Category: Economy

  • MIL-OSI: PrairieSky Royalty Announces Conference Call for Q1 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, March 24, 2025 (GLOBE NEWSWIRE) — PrairieSky will release its Q1 2025 results on Monday, April 14, 2025 after markets close. The news release detailing PrairieSky’s Q1 2025 results will provide operating and financial information. Financial statements along with management’s discussion and analysis will be available on PrairieSky’s website at www.prairiesky.com and on SEDAR+ at www.sedarplus.com.

    A conference call to discuss the results will be held for the investment community on Tuesday, April 15, 2025 beginning at 6:30 am MT (8:30 am ET). To participate in the conference call, you are asked to register at the link provided below. Details regarding the call will be provided to you upon registration.

    About PrairieSky Royalty Ltd.

    PrairieSky is a royalty-focused company, generating royalty revenues as petroleum and natural gas are produced from its properties. PrairieSky has a diverse portfolio of properties that have a long history of generating free cash flow and that represent the largest and most concentrated independently-owned fee simple mineral title position in Canada. PrairieSky common shares trade on the Toronto Stock Exchange under the symbol PSK.

    FOR FURTHER INFORMATION PLEASE CONTACT:

    PrairieSky Royalty Ltd.
    Investor Relations
    (587) 293-4000

    www.prairiesky.com

    PDF available: http://ml.globenewswire.com/Resource/Download/927d87ae-e651-47ab-ba1c-2c859b89a6ca

    The MIL Network

  • MIL-OSI: Nasdaq to Hold First Quarter 2025 Investor Conference Call

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, March 24, 2025 (GLOBE NEWSWIRE) — Nasdaq (Nasdaq: NDAQ) has scheduled its first quarter 2025 financial results announcement.                   

    Who: Nasdaq’s CEO, CFO, and additional members of its senior management team
       
    What:  Review Nasdaq’s first quarter 2025 financial results
       
    When: Thursday, April 24, 2025
      Results Call: 8:00 AM Eastern

    Senior management will be available for questions from the investment community following prepared remarks.

    All participants can access the conference via webcast through the Nasdaq Investor Relations website at http://ir.nasdaq.com/.

    Note: The press release and results presentation for the first quarter 2025 results will be posted on the Nasdaq Investor Relations website at http://ir.nasdaq.com/ on Thursday, April 24, 2025 at approximately 7:00 AM Eastern.

    About Nasdaq

    Nasdaq (Nasdaq: NDAQ) is a global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.

    Media Relations Contact:

    Nick Eghtessad
    +1.929.996.8894
    Nick.Eghtessad@Nasdaq.com

    Investor Relations Contact:

    Ato Garrett
    +1.212.401.8737
    Ato.Garrett@Nasdaq.com

    -NDAQF-

    The MIL Network

  • MIL-OSI: Dragonfly Energy Reports Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Fourth Quarter Revenue Growth of 17% Led by Significant OEM Growth
    Debt Restructuring and Concurrent Capital Raise Enhance Financial Position and Liquidity
    Initiates Corporate Optimization Program
    Guides to First Quarter 2025 Net Sales of Approximately $13.3 Million
    Targets Positive Adjusted EBITDA in Fourth Quarter 2025

    RENO, Nev., March 24, 2025 (GLOBE NEWSWIRE) — Dragonfly Energy Holdings Corp. (“Dragonfly Energy” or the “Company”) (Nasdaq: DFLI), an industry leader in energy storage and battery technology, today reported its financial and operational results for the fourth quarter and full year ended December 31, 2024.

    Fourth Quarter and Full Year 2024 Financial Highlights

    • Net sales of $12.2 million and $50.6 million
    • OEM net sales of $6.2 million and $27.6 million
    • Gross Margin of 20.8% and 23.0%
    • Net Loss of $(9.8) million and $(40.6) million
    • Adjusted EBITDA of $(2.0) million and $(18.5) million

    “After quarter end, we were very pleased to have successfully negotiated a significant debt restructuring with our lenders, allowing for covenant relief while pushing off the maturity date. With this action, our debt will be classified as long-term debt on our balance sheet. Concurrent with the debt restructuring, we also secured additional capital through a strategic investor,” commented Dr. Denis Phares, Chief Executive Officer. “We believe these actions greatly strengthen our near-term financial position, allowing us to focus on executing on our key strategic initiatives for 2025, including achieving positive anticipated Adjusted EBITDA in the fourth quarter.”

    “In addition, we have launched a corporate optimization program to establish a more efficient cost structure, aligning our operations with near-term revenue growth opportunities, which we believe will provide us with a path to profitability. As part of this initiative, we have promoted Dr. Vick Singh to Chief Operating Officer, where he will oversee the program while also driving operational efficiencies across the company.

    “Despite ongoing challenges in the RV market, our fourth-quarter net sales grew approximately 17%, marking a return to year-over-year growth, driven by increased adoption among OEM customers,” continued Dr. Phares. “Throughout the year, we have made significant strides in expanding our customer base beyond the RV sector, leveraging strategic partnerships in trucking and industrial markets. We believe the strong order activity from our recently announced partnerships reinforces this strategy, and we anticipate meaningful revenue contributions in 2025 and beyond.”

    Fourth Quarter 2024 Financial and Operating Results
    (All financial result comparisons made are against the prior-year period unless otherwise noted)

     
    Net Sales by Customer Type
    (in millions)
           
      Fiscal Quarter Ended
       
      December 31, 2024
      December 31, 2023
      Change (YoY)
    DTC $5,726   $6,561   -13%
    OEM $6,236   $3,877   61%
    Licensing $250   $0   N/A
    Net Sales $12,212   $10,438   17%
               

    Net Sales increased 17.0% to $12.2 million. OEM net sales grew 61% to $6.2 million, driven by increased adoption of existing products and new customer acquisitions. DTC net sales were $5.7 million compared to $6.6 million, reflecting ongoing macroeconomic pressures.

    Gross Profit increased 12.5% to $2.6 million. Gross Margin was 20.8%, compared to 21.6%, due to higher material costs and a shift in mix to OEM sales. Operating Expenses were $(6.3) million, compared to $(5.4) million. The increase was primarily due to one-time expenses related to patent litigation and the reverse stock split. We also incurred expenses associated with moving into our new 400,000 square foot facility. This strategic relocation is expected to drive long-term operational efficiencies as we centralize operations previously spread across multiple locations.

    The Company reported a Net Loss of $(9.8) million, or $(1.39) per diluted share, compared to Net Income of $3.3 million or $0.50 per diluted share. Adjusted EBITDA excluding stock-based compensation, changes in the fair market value of our warrants, and other one-time expenses, was negative $(2.3) million, compared to negative $(1.8) million.

    Full Year 2024 Financial and Operating Results
    (All financial result comparisons made are against the prior-year period unless otherwise noted)

     
    Net Sales by Customer Type
    (in millions)
           
      Fiscal Year Ended
       
      December 31, 2024
      December 31, 2023
      Change (YoY)
    DTC $22,616   $36,875   -39%
    OEM $27,612   $27,517   0%
    Licensing $417   $0   N/A
    Net Sales $50,645   $64,392   -21%
               

    Net Sales were $50.6 million, compared to $64.4 million. OEM net sales of $27.6 million were flat year-over-year, as increased adoption of existing products and new customer acquisitions were offset by the impact of our largest customer transitioning our product from a standard offering to an option. DTC net sales declined to $22.6 million, from $36.9 million, reflecting continued softness in the RV market due to continued macroeconomic pressures.

    Gross Profit was $11.6 million, with a gross margin of 23.0%, compared to gross profit of $15.4 million, with a gross margin of 24.0%. The year-over-year declines were primarily attributable to lower sales volume. Operating Expenses were $(34.0) million, compared to $(42.9) million, led by lower employee-related costs and lower stock-based compensation, partially offset by higher R&D costs.

    The Company reported a Net Loss of $(40.6) million, or $(5.91) per diluted share, compared to a Net Loss of $(13.8) million or $(2.36) per diluted share. Adjusted EBITDA excluding stock-based compensation, changes in the fair market value of our warrants, and other one-time expenses, was negative $(18.5) million, compared to negative $(17.1) million.

    Form 10-K Filing

    The independent registered public accounting firm’s audit report with respect to the Company’s fiscal year-end financial statements will not be issued until the Company files its annual report on Form 10-K. Accordingly, the financial results reported in this earnings release are pending completion of the audit.

    Summary and Outlook

    “Dragonfly Energy is advancing energy storage with innovative lithium battery technology, delivering safe, reliable, and efficient power solutions for industries that demand superior performance,” commented Dr. Denis Phares. “As we look ahead to 2025, our focus remains on driving shareholder value through growth, diversification across end markets, and continued product innovation. We anticipate continued year-over-year growth in the first quarter with revenue of approximately $13.3 million. And with the resumption of revenue growth alongside our corporate optimization program, we expect to achieve positive Adjusted EBITDA by the fourth quarter of this year.”

    1Q25 Guidance

    • Net Sales of approximately $13.3 million
    • Adjusted EBITDA of approximately $(3.8) million

    Webcast Information

    The Dragonfly Energy management team will host a conference call to discuss its fourth quarter and full year 2024 financial and operational results this afternoon, March 24, 2025. The call can be accessed live via webcast by clicking here, or through the Events and Presentations page within the Investor Relations section of Dragonfly Energy’s website at https://investors.dragonflyenergy.com/events-and-presentations/default.aspx. The call can also be accessed live via telephone by dialing (646) 564-2877, toll-free in North America (800) 549-8228, or for international callers +1 (289) 819-1520, and referencing conference ID: 85219. Please log in to the webcast or dial in to the call at least 10 minutes prior to the start of the event.

    An archive of the webcast will be available for a period of time shortly after the call on the Events and Presentations page on the Investor Relations section of Dragonfly Energy’s website, along with the earnings press release.

    About Dragonfly Energy

    Dragonfly Energy Holdings Corp. (Nasdaq: DFLI) is a comprehensive lithium battery technology company, specializing in cell manufacturing, battery pack assembly, and full system integration. Through its renowned Battle Born Batteries® brand, Dragonfly Energy has established itself as a frontrunner in the lithium battery industry, with hundreds of thousands of reliable battery packs deployed in the field through top-tier OEMs and a diverse retail customer base. At the forefront of domestic lithium battery cell production, Dragonfly Energy’s patented dry electrode manufacturing process can deliver chemistry-agnostic power solutions for a broad spectrum of applications, including energy storage systems, electric vehicles, and consumer electronics. The Company’s overarching mission is the future deployment of its proprietary, nonflammable, all-solid-state battery cells.

    To learn more about Dragonfly Energy and its commitment to clean energy advancements, visit https://investors.dragonflyenergy.com/.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical statements of fact and statements regarding the Company’s intent, belief or expectations, including, but not limited to, statements regarding the Company’s guidance for 2025, results of operations and financial position, planned products and services, business strategy and plans, market size and growth opportunities, competitive position and technological and market trends. Some of these forward-looking statements can be identified by the use of forward-looking words, including “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “plan,” “targets,” “projects,” “could,” “would,” “continue,” “forecast” or the negatives of these terms or variations of them or similar expressions.

    These forward-looking statements are subject to risks, uncertainties, and other factors (some of which are beyond the Company’s control) which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that may impact such forward-looking statements include, but are not limited to: improved recovery in the Company’s core markets, including the RV market; the Company’s ability to successfully increase market penetration into target markets; the Company’s ability to penetrate the heavy-duty trucking and other new markets; the growth of the addressable markets that the Company intends to target; the Company’s ability to retain members of its senior management team and other key personnel; the Company’s ability to maintain relationships with key suppliers including suppliers in China; the Company’s ability to maintain relationships with key customers; the Company’s ability to access capital as and when needed under its $150 million ChEF Equity Facility; the Company’s ability to protect its patents and other intellectual property; the Company’s ability to successfully utilize its patented dry electrode battery manufacturing process and optimize solid state cells as well as to produce commercially viable solid state cells in a timely manner or at all, and to scale to mass production; the Company’s ability to timely achieve the anticipated benefits of its licensing arrangement with Stryten Energy LLC; the Company’s ability to achieve the anticipated benefits of its customer arrangements with THOR Industries and THOR Industries’ affiliated brands (including Keystone RV Company); the Company’s ability to maintain the listing of its common stock and public warrants on the Nasdaq Capital Market; the Russian/Ukrainian conflict; the Company’s ability to generate revenue from future product sales and its ability to achieve and maintain profitability; and the Company’s ability to compete with other manufacturers in the industry and its ability to engage target customers and successfully convert these customers into meaningful orders in the future. These and other risks and uncertainties are described more fully in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 to be filed with the SEC and in the Company’s subsequent filings with the SEC available at www.sec.gov.

    If any of these risks materialize or any of the Company’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that the Company presently does not know or that it currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. All forward-looking statements contained in this press release speak only as of the date they were made. Except to the extent required by law, the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.

    Financial Tables

     
    Dragonfly Energy Holdings Corp.
    Unaudited Condensed Consolidated Balance Sheets
    (U.S. Dollars in thousands, except share and per share data)
                 
            As of
            December 31, 2024   December 31, 2023
    Current Assets        
      Cash and cash equivalents   $ 4,849     $ 12,713  
      Accounts receivable, net of allowance for credit losses     2,416       1,639  
      Inventory     21,716       38,778  
      Prepaid expenses     806       772  
      Prepaid inventory     1,362       1,381  
      Prepaid income tax     307       519  
      Assets held of sale     644        
      Other current assets     825       118  
        Total Current Assets     32,925       55,920  
    Property and Equipment        
        Property and Equipment, Net     22,107       15,969  
      Operating lease right of use asset     19,737       3,315  
      Other assets     445        
      Total Assets   $ 75,214     $ 75,204  
                 
    Current Liabilities        
      Accounts payable   $ 10,716     $ 10,258  
      Accrued payroll and other liabilities     4,129       7,107  
      Accrued tariffs     1,915       1,713  
      Accrued settlement, current portion     750        
      Customer deposits     317       201  
      Deferred revenue, current portion     1,000        
      Uncertain tax position liability     55       91  
      Notes payable, current portion, net of debt issuance costs           19,683  
      Operating lease liability, current portion     2,926       1,288  
      Financing lease liability, current portion     47       36  
        Total Current Liabilities     21,855       40,377  
    Long-Term Liabilities        
      Deferred revenue, net of current portion     3,583        
      Warrant liabilities     5,133       4,463  
      Accrued expenses, long-term           152  
      Accrued settlement, net of current portion     1,750        
      Notes payable, non current portion, net of debt issuance costs     29,646        
      Operating lease liability, net of current portion     22,588       2,234  
      Financing lease liability, net of current portion     63       66  
      Total Long-Term Liabilities     62,763       6,915  
    Total Liabilities
        84,618       47,292  
                         
    Equity                
      Preferred stock, 5,000,000 shares at $0.0001 par value, authorized, no shares issued and outstanding as of of December 31, 2024 and December 31, 2023, respectively            
      Common stock, 250,000,000 shares at $0.0001 par value, authorized, 7,232,650 and 6,695,587 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively     1       6  
    Additional paid in capital     72,749       69,445  
    Accumulated deficit     (82,154 )     (41,539 )
    Total Stockholders’ (Deficit) Equity     (9,404 )     27,912  
    Total Liabilities and Stockholders’ (Deficit) Equity   $ 75,214     $ 75,204  
                         
     
    Dragonfly Energy Holdings Corp.
    Unaudited Condensed Interim Consolidated Statement of Operations
    (U.S. Dollar in Thousands, except share and per share data)
            Three Months Ended   Year Ended
            December 31,   December 31,   December 31,   December 31,
            2024   2023   2024   2023
                         
    Net Sales   $ 12,212     $ 10,438     $ 50,645     $ 64,392  
                         
    Cost of Goods Sold     9,674       8,181       39,019       48,946  
                         
    Gross Profit     2,538       2,257       11,626       15,446  
                         
    Operating Expenses                
      Research and development     956       531       5,451       3,863  
      General and administrative     3,658       3,275       18,536       26,389  
      Selling and marketing     1,696       1,548       10,025       12,623  
                         
    Total Operating Expenses     6,310       5,354       34,012       42,875  
                         
      Loss From Operations     (3,772 )     (3,097 )     (22,386 )     (27,429 )
                         
    Other Income (Expense)                
      Interest expense     (6,251 )     (4,034 )     (21,504 )     (16,015 )
      Other (Expense) Income           19       (36 )     19  
      Loss on settlement     (2,500 )           (2,500 )      
      Loss on impairment of assets     (873 )           (873 )      
      Change in fair market value of warrant liability     3,554       10,400       6,684       29,582  
        Total Other (Expense) Income     (6,070 )     6,385       (18,229 )     13,586  
                         
    Net (Loss) Income Before Taxes     (9,842 )     3,288       (40,615 )     (13,843 )
                         
    Income Tax (Benefit) Expense           (26 )            
                         
    Net (Loss) Income   $ (9,842 )   $ 3,314     $ (40,615 )   $ (13,843 )
                         
    Net (Loss) Gain Per Share- Basic & Diluted   $ (1.39 )   $ 0.50     $ (5.91 )   $ (2.36 )
    Weighted Average Number of Shares- Basic & Diluted     7,085,956       6,621,115       6,866,826       5,865,165  
                                     
     
    Dragonfly Energy Holdings Corp.
    Unaudited Condensed Consolidated Statement of Cash Flows
    Years Ended December 31, 2024 and 2023
    (U.S. in thousands)
          2024   2023
    Cash flows from Operating Activities        
    Net Loss   $ (40,615 )   $ (13,817 )
    Adjustments to Reconcile Net Loss to Net Cash        
    Used in Operating Activities        
      Stock based compensation     1,020       6,710  
      Amortization of debt discount     7,241       1,470  
      Change in fair market value of warrant liability     (6,684 )     (29,582 )
      Non-cash interest expense (paid-in-kind)     10,058       4,938  
      Provision for credit losses     3       114  
      Depreciation and amortization     1,372       1,237  
      Amortization of right of use assets     2,231       1,179  
      Loss on disposal of property and equipment           116  
      Loss on impairment of assets     873        
      Write-off of prepaid inventory     69       596  
    Changes in Assets and Liabilities        
      Accounts receivable     (780 )     (309 )
      Inventories     17,062       11,411  
      Prepaid expenses     (42 )     852  
      Prepaid inventory     (50 )     25  
      Other current assets     (707 )     149  
      Other assets     (445 )     1,198  
      Income taxes payable     212       6  
      Accounts payable and accrued expenses     (5,365 )     (3,527 )
      Accrued tariffs     202       781  
      Accrued settlement     2,500        
      Deferred revenue     4,583        
      Uncertain tax position liability     (36 )     (37 )
      Customer deposits     116       (37 )
    Total Adjustments     33,433       (2,710 )
    Net Cash Used in Operating Activities     (7,182 )     (16,527 )
               
    Cash Flows From Investing Activities        
      Proceeds from disposal of property and equipment     8        
      Purchase of property and equipment     (2,737 )     (6,885 )
      Net Cash Used in Investing Activities     (2,729 )     (6,885 )
               
    (Continued)        
    Cash Flows From Financing Activities        
      Proceeds from public offering           24,177  
      Payment of public offering costs           (1,258 )
      Proceeds from public offering (ATM), net     2,043       0  
      Proceeds from note payable, related party     2,700       1,000  
      Repayment of note payable, related party     (2,700 )     (1,000 )
      Repayment of note payable           (5,275 )
      Proceeds from exercise of public warrants           747  
      Proceeds from exercise of options     4       586  
      Proceeds from exercise of Investor Warrants           546  
      Net Cash Provided by Financing Activities     2,047       19,523  
               
    Net Decrease in Cash and cash equivalents     (7,864 )     (3,889 )
    Cash and cash equivalents – beginning of period     12,713       17,781  
    Cash and cash equivalents – end of period   $ 4,849     $ 13,892  
               
    Supplemental Disclosures of Cash Flow Information:        
      Cash paid for income taxes           238  
      Cash paid for interest   $ 6,288     $ 9,102  
    Supplemental Non-Cash Items        
      Purchases of property and equipment, not yet paid   $ 1,703     $ 96  
      Recognition of right of use asset obtained in exchange for operating lease liability   $ 18,653     $  
      Recognition of leasehold improvements obtained in exchange for operating lease liability   $ 4,683     $  
      Recognition of warrant liability – Penny Warrants   $ 7,354     $ 698  
      Recognition of warrant liability – Investor Warrants   $     $ 13,762  
      Settlement of accrued liability for employee liability for employee stock purchase plan   $ 250     $  
      Reclassification of assets held for sale   $ 644     $  
      Non-cash impact of cash exercise of liability classified warrants   $     $ 617  
      Cashless exercise of liability classified warrants   $     $ 12,629  
               
               
     
    Dragonfly Energy Holdings Corp.
    Reconciliation of GAAP to Non-GAAP Measures (Unaudited)
    (U.S. Dollars in Thousands)
     
          Three Months Ended   Year Ended
          December 31,   December 31,   December 31,   December 31,
          2024   2023   2024   2023
    EBITDA Calculation                
    Net (Loss) Income Before Taxes   $ (9,842 )   $ 3,314     $ (40,615 )   $ (13,817 )
      Interest Expense     6,251       4,034       21,504       16,015  
      Taxes           (26 )           (26 )
      Depreciation and Amortization     381       328       1,372       1,237  
    EBITDA   $ (3,210 )   $ 7,650     $ (17,739 )   $ 3,409  
                       
    Adjustments to EBITDA                
      Stock Based Compensation     261       323       1,020       6,710  
      Secondary offering costs                       720  
      Separation Agreement                       904  
      Tariff Investigation                 463        
      Patent Litigation     624             624        
      Reverse Stock Split     90             90        
      Stryten Agreement                 284        
      Loss on Settlement     2,500             2,500        
      Loss on Impairment of Assets     873             873        
      Write off of Prepaid Inventory     69       596       69       712  
      Change in fair market value of warrant liability     (3,554 )     (10,400 )     (6,684 )     (29,582 )
    Adjusted EBITDA   $ (2,347 )   $ (1,831 )   $ (18,500 )   $ (17,127 )
                     
     
    Dragonfly Energy Holdings Corp.
    Adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA)
    Three Months Ended March 31, 2025
    (U.S. Dollars in Thousands)
     
    Non-GAAP Financial Guidance          
                 
    Operating Loss(1) $ (4,843 )    
      Taxes        
      Depreciation and Amortization   297      
    EBITDA $ (4,546 )    
                 
    Adjustments to EBITDA          
      Stock Based Compensation   219      
      ATW Deal expenses   150      
      Patent Litigation expenses   368      
    Adjusted EBITDA $ (3,809 )    
     
     
    (1) Although net loss is the most directly comparable GAAP measure, this table reconciles adjusted EBITDA to operating loss because we are not able to calculate forward-looking net loss without unreasonable efforts due to significant uncertainties with respect to the impact of accounting for our change in fair market value of the Company’s warrant liability.
     

