NewzIntel.com

Category: Economy

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

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

    November 26, 2024

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

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

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

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

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

    MIL OSI USA News –

  • MIL-OSI USA: Ranking Member Raskin, Rep. Stansbury’s Statement on Russell Vought’s Nomination to Lead the Office of Management and Budget

    Source: United States House of Representatives – Representative Melanie Stansbury (N.M.-01)

    WASHINGTON, D.C. —Today, Rep. Jamie Raskin, Ranking Member of the Committee on Oversight and Accountability, and Rep. Melanie Stansbury, Member of the Committee on Oversight and Accountability, issued the following statement following Donald Trump’s selection of Russell Vought to lead the Office of Management and Budget (OMB):
     

    “After vehemently denying his links to Project 2025 through the campaign, the President-elect just tapped its lead architect, Russell Vought, to run his coming all-of-government purge as Director of the Office of Management and Budget.

    “Vought wants to dismantle the expert federal workforce, replacing qualified, nonpartisan federal employees with sycophants selected not for their merit but for their willingness to place party and personal loyalty over their constitutional oaths of office. Vought’s agenda would inflict massive harm on the tens of millions of Americans who rely on federal workers to provide health care at the VA, Social Security checks to their parents, infrastructure aid to local governments, and financial assistance to small businesses. In his own words, Vought wants our federal workers to be ‘traumatically affected,’ no matter the costs added to our economy or the problems imposed on the American people. Pain is itself the agenda.

    “As Director of the Office of Management and Budget, Vought oversaw the largest government shutdown in our nation’s history, carried out a Trump executive order to halt diversity initiatives in federal government, and tried to implement Trump’s assault on the expert, non-partisan civil service through an executive order called ‘Schedule F’—which he said he would revive on ‘day one’ in the next administration. And he is now urging the incoming president to move aggressively and with little regard for the law under a ‘radical constitutional perspective’ to dismantle and replace the federal workforce.
     

    “As Democratic Members of the House Oversight Committee, the headquarters of resistance to this plan, we will fight Vought’s radical agenda, act to protect vital government services the American people depend on, and stand up to defend our fellow citizens who are honorable federal workers every step of the way.”
     

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Donalds Bipartisan Bill To Put The American Taxpayer First Advances To House Floor With Vote Of 24-15

    Source: United States House of Representatives – Representative Byron Donalds (R-FL)

    Donalds Bipartisan Bill To Put The American Taxpayer First Advances To House Floor With Vote Of 24-15

    Washington, November 25, 2024

    WASHINGTON – The U.S. House Committee on Oversight and Accountability advanced H.R. 9040 – “The Bipartisan Taxpayer Exposure And Risk Reduction (TERRA) Act” out of committee and to the floor of the U.S. House of Representatives with vote a of 24-15.

    The Donalds TERRA Act includes innovative provisions that will ensure government prioritizes the interests of the hardworking American taxpayer. This America First legislation will reduce risk to taxpayers, ensure that government is held accountable, increase fiscal responsibility, and promote market-driven efficiency.

    H.R. 9040 – “The TERRA Act” is one of more than one hundred pieces of legislation introduced by Congressman Donalds during the 118th Congress and is cosponsored by Congressman Raja Krishnamoorthi (D-IL).

    Background:

    • Instructs federal agencies with credit, guarantee, or insurance risk on their balance sheets to develop and implement strategies to transfer such risk to the private sector—provided it is of benefit to the taxpayers
    • Identifies existing barriers to such types of risk transfer and ensures agencies address obstacles to minimizing taxpayer financial risk exposure
    • Builds on the stability and efficiency already provided by credit and insurance risk transfer in several federal programs


    More:

    • Social Media Summary Roll-Out HERE.
    • Read the Full Text of the Legislation HERE.
    • Congress.gov profile of the Legislation HERE.

    MIL OSI USA News –

  • MIL-OSI USA: Donalds Calls For Bolstering Everglades Restoration in FY’26

    Source: United States House of Representatives – Representative Byron Donalds (R-FL)

    NAPLES, Fla. – Congressman Byron Donalds joined Congressman Mario Díaz-Balart (R-FL), Congresswoman Debbie Wasserman Schultz (D-FL), and a bipartisan delegation of eighteen additional colleagues from the Sunshine State in calling on the U.S. Army Corps of Engineers to continue its bold vision for Everglades restoration in the FY’26 President’s Budget.

    Read the full text of the letter HERE or below:

    The Honorable Michael Connor
    Assistant Secretary of the Army for Civil Works
    Headquarters, US Army Corps of Engineers
    441 G. Street, NW
    Washington, DC 20314-1000

    Dear Mr. Connor:

    Since 2019, more than 65 federal, state, and regional projects have either been completed, broken ground, or hit major milestones – including the C-44 reservoir, the Stormwater Treatment Cell 1 in the Everglades Agricultural Area Reservoir, and restoration of the Herbert Hoover Dike surrounding Lake Okeechobee. We appreciate your leadership and support for restoration of America’s Everglades through the Comprehensive Everglades Restoration Plan (CERP) and as members of the Everglades Caucus, we are excited by the current progress and momentum.

    As you know, the Everglades is a national treasure, one of the true ecological wonders of the world, and further efforts to preserve this unique ecosystem is vitally important to its long-term viability. Comprised of the diverse habitats and sweeping watershed that includes over 2.5 million acres of federally protected lands and waters at Everglades National Park, Biscayne National Park, Big Cypress National Preserve, and fourteen National Wildlife Refuges; 2,800 nautical miles of marine habitat at the Florida Keys National Marine Sanctuary; and environmentally and culturally significant Tribal Lands, its restoration is no small undertaking but is undoubtedly a worthy one.

    The real progress being made by the U.S. Army Corps of Engineers (USACE) and the State of Florida goes hand in hand with the increased investment at both the Federal and State levels. This partnership continues to flourish as we all work together to restore the historic flow of the Everglades which proves vital to Florida’s environment, economy, drinking water supply, and quality of life. As the Biden-Harris Administration begins to formulate their budget for USACE Civil Works as part of the FY26 President’s Budget, we write today to share our esteemed support for the continuation of funding for the South Florida Ecosystem Restoration line that meet or exceed $725 million – the amount that has been requested by the Florida Delegation for the past four years. The Everglades is central to Florida’s economy; its biodiversity is truly an environmental marvel, home to one of the world’s largest wetlands frequented by over a million visitors each year.

    We are blessed to have natural treasures like the Everglades National Park right in our backyards, that over eight million Floridians rely on for their drinking water. We hope the FY26 President’s budget, with your input, will continue the bold vision for Everglades restoration – a banner example of America’s ability to restore the environment, and in doing so support the economy, livelihood, and way of life for millions in Florida.

    Thank you again for your leadership and we hope you will consider, within all applicable rules and regulations, our input as you work to generate the Civil Works’ portion of the FY26 President’s Budget.

