Source: Reserve Bank of India
Ajit Prasad Press Release: 2025-2026/160 |
Category: India
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MIL-OSI Economics: Result of the Daily Variable Rate Repo (VRR) auction held on April 23, 2025
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MIL-OSI New Zealand: Speech to Nelson Tasman Chamber of Commerce
Source: New Zealand Government
Tēnā koutou katoa. Nga mihi ki nga manawhenua o tenie rohe me nga waka katoa ki tae mai nei.
Good afternoon everyone.
Thank you for the opportunity to be here today.
I want to acknowledge the work the Nelson Tasman Chamber of Commerce does.
And I want to acknowledge the Nelson Tasman business community. You are at the heart of your communities, creating jobs, generating income for locals and producing a diverse range of goods and services.
I always enjoy visiting Nelson and have enjoyed many visits here since becoming an MP. Your local Mayor and Former MP Nick Smith has made sure of that!
But my first iconic Nelson-Tasman experience was not in fact a Nick Smith related one.
I have especially fond memories of kayaking and hiking through the Abel Tasman National Park around 20 years ago with my then boyfriend – now husband – and being dazzled by its majesty, complete with frolicking baby seals, enthusiastic trampers playing 500 in the huts. A Thai green curry and cold beer providing a grand finale at what I think must have been the Park Café Mārahau.
My personally memorable experience is not unique.
The Nelson Tasman region is a really special part of New Zealand. That’s demonstrated by the number of people who choose to visit here – from around the country and the world, and the number of migrants who choose to move here and make this place home.
Like many other areas of the country, the communities of this region are facing both exciting economic opportunities and a range of economic challenges.
On the one hand there is so much to feel optimistic about, from your thriving and diverse food and beverage sector, the growing and potential-filled blue economy, your leadership in forestry and wood product manufacturing, and your growing visitor economy, all of which sustain jobs and incomes today and have the ability to deliver even more in future.
These growing industries are good news for the future of people here, and, beyond that, will help New Zealand earn the additional revenue we need to fund great health care, education services and physical infrastructure. Like the Hope Bypass, upgrades to Nelson Hospital and repairs to local schools.
I’ve had the pleasure today of visiting some of the people leading in these sectors: I spent time at the Cawthron Aquaculture Park and felt excited by their vision for driving forward the Government’s goal of quadrupling the size of the aquaculture sector over the next decade.
I visited Trinder Engineering and was wowed by their commitment to research, innovation and a positive workplace culture.
And I visited Pic’s Peanut Butter: whose story began with a product made in a concrete mixer winning over die-hard fans at the Nelson Farmer’s Market and has now expanded to produce 25,000 jars a day for peanut butter lovers the world over.
There are good news stories like this across New Zealand, and I think we should all do more to celebrate our great Kiwi success stories.
These successes came about because of clever, brave people who decided to take a risk, to take a loan to invest in big ideas, to work hard to make things happen, to hire good people and offer them meaningful careers, to pursue a vision and keep going in the face of adversity.
In doing so, these enterprises, and the hundreds like them across Nelson and New Zealand, have supported thousands of people into good jobs, providing income for their families and investments for their communities.
They’ve also paid a lot of tax along the way – which has allowed the Government to increase its annual investments in schools, health services, superannuation support, and other essential public services.
That contribution by business and hard working taxpayers too often goes unacknowledged: We all have hopes for new investments and better services, but before we dream up new ways of spending, we first need to collectively earn the dollars required to sustainably fund that spending.
Growing regional economies, and successful local businesses are vital to that equation. Put simply: To deliver the kind of country we all want – with better living standards, better opportunities for our kids and more financially secure families, Nelson and New Zealand needs more success stories like Cawthorn, Trinder and Pic’s.
That’s why our Government is so focused on delivering policies that support economic productivity and that give entrepreneurs, employers and firms the confidence they need to invest, hire, expand and grow.
That includes getting the basics right, such as low and stable inflation, manageable interest rates and credible fiscal management.
It means ensuring the Government doesn’t make it harder to do business by tying people up in red tape, endless consent processes, or sticking rigidly to rules that simply don’t make sense.
These sensible policy approaches are the base from which we will deliver better choices and investments in the years ahead.
I have enormous optimism in New Zealand’s economic growth potential.
We are a safe, secure country with established trading relationships and a global reputation as a good place to do business.
We are blessed with abundant natural resources – everything from ocean to freshwater, fertile land to minerals and temperate weather.
In a world worried about food security, we feed more than 40 million people with levels of efficiency and sustainability that are the envy of the world.
We have a long history of stable democracy, strong institutions and rule of law.
We’ve produced world-leading scientific breakthroughs, send rockets to space and continue to produce some of the world’s best digital effects.
There are many reasons for New Zealand to be optimistic that better times are ahead.
Even so, I’m not a total Pollyanna.
I’m conscious of the challenging economic circumstances many people in Nelson, and around the country for that matter, have experienced in the past few years and in some cases continue to experience.
Local employers and households have come through a post-Covid period of very high inflation and rapidly rising interest rates.
High inflation and high interest rates aren’t just numbers for economists – they’ve had big human impacts: elevating the cost of living, and putting a handbrake on business activity, with significant impacts for people’s jobs and incomes.
Our country has also been left with a sea of debt and red-ink in the Government books that will take time to repair.
The post-Covid ‘structural deficit’ has left a big gap between what the country needs to fund to deliver on the spending commitments we’ve made and what we need to earn to pay for that spending.
In effect, the Government is borrowing billions to bridge the gap, with a $13 billion deficit this year and forecasters anticipating deficits in future years too.
That obviously can’t go on forever, or else our kids and grandkids will be left with unsustainable debt and considerable economic uncertainty.
That’s why our Government is working carefully to bring the country’s finances back into balance: so we can start to pay down our debt and create better buffers for the future.
We want to ensure New Zealand is financially strong and resilient enough to effectively respond to whatever the future may throw at us: be it earthquakes, extreme climatic events or other events outside our control.
Restoring that fiscal balance, while continuing to increase investment in essential front line public services, requires careful prioritisation and some tough – but unavoidable – choices.
Believe me – I too would love the freedom to throw today’s Budget constraints out the door – but I’m always conscious that the dollars we spend today eventually need to be repaid. Freedom today could mean serfdom tomorrow.
The good news is that New Zealand has in recent months been turning the corner in our post-Covid recovery.
Inflation has been brought back under control, interest rates have dropped 200 basis points, exports have been growing, commodity prices have improved, tourists have been returning and business and consumer confidence has been on the up.
That growth is positive for Kiwis’ jobs and incomes and for the Government’s books. It provided a welcome backdrop as the Government started putting together this year’s Budget.
But, there’s a but. As you know, the world economy is now facing further headwinds, with United States trade policy changes, counter-tariffs, retaliatory measures, tariff pauses and still unfolding estimates of what this could all mean for global and regional growth.
Uncertainty abounds.
The impacts for New Zealand are twofold.
On the one hand, there is the first-order impact for our exporters who now face the prospect of higher tariffs being charged for them to export their goods to the US.
I know many exporters are finding it very difficult to see through the noise and plan for what might lie around the corner for them.
I think for example of the wine exporters of the Nelson-Marlborough region, who are nervous about the many implications different tariff regimes could have for their existing customers and for the way wine is traded around the world. Will they be competing with more European wine in the UK? Will they be better placed in a relative sense in the US?
It’s simply too soon for wine exporters to know and this makes it very difficult for them to plan.
Direct tariff impacts may well be uneven from firm to firm, sector to sector and market to market.
There will inevitably be both swings and roundabouts. For example, I spoke to a beverage manufacturer in Wellington last week who’d just taken a large order from China, as importers there were looking to find alternatives to US products which they expect will carry much higher tariffs into the future.
The Government has moved swiftly to gather the best possible information and insights about these unfolding implications for our exporters, relying on our incredible network of diplomats and representatives around the world.
Officials are addressing queries from exporters, have hotlines established, are delivering information webinars and are working with individual firms to help them understand the practical implications of tariffs, including for firms who have manufacturing in third countries or product already en-route to the US.
New Zealand Trade and Enterprise is currently providing tailored support to a group of 1000 larger exporters, including access to their in-market staff, their network of private sector exporters and financial advice.
For now, most business appear to be looking to navigate through the initial uncertainty rather than making dramatic changes in response.
The Government will keep providing exporters with information and advisory support and assess impacts as more certain information becomes available.
Beyond direct tariff effects, the second-order impact for the New Zealand economy is what forecasters are now predicting will be more financial uncertainty, potentially increased inflation pressure and a lower growth trajectory for the global economy and many of the countries with which New Zealand trades.
These are just forecasts at this stage, and, once again the actual impacts are still unclear. Put simply though: all these developments will make New Zealand’s economic recovery harder.
We can’t wish that away.
What we can do is focus on the things we can control.
This means it is more important than ever that New Zealand offers a predictable, steady approach to our economic and fiscal management.
In an unstable world we need to stay the course with responsible policies that provide stability, support investment and make us an attractive place for the world to trade and do business with.
New Zealand has the opportunity to position ourselves as a safe haven, and to continue our long history of honouring existing trade agreements and forging new ones.
Earlier this year, well before “Liberation Day”, I released the Government’s Going for Growth framework which sets out 88 policy actions to do just that. These actions are grouped under the Government’s five key thematic growth pillars.
Promoting global trade and investment was a key pillar then and it’s a key pillar now.
Our goal is to double the value of New Zealand exports within a decade so we are working to grow and strengthen our trade relationships around the world.
The Prime Minister kicked off the year in Dubai signing a new trade agreement with the United Arab Emirates and trade talks with India, soon to be the world’s third largest economy, are underway.
At the same time, we are making it much easier for New Zealand to benefit from international capital and investment.
A new agency, Invest NZ, is being established to welcome international investment into New Zealand, and the Overseas Investment Act is being reformed to make it easier for businesses to receive new investment, grow and pay higher wages.
There are four additional pillars in the Government’s Going for Growth agenda:
- Developing talent
- Competitive business settings
- Innovation, technology and science; and
- Infrastructure for growth
I encourage you to check out the full plan online but let me make just a few remarks about each.
Developing talent: This is about making the most of our most important asset, human capital, getting back to basics and arresting the woeful decline in the literacy and numeracy skills of our school leavers.
We simply can’t be the wealthy country we want to be if too many of our school leavers emerge from the school system without the basic skills they need to succeed in the modern world.
We’ve already acted to stop the slide and re-introduced structured literacy and maths to our schools, ensuring kids are receiving instruction in ways that work. We’re bringing practical knowledge and skills back to the curriculum and reporting on performance.
At the same time, we’re tuning-up our vocational education system to make it more responsive to industry and regional needs, and to ensure people wanting to acquire skills for a new trade or industry have good choices for upskilling. This means ensuring institutions like the Nelson Marlborough Institute of Technology can be locally nimble and responsive.
Competitive business settings: This is about both cutting red tape and ensuring we have rules that foster competition between big firms to deliver a better deal for New Zealand consumers.
In my view, in recent years New Zealand has in too many areas of life become stultifyingly risk-averse, and we now have a spaghetti of costly and complex rules and regulations that are holding back sensible development and clever ideas.
The Government has already zeroed in on a key target in this regard: the Resource Management Act.
We’ve passed a new fast-track law to bypass the burdensome court process and accelerate the yes for dozens of major projects that, if approved through a streamlined panel process, will drive jobs and growth across the country.
In this region, three projects have been identified as potential fast-track initiatives.
They include the Hope Bypass, already confirmed as a Road of National Significance in our land transport plan, with a proposal to alter the existing designation and acquire additional land outside that designation.
They also include the Maitahi Village housing development, including plans for a commercial centre and retirement village. I’m advised that this project is already being progressed through the fast-track panel process, with final decisions still pending.
The Mapua Housing Development, is also listed as a fast-track project with potential to enter the process. I’m advised that project would include up to 320 residential allotments, a recreational reserve, a community amenities building and parking, a wetland and restoration of the Season Valley stream.
Beyond the fast-track process we are also working at pace
to replace the Resource Management Act as a whole.
We’re advised our plans will deliver a 45 per cent reduction in administrative and compliance costs.
We’ve also worked quickly to lessen the regulatory burden on the agricultural sector. We back farmers, and we don’t want unwieldy rules stopping them making sensible decisions for their farming businesses.
Reform of the Health and Safety at Work Act is underway to reduce box ticking exercises and compliance costs.
The other aspect of this work is in the competition space.
Everyday Kiwis, visiting OECD economists and Ministers around our Cabinet table share concerns about the concentration of large businesses in some of our major industries, with mounting evidence that competition has suffered as a result, and that New Zealand consumers are missing out on a fair deal.
You’ll probably have noticed that we’re acting to improve competition in the banking and grocery sectors and we’ll have more to say about those as well as other sectors in the coming months.
Innovation, technology and science: This is about not only the Government’s investment in science but also the steps we’re taking to make it easier for businesses and industries to pursue their own innovation agendas.
Government science institutions are being streamlined into four much more commercially focused entities that will ensure our taxpayer investment in science is connected with the needs of a growing economy.
We’re also thinking hard about what we can do to incentivise New Zealand businesses to invest in the new machinery, technology and equipment that will lift productivity in the years ahead.
We know that faster-growing countries tend to have more ‘capital intensity’ in their businesses, which helps drive productivity. I’m keen to unlock more of that in New Zealand and am considering the best ways to support it.
Finally, infrastructure for growth. Roads, ports, hospitals, schools and more.
New Zealand has an infrastructure deficit that is reducing productivity and living standards.
We need to catch up with the rest of the world when it comes to how we plan, fund and build modern infrastructure.
We are putting together a 30 year National Infrastructure Plan and a new national infrastructure agency. Just last week we released New Zealand’s first health infrastructure plan, which sets out a national, long-term approach to renewing and expanding the country’s public health facilities.
Instead of building single, large-scale structures, the plan proposes a staged approach – delivering smaller, more manageable facilities in phases. This will mean patients benefit from modern healthcare environments sooner, while providing greater certainty around delivery timeframes and costs.
And yes, rest assured, redeveloping Nelson Hospital is a key priority for the Government. Work is already underway to expand the Emergency Department at Nelson Hospital, and earthquake strengthening of the George Mason Building is also underway. The $10.6 million ED expansion project is designed to meet the growing demand for emergency care in the area as part of the wider redevelopment programme for the hospital.
The Health Infrastructure Plan highlights the need for increased bed capacity at Nelson Hospital, earthquake strengthening, a new energy centre and a refurbishment of the George Mason Building. These improvements are key to ensuring the hospital is able to deliver timely and quality healthcare for the people of Nelson. These stages of development of course remain subject to future Budget funding allocations.
Conclusion
Taken together, all of this work represents a significant economic change agenda.
I doubt all of this will be welcomed by everyone.
It’s easy to say no to a new mine, to say no to concerts at Eden Park, to say no to more tourists, to say no to more housing, to say no to change. But cumulatively all those little “no’s” add up; they add up to a smaller, poorer country.
New Zealanders can’t afford that. We have to make it easier to get things done in this great country. We have to deliver on our untapped potential. We owe that to our kids.
Let me finish on a positive note: New Zealand faces some significant challenges and those challenges have only grown in recent weeks.
But if I could choose to be any country at this particular moment in time, I would choose New Zealand.
Our Government has a plan, and our plan will mean a stronger, growing economy and that growth will mean New Zealanders can live better lives. And that is what it is all about. Thank you and I look forward to your questions.
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MIL-OSI Economics: Money Market Operations as on April 22, 2025
Source: Reserve Bank of India
(Amount in ₹ crore, Rate in Per cent)
Volume
(One Leg)Weighted
Average RateRange A. Overnight Segment (I+II+III+IV) 6,25,055.90 5.90 3.50-6.95 I. Call Money 16,344.62 5.87 5.00-6.15 II. Triparty Repo 4,28,406.90 5.86 5.65-5.99 III. Market Repo 1,78,167.38 5.98 3.50-6.20 IV. Repo in Corporate Bond 2,137.00 6.23 6.00-6.95 B. Term Segment I. Notice Money** 69.00 5.83 5.50-5.90 II. Term Money@@ 880.00 – 5.85-6.60 III. Triparty Repo 261.25 6.00 5.85-6.05 IV. Market Repo 472.66 6.18 6.15-6.20 V. Repo in Corporate Bond 0.00 – – Auction Date Tenor (Days) Maturity Date Amount Current Rate /
Cut off RateC. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF) I. Today’s Operations 1. Fixed Rate 2. Variable Rate& (I) Main Operation (a) Repo (b) Reverse Repo (II) Fine Tuning Operations (a) Repo Tue, 22/04/2025 1 Wed, 23/04/2025 17,892.00 6.01 (b) Reverse Repo (III) Long Term Operations^ (a) Repo (b) Reverse Repo 3. MSF# Tue, 22/04/2025 1 Wed, 23/04/2025 413.00 6.25 4. SDFΔ# Tue, 22/04/2025 1 Wed, 23/04/2025 91,222.00 5.75 5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]* -72,917.00 II. Outstanding Operations 1. Fixed Rate 2. Variable Rate& (I) Main Operation (a) Repo (b) Reverse Repo (II) Fine Tuning Operations (a) Repo (b) Reverse Repo (III) Long Term Operations^ (a) Repo Thu, 17/04/2025 43 Fri, 30/05/2025 25,731.00 6.01 (b) Reverse Repo 3. MSF# 4. SDFΔ# D. Standing Liquidity Facility (SLF) Availed from RBI$ 8,942.38 E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]* 34,673.38 F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]* -38,243.62 G. Cash Reserves Position of Scheduled Commercial Banks (i) Cash balances with RBI as on April 22, 2025 9,82,528.42 (ii) Average daily cash reserve requirement for the fortnight ending May 02, 2025 9,51,938.00 H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ April 22, 2025 17,892.00 I. Net durable liquidity [surplus (+)/deficit (-)] as on April 04, 2025 2,36,088.00 @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL). – Not Applicable / No Transaction. ** Relates to uncollateralized transactions of 2 to 14 days tenor. @@ Relates to uncollateralized transactions of 15 days to one year tenor. $ Includes refinance facilities extended by RBI. & As per the Press Release No. 2019-2020/1900 dated February 06, 2020. Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022. * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF. ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015. # As per the Press Release No. 2023-2024/1548 dated December 27, 2023. ^ As per the Press Release No. 2025-2026/91 dated April 11, 2025. Ajit Prasad
Deputy General Manager
(Communications)Press Release: 2025-2026/159 -
MIL-OSI USA: Smith Statement on Progress in Trade Talks with India
Source: United States House of Representatives – Congressman Adrian Smith (R-NE)
Washington, DC — Today, Ways and Means Trade Subcommittee Chairman Adrian Smith (R-NE) released the following statement after U.S. Vice President J.D. Vance and India Prime Minister Narendra Modi announced Terms of Reference have been finalized for negotiation of a trade agreement.