    Investor Relations:
    Eric Prouty
    Szymon Serowiecki
    AdvisIRy Partners
    DragonflyIR@advisiry.com

    The MIL Network

  • MIL-OSI: Prairie Operating Co. Announces Registered Direct Offering of Series F Convertible Preferred Stock and Warrants to Purchase Common Stock

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, March 24, 2025 (GLOBE NEWSWIRE) — Prairie Operating Co. (“Prairie,” the “Company,” “we” or “our”) (Nasdaq: PROP), an independent oil and gas company focused on the acquisition and development of crude oil, natural gas and natural gas liquids, announced today that it has entered into a Securities Purchase Agreement with a certain investor, pursuant to which the Company agreed to issue and sell, in a registered public offering by the Company directly to such investor (the “Preferred Stock Offering”), an aggregate of 150,000 shares of new Series F Convertible Preferred Stock (the “Series F Preferred Stock”).

    From and after the date the Series F Preferred Stock is issued by the Company (the “Closing Date”), the holder of the Series F Preferred Stock will be entitled to receive, on a cumulative basis, dividends on each share of Series F Preferred Stock at a rate per annum equal to 12% on the amount equal to the sum of (a) the stated value of the Series F Preferred Stock plus (b) all accrued and unpaid dividends on such share of Series F Preferred Stock (including dividends accrued and unpaid on previously unpaid dividends).

    The Company intends to use the net proceeds from the Preferred Stock Offering, together with the net proceeds from a concurrent registered public offering of common stock (the “Concurrent Common Stock Offering”), to fund a portion of the purchase price for the Company’s proposed acquisition of certain oil and gas assets from Bayswater Exploration and Production and certain of its affiliates (the “Bayswater Acquisition”). The Company intends to use any remaining net proceeds from the Preferred Stock Offering and the Concurrent Common Stock Offering for other general corporate purposes, which may include advancing the Company’s development and drilling program, repayment of existing indebtedness or financing other potential acquisition opportunities.

    In connection with the Preferred Stock Offering, the Company is also offering the holder of the Series F Preferred Stock warrants (the “Series F Warrant”), which will be registered together with the Series F Preferred Stock, to purchase additional shares of common stock of the Company, par value $0.01 per share (“Common Stock”) that will be issuable if, on the first anniversary of the Closing Date (such first anniversary date, the “Original Issuance Date”), (i) any of the Series F Preferred Stock is outstanding and (ii) the last reported sale price during any trading day in the 20 trading day period ending on such date was less than 115% of the conversion price of the Series F Preferred Stock. If issued, the Series F Warrant will be exercisable for a number of shares of Common Stock equal to the quotient of (i) the stated value of the Series F Preferred Stock held by such holder on the Original Issuance Date multiplied by 125%, divided by (ii) the average of the volume-weighted average price of the Company’s Common Stock during the 10 trading days prior to the Original Issuance Date.

    The Preferred Stock Offering is being made pursuant to a shelf registration statement on Form S-3, including a base prospectus, which was filed with the U.S. Securities and Exchange Commission (the “SEC”) and became effective on December 20, 2024. The prospectus supplement, and accompanying base prospectus, relating to the Preferred Stock Offering, when available, will be filed with the SEC and will be available on the SEC’s website at www.sec.gov.

    This press release does not constitute an offer to sell or the solicitation of an offer to buy shares of Series F Preferred Stock, any Series F Warrants, or shares of Common Stock, or any other securities, nor shall there be any sale of such shares of Series F Preferred Stock, Series F Warrants, shares of Common Stock, or any other securities, in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

    About Prairie

    Houston-based Prairie Operating Co. is an independent oil and gas company focused on the acquisition and development of crude oil, natural gas and natural gas liquids. The Company’s assets and operations are concentrated in the oil and liquids-rich regions of the Denver-Julesburg (DJ) Basin, with a primary focus on the Niobrara and Codell formations. The Company is committed to the responsible development of its oil and natural gas resources and is focused on maximizing returns through consistent growth, capital discipline, and sustainable cash flow generation.

    For more information, visit www.prairieopco.com.

    Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included in this press release, regarding our strategy, future operations, financial position, estimated reserves, revenues and income or losses, projected costs and capital expenditures, prospects, acquisition opportunities, plans and objectives of management are forward-looking statements. When used in this press release, the words “plan,” “may,” “endeavor,” “will,” “would,” “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” “forecast” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are (or were when made) based on current expectations and assumptions about future events and are (or were when made) based on currently available information as to the outcome and timing of future events. Forward-looking statements in this press release may include, for example, statements about: the Company’s ability to successfully finance and consummate the Bayswater Acquisition, including the risk that the Company may fail to complete the Bayswater Acquisition on the terms and timing currently contemplated or at all, fail to enter into the New Credit Agreement on expected terms and/or fail to realize the expected benefits of the Bayswater Acquisition; the Company’s financial performance following the Bayswater Acquisition; the Preferred Stock Offering, the Concurrent Common Stock Offering, the timing thereof and the use of proceeds therefrom; estimates of the Company’s oil, natural gas and NGLs reserves; drilling prospects, inventories, projects and programs; estimates of future oil and natural gas production from our oil and gas assets, including estimates of any increases or decreases in production; the availability and adequacy of cash flow to meet the Company’s requirements; financial strategy, liquidity and capital required for the Company’s development program and other capital expenditures; the availability of additional capital for the Company’s operations; changes in the Company’s business and growth strategy, including the Company’s ability to successfully operate and expand its business; the Company’s integration of acquisitions, including the Bayswater Acquisition; changes or developments in applicable laws or regulations, including with respect to taxes; and actions taken or not taken by third-parties, including the Company’s contractors and competitors. When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements described under the heading “Risk Factors” in the prospectus supplement, the accompanying base prospectus, the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, our Quarterly Reports on Forms 10-Q filed with the SEC and our other filings with the SEC, all of which can be accessed on the SEC’s website at www.sec.gov. The Company cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the Company’s control. These risks include, but are not limited to: the Company’s and Bayswater’s ability to satisfy the conditions of the Bayswater Acquisition in a timely manner or at all, including the Company’s ability to successfully finance the Bayswater Acquisition; the Company’s ability to complete the Concurrent Common Stock Offering in a timely manner and on acceptable terms, if at all; the Company’s ability to recognize the anticipated benefits of the Bayswater Acquisition, which may be affected by, among other things, competition and the Company’s ability to grow and manage growth profitably following the Bayswater Acquisition; the Company’s ability to fund its development and drilling plan; the possibility that the Company may be unable to achieve expected cash flow, production levels, drilling, operational efficiencies and other anticipated benefits within the expected time-frames, or at all, and to successfully integrate the Bayswater Assets, and/or any other assets or operations the Company has acquired or may acquire in the future with those of the Company; the Company’s integration of the Bayswater Assets with those of the Company may be more difficult, time-consuming or costly than expected; the Company’s operating costs, customer loss and business disruption may be greater than expected following the Bayswater Acquisition or the public announcements of the Bayswater Acquisition; the Company’s ability to grow its operations, and to fund such operations, on the anticipated timeline or at all; uncertainties inherent in estimating quantities of oil, natural gas and NGL reserves and projecting future rates of production and the amount and timing of development expenditures; commodity price and cost volatility and inflation; the ability to maintain necessary permits and approvals to develop our assets; safety and environmental requirements that may subject the Company to unanticipated liabilities; changes in the regulations governing our business and operations, including the businesses and operations we have acquired or may acquire in the future, such as, but not limited to, those pertaining to the environment, our drilling program and the pricing of our future production; the Company’s success in retaining or recruiting, or changes required in, the Company’s officers, key employees or directors; general economic, financial, legal, political, and business conditions and changes in domestic and foreign markets; the risks related to the growth of the Company’s business; the effects of competition on the Company’s future business; and other factors detailed under the section entitled “Risk Factors” in the prospectus supplement and, accompanying base prospectus related to the Preferred Stock Offering, the Concurrent Common Stock Offering, and the periodic filings with the SEC. Reserve engineering is a process of estimating underground accumulations of oil, natural gas and NGLs that cannot be measured in an exact way. The accuracy of any reserve estimate depends on the quality of available data, the interpretation of such data and price and cost assumptions made by reserve engineers. In addition, the results of drilling, testing and production activities may justify upward or downward revisions of estimates that were made previously. If significant, such revisions would change the schedule of any further production and development drilling. Accordingly, reserve estimates may differ significantly from the quantities of oil, natural gas and NGLs that are ultimately recovered. Should one or more of the risks or uncertainties described herein or should underlying assumptions prove incorrect, the Company’s actual results and plans could differ materially from those express in any forward-looking statements. All forward-looking statements, expressed or implied, in this press release, are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that the Company or persons acting on the Company’s behalf may issue.

    Contact: Investor Relations

    Wobbe Ploegsma
    info@prairieopco.com
    832.274.3449

    The MIL Network

  • MIL-OSI Australia: Minister Rishworth interview on ABC Afternoon Briefing

    Source: Government of Victoria 3

    E&OE TRANSCRIPT

    TOM LOWREY, HOST: Can I take you first to those comments from shadow minister for finance, Jane Hume. What did you make of them and is there room to trim the NDIS further?

    AMANDA RISHWORTH, MINISTER FOR SOCIAL SERVICES: Firstly, I would say Jane Hume has her numbers incorrect. The last year the Liberals were in government there was a 22 per cent growth rate of the NDIS. So, we’ve been working very hard to make this scheme sustainable. We’ve been working with people with disability, getting it back on track. And I have to say Jane Hume is also wrong to say that we are not meeting our targets that we set. National Cabinet set the target of eight per cent growth by 1 July 2026 and this year we had predicted that we would be at a 12 per cent growth rate. Actually, we’re doing better than that. The most recent figures coming out from the NDIA year to date is we are down to 10 per cent. So, we’re working very diligently but importantly we’re working with people with disability. Now, Jane Hume does have to be honest about what she would cut. We’ve been very clear about what our pathway is for reform. She has not been clear about what her cuts would be. Some of the suggestions about where growth should track at would suggest that no new participants could enter the scheme next year if she was to follow some of the comments that she has thrown around. So, this would be deeply concerning if no new participants could enter the scheme in the next financial year. Unfortunately I think Jane Hume hasn’t actually looked back at the record of the Liberal Party when they were in government a 22 per cent growth rate. We have got it down to 10 per cent. We’re on track to reach our eight per cent target. We will keep doing that, but in a way that has equity, fairness and transparency at its heart.

    TOM LOWREY: To be clear, Jane Hume said the first priority has to be hitting that eight per cent target. Are you confident that eight per cent target will be hit by the middle of next year?

    AMANDA RISHWORTH: I am very reassured about the progress that we’ve made. As I said, part of the way to meet that growth target was to reach 12 per cent this financial year. The most recent data has suggested that we would be hitting 10 per cent this year. So, that is significant progress that we’ve been making. But we’ve been making it by going back to the intent of the scheme, not just random cuts to people, but actually going back to the intent of the scheme, which is clearly outlining what are NDIS supports and what are not and working with people, to work within the budget of their plan. These are some of the changes we’ve made and we will continue to make progress. I’m very confident of us meeting that target.

    TOM LOWREY: Yeah, the Grattan Institute had some analysis out, I think earlier this week or last week that suggested that hitting that eight per cent target won’t be easy. But keeping growth below that eight per cent into the future would be particularly challenging. How do you constrain the growth of the NDIS into the future?

    AMANDA RISHWORTH: What we’re doing is making sure that we go back to the original intent of the scheme and that’s reasonable and necessary supports. I mean some of the behaviour that we saw while the previous government was in office that they did let a lot of fraud flourish. So, we have been very much focused on cracking down on fraud and dodgy providers as just one example. But it’s also been being clear about what is a NDIS support and what is not a NDIS support. How do we make sure that we have effective use of budgets and plans so that we have contained intra plan growth and that is making sure that people are getting supports that they need within their plan that they have received. So, we’re doing a lot of work there. That is how we have been able to achieve the reduction from 22 per cent growth under the coalition. That’s where we’re making progress. But we know it’s a challenge. We will continue to work with people with disability to ensure that we get the settings right, not make just gross cuts like it’s that the coalition is planning to do.

    TOM LOWREY: Part of that agreement at National Cabinet that you mentioned earlier was for the states to do more of the heavy lifting, to start to put in those services that perhaps had been in place before the NDIS was introduced that have since been removed. Have you seen any progress on that front? Are the states pulling their weight the way you’d like?

    AMANDA RISHWORTH: Well, what was in that agreement was joint funding between the states and territories and the Commonwealth for supports outside the NDIS. I’ve been having very good conversations with my state colleagues and we continue to work and talk about what are some of the gaps, what are the some of these services that they could deliver, what are some of the services that are needed. It’s different in each state and territory. So, that work is progressing, but it is not conditional on the progress that we’ve made. The progress that we’ve made around, for example, what is and isn’t a NDIS support has been done separate to the work being done on foundational support. So, we’ll continue that work with our states and territories. I need to be clear that we offered co-funding with the states and territories and we’ll keep working with them.

    TOM LOWREY: I just want to briefly touch on some figures that came out today. You’ve suggested that withdrawing superannuation for housing could wind up adding a $1.4 billion hit to the age pension down the track. What were the assumptions you made to get there? How did you get to that figure?

    AMANDA RISHWORTH: These were assumptions made by the PBO. It took a pretty conservative case of someone around the age of 40 withdrawing the $50,000 that the Coalition would allow them to do. What we already know from analysis done last week was that would potentially add more than $70,000 to a house price. But what this evidence and the modelling shows is that having a situation where you can withdraw superannuation for housing would mean more people having to rely on the pension in their older age and that would cost the taxpayer approximately $1.4 billion annually. So, this is just bad policy all around. It’s bad for taxpayers, it’s bad for people who want to have a secure retirement and don’t necessarily, after they’ve paid into super, want to rely on a full pension or a part pension. But it’s also bad at pushing up housing prices, making it more out of reach for more Australians to get into the housing market. So, it’s lose, lose.

    TOM LOWREY: Amanda Rishworth, out of Time. Thanks so much for joining me.

    MIL OSI News

  • MIL-OSI Asia-Pac: World Tuberculosis (TB) Day – 2025

    Source: Government of India

    World Tuberculosis (TB) Day – 2025

    Towards a TB-Free India

    Posted On: 24 MAR 2025 7:26PM by PIB Delhi

    The decline in TB incidence is an outcome of India’s dedicated and innovative efforts. Through a collective spirit, we will keep working towards a TB-free India.”

    • Prime Minister, Shri Narendra Modi [1]

    Introduction[2]

    World Tuberculosis (TB) Day is observed every year on March 24th to raise awareness about the need to eliminate TB, the world’s deadliest infectious disease. The day marks the discovery of the TB-causing bacterium by Dr. Robert Koch in 1882. India has been observing this day since 1982, along with the global community. Despite progress, TB still impacts millions, posing serious health, social, and economic challenges.[3] This year’s theme, “Yes! We Can End TB: Commit, Invest, Deliver”, highlights the importance of stronger commitments and action, especially against rising drug-resistant TB.[4]

    India’s goal to eliminate TB by 2025 is one of the world’s most ambitious health missions. Under the National Tuberculosis Elimination Programme (NTEP), India has strengthened its TB response with advanced diagnostics, innovative policies, private sector partnerships, and a patient-first approach. Key drivers include record-high case reporting, better diagnostics, financial support for patients, and strong multi-sector collaboration. However, with global TB funding declining and shifting priorities, continued commitment is vital to meet India’s 2025 target and the UN’s goal of ending TB by 2030.

    Despite global efforts, TB remains a major public health challenge worldwide, with India bearing the highest burden. Understanding both the global and national estimates is key to gauging the scale of the disease and the urgency of India’s elimination mission.

     [5]                                                                                         [6]

    KEY INITIATIVES BY THE INDIAN GOVERNMENT TO ELIMINATE TB

    To tackle this significant burden, the Government of India has implemented a range of focused strategies under its National Tuberculosis Elimination Programme (NTEP). These key initiatives under NTEP aim to strengthen diagnosis, treatment, and prevention efforts, accelerating progress toward a TB-free India.

    National Tuberculosis Elimination Programme (NTEP)[7]

    In 2020, the Government of India renamed the Revised National Tuberculosis Control Program (RNTCP) the National TB Elimination Program (NTEP). This reflects India’s goal to eliminate tuberculosis (TB) by 2025, five years before the global target of 2030. Here are the key targets for the Eradication of TB

    The NTEP follows the National Strategic Plan (2017-2025), focusing on four key actions:
     

     Detect – Treat – Prevent – Build (DTPB) to control and eliminate TB in India.

    Objectives [8]

    Achievements of the NTEP Programme[9]

    The NTEP is making strong strides toward eliminating TB by 2025. Here are its key achievements:

    • The programme recorded its highest-ever case notifications, reporting 25.5 lakh TB cases in 2023 and 26.07 lakh cases in 2024.
    • First-Ever Indigenious TB Burden Model: India’s own mathematical model for state-wise TB estimates.[10]
    • Incentives for ASHAs, TB Champions & Caregivers: Strengthening patient support systems.
    • 3 Lakh Additional Cases Found via House-to-House Screening: Focus on high-risk groups.
    • Medical College Task Force Active: 560 colleges supporting TB detection & research.
    • Sub-National Disease-Free Certification Implemented: Regular surveys, drug sales tracking, and under-reporting assessments.
    • Strong Multi-Sectoral Partnerships: Collaboration with ministries, industries, NGOs & technical bodies.

    According to WHO’s Global TB Report, India has made significant progress in fighting tuberculosis. Under the National Tuberculosis Elimination Programme (NTEP), the incidence rate of TB cases have dropped by nearly 17.7%, from 237 cases per 1 lakh people in 2015 to 195 in 2023. TB-related deaths have also reduced, falling from 28 to 22 per 1 lakh people during the same period.

    [11]

    One of its key achievements has been reducing the number of missing TB cases from 15 lakh in 2015 to just 2.5 lakh in 2023 with a decrease of 83%.

    Under NTEP, India has rolled out improved drug-resistant TB treatments, including a safer, shorter all-oral Bedaquiline regimen, boosting success rates from 68% (2020) to 75% (2022). The mBPaL regimen (Bedaquiline, Pretomanid, Linezolid) offers 80% success for MDR-TB, cutting treatment to six months.

    Components Of the NTEP Programme

     

    Pradhan Mantri TB Mukt Bharat Abhiyan (PMTBMBA) [12]

    The Pradhan Mantri TB Mukt Bharat Abhiyaan (PMTBMBA), one of the components of NTEP, aims to unite communities, businesses, and institutions to support TB patients and their families. It focuses on providing nutritional, diagnostic, and vocational support to improve treatment outcomes, reduce illness and deaths, and fast-track India’s goal of TB elimination. PMTBMBA is also recognized as the world’s largest crowd-sourcing initiative for nutritional support to TB patients.

