the acceleration of economic progress. As the country further deepens reforms, promotes high-quality development and advances high-level opening up, Hong Kong will leverage its unique advantages and functions of connecting with both the Mainland and the world, as well as its strong international character. Hong Kong will reinforce traditional advantageous industries such as financial services, trade and shipping, while also exploring new development areas. At the same time, Hong Kong will focus on nurturing new quality productive forces and new economic growth points, and continue to make systematic investments in innovation and technology. Hong Kong will harness platforms such as the Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone and the Qianhai Shenzhen-Hong Kong Modern Service Industry Co-operation Zone, and strengthen collaboration with sister cities in the Guangdong-Hong Kong-Macao Greater Bay Area, seeking to play to the comparative strengths of the cities and elevate their economic development.

     The Governor of Guangdong Province and Deputy Head of the Office of the Leading Group on Construction of the GBA of Guangdong Province, Mr Wang Weizhong; Executive Deputy Director of the Hong Kong and Macao Work Office of the Communist Party of China Central Committee and the HKMAO of the State Council, Mr Zhou Ji; Deputy Director of the Hong Kong and Macao Work Office of the Communist Party of China Central Committee and Director of the Liaison Office of the Central People’s Government in the HKSAR (LOCPG), Mr Zheng Yanxiong; Deputy Director of the Hong Kong and Macao Work Office of the Communist Party of China Central Committee and the HKMAO of the State Council, Mr Nong Rong, Deputy Director of LOCPG, Mr Qi Bin, joined the inspection and discussion session.

MIL OSI Asia Pacific News –

February 11, 2025
MIL-OSI Asia-Pac: Brainstorming Session on “Conceptual Framework of Gross Domestic Knowledge Product (GDKP) Measurement” by MoSPI held on 10th February, 2025 at Dr Ambedkar International Centre, Janpath, New Delhi

Source: Government of India

Posted On: 10 FEB 2025 6:32PM by PIB Delhi

NationalAccounts Division of the Ministry of Statistics and Programme Implementation (MoSPI) organised a half day brainstorming session on “Conceptual Framework of Gross Domestic Knowledge Product (GDKP) Measurement” on 10th February, 2025 in Dr Ambedkar International Centre, New Delhi. The session was chaired by Proncipal Scientific Advisor (PSA) to Government of India and attended by representatives of Ministries, Industry associations, NGOs.

The session was aimed to discuss the existing framework of measuring knowledge products within the Gross Domestic Product (GDP) and to deliberate on conceptualization of a fresh approach to measure India’s Knowledge Economy.

Delivering the keynote address, Prof. Ajay Kumar Sood, Principal Scientific Adviser to the Government of India, elaborated on the significance of transitioning from traditional economic indicators to a knowledge-centric measurement approach. He emphasized that a refined methodology for GDKP would better capture the contributions of knowledge-driven sectors, innovation, and intellectual assets to India’s economic growth.

Dr. Saurabh Garg, Secretary, Ministry of Statistics & Programme Implementation, in his opening remarks highlighted the various surveys and other initiatives undertaken by MoSPI and the current efforts of the Ministry in revising base years of important macro-economic indicators like GDP, IIP and CPI. He highlighted the important role of knowledge in economic activities and hence a need to focus on a framework to capture its impact. He highlighted that MoSPI has been working with concerned Ministries in compiling satellite accounts , namely Tourism Satellite Accounts, Culture Satellite Accounts, Ocean and Blue economy accounting. Hence, this brainstorming session is aimed to explore if a satellite account to measure knowledge base of an economy can be worked out.

A presentation by MoSPI provided insights into the existing definitions of GDKP, and the current approach of measuring knowledge production as part of Gross Fixed Capital Formation (GFCF). It was noted that all expenditures on Intellectual Property Products (IPP) are currently recorded under GFCF, which serves as a key indicator of knowledge production. The presentation also elaborated on various data sources used for compiling IPP estimates across different institutional sectors in National Accounts Statistics.

The knowledge partner of the session, Pahle India Foundation, also presented conceptual issues in capturing the knowledge economy and provided insights on the possibility of developing a framework based on four pillars of knowledge i.e. the knowledge items, the knowledge producers, the knowledge distributors, and knowledge users (consumers and enhancers). Dr Rajeev Kumar, Chairman, Pahle India Foundation urged that India should lead the world in developing the framework of on knowledge economy.

During the discussion, participants provided their understanding of knowledge and its impact on economic and social aspect of the country. Contribution of traditional knowledge in providing well-being was also discussed.

Finally, it was decided that a formulation to capture the knowledge economy is essential but not available. Therefore, there is a need to develop an acceptable and reliable framework that can comprehensively capture the impact of knowledge on economic and social life of the country. Secretary, MoSPI urged the participants to support MoSPI in taking forward the effort and informed that proposals to this effect would be sought from institutions. A technical committee would be formed to evaluate the proposal and provide guidance on measuring knowledge economy.

In his concluding remarks, Prof. Rajeeva Laxman Karandikar, Chairman, National Statistical Commission appreciated the efforts of MoSPI to foray into the uncharted territory and hoped that today’s discussion will catalyse the knowledge experts in developing the framework.

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Manish/Rameswar/Dheeraj

(Release ID: 2101439) Visitor Counter : 28

MIL OSI Asia Pacific News –

February 11, 2025
MIL-OSI Asia-Pac: India and EFTA Strengthen Economic Ties with the Inauguration of the India-EFTA Desk

Source: Government of India

India and EFTA Strengthen Economic Ties with the Inauguration of the India-EFTA Desk

India-EFTA Desk will function as a single-window mechanism to provide support to EFTA businesses looking to invest, expand, or establish operations in India

Business Roundtable Witnessed Participation from Over 100 Companies from India and EFTA Nations

Posted On: 10 FEB 2025 6:27PM by PIB Delhi

India and the European Free Trade Association (EFTA) – comprising Switzerland, Norway, Iceland, and Liechtenstein – have taken a significant step towards deeper economic collaboration with the inauguration of the India-EFTA Desk. This initiative follows the recently concluded India-EFTA Trade and Economic Partnership Agreement (TEPA), which positions EFTA as the first European bloc to formalize a trade pact with India. Union Minister for Commerce and Industry, Shri Piyush Goyal hailed TEPA as a landmark agreement, emphasizing India’s growing role in global trade. “This desk will serve as the bridge between businesses on both sides, ensuring transparency, trust, and ease of doing business,” he stated. He underscored India’s ambition to surpass $100 billion in EFTA investments, highlighting the country’s commitment to fostering equitable and mutually beneficial trade relationships.

The India-EFTA Desk will provide structured support to EFTA businesses looking to invest, expand, or establish operations in India. High-ranking dignitaries from all four EFTA nations attended the launch, reaffirming their commitment to strengthening economic ties.

Switzerland’s State Secretary for Economic Affairs, Ms. Helene Budliger Artieda, described TEPA as a “new chapter for investment promotion and cooperation,” citing over CHF 10 billion in Swiss FDI that has created 146,000+ jobs in India, particularly in manufacturing. She projected a surge in investments across precision industries, chemicals, food processing, and pharmaceuticals, suggesting that an Invest India office in Switzerland could further drive investment flows.

Norway’s State Secretary of Trade and Industry, Mr. Tomas Norvoll, likened TEPA to an airport, with the EFTA Desk serving as the landing strip for businesses. He noted that Norwegian companies in India have doubled in the last decade, with sovereign wealth fund assets reaching $31.4 billion.

Iceland’s Permanent Secretary for Foreign Affairs, Mr. Martin Eyjolfsson, called TEPA “the most significant trade agreement EFTA has signed in decades,” reinforcing India’s role as a key economic partner for Europe. He highlighted growing cooperation in renewable energy, seafood, and pharmaceuticals, positioning TEPA as a stabilizing force amid global economic uncertainty.