    Sincerely,

    Mario Diaz-Balart (R-FL) Member of Congress
     Debbie Wasserman Schultz (D-FL) Member of Congress
     Byron Donalds (R-FL) Member of Congress
     Scott Franklin (R-FL) Member of Congress
    Maria Elvira Salazar (R-FL) Member of Congress
    Bill Posey (R-FL) Member of Congress
    Darren Soto (D-FL) Member of Congress
    Carlos A. Gimenez (R-FL) Member of Congress
    Gus M. Bilirakis (R-FL) Member of Congress
    Lois Frankel (D-FL) Member of Congress
    Michael Waltz (R-FL) Member of Congress
    Kathy Castor (D-FL) Member of Congress
    Jared Moskowitz (D-FL) Member of Congress
    John H. Rutherford (R-FL) Member of Congress
    Daniel Webster (R-FL) Member of Congress
    Maxwell Alejandro Frost (D-FL) Member of Congress
    Frederica S. Wilson (D-FL) Member of Congress
    Brian Mast (R-FL) Member of Congress
    Sheila Cherfilus-McCormick (D-FL) Member of Congress
    Vern Buchanan (R-FL) Member of Congress
    Neal P. Dunn (R-FL) Member of Congress

    MIL OSI USA News –

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

    Source: Asia Development Bank

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

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

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

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

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

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

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

    MIL OSI Global Banks –

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

    Source: Asia Development Bank

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

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

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

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

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

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

    MIL OSI Global Banks –

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

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

    MIL OSI Global Banks –

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

    Source: Lufthansa Group

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

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

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

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

    About Lufthansa Group

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

    MIL OSI Global Banks –

  • MIL-OSI New Zealand: GDP decreases 1.0 percent in the September 2024 quarter ? Stats NZ media and information release: Gross domestic product: September 2024 quarter

    Source: Statistics New Zealand
    GDP decreases 1.0 percent in the September 2024 quarter – 19 December 2024 – New Zealand’s gross domestic product (GDP) fell 1.0 percent in the September 2024 quarter, following a revised 1.1 percent decrease in the June 2024 quarter, according to figures released by Stats NZ today.

    The update to the June 2024 quarter growth rate reflects the incorporation of annual data, a process completed by Stats NZ each October. In this instance, while the June quarter growth rate has been revised downward, the overall level of economic activity has been revised upward over a longer period.

    “The structure of the New Zealand economy can change quickly, which is why we update with new data each year,” macroeconomic growth spokesperson Jason Attewell said.

    “The data incorporated this year shows stronger growth over the last year, followed by two significant falls in the latest quarters.

    “We balance the use of timely data for quarterly GDP estimates with more detailed information to annually update the relevant importance of industries. This approach is in line with international best practice.”

    MIL OSI New Zealand News –

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

    Source: China State Council Information Office

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    MIL OSI China News –

  • MIL-OSI Australia: Alcohol Seizure – Daly River Region

    Source: Northern Territory Police and Fire Services

    The Northern Territory Police Force has seized a quantity of alcohol intended for distribution within remote communities in the Daly River Region.

    Around 9pm on Friday 31 January, local police members  established a roadblock along Port Keats Road before stopping a vehicle attempting to enter the alcohol restricted area.

    The vehicle was discovered to be transporting:

    • 12 x Bottles of rum
    • 1 x Carton of beer
    • 4 x Cans pre-mix alcohol

    The 37-year-old female driver was issued a Notice to Appear for offences including possess and convey alcohol into a general restricted area.

    Acting Superintendent Erica Gibson said  “ This was fantastic work from local members and our message is simple; You just never know where and when police will be on the road.

    “The disruption of alcohol into restricted communities has a detrimental impact on the health, safety and finances of everyone. Police will continue to proactively target anyone who seeks to take advantage of alcohol restricted areas.

    “If you have any information regarding the distribution of drugs or alcohol into remote communities, please contact police on 131 444.

    “Anonymous reports can also be made through Crime Stoppers on 1800 333 000 or via https://crimestoppersnt.com.au/. “

    MIL OSI News –

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

    Source: Government of India (2)

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

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

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

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

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

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

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

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

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

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

    ***

    NB/SB/RY

    (Release ID: 2098370) Visitor Counter : 34

    MIL OSI Asia Pacific News –

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

    Source: Government of India (2)

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

    AT LEAST 5 INDIGENOUSLY DEVELOPED SMRS WILL BE OPERATIONALIZED BY 2033

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

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

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

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

    ******

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    MIL OSI Asia Pacific News –

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

    Source: Government of India (2)

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

    PART A

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

    Budget Estimates 2025-26

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

    AGRICULTURE AS THE 1ST ENGINE OF DEVELOPMENT

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

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

    Building Rural Prosperity and Resilience

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

    Aatmanirbharta in Pulses

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

    Comprehensive Programme for Vegetables & Fruits

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

    Makhana Board in Bihar

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

     

    National Mission on High Yielding Seeds

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

    Fisheries

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

    Mission for Cotton Productivity

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

    Enhanced Credit through KCC

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

    Urea Plant in Assam

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

    MSMEs AS THE 2ND ENGINE OF DEVELOPMENT

    Revision in classification criteria for MSMEs

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

    Credit Cards for Micro Enterprises

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

    Fund of Funds for Startups

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

    Scheme for First-time Entrepreneurs

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

    Focus Product Scheme for Footwear & Leather Sectors

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

    Measures for the Toy Sector

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

    Support for Food Processing

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

    Manufacturing Mission – Furthering “Make in India”

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

    INVESTMENT AS THE 3RD ENGINE OF DEVELOPMENT

    1. Investing in People

    Saksham Anganwadi and Poshan 2.0

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

    Atal Tinkering Labs

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

    Broadband Connectivity to Government Secondary Schools and PHCs

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

    Bharatiya Bhasha Pustak Scheme

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

    National Centres of Excellence for Skilling

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

    Expansion of Capacity in IITs

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

    Centre of Excellence in AI for Education

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

    Expansion of medical education

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

    Day Care Cancer Centres in all District Hospitals

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

    Strengthening urban livelihoods

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

    PM SVANidhi

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

    Social Security Scheme for Welfare of Online Platform Workers

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

     

    1. Investing in the Economy

    Public Private Partnership in Infrastructure

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

    Support to States for Infrastructure

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

    Asset Monetization Plan 2025-30

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

    Jal Jeevan Mission

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

    Urban Challenge Fund

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

    Nuclear Energy Mission for Viksit Bharat

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

    Shipbuilding

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

    Maritime Development Fund

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

    UDAN – Regional Connectivity Scheme

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

    Greenfield Airport in Bihar

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

    Western Koshi Canal Project in Mithilanchal

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

    Mining Sector Reforms

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

    SWAMIH Fund 2

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

    Tourism for employment-led growth

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

     

    1. Investing in Innovation

    Research, Development and Innovation

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

    Deep Tech Fund of Funds

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

    PM Research Fellowship

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

    Gene Bank for Crops Germplasm

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

    National Geospatial Mission

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

    Gyan Bharatam Mission

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

    EXPORTS AS THE 4TH ENGINE OF DEVELOPMENT

    Export Promotion Mission

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

    BharatTradeNet

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

    National Framework for GCC

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

    REFORMS AS FUEL: FINANCIAL SECTOR REFORMS AND DEVELOPMENT

    FDI in Insurance Sector

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

    Credit Enhancement Facility by NaBFID

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

    Grameen Credit Score

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

    Pension Sector

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

    High Level Committee for Regulatory Reforms

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

    Investment Friendliness Index of States

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

    Jan Vishwas Bill 2.0

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

     

    PART B

     

    DIRECT TAX

     

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

     

    • Revised tax rate structure

     

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

     

    0-4 lakh rupees

    Nil

    4-8 lakh rupees

    5 percent

    8-12 lakh rupees

    10 percent

    12-16 lakh rupees

    15 percent

    16-20 lakh rupees

    20 percent

    20- 24 lakh rupees

    25 percent

    Above 24 lakh rupees

    30 percent

     