    Key goals include:

    • Offering additional care and support to TB-affected individuals.
    • Promoting active community participation.
    • Mobilizing CSR contributions from businesses and institutions.

    Ni-kshay Poshan Yojana (NPY)[13]

    The NIKSHAY – TB Notification Incentive for the Private Sector, launched in 2018 by the Ministry of Health and Family Welfare, incentivizes private healthcare providers to report TB cases, improving TB surveillance and treatment.

    Under the Ni-Kshay Poshan Yojana (NPY), financial support for TB patients’ nutrition has been increased from ₹500 to ₹1,000 per month, providing ₹3,000 to ₹6,000 per patient throughout treatment. The patient must be registered and notified on the NIKSHAY portal.

    The government has introduced Energy Dense Nutritional Supplementation (EDNS) for underweight TB patients (BMI < 18.5). Around 12 lakh patients will receive these supplements during the first two months of treatment to improve recovery rates and overall health outcomes.

    Ni-Kshay Mitra initiative – Under the Pradhan Mantri TB Mukt Bharat Abhiyaan (PMTBMBA), the Ni-Kshay Mitra initiative encourages individuals, NGOs, corporates, faith-based organizations, and others to adopt TB patients for at least six months, offering them nutritional, social, or economic support.

    The scope of this initiative has now been expanded to include food baskets for household contacts of TB patients, aiming to boost immunity, lower infection risk, and reduce families’ financial burden. Additionally, over ₹3,202 crores have been disbursed to 1.13 crore beneficiaries through Direct Benefit Transfer under the Nikshay Poshan Yojana (NPY), supporting better nutrition and treatment outcomes. To further strengthen these efforts, the government has committed an additional ₹1,040 crores (shared 60:40 between Centre and States), ensuring enhanced support and reduced TB-related mortality.

    Ni-kshay Portal

    Ni-kshay Portal is a web-based patient management and surveillance system under the National Tuberculosis Elimination Programme (NTEP). Developed by the Central TB Division, MoHFW, in collaboration with NIC and WHO India, it helps health workers in both public and private sectors to register TB cases, order tests, record treatment, monitor adherence, and transfer cases. It also serves as India’s National TB Surveillance System, ensuring real-time data reporting to the government.[14]

    Source – As of 23rd March, 2025https://dashboards.nikshay.in/community_support/overview

    Over 1.51 crore TB patients are receiving treatment, with approximately 1.18 crore consenting to receive support. Around 1.18 crore commitments have been made by Ni-kshay Mitras, and over 2.59 lakh Mitras are registered. The initiative emphasizes public participation in TB elimination, resonating with the Prime Minister’s call for humanity. More details can be found on the Ni-kshay Dashboard[15]

    Conclusion

    India is making steady progress in its goal to eliminate TB by 2025 through focused interventions under the National TB Elimination Programme (NTEP). Key initiatives like the Pradhan Mantri TB Mukt Bharat Abhiyaan (PMTBMBA) and Ni-kshay Poshan Yojana (NPY) are driving community participation and ensuring nutritional support, improving treatment adherence. The Ni-kshay Portal further strengthens surveillance and patient care. To sustain momentum, increased investments, innovation, and partnerships are crucial. With continued commitment, India is poised to become a global example in the fight against TB.

    References

    World Tuberculosis (TB) Day – 2025

    ***

    Santosh Kumar / Ritu Kataria / Vatsla Srivastava

    (Release ID: 2114549) Visitor Counter : 50

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Make in India Powers Defence Growth

    Source: Government of India (2)

    Make in India Powers Defence Growth

    Production hit ₹1.27 lakh crore in FY 2023-24, Exports cross ₹21,000 crore

    Posted On: 24 MAR 2025 7:19PM by PIB Delhi

    Summary

    India’s defence production reached ₹1.27 lakh crore in FY 2023-24, marking a 174% rise since 2014-15, driven by the Make in India initiative.

    Defence exports hit a record ₹21,083 crore in FY 2023-24, expanding 30 times in a decade, with exports to 100+ countries.

    Initiatives like iDEX and SAMARTHYA are driving technological advancements in AI, cyber warfare, and indigenous weapon systems.

    14,000+ items indigenised under SRIJAN and 3,000 under Positive Indigenisation Lists.

    India aims for ₹3 lakh crore in production, ₹50,000 crore in exports by 2029.

    Summary

    Introduction

    India’s defence production has grown at an extraordinary pace since the launch of the “Make in India” initiative, reaching a record ₹1.27 lakh crore in FY 2023-24. Once dependent on foreign suppliers, the country now stands as a rising force in indigenous manufacturing, shaping its military strength through homegrown capabilities. This shift reflects a strong commitment to self-reliance, ensuring that India not only meets its security needs but also builds a robust defence industry that contributes to economic growth.

    Strategic policies have fuelled this momentum, encouraging private participation, technological innovation, and the development of advanced military platforms. The surge in the defence budget, from ₹2.53 lakh crore in 2013-14 to ₹6.81 lakh crore in 2025-26, underlines the nation’s determination to strengthen its military infrastructure.

    This commitment to self-reliance and modernisation is reflected in the recent approval by the Cabinet Committee on Security (CCS) for the procurement of the Advanced Towed Artillery Gun System (ATAGS), a significant step in enhancing the Army’s firepower. The deal includes 307 units of 155mm/52 caliber guns along with 327 High Mobility 6×6 Gun Towing Vehicles, equipping 15 Artillery Regiments under the Buy Indian–Indigenously Designed, Developed, and Manufactured (IDDM) category, at an estimated cost of ₹7,000 crore. Developed by DRDO with Bharat Forge and Tata Advanced Systems, ATAGS is a cutting-edge artillery system with a 40+ km range, advanced fire control, precision targeting, automated loading, and recoil management, thoroughly tested by the Indian Army in all terrains.

    With modern warships, fighter jets, artillery systems, and cutting-edge weaponry being built within the country, India is now a key player in the global defence manufacturing landscape.

     

    Surge in Indigenous Defence Production

    India has achieved the highest-ever growth in indigenous defence production in value terms during Financial Year (FY) 2023-24, driven by the successful implementation of government policies and initiatives led by Prime Minister Shri Narendra Modi, focusing on attaining Atmanirbharta. The value of defence production has surged to a record high of ₹1,27,265 crore, marking an impressive 174% increase from ₹46,429 crore in 2014-15, according to data from all Defence Public Sector Undertakings (DPSUs), other public sector units manufacturing defence items, and private companies.

    This growth has been bolstered by the Make in India initiative, which has enabled the development of advanced military platforms including the Dhanush Artillery Gun System, Advanced Towed Artillery Gun System (ATAGS), Main Battle Tank (MBT) Arjun, Light Specialist Vehicles, High Mobility Vehicles, Light Combat Aircraft (LCA) Tejas, Advanced Light Helicopter (ALH), Light Utility Helicopter (LUH), Akash Missile System, Weapon Locating Radar, 3D Tactical Control Radar, and Software Defined Radio (SDR), as well as naval assets like destroyers, indigenous aircraft carriers, submarines, frigates, corvettes, fast patrol vessels, fast attack craft, and offshore patrol vessels.

     

    Key points:

    • 65% of defence equipment is now manufactured domestically, a significant shift from the earlier 65-70% import dependency, showcasing India’s self-reliance in defence.

     

    • A robust defence industrial base includes 16 DPSUs, over 430 licensed companies, and approximately 16,000 MSMEs, strengthening indigenous production capabilities.

     

    • The private sector plays a crucial role, contributing 21% to total defence production, fostering innovation and efficiency.

     

    • India targets ₹3 lakh crore in defence production by 2029, reinforcing its position as a global defence manufacturing hub.

    Unprecedented Growth in Defence Exports

    India’s expanding global footprint in defence manufacturing is a direct result of its commitment to self-reliance and strategic policy interventions. Defence exports have surged from ₹686 crore in FY 2013-14 to an all-time high of ₹21,083 crore in FY 2023-24, marking a 30-fold increase over the past decade.

    Key points:

     

    • 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.

     

    • Defence exports surged by 32.5% year-on-year, rising from ₹15,920 crore in FY 2022-23 to ₹21,083 crore in FY 2023-24.

     

    • India’s diverse export portfolio includes bulletproof jackets, Dornier (Do-228) aircraft, Chetak helicopters, fast interceptor boats, and lightweight torpedoes.
    • Notably, ‘Made in Bihar’ boots are now part of the Russian Army’s gear, highlighting India’s high manufacturing standards.

     

    • India now exports defence equipment to over 100 countries, with the USA, France, and Armenia emerging as the top buyers in 2023-24.

     

    • The government aims to achieve ₹50,000 crore in defence exports by 2029, reinforcing India’s role as a global defence manufacturing hub while boosting economic growth.

     

    Innovations for Defence Excellence (iDEX)

    Launched in April 2018, Innovations for Defence Excellence (iDEX) has created a thriving ecosystem for innovation and technology development in defence and aerospace. By engaging MSMEs, startups, individual innovators, R&D institutes, and academia, iDEX has provided grants of up to ₹1.5 crore for developing innovative technologies. To further enhance self-reliance in defence technology, ₹449.62 crore has been allocated to iDEX, including its sub-scheme Acing Development of Innovative Technologies with iDEX (ADITI), for 2025-26. As of February 2025, 549 problem statements have been opened, involving 619 startups and MSMEs, with 430 iDEX contracts signed.

     

     

    The scheme has three key objectives:

     

    1. Facilitate rapid development of new, indigenised, and innovative technologies for the Indian Defence and Aerospace sector, to meet their needs in a shorter time span.

     

    1. Create a culture of engagement with innovative startups, to encourage co-creation for Defence and Aerospace sectors.

     

    1. Empower a culture of technology co-creation and co-innovation within the Defence and Aerospace sectors.

     

    The recently launched ADITI scheme aims to support critical and strategic technologies such as satellite communication, advanced cyber technology, autonomous weapons, semiconductors, artificial intelligence, quantum technology, nuclear technologies, and underwater surveillance. Under this scheme, grants of up to ₹25 crore are provided to innovators.

    Reinforcing its commitment to supporting startups and MSMEs, the Ministry of Defence has also cleared procurement of 43 items worth over ₹2,400 crore from iDEX startups and MSMEs for the Armed Forces as of February 2025. Additionally, projects worth over ₹1,500 crore have been approved for development.

    SAMARTHYA: Showcasing India’s Defence Indigenisation

    The success story of indigenisation and innovation in the defence sector was highlighted at the Aero India 2025 event ‘SAMARTHYA’, which showcased India’s progress in defence manufacturing. The event featured 33 major indigenised items, including 24 developed by Defence Public Sector Undertakings (DPSUs), the Defence Research and Development Organisation (DRDO), and the Indian Navy, along with nine successful innovation projects from iDEX.

    Among the key indigenised items displayed were:

    • Electro Block of the Anti-Aircraft Machine Gun
    • Electric Mobile Part for Submarines
    • Torsion Bar Suspension for HMV 6×6
    • Extruded Aluminium Alloy for LCA MK-I/II and LCH Components
    • Indian High-Temperature Alloy (IHTA)
    • VPX-135 Single Board Computer
    • Naval Anti-Ship Missile (Short Range)
    • RudraM II Missile
    • C4ISR System
    • DIFM R118 Electronic Warfare Systems

     

    The event further highlighted breakthroughs in AI-driven analytical platforms, next-generation surveillance systems, quantum-secure communication technologies, and counter-drone measures. Innovations like the 4G/LTE TAC-LAN, Quantum Key Distribution (QKD) system, Smart Compressed Breathing Apparatus, and Advanced Autonomous Systems for the Armed Forces reflect India’s evolving defence landscape.

    Efforts are ongoing to bridge the gap between the Indian Army’s operational challenges and the innovative solutions developed by academia, industry startups, and research institutions. Additionally, the focus remains on conducting multi-domain operations in a data-centric environment, especially in light of emerging transformative technologies.

    SAMARTHYA stands as a testament to India’s commitment to self-reliance in defence technology, reinforcing its ability to develop advanced, home-grown solutions for national security.

     

    Advancing Self-Reliance

    India’s pursuit of self-reliance in defence manufacturing has significantly reduced its dependence on foreign suppliers. Through strategic policies and indigenous innovation, the country is developing cutting-edge military platforms, strengthening both national security and economic growth.

     

     

    Self-Reliant Initiatives through Joint Action (SRIJAN)

    • Launched by the Department of Defence Production (DDP) in August 2020 to promote indigenisation under Atmanirbhar Bharat.
    • Serves as a common platform for Defence Public Sector Undertakings (DPSUs) and the Armed Forces (SHQs) to list imported items for domestic manufacturing.
    • As of February 2025, over 38,000 items are available, with more than 14,000 successfully indigenised.

     

    Positive Indigenisation Lists (PILs)

    • The Department of Defence Production (DDP) and the Department of Military Affairs (DMA) have issued five Positive Indigenisation Lists (PILs) for LRUs, assemblies, sub-assemblies, sub-systems, spares, components, and high-end materials.
    • These lists set fixed timelines beyond which procurement will be restricted to domestic manufacturers.
    • Out of over 5,500 items listed, more than 3,000 have been indigenised as of February 2025.
    • Key indigenised technologies include artillery guns, assault rifles, corvettes, sonar systems, transport aircraft, light combat helicopters (LCHs), radars, wheeled armoured platforms, rockets, bombs, armoured command post vehicles, and armoured dozers.

     

     

    Defence Industrial Corridors

    • Two Defence Industrial Corridors (DICs) have been set up in Uttar Pradesh and Tamil Nadu to boost defence manufacturing. These corridors provide incentives to companies investing in the sector.
    • Investments worth more than Rs 8,658 crore have already been made in the 6 nodes of UP viz. Agra, Aligarh, Chitrakoot, Jhansi, Kanpur and Lucknow and 5 nodes of Tamil Nadu viz. Chennai, Coimbatore, Hosur, Salem and Tiruchirappalli.
    • As of February 2025, 253 MoUs have been signed, with a potential investment of ₹53,439 crore.

    Ease of Doing Business (EoDB)

    • The government has introduced several measures to improve ease of doing business in the defence manufacturing sector.
    • The validity of export authorisation for parts and components has been extended from two years to the completion of the order or component, whichever is later.
    • In 2019, the Defence Product List was streamlined to reduce the number of items requiring a manufacturing licence.
    • Parts and components of defence items were de-licensed in September 2019 to encourage investment.
    • The validity of defence licences under the Industries (Development and Regulation) Act, 1951, has been extended from three years to 15 years, with a further extension option of up to 18 years.
    • Over 700 industrial licences have been issued to 436 companies in the defence sector.
    • The introduction of an end-to-end digital export authorisation system has improved efficiency, with more than 1,500 authorisations issued in the last financial year.

     

    MAKE Projects: Driving Indigenous Defence Innovation

    The MAKE procedure was first introduced in the Defence Procurement Procedure (DPP-2006) to promote indigenous design and development in the defence sector. Over the years, it has been simplified and streamlined through revisions in 2016, 2018, and 2020, ensuring faster development of defence equipment, systems, and components by both public and private industries.

    MAKE projects have been divided into three categories:

    MAKE-I (Government Funded)

     

    • Up to 70% government funding for prototype development (capped at ₹250 crore per Development Agency).
    • Minimum 50% Indigenous Content (IC) required.

     

    MAKE-II (Industry Funded)

     

    • Focuses on import substitution, encouraging domestic industries to develop critical defence systems.
    • No government funding, with a minimum 50% Indigenous Content (IC) requirement.

     

    MAKE-III (Manufactured in India through Transfer of Technology – ToT)

     

    • Involves manufacturing in India under Technology Transfer (ToT) from Foreign OEMs.
    • No design and development but require a minimum of 60% Indigenous Content (IC).

     

    Key points:

     

    • As of March 24, 2025, a total of 145 projects have been undertaken under the MAKE initiative, with the participation of 171 industries, driving indigenous defence production.

     

    • The initiative includes 40 MAKE-I projects (Government Funded), 101 MAKE-II projects (Industry Funded), and 4 MAKE-III projects (Manufacturing through ToT), strengthening self-reliance in defence manufacturing.

     

    Other Key Initiatives

    In recent years, the Indian government has implemented a series of transformative initiatives aimed at bolstering the country’s defence production capabilities and achieving self-reliance. These measures are designed to attract investment, enhance domestic manufacturing, and streamline procurement processes. From liberalizing foreign direct investment (FDI) limits to prioritizing indigenous production, these initiatives reflect a robust commitment to strengthening India’s defence industrial base. The following points outline the key government initiatives that have been pivotal in driving growth and innovation in the defence sector.

     

    • Liberalized FDI Policy: Foreign Direct Investment (FDI) in the defence sector was liberalised in September 2020 to attract foreign investment, allowing up to 74% FDI through the automatic route and above 74% through the government route. Since April 2000, the total FDI in defence industries stands at $21.74 million.

     

    • TATA Aircraft Complex: Tata Aircraft Complex was inaugurated in Vadodara in October 2024 to manufacture C-295 aircraft, boosting Atmanirbharta in defence with 40 made-in-India aircraft out of 56 under the programme.
    • Manthan: The annual defence innovation event, Manthan, held during Aero India 2025 in Bengaluru, brought together leading innovators, startups, MSMEs, academia, investors, and industry leaders from the defence and aerospace sectors, reaffirming confidence in the government’s commitment to technological advancements and Aatmanirbhar Bharat.
    • Defence Testing Infrastructure Scheme (DTIS): DTIS aims to boost indigenisation by providing financial assistance for setting up eight Greenfield testing and certification facilities in the aerospace and defence sector, with seven test facilities already approved in areas like unmanned aerial systems, electronic warfare, electro-optics, and communications.

     

    • Priority for Domestic Procurement: Emphasis is placed on procuring capital items from domestic sources under the Defence Acquisition Procedure (DAP)-2020.

     

    • Domestic Procurement Allocation: MoD has earmarked 75% of modernisation budget amounting to Rs 1,11,544 crore for procurement through domestic industries during the current Financial Year.

     

    Conclusion

    India’s remarkable strides in defence production and exports underscore its transformation into a self-reliant and globally competitive military manufacturing hub. The combination of strategic policy interventions, increased domestic participation, and a focus on indigenous innovation has significantly strengthened the country’s defence capabilities. The surge in production, the exponential rise in exports, and the success of initiatives like the Make in India reflect India’s commitment to achieving Atmanirbharta in defence. With ambitious targets set for 2029, the nation is poised to further expand its global footprint, reinforcing its position as a dependable partner in the international defence market while enhancing national security and economic growth.

    References:

    Click here to see PDF.

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  • MIL-OSI Asia-Pac: India’s Digital Revolution Earns Global Recognition: Dr. Jitendra Singh

    Source: Government of India

    India’s Digital Revolution Earns Global Recognition: Dr. Jitendra Singh

    From DBT to Space Startups: Union Minister Showcases India’s Tech Leadership

    Posted On: 24 MAR 2025 7:21PM by PIB Delhi

    NEW DELHI, March 24 : Union Minister of State (Independent Charge) for Science and Technology; Earth Sciences and Minister of State for PMO, Department of Atomic Energy, Department of Space, Personnel, Public Grievances and Pensions, Dr. Jitendra Singh underscored India’s leadership in digital public infrastructure and technology innovation at the “ET Telecom 5G Congress”, emphasizing the transformative strides made in the last decade under the Digital India initiative.

    Speaking at the event, Dr. Jitendra Singh highlighted India’s success in pioneering digital public infrastructure, which has become a model for the world. He pointed to the Direct Benefit Transfer (DBT) scheme, launched during the early years of the Modi government, as a game changer. “The real litmus test of this digital transformation came during the COVID-19 pandemic, ensuring seamless transactions and financial inclusion without disruptions,” he said.

    Dr. Jitendra Singh also spoke about the Swamitva scheme, which empowers citizens by enabling digital mapping of land ownership, reducing dependence on traditional revenue officers. “With nearly 70% of India’s villages already mapped, this initiative represents the true spirit of citizen-centric governance,” he added.

    Emphasizing India’s technological advancements, Dr. Jitendra Singh noted that the country has emerged as a global leader in multiple domains, from space exploration to biotechnology. He cited India’s rapid ascent in the Global Innovation Index—from 81st place to 39th—as a testament to the nation’s innovation ecosystem. “India is now ranked sixth globally in patent filings, with 56% of those patents coming from resident Indians. This marks a dramatic shift from earlier decades when Indian talent sought recognition abroad,” he remarked.