Liechtenstein’s Minister of External Affairs, Education, and Sport, Ms. Dominique Hasler, emphasized the Desk’s role in facilitating high-value manufacturing and innovation-driven industries. She pointed to Hilti’s success in India and expressed optimism that TEPA would encourage more Liechtenstein-based firms to expand.

The India-EFTA Desk will drive investment in renewable energy, life sciences, engineering, and digital transformation. Secretary, DPIIT, Shri Amardeep Singh Bhatia, noted that TEPA will spur joint ventures, SME collaborations, and technology partnerships, with the Desk streamlining regulatory navigation for EFTA businesses.

Union Minister of State, Shri Jitin Prasada, highlighted EFTA’s strategic importance to India’s development goals, citing Norway’s expertise in green shipping, Switzerland’s advancements in rail networks, Iceland’s leadership in geothermal energy, and Liechtenstein’s high-value manufacturing. He also pointed to research collaborations between IITs and the Arctic University of Norway, demonstrating TEPA’s broader scope beyond trade.

Following the Desk’s inauguration, a high-level Business Roundtable chaired by Shri Piyush Goyal convened to explore opportunities and address trade challenges. Discussions identified key sectors, including seafood & maritime, energy, financial services, pharmaceuticals, engineering, and food processing.

Looking ahead, the India-EFTA Desk will serve as the primary channel for fostering continuous business-government dialogue. The Indian government has pledged to work closely with EFTA partners to unlock TEPA’s full potential. Concluding the discussions, Shri Piyush Goyal called TEPA a “model agreement” and reaffirmed India’s readiness to build a robust future with EFTA, stating: “India is ready when you are. Let’s build this future together.”

With the official inauguration of the EFTA Desk, India and EFTA have entered a new era of economic cooperation, ensuring that businesses from both regions thrive in an era of sustainable and innovation-driven growth.

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Abhishek Dayal/Abhijith Narayanan/Asmitabha Manna

(Release ID: 2101431) Visitor Counter : 65

MIL OSI Asia Pacific News –

February 11, 2025

MIL-OSI Asia-Pac: Special campaigns have been launched for enrolling individuals under various financial inclusion Schemes

Source: Government of India

Special campaigns have been launched for enrolling individuals under various financial inclusion Schemes

54.58 Crore Jan Dhan Accounts Opened, 55.7% held by women

13 Lakh Banking Correspondents and 107 Digital Banking Units are facilitating credit access along with Jan Samarth Porta and ‘PSB Loans in 59 Minutes’ among others

Posted On: 10 FEB 2025 6:24PM by PIB Delhi

The Government initiated the National Mission for Financial Inclusion (NMFI), namely the Pradhan Mantri Jan Dhan Yojana (PMJDY) in August, 2014 to provide universal banking services for every unbanked household based on the guiding principles of banking the unbanked, securing the unsecured, funding the unfunded and serving unserved and underserved areas, with a strong focus on women. To give further impetus to financial inclusion initiatives of the Government, PMJDY Scheme was extended beyond 14.08.2018 and the focus was shifted to “every unbanked adult” instead of “every household”. A total of 54.58 crore JanDhan accounts have been opened till 15.01.2025, of which 30.37 crore (55.7%) belong to women. NMFI has also facilitated the coverage of women with various social security and credit linked Schemes.

To ensure accessibility of these schemes to women, rural population, marginalised groups and underprivileged communities in the country, various steps are being taken such as:

Allocation of targets to all banks under each scheme;
Organisation of various camps and specialised campaigns to promote awareness;
Periodic review of performance of banks etc;

All Banks, including private banks, participate in these activities to ensure effectiveness of these schemes and make them accessible to all stakeholders.

Several initiatives are being undertaken in an ongoing manner by the Government along with State Authorities to address challenges such as low enrolment, lack of awareness, etc. being faced in financial inclusion schemes in the country. Some of these areas under:

Several special campaigns have been launched, from time to time, at Gram Panchayat level to reach the last mile beneficiaries. These campaigns aim at enrolling individuals under Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY) and other financial inclusion Schemes.
The State Level Bankers’ Committee (SLBC) plays a crucial role by coordinating efforts among Banks, Government agencies, Lead District Managers, Financial Institutions, Insurance companies, and other stakeholders to increase coverage under these Schemes at the state level.
Centre for Financial Literacy (CFL) pilot project on financial literacy was initiated by the Reserve Bank of India in 2017 with an objective to adopt community led innovative and participatory approaches to financial literacy.
A strong network of about 13 lakh Banking Correspondents (BCs), representing the last mile connect in the Banking Services delivery system, is also enrolling eligible people under financial inclusion Schemes.
To make digital financial services more accessible and user-friendly, 107 Digital Banking Units (DBUs) have been set-up by Banks (as on December 2024) with an objective to ensure the benefits of digital banking to every nook and corner of the country. These units offer facilities like opening of saving bank accounts, passbook printing, transfer of funds, loan applications, etc.
Further, various online platforms like Jan Samarth portal, PSB Loans in 59 Minutes, Stand-up Mitra, etc., have been established to provide quick and hassle-free credit to everyone in a user-friendly manner.

Financial Inclusion Schemes and Coverage
Category	Grand Total
Number of PMJDY Accounts (as on 15.01.2025)	545,780,806
Women PMJDY Accounts	303,710,652
PMJJBY Cumulative Enrolments (as on 15.01.2025)	225,220,758
Women PMJJBY Enrolments	100,095,919
PMSBY Cumulative Enrolments (as on 15.01.2025)	491,225,285
Women PMSBY Enrolments	228,437,446
APY Enrolments (as on 31.12.2024)	72,577,540
Women APY Enrolments	34,415,361
Source: Banks, Insurance Companies & PFRDA

This information was given by Union Minister of Finance, Nirmala Sitharaman in a written reply to a question in Lok Sabha today

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NB/AD

(Release ID: 2101428) Visitor Counter : 88

MIL OSI Asia Pacific News –

February 11, 2025

MIL-OSI Asia-Pac: Union Minister Dr. Jitendra Singh today launched India’s first indigenous Automated Bio Medical Waste Treatment Plant at AIIMS New Delhi.

Source: Government of India (2)

Union Minister Dr. Jitendra Singh today launched India’s first indigenous Automated Bio Medical Waste Treatment Plant at AIIMS New Delhi.

The Automated Biomedical Waste Treatment Rig, named “Sṛjanam,” was officially dedicated to the nation:

1st of its kind indigenously developed Automated Bio Medical Waste Treatment Rig has been developed by CSIR NIIST Thiruvananthapuram:

“India’s New Eco-Friendly Technology Biomedical Waste Solution Set to Transform Healthcare Waste Disposal” says Science and Technology Minister Dr. Singh

Dr. Jitendra Singh Showcases Govt’s First 100 Days Vision with Record-Breaking Investments in Science and Technology

Posted On: 10 FEB 2025 6:12PM by PIB Delhi

Union Minister Dr. Jitendra Singh today launched India’s first indigenous Automated Bio Medical Waste Treatment Plant at AIIMS New Delhi.

The Automated Biomedical Waste Treatment Rig, named “Sṛjanam,” was officially dedicated to the nation by the Minister at a ceremony held in the AIIMS auditorium. Following the ceremony, he, accompanied by Director General of CSIR Dr. N. Kalaiselvi and Director of AIIMS Dr. M. Srinivas, walked to the site within the AIIMS premises where the machinery had been installed and formally switched it on.

This innovative, environmentally friendly technology, developed by CSIR-NIIST (National Institute for Interdisciplinary Science and Technology), offers a significant advancement in the sustainable management of biomedical waste.

Speaking on the Commissioning, Minister of State (Independent Charge) Science & Technology; MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space, Dr Jitendra Singh called for a paradigm shift from ‘Waste to Wealth’ and emphasized the importance of sustainability and environmental concerns. He noted that India’s economy has transitioned from being part of the fragile five to a member of the First Five and is poised for continued growth. He highlighted the significance of the new biomedical waste treatment rig, which is set to revolutionize waste management in healthcare facilities.