“With one of the world’s fastest growing economies and largest populations, improving our trading and strategic partnership with India is vital to the economic and security needs of both our nations. A bilateral trade agreement which will grow cooperation and reduce barriers to trade is important, and I appreciate the work of President Trump, Vice President Vance, and Prime Minister Modi in achieving this step forward. As the Trump administration continues its work, I will continue to insist on science-based standards and expanded markets for American agriculture, energy, digital services, and other products in India and around the world.
“I would be remiss to not also recognize the tragedy in Kashmir which occurred today. My prayers are with the Indian people as they grieve those lost and as their authorities work to bring the perpetrators to justice.”
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MIL-OSI USA: Cantwell Statement on Terrorist Attack in Jammu and Pahalgam
US Senate News:
Source: United States Senator for Washington Maria Cantwell
04.22.25Cantwell Statement on Terrorist Attack in Jammu and Pahalgam
EDMONDS, WA – Today, U.S. Senator Maria Cantwell (D-WA) released the following statement on the fatal terrorist attack in Jammu and Pahalgam:
“I am deeply saddened by the senseless acts of violence and the loss of innocent lives caused by the terrorist attack in Jammu and Pahalgam. The victims, their families, and all those affected are in the thoughts and prayers of the American people. We stand united with India in condemning such acts of terror,” Sen. Cantwell said.
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MIL-OSI: First Busey Corporation Announces 2025 First Quarter Results
Source: GlobeNewswire (MIL-OSI)
LEAWOOD, Kan., April 22, 2025 (GLOBE NEWSWIRE) — First Busey Corporation (Nasdaq: BUSE) reports first quarter results.
Busey completed the transformative acquisition of CrossFirst Bankshares, Inc. on March 1, 2025, significantly impacting first quarter results and resetting the baseline for financial performance for future quarters in a multitude of positive ways.
Net Income (Loss) Diluted EPS Net Interest Margin1 ROAA1 ROATCE1 $(30.0) million $(0.44) 3.16% (0.82)% (7.99)% $39.9 million (adj)2 $0.57 (adj)2 3.08% (adj)2 1.09% (adj)2 10.64% (adj)2 MESSAGE FROM OUR CHAIRMAN & CEO The transformative partnership between Busey and CrossFirst takes our organization to new heights, combining our growing commercial bank with the power of Busey’s core deposit franchise, wealth management platform, and payment technology solutions at FirsTech, Inc. As we build upon Busey’s forward momentum, we are grateful for the opportunities to consistently earn the business of our customers, based on the contributions of our talented associates and the continued support of our loyal shareholders.
Van A. Dukeman
Chairman and Chief Executive Officer
PARTNERSHIP WITH CROSSFIRSTEffective March 1, 2025, First Busey Corporation (“Busey,” “Company,” “we,” “us,” or “our”), the holding company for Busey Bank, completed its previously announced acquisition (the “Merger”) of CrossFirst Bankshares, Inc. (“CrossFirst”) (NASDAQ: CFB), the holding company for CrossFirst Bank, pursuant to an Agreement and Plan of Merger, dated August 26, 2024, by and between Busey and CrossFirst (the “Merger Agreement”). This partnership creates a premier commercial bank in the Midwest, Southwest, and Florida, with 78 full-service locations across 10 states—Arizona, Colorado, Florida, Illinois, Indiana, Kansas, Missouri, New Mexico, Oklahoma, and Texas. The combined holding company will continue to operate under the First Busey Corporation name. Busey common stock will continue to trade on the Nasdaq under the “BUSE” stock ticker symbol.
Upon completion of the acquisition, each share of CrossFirst common stock converted to the right to receive 0.6675 of a share of Busey’s common stock, with the result that holders of Busey’s common stock owned approximately 63.5% of the combined company and holders of CrossFirst’s common stock owned approximately 36.5% of the combined company, on a fully-diluted basis. Further, upon completion of the acquisition, each share of CrossFirst preferred stock converted to the right to receive one share of Busey preferred stock.
CrossFirst Bank’s results of operations were included in Busey’s consolidated results of operations beginning March 1, 2025. Busey will operate CrossFirst Bank as a separate banking subsidiary until it is merged with and into Busey Bank, which is expected to occur on June 20, 2025. At the time of the bank merger, CrossFirst Bank locations will become banking centers of Busey Bank.
The acquisition was accretive to tangible book value, exceeding initial projections of a six-month earn back period.
Further details are included with Busey’s Current Report on Form 8‑K announcing completion of the acquisition, which was filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 3, 2025.
FINANCIAL RESULTS
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited) Three Months Ended (dollars in thousands, except per share amounts) March 31,
2025December 31,
2024March 31,
2024Net interest income $ 103,731 $ 81,578 $ 75,854 Provision for credit losses 42,452 1,273 5,038 Total noninterest income 21,223 35,221 34,913 Total noninterest expense 115,171 78,167 70,769 Income (loss) before income taxes (32,669 ) 37,359 34,960 Income taxes (2,679 ) 9,254 8,735 Net income (loss) $ (29,990 ) $ 28,105 $ 26,225 Basic earnings (loss) per common share $ (0.44 ) $ 0.49 $ 0.47 Diluted earnings (loss) per common share $ (0.44 ) $ 0.49 $ 0.46 Effective income tax rate 8.20 % 24.77 % 24.99 % Busey’s results of operations for the first quarter of 2025 was a net loss of $(30.0) million, or $(0.44) per diluted common share, compared to net income of $28.1 million, or $0.49 per diluted common share, for the fourth quarter of 2024, and $26.2 million, or $0.46 per diluted common share, for the first quarter of 2024. Annualized return on average assets and annualized return on average tangible common equity2 were (0.82)% and (7.99)%, respectively, for the first quarter of 2025.
Busey views certain non-operating items, including acquisition-related expenses, restructuring charges, and one-time strategic events, as adjustments to net income reported under U.S. generally accepted accounting principles (“GAAP”). We also adjust for net securities gains and losses to align with industry and research analyst reporting. The objective of our presentation of adjusted earnings and adjusted earnings metrics is to allow investors and analysts to more clearly identify quarterly trends in core earnings performance. Non-operating pre-tax adjustments for acquisition and restructuring expenses2 in the first quarter of 2025 were $26.0 million. Further, $3.1 million other noninterest expense was recorded to establish an initial allowance for Unfunded Commitments2 and $42.4 million provision expense was recorded to establish an initial Allowance for Credit Losses for loans purchased without credit deterioration (“non-PCD” loans) immediately following the close of the acquisition in accordance with Accounting Standards Codification 326-20-30-15. Additionally, net securities losses were $15.8 million, primarily related to the execution of a strategic balance sheet repositioning. Lastly, $4.6 million in one-time deferred tax valuation expense2 was recorded in connection with the CrossFirst acquisition, which is expected to lower our effective blended state tax rate in future periods but created a negative adjustment to the carrying value of our deferred tax asset in the current period. For more information and a reconciliation of these non-GAAP measures (which are identified with the endnote labeled as 2) in tabular form, see “Non-GAAP Financial Information.”
Adjusted net income2, which excludes the impact of non-GAAP adjustments, was $39.9 million, or $0.57 per diluted common share, for the first quarter of 2025, compared to $30.9 million, or $0.53 per diluted common share, for the fourth quarter of 2024 and $25.7 million or $0.46 per diluted common share for the first quarter of 2024. Annualized adjusted return on average assets2 and annualized adjusted return on average tangible common equity2 were 1.09% and 10.64%, respectively, for the first quarter of 2025.
Pre-Provision Net Revenue2
Pre-provision net revenue2 was $25.6 million for the first quarter of 2025, compared to $38.8 million for the fourth quarter of 2024 and $46.4 million for the first quarter of 2024. Pre-provision net revenue to average assets2 was 0.70% for the first quarter of 2025, compared to 1.28% for the fourth quarter of 2024, and 1.55% for the first quarter of 2024.
Adjusted pre-provision net revenue2 was $54.7 million for the first quarter of 2025, compared to $42.0 million for the fourth quarter of 2024 and $38.6 million for the first quarter of 2024. Adjusted pre-provision net revenue to average assets2 was 1.50% for the first quarter of 2025, compared to 1.38% for the fourth quarter of 2024 and 1.29% for the first quarter of 2024.
Net Interest Income and Net Interest Margin2
Net interest income was $103.7 million in the first quarter of 2025, compared to $81.6 million in the fourth quarter of 2024 and $75.9 million in the first quarter of 2024.
Net interest margin2 was 3.16% for the first quarter of 2025, compared to 2.95% for the fourth quarter of 2024 and 2.79% for the first quarter of 2024. Excluding purchase accounting accretion, adjusted net interest margin2 was 3.08% for the first quarter of 2025, compared to 2.92% in the fourth quarter of 2024 and 2.78% in the first quarter of 2024.
Components of the 21 basis point increase in net interest margin2 during the first quarter of 2025, which includes approximately +12 basis points contributed by CrossFirst Bank, are as follows:
- Increased loan portfolio and held for sale loan yields contributed +36 basis points
- Increased purchase accounting accretion contributed +5 basis points
- Decreased borrowing expense contributed +3 basis points
- Decreased expense on rate swaps contributed +2 basis points
- Increased non-maturity deposit funding costs contributed -17 basis points
- Decreased cash and securities portfolio yield contributed -8 basis points
Based on our most recent Asset Liability Management Committee (“ALCO”) model, a +100 basis point parallel rate shock is expected to increase net interest income by 1.8% over the subsequent twelve-month period. Busey continues to evaluate and execute off-balance sheet hedging and balance sheet repositioning strategies as well as embedding rate protection in our asset originations to provide stabilization to net interest income in lower rate environments. Time deposit and savings specials have provided funding flows, and we had excess earning cash during the first quarter of 2025. A portion of the acquired CrossFirst Bank securities portfolio was liquidated when the acquisition was finalized, providing additional excess cash that will allow us to unwind non-core funding. As brokered CDs mature, Busey will continue to deploy excess cash to reduce wholesale funding levels during subsequent quarters. Total deposit cost of funds increased from 1.75% during the fourth quarter of 2024 to 1.91% during the first quarter of 2025. Deposit betas increased with the higher mix of acquired indexed and wholesale deposits and a full quarter of the consolidated Company’s funding base is projected to increase total deposit cost of funds during the second quarter of 2025. With the expectation of Busey paying down non-core funding, the deposit beta will lessen during the year and is expected to normalize in the 45% to 50% beta range. Growth in higher yielding earning assets is expected to offset the increased cost of funds pressure and we project further net interest margin expansion during the second quarter of 2025.
Noninterest Income
Three Months Ended (dollars in thousands) March 31,
2025December 31,
2024March 31,
2024NONINTEREST INCOME Wealth management fees $ 17,364 $ 16,786 $ 15,549 Fees for customer services 8,128 7,911 7,056 Payment technology solutions 5,073 5,094 5,709 Mortgage revenue 329 496 746 Income on bank owned life insurance 1,446 1,080 1,419 Realized net gains (losses) on the sale of mortgage servicing rights — — 7,465 Net securities gains (losses) (15,768 ) (196 ) (6,375 ) Other noninterest income 4,651 4,050 3,344 Total noninterest income $ 21,223 $ 35,221 $ 34,913 Total noninterest income decreased by 39.7% compared to the fourth quarter of 2024 and decreased by 39.2% compared to the first quarter of 2024, primarily due to net securities losses that were recorded in connection with a strategic balance sheet repositioning.
Excluding the impact of net securities gains and losses and the gains on the sale of mortgage servicing rights, adjusted noninterest income2 increased by 4.4% to $37.0 million, or 26.3% of operating revenue2, during the first quarter of 2025, compared to $35.4 million, or 30.3% of operating revenue2, for the fourth quarter of 2024. Compared to the first quarter of 2024, adjusted noninterest income2 increased by 9.4% from $33.8 million, or 30.8% of operating revenue2.
Our fee-based businesses continue to add revenue diversification. Wealth management fees, wealth management referral fees included in other noninterest income, and payment technology solutions contributed 61.1% of adjusted noninterest income2 for the first quarter of 2025.
Noteworthy components of noninterest income are as follows:
- Wealth management fees increased by 3.4% compared to the fourth quarter of 2024. Compared to the first quarter of 2024 wealth management fees increased by 11.7%. Busey’s Wealth Management division ended the first quarter of 2025 with $13.68 billion in assets under care, compared to $13.83 billion at the end of the fourth quarter of 2024 and $12.76 billion at the end of the first quarter of 2024. Our portfolio management team continues to focus on long-term returns and managing risk in the face of volatile markets and has outperformed its blended benchmark3 over the last three and five years. The Wealth Management segment reported another quarter of record high revenue for the first quarter of 2025.
- Payment technology solutions revenue decreased slightly compared the fourth quarter of 2024. Compared to the first quarter of 2024, payment technology solutions revenue decreased by 11.1% primarily due to decreases in income from electronic, online, and interactive voice response payments, partially offset by increases in lockbox and merchant services income.
- Fees for customer services increased by 2.7% compared to the fourth quarter of 2024 primarily due to increases in income from analysis charges and interchange fees, offset by lower non-sufficient funds charges. Compared to the first quarter of 2024, fees for customer services increased by 15.2% primarily due to increases in analysis charges, automated teller machine fees, and interchange fees, offset by lower non-sufficient funds charges. Increases in fees for customer services are primarily attributable to the inclusion of one month of CrossFirst’s income in our first quarter results.
- Other noninterest income increased by 14.8% compared to the fourth quarter of 2024 and by 39.1% compared to the first quarter of 2024. The increase for both periods was driven by increases in swap origination fee income, commercial loan sales gains, letter of credit fee income, and other real estate owned income, offset by decreases in venture capital income.
Operating Efficiency
Three Months Ended (dollars in thousands) March 31,
2025December 31,
2024March 31,
2024NONINTEREST EXPENSE Salaries, wages, and employee benefits $ 67,563 $ 45,458 $ 42,090 Data processing expense 9,575 6,564 6,550 Net occupancy expense of premises 5,799 4,794 4,720 Furniture and equipment expense 1,744 1,650 1,813 Professional fees 9,511 4,938 2,253 Amortization of intangible assets 3,083 2,471 2,409 Interchange expense 1,343 1,305 1,611 FDIC insurance 2,167 1,330 1,400 Other noninterest expense 14,386 9,657 7,923 Total noninterest expense $ 115,171 $ 78,167 $ 70,769 Total noninterest expense increased by 47.3% compared to the fourth quarter of 2024 and increased by 62.7% compared to the first quarter of 2024. Growth in noninterest expense was primarily attributable to one-time acquisition expenses related to the CrossFirst acquisition as well as added costs for operating expenses for two banks during one month of the quarter. Annual pre-tax expense synergy estimates resulting from the CrossFirst acquisition remain on track at $25.0 million. Busey anticipates a 50% rate of synergy realization in 2025 and 100% in 2026.
Adjusted noninterest expense2, which excludes acquisition and restructuring expenses, amortization of intangible assets, and the provision for unfunded commitments, was $82.9 million in the first quarter of 2025, compared to $72.6 million in the fourth quarter of 2024 and $68.6 million in the first quarter of 2024. As our business grows, Busey remains focused on prudently managing our expense base and operating efficiency.
Noteworthy components of noninterest expense are as follows:
- Salaries, wages, and employee benefits expenses increased by $22.1 million compared to the fourth quarter of 2024, and by $25.5 million compared to the first quarter of 2024, of which $15.6 million and $15.8 million, respectively, was attributable to increases in non-operating expenses, with additional severance, retention, and stock-based compensation. Busey has added 501 full time equivalent associates (“FTEs”) over the past year, mostly as a result of acquisitions, including 437 CrossFirst Bank FTEs added in March 2025 and 46 Merchants & Manufacturers Bank FTEs added in April 2024.
- Data processing expense increased by $3.0 million compared to both the fourth quarter of 2024 and the first quarter of 2024, of which $2.3 million and $2.2 million, respectively, was attributable to increases in non-operating expenses. Busey has continued to make investments in technology enhancements and has also experienced inflation-driven price increases.
- Professional fees increased by $4.6 million compared to the fourth quarter of 2024, of which $4.3 million was attributable to increases in non-operating expenses. Compared to the first quarter of 2024, professional fees increased by $7.3 million, of which $7.2 million was attributable to increases in non-operating expenses.
- Amortization of intangible assets increased by $0.6 million compared to the fourth quarter of 2024, and by $0.7 million compared to the first quarter of 2024. The CrossFirst acquisition added an estimated $81.8 million of finite-lived intangible assets, which will be amortized using an accelerated amortization methodology.
- Other noninterest expense increased by $4.7 million compared to the fourth quarter of 2024, and increased by $6.5 million compared to the first quarter of 2024, of which $0.3 million and $0.5 million, respectively, resulted from increases in non-operating expenses related to acquisition and restructuring expenses. Further, $3.1 million of non-operating expenses was recorded for the Day 2 provision for unfunded commitments. Multiple expense items contributed to the remaining fluctuations in this expense category, including marketing, business development, regulatory expenses, mortgage servicing rights valuation expenses, and other real estate owned.
Busey’s efficiency ratio2 was 79.3% for the first quarter of 2025, compared to 64.5% for the fourth quarter of 2024 and 58.1% for the first quarter of 2024. Our adjusted efficiency2 ratio was 58.7% for the first quarter of 2025, compared to 61.8% for the fourth quarter of 2024, and 62.3% for the first quarter of 2024.
Busey’s annualized ratio of adjusted noninterest expense to average assets was 2.27% for the first quarter of 2025, compared to 2.39% for the fourth quarter of 2024 and 2.30% for the first quarter of 2024.