    Highlighting the government’s commitment to scientific research and innovation, Dr. Jitendra Singh pointed to the launch of a viability fund for space startups, a new National Research Foundation, and the recent decision to open up the nuclear sector to private players. “In the first 100 days of Modi 3.0, we allocated Rs 10,000 crore for space startups and launched a pioneering biotechnology policy—BioE3—focusing on environmental sustainability, employment generation, and economic growth,” he said.

    Dr. Jitendra Singh also touched upon the role of women in India’s scientific advancements, stating that women are not just participating but leading critical missions. “India’s first solar mission, Aditya-L1, was led by a woman scientist, marking a paradigm shift in gender representation in STEM fields,” he noted.

    Concluding his address, Dr. Jitendra Singh lauded India’s thriving StartUp ecosystem and the increasing global recognition of Indian talent. “Indian professionals are now the preferred choice in global innovation hubs, known for their dedication and work ethic. The world is looking at India not just as a participant but as a leader in the digital and technological revolution,” he affirmed.

    As India continues to set benchmarks in digital governance and scientific innovation, Dr. Jitendra Singh’s remarks reinforce the country’s commitment to leveraging technology for inclusive growth and global leadership in emerging sectors.

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  • MIL-OSI Asia-Pac: Union Minister Sarbananda Sonowal joins Global Maritime Leaders at Singapore Maritime Week (SMW)

    Source: Government of India (2)

    Union Minister Sarbananda Sonowal joins Global Maritime Leaders at Singapore Maritime Week (SMW)

    Meets key Singapore Ministers to strengthen bilateral maritime & trade ties

    Deliberates with ministerial counterparts from France, The Netherlands, Norway & Portugal on navigating Global Maritime Trends at SMW

    Posted On: 24 MAR 2025 6:59PM by PIB Delhi

    The Union Minister of Ports, Shipping & Waterways, Shri Sarbananda Sonowal joined Global Maritime Leaders at the Singapore Maritime Week (SMW) to discuss, deliberate and devise strategies based on the shared vision for a secure, sustainable and prosperous maritime future. The Minister highlighted the challenges and India’s vision to channel growth of the maritime sector around that. Shri Sonowal also argued for strengthening maritime connectivity and supply chains while the need for collective effort towards a green sustainable maritime future.

    On digitalisation and future ready shipping, the Union Minister reiterated how it is the core strategy of India’s maritime policy. India’s  maritime policies like ONOP, NLP (Marine), and MAITRI are streamlining port services, cutting transaction times, and enabling real-time data. India is also partnering with the UAE and Singapore to create Virtual Trade Corridors for seamless cargo movement. 

    Speaking on the occasion, the Union Minister, Sarbananda Sonowal said, “India’s maritime vision, rooted in ‘Vasudhaiva Kutumbakam’, promotes collaboration and shared prosperity. As a reliable and responsible partner, India is committed to building a green, secure, and inclusive maritime future. Alongside Singapore and global partners, we aim to drive innovation and collective action for a resilient maritime ecosystem.” 

    Shri Sonowal met Senior Minister and ex PM of Singapore, Lee Hsien Loong at the SMW. Union Minister was ushered to the bilateral meeting with Murali Pillai, Minister of State, Ministry of Law and Ministry of Transport, Singapore. The Union Minister also held individual meetings with other senior members of the government including Dr Tan See Leng, Minister for Manpower and Second Minister of Trade and Industry, Singapore; Vivian Balakrishnan, Minister for Foreign Affairs, Singapore. Sonowal said at the SMW that India is addressing supply chain vulnerabilities by developing key corridors like IMEEC, the Eastern Maritime Corridor, and the North-South Transport Corridor to secure trade routes. A USD 20 billion investment would enhance logistics, port connectivity, and trade facilitation. India targets a top-five global shipbuilding rank by 2047 through policy reforms and infrastructure upgrades. Ports aim to grow their global cargo share from 6% to 15% by 2047, supported by a Maritime Development Fund for fleet and shipyard expansion. The GIFT City is also rising as a global hub for maritime finance and ship leasing, offering a competitive gateway to global capital, highlighted Shri Sarbananda Sonowal at the SMW Adding further, he said, “The maritime sector faces both challenges and opportunities, from climate change and geopolitics to digital disruption and shifting trade patterns. Guided by PM Narendra Modi’s vision of Viksit Bharat and Atmanirbhar Bharat, India is advancing as a modern, self-reliant, and globally connected economy. The maritime sector is key to driving growth, resilience, and sustainable connectivity. India is expanding port infrastructure, integrating logistics, and boosting ease of doing business—resulting in greater port efficiency, stronger cargo flows, and growing investor confidence.” 

    In his concluding remark, Shri Sarbananda Sonowal said, “Sustainability is central to India’s maritime strategy. We are advancing green port infrastructure, promoting low-emission shipping, and supporting innovation in low-carbon vessels. Three Green Hydrogen Hub Ports— Kandla, Tuticorin, and Paradip—will drive alternative fuel adoption and green hydrogen production. India is also leading the IMO’s Green Voyage 2050 initiative, helping developing nations in their energy transitions. Our commitment, under the leadership of Prime Minister Shri Narendra Modi ji, extends to developing Green Shipping Corridors, including the proposed India-Singapore Green and Digital Corridor, focused on clean energy and smart logistics. Oceans unite us. Through partnerships, we can turn today’s maritime challenges into shared, sustainable opportunities.”  Sarbananda Sonowal also met Industry Captains including Jeremy Nixon, Global CEO, ONE and Masashi Hamada along with other corporate leaders from the Maritime Sector including APM Terminals, Gateway Terminals. 

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  • MIL-OSI Asia-Pac: Government has taken several initiatives to facilitate ease of access to credit to Women Entrepreneurs

    Source: Government of India (2)

    Government has taken several initiatives to facilitate ease of access to credit to Women Entrepreneurs

    Government has announced a new Loan Scheme for Women, SC/ST Entrepreneurs in the Union Budget 2025-26

    Credit to women by Public Sector Banks has seen a substantial increase over last 5 years

    Jan Samarth Portal simplifies access to 15 government

    Posted On: 24 MAR 2025 6:17PM by PIB Delhi

    The Government reviews all credit linked schemes from time to time and takes several initiatives in order to facilitate ease of access to credit to the entrepreneurs including women entrepreneurs.

    As per para 32 of Union Budget 2025-26 “A new scheme will be launched for 5 lakh women, Scheduled Castes and Scheduled Tribes first- time entrepreneurs. This will provide term loans upto Rs. 2.00 crore during next 5 years.  The Scheme will incorporate lessons from successful Stand Up India Scheme. Online capacity building for entrepreneurship and managerial skills will also be organized.”

    The entrepreneurs are also provided collateral free loans upto Rs. 20 lakh to enable them to set up or expand their business activities under Pradhan Mantri MUDRA Yojana (PMMY) launched on 8th April 2015.

    Further, as informed by Reserve Bank of India (RBI), the details of credit extended to women by Public Sector Banks during the last five years is as under:

    Credit to women by Public Sector Banks

    (No. of A/cs in Lakh and Amount in ₹ Crore)

    Financial Year

    No of A/cs

    Amount Outstanding

    Mar-20

    207.60

                  488,459.43 

    Mar-21

    289.46

                  731,617.22 

    Mar-22

    305.56

                 836,200.08 

    Mar-23

    350.90

              1,008,935.62 

    Mar-24

    387.24

              1,169,279.00 

    The Government has taken various steps towards effective implementation of the Schemes and for addressing the challenges faced by potential beneficiaries including women which, inter alia, include intensive publicity campaigns, simplification of application form, Credit Guarantee Scheme, providing support in Stand-Up India Scheme by reduction in margin money as well as inclusion of activities allied to agriculture.

    The Jan Samarth portal is a one-stop digital platform for linking fifteen Government-sponsored loans and subsidies Schemes. It provides a quick and efficient way to apply for loans and obtain approvals based on a digital evaluation of the applicant’s data. Further, many Banks and financial institutions have developed online platforms and mobile apps for end to end digital processing of loan applications, reducing the need for physical paperwork and in-person visits.

    This information was given by Minister of State in the Ministry of Finance Shri Pankaj Chaudhary in a written reply to a question in Lok Sabha today.

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  • MIL-OSI Asia-Pac: Competition Commission of India (CCI) investigated 35 cartel cases in last five years

    Source: Government of India (2)

    Competition Commission of India (CCI) investigated 35 cartel cases in last five years

    CCI has Signed MoUs with Global Regulators for Competition Law Cooperation

    Competition Act 2023 Introduced ‘Lesser Penalty Plus’ for Cartel Disclosures

    Posted On: 24 MAR 2025 6:15PM by PIB Delhi

    The Competition Commission of India (CCI) investigated a total of 35 cartel cases across various sectors over the last five financial years (till 13.03.2025).

    CCI has signed Bilateral/Multilateral Memorandum of Understanding (MoU) with Egypt, Mauritius, Japan, Brazil, BRICS (Brazil, the Russian Federation, People’s Republic of China and the Republic of South Africa), Canada, European Commission, Australia and United States Department of Justice (DOJ) for cooperation in the field of competition law and policy. These MOUs include provision for enforcement cooperation between CCI and its MoU partners, subject to their respective legal framework, constraints, enforcement interests and available resources.

    In addition, India has signed 14 Free Trade Agreements (FTAs) with its trading partners. Some of these FTAs have a separate Chapter on Competition, according to which each Party shall, in accordance with its laws and regulations, take measures which it considers appropriate against anticompetitive activities, in order to facilitate trade and investment flows between the Parties and the efficient functioning of its market.

    The Commission has a Division for trend analysis and conducting research in various sectors of the economy to have a holistic view and to detect any anti-competitive activities. The Competition (Amendment) Act, 2023 introduced the concept of “lesser penalty plus” within the framework of Section 46 of the Act. Consequently, on 20.02.2024, the CCI (Lesser Penalty) Regulations, 2024 were notified, replacing the 2009 regulations and introducing a “lesser penalty plus”(LPP) mechanism to incentivize disclosures of cartels. The LPP mechanism was introduced to incentivize an existing lesser penalty applicant in respect of a cartel to give full, true, and vital disclosures about another cartel, hitherto not in the knowledge of the CCI.

    To further widen the scope of cartel investigation, Hub & Spoke mechanism has been incorporated by introducing the Proviso in Section 3(3) of the Competition Act, 2002 through the Amendment Act 2023 which provides that an enterprise or association of enterprises or a person or association of persons though not engaged in identical or similar trade shall also be presumed to be part of the agreement under this sub-section if it participates or intends to participate in the furtherance of such agreement. 

    CCI, through its enforcement and advocacy mandate, seeks to promote and sustain competition in the markets by conducting market studies and advocacy events, imparting training about competition issues besides carrying out market corrections to eliminate distortions. The CCI conducted 1446 advocacy programmes during the last five financial years (till 19.03.2025).

    This information was given by Minister of Finance and Corporate Affairs, Shri Nirmala Sitharaman, in  reply to a question in the Lok Sabha today.

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  • MIL-OSI Asia-Pac: International Workshop on Land Governance Kick Starts with Global Participation from 22 Countries in Gurugram, Haryana

    Source: Government of India (2)

    International Workshop on Land Governance Kick Starts with Global Participation from 22 Countries in Gurugram, Haryana

    Fostering Cross-Country Knowledge Sharing; SVAMITVA Scheme Showcased as a Model for Rural Empowerment

    Participants Gain Practical Insights into Drone Surveying and Geospatial Technologies for Sustainable Land Governance

    Posted On: 24 MAR 2025 6:11PM by PIB Delhi

    In a significant milestone, the Ministry of Panchayati Raj (MoPR) inaugurated the first-of-its-kind International Workshop on Land Governance today at the Haryana Institute of Public Administration (HIPA) in Gurugram. This six-day workshop, organized in collaboration with the Ministry of External Affairs under the Indian Technical and Economic Cooperation (ITEC) programme, brings together more than 40 senior officials from 22 countries across Africa, Latin America, and South-East Asia to explore innovative approaches for addressing global land governance challenges. The inaugural session witnessed distinguished participation from senior officials, including Shri Sushil Kumar Lohani, Additional Secretary, Ministry of Panchayati Raj; Shri Viraj Singh, Additional Secretary, Ministry of External Affairs; Shri Alok Prem Nagar, Joint Secretary, Ministry of Panchayati Raj; and Shri Ramesh Chander Bidhan, Director General, Haryana Institute of Public Administration. This landmark initiative strongly aligns with the vision of Hon’ble Prime Minister Shri Narendra Modi to transform rural India through technological innovation and securing land rights.

    In his address, Shri Sushil Kumar Lohani, Additional Secretary, Ministry of Panchayati Raj, articulated the vision behind SVAMITVA and its potential for global replication, offering valuable insights into policy advancements and India’s strategic vision for land governance. “SVAMITVA represents more than just a land mapping exercise; it is a comprehensive approach towards rural empowerment through secure property rights”, Shri Lohani stated. He said “With over 3.17 lakh villages mapped across 67,000 sq. km, representing an estimated asset base of Rs.132 lakh crore, we have demonstrated the scalability and impact of this model. We are eager to share our experiences and learn from our international partners to collectively advance land governance worldwide”. Shri Lohani emphasized upon the transformative role of geospatial technologies in land governance, underlining the technical expertise that has made SVAMITVA one of the world’s largest rural mapping initiatives. He said, “The integration of drone technology with traditional surveying methods has revolutionized our approach to mapping rural inhabited areas, delivering unprecedented accuracy and efficiency”.

    Addressing the International Workshop, Shri Viraj Singh, Additional Secretary, Ministry of External Affairs, emphasized upon the diplomatic significance of the workshop. Shri Singh said “This initiative exemplifies India’s commitment to South-South Cooperation and knowledge sharing. By bringing together nations facing similar challenges, we are fostering a collaborative approach towards addressing land governance issues globally.” He also highlighted the role of the ITEC programme in facilitating international cooperation and the role of collaboration with the Ministry of Panchayati Raj in advancing ITEC’s objectives.

    Shri Alok Prem Nagar, Joint Secretary, Ministry of Panchayati Raj, said that the SVAMITVA Scheme exemplifies how innovative approaches can transform rural communities by securing property rights and unlocking economic potential. “SVAMITVA demonstrates how innovative approaches to land governance can directly contribute to achieving Sustainable Development Goals related to poverty reduction, secure land tenure, and sustainable land use” he said. Shri Smit Shah, President of the Drone Federation of India, provided insights into India’s rapidly evolving drone ecosystem, highlighting how policy reforms and technological advancements have positioned India as a leader in drone-based solutions for land governance.

    Innovations in Geospatial Technologies and Drone Solutions

    A major highlight of the inaugural day was the cutting-edge exhibition that highlighted the latest advancements in land governance, digital cadastral systems, and geospatial technologies. The event showcased a wide range of technological solutions, from precision drone mapping and 3D geospatial data analytics to integrated land administration systems. The exhibition also spotlighted high-precision surveying equipment and comprehensive GIS applications designed to enhance land governance. Local innovations in drone technology and UAV-based land administration solutions were prominently featured, alongside contributions from government bodies that demonstrated survey-grade drones, CORS & Rover systems, and other transformative tools. Attendees had the opportunity to engage in hands-on demonstrations of drone flight planning, data processing techniques, and real-time, high-accuracy surveying capabilities, offering a comprehensive look at the future of land management.

    Technical Sessions Highlight SVAMITVA’s Impact and Methodology

    On the inaugural day, participants also engaged in in-depth technical discussions on  the modernization of land governance and its impact, as well as resource mobilization and administrative tasks.  A comprehensive overview of the SVAMITVA Scheme was presented, emphasizing its objectives, implementation strategy, and its positive impact on rural communities, particularly in fostering financial inclusion and economic empowerment. Presentations from various countries, sharing their experiences and best practices in land administration systems were also made. Participants also benefited from practical drone demonstrations, interactive sessions with vendors, and knowledge assessments to reinforce learning outcomes.

     

    Global Participation Highlights International Interest

    The ongoing workshop has garnered significant international participation, with delegates from 22 countries, including Turkmenistan, Colombia, Zimbabwe, Fiji, and several others, underscoring the global significance of land governance issues.The workshop, which combines interactive technical sessions, field visits, and hands-on demonstrations, highlights India’s leadership role in South-South Cooperation. By offering technical expertise, policy guidance, and skill development opportunities through SVAMITVA, India is contributing to building institutional capacity for partner nations in land governance, property rights management, and rural development. The event explores challenges such as property disputes, outdated land databases, and the need for high-resolution digital maps. This six-day international workshop will continue with detailed technical sessions, field demonstrations, and visits to the Survey of India lab, providing participants with practical insights into drone-based surveying, data processing, and the integration of geospatial technologies in land administration.

    About SVAMITVA Scheme: The SVAMITVA (Survey of Villages Abadi and Mapping with Improvised Technology in Village Areas) Scheme is a flagship initiative of the Government of India implemented by the Ministry of Panchayati Raj. It aims to provide rural property owners with “Record of Rights” by using drone surveying technology to map inhabited areas of villages. The scheme has successfully mapped over 3.17 lakh villages across India, representing an estimated asset base of Rs.132 lakh crore.

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  • MIL-OSI Asia-Pac: PRESIDENT OF INDIA IN ODISHA; MAKES DARSHAN AT LORD NILAMADHAB TEMPLE AND GRACES FOUNDATION DAY CEREMONY OF BHARATIYA BISWABASU SHABAR SAMAJ

    Source: Government of India (2)

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

    The President of India, Smt Droupadi Murmu reached Bhubaneswar, Odisha this afternoon (March 24, 2025) from Raipur, Chhattisgarh.

    The President travelled to Nayagarh from Bhubaneswar and made darshan and puja at Lord Nilamadhab Temple. Later, she graced the foundation day ceremony of Bharatiya Biswabasu Shabar Samaj at Kaliapalli. 

    Addressing the gathering at the Kaliapalli, the President said that the spectacular views of this area are very attractive. It has the potential to become a popular tourist destination. She expressed confidence that the development of infrastructure in this area will attract tourists and pilgrims. It will also boost the economy of the area. She urged all to contribute to developing this place and area. She said that everyone should come forward to shape the possibilities of Nayagarh in various fields like agriculture, handicrafts, tourism, etc.

    The President said that a nature-friendly lifestyle is a characteristic of Indian culture. It is also an integral part of tribal life. Tribal brothers and sisters worship forests, trees etc. as gods. According to tribal beliefs, the souls of their ancestors reside in the forest. This belief is great mantra of forest protection.

    The President said that the government is implementing various schemes for empowerment and self-reliance of tribal brothers and sisters while preserving and promoting their art and culture. She urged them to be aware about the welfare schemes and take benefit of those schemes. She said that the government schemes would be successful only with people’s cooperation and participation.

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  • MIL-OSI Asia-Pac: India to host 3-day FATF Private Sector Collaborative Forum 2025 (PSCF 2025) from 25th -27th March, 2025, in Mumbai

    Source: Government of India (2)

    India to host 3-day FATF Private Sector Collaborative Forum 2025 (PSCF 2025) from 25th -27th March, 2025, in Mumbai

    FATF President Ms. Elisa de Anda Madrazo to formally inaugurate PSCF 2025 on 26th March, 2025, with RBI Governor Shri Sanjay Malhotra presiding over the event

    The PSCF 2025 agenda reflects global priorities, including payment transparency, financial inclusion, and digital transformation of financial systems

    Posted On: 24 MAR 2025 5:05PM by PIB Delhi

    The Financial Action Task Force (FATF) Private Sector Collaborative Forum (PSCF) 2025 will be held from 25th -27th March, 2025, in Mumbai. The forum is being hosted by the Reserve Bank of India (RBI) and the Department of Revenue, Ministry of Finance, Government of India, reaffirming India’s responsible leadership in global efforts to combat money laundering and terrorist financing.

     

    FATF President Ms. Elisa de Anda Madrazo will formally inaugurate the PSCF 2025 on 26th March, 2025, with Reserve Bank of India (RBI) Governor Shri Sanjay Malhotra presiding over the event. The Indian delegation to PSCF is a multi-disciplinary team led by Shri Vivek Aggarwal, Additional Secretary (Revenue), Ministry of Finance.

    India’s Leadership in AML/CFT Efforts

    India’s participation in FATF initiatives has been widely recognised. India is a member of steering group of FATF and also co-chairs a working group on Risks, Trends and Methodologies work group. In November 2024, India hosted the plenary of Eurasian Group on Combating Money Laundering and Financing of Terrorism (EAG) in Indore. In June 2024, India’s FATF Mutual Evaluation Report was tabled at the FATF Plenary in Singapore and subsequently released in September 2024. India achieved the best possible outcome by being placed in ‘regular follow-up,’ a status that only a few countries have attained in their Mutual Evaluations.

    The report commended India’s exemplary efforts in curbing money laundering and terrorist financing, highlighting the country’s advanced fintech ecosystem, innovations like the Unified Payments Interface (UPI) and Aadhaar-enabled digital identity verification, and proactive inter-agency coordination. India’s approach has set a global benchmark for integrating technology with financial security.