     

    • TDS/TCS rationalization for easing difficulties

     

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

     

     

    • Reducing Compliance Burden

     

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

     

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

     

    • Ease of Doing Business

     

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

     

    • Employment and Investment

     

    Tax certainty for electronics manufacturing Schemes

     

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

     

    Tonnage Tax Scheme for Inland Vessels

     

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

     

     

    • Extension for incorporation of Start-Ups

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

     

     

    • Alternate Investment Funds (AIFs)

     

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

     

     

    • Extension of investment date for Sovereign and Pension Funds

     

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

     

     

    INDIRECT TAX

    Rationalisation of Customs Tariff Structure for Industrial Goods

    Union Budget 2025-26 proposes to:

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

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

    Relief on import of Drugs/Medicines

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

    Support to Domestic Manufacturing and Value addition

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

    Export Promotion

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

    Trade facilitation

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

    *****

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    MIL OSI Asia Pacific News –

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

    Source: Government of India (2)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    MODIFIED UDAN SCHEME TO ENHANCE REGIONAL CONNECTIVITY TO 120 NEW DESTINATIONS

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

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

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

    FDI LIMIT ENHANCED FOR INSURANCE FROM 74 TO 100 PER CENT

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

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

    DELAY IN TCS PAYMENT DECRIMINALISED

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

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

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

    BCD ON PARTS OF OPEN CELLS EXEMPTED TO PROMOTE DOMESTIC MANUFACTURING

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

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

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

     

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

    PART A

     

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

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

    a) Zero-poverty;

     b) Hundred per cent good quality school education;

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

    d) Hundred per cent skilled labour with meaningful employment;

    e) Seventy per cent women in economic activities; and

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

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

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

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

     

    1st Engine: Agriculture

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

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

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

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

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

     

    2nd Engine: MSMEs

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

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

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

    3rd Engine: Investment

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    4th Engine: Exports

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

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

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

    Reforms as the Fuel

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

    Financial Sector Reforms and Development

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

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

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

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

     

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

     

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

     

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

    Fiscal Consolidation

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

    Revised Estimates 2024-25

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

    Budget Estimates 2025-26

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

    PART B

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

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

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

    Total Income per annum

    Rate of Tax

    ₹ 0 – 4 Lakh

    NIL

     ₹ 4 – 8 Lakh

    5%

    ₹ 8 – 12 Lakh

    10%

    ₹ 12 – 16 Lakh

    15%

    ₹ 16 – 20 Lakh

    20%

    ₹ 20 – 24 Lakh

    25%

    Above ₹ 24 Lakh

    30%

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

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

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

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

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

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

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

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

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

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

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

    *****

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  • MIL-Evening Report: Want your loved ones to inherit your super? Here’s why you can’t afford to skip this one step

    Source: The Conversation (Au and NZ) – By Tobias Barkley, Lecturer, La Trobe University

    Ground Picture/Shutterstock

    What happens to our super when we die? Most Australians have superannuation accounts but about one in five of us die before we can retire and actually enjoy that money.

    If we do die early our money is paid out as super “death benefits”. They can be substantial. Even people who die young can have $200,000–$300,000 of death benefits through super life insurance.

    Death benefits have recently been in the news for all the wrong reasons. Last week the Treasurer Jim Chalmers expressed concern about delays paying out death benefits.

    The Law Council is concerned people do not have enough control over how death benefits are distributed. Others are devastated about death benefits being paid to alleged violent partners.

    How can you decide who gets your unspent super?

    Our first thought might be writing it in our will. However, super is not covered by our will as it does not become part of our deceased estate.

    Instead, death benefits are distributed by the trustee of your superannuation fund. Under the law, there are two main mechanisms controlling distribution: binding nominations and the trustee’s discretion.

    Wills don’t cover super so it is important to lock in a beneficiary using a binding nomination.
    Brian A Jackson/Shutterstock

    Every super member has the option to create a binding nomination. It’s like a will for your super that the super trustee is obliged to follow. It also needs two witnesses to execute it. However, there are actually more ways for a binding nomination to fail than for a will to fail.

    The law only allows you to nominate certain people: your “dependants” or your estate. If you nominate anyone else your entire nomination stops being binding. Plus, unlike wills, there is no way to fix execution errors. Also, many binding nominations expire after three years.

    If you don’t have a binding nomination, then the trustee can choose who your death benefit goes to. There are two main mechanisms controlling how the trustee chooses who gets your death benefit.

    First, legislation requires the trustee to give the death benefit to your dependants or deceased estate before anyone else. This means that your parents, for example, will only receive something if you have no children, partner or other dependants.

    Second, decisions made by trustees can be disputed by complaining to the Australian Financial Complaints Authority (AFCA). The authority has a rigid approach to who should get death benefits and trustees usually follow this course of action.

    Research I’ve done with Xia Li of La Trobe University reveals what AFCA does in practice.

    Most crucially, people’s wishes expressed in non-binding nominations were essentially ignored. Our research found there was no statistically significant association between being nominated in a non-binding nomination and receiving any of the death benefit. This was true even for recent nominations.

    Other factors the complaints authority ignores are family violence and financial need. In one case, five daughters provided evidence, including a police report, that their deceased mother was a victim of violence perpetrated by her new partner. In keeping with the Federal Court, AFCA gave the alleged perpetrator everything because he alone would have benefited from the deceased’s finances if she had lived.

    In another case, the deceased’s adult son received nothing despite living with disability and “doing it tough”. He had refused financial help so was not financially dependent. AFCA gave everything to the partner.

    AFCA ignores these factors because of one key issue. It places “great weight” on whether beneficiaries are financially dependent on the deceased.

    This means when choosing between a financial dependent – such as a new partner who shares home expenses with the deceased, and non-financial dependants, such as most adult children – AFCA will almost always give everything to the spouse.

    A new spouse will often receive their partner’s death benefits ahead of the deceased’s non-dependent children.
    Ground Picture/Shutterstock

    Relying on financial dependence can be arbitrary. Unlike in family law, a de facto partner does not need to be living with you for two years before becoming entitled. For example, in one case AFCA gave a partner of possibly only seven months (and 41 years younger than the deceased) everything and the deceased’s three children aged 27–33 nothing.

    Also, AFCA treats any regular payment that supports daily living as financial dependence. For example, a son paying A$100 a week board to parents means both parents are financially dependent on the son. In another case, payments from the deceased to his brother of $5,000, $7,000 and $5,000 made over a year was not financial dependence because they were irregular.

    The whole process is slow. The average time it takes to resolve a death benefit case that goes to AFCA is nearly three years and the longest case I’ve seen took over six.

    The only thing that you can do that will make a difference is execute a binding nomination; non-binding nominations are worthless.

    But take care to execute your binding nomination correctly (get legal advice) and leave reminders for yourself to review it every three years.

    Tobias Barkley is an ordinary member of the Unisuper superannuation fund.

    – ref. Want your loved ones to inherit your super? Here’s why you can’t afford to skip this one step – https://theconversation.com/want-your-loved-ones-to-inherit-your-super-heres-why-you-cant-afford-to-skip-this-one-step-248019

    MIL OSI Analysis – EveningReport.nz –

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

    Source: China State Council Information Office

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    MIL OSI China News –

  • MIL-OSI China: China’s business community firmly opposes US tariff hikes

    Source: China State Council Information Office

    China’s business community deeply regrets and firmly opposes the U.S. decision to impose an additional 10-percent tariff on goods imported from China, a spokesperson for the China Council for the Promotion of International Trade (CCPIT) said on Sunday.