The “Sṛjanam” rig can disinfect pathogenic biomedical waste such as blood, urine, sputum, and laboratory disposables, without the use of costly and energy-intensive incinerators. Additionally, the rig imparts a pleasant fragrance to the otherwise foul-smelling toxic waste. With a daily capacity of 400 kg, the equipment is capable of handling 10 kg of degradable medical waste per day in the initial phase. Once validated, this technology will be ready for full-scale implementation after receiving approval from relevant authorities.

With the growing demand for better waste disposal solutions, the “Sṛjanam” rig offers a safer and more efficient approach, eliminating the risks associated with human exposure to harmful waste and minimizing the chances of spills and accidents. The technology has been third-party validated for its antimicrobial action, and studies have shown that the treated material is safer than organic fertilizers like vermicompost.

Dr. Jitendra Singh lauded CSIR-NIIST for its innovative and cost-effective solution to dispose of pathogenic biomedical waste in an eco-friendly manner. He referenced the 2023 annual report of the Central Pollution Control Board (CPCB), which indicated that India generates 743 tonnes of biomedical waste daily, presenting a significant challenge in its safe and proper disposal. The new technology addresses this issue and presents an environmentally responsible alternative to traditional incineration methods.

Dr. Jitendra Singh further explained that improper segregation, open dumping, open burning, and inadequate incineration of biomedical waste lead to severe health hazards, including the release of carcinogens and particulate matter. He emphasized the need for effective waste management to prevent the spread of infectious diseases and reduce the risk of antimicrobial resistance.

Dr. Jitendra Singh also acknowledged the efforts of Prime Minister Narendra Modi, whose leadership continues to drive India’s progress in science, technology, and green initiatives. He praised Shri. Tanmay Kumar, Secretary, Ministry of Environment, Forest, and Climate Change (MoEFCC), for his prompt actions in securing the necessary clearances for this project.

In his address, Dr. Singh mentioned other technological milestones achieved by India, including the first indigenous DNA vaccine, the development of India’s first HPV vaccine to combat cervical cancer, and rapid advancements in space technology. He also highlighted India’s breakthrough in pharmaceuticals with the creation of the indigenous antibiotic ‘Nafithromycin’ and India’s first gene therapy trial for hemophilia, supported by the Department of Biotechnology (DBT).

Vice-President of CSIR, Dr. Jitendra Singh, recalled the ‘One Week One Lab’ initiative, which aims to raise awareness about CSIR’s groundbreaking projects, such as the first hydrogen buses developed by NCL Pune, off-season tulips developed by CSIR Palampur, the 108-petal lotus, and more.

The Science and Technology Minister also emphasized the priorities of the government during its first 100 days, which include the approval of India’s first Bio E3 policy, the sanctioning of 1000 crores for Viability Gap funding for space startups, 2000 crores for Mission Mausam, and 50,000 crores for the Anusandhan National Research Foundation (NRF). Furthermore, he highlighted the recent Union Budget, which proposes 20,000 crores for Bharat Small Modular Reactors (SMRs).

Dr. Jitendra Singh concluded by urging for increased academic collaboration between institutions and proposed making postgraduate students co-guides in exchange programs, fostering synergy and shared learning. He emphasized the government’s unwavering support for science, technology, and innovation under the leadership of PM Modi. He said “This initiative aligns with the government’s vision of a “Viksit Bharat” by 2047, and with continued progress in innovation and sustainable technologies, India is set to become a global leader in environmental and healthcare solutions”.

The ceremony was attended by distinguished dignitaries including Dr. V. K. Paul, Member, Niti Aayog, Dr. Rajiv Bahl, Secretary, DHR and DG, ICMR, Tanmay Kumar IAS, Secretary MoEFCC, Dr. N. Kalaiselvi, Secretary DSIR and DG, CSIR, and Dr. M. Srinivas, Director, AIIMS.

*****

NKR/PSM

(Release ID: 2101416) Visitor Counter : 50

MIL OSI Asia Pacific News –

February 11, 2025
MIL-OSI Asia-Pac: Raksha Mantri Shri Rajnath Singh exhorts global OEMs to use the opportunities offered by the Indian defence ecosystem to find solutions to today’s challenges

Source: Government of India

Raksha Mantri Shri Rajnath Singh exhorts global OEMs to use the opportunities offered by the Indian defence ecosystem to find solutions to today’s challenges

Stresses on the need to adopt & improve solutions constantly amidst the fragile global security situation

“Govt is taking all steps to equip the Armed Forces & make the nation ‘Aatmanirbhar’ in defence”

Posted On: 10 FEB 2025 5:30PM by PIB Delhi

Raksha Mantri Shri Rajnath Singh has invited the global Original Equipment Manufacturers (OEMs) to utilise the opportunities offered by the expanding Indian defence ecosystem and find targeted solutions & counter measures to the challenges emerging due to the volatile geopolitical landscape of today. He was addressing the CEOs Roundtable organised as part of Aero India 2025 in Bengaluru, Karnataka on February 10, 2025. Raksha Mantri stated that amidst the fragile global security situation, where rules-based order is being challenged and technologies are creating new opportunities & vulnerabilities, there is a need to adopt & improve solutions constantly.

“Today, the nature of communication and data sharing in military operations is getting much more complex. The reliance on space-based navigation systems, communication and surveillance implies that such assets would have to be integrated in our operational plans. The use of drones in recent conflicts indicate that the future would depend on the integrated efforts of manned, unmanned and autonomous warfare systems. Hence, our defence manufacturing has to focus on creating counter measures for these emerging challenges,” said Shri Rajnath Singh.

Citing great Indian strategist Kautilya, Raksha Mantri said: “We have the moral responsibility to protect our people and territory in a hostile atmosphere. To achieve this, we are taking all necessary steps to equip our Armed Forces and making the country self-reliant in defence manufacturing through the establishment of a strong, efficient, resilient and future-ready defence industrial ecosystem,” he said.

Shri Rajnath Singh asserted that the Government of India, led by Prime Minister Shri Narendra Modi, has put in place transparent & industry-friendly regulations, processes and policies. He emphasised that the opportunities provided by the Indian defence ecosystem are driven by the policies of self-reliance in defence production, facilitated by a conducive policy regime.

Raksha Mantri enumerated the transformative steps taken by the Government to make the domestic defence industry an important component of the national economy in order to facilitate India’s transition from a developing to a developed country by 2047. “We have allowed FDI upto 75% through the Automatic Route for companies seeking new defence license, while upto 100% is also allowed under Government approval route. A total of 46 Joint Ventures and Companies have been given foreign investment approval in the defence sector till date,” he said.

Shri Rajnath Singh added that more than 250 MoUs have, so far, been signed for the establishment of industrial units in the Defence Industrial Corridors set-up in Uttar Pradesh and Tamil Nadu. He mentioned about the Defence Testing Infrastructure Scheme introduced to provide financial assistance to the Aerospace and Defence sector for setting up 6-8 greenfield Testing and Certification facilities. The Defence Exim Portal has made the export authorisation process seamless. “As a testimony to the emergence of India as a defence export nucleus, India has seen 31 times growth in the export of products in the last 10 years as compared to Financial Year 2013-14,” he said.

Raksha Mantri described the issuance of Positive Indigenisation Lists as a clear indicator to the Government’s intent to support the industry in its self-reliance pursuit. He added that for innovation projects in the defence sector, over 500 start-ups & MSMEs are presently working under the aegis of Innovations for Defence Excellence (iDEX). “Our overall ease of doing business environment has improved tremendously. This is showing great results as India has the 3^rd largest start-up ecosystem in the world today; this is expected to witness Year on Year growth of 10-12%. We possess a young generation of highly-skilled workforce, which constantly updates itself in the face of the fast-changing ecosystem of the world. You must not miss the opportunity to leverage the advantages of this ecosystem,” he told the over 100 CEOs, both domestic and foreign, present on the occasion.