BALANCE SHEET STRENGTH
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) As of (dollars in thousands, except per share amounts) March 31,
2025December 31,
2024March 31,
2024ASSETS Cash and cash equivalents $ 1,200,292 $ 697,659 $ 591,071 Debt securities available for sale 2,273,874 1,810,221 1,898,072 Debt securities held to maturity 815,402 826,630 862,218 Equity securities 10,828 15,862 9,790 Loans held for sale 7,270 3,657 6,827 Portfolio loans 13,868,357 7,697,087 7,588,077 Allowance for credit losses (195,210 ) (83,404 ) (91,562 ) Restricted bank stock 53,518 49,930 6,000 Premises and equipment, net 182,003 118,820 121,506 Right of use assets 40,594 10,608 10,590 Goodwill and other intangible assets, net 496,118 365,975 351,455 Other assets 711,206 533,677 533,414 Total assets $ 19,464,252 $ 12,046,722 $ 11,887,458 LIABILITIES & STOCKHOLDERS’ EQUITY Liabilities Total deposits $ 16,459,470 $ 9,982,490 $ 9,960,191 Securities sold under agreements to repurchase 137,340 155,610 147,175 Short-term borrowings 11,209 — — Long-term debt 306,509 227,723 223,100 Junior subordinated debt owed to unconsolidated trusts 77,117 74,815 72,040 Lease liabilities 41,111 11,040 10,896 Other liabilities 251,890 211,775 191,405 Total liabilities 17,284,646 10,663,453 10,604,807 Stockholders’ equity Retained earnings 249,484 294,054 248,412 Accumulated other comprehensive income (loss) (172,810 ) (207,039 ) (222,190 ) Other stockholders’ equity1 2,102,932 1,296,254 1,256,429 Total stockholders’ equity 2,179,606 1,383,269 1,282,651 Total liabilities & stockholders’ equity $ 19,464,252 $ 12,046,722 $ 11,887,458 SHARE AND PER SHARE AMOUNTS Book value per common share2 $ 24.13 $ 24.31 $ 23.19 Tangible book value per common share2 $ 18.62 $ 17.88 $ 16.84 Ending number of common shares outstanding 90,008,178 56,895,981 55,300,008 ___________________________________________
1. Net balance of preferred stock ($0.001 par value), common stock ($0.001 par value), additional paid-in capital, and treasury stock.
2. See “Non-GAAP Financial Information” for reconciliation.AVERAGE BALANCES (unaudited) Three Months Ended (dollars in thousands) March 31,
2025December 31,
2024March 31,
2024ASSETS Cash and cash equivalents $ 861,021 $ 776,572 $ 594,193 Investment securities 2,782,435 2,597,309 2,907,144 Loans held for sale 3,443 6,306 4,833 Portfolio loans 9,838,337 7,738,772 7,599,316 Interest-earning assets 13,363,594 11,048,350 11,005,903 Total assets 14,831,298 12,085,993 12,024,208 LIABILITIES & STOCKHOLDERS’ EQUITY Noninterest-bearing deposits 3,036,127 2,724,344 2,708,586 Interest-bearing deposits 9,142,781 7,325,662 7,330,105 Total deposits 12,178,908 10,050,006 10,038,691 Federal funds purchased and securities sold under agreements to repurchase 144,838 135,728 178,659 Interest-bearing liabilities 9,627,841 7,763,729 7,831,655 Total liabilities 12,896,222 10,689,054 10,748,484 Stockholders’ equity – preferred 2,669 — — Stockholders’ equity – common 1,932,407 1,396,939 1,275,724 Tangible common equity1 1,521,387 1,029,539 922,710 ___________________________________________
1. See “Non-GAAP Financial Information” for reconciliation.Busey’s financial strength is built on a long-term conservative operating approach. That focus will not change now or in the future.
Total assets were $19.46 billion as of March 31, 2025, compared to $12.05 billion as of December 31, 2024, and $11.89 billion as of March 31, 2024. Average interest-earning assets were $13.36 billion for the first quarter of 2025, compared to $11.05 billion for the fourth quarter of 2024, and $11.01 billion for the first quarter of 2024.
Portfolio Loans
We remain steadfast in our conservative approach to underwriting and our disciplined approach to pricing, particularly given our outlook for the economy in the coming quarters. Portfolio loans totaled $13.87 billion at March 31, 2025, compared to $7.70 billion at December 31, 2024, and $7.59 billion at March 31, 2024. Busey Bank’s portfolio loans grew by $133.6 million during the first quarter of 2025, with growth centered in the commercial category. In addition, as of March 31, 2024, CrossFirst Bank added $6.04 billion in loans to Busey’s loan portfolio.
Average portfolio loans were $9.84 billion for the first quarter of 2025, compared to $7.74 billion for the fourth quarter of 2024 and $7.60 billion for the first quarter of 2024.
Asset Quality
Asset quality continues to be strong. Busey Bank maintains a well-diversified loan portfolio and, as a matter of policy and practice, limits concentration exposure in any particular loan segment. CrossFirst Bank’s policies are similar in nature to Busey Bank’s policies and Busey is in the process of migrating the legacy CrossFirst portfolio toward Busey Bank’s policies.
ASSET QUALITY (unaudited) As of (dollars in thousands) March 31,
2025December 31,
2024March 31,
2024Total assets $ 19,464,252 $ 12,046,722 $ 11,887,458 Portfolio loans 13,868,357 7,697,087 7,588,077 Loans 30 – 89 days past due 18,554 8,124 7,441 Non-performing loans: Non-accrual loans 48,647 22,088 17,465 Loans 90+ days past due and still accruing 6,077 1,149 88 Non-performing loans 54,724 23,237 17,553 Other non-performing assets 4,757 63 65 Non-performing assets 59,481 23,300 17,618 Substandard (excludes 90+ days past due) 131,078 62,023 87,830 Classified assets $ 190,559 $ 85,323 $ 105,448 Allowance for credit losses $ 195,210 $ 83,404 $ 91,562 RATIOS Non-performing loans to portfolio loans 0.39 % 0.30 % 0.23 % Non-performing assets to total assets 0.31 % 0.19 % 0.15 % Non-performing assets to portfolio loans and other non-performing assets 0.43 % 0.30 % 0.23 % Allowance for credit losses to portfolio loans 1.41 % 1.08 % 1.21 % Coverage ratio of the allowance for credit losses to non-performing loans 3.57 x 3.59 x 5.22 x Classified assets to Bank Tier 1 capital1and reserves 8.40 % 5.61 % 7.24 % ___________________________________________
1. Capital amounts for the first quarter of 2025 are not yet finalized and are subject to change.Loans 30-89 days past due increased by $10.4 million compared to December 31, 2024, and increased by $11.1 million compared to March 31, 2024. Busey Bank’s loans 30-89 days past due were $6.1 million, a decrease of $2.0 million compared to December 31, 2024. CrossFirst Bank’s loans 30-89 days past due were $12.5 million as of March 31, 2025.
Non-performing loans increased by $31.5 million compared to December 31, 2024, and increased by $37.2 million compared to March 31, 2024. Busey Bank’s non-performing loans were $6.8 million, a decrease of $16.4 million compared to December 31, 2024. CrossFirst Bank’s non-performing loans were $47.9 million as of March 31, 2025. Continued disciplined credit management resulted in non-performing loans as a percentage of portfolio loans of 0.39% as of March 31, 2025, a 9 basis point increase from December 31, 2024, and a 16 basis point increase from March 31, 2024.
Non-performing assets increased by $36.2 million compared to December 31, 2024, and increased by $41.9 million compared to March 31, 2024. Busey Bank’s non-performing assets were $7.1 million, a decrease of $16.2 million compared to December 31, 2024. CrossFirst Bank’s non-performing assets were $52.4 million as of March 31, 2025. Non-performing assets represented 0.31% of total assets as of March 31, 2025, a 12 basis point increase from December 31, 2024, and a 16 basis point increase from March 31, 2024.
Classified assets increased by $105.2 million compared to December 31, 2024, and increased by $85.1 million compared to March 31, 2024. Busey Bank’s classified assets were $81.3 million, a decrease of $4.0 million compared to December 31, 2024. CrossFirst Bank’s classified assets were $109.3 million as of March 31, 2025.
The allowance for credit losses was $195.2 million as of March 31, 2025, representing 1.41% of total portfolio loans outstanding, and providing coverage of 3.57 times our non-performing loans balance. In connection with the CrossFirst acquisition, the Day 1 allowance recorded for loans that were purchased with credit deterioration (“PCD” loans) was $100.8 million. The Day 1 PCD allowance was recorded as an adjustment to the fair value of the PCD loans.
NET CHARGE-OFFS (RECOVERIES) AND PROVISION EXPENSE (RELEASE) (unaudited) Three Months Ended (dollars in thousands) March 31,
2025December 31,
2024March 31,
2024Net charge-offs (recoveries) $ 31,429 $ 2,850 $ 5,216 Provision expense (release) 42,452 1,273 5,038 Net charge-offs increased by $28.6 million when compared to the fourth quarter of 2024, and by $26.2 million when compared with the first quarter of 2024. Net charge-offs include $29.6 million related to PCD loans acquired from CrossFirst Bank, which were fully reserved at acquisition and did not require recording additional provision expense.
Busey’s results for the first quarter of 2025 include $42.5 million provision expense for credit losses, which includes $42.4 million that was recorded to establish an initial allowance for credit losses on non-PCD acquired loans.
Deposits
Total deposits were $16.46 billion at March 31, 2025, compared to $9.98 billion at December 31, 2024, and $9.96 billion at March 31, 2024. Average deposits were $12.18 billion for the first quarter of 2025, compared to $10.05 billion for the fourth quarter of 2024 and $10.04 billion for the first quarter of 2024.
Core deposits2 accounted for 89.7% of total deposits as of March 31, 2025. The quality of our core deposit franchise is a critical value driver of our institution. We estimated that 32% of our deposits were uninsured and uncollateralized4 as of March 31, 2025, and we have sufficient on- and off-balance sheet liquidity to manage deposit fluctuations and the liquidity needs of our customers.
We have executed various deposit campaigns to attract term funding and savings accounts at a lower rate than our marginal cost of funds. New certificate of deposit production in the first quarter of 2025 had a weighted average term of 7.8 months at a rate of 3.58%, which was 96 basis points below our average marginal wholesale equivalent-term funding cost during the quarter.
Borrowings
As of March 31, 2025, Busey Bank held $16.7 million of long-term Federal Home Loan Bank (“FHLB”) borrowings. In comparison, Busey Bank had no short-term or long-term FHLB borrowings as of December 31, 2024, or March 31, 2024. As of March 31, 2025, CrossFirst Bank held $11.2 million of short-term FHLB borrowings and $61.9 million of long-term FHLB borrowings.
In addition, associated with the CrossFirst acquisition, Busey assumed trust preferred securities with a recorded balance of $2.2 million as of March 31, 2025.
Liquidity
As of March 31, 2025, our available sources of on- and off-balance sheet liquidity5 totaled $8.55 billion. Furthermore, our balance sheet liquidity profile continues to be aided by the cash flows we expect from our relatively short-duration securities portfolio. Those cash flows were approximately $119.7 million in the first quarter of 2025. Cash flows from maturing securities within our portfolio are expected to be approximately $302.3 million for the remainder of 2025, with a current book yield of 2.55%, and approximately $308.1 million for 2026, with a current book yield of 2.59%.
Capital Strength
The strength of our balance sheet is also reflected in our capital foundation. Although impacted by the strategic deployment of capital for the CrossFirst acquisition, our capital ratios remain strong, and as of March 31, 2025, our regulatory capital ratios continued to provide a buffer of more than $630 million above levels required to be designated well-capitalized. Busey’s Common Equity Tier 1 ratio is estimated6 to be 11.99% at March 31, 2025, compared to 14.10% at December 31, 2024, and 13.45% at March 31, 2024. Our Total Capital to Risk Weighted Assets ratio is estimated6 to be 14.87% at March 31, 2025, compared to 18.53% at December 31, 2024, and 17.95% at March 31, 2024.
Busey’s tangible common equity2 was $1.68 billion at March 31, 2025, compared to $1.02 billion at December 31, 2024, and $931.2 million at March 31, 2024. Tangible common equity2 represented 8.83% of tangible assets at March 31, 2025, compared to 8.71% at December 31, 2024, and 8.07% at March 31, 2024.
Busey’s tangible book value per common share2 was $18.62 at March 31, 2025, compared to $17.88 at December 31, 2024, and $16.84 at March 31, 2024, reflecting a 10.6% year-over-year increase. The ratios of tangible common equity to tangible assets2 and tangible book value per common share have been impacted by the fair market valuation adjustment of Busey’s securities portfolio as a result of the current rate environment, which is reflected in the accumulated other comprehensive income (loss) component of shareholder’s equity.
Busey’s strong capital levels, coupled with its earnings, have allowed the Company to provide a steady return to its stockholders through dividends. During the first quarter of 2025, we paid a dividend of $0.25 per share on Busey’s common stock, which represents a 4.2% increase from the previous quarterly dividend of $0.24 per share. Busey has consistently paid dividends to its common stockholders since the bank holding company was organized in 1980.
During the first quarter of 2025, Busey resumed making stock repurchases under its stock repurchase plan, purchasing 220,000 shares of its common stock at a weighted average price of $21.98 per share for a total of $4.8 million. As of March 31, 2025, Busey had 1,699,275 shares remaining on its stock repurchase plan available for repurchase.
FIRST QUARTER EARNINGS INVESTOR PRESENTATION
For additional information on Busey’s financial condition and operating results, please refer to our Q1 2025 Earnings Investor Presentation furnished via Form 8‑K on April 22, 2025, in connection with this earnings release.
CORPORATE PROFILE
As of March 31, 2025, First Busey Corporation (Nasdaq: BUSE) was a $19.46 billion financial holding company headquartered in Leawood, Kansas.
Busey Bank, a wholly-owned bank subsidiary of First Busey Corporation headquartered in Champaign, Illinois, had total assets of $11.98 billion as of March 31, 2025. Busey Bank currently has 62 banking centers, with 21 in Central Illinois markets, 17 in suburban Chicago markets, 20 in the St. Louis Metropolitan Statistical Area, three in Southwest Florida, and one in Indianapolis. More information about Busey Bank can be found at busey.com.
CrossFirst Bank, a wholly-owned bank subsidiary of First Busey Corporation headquartered in Leawood, Kansas, had total assets of $7.45 billion as of March 31, 2025. CrossFirst Bank currently has 16 banking centers located across Arizona, Colorado, Kansas, Missouri, New Mexico, Oklahoma, and Texas. More information about CrossFirst Bank can be found at crossfirstbank.com. It is anticipated that CrossFirst Bank will be merged with and into Busey Bank on June 20, 2025.
Through Busey’s Wealth Management division, the Company provides a full range of asset management, investment, brokerage, fiduciary, philanthropic advisory, tax preparation, and farm management services to individuals, businesses, and foundations. Assets under care totaled $13.68 billion as of March 31, 2025. More information about Busey’s Wealth Management services can be found at busey.com/wealth-management.
Busey Bank’s wholly-owned subsidiary, FirsTech, specializes in the evolving financial technology needs of small and medium-sized businesses, highly regulated enterprise industries, and financial institutions. FirsTech provides comprehensive and innovative payment technology solutions, including online, mobile, and voice-recognition bill payments; money and data movement; merchant services; direct debit services; lockbox remittance processing for payments made by mail; and walk-in payments at retail agents. Additionally, FirsTech simplifies client workflows through integrations enabling support with billing, reconciliation, bill reminders, and treasury services. More information about FirsTech can be found at firstechpayments.com.
For the fourth consecutive year, Busey was named among 2025’s America’s Best Banks by Forbes. Ranked 88th overall, Busey was one of seven banks headquartered in Illinois included on this year’s list. Busey was also named among the 2024 Best Banks to Work For by American Banker, the 2024 Best Places to Work in Money Management by Pensions and Investments, the 2024 Best Places to Work in Illinois by Daily Herald Business Ledger, the 2025 Best Places to Work in Indiana by the Indiana Chamber of Commerce, and the 2024 Best Companies to Work For in Florida by Florida Trend magazine. We are honored to be consistently recognized globally, nationally and locally for our engaged culture of integrity and commitment to community development.
NON-GAAP FINANCIAL INFORMATION
This earnings release contains certain financial information determined by methods other than GAAP. Management uses these non-GAAP measures, together with the related GAAP measures, in analysis of Busey’s performance and in making business decisions, as well as for comparison to Busey’s peers. Busey believes the adjusted measures are useful for investors and management to understand the effects of certain non-core and non-recurring items and provide additional perspective on Busey’s performance over time.
The following tables present reconciliations between these non-GAAP measures and what management believes to be the most directly comparable GAAP financial measures.
These non-GAAP disclosures have inherent limitations and are not audited. They should not be considered in isolation or as a substitute for operating results reported in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Tax effected numbers included in these non-GAAP disclosures are based on estimated statutory rates, estimated federal income tax rates, or effective tax rates, as noted with the tables below.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited) Pre-Provision Net Revenue and Related Measures Three Months Ended (dollars in thousands) March 31,
2025December 31,
2024March 31,
2024Net interest income (GAAP) $ 103,731 $ 81,578 $ 75,854 Total noninterest income (GAAP) 21,223 35,221 34,913 Net security (gains) losses (GAAP) 15,768 196 6,375 Total noninterest expense (GAAP) (115,171 ) (78,167 ) (70,769 ) Pre-provision net revenue (Non-GAAP) [a] 25,551 38,828 46,373 Acquisition and restructuring expenses 26,026 3,585 408 Provision for unfunded commitments1 3,141 (455 ) (678 ) Realized (gain) loss on the sale of mortgage service rights — — (7,465 ) Adjusted pre-provision net revenue (Non-GAAP) [b] $ 54,718 $ 41,958 $ 38,638 Average total assets [c] 14,831,298 12,085,993 12,024,208 Pre-provision net revenue to average total assets (Non-GAAP)2 [a÷c] 0.70 % 1.28 % 1.55 % Adjusted pre-provision net revenue to average total assets (Non-GAAP)2 [b÷c] 1.50 % 1.38 % 1.29 % ___________________________________________
- For the three months ended March 31, 2025, the provision for unfunded commitments included Day 2 provision expense of $3.139 million recorded in connection with the CrossFirst acquisition.
- Annualized measure.