    The U.S. unilateral imposition of additional tariffs seriously violates World Trade Organization (WTO) rules, and many U.S. businesses and consumers will have to bear the costs, the CCPIT spokesperson said in a statement.

    This move will disrupt normal China-U.S. economic and trade cooperation and threaten the stability of global industrial and supply chains, the spokesperson added.

    “There is no winner in trade and tariff wars,” the spokesperson stressed, noting that the erroneous actions by the United States will not solve the U.S. problems at home. Instead, they will harm China-U.S. relations and negatively affect global economic development.

    China’s business community has urged the U.S. side to immediately correct its wrongdoings, work with China to meet each other halfway, and strengthen cooperation with other countries to foster a favorable international environment for mutual benefit and win-win outcomes for the business communities of both countries and the world, and to inject more stability and positive energy into the global economy, the spokesperson said.

    MIL OSI China News –

  • MIL-OSI Asia-Pac: Atmanirbhar Bharat in Defence

    Source: Government of India (2)

    Atmanirbhar Bharat in Defence

    ₹1.27 Lakh Crore in Production, ₹21,083 Crore in Exports – Defence on the Fast Track

    Posted On: 01 FEB 2025 2:20PM by PIB Delhi

    Introduction

    India’s defence sector has undergone a remarkable transformation since 2014, evolving from a largely import-dependent military force to one increasingly focused on self-reliance and indigenous production. As one of the strongest military powers globally, India holds a pivotal role in ensuring regional security and fulfilling strategic goals. The country’s defence budget, which stood at ₹2,53,346 crore[1] in 2013-14, has seen a significant rise, reaching ₹6,21,940.85 crore[2] in 2024-25, reflecting a clear commitment to strengthening the nation’s defence capabilities. Central to this transformation is the growth of India’s defence manufacturing industry, which has become an integral part of the economy. Through the “Make in India” initiative and policy reforms, the government has actively promoted domestic production and reduced reliance on foreign procurement. This shift has been a key component of India’s broader vision of achieving Atmanirbharta (self-reliance) in defence, positioning the nation as an emerging hub for the production of advanced military technologies and equipment.

    Defence Production

    v Record Defence Production: In FY 2023-24, India’s domestic defence production reached ₹1.27 lakh crore, marking a record high, with an impressive increase of approximately 174% from ₹46,429 crore in 2014-15.

    1. Achieving New Milestones: India is on track to achieve a target of ₹1.75 lakh crore in defence production in the current fiscal year.
    1. Vision for the Future: India aims to reach ₹3 lakh crore in defence production by 2029, further establishing itself as a global defence manufacturing hub.

    Defence Exports

    v Surge in Defence Exports: India’s defence exports have surged from ₹1941 crore in FY 2014-15 to ₹21,083 crore in FY 2023-24, reflecting a remarkable increase in export value.

    v Strong Year-on-Year Growth: A 32.5% growth in defence exports was recorded over the previous fiscal year 2022-23, rising from ₹15,920 crore.

     

    1. Decadal Growth: Defence exports have grown 21 times, from ₹4,312 crore in the 2004-14 decade to ₹88,319 crore in the 2014-24 decade, highlighting India’s expanding role in the global defence sector.

     

    1. Expanding Global Reach: Driven by government policy reforms, ease of doing business initiatives, and a push for self-reliance, India now exports to over 100 nations.

     

    1. Key Export Destinations: The top three destinations for India’s defence exports in 2023-24 were the USA, France, and Armenia.

     

    1. Ambitious Export Target: The target for 2029 is to increase defence exports to ₹50,000 crore, underscoring India’s ambition to become a reliable global defence partner.
    2. Diverse Export Portfolio: India’s export portfolio includes advanced equipment such as bulletproof jackets, Dornier (Do-228) aircraft, Chetak helicopters, fast interceptor boats, and lightweight torpedoes.
    3. Milestone Achievement: A significant milestone was the inclusion of ‘Made in Bihar’ boots in the Russian Army’s equipment, highlighting India’s high manufacturing standards in the global defence market.

    Conclusion

    India’s defence sector has made unprecedented strides over the past decade, driven by a strong policy push towards self-reliance and domestic manufacturing. The significant rise in defence production and exports underscores the country’s growing capability as a global defence manufacturing hub. With a record ₹1.27 lakh crore in defence production and exports reaching ₹21,083 crore in FY 2023-24, India has demonstrated its commitment to reducing dependency on imports while strengthening its presence in the global market.

    As the nation aims for ₹3 lakh crore in defence production and ₹50,000 crore in exports by 2029, these achievements highlight India’s emergence as a reliable defence partner worldwide. By leveraging innovation, strategic partnerships, and indigenous capabilities, India is well-positioned to play a pivotal role in the future of global defence manufacturing and security.

    References:

    https://pib.gov.in/PressReleaseIframePage.aspx?PRID=2016818

    https://pib.gov.in/PressReleasePage.aspx?PRID=2069090

    https://sansad.in/getFile/loksabhaquestions/annex/178/AS325.pdf?source=pqals

    https://pib.gov.in/PressReleasePage.aspx?PRID=2035748

    https://www.ibef.org/industry/defence-manufacturing

    Click here to see in PDF:

    Santosh Kumar/ Sarla Meena/ Saurabh Kalia

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  • MIL-OSI Asia-Pac: Strengthening India’s Agricultural Backbone

    Source: Government of India (2)

    Strengthening India’s Agricultural Backbone

    Key Achievements and Government Initiatives

    Posted On: 01 FEB 2025 2:06PM by PIB Delhi

    Synopsis

    • The Government of India has significantly increased budget allocations, rising from ₹11,915.22 crore in 2008-09 to ₹1,22,528.77 crore in 2024-25, demonstrating its commitment to the sector.
    • Food grain production has surged from 204.6 million tonnes (2004-05) to an estimated 332.3 million tonnes (2023-24), with enhanced productivity and Minimum Support Price (MSP) revisions ensuring better farmer incomes.
    • The MSP for paddy and wheat has grown from ₹850 and ₹1,080 per quintal in 2008-09 to ₹2,300 and ₹2,425 per quintal in 2023-24 respectively. Additionally, the total MSP paid to farmers for paddy and wheat has surged from ₹4.40 lakh crore and ₹2.27 lakh crore in 2004-13 to ₹12.51 lakh crore and ₹5.44 lakh crore in 2014-24 respectively.
    • Key farmer-centric initiatives include PM-KISAN (₹3.46 lakh crore disbursed), PMFBY (₹1.65 lakh crore in claims), and e-NAM, which has integrated 1,400+ mandis for better market access. The Agricultural Infrastructure Fund (AIF) has sanctioned ₹52,738 crore for over 87,500 projects to improve post-harvest management.
    • The government’s millet promotion efforts have boosted production, while institutional credit expansion, Kisan Credit Card (KCC) growth, and agricultural R&D investments continue to transform the sector.

     

    Agriculture serves as the backbone of India’s economy, playing a pivotal role in ensuring food security, providing employment, and contributing to overall economic development. It supports the livelihoods of a significant portion of the population and remains vital to India’s socio-economic fabric. Recognizing its importance, the Government of India has implemented various initiatives and significantly increased budget allocations to strengthen the sector.