Shri Rajnath Singh described the CEOs Roundtable as a platform where the idea of making India self-reliant in defence production would take root, germinate and blossom into full scale reality. It reflects the serious intent of the Government to team with the best organisations around the world in the spirit of cooperation. The essence of this conclave is to explore how to join hands to make India a leading defence manufacturer and service provider at the global scale, he said.

The theme of the Roundtable was ‘Enabling Defence Cooperation through Global Engagement (EDGE)’. OEMs from 19 countries (USA, France, Russia, South Korea, UK, Japan, Israel & Brazil etc), 35 Indian (Larsen & Toubro, Bharat Forge Ltd, Adani Defence & Aerospace, Mahindra Defence Systems Ltd, BrahMos Aerospace & Ashok Leyland Defence) and 16 Defence DPSUs attended the event.

Major foreign OEMs including Airbus (France), Ultra Maritime (USA), GNT (South Korea), John Cockerill Defence (UK), Mitsubishi (Japan), Rafael Advanced Defense System (Israel), Safran (France) and Liebherr Aerospace (France) highlighted their future plans, Joint Ventures, collaborations, partnerships with Indian companies for production of spares parts, development of aero-engines, setting up of Maintenance, Repair and Operations facilities and establishment of R&D facilities.

Raksha Rajya Mantri Shri Sanjay Seth, Chief of Defence Staff General Anil Chauhan, Chief of the Army Staff General Upendra Dwivedi, Chief of the Naval Staff Admiral Dinesh K Tripathi, Chief of the Air Staff Air Chief Marshal AP Singh, Defence Secretary Shri Rajesh Kumar Singh, Secretary (Defence Production) Shri Sanjeev Kumar, Secretary, Department of Defence R&D and Chairman DRDO Dr Samir V Kamat were among those who attended the CEOs Roundtable.

****

VK/SPS/Savvy

(Release ID: 2101387) Visitor Counter : 55

MIL OSI Asia Pacific News –

February 11, 2025
MIL-OSI Asia-Pac: AI Technology and Digital Platform in Tourism Sector

Source: Government of India

Posted On: 10 FEB 2025 5:21PM by PIB Delhi

Development of Tourism is primarily undertaken by the concerned State Governments (SGs)/Union Territory Administrations (UTA’s). However, the Ministry of Tourism complements these efforts by providing financial assistance to the State Governments and Union Territories under its various infrastructure schemes. The Ministry is further encouraging the State Governments to include soft components involving the use of technology to enhance visitor experience at major tourist destinations in the project proposals formulated by them for sanctioning under such schemes.

The Ministry has launched the revamped version of Incredible India Digital Platform (IIDP) as a comprehensive resource for travellers and stakeholders interested in exploring the country’s rich cultural heritage, natural beauty, and diverse attractions of the country including Rajasthan. The Incredible India Digital Platform (IIDP) personalizes visitor experiences by offering real-time weather updates, city exploration, and essential travel services. The portal has also partnered with several OTAs (Online Travel Agents) and Stakeholders for seamless booking of flights, hotels, cabs, and buses and tickets for ASI monuments.

This information was given by Union Minister for Tourism and Culture Shri Gajendra Singh Shekhawat in a written reply in Lok Sabha today.

***

Sunil Kumar Tiwari

tourism4pib[at]gmail[dot]com

(Release ID: 2101372) Visitor Counter : 78

MIL OSI Asia Pacific News –

February 11, 2025
MIL-OSI Asia-Pac: Growth in Foreign Tourist Arrivals
Source: Government of India

Posted On: 10 FEB 2025 5:20PM by PIB Delhi

As per data from the Bureau of Immigration, India recorded 9.52 million Foreign Tourist Arrivals (FTAs) in 2023, reflecting a 47.9% increase compared to 2022 year which account for Foreign Exchange Earnings (FEEs) of Rs.2,31,927 crore with a growth of 36.5%.

The growth in Foreign Tourist Arrivals (FTAs) is mainly driven by the post-pandemic revival of global travel and increasing confidence in India as a diverse and culturally rich destination. Enhanced air connectivity has improved accessibility to key tourist spots, while continuous development of tourism infrastructure has elevated the visitor experience. Additionally, targeted domestic and international marketing campaigns have strengthened India’s global appeal, positioning it as a premier destination for travelers worldwide.

Furthermore, Ministry of Tourism has taken several steps/initiatives over the years to give boost to the tourism sector in the country, details of which are:
- The Ministry of Tourism under the schemes of ‘Swadesh Darshan’, ‘National Mission on Pilgrimage Rejuvenation and Spiritual Heritage Augmentation Drive (PRASHAD)’ and ‘Assistance to Central Agencies for Tourism Infrastructure Development’ provides financial assistance to State Governments/Union Territory Administrations/Central Agencies for the development of tourism related infrastructure and facilities at various tourism destinations in the country.
- Ministry of Tourism through its various campaigns and events promotes various tourism destinations and products of India in domestic and international markets. Some of the initiatives are Dekho Apna Desh campaign, Chalo India campaign, International Tourism Mart, Bharat Parv.
- The Incredible India Content Hub was launched which is a comprehensive digital repository, featuring a rich collection of high-quality images, films, brochures, and newsletters related to tourism in India. Promotions are also carried out through the web-site – www.incredibleindia.org and social media handles of the Ministry.
- Thematic tourism like wellness tourism, culinary tourism, rural, eco-tourism, etc. amongst other niche subjects are promoted so as to expand the scope of tourism into other sectors as well.
- Enhance the overall quality and visitor experience through initiatives focused on capacity building, skill development such as ‘Capacity Building for Service Providers’, ‘Incredible India Tourist Facilitator’ (IITF), ‘Paryatan Mitra’ and ‘Paryatan Didi’.
- For improving air connectivity to important tourist destinations, Ministry of Tourism has collaborated with Ministry of Civil Aviation under their RCS-UDAN Scheme. As on date, 53 tourism routes have been operationalized.
- e-Visa scheme is now available to 167 countries and it is available for 9 sub-categories:
i.      e-Tourist Visa

ii.      e-Business Visa

iii.     e-Medical Visa

iv.     e-Conference Visa

v.      e-Medical Attendant Visa

vi.     e-Ayush Visa

vii.    e-Ayush Attendant Visa

viii. e- Student Visa

ix.     e-Student X Visa

This information was given by Union Minister for Tourism and Culture Shri Gajendra Singh Shekhawat in a written reply in Lok Sabha today.

***

Sunil Kumar Tiwari

tourism4pib[at]gmail[dot]com

(Release ID: 2101371) Visitor Counter : 67

MIL OSI Asia Pacific News –
February 11, 2025

MIL-OSI Asia-Pac: Domestic Tourism Growth

Source: Government of India

Posted On: 10 FEB 2025 5:17PM by PIB Delhi

The Ministry of Tourism has formulated a National Strategy for Sustainable Tourism and the following strategic pillars have been identified for development of sustainable tourism:

i. Promoting Environmental Sustainability

ii. Protecting Biodiversity

iii. Promoting Economic Sustainability

iv. Promoting Socio-Cultural Sustainability

v. Scheme for Certification of Sustainable Tourism

vi. IEC and Capacity Building Governance

The Ministry also launched the Travel for LiFE Initiative to promote sustainable tourism in the country and to encourage the tourists and tourism businesses to adopt sustainable tourism practices. Travel for LiFE aims to promote sustainable tourism in the country, through mindful and deliberate actions mobilized toward tourists and tourism businesses in the consumption of tourism resources. The Ministry of Tourism has also revamped its Swadesh Darshan scheme as Swadesh Darshan 2.0 (SD2.0) with the objective of developing sustainable and responsible destinations following a tourist & destination centric approach. Through these initiatives, the Government seeks to ensure that tourism contributes positively to the economy while safeguarding the environment and benefiting local communities. The list of projects sanctioned under the schemes of the Ministry in various States/Union Territories including in South India are placed at Annexure.