Adjusted Net Income, Average Tangible Common Equity, and Related Ratios Three Months Ended (dollars in thousands, except per share amounts) March 31,
2025December 31,
2024March 31,
2024Net income (loss) (GAAP) [a] $ (29,990 ) $ 28,105 $ 26,225 Acquisition expenses 26,026 2,469 285 Restructuring expenses — 1,116 123 Day 2 provision for credit losses1 42,433 — — Day 2 provision for unfunded commitments2 3,139 — — Net securities (gains) losses 15,768 196 6,375 Realized net (gains) losses on the sale of mortgage servicing rights — — (7,465 ) Related tax (benefit) expense3 (22,069 ) (1,014 ) 170 One-time deferred tax valuation adjustment4 4,591 — — Adjusted net income (Non-GAAP)5 [b] $ 39,898 $ 30,872 $ 25,713 Weighted average number of common shares outstanding, diluted (GAAP) [c] 68,517,647 57,934,812 56,406,500 Diluted earnings (loss) per common share (GAAP) [a÷c] $ (0.44 ) $ 0.49 $ 0.46 Weighted average number of common shares outstanding, diluted (Non-GAAP)6 [d] 69,502,717 57,934,812 56,406,500 Adjusted diluted earnings per common share (Non-GAAP)5,6 [b÷d] $ 0.57 $ 0.53 $ 0.46 Average total assets [e] $ 14,831,298 $ 12,085,993 $ 12,024,208 Return on average assets (Non-GAAP)7 [a÷e] (0.82 )% 0.93 % 0.88 % Adjusted return on average assets (Non-GAAP)5,7 [b÷e] 1.09 % 1.02 % 0.86 % Average common equity $ 1,932,407 $ 1,396,939 $ 1,275,724 Average goodwill and other intangible assets, net (411,020 ) (367,400 ) (353,014 ) Average tangible common equity (Non-GAAP) [f] $ 1,521,387 $ 1,029,539 $ 922,710 Return on average tangible common equity (Non-GAAP)7 [a÷f] (7.99 )% 10.86 % 11.43 % Adjusted return on average tangible common equity (Non-GAAP)5,7 [b÷f] 10.64 % 11.93 % 11.21 % ___________________________________________
- The Day 2 allowance for credit losses was recorded in connection with the CrossFirst acquisition to establish an allowance on non-PCD loans and is reflected within the provision for credit losses line on the Statement of Income.
- The Day 2 provision for unfunded commitments was recorded in connection with the CrossFirst acquisition and is reflected within the other noninterest expense line, as a component of total noninterest expense, on the Statement of Income.
- Tax benefits were calculated using tax rates of 25.3%, 26.8%, and 24.9% for the three months ended March 31, 2025, December 31, 2024, and March 31, 2024, respectively.
- The deferred tax valuation adjustment was recorded in connection with the CrossFirst acquisition and relates to the expansion of Busey’s footprint into new states. The deferred tax valuation adjustment is reflected within the income taxes line on the Statement of Income.
- Beginning in 2025, Busey revised its calculation of adjusted net income for all periods presented to include, as applicable, adjustments for net securities gains and losses, realized net gains and losses on the sale of mortgage servicing rights, and one-time deferred tax valuation adjustments. In 2024, these adjusting items were previously presented as further adjustments to adjusted net income.
- Dilution includes shares that would have been dilutive if there had been net income during the period.
- Annualized measure.
Tax-Equivalent Net Interest Income, Adjusted Net Interest Income, Net Interest Margin, and Adjusted Net Interest Margin Three Months Ended (dollars in thousands) March 31,
2025December 31,
2024March 31,
2024Net interest income (GAAP) $ 103,731 $ 81,578 $ 75,854 Tax-equivalent adjustment1 537 446 449 Tax-equivalent net interest income (Non-GAAP) [a] 104,268 82,024 76,303 Purchase accounting accretion related to business combinations (2,728 ) (812 ) (204 ) Adjusted net interest income (Non-GAAP) [b] $ 101,540 $ 81,212 $ 76,099 Average interest-earning assets (Non-GAAP) [c] $ 13,363,594 $ 11,048,350 $ 11,005,903 Net interest margin (Non-GAAP)2 [a÷c] 3.16 % 2.95 % 2.79 % Adjusted net interest margin (Non-GAAP)2 [b÷c] 3.08 % 2.92 % 2.78 % ___________________________________________
- Tax-equivalent adjustments were calculated using an estimated federal income tax rate of 21%, applied to non-taxable interest income on investments and loans.
- Annualized measure.
Adjusted Noninterest Income, Revenue Measures, Adjusted Noninterest Expense, Efficiency Ratios, and Adjusted Noninterest Expense to Average Assets Three Months Ended (dollars in thousands) March 31,
2025December 31,
2024March 31,
2024Net interest income (GAAP) [a] $ 103,731 $ 81,578 $ 75,854 Tax-equivalent adjustment1 537 446 449 Tax-equivalent net interest income (Non-GAAP) [b] 104,268 82,024 76,303 Total noninterest income (GAAP) 21,223 35,221 34,913 Net security (gains) losses 15,768 196 6,375 Noninterest income excluding net securities gains and losses (Non-GAAP) [c] 36,991 35,417 41,288 Realized net (gains) losses on the sale of mortgage servicing rights — — (7,465 ) Adjusted noninterest income (Non-GAAP) [d] $ 36,991 $ 35,417 $ 33,823 Tax-equivalent revenue (Non-GAAP) [e = b+c] $ 141,259 $ 117,441 $ 117,591 Adjusted tax-equivalent revenue (Non-GAAP) [f = b+d] $ 141,259 $ 117,441 $ 110,126 Operating revenue (Non-GAAP) [g = a+d] $ 140,722 $ 116,995 $ 109,677 Adjusted noninterest income to operating revenue (Non-GAAP) [d÷g] 26.29 % 30.27 % 30.84 % Total noninterest expense (GAAP) $ 115,171 $ 78,167 $ 70,769 Amortization of intangible assets (3,083 ) (2,471 ) (2,409 ) Noninterest expense excluding amortization of intangible assets (Non-GAAP) [h] 112,088 75,696 68,360 Acquisition and restructuring expenses (26,026 ) (3,585 ) (408 ) Provision for unfunded commitments2 (3,141 ) 455 678 Adjusted noninterest expense (Non-GAAP)3 [i] $ 82,921 $ 72,566 $ 68,630 Efficiency ratio (Non-GAAP) [h÷e] 79.35 % 64.45 % 58.13 % Adjusted efficiency ratio (Non-GAAP)3 [i÷f] 58.70 % 61.79 % 62.32 % Average total assets [j] $ 14,831,298 $ 12,085,993 $ 12,024,208 Adjusted noninterest expense to average assets (Non-GAAP)4 [i÷j] 2.27 % 2.39 % 2.30 % ___________________________________________
- Tax-equivalent adjustments were calculated using an estimated federal income tax rate of 21%, applied to non-taxable interest income on investments and loans.
- For the three months ended March 31, 2025, the provision for unfunded commitments included Day 2 provision expense of $3.139 million recorded in connection with the CrossFirst acquisition.
- Beginning in 2025, Busey revised its calculation of adjusted noninterest expense and the adjusted efficiency ratio for all periods presented to include, as applicable, adjustments for the provision for unfunded commitments. In 2024, these adjustments were previously presented as adjustments for adjusted core expense and the adjusted core efficiency ratio.
- Annualized measure.
Tangible Assets, Tangible Common Equity, and Related Measures and Ratio As of (dollars in thousands, except per share amounts) March 31,
2025December 31,
2024March 31,
2024Total assets (GAAP) $ 19,464,252 $ 12,046,722 $ 11,887,458 Goodwill and other intangible assets, net (496,118 ) (365,975 ) (351,455 ) Tangible assets (Non-GAAP)1 [a] $ 18,968,134 $ 11,680,747 $ 11,536,003 Total stockholders’ equity (GAAP) $ 2,179,606 $ 1,383,269 $ 1,282,651 Preferred stock and additional paid in capital on preferred stock (7,750 ) — — Common equity [b] 2,171,856 1,383,269 1,282,651 Goodwill and other intangible assets, net (496,118 ) (365,975 ) (351,455 ) Tangible common equity (Non-GAAP)1 [c] $ 1,675,738 $ 1,017,294 $ 931,196 Tangible common equity to tangible assets (Non-GAAP)1 [c÷a] 8.83 % 8.71 % 8.07 % Ending number of common shares outstanding (GAAP) [d] 90,008,178 56,895,981 55,300,008 Book value per common share (Non-GAAP) [b÷d] $ 24.13 $ 24.31 $ 23.19 Tangible book value per common share (Non-GAAP) [c÷d] $ 18.62 $ 17.88 $ 16.84 ___________________________________________
- Beginning in 2025, Busey revised its calculation of tangible assets and tangible common equity for all periods presented to exclude any tax adjustment.
Core Deposits and Related Ratio As of (dollars in thousands) March 31,
2025December 31,
2024March 31,
2024Total deposits (GAAP) [a] $ 16,459,470 $ 9,982,490 $ 9,960,191 Brokered deposits, excluding brokered time deposits of $250,000 or more (722,309 ) (13,090 ) (6,001 ) Time deposits of $250,000 or more (967,262 ) (334,503 ) (326,795 ) Core deposits (Non-GAAP) [b] $ 14,769,899 $ 9,634,897 $ 9,627,395 Core deposits to total deposits (Non-GAAP) [b÷a] 89.73 % 96.52 % 96.66 % FORWARD-LOOKING STATEMENTS
This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to Busey’s financial condition, results of operations, plans, objectives, future performance, and business. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of Busey’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should,” “position,” or other similar expressions. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and Busey undertakes no obligation to update any statement in light of new information or future events.
A number of factors, many of which are beyond Busey’s ability to control or predict, could cause actual results to differ materially from those in any forward-looking statements. These factors include, among others, the following: (1) the strength of the local, state, national, and international economies and financial markets (including effects of inflationary pressures and supply chain constraints); (2) changes in, and the interpretation and prioritization of, local, state, and federal laws, regulations, and governmental policies (including those concerning Busey’s general business); (3) the economic impact of any future terrorist threats or attacks, widespread disease or pandemics, or other adverse external events that could cause economic deterioration or instability in credit markets (including Russia’s invasion of Ukraine and the conflict in the Middle East); (4) unexpected results of acquisitions, including the acquisition of CrossFirst, which may include the failure to realize the anticipated benefits of the acquisitions and the possibility that the transaction and integration costs may be greater than anticipated; (5) the imposition of tariffs or other governmental policies impacting the value of products produced by Busey’s commercial borrowers; (6) new or revised accounting policies and practices as may be adopted by state and federal regulatory banking agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission, or the Public Company Accounting Oversight Board; (7) changes in interest rates and prepayment rates of Busey’s assets (including the impact of sustained elevated interest rates); (8) increased competition in the financial services sector (including from non-bank competitors such as credit unions and fintech companies) and the inability to attract new customers; (9) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (10) the loss of key executives or associates, talent shortages, and employee turnover; (11) unexpected outcomes and costs of existing or new litigation, investigations, or other legal proceedings, inquiries, and regulatory actions involving Busey (including with respect to Busey’s Illinois franchise taxes); (12) fluctuations in the value of securities held in Busey’s securities portfolio, including as a result of changes in interest rates; (13) credit risk and risk from concentrations (by type of borrower, geographic area, collateral, and industry), within Busey’s loan portfolio and large loans to certain borrowers (including commercial real estate loans); (14) the concentration of large deposits from certain clients who have balances above current Federal Deposit Insurance Corporation insurance limits and may withdraw deposits to diversify their exposure; (15) the level of non-performing assets on Busey’s balance sheets; (16) interruptions involving information technology and communications systems or third-party servicers; (17) breaches or failures of information security controls or cybersecurity-related incidents; (18) the economic impact on Busey and its customers of climate change, natural disasters, and exceptional weather occurrences such as tornadoes, hurricanes, floods, blizzards, and droughts; (19) the ability to successfully manage liquidity risk, which may increase dependence on non-core funding sources such as brokered deposits, and may negatively impact Busey’s cost of funds; (20) the ability to maintain an adequate level of allowance for credit losses on loans; (21) the effectiveness of Busey’s risk management framework; and (22) the ability of Busey to manage the risks associated with the foregoing. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.
Additional information concerning Busey and its business, including additional factors that could materially affect Busey’s financial results, is included in Busey’s filings with the Securities and Exchange Commission.
END NOTES
1 Annualized measure. 2 Represents a non-GAAP financial measure. For a reconciliation to the most directly comparable financial measure calculated and presented in accordance with Generally Accepted Accounting Principles (“GAAP”), see “Non-GAAP Financial Information.” 3 The blended benchmark consists of 60% MSCI All Country World Index and 40% Bloomberg Intermediate US Government/Credit Total Return Index. 4 Estimated uninsured and uncollateralized deposits consist of account balances in excess of the $250 thousand Federal Deposit Insurance Corporation insurance limit, less intercompany accounts, fully collateralized accounts (including preferred deposits), and pass-through accounts where clients have deposit insurance at the correspondent financial institution. 5 On- and off-balance sheet liquidity is comprised of cash and cash equivalents, debt securities excluding those pledged as collateral, brokered deposits, and Busey’s borrowing capacity through its revolving credit facility, the FHLB, the Federal Reserve Bank, and federal funds purchased lines. 6 Capital amounts and ratios for the first quarter of 2025 are not yet finalized and are subject to change. INVESTOR CONTACT: Scott A. Phillips, Interim Chief Financial Officer | 239-689-7167
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MIL-OSI USA: In Seattle, Senator Murray Hears from U District Small Businesses About How Trump’s Trade War is Affecting Them
US Senate News:
Source: United States Senator for Washington State Patty Murray
***AUDIO HERE; PHOTOS and B-ROLL HERE***
Seattle, WA— Today, U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee, met with small business owners in Seattle’s University District to hear how Trump’s chaotic trade war is impacting them. Trump is currently taxing goods from every country—including close allies like Canada—at a minimum 10 percent tariff rate across-the-board. He has also significantly escalated his trade war with China, with 145 percent tariffs on Chinese goods—meaning higher prices and serious pain for families and small businesses across Washington state and the country. Even with his 90-day “pause” on reciprocal tariffs, Trump’s new tariffs are still the highest tariff rates in decades, and are estimated to cost American families more than $4,000 each year—the largest tax increase since 1968.
During the visit, Senator Murray heard from small business owners about how the Trump administration’s reckless trade war is leading to serious uncertainty for businesses and consumers in Seattle. Businesses are worried that tariffs will push them to raise prices—potentially driving customers away—and lay off workers to cut costs. Participating in the discussion with Senator Murray, held at Café Allegro, were: Yasuaki Saito, Owner of Saint Bread; Miles Richardson, General Manager of University Volkswagen/Audi Seattle; Trevor Peterson, CEO of the University Book Store; Efrem Fesaha, CEO of Boon Boona coffee; Jennifer Antos, Executive Director of Seattle Neighborhood Farmers’ Markets; Chris Peterson, Owner of Cafe Allegro since 1985; Lois Ko, Owner of Sweet Alchemy ice cream shops in the U District, Ballard, and Capitol Hill, and Anson Lin, Owner of Astora Construction.
“These small businesses are at the heart of the U District community, and it was important to hear from them about how Trump’s tariffs and his pointless trade war are affecting their bottom lines—it’s something I’m hearing about everywhere I go across Washington state,” said Senator Murray. “Trump’s ham-fisted trade war is threatening livelihoods here in Washington state—small businesses are worrying about whether they can keep their doors open without laying people off, families that are already scrambling to pay the bills are worried about rising costs at the grocery store, and our farmers are deeply concerned about retaliatory tariffs from other nations in response to Trump’s tariffs. Trump’s tariffs are an enormous new tax on hardworking Americans and businesses. I will continue to share the stories and raise the voices of the people in Washington state who are being affected by Trump’s thoughtless trade war. There is no good reason for us to be picking fights with our trading partners and close allies like Canada—it’s time for Republicans in Congress to stand up and vote with us to end this chaos.”
Washington state has one of the most trade-dependent economies of any state in the country, with 40 percent of jobs tied to international commerce. Washington state is the top U.S. producer of apples, blueberries, hops, pears, spearmint oil, and sweet cherries—all of which risk losing vital export markets due to retaliatory tariffs from key trading partners including Canada. Additionally, more than 12,000 small and medium-sized companies in Washington state export goods and will struggle to absorb the impact of retaliatory tariffs. Canada is Washington’s largest trading partner, accounting for nearly $20 billion in imports and $10 billion in exports. China is the world’s second-largest economy and Washington state exported over $12 billion in goods to China last year—making China Washington state’s top export partner—and imported $11.2 billion in goods, the most in imports from any country aside from Canada. Trump’s tariffs during his first term were extremely costly for Washington state—for example, India imposed a 20 percent retaliatory tariff on U.S. apples, causing Washington apple shipments to India to fall by 99 percent and growers to lose hundreds of millions of dollars in exports.
Senator Murray has been a vocal opponent of Trump’s chaotic trade war and has been lifting up the voices of people in Washington state harmed by this administration’s approach to trade and calling on Republicans to end Trump’s trade war—which Congress has the power to do—and take back Congress’ Constitutionally-granted power to impose tariffs. Earlier this month, Senator Murray brought together leaders across Washington state who highlighted how Trump’s ongoing trade war is already a devastating hit to Washington state’s economy, businesses, and our agriculture sector. Senator Murray also took to the Senate floor to lay out how Trump’s chaotic trade war is seriously threatening our economy, American businesses, families’ retirement savings, and so much else. Last week, Senator Murray joined her colleagues in pressing U.S. Trade Representative Ambassador Jamieson Greer on how the Trump administration’s tariffs are affecting farmers across the country. Last week, Senator Murray also held a roundtable discussion in Tacoma with local businesses and ports, toured local businesses in downtown Vancouver, and held a roundtable discussion in Vancouver with local businesses and ports, to highlight how Trump’s chaotic trade war and senseless tariffs are harming the overall economy in Washington state.
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MIL-OSI: PHH Mortgage Launches Proprietary Reverse Mortgage Product
Source: GlobeNewswire (MIL-OSI)
WEST PALM BEACH, Fla., April 22, 2025 (GLOBE NEWSWIRE) — PHH Mortgage (“PHH” or the “Company”), a subsidiary of Onity Group Inc. (NYSE: ONIT) and a leading non-bank mortgage servicer and originator, today announced that the Company has launched a proprietary reverse mortgage product known as EquityIQ®. The product will be available through the Company’s wholesale network and marketed under PHH’s reverse mortgage product brand, Liberty Reverse Mortgage.
“For more than two decades, we’ve leveraged our reverse mortgage expertise to help our partners and homeowners safely access reverse mortgage products and establish ourselves as an industry-leading reverse mortgage lender and servicer,” said Andy Peach, Executive Vice President and Chief Lending Officer. “We understand our customers’ needs and the many benefits of a reverse mortgage. With an estimated $14 trillion in senior home equity,1 we’re excited to launch EquityIQ, which complements our existing Home Equity Conversion Mortgage (HECM) product offering, to help senior homeowners unlock their home equity to meet personal and financial needs.”