    Enhanced Budget Allocation

    The budget estimates for the Department of Agriculture, Cooperation & Farmers Welfare was  ₹11,915.22 Crore in 2008-09. The budget forDepartment of Agriculture and Farmers’ Welfare  increased to ₹21,933.50 Crore in 2013-14 and further advanced to ₹1,22,528.77 Crore in 2024-25, reflecting the government’s commitment to agricultural development.

    Increased Food Grain Production

    India’s foodgrain production has seen a steady rise over the years, reflecting improvements in agricultural productivity and policy support. In 2004-05, total foodgrain production stood at 204.6 million tonnes. (4th advance estimates) This increased to 252 million tonnes in 2014-15 and further surged to an estimated 332.3 million tonnes in 2023-24.

    Gross Area Under Major Crops

    In 2004-05, the total area under foodgrain crops was 120.2 million hectares ( 4th advance estimates). This expanded to 124.3 million hectares in 2014-15 and reached 132.1 hectares in 2023-24

    Annual Growth Rate of Real Gross Value Added (GVA) at Basic Prices 

    The annual growth rate of real GVA in the agriculture, forestry, and fishing sector has shown fluctuations over the years. In 2004-05, it was recorded at 1.4%, slightly declining to 1.2% in 2014-15. However, the sector has gained momentum in recent years, with the growth rate rising to an estimated 2.1% in 2023-24. This reflects improved efficiency, mechanization, and diversification in agricultural activities.

    Real Gross Value Added (GVA) in Agriculture (₹ Crore at Constant Prices)

    The real GVA for agriculture, forestry, and fishing has demonstrated substantial growth, showcasing the sector’s increasing contribution to the economy. In 2004-05, the GVA stood at ₹13.85 lakh crore, which rose to ₹18.94 lakh crore in 2014-15 and further increased to an estimated ₹26.42 lakh crore in 2023-24( PE). This consistent rise highlights the sector’s resilience and its vital role in India’s economic development.

    Increase in productivity

    Comparison of yield between 2013-14 and 2023-24 (Kg/ha) reflects a substantial increase in productivity.

    Crop

    2013-14

    2023-24

    Absolute Difference

     (2023-24 over 2013-14)

    Difference

    (%)

    Rice

    2416

    2882

    466

    19.29

    Wheat

    3145

    3559

    414

    13.16

    Maize

    2676

    3351

    675

    25.22

    Coarse Cereals

    1717

    2945

    1228

    71.52

    Total Pulses

    763

    881

    118

    15.47

    Total Foodgrains

    2120

    2515

    395

    18.63

    Total Oilseeds

    1167

    1314

    147

    12.60

    Sugarcane

    70522

    78953

    8431

    11.96

    Jute

    2639

    2783

    144

    5.46

     

    Food Grain Procurement

    1. The decade from 2014-15 to 2023-24 witnessed an impressive 6900 LMT of paddy procurement, a substantial increase from the 4590 LMT procured in the preceding ten years (2004-05 to 2013-14).
    1. Similarly, wheat procurement has seen a substantial surge, thanks to proactive planning and meticulous execution. The procurement increased from 2140 LMT in 2004-05 to 2013-14 to 3072 LMT in 2014-23.

    Minimum Support Price (MSP) Enhancements

    1. Government has increased the MSP for all mandated Kharif, Rabi and other commercial crops with a return of at least 50 per cent over all India weighted average cost of production from 2018-19. 
    2. The MSP for paddy (common) has risen from ₹850 per quintal in 2008-09 (with an additional incentive of ₹50 per quintal) to ₹1,310 per quintal in 2013-14, and further to ₹2,300 per quintal in 2023-24.
    1. MSP for wheat has also seen consistent growth, rising from ₹1,080 per quintal in 2008-09 to ₹1,400 per quintal in 2013-14, and reaching ₹2,425 per quintal in 2023-24.
    1. The MSP paid to farmers for paddy also saw a threefold increase, from ₹4.40 lakh crore in 2004-13 to a staggering ₹12.51 lakh crore in 2014-24.
    2. The MSP paid to farmers for wheat procurement also saw a steep rise from ₹2.27 lakh crore in 2004-13 to ₹5.44 lakh crore in 2014-24, ensuring greater financial stability for wheat farmers across the country

     

    Income Support through PM-KISAN

    Launch of PM-KISAN in 2019 an income support scheme providing ₹ 6000 per year in 3 equal instalments. So far, more than  ₹ 3.46 lakh Crore has been disbursed to over 11 Crore farmers through 18 instalments.

    Pradhan Mantri Kisan Maandhan Yojana

    PMKMY is a central sector scheme, is a voluntary and contributory pension scheme for the entry age group of 18 to 40 years with a provision of  ₹ 3000/- monthly pension on attaining the age of 60 years, subject to exclusion criteria. Since the inception of the scheme, over 24.67 lacs small and marginal farmers have joined the PMKMY scheme.

    Pradhan Mantri Fasal Bima Yojana (PMFBY)

    1. was launched in 2016 addressing problems of high premium rates for farmers and reduction in sum insured due to capping. In past 8 Years of implementation. In past 8 Years of implementation, 63.11 Crore farmer applications have been  enrolled and over 18.52 Crore (Provisional) farmer applicants have received claims of over ₹ 1,65,149 Crore. During this period nearly ₹ 32,482 Crore were paid by farmers as their share of premium against which claims over ₹ 1,65,149 Crore (Provisional) have been paid to them. Thus, for every ₹100 of premium paid by farmers, they have received about ₹ 508 as claims.

    Institutional credit for agriculture sector

    1. Since the inception of the scheme, a total of 1,285.37 lakh KCCs had been issued till 2012-13, which increased to 1,895.81 lakh by March 31, 2019 (PE). 
    1. In the last 10 years, Rs 1.44 lakh Crore of Interest Subsidy has been released on Kisan Credit Card loans. It has risen nearly 2.4 times, from ₹6,000 Crore in 2014-15 to ₹14,252 crore in 2023-24.

           

    1. Institutional credit flow to agriculture has risen nearly three times since 2014-15, rising from ₹ 8.5 lakh Crore to ₹ 25.48 lakh Crore in 2023-24. Short-term agriculture credit has more than doubled, increasing from ₹ 6.4 lakh Crore in 2014-15 to ₹ 15.07 lakh Crore in 2023-24.

                    

    1. The proportion of Small and Marginal Farmers accessing agriculture loans grew from 57% in 2014-15 to 76% in 2023-24.

     

    e-NAM

    The Department has integrated 1410 mandis with e-NAM since inception across 23 States & 4 UTs. As on 31st December 2024, 1.79 Crore farmers & 2.63 lakh traders have been registered on e-NAM portal. Total volume of 11.02 Crore MT & 42.89 Crore numbers (bamboo, betel leaves, coconut, lemon & sweet corn) collectively worth approximately Rs. 4.01 lakh Crore of trade has been recorded on e-NAM platform.

    Agricultural Infrastructure Fund

    A One Lakh Crore, Agriculture Infrastructure Fund (AIF) scheme was launched with an objective to mobilize a medium – long term debt financing facility for investment in viable projects for post-harvest management infrastructure and community farming assets through incentives and financial support in order to improve agriculture infrastructure in the country. As on  27.12.2024, ₹ 52,738 Crore have been sanctioned for 87,548 projects under AIF, out of this total sanctioned amount 39,959 Crore are covered under scheme benefits. These sanctioned projects have mobilized an investment of ₹ 86,798 Crore in agriculture sector.