This information was given by Union Minister for Tourism and Culture Shri Gajendra Singh Shekhawat in a written reply in Lok Sabha today.

ANNEXURE

State wise list of projects sanctioned under PRASHAD Scheme.

(Rs. in Crore)
S. No	Name of State/UT	No. of Projects	Sanctioned Amount	Amount released
1	Andhra Pradesh	4	150.22	84.55
2	Arunachal Pradesh	1	37.88	21.95
3	Assam	1	29.8	29.8
4	Bihar	2	33.25	33.25
5	Chhattisgarh	1	48.44	32.13
6	Gujarat	4	152.94	113.48
7	Goa	1	16.46	0
8	Haryana	1	48.53	34.68
9	Jammu & Kashmir	1	40.46	34.3
10	Jharkhand	1	36.79	34.95
11	Karnataka	1	45.71	0
12	Kerala	1	45.19	45.19
13	Madhya Pradesh	2	93.92	78.67
14	Maharashtra	1	42.18	29.93
15	Meghalaya	1	29.29	24.92
16	Mizoram	1	44.89	13.18
17	Nagaland	2	43.38	32.24
18	Odisha	1	50	10
19	Punjab	2	37.97	23.89
20	Rajasthan	1	32.64	26.11
21	Sikkim	1	33.32	28.31
22	Tamil Nadu	2	18.85	18.85
23	Telangana	3	142.28	54.32
24	Tripura	1	34.43	25.62
25	Uttar Pradesh	6	130.27	110.82
26	Uttarakhand	3	145.28	83.37
27	West Bengal	1	30.03	23.39
	Grand Total	47	1594.4	1047.92

State wise list of projects under Swadesh Darshan Scheme till 31.12.2024

(₹ in crore)

S. No	State / UTs	Swadesh Darshan
S. No	State / UTs	No. of Projects	Amount Sanctioned in ₹ Crore	Amount Released / Authorised* in ₹ Crore	Amount Utilised in ₹ Crore (as per UC submitted by the Implementing agency)
1	Andhra Pradesh	3	152.62	147.40	148.81
2	Arunachal Pradesh	2	146.49	139.16	139.16
3	Assam	2	185.66	185.65	176.36
4	Bihar	5	262.72	250.37	247.03
5	Chhattisgarh	1	96.10	94.23	94.23
6	Goa	2	197.00	197.00	195.24
7	Gujarat	3	176.97	165.74	161.11
8	Haryana	1	77.39	76.74	76.74
9	Himachal Pradesh	1	68.34	64.54	62.56
10	Jammu & Kashmir and Ladakh	6	519.58	453.46	423.43
11	Jharkhand	1	30.44	28.04	28.04
12	Kerala	5	312.47	259.13	222.05
13	Madhya Pradesh	4	349.70	342.14	342.14
14	Maharashtra	2	64.53	61.29	55.85
15	Manipur	2	117.57	106.65	104.29
16	Meghalaya	2	184.10	184.07	176.08
17	Mizoram	2	158.63	145.35	145.35
18	Nagaland	2	195.50	195.50	190.63
19	Odisha	1	70.82	67.28	59.47
20	Punjab	1	85.32	81.05	81.05
21	Rajasthan	4	283.47	265.88	275.45
22	Sikkim	2	193.37	192.73	187.96
23	Tamil Nadu	1	73.13	71.03	71.03
24	Telangana	3	268.39	241.73	262.10
25	Tripura	2	127.68	113.01	100.13
26	Uttar Pradesh	8	490.95	452.08	437.39
27	Uttarakhand	2	145.49	138.08	138.11
28	West Bengal	1	67.99	65.07	65.07
29	Andaman & Nicobar Islands	1	27.57	22.13	22.08
30	Puducherry	3	142.84	135.54	135.34
31	Wayside Amenities in Uttar Pradesh and Bihar	1	15.07	14.32	15.83
Total		76	5287.90	4956.39	4840.11

* Includes amount of authorization to CNA through TSA Model I for Central Sector Scheme.

List of sanctioned projects under Swadesh Darshan 2.0 as on 31.12.2024

S. No	State	Destination	Name of the Experience	Sanctioned Cost (₹ Crore)	Date of Sanction
1	Andhra Pradesh	Araku-Lambasingi	Borra Cave Experience at Araku	29.87	05-03-2024
2	Arunachal Pradesh	Nacho	Unlock Nacho Expedition	14.02	05-03-2024
3	Arunachal Pradesh	Mechuka	Mechuka Cultural Haat	18.48	05-03-2024
4	Arunachal Pradesh	Mechuka	Mechuka Adventure Park	12.75	05-03-2024
5	Assam	Kokrajhar	Kokrajhar Wetland Experience	26.67	05-03-2024
6	Assam	Jorhat	Reimagining Cinnamara Tea Estate	23.91	05-03-2024
7	Goa	Porvorim	Porvorim Creek Experience	23.56	20-08-2024
8	Goa	Colva	Colva Beach Experience	15.65	20-08-2024
9	Karnataka	Hampi	Setting up of ‘Traveller nooks’	25.64	29-02-2024
10	Karnataka	Mysuru	Tonga ride Heritage experience zone	2.72	29-02-2024
11	Karnataka	Mysuru	Ecological Experience Zone	18.47	05-03-2024
12	Kerala	Kumarakom	Kumarakom Bird Sanctuary Experience	13.92	05-03-2024
13	Ladakh	Leh	Julley Leh Biodiversity Park	24.89	05-03-2024
14	Ladakh	Kargil	Exploring LOC and Hundarman village Experience	12.01	05-03-2024
15	Madhya Pradesh	Gwalior	Phoolbagh Experience Zone	16.73	29-02-2024
16	Madhya Pradesh	Chitrakoot	Spiritual experience at Chitrakoot	27.21	05-03-2024
17	Maharashtra	Pune	Shivsrushti Historical Theme Park- Phase 3	76.22	21-09-2024
18	Meghalaya	Sohra	Waterfall Trails Experience	27.84	05-03-2024
19	Meghalaya	Sohra	Meghalayan Age Cave Experience	32.45	04-03-2024
20	Nagaland	Chumoukedima	Eco-Tourism Exp at Chumoukedima viewpoint	7.87	20-08-2024
21	Nagaland	Chumuoukedima	Tribal Cultural Experience at Midway Retreat	21.56	05-03-2024
22	Puducherry	Karaikal	Karaikal beach and waterfront experience	20.29	05-03-2024
23	Punjab	Kapurthala	Eco Tourism experience at Kanjli wetland	20.06	05-03-2024
24	Punjab	Amritsar	Border Tourism Experience at Attari	25.90	20-08-2024
25	Rajasthan	Bundi	Spiritual Experience, Keshavraipatan	17.37	29-02-2024
26	Sikkim	Gyalshing	Eco-Wellness Experience at Yuksom Cluster	15.40	05-03-2024
27	Sikkim	Gangtok	Gangtok Cultural Village	22.59	29-02-2024
28	Tamil Nadu	Mamallapuram	Immersive experience at Shore Temple	30.02	29-02-2024
29	Telangana	Bhongir	Bhongir Fort Experiential Zone	56.81	29-02-2024
30	Telangana	Ananathagiri	Eco tourism zone at Ananathgiri forest	38.00	05-03-2024
31	Uttar Pradesh	Prayagraj	Azad Park and Dekho Prayagraj Trail Exp	13.02	05-03-2024
32	Uttar Pradesh	Naimisaranya	Vedic- wellness Experience	15.94	05-03-2024
33	Uttarakhand	Pithoragarh	Rural Tourism Cluster Experience at Gunji	32.20	05-03-2024
34	Uttarakhand	Champawat	Tea Garden Experience	11.21	05-03-2024
TOTAL AMOUNT				791.25

List of Destination Identified under Challenge Based Destination Development (CBDD), a sub-scheme of Swadesh Darshan scheme