“Our release of the EquityIQ product is the latest example of how PHH continues to provide new opportunities for its partners to grow their businesses,” said Rich Bradfield, Executive Vice President and Chief Growth Officer. “We believe EquityIQ can be a valuable option for our wholesale partners and their clients, and we look forward to continuing to expand our product options to meet our customers’ needs.”
EquityIQ®Product Information
- Available to homeowners at least 55 years old (unless restricted by state law)
- Private (not insured by the Federal Housing Administration), jumbo reverse mortgage; allows homeowners to access more available funds as compared to a traditional HECM
- Fixed-rate loan with a maximum loan amount of $4 million
- No upfront or ongoing mortgage insurance and no monthly servicing fee
- Full draw of available proceeds required at closing
- Eligible property types include single-family, condominium, townhomes, multi-family property (2-4 units) and planned unit development
- All applicable parties must receive counseling from a PHH-approved housing counseling agency
- Available for primary residence only and borrower is required to continue paying property taxes, homeowners insurance, HOA fees and maintenance costs
For Information on becoming a wholesale partner please visit https://partner.libertyreversemortgage.com.
1 Source: NRMLA/RiskSpan Reverse Mortgage Market Index quarterly release as of March 31, 2025
About Onity Group
Onity Group Inc. (NYSE: ONIT) is a leading non-bank financial services company providing mortgage servicing and originations solutions through its primary brands, PHH Mortgage and Liberty Reverse Mortgage. PHH Mortgage is one of the largest servicers in the country, focused on delivering a variety of servicing and lending programs to consumers and business clients. Liberty is one of the nation’s largest reverse mortgage lenders dedicated to providing loans that help customers meet their personal and financial needs. We are headquartered in West Palm Beach, Florida, with offices and operations in the United States, the U.S. Virgin Islands, India and the Philippines, and have been serving our customers since 1988. For additional information, please visit onitygroup.com.
PHH Mortgage and Liberty Reverse Mortgage are equal housing lenders.
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. These forward-looking statements may be identified by a reference to a future period or by the use of forward-looking terminology. Forward-looking statements are typically identified by words such as “expect”, “believe”, “foresee”, “anticipate”, “intend”, “estimate”, “goal”, “strategy”, “plan” “target” and “project” or conditional verbs such as “will”, “may”, “should”, “could” or “would” or the negative of these terms, although not all forward-looking statements contain these words, and includes statements in this press release regarding the anticipated benefits of the EquityIQ product to PHH’s wholesale partners and clients and the ability of PHH to continue expanding product options.
Forward-looking statements involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially. In the past, actual results have differed from those suggested by forward looking statements and this may happen again. Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to, changes in market conditions, the industry in which we operate, and our business, the actions of governmental entities and regulators, developments in our litigation matters, and other risks and uncertainties detailed in our reports and filings with the SEC, including our annual report on Form 10-K for the year ended December 31, 2024. Anyone wishing to understand Onity Group Inc.’s business should review our SEC filings. Our forward-looking statements speak only as of the date they are made and, we disclaim any obligation to update or revise forward-looking statements whether as a result of new information, future events or otherwise.
For Further Information Contact:
Dico Akseraylian, SVP, Corporate Communications
(856) 917-0066
mediarelations@onitygroup.com -
MIL-OSI: Enphase Energy Reports Financial Results for the First Quarter of 2025
Source: GlobeNewswire (MIL-OSI)
FREMONT, Calif., April 22, 2025 (GLOBE NEWSWIRE) — Enphase Energy, Inc. (NASDAQ: ENPH), a global energy technology company and the world’s leading supplier of microinverter-based solar and battery systems, announced today financial results for the first quarter of 2025, which included the summary below from its President and CEO, Badri Kothandaraman.
We reported quarterly revenue of $356.1 million in the first quarter of 2025, along with 48.9% for non-GAAP gross margin. We shipped approximately 1.53 million microinverters, or 688.5 megawatts DC, and 170.1 megawatt hours (MWh) of IQ® Batteries.
Highlights for the first quarter of 2025 are listed below:
- Completed IQ® Meter Collar testing with PG&E and four other U.S. utilities
- Strong U.S. manufacturing: shipped approximately 1.21 million microinverters and 44.1 MWh of IQ Batteries
- Revenue of $356.1 million
- GAAP gross margin of 47.2%; non-GAAP gross margin of 48.9% with net IRA benefit
- Non-GAAP gross margin of 38.3%, excluding net IRA benefit of 10.6%
- GAAP operating income of $31.9 million; non-GAAP operating income of $94.6 million
- GAAP net income of $29.7 million; non-GAAP net income of $89.2 million
- GAAP diluted earnings per share of $0.22; non-GAAP diluted earnings per share of $0.68
- Free cash flow of $33.8 million; ending cash, cash equivalents, restricted cash and marketable securities of $1.53 billion
Our revenue and earnings for the first quarter of 2025 are provided below, compared with the prior quarter:
(In thousands, except per share and percentage data)
GAAP Non-GAAP Q1 2025 Q4 2024 Q1 2024 Q1 2025 Q4 2024 Q1 2024 Revenue $ 356,084 $ 382,713 $ 263,339 $ 356,084 $ 382,713 $ 263,339 Gross margin 47.2 % 51.8 % 43.9 % 48.9 % 53.2 % 46.2 % Operating expenses $ 136,319 $ 143,489 $ 144,607 $ 79,423 $ 83,322 $ 82,587 Operating income (loss) $ 31,922 $ 54,804 $ (29,099 ) $ 94,637 $ 120,434 $ 38,994 Net income (loss) $ 29,730 $ 62,160 $ (16,097 ) $ 89,243 $ 125,862 $ 47,956 Basic EPS $ 0.23 $ 0.46 $ (0.12 ) $ 0.68 $ 0.94 $ 0.35 Diluted EPS $ 0.22 $ 0.45 $ (0.12 ) $ 0.68 $ 0.94 $ 0.35 Total revenue for the first quarter of 2025 was $356.1 million, compared to $382.7 million in the fourth quarter of 2024. Our revenue in the United States for the first quarter of 2025 decreased approximately 13%, compared to the fourth quarter. The decline was the result of seasonality and softening in U.S. demand, partially offset by safe harbor revenue of $54.3 million. Our revenue in Europe increased approximately 7% for the first quarter of 2025, compared to the fourth quarter. The increase in revenue was primarily due to higher battery sales as we ramped shipments of our IQ® Battery 5P with FlexPhase.
Our non-GAAP gross margin was 48.9% in the first quarter of 2025, compared to 53.2% in the fourth quarter, primarily due to lower bookings of 45X production tax credits and product mix. Our non-GAAP gross margin, excluding net benefit from the Inflation Reduction Act (IRA), was 38.3% in the first quarter of 2025, compared to 39.7% in the fourth quarter, primarily due to product mix.
Our non-GAAP operating expenses were $79.4 million in the first quarter of 2025, compared to $83.3 million in the fourth quarter. The decrease was the result of restructuring actions initiated in the fourth quarter of 2024. Our non-GAAP operating income was $94.6 million in the first quarter of 2025, compared to $120.4 million in the fourth quarter.
We exited the first quarter of 2025 with $1.53 billion in cash, cash equivalents, restricted cash and marketable securities and generated $48.4 million in cash flow from operations in the first quarter. During the first quarter of 2025, we paid off the entire principal amount of $102.2 million in convertible senior notes that matured on March 1, 2025. Our capital expenditures were $14.6 million in the first quarter of 2025, compared to $8.1 million in the fourth quarter of 2024.
In the first quarter of 2025, we repurchased 1,594,105 shares of our common stock at an average price of $62.71 per share for a total of approximately $100.0 million. We also spent approximately $12.1 million by withholding shares to cover taxes for employee stock vesting that reduced the diluted shares by 203,358 shares.
We shipped 170.1 MWh of IQ Batteries in the first quarter of 2025, compared to 152.4 MWh in the fourth quarter. More than 10,900 installers worldwide are certified to install our IQ Batteries, compared to more than 10,300 installers worldwide in the fourth quarter of 2024.
During the first quarter of 2025, we shipped approximately 1.21 million microinverters from our contract manufacturers in the United States that we booked for 45X production tax credits. We continued to ship our IQ8HC™ Microinverters, IQ8P-3P™ Commercial Microinverters, and IQ® Battery 5Ps from our contract manufacturers in the United States. When paired with other U.S.-made solar components, our products enable lease and power purchase agreement (PPA) providers to qualify for the domestic content bonus tax credit under the IRA.
We continued to make progress with recent product introductions. We are now shipping our IQ Battery 5P with FlexPhase into Germany, Austria, Switzerland, Luxembourg, and Poland. Customers appreciate the reliable backup power the product delivers for both single-and three-phase installations. Our IQ® EV Charger 2, currently shipping to 14 countries in Europe, is our most advanced residential charger to date. This product can support up to 22 kW of three-phase charging and operate either as a standalone charger or fully integrated with Enphase microinverters and batteries. Finally, our customers are enjoying the plug-and-play simplicity of our IQ® PowerPack 1500, our first foray into the portable consumer market.
In the second quarter of 2025, we expect to introduce our fourth-generation IQ® Battery 10C, IQ Meter Collar, and IQ® Combiner 6C products in the United States. Together, these products will make backup installations easy and help reduce costs. We also expect to launch our IQ® Balcony Solar Kit, a simple and efficient solution for harnessing solar energy from panels installed on apartment balconies, in Germany and Belgium.
BUSINESS HIGHLIGHTS
On April 8 and 9, 2025, Enphase Energy announced the launch of its IQ Battery 5P with FlexPhase with backup capability for customers in Luxembourg and Poland.
On April 3, 2025, Enphase Energy announced the introduction of its IQ® System Controller in France and the Netherlands, enabling backup power.
On April 1, 2025, Enphase Energy announced that more than 2,500 SunPower customers have transitioned to Enphase monitoring since SunPower’s bankruptcy filing in August 2024.
On March 18, 2025, Enphase Energy welcomed Brazil’s ABNT NBR 17193 fire safety standard, which outlines stringent recommendations like rapid shutdown requirements for solar installations in all buildings.
On March 11, 2025, Enphase Energy announced production shipments of its newest electric vehicle (EV) charger, the IQ EV Charger 2, in 14 European markets.
On March 3, 2025, Enphase Energy announced increased deployments of its solution for expanding legacy net energy metering (NEM) solar energy systems in California as utilities streamline their approval process.
On Feb. 11, 2025, Enphase Energy announced the launch of an expanded IQ Battery 5P product with support for both single-phase 120/208 V and split-phase 120/240 V, for new home projects in California.
On Feb. 6, 2025, Enphase Energy announced that it is expanding its support for grid services programs – or virtual power plants (VPPs) – in Puerto Rico, Colorado, and Nova Scotia, Canada, powered by the IQ Battery 5P.
SECOND QUARTER 2025 FINANCIAL OUTLOOK
For the second quarter of 2025, Enphase Energy estimates both GAAP and non-GAAP financial results as follows:
- Revenue to be within a range of $340.0 million to $380.0 million, which includes shipments of 160 to 180 MWh of IQ Batteries. The second quarter of 2025 financial outlook includes approximately $40.0 million of safe harbor revenue. We define safe harbor revenue as any sales made to customers who plan to install the inventory over more than one year.
- GAAP gross margin to be within a range of 42.0% to 45.0% with net IRA benefit, including approximately two percentage points of new tariff impact.
- Non-GAAP gross margin to be within a range of 44.0% to 47.0% with net IRA benefit and 35.0% to 38.0% excluding net IRA benefit, including approximately two percentage points of new tariff impact. Non-GAAP gross margin excludes stock-based compensation expense and acquisition related amortization.
- Net IRA benefit to be within a range of $30.0 million to $33.0 million based on estimated shipments of 1,000,000 units of U.S. manufactured microinverters.
- GAAP operating expenses to be within a range of $136.0 million to $140.0 million.
- Non-GAAP operating expenses to be within a range of $78.0 million to $82.0 million, excluding $58.0 million estimated for stock-based compensation expense, acquisition related expenses and amortization, restructuring and asset impairment charges.
For 2025, Enphase expects a GAAP tax rate of 21-23% and a non-GAAP tax rate of 15-17%, including IRA benefits.
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Use of non-GAAP Financial Measures
Enphase Energy has presented certain non-GAAP financial measures in this press release. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either exclude or include amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States (GAAP). Reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure can be found in the accompanying tables to this press release. Non-GAAP financial measures presented by Enphase Energy include non-GAAP gross profit, gross margin, operating expenses, income from operations, net income, net income per share (basic and diluted), net IRA benefit, and free cash flow.
These non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same captions and may differ from non-GAAP financial measures with the same or similar captions that are used by other companies. In addition, these non-GAAP measures have limitations in that they do not reflect all of the amounts associated with Enphase Energy’s results of operations as determined in accordance with GAAP. As such, these non-GAAP measures should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Enphase Energy uses these non-GAAP financial measures to analyze its operating performance and future prospects, develop internal budgets and financial goals, and to facilitate period-to-period comparisons. Enphase Energy believes that these non-GAAP financial measures reflect an additional way of viewing aspects of its operations that, when viewed with its GAAP results, provide a more complete understanding of factors and trends affecting its business.
As presented in the “Reconciliation of Non-GAAP Financial Measures” tables below, each of the non-GAAP financial measures excludes one or more of the following items for purposes of calculating non-GAAP financial measures to facilitate an evaluation of Enphase Energy’s current operating performance and a comparison to its past operating performance:
Stock-based compensation expense. Enphase Energy excludes stock-based compensation expense from its non-GAAP measures primarily because they are non-cash in nature. Moreover, the impact of this expense is significantly affected by Enphase Energy’s stock price at the time of an award over which management has limited to no control.
Acquisition related expenses and amortization. This item represents expenses incurred related to Enphase Energy’s business acquisitions, which are non-recurring in nature, and amortization of acquired intangible assets, which is a non-cash expense. Acquisition related expenses and amortization of acquired intangible assets are not reflective of Enphase Energy’s ongoing financial performance.
Restructuring and asset impairment charges. Enphase Energy excludes restructuring and asset impairment charges due to the nature of the expenses being unusual and arising outside the ordinary course of continuing operations. These costs primarily consist of fees paid for cash-based severance costs, accelerated stock-based compensation expense and asset write-downs of property and equipment and acquired intangible assets, and other contract termination costs resulting from restructuring initiatives.
Non-cash interest expense. This item consists primarily of amortization of debt issuance costs and accretion of debt discount because these expenses do not represent a cash outflow for Enphase Energy except in the period the financing was secured and such amortization expense is not reflective of Enphase Energy’s ongoing financial performance.
Non-GAAP income tax adjustment. This item represents the amount adjusted to Enphase Energy’s GAAP tax provision or benefit to exclude the income tax effects of GAAP adjustments such as stock-based compensation, amortization of purchased intangibles, and other non-recurring items that are not reflective of Enphase Energy ongoing financial performance.
Non-GAAP net income per share, diluted. Enphase Energy excludes the dilutive effect of in-the-money portion of convertible senior notes as they are covered by convertible note hedge transactions that reduce potential dilution to our common stock upon conversion of the Notes due 2025, Notes due 2026, and Notes due 2028, and includes the dilutive effect of employee’s stock-based awards and the dilutive effect of warrants. Enphase Energy believes these adjustments provide useful supplemental information to the ongoing financial performance.
Net IRA benefit. This item represents the advanced manufacturing production tax credit (AMPTC) from the IRA for manufacturing microinverters in the United States, partially offset by the incremental manufacturing cost incurred in the United States relative to manufacturing in Mexico, India, and China. The AMPTC is accounted for by Enphase Energy as an income-based government grants that reduces cost of revenues in the condensed consolidated statements of operations.
Free cash flow. This item represents net cash flows from operating activities less purchases of property and equipment.
Conference Call Information
Enphase Energy will host a conference call for analysts and investors to discuss its first quarter 2025 results and second quarter 2025 business outlook today at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time). The call is open to the public by dialing (833) 634-5018. A live webcast of the conference call will also be accessible from the “Investor Relations” section of Enphase Energy’s website at https://investor.enphase.com. Following the webcast, an archived version will be available on the website for approximately one year. In addition, an audio replay of the conference call will be available by calling (877) 344-7529; replay access code 9557806, beginning approximately one hour after the call.
Forward-Looking Statements
This press release contains forward-looking statements, including statements related to Enphase Energy’s expectations as to its second quarter of 2025 financial outlook, including revenue, shipments of IQ Batteries by MWh, gross margin with net IRA benefit and excluding net IRA benefit, estimated shipments of U.S. manufactured microinverters, operating expenses, and annualized effective tax rate with IRA benefit; its expectations regarding the expected net IRA benefit; its expectations on the timing and introduction of new products and updates to existing products, including the IQ Battery 10C, IQ Meter Collar, and IQ Combiner 6C products in the United States, and the IQ Balcony Solar Kit in Germany and Belgium; its expectations regarding the domestic content bonus tax credit for its product offerings; and the capabilities, advantages, features, and performance of its technology and products. These forward-looking statements are based on Enphase Energy’s current expectations and inherently involve significant risks and uncertainties. Enphase Energy’s actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of certain risks and uncertainties including those risks described in more detail in its most recently filed Annual Report on Form 10-K, Quarterly Report on Form 10-Q, and other documents on file with the SEC from time to time and available on the SEC’s website at www.sec.gov. Enphase Energy undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations, except as required by law.
A copy of this press release can be found on the investor relations page of Enphase Energy’s website at https://investor.enphase.com.
About Enphase Energy, Inc.
Enphase Energy, a global energy technology company based in Fremont, CA, is the world’s leading supplier of microinverter-based solar and battery systems that enable people to harness the sun to make, use, save, and sell their own power—and control it all with a smart mobile app. The company revolutionized the solar industry with its microinverter-based technology and builds all-in-one solar, battery, and software solutions. Enphase has shipped approximately 81.5 million microinverters, and approximately 4.8 million Enphase-based systems have been deployed in over 160 countries. For more information, visit https://investor.enphase.com.