    Millets: Superfood of India

    During the budget Announcement 2023-24, a “Global R&D Hub for millets in India” was announced with a total budget outlay of ₹ 250 Crore during 2023-24 to 2025-26. for making India a Global R&D Hub.

    Key Achievements

    1. Millet production has increased in the last 1 year, reaching 175.72 lakh tonnes in 2023-24 (Final Estimate) from 173.21 lakh tonnes in 2022-23.
    2. Productivity has increased by 7% from 1248 Kg/ha to 1337 Kg/ha between 2019 and 2024 (Final Estimate).
    3. 25 seed hubs have been established in collaboration with ICAR, ensuring the availability of high-quality seeds of improved millet varieties.
    4. Procurement of 7.8 lakh tonnes of millets during the kharif marketing season of 2023-24

    These efforts have led to substantial improvements in food grain production, increased income for farmers, enhanced credit facilities, and better crop insurance. As a result, the agriculture sector continues to evolve and thrive, securing India’s position as a global leader in agricultural production and export.

     

    References

    Department of Agriculture and Farmers Welfare

    https://pib.gov.in/PressReleasePage.aspx?PRID=2090993

    https://www.indiabudget.gov.in/economicsurvey/

    https://desagri.gov.in/wp-content/uploads/2021/04/MSP-14-06-12.pdf

    https://desagri.gov.in/wp-content/uploads/2021/06/Pocket-2020-Final-web-file.pdf

    Click here to download PDF

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

    Source: Government of India

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

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

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

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

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

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

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

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

    0-4 lakh rupees

    Nil

    4-8 lakh rupees

    5 per cent

    8-12 lakh rupees

    10 per cent

    12-16 lakh rupees

    15 per cent

    16-20 lakh rupees

    20 per cent

    20- 24 lakh rupees

    25 per cent

    Above 24 lakh rupees

    30 per cent

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

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

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

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

    Source: Government of India

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

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

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

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

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

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

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

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

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

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

     

    Building Rural Prosperity and Resilience:

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

     

    Aatmanirbharta in Pulses:

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

     

    Comprehensive Programme for Vegetables & Fruits:

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

     

    Grameen Credit Score:

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

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

    Source: Government of India

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

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

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

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

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

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

    1) rural community hub co-location;

    2) institutional account services;

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

    4) credit services to micro enterprises;

    5) insurance; and

    6) assisted digital services.

     

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

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

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  • MIL-OSI Asia-Pac: ‘BHARATTRADENET’ FOR INTERNATIONAL TRADE TO BE SET-UP AS A UNIFIED PLATFORM FOR TRADE DOCUMENTATION AND FINANCING SOLUTIONS: UNION BUDGET 2025-26

    Source: Government of India (2)

    ‘BHARATTRADENET’ FOR INTERNATIONAL TRADE TO BE SET-UP AS A UNIFIED PLATFORM FOR TRADE DOCUMENTATION AND FINANCING SOLUTIONS: UNION BUDGET 2025-26

    DOMESTIC MANUFACTURING CAPACITIES TO BE AUGMENTED FOR INTEGRATING INDIAN ECONOMY WITH GLOBAL SUPPLY CHAINS

    GOVERNMENT WILL SUPPORT THE DOMESTIC ELECTRONIC EQUIPMENT INDUSTRY TO LEVERAGE THE OPPORTUNITY OF INDUSTRY 4.0

    NATIONAL FRAMEWORK FOR STATES TO BE FORMULATED FOR PROMOTING GLOBAL CAPABILITY CENTRES IN EMERGING TIER 2 CITIES

    Posted On: 01 FEB 2025 1:15PM by PIB Delhi

    In our journey of realizing ‘Sabka Vikas’ by stimulating balanced growth of all regions, Exports have been reckoned as one of the powerful engines of India’s growth story. The Union Budget 2025-26 tabled in Parliament today by Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman, aims to initiate transformative reforms in domestic manufacturing and integrating India’s economy with global supply chains.

    BharatTradeNet

    A digital public infrastructure, ‘BharatTradeNet’ (BTN) for international trade has been proposed to be set-up as a unified platform for trade documentation and financing solutions. In the budget speech Smt. Sitharaman stated that, “BTN will complement the Unified Logistics Interface Platform and will be aligned with international practices”.

    Integrating India’s Economy with Global Supply Chains

    The Finance Minister announced in the Union Budget 2025-26 that support will be provided to develop domestic manufacturing capacities for integrating Indian economy with global supply chains. In this direction, the sectors will be identified based on an objective criteria.

    It is also proposed that facilitation groups with participation of senior officers and industry representatives be formed for select products and supply chains.

    Smt. Nirmala Sitharaman highlighted that the youth of India have both high skills and talent which are required for capitalizing on the opportunities related to Industry 4.0. “Our Government will support the domestic electronic equipment industry to leverage this opportunity for the benefit of the youth”, she added.

    National Framework for GCC

    It has been proposed in the Union Budget 2025-26 that a National Framework will be formulated as guidance to states for promoting Global Capability Centres in emerging tier 2 cities. This will suggest 16 measures for enhancing availability of talent and infrastructure, building-byelaw reforms, and mechanisms for collaboration with industry.

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  • MIL-OSI Asia-Pac: ` 1 LAKH CRORE URBAN CHALLENGE FUND TO IMPLEMENT ‘CITIES AS GROWTH HUBS’

    Source: Government of India (2)

    ` 1 LAKH CRORE URBAN CHALLENGE FUND TO IMPLEMENT ‘CITIES AS GROWTH HUBS’

    NATIONAL GEOSPATIAL MISSION TO DEVELOP FOUNDATIONAL GEOSPATIAL INFRASTRUCTURE AND DATA

    GIG WORKERS TO GET IDENTITY CARDS AND REGISTRATION ON THE E-SHRAM PORTAL

    GIG-WORKERS WILL BE PROVIDED HEALTHCARE UNDER PM JAN AROGYA YOJANA, NEARLY 1 CRORE TO GET ASSISTED

    UPI LINKED CREDIT CARDS WITH ` 30,000 LIMIT UNDER PM SVANIDHI SCHEME

    Posted On: 01 FEB 2025 1:13PM by PIB Delhi

    Union Minister of Finance and Corporate Affairs, Smt. Nirmala Sitharaman, while presenting the Budget 2025-2026 in the Parliament today said that the Government will set up an Urban Challenge Fund of ` 1 lakh crore to implement the proposals for ‘Cities as Growth Hubs’, ‘Creative Redevelopment of Cities’ and ‘Water and Sanitation’ announced in the July Budget.

    She further added this fund will finance up to 25 per cent of the cost of bankable projects with a stipulation that at least 50 per cent of the cost is funded from bonds, bank loans, and PPPs. An allocation of  ` 10,000 crore is proposed for 2025-26.

    The Budget has proposed that a National Geospatial Mission will be started to develop foundational geospatial infrastructure and data. Using PM Gati Shakti, this Mission will facilitate modernization of land records, urban planning, and design of infrastructure projects.

    Smt. Sitharaman said that the Government has been giving priority to assisting urban poor and vulnerable groups. A scheme for socio-economic upliftment of urban workers will be implemented to help them improve their incomes, have sustainable livelihoods and a better quality of life.

    Gig workers of online platforms provide great dynamism to the new-age services economy. Recognising their contribution, our Government will arrange for their identity cards and registration on the e-Shram portal. They will be provided healthcare under PM Jan Arogya Yojana. This measure is likely to assist nearly 1 crore gig-workers.