S. No.	State	Destination	Category	Funding Amount (₹ Crore)
1	Andhra Pradesh	Nagarjuna Sagar	Culture & Heritage	25.00
2	Andhra Pradesh	Ahobilam Temple	Spiritual Tourism	25.00
3	Arunachal Pradesh	Kibitho	Vibrant Village Programme	5.00
4	Arunachal Pradesh	Bichom Dam Site	Ecotourism and Amrit Dharohar Sites	10.00
5	Assam	Sivasagar	Ecotourism and Amrit Dharohar Sites	10.00
6	Bihar	Bhagalpur	Culture & Heritage	25.00
7	Bihar	Saran Dist. (Sonepur Fair)	Culture & Heritage	25.00
8	Chhattisgarh	Mayali Bagicha	Ecotourism and Amrit Dharohar Sites	10.00
9	Goa	Mayem Village	Ecotourism and Amrit Dharohar Sites	10.00
10	Gujarat	Porbandar	Spiritual Tourism	25.00
11	Gujarat	Thol Village	Ecotourism and Amrit Dharohar Sites	10.00
12	Gujarat	Vadnagar	Culture & Heritage	25.00
13	Himachal Pradesh	Kaza	Culture & Heritage	25.00
14	Himachal Pradesh	Rakchham, Chhitkul	Vibrant Village Programme	5.00
15	Jharkhand	Ramrekha Dham	Spiritual Tourism	25.00
16	Kerala	Varkala	Culture & Heritage	25.00
17	Kerala	Thalassery	Spiritual Tourism	25.00
18	Karnataka	Bidar	Culture & Heritage	25.00
19	Karnataka	Udupi	Ecotourism and Amrit Dharohar Sites	10.00
20	Ladakh	Mushkoh Village	Ecotourism and Amrit Dharohar Sites	10.00
21	Lakshadweep	Lakshadweep	Ecotourism and Amrit Dharohar Sites	10.00
22	Madhya Pradesh	Mandu	Culture & Heritage	25.00
23	Madhya Pradesh	Orchha	Spiritual Tourism	25.00
24	Maharashtra	Ahmednagar	Culture & Heritage	25.00
25	Manipur	Langthabal Konug	Culture & Heritage	25.00
26	Meghalaya	Nartiang Village	Spiritual Tourism	25.00
27	Meghalaya	Mawphlang Village	Culture & Heritage	25.00
28	Nagaland	Doyang Reservoir	Ecotourism and Amrit Dharohar Sites	10.00
29	Nagaland	Impur Village	Spiritual Tourism	25.00
30	Puducherry	White Town	Culture & Heritage	25.00
31	Punjab	Ferozpur (Hussainiwala Border)	Culture & Heritage	25.00
32	Punjab	Rupnagar (Anandpur Sahib)	Spiritual Tourism	25.00
33	Sikkim	Gnathang Village	Vibrant Village Programme	5.00
34	Sikkim	Kabi	Spiritual Tourism	25.00
35	Tamil Nadu	Rameswaram Island	Spiritual Tourism	25.00
36	Tamil Nadu	Thanjavur	Culture & Heritage	25.00
37	Telangana	Nalgonda	Culture & Heritage	25.00
38	Telangana	Kamareddy	Ecotourism and Amrit Dharohar Sites	10.00
39	Uttar Pradesh	Mahoba	Culture & Heritage	25.00
40	Uttarakhand	Mana Village	Vibrant Village Programme	5.00
41	Uttarakhand	Jadung	Vibrant Village Programme	5.00
42	Uttarakhand	Kainchidham	Spiritual Tourism	25.00
TOTAL				800.00

List of Project shortlisted by Ministry of Tourism in consultation with the State Governments on the given parameters and funded by Department of Expenditure for development

S. No.	State/UT	Name of the Project	Sanctioned Cost (₹ Crore)	Date of Sanction
1	Andhra Pradesh	Enriching the fort and Gorge Experience in Gandikota	77.91	26-11-2024
2	Andhra Pradesh	Akhanda Godavari- (Havelok Bridge & Pushkar Ghat) in Raja Mahendravaram,	94.44	26-11-2024
3	Arunachal Pradesh	Siang Adventure & Eco-Retreat in Pasighat	46.48	26-11-2024
4	Assam	Assam State Zoo Cum Botanical Garden in Guwahati	97.12	26-11-2024
5	Assam	Beautification of Rang Ghar in Sivasagar	94.76	26-11-2024
6	Bihar	Development of Matsyagandha Lake in Saharsa	97.61	26-11-2024
7	Bihar	Karamchat Eco-Tourism and Adventure Hub in Karamchat	49.51	26-11-2024
8	Chhattisgarh	Development of Chitrotpala Film City in Raipur	95.79	26-11-2024
9	Chhattisgarh	Development of Tribal & Cultural Convention Centre in Raipur	51.87	26-11-2024
10	Goa	Chhatrapati Shivaji Maharaj Museum in Ponda	97.46	26-11-2024
11	Goa	Townsquare in Porvorim	90.74	26-11-2024
12	Gujarat	Ecotourism Destination at Kerly (Mokarsagar) in Porbandar	99.50	26-11-2024
13	Gujarat	Tented City and Convention Centre in Dhordo	51.56	26-11-2024
14	Jharkhand	Eco-Tourism Development of Tilaiyya” in Koderma	34.87	26-11-2024
15	Karnataka	Ecotourism & Cultural Hub at Roerich and Devika Rani Estate Tataguni in Bengaluru	99.17	26-11-2024
16	Karnataka	Development of Savadatti Yallammagudda in Belgavi	100.00	26-11-2024
17	Kerala	Ashtamudi Biodiversity and Eco-recreational Hub in Kollam	59.71	26-11-2024
18	Kerala	Global Gateway to Malabar’s Cultural Crucible in Sargaalayaa	95.34	26-11-2024
19	Madhya Pradesh	Orchha A Medieval Splendour in Orchha	99.92	26-11-2024
20	Madhya Pradesh	International Convention Centre for MICE in Bhopal	99.38	26-11-2024
21	Maharashtra	INS-Guldar Underwater Museum, Artificial Reef, and submarine Tourism in Sindhudurg	46.91	26-11-2024
22	Maharashtra	Development of RAM-KAL PATH in Nashik	99.14	26-11-2024
23	Manipur	Loktak Lake Experience in Loktak	89.48	26-11-2024
24	Meghalaya	MICE Infrastructure in Mawkhanu	99.27	26-11-2024
25	Meghalaya	Redevelopment of Umiam Lake in Shillong	99.27	26-11-2024
26	Odisha	Development of Hirakund	99.90	26-11-2024
27	Odisha	Development of Satkosia	99.99	26-11-2024
28	Punjab	Development of Heritage Street as a tribute to Shaheed-e-Azam, Sardar Bhaghat Singh at Khatkar Kalan in SBS Nagar	53.45	26-11-2024
29	Rajasthan	Development at Amber-Nahargarh and Surrounding Area in Jaipur	49.31	26-11-2024
30	Rajasthan	Development at Jalmahal in Jaipur	96.61	26-11-2024
31	Sikkim	Skywalk, Bhaleydhunga, Yangang in Namchi	97.37	27-11-2024
32	Sikkim	Border Experience in Nathula	68.19	27-11-2024
33	Tamil Nadu	Development of Nandavanam Heritage Park in Mammallapuram	99.67	26-11-2024
34	Tamil Nadu	Garden of Flowers in Devala	70.23	26-11-2024
35	Telangana	Ramappa Region Sustainable Tourism Circuit in Ramappa	73.74	13-12-2024
36	Telangana	Somasilla Wellness & Spiritual Retreat in Nallamala	68.10	13-12-2024
37	Tripura	Shakti Peethas Park at Banduar in Gomati	97.70	26-11-2024
38	Uttar Pradesh	Development of Bateshwar in District-Agra	74.05	26-11-2024
39	Uttar Pradesh	Integrated Buddhist Tourism Development in Shrawasti	80.24	26-11-2024
40	Uttarakhand	Iconic City Rishikesh: Rafting Base Station in Rishikesh	100.00	26-11-2024
TOTAL			3295.76