© 2025 Enphase Energy, Inc. All rights reserved. Enphase Energy, Enphase, the “e” logo, IQ, IQ8, and certain other marks listed at https://enphase.com/trademark-usage-guidelines are trademarks or service marks of Enphase Energy, Inc. Other names are for informational purposes and may be trademarks of their respective owners.
Contact:
Zach Freedman
Enphase Energy, Inc.
Investor Relations
ir@enphaseenergy.comENPHASE ENERGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)Three Months Ended March 31,
2025December 31,
2024March 31,
2024Net revenues $ 356,084 $ 382,713 $ 263,339 Cost of revenues 187,843 184,420 147,831 Gross profit 168,241 198,293 115,508 Operating expenses: Research and development 50,174 50,390 54,211 Sales and marketing 48,948 51,799 53,307 General and administrative 34,035 31,901 35,182 Restructuring and asset impairment charges 3,162 9,399 1,907 Total operating expenses 136,319 143,489 144,607 Income (loss) from operations 31,922 54,804 (29,099 ) Other income, net Interest income 17,032 18,417 19,709 Interest expense (2,047 ) (2,252 ) (2,196 ) Other income (expense), net (14 ) (1,270 ) 87 Total other income, net 14,971 14,895 17,600 Income before income taxes 46,893 69,699 (11,499 ) Income tax provision (17,163 ) (7,539 ) (4,598 ) Net income (loss) $ 29,730 $ 62,160 $ (16,097 ) Net income (loss) per share: Basic $ 0.23 $ 0.46 $ (0.12 ) Diluted $ 0.22 $ 0.45 $ (0.12 ) Shares used in per share calculation: Basic 131,869 133,815 135,891 Diluted 136,208 138,128 135,891 ENPHASE ENERGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)March 31,
2025December 31,
2024ASSETS Current assets: Cash and cash equivalents $ 350,077 $ 369,110 Restricted cash 65,013 95,006 Marketable securities 1,116,780 1,253,480 Accounts receivable, net 225,625 223,749 Inventory 144,025 165,004 Prepaid expenses and other assets 295,725 220,735 Total current assets 2,197,245 2,327,084 Property and equipment, net 142,219 147,514 Intangible assets, net 37,408 42,398 Goodwill 212,359 211,571 Other assets 211,447 205,542 Deferred tax assets, net 305,408 315,567 Total assets $ 3,106,086 $ 3,249,676 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 115,374 $ 90,032 Accrued liabilities 212,169 196,887 Deferred revenues, current 167,771 237,225 Warranty obligations, current 33,298 34,656 Debt, current 630,677 101,291 Total current liabilities 1,159,289 660,091 Long-term liabilities: Deferred revenues, non-current 333,704 341,982 Warranty obligations, non-current 170,149 158,233 Other liabilities 61,032 55,265 Debt, non-current 571,214 1,201,089 Total liabilities 2,295,388 2,416,660 Total stockholders’ equity 810,698 833,016 Total liabilities and stockholders’ equity $ 3,106,086 $ 3,249,676 ENPHASE ENERGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)Three Months Ended March 31,
2025December 31,
2024March 31,
2024Cash flows from operating activities: Net income (loss) $ 29,730 $ 62,160 $ (16,097 ) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 19,915 20,665 20,137 Net accretion of premium (discount) on marketable securities 3,512 (7,490 ) 2,825 Provision (benefit) for doubtful accounts 62 2,206 (130 ) Asset impairment 27 4,702 332 Non-cash interest expense 1,679 2,188 2,132 Net gain from change in fair value of debt securities (323 ) (3,697 ) (942 ) Stock-based compensation 55,633 51,830 60,833 Deferred income taxes 8,560 (30,675 ) (8,292 ) Changes in operating assets and liabilities: Accounts receivable 1,760 2,684 77,359 Inventory 20,979 (6,167 ) 5,702 Prepaid expenses and other assets (75,553 ) (16,487 ) (10,897 ) Accounts payable, accrued and other liabilities 54,232 (27,396 ) (66,284 ) Warranty obligations 10,558 8,657 (11,923 ) Deferred revenues (82,357 ) 104,112 (5,554 ) Net cash provided by operating activities 48,414 167,292 49,201 Cash flows from investing activities: Purchases of property and equipment (14,608 ) (8,064 ) (7,371 ) Investment in tax equity fund (6,904 ) — — Purchases of marketable securities (200,826 ) (93,138 ) (472,268 ) Maturities and sale of marketable securities 335,398 351,843 497,373 Net cash provided by investing activities 113,060 250,641 17,734 Cash flows from financing activities: Settlement of Notes due 2025 (102,168 ) — (2 ) Repurchase of common stock (99,964 ) (199,666 ) (41,996 ) Payment of excise tax on net stock repurchases — (2,773 ) — Proceeds from issuance of common stock under employee equity plans 67 4,719 1,186 Payment of withholding taxes related to net share settlement of equity awards (12,110 ) (5,012 ) (60,042 ) Net cash used in financing activities (214,175 ) (202,732 ) (100,854 ) Effect of exchange rate changes on cash, cash equivalents and restricted cash 3,675 (7,410 ) (1,177 ) Net increase (decrease) in cash and cash equivalents and restricted cash (49,026 ) 207,791 (35,096 ) Cash, cash equivalents and restricted cash—Beginning of period 464,116 256,325 288,748 Cash, cash equivalents and restricted cash—End of period $ 415,090 $ 464,116 $ 253,652 ENPHASE ENERGY, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(In thousands, except per share data and percentages)
(Unaudited)Three Months Ended March 31,
2025December 31,
2024March 31,
2024Gross profit (GAAP) $ 168,241 $ 198,293 $ 115,508 Stock-based compensation 4,239 3,678 4,182 Acquisition related amortization 1,580 1,784 1,891 Gross profit (Non-GAAP) $ 174,060 $ 203,755 $ 121,581 Gross margin (GAAP) 47.2 % 51.8 % 43.9 % Stock-based compensation 1.2 0.9 1.6 Acquisition related amortization 0.5 0.5 0.7 Gross margin (Non-GAAP) 48.9 % 53.2 % 46.2 % Operating expenses (GAAP) $ 136,319 $ 143,489 $ 144,607 Stock-based compensation(1) (50,885 ) (47,884 ) (56,651 ) Acquisition related expenses and amortization (2,849 ) (2,884 ) (3,462 ) Restructuring and asset impairment charges(1) (3,162 ) (9,399 ) (1,907 ) Operating expenses (Non-GAAP) $ 79,423 $ 83,322 $ 82,587 (1)Includes stock-based compensation as follows: Research and development $ 21,647 $ 20,951 $ 24,550 Sales and marketing 16,396 15,893 18,178 General and administrative 12,842 11,041 13,923 Restructuring and asset impairment charges 509 267 — Total $ 51,394 $ 48,152 $ 56,651 Income (loss) from operations (GAAP) $ 31,922 $ 54,804 $ (29,099 ) Stock-based compensation 55,124 51,563 60,833 Acquisition related expenses and amortization 4,429 4,668 5,353 Restructuring and asset impairment charges 3,162 9,399 1,907 Income from operations (Non-GAAP) $ 94,637 $ 120,434 $ 38,994 Net income (loss) (GAAP) $ 29,730 $ 62,160 $ (16,097 ) Stock-based compensation 55,124 51,563 60,833 Acquisition related expenses and amortization 4,429 4,668 5,353 Restructuring and asset impairment charges 3,162 9,399 1,907 Non-cash interest expense 1,678 2,188 2,132 Non-GAAP income tax adjustment (4,880 ) (4,116 ) (6,172 ) Net income (Non-GAAP) $ 89,243 $ 125,862 $ 47,956 Net income (loss) per share, basic (GAAP) $ 0.23 $ 0.46 $ (0.12 ) Stock-based compensation 0.42 0.39 0.45 Acquisition related expenses and amortization 0.04 0.03 0.04 Restructuring and asset impairment charges 0.02 0.07 0.01 Non-cash interest expense 0.01 0.02 0.02 Non-GAAP income tax adjustment (0.04 ) (0.03 ) (0.05 ) Net income per share, basic (Non-GAAP) $ 0.68 $ 0.94 $ 0.35 Shares used in basic per share calculation GAAP and Non-GAAP 131,869 133,815 135,891 Net income (loss) per share, diluted (GAAP) $ 0.22 $ 0.45 $ (0.12 ) Stock-based compensation 0.42 0.39 0.44 Acquisition related expenses and amortization 0.04 0.04 0.04 Restructuring and asset impairment charges 0.03 0.07 0.01 Non-cash interest expense 0.01 0.02 0.02 Non-GAAP income tax adjustment (0.04 ) (0.03 ) (0.04 ) Net income per share, diluted (Non-GAAP) $ 0.68 $ 0.94 $ 0.35 Shares used in diluted per share calculation GAAP 136,208 138,128 135,891 Shares used in diluted per share calculation Non-GAAP 132,133 134,053 136,730 Income-based government grants (GAAP) $ 53,631 $ 68,040 $ 18,617 Incremental cost for manufacturing in U.S. (15,773 ) (16,123 ) (4,882 ) Net IRA benefit (Non-GAAP) $ 37,858 $ 51,917 $ 13,735 Net cash provided by operating activities (GAAP) $ 48,414 $ 167,292 $ 49,201 Purchases of property and equipment (14,608 ) (8,064 ) (7,371 ) Free cash flow (Non-GAAP) $ 33,806 $ 159,228 $ 41,830 This press release was published by a CLEAR® Verified individual.
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MIL-OSI: Texas Capital Bancshares, Inc. Appoints Ranjana B. Clark to Board of Directors
Source: GlobeNewswire (MIL-OSI)
DALLAS, April 22, 2025 (GLOBE NEWSWIRE) — Texas Capital Bancshares, Inc. (NASDAQ: TCBI), the parent company of Texas Capital, today announced the appointment of Ranjana B. Clark to its Board of Directors, effective April 15, 2025. Clark will serve as a member of the Audit and Technology Committees.
Clark has over 35 years of executive experience in the financial services and technology industries, with previous leadership roles spanning payments, marketing, strategy and business operations.
Most recently, she served as Head of Global Transaction Banking at Mitsubishi UFJ Financial Group (MUFG), and previously as Head of Transaction Banking, Americas. Before MUFG, she was Chief Customer and Marketing Officer at PayPal Inc.
Clark is a fellow at Stanford University’s Distinguished Careers Institute and serves on the President’s Leadership Council of the Asia Foundation. In addition to joining the board of Texas Capital, she serves on the boards of Xometry Inc. (Chair, Compensation Committee; Member, Nominating & Corporate Governance Committee), InvestCloud Inc. and StanCorp Financial Group Inc.
Clark earned a Bachelor of Arts in economics at the University of Delhi; a Master of Business Administration with a marketing concentration at the Indian Institute of Management, Ahmedabad; and a Master of Business Administration with a finance concentration at the Fuqua School of Business at Duke University.
“It is an honor to welcome Ranjana to our board,” said Rob C. Holmes, Chairman, President & CEO of Texas Capital. “Her global perspective, customer-centric mindset and track record of innovation will be instrumental as we continue executing on our long-term priorities.”
About Texas Capital Bancshares, Inc.
Texas Capital Bancshares, Inc. (NASDAQ®: TCBI), a member of the Russell 2000® Index and the S&P MidCap 400®, is the parent company of Texas Capital Bank (“TCB”). Texas Capital is the collective brand name for TCB and its separate, non-bank affiliates and wholly owned subsidiaries. Texas Capital is a full-service financial services firm that delivers customized solutions to businesses, entrepreneurs and individual customers. Founded in 1998, the institution is headquartered in Dallas with offices in Austin, Houston, San Antonio and Fort Worth, and has built a network of clients across the country. With the ability to service clients through their entire lifecycles, Texas Capital has established commercial banking, consumer banking, investment banking and wealth management capabilities. All services are subject to applicable laws, regulations, and service terms. Deposit and lending products and services are offered by TCB. For deposit products, member FDIC. For more information, please visit www.texascapital.com. -
MIL-OSI USA: Planetary Alignment Provides NASA Rare Opportunity to Study Uranus
Source: NASA
When a planet’s orbit brings it between Earth and a distant star, it’s more than just a cosmic game of hide and seek. It’s an opportunity for NASA to improve its understanding of that planet’s atmosphere and rings. Planetary scientists call it a stellar occultation and that’s exactly what happened with Uranus on April 7.
Observing the alignment allows NASA scientists to measure the temperatures and composition of Uranus’ stratosphere – the middle layer of a planet’s atmosphere – and determine how it has changed over the last 30 years since Uranus’ last significant occultation.“Uranus passed in front of a star that is about 400 light years from Earth,” said William Saunders, planetary scientist at NASA’s Langley Research Center in Hampton, Virginia, and science principal investigator and analysis lead, for what NASA’s team calls the Uranus Stellar Occultation Campaign 2025. “As Uranus began to occult the star, the planet’s atmosphere refracted the starlight, causing the star to appear to gradually dim before being blocked completely. The reverse happened at the end of the occultation, making what we call a light curve. By observing the occultation from many large telescopes, we are able to measure the light curve and determine Uranus’ atmospheric properties at many altitude layers.”
William Saunders
Planetary Scientist at NASA’s Langley Research CenterThis data mainly consists of temperature, density, and pressure of the stratosphere. Analyzing the data will help researchers understand how the middle atmosphere of Uranus works and could help enable future Uranus exploration efforts.
To observe the rare event, which lasted about an hour and was only visible from Western North America, planetary scientists at NASA Langley led an international team of over 30 astronomers using 18 professional observatories.“This was the first time we have collaborated on this scale for an occultation,” said Saunders. “I am extremely grateful to each member of the team and each observatory for taking part in this extraordinary event. NASA will use the observations of Uranus to determine how energy moves around the atmosphere and what causes the upper layers to be inexplicably hot. Others will use the data to measure Uranus’ rings, its atmospheric turbulence, and its precise orbit around the Sun.”
Knowing the location and orbit of Uranus is not as simple as it sounds. In 1986, NASA’s Voyager 2 spacecraft became the first and only spacecraft to fly past the planet – 10 years before the last bright stellar occultation occured in 1996. And, Uranus’ exact position in space is only accurate to within about 100 miles, which makes analyzing this new atmospheric data crucial to future NASA exploration of the ice giant.
These investigations were possible because the large number of partners provided many unique views of the stellar occultation from many different instruments.Emma Dahl, a postdoctoral scholar at Caltech in Pasadena, California, assisted in gathering observations from NASA’s Infrared Telescope Facility (IRTF) on the summit of Mauna Kea in Hawaii – an observatory first built to support NASA’s Voyager missions.
“As scientists, we do our best work when we collaborate. This was a team effort between NASA scientists, academic researchers, and amateur astronomers,” said Dahl. “The atmospheres of the gas and ice giant planets [Jupiter, Saturn, Uranus, and Neptune] are exceptional atmospheric laboratories because they don’t have solid surfaces. This allows us to study cloud formation, storms, and wind patterns without the extra variables and effects a surface produces, which can complicate simulations very quickly.”
On November 12, 2024, NASA Langley researchers and collaborators were able to do a test run to prepare for the April occultation. Langley coordinated two telescopes in Japan and one in Thailand to observe a dimmer Uranus stellar occultation only visible from Asia. As a result, these observers learned how to calibrate their instruments to observe stellar occultations, and NASA was able to test its theory that multiple observatories working together could capture Uranus’ big event in April.
Researchers from the Paris Observatory and Space Science Institute, in contact with NASA, also coordinated observations of the November 2024 occultation from two telescopes in India. These observations of Uranus and its rings allowed the researchers, who were also members of the April 7 occultation team, to improve the predictions about the timing on April 7 down to the second and also improved modeling to update Uranus’ expected location during the occultation by 125 miles.Uranus is almost 2 billion miles away from Earth and has an atmosphere composed of primarily hydrogen and helium. It does not have a solid surface, but rather a soft surface made of water, ammonia, and methane. It’s called an ice giant because its interior contains an abundance of these swirling fluids that have relatively low freezing points. And, while Saturn is the most well-known planet for having rings, Uranus has 13 known rings composed of ice and dust.
Over the next six years, Uranus will occult several dimmer stars. NASA hopes to gather airborne and possibly space-based measurements of the next bright Uranus occultation in 2031, which will be of an even brighter star than the one observed in April.For more information on NASA’s Uranus Stellar Occultation Campaign 2025:
https://science.larc.nasa.gov/URANUS2025Karen Fox / Molly WasserHeadquarters, Washington202-358-1600karen.c.fox@nasa.gov / molly.l.wasser@nasa.gov
Charles HatfieldLangley Research Center, Hampton, Virginia757-262-8289charles.g.hatfield@nasa.gov
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MIL-OSI Asia-Pac: DPIIT and Stride Ventures announce the winner of the Bharat Startup Grand Challenge 2025, with funding of up to INR 10 crore
Source: Government of India
Posted On: 22 APR 2025 4:28PM by PIB Delhi
The Department for Promotion of Industry and Internal Trade (DPIIT), in partnership with Startup India and Stride Ventures, announced the startup Buoyancy Plastics for Change Recycling Private Limited as the winner of the Bharat Startup Grand Challenge 2025, an initiative aimed at recognizing and empowering high-impact, homegrown startups.
The winner was chosen from over 120 startup applications received during the 30 days of running the challenge. Applications were received from 22 states of the country, from startups working in the sustainability, fintech and e-mobility sector.
The winner of this Challenge, Plastics for Change, was founded in 2015, and focuses on building a Fair Trade verified recycled plastics supply chain. The company is currently focused on ethical sourcing and aggregation of plastic waste to provide high-quality rPET, rHDPE and rPP materials to recycling units. Working directly with informal waste and plastics collectors and integrating them into the formal economy, the startup currently has a collection capacity of more than 20,000-ton and is now aiming to further deepen its presence in the Indian plastics recycling sector.
Stride Ventures is the largest venture debt fund in India, having committed over $1 Billion to over 170 new-age startups in the last five years. Stride has now expanded its footprint to Singapore, Abu Dhabi, Riyadh and London. Earlier this year, Stride Ventures signed an MOU with DPIIT to provide funding, network, market access as well as mentorship support to budding startups across the country, as well as help Indian startups scale globally.
This was the first time Stride Ventures hosted a Bharat Startup Grand Challenge. For the winner’s, Stride Ventures announced investing up to ₹10 Crore, subject to due diligence, along with further ecosystem support, mentorship and access to Stride’s network to help further scale up the startup’s endeavours in sustainability and circularity in India.