    Finance Minister highlighted that the PM SVANidhi scheme has benefitted more than 68 lakh street vendors giving them respite from high-interest informal sector loans. Building on this success, the scheme will be revamped with enhanced loans from banks, UPI linked credit cards with ` 30,000 limit, and capacity building support.

    She highlighted that Under the Special Window for Affordable and Mid-Income Housing (SWAMIH) fifty thousand dwelling units in stressed housing projects have been completed, and keys handed over to home-buyers. Another forty thousand units will be completed in 2025, further helping middle-class families who were paying EMIs on loans taken for apartments, while also paying rent for their current dwellings.

    Building on this success, SWAMIH Fund 2 will be established as a blended finance facility with contribution from the Government, banks and private investors. This fund of ` 15,000 crore will aim for expeditious completion of another 1 lakh units.

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  • MIL-OSI Asia-Pac: UNION BUDGET 2025-26: BOOST TO SHIPPING AND AVIATION SECTOR

    Source: Government of India (2)

    UNION BUDGET 2025-26: BOOST TO SHIPPING AND AVIATION SECTOR

    MARITIME DEVELOPMENT FUND OF Rs 25,000 CRORE PROPOSED

    MODIFIED UDAN SCHEME TO CONNECT 120 NEW DESTINATIONS AND CARRY 4 CRORE PASSENGERS IN NEXT 10 YEARS

    GREENFIELD AIRPORTS AND WESTERN KOSHI CANAL PROJECT FOR BIHAR

    Posted On: 01 FEB 2025 1:11PM by PIB Delhi

    For long-term financing for the maritime industry, the Union Finance Minister Smt. Nirmala Sitharaman has proposed to set up a Maritime Development Fund with a corpus of Rs 25,000 crore. Announcing this in her budget speech in the Parliament today, the Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman said that this corpus will be for distributed support and promoting competition in the maritime industry. The fund will have up to 49 per cent contribution by the Government, and the balance will be mobilized from ports and private sector.

    The Finance Minister stated that the Shipbuilding Financial Assistance Policy will be revamped to address cost disadvantages, which will also include Credit Notes for shipbreaking in Indian yards to promote the circular economy. Further, the large ships above a specified size are also proposed to be included in the infrastructure harmonized master list (HML). The Union Budget also proposes to facilitate ‘Shipbuilding Clusters’ in order to increase the range, categories and capacity of ships. This will include additional infrastructure facilities, skilling and technology to develop the entire ecosystem. Acknowledging that the shipbuilding has a long gestation period, the Finance Minister proposed to continue the exemption of Basic Customs Duty on raw materials, components, consumables or parts for the manufacture of ships for another ten years. She further proposed the same dispensation for ship breaking to make it more competitive.

    Praising the Regional Connectivity Scheme UDAN, Smt. Nirmala Sitharaman said in her speech that UDAN has enabled 1.5 crore middle-class people to meet their aspirations for speedier travel. The scheme has connected 88 airports and operationalized 619 routes. Inspired by that success, a modified UDAN scheme which will be launched to enhance regional connectivity to 120 new destinations and carry 4 crore passengers in the next 10 years and this scheme will also support helipads and smaller airports in hilly, aspirational, and North East region districts, stated the Finance Minister. She also informed the house that the government will facilitate upgradation of infrastructure and warehousing for air cargo including high value perishable horticulture produce. Cargo screening and customs protocols will also be streamlined and made user-friendly.

    Giving infrastructure fillip to the state of Bihar, the Union Finance Minster proposed that the Greenfield airports will be facilitated in Bihar to meet the future needs of the State. These will be in addition to the expansion of the capacity of Patna airport and a brownfield airport at Bihta. Financial support will also be provided for the Western Koshi Canal ERM Project benefitting a large number of farmers cultivating over 50,000 hectares of land in the Mithilanchal region of Bihar.

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  • MIL-OSI Asia-Pac: 50,000 ATAL TINKERING LABS IN GOVERNMENT SCHOOLS IN NEXT 5 YEARS

    Source: Government of India (2)

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

    BHARATIYA BHASHA PUSTAK SCHEME TO PROVIDE DIGITAL-FORM INDIAN LANGUAGE BOOKS

    ALLOCATION OF RS 20,000 CRORE TO IMPLEMENT PRIVATE SECTOR DRIVEN RESEARCH, DEVELOPMENT AND INNOVATION

    PROVISION OF 10,000 FELLOWSHIPS FOR TECHNOLOGICAL RESEARCH IN IITs AND IISC UNDER PM RESEARCH FELLOWSHIP SCHEME

    5 NATIONAL CENTRES OF EXCELLENCE FOR SKILLING TO EQUIP YOUTH FOR “MAKE FOR INDIA, MAKE FOR THE WORLD” MANUFACTURING

    CENTRE OF EXCELLENCE IN ARTIFICIAL INTELLIGENCE FOR EDUCATION WITH TOTAL OUTLAY OF RS 500 CRORE

    Posted On: 01 FEB 2025 1:09PM by PIB Delhi

    While presenting the Union Budget 2025-26 in the Parliament today, the Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman proposed various development measures for nurturing innovation.

    The Union Finance Minister announced to set up Fifty thousand Atal Tinkering Labs in Government schools in next 5 years to cultivate the spirit of curiosity and innovation, and foster a scientific temper among young minds. The Union Budget also proposes to provide Broadband connectivity to all Government secondary schools and primary health centres in rural areas under the Bharatnet project.

    On higher education, the Union Budget 2025-26 states that total number of students in 23 IITs has increased 100 per cent from 65,000 to 1.35 lakh in the past 10 years. Additional infrastructure will be created in the 5 IITs started after 2014 to facilitate education for 6,500 more students. Hostel and other infrastructure capacity at IIT, Patna will also be expanded.

    With the aim to help students understand their subjects better, Smt. Nirmala Sitharaman has proposed to implement a Bharatiya Bhasha Pustak Scheme to provide digital-form Indian language books for school and higher education.

    The Union Finance Minister also announced to set up five National Centres of Excellence for skilling with global expertise and partnerships to equip youth with the skills required for “Make for India, Make for the World” manufacturing. The partnerships will cover curriculum design, training of trainers, a skills certification framework, and periodic reviews.

    The Union Budget also announced to set up a Centre of Excellence in Artificial Intelligence for education with a total outlay of Rs 500 crore.

    While presenting the Budget, Smt. Nirmala Sitharaman announced to allocate Rs 20,000 crore to implement private sector driven Research, Development and Innovation. In the next five years, under the PM Research Fellowship scheme, provision of ten thousand fellowships for technological research in IITs and IISc with enhanced financial support is also proposed in the Budget.

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  • MIL-OSI Asia-Pac: ENHANCED NUTRITIONAL SUPPORT UNDER SAKSHAM ANGANWADI AND POSHAN 2.0 PROGRAMME

    Source: Government of India (2)

    ENHANCED NUTRITIONAL SUPPORT UNDER SAKSHAM ANGANWADI AND POSHAN 2.0 PROGRAMME

    DAY CARE CANCER CENTRES TO BE SET UP IN ALL DISTRICT HOSPITALS; 200 CENTRES TO BE SET UP IN 2025-26

    MEDICAL TOURISM AND HEAL IN INDIA TO BE PROMOTED IN PARTNERSHIP WITH PRIVATE SECTOR

    36 LIFESAVING DRUGS AND MEDICINES FULLY EXEMPTED FROM BASIC CUSTOMS DUTY

    Posted On: 01 FEB 2025 1:07PM by PIB Delhi

    Investment is the 3rd engine of development encompassing investing in people, investing in the economy and investing in innovation, said the Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman while presenting the Union Budget 2025-26 in the Parliament today.