    PCSF 2025

    The upcoming PCSF event is another milestone in India’s journey in its efforts in curbing money laundering and terrorist financing. The PSCF is an annual event that provides a critical platform for dialogue between FATF member countries, international organisations, and private sector stakeholders. It aims to enhance the implementation of FATF’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT) standards by fostering collaboration, exchanging best practices, and addressing emerging global challenges.

    This year’s forum will see participation from countries across FATF’s Global Network, along with representatives from financial institutions, designated non-financial businesses and professions (DNFBPs), virtual asset service providers (VASPs), international organisations, and academia.

    Key Highlights and Agenda Focus Areas

    The PSCF 2025 agenda reflects global priorities, including payment transparency, financial inclusion, and digital transformation of financial systems. With financial crimes evolving due to technological advancements — such as cryptocurrency-related laundering — India’s expertise in leveraging technology and fostering a risk-based approach offers valuable insights for the international community. By hosting this significant event, India reinforces its commitment to FATF’s global standards.

    Over the next three days, discussions at the forum will revolve around several critical issues shaping the global AML/CFT landscape. Participants will explore how FATF can continue to address evolving threats while promoting financial inclusion through robust, risk-based supervision of regulated entities. The dialogue will also focus on enhancing transparency in beneficial ownership and leveraging digital tools to strengthen AML/CFT compliance mechanisms.

    Information-sharing practices within the private sector will be evaluated to identify ways to better address emerging financial crime threats. Furthermore, the forum will engage in deliberations on emerging terrorist financing and proliferation financing risks, emphasising the need for measures that reinforce global resilience against these challenges.

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    NB/KMN

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  • MIL-OSI Asia-Pac: NEW SCHEMES AND PROGRAMMES TO SUPPORT SMEs

    Source: Government of India (2)

    Posted On: 24 MAR 2025 4:42PM by PIB Delhi

    During the FY 2024-25, the Ministry of Micro, Small and Medium Enterprises (MSME) has launched a sub scheme under Central Sector Scheme Raising and Accelerating MSME Performance Program (RAMP), namely MSME Trade Enablement and Marketing (MSME TEAM) Initiative on 27th June 2024. The MSME Trade Enablement and Marketing Initiative aims to propagate e-commerce among MSMEs in the country by leveraging Digital Public Infrastructure through ONDC so as to benefit the Micro and Small Enterprises with a special focus on Women entrepreneurs. The financial outlay for the scheme is Rs 27.35 crores.

     

    To ensure successful implementation of the Scheme, Ministry of MSME has appointed National Small Industries Corporation (NSIC) as the Implementing Agency for the TEAM Scheme. Funds have been allocated for different activities / benefits under the scheme for effective utilization of funds. National Small Industries Corporation (NSIC) is conducting various workshops with support from the Ministry of MSME, State Governments/ UTs, industry bodies and ONDC to create awareness among MSMEs about benefits of e-commerce. The Scheme aims to facilitate their eventual onboarding onto ONDC compliant Seller Network Participants (SNPs).

    The reply was given by MINISTER OF STATE FOR MICRO, SMALL AND MEDIUM ENTERPRISES SUSHRI SHOBHA KARANDLAJE in Rajya Sabha Today.

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    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Government steps to ensure energy security

    Source: Government of India

    Posted On: 24 MAR 2025 4:35PM by PIB Delhi

    Prices of petrol and diesel are market determined and Public Sector Oil Marketing Companies (OMCs) take appropriate decision on pricing of petrol and diesel.

    Domestically, Petrol and Diesel prices have come down to Rs. 94.77 and Rs. 87.67 per litre respectively (Delhi prices) as a result of various steps taken by Government and PSU OMCs, Central Excise duty was reduced by the Central Government by a total of Rs. 13/litre and Rs. 16/litre on petrol and diesel respectively in two tranches in November 2021 and May 2022, which was fully passed on to consumers. Some State Governments also reduced state VAT rates to provide relief to citizens. In March, 2024, OMCs reduced the retail prices of petrol and diesel by Rs. 2 per litre each.

    India has been the only major economy in the world where the prices of petrol and diesel have come down in recent years. Changes in prices of petrol and diesel in some major economies between November 2021 and January 2025 are as under:

    % age Change in Prices between Nov-21 and Jan-25

    Country

    Petrol

    Diesel

    India (Delhi)

    -13.60%

    -10.92%

    France

    14.21%

    15.08%

    Germany

    7.87%

    12.43%

    Italy

    8.65%

    11.39%

    Spain

    8.67%

    12.93%

    UK

    0.08%

    2.61%

    Canada

    10.52%

    23.05%

    USA

    4.83%

    12.86%

    Changes in prices of petrol and diesel in some neighboring economies between November 2021 and January 2025

    % age Change in Prices between Nov-21 and Jan-25

    Country

    Petrol

    Diesel

    India (Delhi)

    -13.60%

    -10.92%

    Pakistan

    29.76%

    34.97%

    Bangladesh

    13.94%

    30.82%

    Sri Lanka

    53.98%

    101.59%

    Nepal

    22.02%

    31.32%

    India imports about 60% of the domestic LPG consumed. Price of LPG in the country is linked to its price in the international market. While the average Saudi CP (international benchmark for LPG pricing) rose by 63% (from US$ 385/MT in July 2023 to US$ 629/MT in February 2025), the effective price for Pradhan Mantri Ujjwala Yojana (PMUY) consumers for domestic LPG was reduced by 44% (from Rs. 903 in August 2023 to Rs. 503 in February 2025).

    The retail selling price of a 14.2 Kg domestic LPG cylinder is currently Rs. 803 in Delhi. After a targeted subsidy of Rs. 300/cylinder to PMUY consumers, Government of India is providing 14.2 Kg LPG cylinders at an effective price of Rs.503 per cylinder (in Delhi). This is available to more than 10.33 crore Ujjwala beneficiaries, across the country.

    Globally, PMUY is the biggest program of its kind that provides Domestic LPG to more than 100 million poor households at an effective price of just about Rs. 35/Kg. Further, the effective price of domestic LPG cylinder in neighbouring countries as on 01.01.2025 is as below.

    Country

    Domestic LPG (Rs./14.2 kg.cyl.)

    India

    503.00*

    Pakistan

    1094.83

    Sri Lanka

    1231.53

    Nepal

    1206.65

    Government of India is closely monitoring global energy markets as well as potential energy supply disruptions as a fall-out of the evolving geopolitical situation. To ensure security of crude supplies and to mitigate the risk of dependence on crude oil from single region, Public Sector Undertakings (PSUs) have diversified their petroleum import basket and are procuring crude from countries located at various geographical locations.

    Government has adopted a multi-pronged strategy to reduce the dependency on crude oil which, inter alia, include demand substitution by promoting usage of natural gas as fuel/feedstock across the country towards increasing the share of natural gas in economy and moving towards gas based economy, promotion of renewable and alternate fuels like ethanol, second generation ethanol, compressed bio gas and biodiesel, refinery process improvements, promoting energy efficiency and conservation, efforts for increasing production of oil and natural gas through various policies initiatives, etc. For promoting the use of Compressed Bio Gas (CBG) as automotive fuel, Sustainable Alternative Towards Affordable Transportation (SATAT) initiative has also been launched.

    The government has been taking various steps to boost domestic oil and gas production which, inter-alia, include:

    i.          Policy under PSC regime for early monetization of hydrocarbon discoveries, 2014.

    ii.         Discovered Small Field Policy, 2015.

    iii.        Hydrocarbon Exploration and Licensing Policy (HELP), 2016.

    iv.        Policy for Extension of PSCs, 2016 and 2017.

    v.         Policy for early monetization of Coal Bed Methane, 2017.

    vi.        Setting up of National Data Repository, 2017.

    vii.       Appraisal of Un-appraised areas in Sedimentary Basins under National Seismic Programme, 2017.

    viii.      Policy framework for extension of PSCs for Discovered Fields and Exploration Blocks

    under Pre-New Exploration Licensing Policy (Pre-NELP), 2016 and 2017.

    ix.        Policy to Promote and Incentivize Enhanced Recovery Methods for Oil and Gas, 2018.

    x.         Policy Framework for exploration and exploitation of Unconventional Hydrocarbons under Existing Production Sharing Contracts (PSCs), Coal Bed Methane (CBM) Contracts and Nomination Fields, 2018.

    xi.        Natural Gas Marketing Reforms, 2020.

    xii.       Lower Royalty Rates, Zero Revenue Share (till Windfall Gain) and no drilling commitment in Phase-I in OALP Blocks under Category II and III basins to attract bidders.

    xiii.      Release of about 1 million Sq. Km. (SKM) ‘No-Go’ area in offshore which were blocked for exploration for decades.

    xiv.      Government is also spending about Rs.7500 Cr. for acquisition of seismic data in onland and offshore areas and drilling of stratigraphic wells to make quality data of Indian Sedimentary Basins available to bidders. Government has approved acquisition of additional 2D Seismic data of 20,000 LKM in onland and 30,000 LKM in offshore beyond Exclusive Economic Zone (EEZ) of India.  

    This information was given by THE MINISTER OF STATE IN THE MINISTRY OF PETROLEUM AND NATURAL GAS SHRI SURESH GOPI, in a written reply in Rajya Sabha today.

    ****

    MONIKA

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  • MIL-OSI Asia-Pac: Text of the Vice-President’s address to the Sixth Batch of Participants of the Rajya Sabha Internship Programme (RSIP-I) (Excerpts)

    Source: Government of India (2)

    Posted On: 24 MAR 2025 4:06PM by PIB Delhi

    Boys and girls, I welcome you to the sixth batch. We have had so far five batches and we have been benefited by youth of the country participating in these internships to the extent of 142 so you, a group of 34, will join the group of 142.

    I strongly urge you to be in connect with the group all your life. There is a platform that will help you connect with them and members of the group are diversified as is your group. In terms of educational qualifications, in terms of gender, in terms of regional commitments, in terms of mother tongue but one thing is very common, spirit of nationalism is throbbing in the hearts of all.

    This is a unique opportunity, you are not going to be taught anything here, you will be inspired and motivated to self-learn. Your stay here in this internship is with a very laudable purpose. India is mother of democracy, largest democracy, most functional democracy, the only constitutional democracy that is at the village level, at the municipal level, at the district level, at the state level, and at the central level. Other countries have democracies but if you examine our election to Panchayat, our election to Municipality, our election to Zila Parishad or Panchayat Samiti is held under Election Commission, which is under the Constitution.

    They have the same structure, and Constitution was amended for it, part IX and part IXA of the Constitution. If you will read, you will find two Schedules 11 and 12, which give the areas of operation of Panchayati Raj institutions and Municipal institutions. As you are aware, there is a commission, Finance Commission. The job of the Finance Commission is to divide funds between the Union and the States. Similarly, there is a fund at the Panchayat and Municipal level, where funds are divisible between the State government funds, Panchayat institutions and Municipalities so Panchayat and Municipalities are institutions of self-governance.

    Now, your primary purpose is to handhold the public representative. You will have to equip yourself with parliamentary procedure, about working of Parliament, role of Members of Parliament and once you are given a lead, you have to learn on your own.

    Our country is governed first by constitutional provisions. You will have the occasion to see the Constitution signed by the Members of the Constitutional Assembly so go to the root of the matter. Try to get to micro level, try to find out that what changes have taken place in the Constitution and changes in the Constitution is the sole prerogative of Parliament but there are some changes where Parliament alone is not sufficient to endorse constitutional amendment. It has to be endorsed by 50% of State Legislatures but when it comes to amendment of the Constitution, Parliament is the repository of it, in some cases alongside State Legislatures and the final arbiter, the final authority, no intervention from any agency whatsoever is permissible with respect to constitutional amendment, but with respect to the laws made by Parliament or state legislatures, the courts have a role. The role is of judicial review and judicial review is to see if the law is in accord with constitutional provisions.

    You would have seen recently that in one state there is an indication that they will make reservation for contracts that is in the domain of business to a particular community, a religious denomination. Now look at the constitutional provisions. Does our Constitution allow any reservation on religious considerations? Find out what Dr. B.R. Ambedkar had said, and you will be enlightened that there can be no reservation on religious considerations. That is something you have to go into it, deep into it.

    Remember, the Constitution provides for hand-holding mechanism, affirmative mechanism and that is for scheduled caste, scheduled tribe, and socially and educationally backward classes, so when I was a Member of Parliament in 1989, the government of the day of which I was a part, as a Minister, promulgated what came to be known as Mandal Commission Report applicability. This was challenged in the Supreme Court after the government of which I was part had collapsed, a government collapses means it did not complete its term.

    The next government came and the next government granted further reservation to economic weaker sections. Both were challenged in the Indra Sawhney case, and nine judges of the Supreme Court, boys and girls, dealt with that judgement. The Mandal reservation, the affirmative hand-holding policy which is sanctified under Articles 14, 15 and 16, was upheld by the majority but reservation on account of economic backwardness, economy being a criteria, was struck down as unconstitutional.

    Now the question immediately arises, how come we have reservation now based on economic criteria? Because then the route was not taken through the Constitution. This time the route was taken by the government through Constitution. First the provision in the Constitution was amended, and economic criteria was made a basis, and that is why the courts upheld it. So you have to be very discerning about what you face. You can’t guide yourself immediately by perception. You have to move with a thought process.

    It is after a long gap, long gap of centuries, that we are in a state of hope and possibility. There was a time when India’s contribution to global trade was nearly one-third. There was a time when India was reckoned as Vishwaguru. There was a time when you had Nalanda but 1300 years ago, Nalanda was set on fire. The fire was there for several days. Lakhs of books were destroyed, and then followed foreign regime, reckless, brutal, destroying our culture, destroying our religious places. So was the blatant retributive approach that they destroyed our religious places and had their own. Then we were ruled by the British.

    But now there is an atmosphere of hope and possibility. Now, an ecosystem where every young boy and girl can aspire to exploit talent, potential, realise dreams and aspirations. I would urge all of you as interns, please find out the basket of opportunities that for the youth is growing up, enlarging day by day. Find out India’s development in deep sea, India’s development on the surface of sea, deep ground, on the ground, in the sky and space. We are making a huge mark. There are avenues in all these areas, Blue Economy, Space Economy, we have to have a share of it and therefore, you all will have to be messengers of the change for youth that come out of your silos.

    Youth in the country at the moment is in a silo, limited view, Government job, Private job but now things have changed. You can experiment if India is home to unicorns, startups. It is by boys and girls from tier two cities, from villages, from tier three cities. Affirmative governance, innovative schemes, financial assistance enable you. Just think one thing, if global institutions, International Monetary Fund says that India is a hot spot, a destination which is favourite for investment and opportunity, surely, it is not for Government jobs.

    The change that has taken place is, there was a time with global institutions, Indian mind was not there. Now, there is no global institution without Indian mind dominating. Girls are far ahead of it at a global level. You have to today realise that you are lucky to be living in times where India is focal centre of the world on account of economy that is performing around 8% annually.

    India is no longer a Nation with a potential, India is on a nation on progress. The development is unstoppable, incremental. A developed nation objective is no longer a dream, it’s our destination but it will be wishful thinking if as youth, you do not contribute because you are the serious stakeholders in governance in future, and therefore, you have to change the mindset of people. You have to define citizen’s attitude, you have to persuade everyone around that fundamental rights are fine, but we must first carry out fundamental duties. You’ll be surprised to know that most people are neither aware of fundamental duties nor they are aware of our rich culture, Vedas, Upanishads, Puranas. I don’t want to pose a question to you, but my experience is most people have not even seen physically Vedas. I’m sure steps will be taken to give you a book that will enlighten you about Vedas, the one which was circulated at my directive to all the Members of Parliament by Union Minister Dharmendra Pradhan.

    You have to be positive in your approach. Just imagine a country like ours, where to change the lives of people, to pick them up. 800 million people and more are getting free ration from April 1, 2020 and look at some perverted mind, they say, oh, over 800 million people are poor. They can’t feed on their own, therefore, are feeding them. I lament their negativity. I lament their perversion. They’re hand-holding them. When you go to an airport, most people walk, but there is a skeletal force and there is horizontal movement mechanism also. That is not that you are disabled, it helps you improve your proficiency.

    We have to believe in certain things which you must learn and that is countries in the world are developed. We will be developed. Our target is 2047 when India celebrates centenary of independence, and it can be earlier also, but which country in the world, number is only two, three that of civilisational depth of thousands of years. The countries that are developed, their history is 300 years, 400 years. We are that rich so we have to nurture our civilisational values while promoting indigenous development and the challenges are emanating every day because of social media also. People allow us to be calibrated by others, why? We as a Nation, we are what we are.

    Now, we have ongoing debates, when I told you about reservation in contracts to a religious denomination. Violating equality, violating level-playing field and outraging constitutional prescriptions. Therefore, we must always work that we iconize our heroes. Can we iconize our invaders, destroyers, those who engaged in reckless brutalisation of our civilisational values? Every young boy and girl has power individually, also collectively to thwart these menacing, sinister trends.

    I am sometimes amazed. How can we have public disorder? How can we have disruption of normal working? How can we have reprehensible spectacles of public property being set to fire? And if these people are visited with consequences in exemplary manner, after all, a building has to be raised to the ground only by mechanised method. Call it bulldozer then this is different hour. A bulldozer if it carries out a lawful command, is an accessory of law, not against the rule of law. We have to create national climate, national fervour that we will always keep Nation first. Partisan, economic, personal interest can never be a premise, a justifiable ground to compromise your nationalism. You must in this society move ahead by persuasion, positivity, and propriety.

    We have become so impatient, so intolerant, we don’t want to listen to the other person. We believe in ourselves being always right. We are judgemental that we alone are right and others are wrong. Democracy is all about expression and dialogue, you have a right of expression, your right of expression cannot be thwarted. If it is thwarted, or you are in fear before you speak the truth, or your point of view. Governance is not democracy but what use is expression when you don’t allow the other person to say anything contrary? And therefore dialogue is essential. Dialogue is nectar of democracy, dialogue is human interactive session. It has been reflected in our culture Vedas, as Anantavada, anyone who believes in one way traffic of expression leads to authoritarianism. It is dialogue that rationalises expression.

    Second, if you believe only you alone being right, you become victim of aham and ahankar. Human genius is aplenty. It is not in the captivity of any position, of anyone, a parliamentarian, a bureaucrat, or a judge. Every individual is gifted, and India abounds in this.

    Most of us are always in some kind of a mental tussle. We want autonomy of thought process. How do we dress? How do we eat? How do we practise? But this autonomy is not incompatible to accountability. These two are complementary, if I have a religion, and I wish to profess my religion, the religion professing has to be there as a private affair. It can’t be on a public street, or a public space like a railway station or airport, or even a flight because when you are at these places, you are bound by rules, rules of the game as they say. There has to be rule-based regime in every working and therefore, to converge, to demonstrate, it is a right to create an unsettled situation. Young minds have to change the mindset of others and work in that direction.

    Time has come when we must nurture our culture, One Nation, One Culture. No civilisation in the world is as inclusive as Bharat, no civilisation. We have never believed in confrontation, never in adversarial stance but what we find is, even political temperature is very high in the country. We quickly take irretrievable, confrontational, positioning on issues. We are the only way out in dialogue. You will have the occasion to go through what happened in the Constituent Assembly. It happened in 18 sessions, a little less than three years- two years, 11 months and few days.

    You will be surprised, they dealt with very divisive issues of language, of reservation. Very divisive, contentious issues, but there was no disruption. There was no disturbance, there were no placards, there was no shouting. All in a spirit of cooperation, coordination, convergence and that is why consensual approach is fundamental to evolution of democratic values.

    India is recognised in the world as a great power because of you boys and girls. Our demographic dividend, it is envy of the world and you have to perform. You have to neutralise racism, negativity. There is effort in the nation and outside to run us down but you must always realise India’s rise is for global stability. India’s rise is for global peace and youth alone can bring big change. I’m sure you all will work in that direction.

    You will have the occasion to get a real intellectual feast of experienced minds; but most of it will have to be self-learning. Use every moment with inquisitiveness, self-learning, what you can add more every day. Write a diary daily. Pose good questions to one another also. I will have the occasion to interact with you at completion and that I will organise at Vice-President’s House.

    I have indicated and you will have the occasion to ask searching questions. Let me give you two, three poses, you’ll be surprised. There are 12 nominated members in Rajya Sabha. They vote for the Vice-President, they don’t vote for the President. Surprised! 12 nominated Members of Rajya Sabha vote for the Vice-President.