List of Projects Sanctioned under the Scheme Assistance to Central Agencies

S. No	Name of Project	State	Agency	Sanction Date	Amount sanctioned	Amount Released
1	Sound and Light Show at Dal Lake (Nigeen Lake)	J&K	ITDC	25-06-2012	500	400
2	Cruise Passenger Facilities Centre in the existing Passenger Terminal at Chennai Port.	Tamil Nadu	Chennai Port Trust	24-09-2012	1724.66	1724.66
3	Implementation of Multimedia /Laser show at Tilyar Lake	Haryana	ITDC	30-04-2013	500	224.05
4	Construction of Interpretation Centre at the World Heritage Site of Humayun’s Tomb, New Delhi.	Delhi	Aga Khan Foundation	04-03-2014	4944.84	4944.84
5	Cruise Terminal Building at Mormugao Port Trust	Goa	Mormugao Port Trust	24-06-2014	879.04	767.18
6	Sound & Light Show at Diu Fort, Diu	Daman & Diu	ITDC	28-02-2015	775.54	620.43
7	Illumination of monuments in Varanasi/Sarnath (Dhamekh Stupa in SarnathChaukhandi Stupa in Sarnath, Tomb of Lalkan in Sarnath and Man Mahal in Banaras).	Uttar Pradesh	ITDC	28-02-2015	512.43	381.47
8	Development of Kanoji Angre Lighthouse as a tourist Destination	Maharashtra	Mumbai Port Trust	09-08-2016	1500	1500
9	Development of a Walkway/Promenade on Willingdon Island, Cochin, Kerala	Kerala	Cochin Port Trust	28-10-2016	901	826.29
10	Central Financial Assistance for upgrading of Births & Backup area of Ernakulam Wharf	Kerala	Cochin Port Trust	31-03-2017	2141	1912.8
11	Project for Up-gradation of Golf Course at SAI Trivandrum Golf Club by the Sports Authority of India	Kerala	SAI	31-03-2017	2464.99	1232.49
12	Sound and Light Show at Yadavindra Gardens, Pinjore, Haryana.	Haryana	ITDC	16-10-2017	600	300
13	Sound and Light Show at Puttaparthy, Andhra Pradesh	Andhra Pradesh	ITDC	27-11-2017	708.67	354.34
14	Up-gradation/ modernization to International Cruise terminal at Indira Dock, Mumbai.	Maharashtra	Mumbai Port Trust	29-12-2017	1250	1250
15	Illumination of three monuments in Varanasi, Uttar Pradesh- 1. Dashashwamedh Ghat to Darbhanga Ghat (stretch of 300 m) 2. Tulsi Manas Mandir 3. Sarnath Museum	Uttar Pradesh	CPWD	21-12-2017	293.55	293.55
16	Infrastructural Development at JCP Attari, Wagha Border	Punjab	BSF	12-06-2018	1312	1029.59
17	Improvement of immigration facility and deepening of existing cruise berth at Mormugao Port Trust	Goa	Mormugao Port Trust	24-08-2018	1316.4	658.2
18	Developing infrastructure at Cochin Port Cruise Terminal.	Kerala	Cochin Port Trust	12-12-2018	120.79	114.17
19	Creation of additional tourism facilities at the Cochin Port Trust Walkway	Kerala	Cochin Port Trust	12-12-2018	466.47	466.47
20	Construction of Cruise-Cum-Costal Cargo Terminal at Channel berth area in Outer Harbour of Visakhapatnam Port	Andhra Pradesh	Visakhapatnam Port Trust	14-12-2018	3850	2991
21	Restoration/ Renovation of ‘Jallianwala Bagh Memorial’ & Additional work to be taken at Jallianwala Bagh National Memorial at Amritsar, Punjab.	Punjab (GFR)	ASI	08-03-2019	2302	2250
22	Sound and Light Show at (Purana Quila) Delhi	Delhi	ITDC	05-08-2019	1404	685
23	Development of Additional infrastructure in the new Cochin Port Trust Terminal	Kerala	Cochin Port Trust	13-12-2019	1029.7	888.62
24	Illumination of Building of National Gallery of Modern Art	Delhi	NCSM	19-12-2019	380	304
25	Development & renovation of selected facilities of National Museum	Delhi	NCSM	26-12-2019	4373	2186
26	Development of Jetties at 9 main points of embarkation/disembarkation of River Cruize on National Water ways No. 1 & 2	Assam	IWAI	28-04-2020	2803.05	700.76
27	Tourism Infrastructure at Beltaal Lake, Damoh, Madhya Pradesh by ITDC.	Madhya Pradesh	ITDC	29-09-2020	2315.30	1008.27
28	Sound & Light Show at Leh, Ladakh & Water Screen Projection Multimedia Show at Tourist Facilitation Centre, Kargil, Ladakh	Leh & Ladakh	ITDC	26-11-2020	2321.99	765.99
29	3D visual projection mapping of NGMA Building	Delhi	NCSM	31-03-2021	616.27	464.58
30	Development of Convention Centre and associated Infrastructure at Aizawl.	Mizoram	WAPCOS	31-03-2021	3994.75	3057.03
31	Development of International and Domestic Cruse Terminal and allied facilities at Murmugao Port Trust, Goa	Goa	Mormugao Port Trust	10-09-2021	5000	4000
32	Upgradation/Modernization to International Cruise Terminal at Indira Dock, Mumbai Port Trust	Maharashtra	Mumbai Port Trust	20-12-2021	3750	3000
33	Development of 22 viewpoints in North Eastern State (i) Nagaland (2 view points)- Rs.5.77 Crore (ii) Meghalaya (3 view points) – Rs.6.26 Crore (iii) Mizoram (9 view points)- Rs.12.78 Crore (iv) Arunachal Pradesh (4 view points) – Rs.6.25 Crore (v) Manipur (3 view points)- Rs.5.93 Crore (vi) Sikkim/West Bengal (1 view point)- Rs.3.70 Crore	NER	NHIDCL	11-10-2022	4444	3555.4
34	Development of Border Tourism at Shri Tanot Complex, Jaisalmer Sector	Rajasthan	BSF	05-07-2022	1767.66	883.83
35	Multimedia Laser Show with Water Screen and Musical Fountain at Sanjeevaiah Park, Hyderabad, Telangana	Telangana	BECIL	31-10-2022	5000.04	4090
36	Design, Supply, Installation, Testing & Commissioning of Digital Multimedia Technology and Lightings at Osmania Arts University, Hyderabad Telangana	Telangana	BECIL	22-12-2022	1179.93	943.47
37	Project ‘Major Upgradation of National Science Centre	Delhi	NCSM	27-03-2023	3180	18
38	Installation of Musical Fountain & Water Screen Multimedia based projection show at Nawal Sagar Lake, Bundi	Rajasthan	ITDC	04-10-2023	925.67	92.57
39	Development of Light & Sound and Multimedia Show at Rashtrapati Bhawan	Delhi	ITDC	28-03-2024	4712.4	471
40	3D Mapping with Aqua Screen Projection and Sound Show at Buxar, Bihar and Dynamic Lighting & Motif at Ram Rekha Ghat, Bihar	Bihar	BECIL	10-06-2024	599.96	59.99
	Total (Lakhs)				78,861.10	51,416.04

***

Sunil Kumar Tiwari

tourism4pib[at]gmail[dot]com

(Release ID: 2101365) Visitor Counter : 70

MIL OSI Asia Pacific News –

February 11, 2025

MIL-OSI Asia-Pac: SUSTAINABLE URBAN GROWTH MEASURES

Source: Government of India (2)

Posted On: 10 FEB 2025 5:20PM by PIB Delhi

As per 12^th Schedule of the Constitution of India, urban planning including urban planning & urban development is the function of Urban Local Bodies (ULBs)/ Urban Development Authorities. Government of India supplements the efforts of the States through schematic interventions/ advisories. It provides financial and technical support to the States.