    As part of investing in people, the Union Budget 2025-26 proposes to enhance the cost norms for the nutritional support under Saksham Anganwadi and Poshan 2.0 programme. The programme provides nutritional support to more than 8 crore children, 1 crore pregnant women and lactating mothers all over the country, and about 20 lakh adolescent girls in aspirational districts and the north-east region.

    The Union Finance Minister, in her Budget Speech, announced to facilitate setting up of Day Care Cancer Centres in all district hospitals in the next 3 years. 200 Centres will be established in 2025-26. The Budget also highlights that in the next year, 10,000 additional seats will be added in medical colleges and hospitals, towards the goal of adding 75,000 seats in the next 5 years.

    The Finance Minister informed that the Medical Tourism and Heal in India will be promoted in partnership with the private sector along with capacity building and easier visa norms.

    Relief on import of Drugs/Medicines

    To provide relief to patients, particularly those suffering from cancer, rare diseases and other severe chronic diseases, the Union Finance Minister has proposed to add 36 lifesaving drugs and medicines to the list of medicines fully exempted from Basic Customs Duty (BCD).

    The Finance Minister also proposed to add 6 lifesaving medicines to the list attracting concessional customs duty of 5%. Full exemption and concessional duty will also respectively apply on the bulk drugs for manufacture of the above.

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

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  • MIL-OSI Asia-Pac: AS PART OF 3RD ENGINE OF INVESTMENT IN ECONOMY, UNION FINANCE MINISTER PROPOSES MULTI-SECTORAL REFORMS IN PUBLIC PRIVATE PARTNERSHIPS, SUPPORT TO STATES, ASSET MONETISATION, MINING, AND DOMESTIC MANUFACTURING

    Source: Government of India (2)

    AS PART OF 3RD ENGINE OF INVESTMENT IN ECONOMY, UNION FINANCE MINISTER PROPOSES MULTI-SECTORAL REFORMS IN PUBLIC PRIVATE PARTNERSHIPS, SUPPORT TO STATES, ASSET MONETISATION, MINING, AND DOMESTIC MANUFACTURING

    UNION BUDGET 2025-26 PROPOSES TO FULLY EXEMPT COBALT POWDER AND WASTE, SCRAP OF LITHIUM-ION BATTERY, LEAD, ZINC AND 12 MORE CRITICAL MINERALS

    Posted On: 01 FEB 2025 1:06PM by PIB Delhi

    As part of the 3rd engine of investment in economy, Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman proposed multi-sectoral reforms encompassing Public Private Partnerships, support to States, Asset Monetisation Plan for 2025-2030, mining sector, and support to domestic manufacturing, while presenting the Union Budget 2025-26 in Parliament, today.

    Public Private Partnership in Infrastructure

    Smt. Sitharaman proposed that each infrastructure-related ministry will come up with a 3-year pipeline of projects that can be implemented in PPP mode, and States will also be encouraged to initiate and seek support from the India Infrastructure Project Development Fund (IIPDF) scheme to prepare PPP proposals.

    Support to States for Infrastructure

    The Union Finance Minister proposed an outlay of ₹1.5 lakh crore for the 50-year interest free loans to states for capital expenditure and incentives for reforms.

    Asset Monetisation Plan 2025-30

    Building on the success of the first Asset Monetisation Plan announced in 2021, Smt. Sitharaman proposed to launch the Second Plan for 2025-30 to plough back capital of ₹10 lakh crore in new projects with fine-tuning of the regulatory and fiscal measures to support the Plan.

    Mining Sector Reforms

    The Union Finance Minister proposed mining sector reforms, including those for minor minerals, through sharing of best practices and institution of a State Mining Index.

    PM Gati Shakti Data for Private Sector

    Smt. Sitharaman proposed to provide access to relevant data and maps from the PM Gati Shakti portal for furthering PPPs and assisting the private sector in project planning.

    Support to Domestic Manufacturing and Value addition Critical Minerals

    The Union Finance Minister proposed to fully exempt cobalt powder and waste, the scrap of lithium-ion battery, Lead, Zinc and 12 more critical minerals to secure their availability for manufacturing in India and promote more jobs for India’s youth.

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    (Release ID: 2098376) Visitor Counter : 69

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  • MIL-OSI Asia-Pac: A HIGH-LEVEL COMMITTEE FOR REGULATORY REFORMS TO BE SET UP FOR REVIEW OF ALL NON-FINANCIAL SECTOR REGULATIONS, CERTIFICATIONS, LICENSES, AND PERMISSIONS

    Source: Government of India (2)

    A HIGH-LEVEL COMMITTEE FOR REGULATORY REFORMS TO BE SET UP FOR REVIEW OF ALL NON-FINANCIAL SECTOR REGULATIONS, CERTIFICATIONS, LICENSES, AND PERMISSIONS

    GOVERNMENT TO LAUNCH AN INVESTMENT FRIENDLINESS INDEX OF STATES IN 2025

    JAN VISHWAS BILL 2.0 TO BE BROUGHT TO DECRIMINALIZE MORE THAN 100 PROVISIONS IN VARIOUS LAWS

    Posted On: 01 FEB 2025 1:04PM by PIB Delhi

    The Union Finance & Corporate Affairs Minister presented the Union Budget 2025-26 in the Parliament today.

    Regulatory Reforms

    In her Budget speech, the Union Finance Minister said that the Government is determined to ensure that the regulations must keep up with technological innovations and global policy developments. A light-touch regulatory framework based on principles and trust will unleash productivity and employment. Through this framework, regulations will be updated that were made under old laws.

    To develop this modern, flexible, people-friendly, and trust-based regulatory framework appropriate for the twenty-first century, Smt. Nirmala Sitharaman proposed four specific measures:

    High Level Committee for Regulatory Reforms

    A High-Level Committee for Regulatory Reforms will be set up for a review of all non-financial sector regulations, certifications, licenses, and permissions, the Union Finance Minister added. The committee will be expected make recommendations within a year. The objective is to strengthen trust-based economic governance and take transformational measures to enhance ‘ease of doing business’, especially in matters of inspections and compliances. States will be encouraged to join in this endeavour.  

    Investment Friendliness Index of States

    Smt. Nirmala Sitharaman added that an Investment Friendliness Index of States will be launched in 2025 to further the spirit of competitive cooperative federalism.

    FSDC Mechanism

    Under the Financial Stability and Development Council, a mechanism will be set up to evaluate impact of the current financial regulations and subsidiary instructions, the Union Finance Minister said. It will also formulate a framework to enhance their responsiveness and development of the financial sector.

    Jan Vishwas Bill 2.0

    Smt. Nirmala Sitharaman informed that the Government will now bring up the Jan Vishwas Bill 2.0 to decriminalize more than 100 provisions in various laws. In the Jan Vishwas Act 2023, more than 180 legal provisions were decriminalized.

    In the last ten years in several aspects, including financial and non-financial, our Government has demonstrated a steadfast commitment to ‘Ease of Doing Business’, the Union Finance Minister said.

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    (Release ID: 2098373) Visitor Counter : 68

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