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Abhishek Dayal/Abhijith Narayanan
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MIL-OSI Asia-Pac: A DST institute, NECTAR showcases Innovative Aerostatic Drone for Enhanced Surveillance and Disaster Management
Source: Government of India
Posted On: 22 APR 2025 3:54PM by PIB Delhi
Forest surveillance, wildlife monitoring, border and disaster surveillance in the North East, may soon be much easier — thanks to the Aerostatic Drone developed with support from North East Centre for Technology Application and Reach (NECTAR).
NECTAR, an autonomous body under Department of Science and Technology, Government of India organized a live demonstration of the technology developed by Airbotix Technologies, Gurgaon.
It is the first of its kind in India, designed with high endurance and aero-statically stable capabilities to deploy for forest surveillance, wildlife monitoring, border and disaster surveillance application. Aerostatic drones are aerial platforms that derive their lift from both buoyancy and aerodynamics.
This makes them very energy efficient making them a better alternative for tethered drones. Aerostatic drones are silent as they do not require constant thrust to stay afloat, making them cost-effective and versatile solution for providing persistent surveillance.
The aerostatic drone provides a silent aerial platform that can persistently stay afloat for surveillance with an endurance of over 4 hours. The system is designed to be modular and could be integrated with any ground vehicle or can be installed at any site. The drone can be utilized for a variety of use cases such as wildlife monitoring, forest surveillance, crowd monitoring, border security and disaster surveillance to name a few.
The flexibility to equip the drone with both day and night camera as well as any other payload such as telecommunication relay and anti-drone payload. The Day and Night Vision Camera cameras further enhances its utility, especially in tracking monitoring forests for illegal activities such as poaching, smuggling and logging, as well as by providing support for security operations along borders.
Participants from various organizations interacted with Airbotix Technologyy about the drone’s technical capabilities. The Drone has features related to surveillance using thermal imaging and detection capabilities.
Officials from the CRPF showing a keen interest in how the drone could enhance their operations, particularly in border surveillance and security in challenging terrains. The ability of the drone to operate in both daylight and low-visibility conditions using thermal cameras could be a significant asset for security personnel.
Fig: Aerostatic Drone for Enhanced Surveillance and Disaster Management
The drones could play a crucial role in monitoring forest health and wildlife populations, enabling conservationists to track animal movements and assess habitat conditions without disturbing the ecosystem as they are silent. In military and security contexts, aerostatic drones are employed for ISR missions, providing real-time data and situational awareness, which enhances strategic planning and operational effectiveness. Furthermore, as they have very little metal components, they are practically invisible to the RADAR.
Aerostatic drones can serve as temporary communication relays in remote areas or during emergencies, ensuring connectivity where traditional infrastructure may be lacking or compromised. Aerostatic drones can also be integrated into systems designed to detect unauthorized drone activity, enhancing security measures at sensitive locations such as airports and military bases.
During public events, these drones could assist law enforcement by monitoring crowd behavior, helping to ensure safety and manage potential disturbances effectively. Moreover, they can be utilized to monitor traffic conditions in urban areas, providing valuable data for traffic management systems and aiding in the reduction of congestion through real-time information dissemination.
The officials from Brahmaputra Board expressed their keenness to use the aerostatic drone for disaster management and for monitoring civil construction such as roads.
The Aerostatic Drone is expected to be a game-changer in its field, with its versatility and high-performance features setting a new standard for unmanned aerial vehicle technology in India.
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NKR/PSM
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MIL-OSI Asia-Pac: Celebrating Poshan, Nourishing Nation
Source: Government of India
Celebrating Poshan, Nourishing Nation
Glimpses of Poshan Pakhwada 2025Posted On: 22 APR 2025 3:34PM by PIB Delhi
From metro streets to village lanes, Poshan Pakhwada 2025 brought India together in a spirited celebration of nutrition and well-being from 8th to 22nd April 2025. In its 7th edition, the campaign focused on maternal and child nutrition, digital access for beneficiaries, and tackling childhood obesity. Driven by collective action from anganwadi centres to schools, from government to grassroots—this year’s Pakhwada turned nutrition into a nationwide mission powered by technology, creativity, and care. Let’s take a visual journey across India to witness the spirited activities that brought Poshan Pakhwada 2025 to life.
Towards a healthier India: Awareness activities in different states
Creating Awareness through Cultural Activities
Himachal Pradesh
Jammu & Kashmir
Reaching grassroot through Nukkad Natak
Anganwadi Workers ensuring no one is left behind
Madhya Pradesh Andhra Pradesh
Gujarat Chandigarh
Celebrating Food
Growth Monitoring
Poshan Tracker App
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Santosh Kumar/ Sarla Meena/ Priya Nagar
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MIL-OSI Asia-Pac: TRAI releases recommendations on ‘the issues Related to Critical Services in the M2M Sector, and Transfer of Ownership of M2M SIMs’
Source: Government of India
Ministry of Communications TRAI releases recommendations on ‘the issues Related to Critical Services in the M2M Sector, and Transfer of Ownership of M2M SIMs’
Posted On: 22 APR 2025 3:27PM by PIB Delhi
Telecom Regulatory Authority of India (TRAI) has today released its recommendations on ‘the issues Related to Critical Services in the M2M Sector, and Transfer of Ownership of M2M SIMs’.
- Earlier, Department of Telecommunications (DoT), through its letter dated 01.01.2024, had referred to the TRAI’s recommendations dated 05.09.2017 on ‘Spectrum, Roaming and QoS related requirements in Machine-to-Machine (M2M) Communications’, and had requested TRAI to provide reconsidered recommendations, as per the provisions of Section 11 of the TRAI Act 1997 on the following issues:
- Identification of Critical Services in the M2M Sector
- Transfer of Ownership of M2M SIMs
- In this regard, TRAI, on 24.06.2024, issued a consultation paper on ‘the Issues Related to Critical Services in the M2M Sector, and Transfer of Ownership of M2M SIMs’ for soliciting comments and counter comments from stakeholders. In response, TRAI received 16 comments and one counter-comment from stakeholders. An open house discussion on the consultation paper was held on 24.10.2024 through virtual mode.
- Based on the comments received from stakeholders and on its own analysis, TRAI has finalized its recommendations on ‘the Issues Related to Critical Services in the M2M Sector, and Transfer of Ownership of M2M SIMs’.
- Machine to Machine (M2M) communication can enable applications and services across a broad range of vertical markets such as automotive, utilities, healthcare, safety & surveillance, financial, public safety, smart city and agriculture. At present, the M2M ecosystem is at an early stage of growth of its lifecycle. As the M2M ecosystem matures, and thereby gains user confidence, more and more services will be delivered to individuals, enterprises and public institutions by using Internet of Things (IoT). Many of such services would be critical IoT services, requiring ultra-reliable, low latency M2M connectivity with very high availability. As critical IoT will be used for delivering services of critical importance, the identification of services as critical IoT service requires to be done well in advance. The identification of a service as a critical IoT service would enable user agencies to enter into suitable service level agreements (SLAs) with telecom service providers. Through the SLAs, telecom service providers may be held accountable for ensuring that the M2M connectivity provided by them meets the requisite telecommunication service performance parameters (such as latency, reliability, and availability) which are sacrosanct for the successful operation of the concerned critical IoT service. Through these recommendations, TRAI has recommended a broad guiding framework for classifying a service as a ‘critical IoT service’. TRAI has recommended that a service should be classified as a ‘critical IoT service’, if it passes the following twin tests:
- Whether the service (application) demands ultra-reliable low-latency M2M connectivity with very high availability?
- Whether any disruption of the M2M connectivity used for delivering the service (application) will have a debilitating impact on national security, economy, public health, or public safety?
- TRAI has recommended that the classification of critical IoT services of a particular domain/ sector should be done by the ministry/ regulatory body concerned in consultation with Department of Telecommunications (DoT).
- TRAI has also recommended that for the classification of critical IoT services, DoT should devise an institutional mechanism for the assistance of concerned ministries/ regulatory bodies.
- TRAI has recommended a technology-agnostic approach for the provision of critical IoT services. Specifically, TRAI has recommended that any wireless M2M communication technology (utilizing unlicensed spectrum, or licensed spectrum) or wired M2M communication technology should be permitted to be used for the provision of critical IoT services if it meets the prescribed service performance benchmarks.
- Owing to the pervasive nature of the deployment of IoT devices in all walks of life, the importance of security and privacy requirements of IoT devices is paramount. The security and privacy concerns from IoT devices emanate essentially from the M2M communication modules embedded in them through which IoT devices get connected to telecommunication networks including public internet. With a view to allaying security and privacy concerns in respect of IoT devices, particularly those which are used in critical sectors, TRAI has recommended that the M2M communication modules embedded/ plugged in all IoT devices (which are capable of being connected to telecommunication networks) deployed in the critical sectors identified by National Critical Information Infrastructure Protection Centre (NCIIPC), Government of India should be notified under the framework of Mandatory Testing & Certification of Telecommunication Equipment (MTCTE) in a phased manner.
- Through these recommendations, TRAI has recommended that the Department of Telecommunications (DoT) should establish a framework for the transfer of M2M Service Provider (M2MSP) registration/ authorisation to the resultant entity in case of merger, demerger, acquisition etc. of M2MSP entities.
- TRAI has also recommended that DoT should introduce an enabling provision for the transfer of the ownership of M2M SIMs from one M2MSP registration holder/ authorised entity to another.
- The recommendations have been placed on the TRAI’s website www.trai.gov.in. For clarification/ information, if any, Shri Akhilesh Kumar Trivedi, Advisor (Network Spectrum & Licensing), TRAI, may be contacted at Telephone Number +91-11-20907758 or email at advmn@trai.gov.in.
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Samrat
(Release ID: 2123440)
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MIL-OSI Asia-Pac: Unlocking $25+ Billion Exports in India’s Hand & Power Tools Sector
Source: Government of India
Unlocking $25+ Billion Exports in India’s Hand & Power Tools Sector
Forging India’s FuturePosted On: 22 APR 2025 3:23PM by PIB Delhi
Introduction
The tools industry—comprising hand and power tools—is a foundational pillar of the global manufacturing ecosystem, enabling production across multiple sectors such as construction, automotive, electronics, and infrastructure. In April 2025, NITI Aayog and the Foundation for Economic Development jointly published the report “Unlocking $25+ Billion Exports: India’s Hand & Power Tools Sector”, laying out a comprehensive roadmap to scale up India’s global exports from the current $1 billion to over $25 billion by 2035.
India’s current export footprint in this sector remains modest, yet it possesses key strengths—low-cost labor, strategic trade positioning, and a growing manufacturing base—that offer significant potential to transform the nation into a competitive global player.
This report is both a clarion call and a roadmap,
urging policymakers, industry leaders, and stakeholders to seize a transformative export opportunity worth over $25 billion in the next decade.
Overview
- Global Market Size (2022): ~$100 billion
- Hand Tools: $34 billion
- Power Tools: $63 billion
- Projected Market Size (2035): $190 billion (CAGR: 53%)
- Hand Tools: $60 billion
- Power Tools: $134 billion
- India’s exports in 2025:
- Hand Tools: $600 million (1.8% global share)
- Power Tools: $425 million (0.7% global share)
Targets by 2035 for India:
- Hand Tools: 25% market share → $15 billion exports
- Power Tools: 10% market share → $12 billion exports
- Total Export Opportunity: Over $25 billion
- Employment Generation: 3.5 million direct and indirect jobs
India’s Current Export Profile
Hand Tools
India’s hand tools sector has developed a robust MSME ecosystem with key manufacturing clusters in Punjab (Jalandhar, Ludhiana), Maharashtra (Mumbai, Nagpur), and Rajasthan (Nagaur). Common exports include wrenches, pliers, screwdrivers, and hand saws. The sector’s success is linked to labor-intensive processes, localized supply chains, and historical evolution post-Independence.
Power Tools
The country currently lacks a comprehensive electronic manufacturing ecosystem for power tools, which require precision components like motors and batteries.
Export Destinations and Trade Opportunities
- Top Importers: USA and European Union account for 55–60% of global imports.
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Although India’s exports have also grown by 24% year-on-year,
there remains considerable untapped potential for further expansion.
Tariff Advantage: U.S. imposed 7.5–25% additional tariffs on Chinese tools, creating new opportunities for alternative suppliers like India.
Existing Government Support Mechanisms
- Remission of Duties and Taxes on Exported Products (RoDTEP): RoDTEP provides rebates to exporters for taxes and duties on exported goods to help make Indian exporters more competitive in international markets. Under this scheme, hand tools exporters get rebates of 1.1% as a percentage of their Free on Board (FOB) value, and power tools get rebates of 0.9% as a percentage of their FOB value.
- Duty Drawback Scheme: Duty Free Import Authorisation (DFIA) allows duty-free import of inputs but on a post export basis only. Inputs imported under this scheme are exempted of the Basic Customs Duty only. To qualify, the inputs must be listed under the Standard Input Output Norms (SION), and a minimum value addition of 20% must be achieved. Under this scheme, manufacturers of hand and power tools are eligible for duty drawbacks of 1.5% to 2% on their input costs, as per the Duty drawback rates, 2023.
Strategic Policy Recommendations
1. Create World-Class Clusters for Hand Tools
- Goal: 3–4 clusters spanning ~4000 acres by 2035
- Estimated Investment: ₹12,000 crore (Government) + ₹45,000 crore (Industry)
- Cluster Features:
- Plug-and-play industrial infrastructure
- Worker housing, R&D centers, testing labs
- Convention facilities, 24×7 power and water supply
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To build world class clusters, it is important to invest in
infrastructure such as effluent treatment plants, guaranteed 24×7 power supply, and plug and play factories.
Governance Model: Public-Private Partnership (PPP) via a Special Purpose Vehicle (SPV), state Cluster Authority, and private developers
2. Structural Reforms
- Reduce import duties and rationalize Quality Control Orders (QCOs).
- Reform Export Promotion Capital Goods (EPCG) scheme to ease compliance.
- Align labor laws with global standards (e.g., 300 hours quarterly overtime).
- Liberalize Floor Area Ratio (FAR) and ground coverage norms.
- Ensure 24×7 low-cost electricity and improve logistics.
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If factor market reforms are implemented, no additional
fiscal incentive will be required from the government.
Encourage domestic R&D and ease technology transfer.
3. Bridge Support (Contingent)
If reforms are delayed, bridge support worth ₹5,800 crore over 5 years is recommended.
- Hand Tools: ₹3,450 crore
- Logistics: ₹450 crore
- Interest Subvention: ₹700 crore
- Competitiveness Incentive: ₹700 crore
- Capital Subsidy: ₹1,600 crore
- Power Tools: ₹2,230 crore
- Interest Subvention: ₹430 crore
- Competitiveness Incentive: ₹1,500 crore
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Support should be treated as a strategic investment,
not a subsidy, with a projected return of 2–3 times in tax revenues.
Capital Subsidy: ₹300 crore
Conclusion
India stands at a pivotal juncture in its industrial transformation. The tools sector, though currently underrepresented in global trade, offers a rare and time-sensitive opportunity to reposition India as a reliable manufacturing alternative to China. The roadmap presented by NITI Aayog focuses on leveraging India’s inherent strengths—abundant labor, a rising manufacturing base, and sectoral synergies—while urgently addressing its structural weaknesses.
References
https://www.niti.gov.in/sites/default/files/2025-04/India_Hand_Power_Tools_Sector_Report.pdf
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Santosh Kumar | Sarla Meena | Rishita Aggarwal
(Release ID: 2123437) Visitor Counter : 71
- Global Market Size (2022): ~$100 billion
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MIL-OSI Asia-Pac: Prime Minister highlights the growing ties between India and Saudi Arabia
Source: Government of India
Posted On: 22 APR 2025 2:54PM by PIB Delhi
The Prime Minister Shri Narendra Modi highlighted the growing ties between India and Saudi Arabia, in an interview with Arabnews. Shri Modi described Saudi Arabia as a trusted friend and strategic ally, emphasising the significant expansion of bilateral relations since the creation of the Strategic Partnership Council in 2019.
The Prime Minister’s Office wrote in a post on X:
“In an interview with @arabnews, PM @narendramodi highlighted the growing ties between India and Saudi Arabia. He described Saudi Arabia as “a trusted friend and strategic ally,” emphasising the significant expansion of bilateral relations since the creation of the Strategic Partnership Council in 2019.”
Read the interview here: https://arabnews.com/node/2597904/saudi-arabia
In an interview with @arabnews, PM @narendramodi highlighted the growing ties between India and Saudi Arabia. He described Saudi Arabia as “a trusted friend and strategic ally,” emphasising the significant expansion of bilateral relations since the creation of the Strategic…
— PMO India (@PMOIndia) April 22, 2025
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MJPS/VJ
(Release ID: 2123426) Visitor Counter : 165
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MIL-OSI Asia-Pac: Constitutional Offices Are Not Ornamental; Every Citizen Is Supreme In A Democracy, Stresses Vice-President
Source: Government of India
Constitutional Offices Are Not Ornamental; Every Citizen Is Supreme In A Democracy, Stresses Vice-President
There Is No Visualisation in the Constitution of Any Authority above Parliament, Asserts VPIs Our Discourse Controlled by Moneybags, Muscle Power, And Foreign Interests? You Must Discern, Urges Vice-President
The Constitution Is For the People; Elected Representatives Are Its Repository, Affirms VP
Soul of Democracy Resides In Each Citizen, Says Vice-President
If You Hesitate To Speak The Right Thing At The Right Time, To The Right Group You’ll Not Only Weaken Yourself, But Also Deeply Wound Positive Forces, says VP
Vice-President presides over ‘Kartavyam’, an event commemorating 75 years of the Indian Constitution at the University of Delhi
Posted On: 22 APR 2025 2:43PM by PIB Delhi
The Hon’ble Vice-President of India, Shri Jagdeep Dhankhar, today said, “For any democracy, every citizen has a pivotal role. I find it inconceivably intriguing that some have recently reflected that constitutional offices can be ceremonial or ornamental. Nothing can be far distanced from a wrong understanding of the role of everyone in this country, constitutional functionary or a citizen. According to me, a citizen is supreme because a nation and democracy are built by citizens. Every one of them has a role. The soul of democracy resides and pulsates in every citizen. Democracy will blossom. Its values will get heightened. When citizen is alert, citizen contributes and what a citizen contributes, there is no substitution of that.”
Every citizen has a pivotal role in a democracy. I find it inconceivably intriguing that some have recently reflected that constitutional offices can be ceremonial or ornamental.