    Now the reasoning given is that the President appoints him, that situation arose earlier but there has been a constitutional change, which was not earlier. That the President is bound 100% by the advice of Council of Ministers s       o the fact is the President doesn’t appoint as such. He goes by the advice of the Council of Ministers then why the distinction? Second, if an MLA has to vote for the President, which he does, there is secrecy of ballot but if the same MLA has to vote for a Member of Rajya Sabha, like two of them here on my right, he has to show his vote to his party boss. Why? Just think about it. These things must be in your mind.

    You must find out how many members were there in the Constituent Assembly to begin with. With the partition, how many went? Who are those six who did not sign, or could not sign? You have to think deeply why the country started celebration of Constitution Day. It was not earlier. It was started 10 years back. Why did a decision was taken to have Samvidhan Hatya Diwas? Why? Because you boys and girls are not aware that the nation was plunged in darkness in 1975. Lakhs of people were put in jail. The glorious rights of democracy, one of which being the right to approach the court, access to judiciary was availed. Nine high courts decided citizens have that right. Supreme Court declined and said two things. One, during emergency, you have no fundamental rights so people languished in jail and who languished in jail, they later on became Prime Ministers. So Chaudhary Charan Singh became a Prime Minister, Atal Bihari Vajpayee became Prime Minister, Chandra Shekharji became Prime Minister, to just name a few but it happened.

    Then how long will Emergency last? It was decided by the court as long as the executive wants. So we were plunged in darkness. You are not aware and therefore to remind you, that why do we have Constitution at the House. If you will find out other things also, get to the deep of it. Parakram Diwas, Netaji Subhas Chandra Bose, we had forgotten him. Birsa Munda, Janjatiya Diwas, we had forgotten him. Many like him.

    Therefore we have rediscovered our real heroes, who should have been well sung but either they were not well sung, or unsung, or forgotten because culture is something, history is something that has to inspire and motivate us. Do we have a box where we can put suggestions? We have a portal. 

    I am initiating a new mechanism, a box will be put, where during the day without revealing your identity, you can make any suggestion and I will look into that on a daily basis.

    Best of luck. Enjoy your day.

    ****

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  • MIL-Evening Report: Will $1 on your ticket help save Australian live music? A UK model is much more ambitious

    Source: The Conversation (Au and NZ) – By Sam Whiting, Vice-Chancellor’s Senior Research Fellow in Music Industries and Cultural Economy, RMIT University

    iam_os/Unsplash

    The Australian Music Venue Foundation launched this month to advocate for and potentially administer an arena ticket levy to support grassroots live music venues. Funds would be raised through a small levy, approximately A$1 per ticket, on the price of tickets to large music events, over 5,000 capacity.

    The foundation is partly modelled on the United Kingdom’s Music Venue Trust, a charity and advocacy body founded in 2014 that has advocated for a big ticket levy.

    While the proposed levy would certainly help to level the playing field between grassroots music venues and the big end of touring, the Music Venue Trust was founded on much more radical principles and ambitions than simple redistribution.

    Socialising live music

    Although the Music Venue Trust has moved into advocacy and policy work, such as vocal support for the big ticket levy, the trust’s original and continuing mission is to socialise grassroots music venues. This means they work to help venues transition away from for-profit models and towards alternative ownership structures.

    The trust’s “Own Our Venues” campaign spawned Music Venue Properties, a charitable landlord funded by the broader music community. The scheme has now purchased five grassroots venues around the UK, leased on the condition they continue to run as live music venues.

    The goal is to take the profit motive out of running a venue. Surplus is reinvested into venue spaces, ensuring their long-term sustainability.

    As the trust’s founder and CEO Mark Davyd states, “[the community] is the best person to own a venue”.

    We don’t want money going to private landlords, we want it in the cultural economy because that’s the way we generate more great artists and give more people the opportunity to be involved in music.

    Acknowledging that such radical ambitions require funding, the trust have been long term advocates for a big ticket levy. However, this advocacy has always accompanied their greater goal of socialising live music venues.

    The trust have helped to change the broader cultural understanding of grassroots venues in the UK. Between 2014 and 2022, the proportion of music venues in the country run as not-for-profit ventures increased from 3% to 26%.

    The Australian context

    Melbourne’s Gasometer Hotel and Brisbane’s The Bearded Lady are the latest small, but culturally significant, live music venues to face closure. The number of venues licensed for live music in Australia is falling, with the greatest reductions in the small-to-medium range.

    The recent parliamentary inquiry into the live music industry found costs like insurance and rent have risen sharply in the last five years. Meanwhile, income from alcohol sales – a core revenue source for smaller venues – has dropped in connection with changing youth culture, the cost-of-living crisis, and excises hitched to inflation.

    Costs to run music venues have increased, while income from avenues like alcohol sales have fallen.
    Frankie Cordoba/Unsplash

    Surveys of young people and other groups affirm that Australians value live music, and most people would like to attend more. The most commonly cited barrier is cost, followed by distance from appropriate venues, especially in regional areas.

    An arena ticket levy was a key recommendation of the inquiry, with the committee recommending government agency Music Australia should manage the funds.

    The committee proposed a levy could enable Music Australia to fund:

    • performances with minimum pay rates for musicians

    • capital improvements to venues, such as sound-proofing or disability access

    • festivals promoting regional, all-ages, First Nations and community participation.

    Neither the Labor government nor the opposition have indicated a position on this recommendation, which would require legislation.

    The industry proposal

    The Australian Music Venue Foundation is asking big music businesses to opt in to an industry-managed ticket levy to fund grassroots live music.

    While there has been advocacy for such a voluntary arrangement in the UK, this is yet to come to fruition. The UK government’s deadline for the arrangement of a voluntary scheme by the end of March is approaching, opening up the alternative scenario of a legislated mandatory levy.

    Australian advocates believe they may have the relationships to create a different outcome, arguing all industry players have a stake in a healthy music ecosystem.

    In the proposed Australian scheme, the recipients and use of funding would be decided by a board of industry professionals. This raises questions around potential conflicts of interest. The foundation has applied for charity status, which requires transparency around operations and finances. However, there are broader questions about priorities.

    The foundation argues all levels of the industry have a stake in their being a healthy ecosystem of venues.
    Austin/Unsplash

    If the scheme gets up, the foundation will need to consider whether to restrict its support to Australian-owned, independent venues of a certain size. Alternatively, funds may be available to venues that are part-owned by the same major, for-profit, international companies paying into the scheme.

    To replace the proposed government levy, the foundation would also need to find ways of supporting access to live music for regional, all-ages, First Nations, and other disadvantaged communities, as recommended by the inquiry’s report.

    To ensure benefits flow to artists, venue support could also be made conditional on paying a minimum performer’s fee, something venue’s have previously opposed.

    The foundation could promote social objectives such as performer diversity, patron safety, and environmental sustainability, but there are no guarantees of this under an industry-led scheme.

    These examples demonstrate the issues that can arise when economic redistribution is managed within an industry, rather than by government.

    Lofty ambitions

    The Music Venue Trust has successfully argued for grassroots music venues as a public good, worthy of longterm community and public investment as well as a structural approach to support.

    Through their work, they have provided a new narrative for live music in the UK, supporting innovative ownership and operating models that go beyond the default of a commercially-leased space run as a for-profit small business.

    Ambition and innovation has made the trust much more than another industry association advocating for the interests of a particular group of businesses. The Australian Music Venue Foundation should aspire to similar heights if it is to have the same level of influence and impact.

    Sam Whiting receives funding from RMIT University and the Winston Churchill Trust.

    Ben Green receives funding from the Australian Research Council.

    ref. Will $1 on your ticket help save Australian live music? A UK model is much more ambitious – https://theconversation.com/will-1-on-your-ticket-help-save-australian-live-music-a-uk-model-is-much-more-ambitious-252733

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI USA: Barr, Helping Small Businesses Reach Their Potential

    Source: US State of New York Federal Reserve

    Thank you for the opportunity to speak to you today.1 The United States has an enviable entrepreneurial culture and a strong track record of building new companies. Yet, new and small business owners often navigate significant challenges from establishment to growth. These challenges typically include limitations in accessing capital, in developing robust business and professional networks for peer support and opportunities, and in building the comprehensive skills, resources, and social connections that contribute greatly to business resiliency and sustainability. Women and minority entrepreneurs may face even greater obstacles. While business formation is, of course, primarily a matter for the private sector, public policy can and should encourage increased rates of entrepreneurship and business formation—and the capital, networks, and skills essential for success for all business owners.
    Today, I want to highlight the vital role that small businesses play in driving the U.S. economy, consider the challenges in accessing credit that some small business owners face, and offer some practical solutions to help small businesses thrive.
    Small Businesses and Their Role in the EconomySmall businesses are the heart of the U.S. economy. They produce nearly half of the country’s gross domestic product and employ just under half of all private sector workers.2
    Small businesses have created more than 60 percent of net new jobs since 1995, and business applications have remained consistently elevated at around 5 million annually since mid-2020.3 In recent years, women-owned businesses and minority-owned businesses were two of the fastest-growing segments of businesses. The number of small businesses owned by minorities increased by almost 60 percent and the growth rate for women-owned businesses was not far behind at 50 percent during this time period.4 We should all be encouraged by these statistics, as several studies suggest that improving business ownership and entrepreneurship across demographic groups would help grow our economy faster.5
    And from an individual perspective, entrepreneurship and small business ownership may offer meaningful economic advantages. Research suggests that entrepreneurship often correlates with enhanced job satisfaction and improved economic mobility for business owners—though outcomes naturally vary based on multiple factors including market conditions, industry, and individual circumstances.6
    As we recognize the value of small businesses, it’s also important to recognize that surviving as a small business is not easy. About one in six new businesses fail during their first year and almost 50% fail by their fifth year.7 When a small business struggles or fails, the repercussions often extend beyond the enterprise itself. Entrepreneurs who have invested personal savings and assets in their ventures may face significant financial strain, creating ripple effects that impact their families’ stability as well as the broader economic health of their communities.
    In light of these dynamics, it is essential to understand the fundamental challenges that small businesses face and develop targeted tools and policies that can effectively support entrepreneurs as they start and scale their businesses. Today, let me focus on credit access and the need for more transparency in lending terms.
    Access to Credit for Small BusinessesMany small businesses need credit to launch and grow their business. Small businesses access financing from diverse sources, including banks of all sizes, credit unions, online lenders, and other nonbank financing companies. Despite this range of sources, the Federal Reserve’s Small Business Credit Survey (SBCS) identified credit availability as a challenge faced by over a quarter of small businesses.8 In addition, many small businesses face problems with the credit they do obtain.
    While access to credit poses challenges for many small businesses, these hurdles can be even more pronounced for women and minority business owners. Research consistently shows that women-owned businesses typically start with smaller amounts of initial capital compared to other firms, even when accounting for factors like education, experience, credit scores, and business characteristics such as industry and growth potential.9 Furthermore, women- and minority-owned businesses often encounter distinct obstacles when seeking financing. Minority business owners often have lower credit scores compared to non-minority business owners, which can lead to lower approval rates for loans.10
    Banks, nonbanks, and online lenders have the potential to fill these financing needs. But to be effective, they need to understand consumer preferences and behavior to provide credit products that meet these needs in a safe and fair way.
    Addressing the Need for Financial TransparencyA significant challenge facing small businesses is the absence of policies providing essential tools and protection for small business borrowers. Despite the fact that many small businesses function more like households than Fortune 500 companies, they generally fall outside regulatory disclosure requirements intended to ensure transparency in pricing, facilitate comparison shopping, and protect the financial interest of borrowers.
    Consider the Truth in Lending Act (TILA), implemented in Regulation Z, which does not extend protection to small business borrowers.11 This exclusion stems partly from the assumption that small business owners possess financial sophistication or can access professional assistance when needed. This regulatory gap matters because business financing offers may present pricing structures that differ substantially from the standardized disclosures that small business owners are accustomed to seeing on consumer credit disclosures.
    Research from focus groups conducted by the Federal Reserve Board and the Federal Reserve Bank of Cleveland revealed that many small business owners struggle with understanding the specialized terminology used by certain nonbank lenders.12 For instance, instead of providing familiar metrics like an Annual Percentage Rate (APR) or an interest rate, some nonbank providers present a factor rate—a fundamentally different metric that cannot be directly compared to an APR or interest rate. The research identified a lender’s website that advertised a “factor rate of 1.15” which translated to an undisclosed estimated APR of approximately 70 percent. Further complicating matters, some lenders may disclose an interest rate without including an APR, meaning that various fees and additional costs may not be reflected in the stated rate that borrowers often use to evaluate their financing options.
    While complexity sometimes serves a business purpose, in many cases, it obfuscates the costs and can lead to poor financial decisions by small business owners. More broadly, product design by banks and nonbanks should help to counter, not lean into, biases that can lead to poor financial decision-making. For instance, present bias describes our natural tendency to prioritize immediate benefits over long-term considerations. This might lead business owners to focus more on quick access to funds or low initial payments rather than evaluating the complete long-term cost structure. Similarly, status quo bias suggests that once a small business borrower establishes a lending relationship, they may be less inclined to explore alternatives, even when more favorable options become available. The perceived complexity or uncertainty of refinancing or switching lenders can reinforce this tendency to maintain existing arrangements. Understanding psychological factors and cognitive biases can help small business borrowers make more informed financial decisions by recognizing how the presentation of lending terms might affect their evaluation process.
    In light of these realities, banks, small business advocates, and industry stakeholders should support policies that help small businesses better understand risks, and to drive the market towards products that are designed to overcome, not exacerbate, these problems. Potential policies would include enhancing transparency in loan terms, thus enabling business owners to make more informed financial decisions. Additional borrower safeguards worth consideration include ensuring that loan products are sustainably repayable and don’t lead businesses into costly reborrowing cycles, as well as ensuring fair treatment both during the loan origination process and throughout any restructuring efforts or collection proceedings.
    Some states are moving forward with policies that protect small businesses. California and New York, for example, now require many lenders to offer clear disclosure of the APR and estimated monthly payments.13 This requirement gives borrowers the opportunity to understand the financing being offered in a clear, concise manner, enabling informed comparisons across different product options. Several other states passed versions of disclosure laws for small business financing transactions, with some variability over the range of financing transactions covered and the types of disclosures required.14
    The Role of Community-Based ProgramsI want to recognize the important role that community-based programs can play in supporting entrepreneurs. These programs provide accessible tools, technical assistance, and educational resources that help entrepreneurs reach their full potential. Local organizations such as small business development centers, educational institutions, and community development financial institutions are connecting small business owners with personalized consulting, technical assistance and education, and entrepreneurial skills development.
    The most successful of these types of programs deliver practical technical assistance and education while fostering collaboration within local entrepreneurial ecosystems. These include university- or community college-based initiatives connecting business owners with volunteer consultants, resource hubs offering workshops, or rural development centers providing specialized support. By emphasizing both skill-building and community connections, these programs help small businesses and entrepreneurs overcome barriers to success.
    ConclusionIn conclusion, small businesses are engines of innovation, job creation, and economic mobility in our society. Great work has been done to understand what it takes to help small businesses thrive and grow, including access to sound and affordable credit, skills-building, and business networks. I encourage us to build on this work by enhancing financial transparency, implementing supportive policies, and leveraging community-based programs to enhance business opportunities. These collective efforts to support entrepreneurs and small business owners not only benefit individual enterprises but also contribute to a healthy and dynamic economy that works for all.

    1. The views expressed here are my own and are not necessarily those of my colleagues on the Federal Reserve Board or the Federal Open Market Committee. Return to text
    2. U.S. Small Business Administration Office of Advocacy, “Frequently Asked Questions About Small Business, 2024.” July 2024. Return to text
    3. Id. See also Kennan Fikri and Daniel Newman, “Business Applications Eked Out a New Record in 2023,” Economic Innovation Group, January 2024. Return to text
    4. See U.S. Census Bureau, “Survey of Business Owners—Survey Results: 2012,” February 2016; “Annual Business Survey: 2022,” October 2023; “Census Bureau Releases New Data on Minority-Owned, Veteran-Owned, and Women-Owned Businesses,” October 26, 2023; and “Nonemployer Statistics by Demographics: 2021.” Return to text
    5. McKinsey Institute for Economic Mobility, The Economic Impact of Closing the Racial Wealth Gap, August 13, 2019, https://www.mckinsey.com/industries/public-sector/our-insights/-the-economic-impact-of-closing-the-racial-wealth-gap. McKinsey Institute for Economic Mobility, The Economic State of Latinos in America: the American Dream Deferred, December 2021, https://www.mckinsey.com/featured-insights/sustainable-inclusive-growth/the-economic-state-of-latinos-in-america-the-american-dream-deferred. Andre M. Perry and Carl Romer, “To Expand the Economy, Invest in Black Businesses,” The Brookings Institution. December 31, 2020. Wells Fargo, “2025 Impact of Women-Owned Businesses (PDF)”. Return to text
    6. See, e.g., Levine, R., & Rubinstein, Y. (2022). “Smart and illicit: Who becomes an entrepreneur and do they earn more?” Quarterly Journal of Economics, 137(1), 191-241; JPMorganChase & Co and Gallup. Entrepreneurial Insights: Owning and Employing as a Pathway to Wealth and Well Being. April 2024, https://news.gallup.com/poll/643268/employing-others-linked-wealth-wellbeing.aspx. Return to text
    7. US Bureau of Labor Statistics. Survival of Private Sector Establishments by Opening Year (TXT). Return to text
    8. “2024 Report on Employer Firms: Findings from the 2023 Small Business Credit Survey (PDF),” Small Business Credit Survey, Federal Reserve Banks, March 2024. Other financial challenges include rising costs of goods, services, and/or wages; paying operating expenses; uneven cash flow; weak sales; and making payments on outstanding debt. Return to text
    9. U.S. Department of Commerce, “Women Owned Business in the 21st Century (PDF),” October 2010. This report found that women start with less capital than men and are less likely to take on additional debt to expand their businesses. They are more likely than men to indicate that they do not need any financing to start their businesses. Susan Coleman and Alicia Robb, “A Comparison of New Firm Financing by Gender: Evidence from the Kauffman Firm Survey Data,” May 5, 2009, https://link.springer.com/article/10.1007/s11187-009-9205-7. This report found that, consistent with previous studies, women start their businesses with significantly lower levels of financial capital than men. Findings also reveal that women rely heavily on personal rather than external sources of debt and equity for both start-up capital and follow-on investments. Return to text
    10. Fairlie, Robert, Alicia Robb, and David T. Robinson. “Black and White: Access to Capital Among Minority-Owned Startups (PDF).” NBER Working Paper No. 28154. November 2020. Return to text
    11. While Regulation Z sets forth requirements for consumer credit advertising – and includes provisions to state charges as an Annual Percentage Rate (APR) and, among other things, full repayment terms when referencing payments, and certain other credit terms that may apply – Regulation Z does not apply to business credit. Because of this, lenders offering small business credit and lending products, often have more flexibility when it comes to disclosures of their products’ costs and features than do lenders offering credit products for personal or household use. Return to text
    12. Barbara Lipman and Ann Marie Weirsch, “Alternative Lending through the Eyes of “Mom-and-Pop” Small-Business Owners” (2016). Return to text
    13. California Code of Regulations, Title 10, Chapter 3, Subchapter 3 (PDF); New York State Department of Financial Services, 23 NYCRR 600 (PDF). Return to text
    14. See, e.g., Virginia, Utah, and Florida. For more details on the regulations across states, see https://onyxiq.com/commercial-financing-disclosure-laws/. Return to text

    MIL OSI USA News

  • MIL-OSI Economics: Development Asia: Navigating the Rising Tide: Transformational Adaptation for Resilient Atoll Nations

    Source: Asia Development Bank

    Short-term responses, while necessary for immediate relief, are insufficient to address the deep-rooted and long-term challenges faced by these countries. As sea-levels continue to rise and coastal inundation intensifies, a shift to more transformational adaptation strategies will be necessary.

    Transformational adaptation strategies will leverage an understanding of current and future climate risks (which is a function of hazards, exposure, and vulnerabilities) to identify and prioritize sustainable, integrated, and sequenced adaptation investments across sectors, ensuring long-term resilience and preventing maladaptation.

    Transformational adaptation concept example of an atoll island. 
    Source: Asian Development Bank. Illustration by Lucas Kukler.  

    Transformational adaptation requires holistic strategies that integrate the latest understanding of science, inclusive governance approaches, local cultural and traditional knowledge, and innovative financing mechanisms. This could include a combination of measures such as improved land use and settlement planning, land reclamation, resilient infrastructures, strengthening building designs, developing green skills, relocation policies, integrated water resources management approaches, improved disaster preparedness, and nature-based solutions.

    Resources needed for implementing transformational adaptation strategies are greater than currently available. Equally important is the approach to identify the funding and financing of adaptation investments—how investments are identified, prioritized, financed, and maintained. This will differ significantly from business-as-usual practices. 