The Ministry of Housing & Urban Affairs (MoHUA), Government of India has issued Urban and Regional Development Plan Formulation and Implementation (URDPFI) Guidelines, 2014 (https://mohua.gov.in/upload/uploadfiles/files/URDPFI%20Guidelines% 20Vol%20I(2).pdf). The Chapter – 6 “Sustainability Guidelines” of URDPFI guidelines 2014 deals with various aspects of sustainable urban development.

Under Atal Mission for Rejuvenation and Urban Transformation (AMRUT), a sub-Scheme ‘Formulation of GIS based Master plans for 500 AMRUT cities’ is being implemented by MoHUA. The Sub-Scheme aims at geo data base creation and formulation of GIS based Master Plans. At present, 461 AMRUT Cities in 35 States including Maharashtra are on boarded under the scheme and Master Plans for 229 towns have been finalized so far, which include 44 towns of Maharashtra. Under AMRUT 2.0, the sub-scheme Formulation of GIS based Master Plans has been extended to cover Class-II Towns with population of 50,000 – 99,999. Memorandum of Understanding (MoU) has been signed with National Remote Sensing Centre and Survey of India for creation of geo database.

MoHUA is supporting States/ Urban Local Bodies (ULBs) in capacity building activities through various Schemes of the Ministry such as AMRUT, for improving the capacities of ULB functionaries, elected representatives, etc., Under AMRUT, against the target of 45,000 functionaries, 57134 functionaries have already been trained so far. Under AMRUT 2.0, capacity building programs are conducted for all stakeholders including contractors, plumbers, plant operators, students, women and citizens.

MoHUA has designated 4 Institutes in different regions as Centre of Excellence (CoE) in Urban Planning and Design, which inter alia impart certified trainings/ certified courses to Civil Servants, State Town Planners, Municipal Oﬀicials, practitioners/professionals, young students etc. These centres have been provided endowment funds of ₹ 250 crore each.

Besides, MoHUA has also designated 6 institutes as AMRUT Funded Centre of Urban Planning for Capacity Building. The role envisaged for these institutes inter alia includes subject specific trainings to Municipal officials/ Town and Country Planning officials, augmenting capacity building of State / Local authorities and hand hold them in urban planning.

All States/ UTs including Maharashtra can avail the training facilities of these centres.

The Government has announced the Scheme for Special Assistance to States for Capital Investment (SSASCI) in 2022-23, 2023-24 and 2024-25, under which States are incentivized for taking the urban planning reforms. The details of urban planning reforms under SSACI are as under:

Scheme for Special Assistance to States for Capital Investment 2022-23 – Part – VI (Urban Planning Reforms). The reform components included Modernization of Building Bylaws by removing contradictions and optimizing land use, Adoption of modern urban planning tools like Transferrable Development Rights (TDR), Implementation of Local Area Plans (LAP) and Town Planning Schemes (TPS), Implementation of Transit-oriented Development (ToD). Further States were incentivized for Creation of Sponge Cities, Removing Taxation for running the Buses for Public Transport.

Scheme for Special Assistance to States for Capital Investment 2023-24 – Part – III (Urban Planning Reforms). The reform components included Augmentation of human resources by hiring qualified urban planners, Implementation of Town Planning Scheme (TPS)/ Land Pooling Scheme, Modernization of Building Bylaws, Promoting in-situ slum rehabilitation, Transit-Oriented Development (TOD), Transferable Development Rights as planning tool, Strengthening natural ecosystems of urban areas through urban planning, development of waterfronts etc.

Scheme for Special Assistance to States for Capital Investment 2024-25 – Part – XIII (Urban Planning Reforms). The reform components include implementation of Town planning Schemes / Land Pooling Scheme, rationalization of Building Bye-laws/ Zoning initiatives, comprehensive parking paradigm, creative re-development of cities, Planning of Peri Urban areas, Transit Oriented Development, Technology based reforms, climate sustainability through urban planning, comprehensive mobility plan for ease of transit in NE/ Hilly states etc.

This information was given by the Minister of State for Ministry of Housing & Urban Affairs, Shri. Tokhan Sahu, in a written reply in the Rajya Sabha today.

*****

Jane Namchu/Sushil Kumar

(Release ID: 2101370) Visitor Counter : 9

MIL OSI Asia Pacific News –

February 11, 2025
MIL-OSI Asia-Pac: ADVANCEMENTS AND TECHNOLOGICAL INNOVATIONS INCORPORATED IN METRO SYSTEMS
Source: Government of India (2)

Posted On: 10 FEB 2025 5:19PM by PIB Delhi

At present, about 1011 kms of metro rail network including RRTS is operational in 23 cities across the country.

A number of advancements and technological innovations have taken place during the recent years in various Metro Rail operational in the country. Some of the noteworthy technological advancements are:
1. Introduction of Namo Bharat Train- India’s first State of Art Namo Bharat train with design speed of 180 kmph and operational speed of 160 kmph has been introduced on priority section between New Ashok Nagar to Meerut South Depot on Delhi- Meerut RRTS corridor;
2. European Train Control System (ETCS) – World’s first State of Art ETCS level II with Hybrid level-III radio based train signalling system on LTE backbone has been introduced on Namo Bharat trains running between New Ashok Nagar to Meerut South Depot on Delhi- Meerut RRTS corridor enhancing passenger safety to a new level.
3. Platform Screen Door (PSD) – For improved safety and to reduce the risk of accidents, PSD has been jointly developed by Bharat Electronics Limited (BEL) with National Capital Region Transport Corporation (NCRTC);
4. National Common Mobility Card (NCMC) – One Nation-One card i.e. NCMC work on all NCMC enabled transport systems in the country;
5. QR based Ticketing – QR based ticketing system has facilitated booking of tickets from Mobile based apps;
6. Unmanned Train Operations (UTO) – For improved efficiency and quality of service including better utilisation of resources, UTO is functional in many stretches of Delhi Metro Rail Corporation;
7. Indigenous Automatic Train Supervision system (i-ATS) – India’s first Indigenously built Automatic Train Supervision System developed by the combined efforts of DMRC and Bharat Electronics Limited (BEL) has been implemented on Red Line of Delhi Metro.
‘Urban planning’ is a State subject. Therefore, the respective State Governments are responsible for planning, initiating and developing urban transport infrastructure including integration amongst various modes of public transport. As per Metro Rail Policy, 2017, the Central Government considers financial assistance for Metro Rail proposals in cities or urban agglomerates based on the feasibility of the proposal and availability of resources, as and when posed by the concerned State Government.

Solar power panels have been installed by Metro companies that help in reduction of CO2 emissions. Metro Rail projects have adopted the regenerative braking system in rolling stock. Adoption of Regenerative Braking Systems by metro projects are resulting in power saving and reutilisation. Setting up solar panels leads to considerable reduction in power consumptions and savings in expenditure and power which contributes significantly making metro projects sustainable and environment friendly.

Central Government has formulated National Urban Transport Policy (NUTP), 2006, Metro Rail Policy, 2017 and Transit Oriented Development Policy, 2017, which act as a guide to State Governments for integrated planning and implementation of urban transport systems in most sustainable and viable manner. The policy also envisages necessarily inclusion of feeder systems, last mile connectivity through pedestrian pathways, Non-Motorized Transport (NMT) infrastructure, and induction of facilities for Para transit modes etc. to incentivize metro rail ridership.

This information was given by the Minister of State for Ministry of Housing & Urban Affairs, Shri. Tokhan Sahu, in a written reply in the Rajya Sabha today.

*****

Jane Namchu/Sushil Kumar

(Release ID: 2101366) Visitor Counter : 8

MIL OSI Asia Pacific News –
February 11, 2025

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