    For example, the Republic of Marshall Islands “survival plan”, National Adaptation Plan, estimates that protecting all of its atolls to withstand sea level rise would result in costs increasing up to $35 billion for a 2-meter sea level rise from $5 billion for a 0.5-meter sea level rise—equivalent to 125 times and 17.8 times of the country’s GDP in 2023 pegged at $0.28 billion, respectively.

    Transformational adaptation strategies will also require longer preparation and implementation lead times than investments typically supported under the usual decision making and financing cycles—which means long-term commitment and programmatic approaches for financing. It will also need to promote enabling factors and policy actions to address the underlying drivers of vulnerability, such as land tenure.

    MIL OSI Economics

  • MIL-OSI Global: Hudson’s Bay liquidation: What happens when a company goes bankrupt?

    Source: The Conversation – Canada – By Michael R. King, Associate Professor, Gustavson School of Business and Lansdowne Chair in Finance, University of Victoria

    An Ontario court has approved the liquidation of nearly all Hudson’s Bay Company’s stores, marking the end of Canada’s oldest company, which has been in operation for 355 years. The liquidation is set to begin March 24, and will continue until June 15, leaving only six stores in operation.

    The court’s decision came shortly after Hudson’s Bay filed for creditor protection, signalling the company’s struggle to manage its mounting debt.

    With widespread layoffs sure to follow, this corporate collapse is both shocking and distressing. But the court documents suggest it was not unexpected. Hudson’s Bay lost $329.7 million in the 12 months leading up to Jan. 31, 2025. As of that date, Hudson’s Bay had only $3.3 million in cash and owed more than $2 billion in debt and leases.

    The final straw appears to have been trade tensions between Canada and the U.S., with the increased geopolitical and economic uncertainty leading lenders to shun Hudson’s Bay as it sought more financing, according to court documents.

    What bankruptcy looks like

    The downfall of a major company like Hudson’s Bay brings with it a wave of financial jargon. Understanding the differences between insolvency, bankruptcy, restructuring and liquidation is crucial to fully grasp the situation.

    Insolvency occurs when a business runs out of cash and cannot pay its bills. At the start of March, it was $5 million behind on rent and supplier payments, and within days of missing payroll.

    Bankruptcy is a legal process under Canada’s Companies’ Creditors Arrangement Act where a company files for protection from its creditors. The goal is to avoid the social and economic costs of liquidation, preserve jobs and protect the interests of affected stakeholders. If granted, the judge sets a “stay period” where the company works out a restructuring plan with its creditors.

    Hudson’s Bay has more than 2,000 creditors, including $430 million in secured term loans, $724 million in mortgages and $512 million to unsecured creditors, mostly owed to suppliers. Hudson’s Bay also owes payroll remittances, federal sales taxes and over $60 million in customer gift cards and loyalty points. Gift cards are good until April 6.

    A restructuring wipes out the equity holders and allows a company to negotiate a reduction in its debts. The business continues to operate under the supervision of a court-appointed monitor, using interim financing to pay bills. If successful, the company re-emerges from bankruptcy and continues to do business.

    If restructuring is not successful, the company asks the court for permission to liquidate. Liquidation means a “fire sale” of all assets such as inventory, shelving, real estate, leases and trademarks. Items are sold at a deep discount, leading to potential bargains.

    The Ontario Superior Court denied the initial request to liquidate on March 14, telling Hudson’s Bay and its creditors to “lower the temperature” and work on a deal. With only limited progress and some concessions made to support Hudson’s Bay’s joint venture with RioCan REIT, the court gave permission for the liquidation on March 21.

    Many will lose, some will win

    The collapse of Hudson’s Bay will leave many facing financial losses, while a select few stand to gain.

    Secured creditors, some suppliers and Hudson’s Bay pensioners are expected to be protected by the courts. However, many others, including thousands of customers and more than 1,800 unsecured creditors, will suffer a financial hit.

    The hardest impact will be felt by the more than 9,300 employees losing their jobs. Employees will lose their income, health and disability benefits, and life insurance, significantly impacting families across the country.

    However, employees will not lose their pension benefits. The company’s pension plan is fully funded and in surplus position. This was not the case for Sears Canada when it went bankrupt in 2018. A surplus means the value of investments is greater than the promised benefits and is good news for retirees.




    Read more:
    Sears Canada tarnishes the gold standard of pensions


    Mall landlords will also lose out. Hudson’s Bay drove foot traffic in malls across the country where it was the anchor-tenant. There will likely be painful ripple effects for smaller Hudson’s Bay store owners, including falling sales, defaults on mortgages and business failures.

    That said, some stand to benefit. For example, the American financial services company Restore Capital LLC is providing interim debtor-in-possession (DIP) financing, charging a hefty fee in the process. The lawyers and accountants involved in the bankruptcy may also benefit.

    Priority of proceeds

    When a company is liquidated, the proceeds from selling its assets are used to repay claimants based on their priority in bankruptcy. This is sometimes referred to as the waterfall of “who gets what.” Think of it as a queue with people lining up to get paid.

    Interim DIP financing is paid off first, together with legal and accounting fees related to the bankruptcy. Essential operating costs during the restructuring are also paid, including employee wages.

    Next come secured creditors. These lenders provided funding backed by specific assets, known as collateral. Collateral may include inventory and real estate. A similar process happens on a personal residence; if a homeowner defaults on their mortgage payments, the bank may take possession of the house.

    Third in line are debts granted priority by the courts. Employees receive unpaid wages up to a certain cap, just under $9,000, under the federal Wage Earner Protection Program. Pension benefits are paid out and outstanding payroll and sales tax remittances are paid.

    As the pool of assets gets smaller, unsecured creditors are paid off next including suppliers, landlords and employees owed additional wages or termination benefits.

    Last in the queue from the wind-up are equity holders — the residual claimants — who control the company through their common and preferred shares.

    In 2020, Hudson’s Bay’s CEO Richard Baker and a group of investors took the company private, meaning it was no longer publicly traded on the Toronto Stock Exchange, buying out shareholders for approximately $2 billion. This stake is now wiped out.

    Disappointing, but not surprising

    Hudson’s Bay’s current financial situation is disappointing, but not surprising. The COVID-19 pandemic made times tough for brick-and-mortar retailers. On top of this, under-investment and a failed e-commerce strategy left the company struggling to compete in an increasingly digital retail landscape.

    With tariffs and trade uncertainty hurting the Canadian economy, the unfolding trade war is expected to have far-reaching consequences for Canadian households and businesses. Hudson’s Bay was not immune to these effects.

    In the end, Hudson’s Bay backed itself into a corner, arguably waiting too long to secure funding and ultimately losing control of its own destiny. Its bankruptcy is a major blow to Canadian retail, marking the end of a era for a company that lasted more than three-and-a-half centuries.

    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    ref. Hudson’s Bay liquidation: What happens when a company goes bankrupt? – https://theconversation.com/hudsons-bay-liquidation-what-happens-when-a-company-goes-bankrupt-252784

    MIL OSI – Global Reports

  • MIL-OSI United Nations: WFP races to support new Congolese arrivals in Burundi as aid operations become stretched to the limit

    Source: World Food Programme

    Photo: WFP/Irenee Nduwayezu. A congolese refugee, near the rugombo stadium in the western of Burundi. refugees from Eastern Democratic Republic of The Congo (DRC), forced to flee violence following the conflicts between the March Movement 23(M23) and DRC forces (FARDC).

    BUJUMBURA, Burundi – The UN World Food Programme (WFP) has rapidly mobilized additional assistance in Burundi to support the large influx of families fleeing violence in the eastern Democratic Republic of the Congo (DRC). The sharp increase in refugees in need of aid has placed a significant strain on WFP food assistance programmes in Burundi.

    Since January 2025, nearly 70,000 people – mainly women, children and the elderly – have fled fighting in DRC to Burundi, many making dangerous river crossings and walking long distances in search of safety. More continue to arrive each day, adding to what is already the largest influx into Burundi in decades. 

    Cross border movement into DRC’s other neighbours, including Rwanda, Uganda and Tanzania, is also increasing due to the escalating conflict in the country’s east and this threatens to worsen hunger across the region.

    Refugees are arriving every day, some weighed down with hastily packed bundles and suitcases, and others with nothing but the clothes on their backs,” said Dragica Pajevic, WFP’s Deputy Regional Director for eastern Africa, who is currently on the ground supporting operations in Burundi. The number of refugees has doubled in just a few weeks, and although we are grateful for the funding received to-date, it’s simply not enough. Our available resources are stretched beyond capacity, and we’re being forced to adapt our operations and reduce rations to reach as many people as possible.” 

    Of the 70,000 people who have arrived in Burundi from DRC in recent weeks, 60,000 have been registered for food assistance, doubling WFP’s total refugee caseload to 120,000 in just a few weeks. WFP is providing hot meals to the new Congolese refugees, who are housed in temporary transit camps, schools, churches and sports stadiums.

    Meanwhile, WFP’s existing refugees are receiving food rations – provided as a mix of in-kind food and cash. But to stretch limited resources, WFP was forced in March to reduce rations for existing refugees from 75 percent to 50 percent.  

    WFP currently only has the funds to sustain operations for 120,000 refugees through June. Without additional financial support, WFP will be forced to suspend food assistance entirely from July – or even earlier as refugee numbers continue to increase as conflict in eastern DRC intensifies. 

    To ensure uninterrupted assistance, WFP urgently needs US$19.8 million to maintain adequate support for the most vulnerable until the end of the year. This would also allow WFP to once again provide all refugees with full rations – vital life-saving support at this time of acute crisis.  

    Notes to editor:

    High resolutions photos are available here.

    Broadcast quality footage is available here.

    #                    #                      #

    The United Nations World Food Programme is the world’s largest humanitarian organization saving lives in emergencies and using food assistance to build a pathway to peace, stability and prosperity for people recovering from conflict, disasters and the impact of climate change.

    Follow us on X, formerly Twitter, via @wfp_media @wfp_Africa 

    MIL OSI United Nations News

  • MIL-OSI USA: Governor Kehoe Announces Seven Appointments to Various Boards

    Source: US State of Missouri

    MARCH 24, 2025

     — Today, Governor Mike Kehoe announced seven appointments to various boards.

    Mason Bell, of Williamsville, was appointed to the Missouri Veterinary Medical Board.

    Dr. Bell currently serves as the chief financial officer and veterinarian at Bell Veterinary Services, LLC DBA Hillcrest Animal Hospital. He is a member of several professional organizations including the American Veterinary Medical Association, Missouri Veterinary Medical Association, American Association of Beef Cattle Practitioners, American Association of Equine Practitioners, and the Society for Theriogenology. Dr. Bell earned his Bachelor of Science in Animal Science from Oklahoma State University and a Doctor of Veterinary Medicine from the University of Missouri-Columbia College of Veterinary Medicine.

    Mark Ellebracht, of Excelsior Springs, was appointed to the Missouri Board of Probation and Parole.

    Mr. Ellebracht is a principal partner at The Injury Council, a personal injury law firm in Clayton, Missouri. Ellebracht formerly served in the Missouri House of Representatives from 2017 to 2023 for District 17 and later worked as an assistant prosecuting attorney for Clay County. He also served as a squad leader for the United States Army. Mr. Ellebracht earned his Bachelor of Arts in Political Science from William Jewell College and his Juris Doctor from the University of Missouri School of Law in Columbia.

    Marcy Hammerle, of Troy, was appointed to the Missouri Veterinary Medical Board.

    Dr. Hammerle is an associate veterinarian at Elm Point Animal Hospital. She previously served as board chair and president of the Missouri Veterinary Medical Association and is an active member of the Missouri Veterinary Medical Foundation, Therapeutic Horsemanship Board, and the Greater St. Louis Veterinary Medical Association. Dr. Hammerle earned her Doctor of Veterinary Medicine from the University of Missouri-Columbia College of Veterinary Medicine.

    Jeremy Manley, of Springfield, was appointed to the State Board of Mediation.

    Mr. Manley is the president and business representative of Teamsters Local 245. From 2017 to 2019, Manley served as a Democrat, Republican, Independent Voter Education (DRIVE) representative for International Brotherhood of Teamsters in Washington, D.C. Prior to working with Teamsters, Manley worked as a delivery driver for the United Parcel Service.

    Michael Pfander, of Clever, was reappointed to the Missouri Veterinary Medical Board.

    Dr. Pfander is a small animal veterinarian at Cottage Veterinary Hospital in Springfield, Missouri. He has served on the Missouri Veterinary Medical Board since 2012. Outside of veterinary medicine, Dr. Pfander also worked as an adjunct professor at Drury University from 1996 to 2012. He is a member of several professional organizations including the American Veterinary Medical Association, Missouri Veterinary Medical Association, Southwest Missouri Veterinary Medical Association, and the University of Missouri-Columbia Veterinary Medicine Alumni Association. Dr. Pfander earned his bachelor’s degree in agriculture and Doctor of Veterinary Medicine from the University of Missouri-Columbia.

    Christopher Rohlfing, of Fayette, was reappointed to the Missouri Veterinary Medical Board.

    Mr. Rohlfing is the owner and operator of Production Agriculture. He has been a public member of the Missouri Veterinary Medical Board since 2014. Prior to starting his own business, Rohlfing worked as the member services manager at Boone Electric Cooperative before retiring after 33 years. He’s also worked as an independent crop insurance agent since 1983. Mr. Rohlfing is as a member of the Deans Strategic Advisory Committee for the University of Missouri-Columbia School of Veterinary Medicine and is the president of the Howard County Farm Bureau. He earned his Bachelor of Science and Master of Education from the University of Missouri-Columbia and his Master of Business Administration from William Woods University in Fulton, Missouri.

    Rodney Schad, of Versailles, was appointed to the State Environmental Improvement and Energy Resources Authority.

    Mr. Schad is the owner and operator of Schad Farm where he raises cattle, corn, soybeans, and wheat. He formerly represented the 115th District in the Missouri House of Representatives from 2005 to 2012 and later as the Morgan County Commissioner from 2012 to 2020. Schad is an active member of the First Christian Church of Versailles and the Missouri Farm Bureau. He also serves as a board member for several organizations, including Quality Industries, Show Me Christian Youth Home, Highland Mutual Insurance Company, and the Missouri Public Defender Commission.

    ###

    MIL OSI USA News

  • MIL-OSI Security: Belgium National and Utah Business Owner Charged After Allegedly Running a $5 Million Ponzi Scheme

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (c)

    $3M of investor funds allegedly used on real estate, a personal chef, Chevrolet Corvette & more

    SALT LAKE CITY, Utah –A Belgium national and the owner of K & K Strategies is facing federal charges after he allegedly operated a $5 million Ponzi scheme.  The Utah investment owner, who was not licensed to sell securities, allegedly defrauded approximately 75 investors, and used at least $3 million on real estate purchases, investor payouts, a personal chef, a 2002 Chevrolet Corvette, and other personal expenses.

    Kenny Dirk Van Der Spek, aka Kenny Vanderspek, 35, of South Jordan, Utah, was charged by complaint on March 12, 2025. He was charged by way of felony information on March 19, 2025.

    According to court documents, Van Der Spek, who was the owner and manager of K & K Strategies, LLC, defrauded at least 75 investors in his company between December 2017 and December 2023. K & K Strategies was a Utah limited liability company with a principal address in Salt Lake County and had investors in Utah and across the country. The stated purpose of the business was to help people who were not wealthy invest and teach about stock trading. However, Van Der Spek was not licensed to sell securities.

    As part of the scheme to defraud, Van Der Spek lied and manipulated clients to convince them to invest with K & K Strategies. He told them that K & K Strategies was legally operating a hedge fund and that he was licensed to do so. He represented to investors that their investments with K & K Strategies LLC were succeeding, showing them fabricated financial records, when in reality, investors were suffering losses. He also displayed an alleged “live stream” of trades on knkstrategies.com so that investors could “watch [their] money grow.”

    Van Der Spek is charged with securities fraud, wire fraud, and money laundering. His initial appearance on the felony information is scheduled for March 20, 2025, at 3:00 p.m. in courtroom 7.1 before a U.S. Magistrate Judge at the Orrin G. Hatch United States District Courthouse in downtown Salt Lake City.

    Acting United States Attorney Felice John Viti for the District of Utah made the announcement.

    The case is being investigated by the FBI Salt Lake City Field Office, Internal Revenue Service – Criminal Investigation (IRS-CI) Phoenix Field Office, and the Utah Division of Securities.

    Special Assistant United States Attorney Sachiko J. Jepson and Assistant United States Attorney Mark Y. Hirata, of the U.S. Attorney’s Office for the District of Utah are prosecuting the case.

    A felony information is merely an allegation and all defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law. 
     

    MIL Security OSI

  • MIL-OSI: BitMart Continues 7th Anniversary Celebrations with an Exclusive Event in São Paulo, Brazil

    Source: GlobeNewswire (MIL-OSI)

    Mahe, Seychelles , March 24, 2025 (GLOBE NEWSWIRE) — On March 20, 2025, BitMart, a leading global cryptocurrency exchange, hosted its second offline event in celebration of its 7th anniversary. Held in the vibrant city of São Paulo, Brazil, the event brought together industry leaders, partners, and crypto enthusiasts for an unforgettable evening of networking, insights, and celebration. 

    A Night of Innovation, Connection, and Celebration

    In a vibrant setting, the event provided a unique platform for guests to engage in thought-provoking discussions on the evolution of cryptocurrency markets, the latest trends in DeFi, and the future of blockchain adoption in Latin America.

    Throughout the night, key milestones, technological advancements, and BitMart’s vision for the future were highlighted. As the industry continues to evolve, BitMart remains dedicated to delivering cutting-edge solutions that enhance user experience and drive global crypto adoption.

    Looking Ahead: A Future of Growth & Collaboration

    As the event concluded, attendees raised their glasses to seven years of innovation, resilience, and success. The celebration served as a testament to BitMart’s unwavering commitment to empowering the crypto community and shaping the future of Web3. With Brazil as a key strategic market, BitMart looks forward to furthering its presence in Latin America, fostering collaborations, and unlocking new opportunities in the region.

    About BitMart
    BitMart is the premier global digital asset trading platform. With millions of users worldwide and ranked among the top crypto exchanges on CoinGecko, it currently offers 1,700+ trading pairs with competitive trading fees. Constantly evolving and growing, BitMart is interested in crypto’s potential to drive innovation and promote financial inclusion. New users can register here to unlock an $8,000+ welcome bonus.

    Disclaimer:

    Use of BitMart services is entirely at your own risk. All crypto investments, including earnings, are highly speculative in nature and involve substantial risk of loss. Past, hypothetical, or simulated performance is not necessarily indicative of future results. The value of digital currencies can go up or down and there can be a substantial risk in buying, selling, holding, or trading digital currencies. You should carefully consider whether trading or holding digital currencies is suitable for you based on your personal investment objectives, financial circumstances, and risk tolerance. BitMart does not provide any investment, legal, or tax advice.

    The MIL Network

  • MIL-OSI Global: How dreams, prophecies and intuitions can impact the decision to migrate

    Source: The Conversation – Canada – By James Kwateng-Yeboah, Assistant Professor, Department for the Study of Religion, Saint Mary’s University

    Aspirations transform migration from mere physical movement into a deeply personal conviction, reshaping how individuals see themselves and their futures.
    (NEOM/Unsplash)

    When governments, policymakers or the news media discuss migration, the focus is almost exclusively on those who physically cross borders, seek asylum or arrive at ports of entry. But migration does not begin at at the moment of departure or upon arrival. It starts much earlier, as an aspiration.

    Recent surveys show a sharp rise in global migration aspirations. In Canada, a Gallup poll found that 20 per cent of the population surveyed want to leave and much of this increase occurred since 2021.

    In the United States, that figure has hit a record 21 per cent. These figures challenge the common assumption that Canada and the U.S. are simply migration destinations. Increasingly, they are also places people aspire to leave. But what fuels migration desire?

    As a scholar of religion and migration, my recently published research focuses on aspiring migrants: those who dream and plan for a future elsewhere, even if they never leave.

    While studies have shown how religion might aid or hinder a person’s integration into new societies, I explore how religion shapes who wants to migrate in the first place and why.

    Not everyone who wants to migrate will ultimately do so, but their aspirations matter. Migration aspirations influence education, career choices, family formation and even political engagement. Yet, the forces behind these aspirations remain largely understudied.

    Migration aspirations influence education, career choices, family formation and even political engagement.
    (Evangeline Shaw/Unsplash)

    Who wants to migrate?

    My interviews with young Ghanaians between the ages of 20 and 35 reveal that migration is not just about where people go. It’s also about who they believe they are meant to be.

    Analyzing 565 surveys and 25 in-depth interviews, I found that the aspiraton to migrate was widespread, with nearly 78 per cent of those surveyed expressing a desire to migrate. However, aspirations were not evenly distributed.

    University students were the most eager to migrate, often viewing higher education abroad as a stepping stone. Family history also shaped migration aspirations. Those with relatives abroad and no prior travel experience were significantly more likely to want to leave, suggesting the influence of migrant social networks.

    Yet the strongest predictors of migration aspirations among participants were experiences like dreams, prophecies and intuitions that were considered religiously significant.

    Individuals who reported having migration-related dreams were more than twice as likely to express a strong desire to migrate, while those who believed migration was part of a divine plan were more than three times as likely. These findings challenge the traditional idea that migration is purely an economic decision, highlighting the role of religion and spirituality.

    Spiritual experiences and migration

    Dreams, prophecies and intuitions do more than inspire migration desires. They shape how people perceive and legitimize migration. These experiences transform migration from mere physical movement into a deeply personal conviction, reshaping how they see themselves and their futures.

    Participants in my study who had migratory dreams described them as vivid, immersive experiences in which they found themselves leaving their homeland, boarding airplanes or settling in foreign countries.

    These dreams transported them into sensory encounters with airports, unfamiliar climates like snowfall and racially diverse communities. Such dreams made migration feel imminent, influencing behaviours such as preparing travel documents and expanding social networks.

    Prophecy in many religious traditions are declarations made by spiritual leaders, often perceived as divine revelations about an individual’s life, future or destiny. In the context of migration, these prophecies foretell a person’s foreseeable journey abroad, shaping their understanding of the future.

    Dreams, prophecies and intuitions do more than inspire migration desires. They shape how individuals perceive and legitimize migration.
    (Adedotun Adegborioye/Unsplash)

    Migratory prophecies are often delivered in Pentecostal-Charismatic churches, through sermons, prayer sessions or direct pronouncements from pastors. Their significance lies not in predictive accuracy, but in their ability to inspire, shape emotions, and guide behaviours regarding migration.

    These prophecies legitimize a person’s migration aspirations as part of a divine plan, enhancing the aspiring migrant’s self-perception as one destined for success. They foster an internalized identity of a successful migrant even before the individual embarks on their journey, highlighting their potential to elevate social status and bring honour to their families and communities.

    Intuitions attributed to divine prompting also generate an inner certainty about migration. People feel an inexplicable but profound conviction that they must migrate, leading them to align their life decisions with what they perceive as a higher plan.

    By reinforcing deeply held aspirations, spiritual experiences do not just shape the desire to migrate; they construct the migrant’s very sense of self, embedding migration into their personal identity long before they ever set foot on foreign soil.

    Informing policy

    Most migration policies focus on border control, but rarely consider the social and cultural dynamics that shape migration. Dreams, prophecies and intuitions act as indicators of unmet aspirations.

    Understanding these experiences can help migration policymakers create strategies that are cross-culturally sensitive and context-specific. These strategies should move beyond the economics of migration to address the full spectrum of human motivations.

    Additionally, governments and news media must confront idealized narratives of migration destinations portrayed as utopias of opportunity. When such expectations clash with the stark realities of labour exploitation, cultural alienation and systemic racism, the resulting disillusionment can profoundly affect the well-being of individuals and communities.

    A responsible approach to migration must present a balanced view, acknowledging both opportunities and challenges, while preparing aspiring migrants for the complexities of their journeys and recognizing their aspirations as integral to their personhood.

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

    ref. How dreams, prophecies and intuitions can impact the decision to migrate – https://theconversation.com/how-dreams-prophecies-and-intuitions-can-impact-the-decision-to-migrate-250736

    MIL OSI – Global Reports

  • MIL-OSI Global: Heeding the lessons of COVID-19 in the face of avian influenza

    Source: The Conversation – Canada – By Matthew S Miller, Executive Director, Global Nexus and M.G. DeGroote Institute for Infectious Disease Research, McMaster University

    If the H5N1 avian flu virus learns to spread efficiently from person to person, it could pose an imminent threat to humanity. (CDC and NIAID), CC BY

    Infectious disease outbreaks have a bad habit of piling on at the worst possible times.

    The 1918 flu pandemic, also known as the Spanish flu, caught the world by surprise just as the First World War was coming to an end. It was responsible for killing three to five per cent of the world’s population (50-100 million people, equivalent to about 400 million today).

    Now, as we reflect on five years since the declaration of the COVID-19 pandemic and face economic uncertainty imposed by the United States administration — as well as lingering conflicts in places such as the Middle East and Ukraine — it’s the steady march of avian influenza, or “bird flu,” that poses an imminent threat to humanity.

    Walter Reed hospital flu ward in Washington, D.C. during the flu epidemic of 1918-19, which killed three to five per cent of the world’s population.
    (Shutterstock)

    Bird flu has been causing a flurry of human infections, especially in U.S. cattle workers. If the virus learns to spread effectively from human to human, it could change the course of history. Even though our weary world already feels maxed out, we have to make room to avert yet another crisis.




    Read more:
    Bird flu in cattle: What are the concerns surrounding the newly emerging bovine H5N1 influenza virus?


    The good news is that we know how to minimize risk and mobilize resources quickly, before the virus starts moving from human-to-human.

    Heading off a bird flu pandemic

    Knowing what to do and actually doing it, though, are very different, as we saw all too well five years ago when COVID-19 shut down much of the world, killing more than seven million people worldwide. And it’s not through with us yet.

    The question is whether we will act in time to head off a bird flu pandemic. The Spanish Flu was the first of five influenza pandemics since the end of the First World War.

    A sixth is inevitable without co-ordinated global action. Otherwise, the only questions are when it will it come and how bad it will be.




    Read more:
    Combatting the measles threat means examining the reasons for declining vaccination rates


    Infectious diseases constitute a permanent threat to society, especially as vaccine hesitancy and misinformation grow. Fighting pandemics needs to be a full-time, ongoing priority for governments everywhere.

    After the arrival of COVID-19, there were some impressive investments in infrastructure and science to support pandemic preparedness, but many were essentially one-time projects.

    Canada needs to establish permanent capacity to prevent and respond to health emergencies. Government agencies specifically dedicated to supporting the development of medical countermeasures for pathogens that pose a pandemic risk, like the recently established Health Emergencies Readiness Canada (HERC), are a step in the right direction.

    However, we must also re-prioritize investments in the fundamental research that is the birthplace of new medical and non-medical solutions to pandemic preparedness — where we currently lag far behind essentially all of our G7 counterparts. This has never been more important than in the current global political context.

    The cost of acting to prevent or limit a pandemic is infinitesimal compared to the price of letting one happen, whether one measures the toll in human lives, or in dollars.

    The world needs to adopt a collective mentality that we are “all in” on prevention if we want to maximize our chances of avoiding the next pandemic. We cannot sit on our hands and hope we get lucky. That strategy has failed us in the past and will doom us in the future.

    H5N1 avian flu

    Today, as we stand on the brink of an avian influenza pandemic that could be significantly worse than COVID-19, too much of the world seems unaware, unprepared or largely disengaged.

    Globally, more than 900 humans are known to have been infected by H5N1 avian influenza so far. The death rate associated with these human infections is a staggering one in two, placing it on par with threats such as Ebola.

    Death rates resulting from human infections of the most prevalent currently circulating H5N1 virus in the U.S. (clade 2.3.4.4b) have been much lower — though the very narrow demographic characteristics of the individuals that have been infected leaves many questions regarding the true danger that this virus poses to the population at-large.
    Avian influenza has become more prevalent than ever in our environment. Having adapted to spread efficiently among cattle and other mammals, the virus will follow its biological imperative to adapt and survive.

    No responsible country can ignore the possibility that person-to-person spread could start anywhere and quickly wash over the planet.




    Read more:
    An ounce of prevention: Now is the time to take action on H5N1 avian flu, because the stakes are enormous


    Certainly, Canada is treating the issue seriously, as I know from my work with the Public Health Agency of Canada, the National Advisory Committee on Immunization, the Ontario Immunization Advisory Committee and other bodies.

    But the effort to stop or at least slow avian influenza needs to include all countries and to engage everyday people, especially those who work directly with birds, cattle and other wild and domestic animals.

    Targeted interventions

    The best tactics to stave off a pandemic, at least at this point, are relatively unintrusive, targeted interventions. It’s critical that farm workers, veterinarians and others who work with animals follow careful protocols such as wearing masks and goggles, sanitizing equipment and continuing to cull poultry flocks where exposure is identified.

    We also need to educate hunters about protective measures to lower their risk of exposure.

    Most mitigation measures are entirely non-medical — though offering vaccines to those at high risk of exposure, as Finland has done, would be prudent. It’s much easier to target vaccination programs to high-risk groups than to organize a global vaccine campaign after a pandemic has begun.

    We need to encourage these groups to take every possible action to protect themselves — and therefore the world — and to provide financial supports that enable them to comply without cost.

    If avian flu becomes established among humans, which could happen rapidly and with very little warning, COVID-19 has shown that only a swift, decisive and truly global approach can fend off disaster.

    A significant lesson from COVID-19 is that we have to support pandemic prevention and response efforts for people in every corner of the world, however remote they may be, and that we must reach vulnerable populations within wealthy countries, such as elderly, frail and marginalized people, and those affected by poverty. These are the people always impacted most by infectious diseases.

    A selective distribution of resources among the planet’s wealthiest populations will not provide the protection the world needs and will only enlarge and extend the reach of a new pandemic.

    We must remember what it was like to close down schools, workplaces and public gatherings and to have hospitals overflowing with patients as clinicians risked their lives to care for them.

    We could have saved so many people and so much money by taking the threat more seriously from the outset, including providing better public education about evidence-based measures such as masking and vaccines.

    It’s past time we made pandemic prevention and response a permanent priority, no matter what else is happening in the world.

    Matthew S Miller is co-founder and Chief Scientific Officer of AeroImmune Inc. He has received compensation from Seqirus, Sanofi, GSK, Roche, Grifols, and Aramis Biotechnologies for participating on advisory boards and for supporting educational activities. He has received research funding from the Canadian Institutes of Health Research, the Canadian Foundation for Innovation, the Natural Sciences and Engineering Research Council of Canada, the Canada Research Chairs Program, the Federal Economic Development Agency for Southern Ontario, Ontario Centre of Innovation, Bay Area Health Trust, Providence Therapeutics, JN Nova Pharma, Lactiga, and Zentek. He is a member of the National Advisory Committee on Immunization COVID-19 Working Group and H5N1 Influenza Working Group. He is also a member of the Ontario Immunization Advisory Committee and the Public Health Agency of Canada Expert Panel on Avian Influenza A(H5Nx).

    ref. Heeding the lessons of COVID-19 in the face of avian influenza – https://theconversation.com/heeding-the-lessons-of-covid-19-in-the-face-of-avian-influenza-252161

    MIL OSI – Global Reports

  • MIL-OSI Global: More girls are getting excluded from school – here’s why they feel misjudged by teachers

    Source: The Conversation – UK – By Emma Clarke, Senior Lecturer and Programme Leader in Teacher Education, University of York

    Tero Vesalainen/Shutterstock

    More children are being permanently excluded from their school in England. In the 2023-24 autumn term, over 1,000 more pupils were excluded than in the autumn term the previous year. Rates of permanent exclusion have risen rapidly since the pandemic, with no sign of slowing down.

    What is perhaps unexpected is that the rate of permanent exclusions is rising much faster among girls than boys. Girls are also more at risk of “hidden” or “grey” exclusions – when a pupil stops going to school but isn’t formally excluded. But partly because schools are seen as environments in which girls are more likely to thrive than boys, the issues girls face may be overlooked.

    Stereotypes of schools as places where “good girls” are the hardworking majority – and boys are the disruptive ones – have repercussions for both girls and teachers.

    In my research I interviewed 12 girls at risk of permanent exclusion aged between 12 and 16 in two different secondary schools and one pupil referral unit. I found that they struggled with being heard.

    Girls in my study were unanimous that they wanted teachers to listen and take time for them, but felt this did not happen. They resorted to shouting before they could be shouted at. “When they shout it doesn’t mean we’re going to listen, we’re going to shout back,” one said.

    Girls reported teachers did not know them, listen or allow them to explain and so responded with aggression: “Why should I bother about them when they ain’t bothered about me?”

    Consequences of exclusion

    Research from Agenda Alliance, a charity, has found that 74% of girls in youth custody were previously permanently excluded, compared to 63% of boys. After permanent exclusion, girls (unlike boys) are more likely to suffer significant mental health issues.

    There has been very little progress in managing girls’ behaviour over the last two decades. Research has found consistent reports of girls being sidelined in education as far back as the 1970s.

    Research also suggests that girls using their voice in ways that do not fit gender stereotypes – such as being loud and shouting at teachers – was particularly problematic. This damaged relationships with teachers.

    In my research, girls believed both male and female teachers were sexist, singling them out for behaviour ignored in boys. This resulted in a deeply held sense of unfairness, particularly when teachers simply linked behaviour to their hormones. “Certain teachers overlook the girls, they pin it on your hormones,” one said.

    This results in girls feeling they have no voice, and avoiding some lessons, teachers or situations by truanting – inside school or not attending at all – or by trying to “get in before they [teachers] do” and behaving aggressively.

    These two extremes mean girls either end up using their voice in ways schools cannot manage, or remain systematically silenced: not present at school at all. Neither helps them to address the problems they are experiencing and the resulting behaviour.

    Appearance and behaviour

    I also found that girls struggled with how visible they were at school. Many girls in my study talked about facing sanctions over their uniform. They argued that teachers punished them for minor infringements, and that there was a double standard: teachers could wear two pairs of earrings, for instance, but they could not. One said that staff “don’t care about education it’s about earrings and that”.

    Girls felt singled out in ways boys were not, suggesting teachers were sexist and only interested in them looking right.

    Girls felt they received too much scrutiny over their appearance.
    Rawpixel.com/Shutterstock

    However, girls told me that modifying their uniform was central to fitting in with peers and not being bullied. This results in girls treading a fine line between not standing out too much to other girls and not attracting the censure of staff.

    Girls reported being too visible in other ways. They told me that trips to the toilet were policed by staff standing outside. Girls also felt too visible in class, with significant anxiety expressed in my research about being picked on in class. “My face goes all blotchy and I start shaking, it’s hard to breathe,” one said.

    This fear was so significant girls chose to walk out of lessons rather than face embarrassment in front of their peers. “If a teacher picks on me to answer a question I just won’t come to the next lesson,” one girl said. They chose this despite risking being put in isolation – working in seclusion away from the rest of the school and their peers, where they once again became invisible. “It’s like a prison, they boarded up the windows and don’t listen to you.”

    With some schools shifting to zero-tolerance approaches, permanent exclusion – once a last resort – may now be perceived as a reasonable response to school improvement drives.

    Striking the balance between being appropriately seen and heard is a challenge for many girls in school, even those who appear to manage it successfully. But for those who struggle, the current and widespread problems in schools make it less likely that teachers will “take more notice of how you behave, [because] there might be something behind it”. Without significant and widespread change in schools, more girls will either disappear from the system or be silenced by it.

    Emma Clarke received funding in a one off grant from British Educational Research Association. She is a member of Universities and Colleges Union.

    ref. More girls are getting excluded from school – here’s why they feel misjudged by teachers – https://theconversation.com/more-girls-are-getting-excluded-from-school-heres-why-they-feel-misjudged-by-teachers-249753

    MIL OSI – Global Reports

  • MIL-OSI Canada: Collaborating on overdue oil and gas taxes

    Source: Government of Canada regional news (2)

    MIL OSI Canada News

  • MIL-OSI United Nations: ‘Peace Operations Face Serious Barriers that Demand New Approaches’, Secretary-General Stresses, at Security Council Open Debate

    Source: United Nations General Assembly and Security Council

    Following are UN Secretary-General António Guterres’ remarks to the Security Council’s open debate titled “Advancing Adaptability in UN Peace Operations — Responding to New Realities”, in New York today:

    I thank the Government of Denmark for convening this high-level discussion.

    United Nations peace operations safeguard people and communities in some of the most desperate places on earth.

    These operations comprise both peacekeeping operations and special political missions.

    Their work ranges from early warning to preventive diplomacy, from peacemaking to verifying peace agreements to protecting civilians, from negotiating ceasefires to helping parties implement them on the ground, to electoral support and observer missions.

    Collectively, these operations represent a critical tool at this Council’s disposal to maintain international peace and security in a variety of contexts.

    Since the first special political mission and peacekeeping operation were deployed in 1948, our peace operations have grown, adapted and evolved.

    Time and again, they allow us to mount tailored responses that have saved lives, reduced violence, prevented the expansion and spillover of deadly conflicts and stopped atrocities.

    Peace operations are designed not only to be an effective example of multilateralism in action — but a cost-effective one.

    At their best, they show how when the UN comes together to address challenges; the burden is diminished on individual countries alone.

    But as we all know, peace operations face serious barriers that demand new approaches.

    Wars are becoming more complex and more deadly.  They last longer and are more enmeshed in global and regional dynamics.

    Negotiated settlements have been harder to achieve. Meanwhile, our peace operations are confronted with a complex interplay of threats — many of which do not respect national borders.

    Terror and extremist groups, organized crime, the weaponization of new technologies, and the effects of climate change are all testing our capacities to respond.  And, I regret to say, geopolitical divisions are undermining peace.

    The bilateral and multilateral arrangements that — for decades — have managed tensions and maintained stability are eroding.

    Violations of international law, human rights and the UN Charter are rampant — seemingly without consequence.

    Trust is in short supply among — and within — countries and regions.

    All of these challenges and more throw fuel on the fires of conflict.

    Meanwhile, our peace responses are struggling.  We see a persistent mismatch between mandates and available resources.  And we see increasing differences of views — including in this Council itself — around how peace operations should work, under what circumstances, with what mandates they should be deployed, and for how long.

    This is a grim diagnosis, but we must face facts.

    The good news is that, through the Pact for the Future, Member States committed to working to adapt peace operations for the future.

    This is an important opportunity to gain a shared understanding of what makes peace operations successful, what is hindering their effectiveness, and what new models we can use to make them more adaptable, flexible and resilient — while recognizing the limitations in situations where there is little or no peace to keep.

    My recent proposals to you in the context of Haiti are a good example.  We must keep working for a political process — owned and led by the Haitian people — that restores democratic institutions through elections.  And the UN has a clear role to play in supporting stability and security, while addressing the root causes of the appalling crisis.

    The UN stands ready to assume the responsibility of the logistical and operational expenditures — including transportation, medical capabilities and support for the national police — that can support an international force established by Member States that is able to confront the gangs in Haiti and create conditions for peace.  And the salaries of the force are paid through the trust fund that already exists.

    This is a good example of how we can design a tailored and collective approach to peace operations in an extremely complex and dangerous environment.

    Other examples of adapting our peace operations include the United Nations Interim Force in Lebanon (UNIFIL), which recently developed an adaptation plan to support the parties to uphold their obligations under resolution 1701 (2006), and our operations in Abyei, Sudan, where we reconfigured our peace operations into a multinational force.

    We also increasingly see the enormous benefits of strengthening cooperation with regional and subregional organizations.  Security Council resolution 2719 (2023) is an important example.

    This breakthrough has lifted our partnership with the African Union to a new level as we work to establish peace enforcement missions under the responsibility of the African Union, supported by the United Nations.  We are now working actively across our two Secretariats to meet the vision of the resolution, and I urge Council members to fully support this work.

    It’s time to build on these examples and continue adapting our peace operations for current and future challenges.

    Work is now under way to review all forms of peace operations, as requested by Member States in the Pact for the Future.

    The review will aim to critically examine these tools and propose concrete recommendations to make them fit for today.

    This will include extensive consultations with Member States and others to inform — and inspire — recommendations.

    The review will build on the analysis presented in the New Agenda for Peace.

    It will be informed by the first comprehensive study of the history of special political missions in the 80 years of the United Nations, which will be released soon.

    And it will reflect the Pact’s call to ensure that peace operations engage at the earliest possible stage in planning transitions with host countries, UN country teams and local and regional groups.

    The review also aligns with the Pact’s call to this Council to ensure that peace operations are guided by clear and sequenced mandates that are realistic and achievable — with viable exit strategies and transition plans.

    And it will draw on the discussions taking place in preparation for the Peacekeeping Ministerial in Berlin in May focusing on the future of peacekeeping.

    Throughout, we will hold extensive consultations to capture as wide a spectrum of views as possible and to benefit from worldwide expertise.

    From Member States, host States, troop- and police-contributing countries and financial contributors to regional organizations, civil society and academia, and our own leaders and experts within UN peace operations and the Secretariat.

    And the review will, of course, help inform our efforts through our UN@80 initiative, to find efficiencies and improvements across our work in light of the continued funding challenges we face as an organization.

    Today’s open debate provides a vital opportunity for the Council to share perspectives and ideas to inform the review process.  I urge all Members to support it.  And I call on this Council to continue working to overcome divisions and disagreements around peace operations and build the unified and consistent political support our peace operations — and the women and men who conduct them — need and deserve.

    MIL OSI United Nations News