Nothing can be far distanced from a wrong understanding of the role of everyone in this country, be… pic.twitter.com/PYm6X5D4f1
— Vice-President of India (@VPIndia) April 22, 2025
Addressing the gathering as the Chief Guest over ‘Kartavyam’, an event commemorating 75 years of the Indian Constitution at the University of Delhi today, the Vice-President and ex-officio Chancellor of the University of Delhi, stated, “There is no visualisation in the constitution of any authority above parliament. Parliament is supreme and that being the situation. Let me tell you, it is as supreme as every individual in the country. Part of ‘We the People’ is an atom in democracy and that atom has atomic power. That atomic power is reflected during elections and that is why we are a democratic nation.”
There is no visualisation in the Constitution of any authority above Parliament.
Parliament is supreme; it is as supreme as every individual in the country.
Every part of ‘We the People’ is an atom in democracy. This atomic power is reflected during elections. That is why… pic.twitter.com/xE8MJigcXE
— Vice-President of India (@VPIndia) April 22, 2025
He also added that, “The Constitution is encapsulated—its essence, it’s worth, its nectar—in the Preamble of the Constitution. And what does it say? ‘We, the People of India’, the supreme power is with them. No one is above the people of India. And we, the People of India, under the Constitution, have chosen to reflect their aspirations, their desires, and their will through their public representatives. And they hold the representatives accountable—severely accountable, on occasions—through elections. A Prime Minister who imposed ‘Emergency’ was held accountable in 1977. And therefore, let there be no doubt about it: the Constitution is for the people, and its repository of safeguarding is that of the elected representatives. They are the ultimate masters as to what the Constitution’s content will be.”
Reflecting on the duty of citizens in democracy, the Vice-President said, “Democracy is not only for the government to govern. It is participatory democracy, just not laws, but also culture and ethos. Citizenship demands action, not merely status….Democracy is shaped not by governments, democracy is shaped by individuals. Because individuals bear the responsibility to uphold our symbols, preserve our heritage, defend sovereignty, foster brotherhood….. Government has a role that it [individual] does not become a handicap. Government has a role that it must have affirmative policies but government is like giving me a good stadium, a good football ground. Goals have to be scored by individuals.”
Underlining the significance of quality of discourse in any healthy democracy, the Vice-President said, “If you want to know the health of democracy, like the health of an individual, if you want to analyse how healthy is our democracy, then you will have to find out discourse quality, the kind of discourse we have. Is our discourse moderated? Is our discourse manipulated? Is our discourse controlled by moneybags, by muscle power, by foreign interests, by people working against the interests of this nation? You will have to discern.”
If you want to know about the health of a democracy, then you must analyse the quality of discourse that we have.
Is our discourse moderated? Is our discourse manipulated? Is our discourse controlled by moneybags, by muscle power, by foreign interests, by people working against… pic.twitter.com/d1gt71MKkd
— Vice-President of India (@VPIndia) April 22, 2025
Underlining the significance of freedom of expression, he stated, “We have to understand—democracy thrives through expression and dialogue. Abhivyakti aur samvaad—these are the core mantras of democracy. These are the basic mantras. If your right of expression is throttled or regulated, as was done during the Emergency, democracy nosedives. But if you have the right of expression, and that expression reflects arrogance and ego—where you believe your expression is ultimate, where you refuse to entertain any different point of view, refuse to even look at the other side—that too is not true expression as per our civilization. Because every expression demands respect for dialogue, and respect for the other point of view. You must always be prepared to be challenged. And to challenge is not a physical act—it is a challenge of ideas, a difference in thought: “I disagree with you.” That does not mean “I am disagreeable.” There must always be space for such exchange. Therefore, expression and dialogue are complementary—they together define democracy. If we delve into our civilizational heritage, this was referred to in Vedic times as ‘Anantavad’—the idea of infinite perspectives. There was a tradition of vaad-vivaad—debate and discourse—And this tradition was free of ego. Vaad-vivaad dissolves ego and arrogance. Because if I believe that only I am right and no one else can be right—that arrogance tarnishes not only the individual but also institutions. That is why, for a healthy democracy, expression and dialogue are essential.”
Democracy is not only for the government to govern. It is participatory democracy- comprising not merely laws, but also culture and ethos.
Citizenship demands action, not merely status. Every individual, if he or she decides, can inculcate a new fervour of nationalistic spirit… pic.twitter.com/4Y9BwyEZkz
— Vice-President of India (@VPIndia) April 22, 2025
“If you hesitate to speak the right thing, at the right time, to the right group and the right person, you will not only weaken yourself but also deeply hurt those positive forces. Therefore, expression and dialogue are of utmost importance. Nations are not built by industrialists, nations are built by individuals. The power of the individual, as I said an atom. The power is atomic, you have that power. You only have to realise it”, he further added.
Distinguished Jurist, Justice H.R. Khanna was your alumnus. That should always remind us why we are celebrating Constitution Day and Samvidhan Hatya Diwas in this country.
We do this because on 26th November, 1949, the Constitution was adopted.
Further, young boys and girls… pic.twitter.com/LXiuS6SKXi
— Vice-President of India (@VPIndia) April 22, 2025
Emphasising the role of youth in nation-building, Shri Dhankhar added, “The quality of discourse defines our democracy and in this, I have no doubt, our youth must elevate beyond partisanship to thoughtful deliberation. Our youth cannot afford this critical juncture when Bharat is rising, the rise is unstoppable. We are destined to be a global power. We will be a developed nation. You cannot be tied down to partisan interests; you have to believe only in national interests.”
Shri Yogesh Singh, Vice-Chancellor, University of Delhi, Prof. Balaram Pani, Dean Colleges, University of Delhi, Shri Prakash Singh, Director, South Delhi Campus, University of Delhi and other dignitaries were also present on the occasion.
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JK/RC/SM
(Release ID: 2123424) Visitor Counter : 17
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MIL-OSI Europe: EIB supports innovative climate action in emerging markets alongside private equity firm LeapFrog Investments
Source: European Investment Bank
EIB - EIB Global commits $60 million to Climate Investment Strategy of LeapFrog Investments alongside World Bank Group’s International Finance Corporation on margins of Spring Meetings in Washington.
- LeapFrog aims to deploy $500 million for green technologies in Africa and Asia.
- Other partners include the World Bank Group’s International Finance Corporation, Singaporean investment firm Temasek and the Swiss Development Finance Institution
The European Investment Bank is accelerating the use of green technologies in Africa and Asia with a $60 million pledge for private equity firm LeapFrog Investments (LeapFrog). The pledge by the EIB, financial arm of the European Union, is for a LeapFrog Climate Investment Strategy that has also drawn support from the World Bank Group’s International Finance Corporation (IFC), Singapore headquartered global investment companyTemasek and the Swiss Development Finance Institution (SIFEM).
LeapFrog aims to deploy $500 million under its Climate Investment Strategy to scale green tools and technologies for consumers in Africa and Asia. Millions of people are expected to have access to better and greener transport, energy, food and housing as a result of the initiative.
EIB Group President Nadia Calviño said: “Today’s announcement is an example of public-private partnership at its best, and a strong statement on Europe’s climate leadership. At the EIB, we are staying the course and consolidating our role as The Climate Bank.”
Consumers in South Asia, Southeast Asia and Africa account for 25% of global emissions of greenhouse gases, a figure set to rise to as much as 73% by 2030 without a green transition. Directing capital in these markets to actions that counter climate change is key to fostering long-term and sustainable economic growth.
An initial investment under LeapFrog’s Climate Investment Strategy supports Battery Smart, India’s largest battery-as-a-service provider for two and three wheelers, providing riders with low-carbon mobility. Other sectors of interest include rooftop solar and clean cooking.
“The world’s four billion consumers in emerging markets constitute half of humanity – they have every right to rise but, without green tools and technologies, their total emissions will blow through the world’s carbon budget. This is also where the greatest opportunities lie — investing to support a generational transition for the majority of global consumers and producers. We are grateful to have the support of our longstanding partners EIB, IFC and Temasek in achieving this mission,” said Dr Andy Kuper, CEO and Founder of LeapFrog Investments.
LeapFrog’s Climate Investment Strategy was recognised today at the World Bank Group and International Monetary Fund Spring Meetings by the heads of the EIB Group, LeapFrog and by IFC Vice-President of Industries Mohammed Gouled and Temasek CEO Dilhan Pillay.
Background information
About the European Investment Bank Group:
The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, the capital markets union, and a stronger Europe in a more peaceful and prosperous world.
All projects financed by the EIB Group are in line with the Paris Climate Agreement, as pledged in our Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.
EIB Global is the EIB Group’s specialised arm devoted to increasing the impact of international partnerships and development finance, and a key partner of Global Gateway. We aim to support €100 billion of investment by the end of 2027 – around one-third of the overall target of this EU initiative. Within Team Europe, EIB Global fosters strong, focused partnerships alongside fellow development finance institutions and civil society. EIB Global brings the EIB Group closer to people, companies and institutions through our offices across the world. High-quality, up-to-date photos of our headquarters for media use are available here.
About LeapFrog Investments
LeapFrog invests in healthcare, financial services and climate solutions businesses in high-growth global markets. Its companies deliver distinctive impact and robust returns, growing revenues on average 23% a year. LeapFrog companies now reach 537 million people with essential services in 37 countries. The firm has raised billions of dollars from global institutional investors, including a $500m commitment by Temasek to LeapFrog and its growth equity funds. LeapFrog has twice been ranked by Fortune as one of the top Companies to Change the World, alongside Apple and Novartis, and was named inaugural Pioneer in Impact by the FT and IFC at the Transformational Business Awards.
For more information, go to: www.leapfroginvest.com.
EIB supports innovative climate action in emerging markets alongside private equity firm LeapFrog Investments
EIB supports innovative climate action in emerging markets alongside private equity firm LeapFrog Investments
©EIB
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MIL-OSI Europe: Answer to a written question – Future of wine exports – new target markets and trade agreements by 2050 – E-000974/2025(ASW)
Source: European Parliament
Diversifying export destinations reduces market risks. Emerging markets in Africa, Latin America and Asia offer growth opportunities.
After a quick growth, uncertainty prevails on Asian markets. Africa and Latin America, representing only 2.9% of imports, show a significant potential linked to projected consumption and demographic growth[1].
The High-Level Group on Wine Policy (HLG)[2] recommends maintaining an ambitious export strategy, expanding market access, addressing trade barriers, protecting wine products from unrelated trade disputes and encouraging innovation and adaptation to changing market and consumer trends.
The Mercosur Agreement is expected to facilitate the entry of European wine in South American countries, in particular on the growing Brazilian market.
The Indian market has a great potential, and a Free Trade Agreement is being negotiated to tackle barriers. The EU is also negotiating trade agreements with Thailand, Indonesia and the Philippines to improve market access for EU wines. The EU only has unilateral arrangements[3] with the African countries mentioned in the question.
Promotion measures[4] covering EU wine geographical indications and wines with indication of wine grape variety can already target the above-mentioned prospective export markets.
The work programme for 2025[5] allocates EUR 132 million to co-fund promotion activities, of which EUR 63.4 million are earmarked for non-EU countries.
A map displaying past and ongoing campaigns is available online[6]. The recently published Commission legislative proposal[7] to support the wine sector includes an amendment to increase the duration of support for promotion operations under wine sectorial interventions to allow for better market consolidation.
- [1] Prospects of the EU Wine Sector (https://agriculture.ec.europa.eu/document/download/83588b14-0c75-43a4-b8ab-c5718bee6b01_en?filename=future-prospects-of-the-eu-wine-sector-june-2024.pdf).
- [2] https://agriculture.ec.europa.eu/media/news/high-level-group-wine-outlines-policy-recommendations-future-eu-wine-sector-2024-12-17_en
- [3] Generalised Scheme of Preferences or Everything but Arms.
- [4] Regulation (EU) No 1144/2014, OJ L 317, 4.11.2014, p. 56-70.
- [5] https://agriculture.ec.europa.eu/common-agricultural-policy/market-measures/promotion-eu-farm-products_en#_blank
- [6] https://enjoy-its-from-europe.campaign.europa.eu/en#_blank
- [7] COM/2025/137 final.
Last updated: 22 April 2025 -
MIL-OSI Asia-Pac: Union Minister Shri Manohar Lal Visits Nepal to Strengthen India-Nepal Energy Cooperation
Source: Government of India
Union Minister Shri Manohar Lal Visits Nepal to Strengthen India-Nepal Energy Cooperation
Inaugurates Electromechanical Works at Arun-3 Project and Witnesses MoU Signing for Cross-Border Transmission SystemsPosted On: 22 APR 2025 9:36PM by PIB Delhi
Union Minister of Power and Housing & Urban Affairs, Shri Manohar Lal, undertook a significant visit to Nepal today, marking a new chapter in India-Nepal energy cooperation. Accompanied by Nepal’s Minister of Energy, Water Resources & Irrigation, Shri Dipak Khadka, and senior officials from both nations, the Union Minister reviewed key bilateral energy initiatives aimed at enhancing regional connectivity and sustainable power development.
During his visit to the 900 MW Arun-3 Hydroelectric Project in Nepal’s Sankhuwasabha district, Shri Manohar Lal reviewed the progress of this landmark project being developed by SJVN Limited, a leading Indian public sector enterprise. The Arun-3 project stands as a symbol of robust India-Nepal partnership in the hydropower sector. On this occasion, Shri Manohar Lal inaugurated the commencement of electromechanical works at the powerhouse site, a critical milestone towards the project’s timely completion.
Later in Kathmandu, in the august presence of Shri Manohar Lal and Shri Dipak Khadka, a Memorandum of Understanding (MoU) was signed between POWERGRID, a Maharatna Central Public Sector Enterprise (CPSE) of India, and the Nepal Electricity Authority (NEA). This MoU paves the way for the incorporation of two joint venture companies—one in India and one in Nepal—to implement high-capacity cross-border transmission infrastructure.
The proposed projects include the development of the 400 kV Inaruwa (Nepal)–New Purnea (India) and 400 kV Dododhara (Nepal)–Bareilly (India) double-circuit transmission systems. These critical transmission links will significantly boost power exchange capabilities between the two countries, fostering energy security, grid stability, and economic growth across the region.
The MoU was signed by Dr. Yatindra Dwivedi, Director (Personnel), POWERGRID, and Shri Kamal Acharya, Director, Grid Operation Department, NEA.
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SK
(Release ID: 2123637) Visitor Counter : 43
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MIL-OSI Asia-Pac: QCI Celebrates Panchayati Raj Diwas for empowering villages for a Viksit Bharat
Source: Government of India
Posted On: 22 APR 2025 6:34PM by PIB Delhi
Quality Council of India, QCI, celebrated Panchayati Raj Diwas in collaboration with the Ministry of Jal Shakti with a programme themed ‘Leadership for Swachh & Sujal Grams’.
Organized as a part of Sarpanch Samvaad, an initiative by the Quality Council of India, the day-long event spotlighted the role of grassroots leaders in driving quality-led transformation in rural India. It brought together over 200 sarpanchs, policy leaders, subject matter experts, and senior government officials from across the country.
Following successful engagements under the Sarpanch Samvaad initiative, this special edition served as a dynamic platform to showcase grassroots efforts, encourage peer learning, and align panchayat-level development with the national vision of Viksit Bharat 2047.
Reflecting on QCI’s commitment to the grassroots, Union Minister of Jal Shakti,Shri C.R. Paatil, stated, “Sarpanch Samvaad by QCI is a powerful platform where Sarpanchs can directly raise their ground-level concerns, which the Ministry will take forward for resolution. To fulfil the vision of Hon’ble Prime Minister Shri Narendra Modi for a Viksit Bharat by 2047, Sarpanchs must champion Swachh and Sujal Grams through initiatives like rainwater harvesting. The voice of Bharat begins at the village, and it must echo at the top.”
Sessions throughout the day covered key issues ranging from water security and sanitation sustainability to the roadmap for Swachh and Sujal Grams, with active participation from sarpanchs across the country.
The event was graced by eminent dignitaries, including Shri Ashok K.K Meena, Secretary, Department of Drinking Water & Sanitation, Ministry of Jal Shakti; Shri Jaxay Shah, Chairperson, Quality Council of India; Shri Chakravarthy T. Kannan, Secretary General, QCI; and Shri Himanshu Patel, Co-opted Member, Governing Body, QCI.
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Abhishek Dayal/Abhijith Narayanan
(Release ID: 2123542) Visitor Counter : 95
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MIL-OSI Asia-Pac: Indian Yoga Association and State Chapters Celebrate World Earth Day with Nationwide Tree Plantation drive under Harit Yoga Initiative
Source: Government of India
Indian Yoga Association and State Chapters Celebrate World Earth Day with Nationwide Tree Plantation drive under Harit Yoga Initiative
Ministry of Ayush’s Harit Yoga Initiative Unites Indian Yoga Association’s State Chapters for Plantation Drive on World Earth DayPosted On: 22 APR 2025 8:22PM by PIB Delhi
In a significant step towards fostering environmental sustainability and holistic well-being, the Indian Yoga Association (IYA), in collaboration with its state chapters observed World Earth Day on April 22, 2025, through a nationwide tree plantation drive under the ‘Harit Yoga’ initiative. Harit Yoga is one of the ten signature events of the International Day of Yoga (IDY) 2025, underscores the seamless integration of Yoga’s principles with environmental consciousness, aligning with the global call for sustainable living.
The initiative aims to amplify the message that the true essence of Yoga encompasses not only personal wellness but also the vitality of the planet. The nationwide plantation drive saw active participation from 12 IYA state chapters, including Tamil Nadu, Chhattisgarh, Nagaland, New Delhi, Karnataka, Maharashtra, Uttar Pradesh, Pune, Jaipur, and Uttarakhand, alongside MDNIY, New Delhi, reaffirming their collective commitment to a greener future.
The event at MDNIY, New Delhi, was graced by Shri P.N. Ranjit Kumar, OSD-IDY Coordination, Ministry of Ayush, as the Chief Guest. Shri Kumar actively participated in planting saplings and emphasized eco-conscious living as a cornerstone of holistic wellness.
Complementing the plantation efforts, a special Yoga session was organized in Jaipur to promote physical, mental, and environmental well-being, accompanied by the distribution of Ayurvedic drinks and the formation of a human chain to symbolize unity in environmental stewardship.
In Chhattisgarh, the IYA State Chapter organized a tree plantation drive at Teli Gundar School, Patan Tehsil, Durg district, where medicinal plants were planted, and tree guards were installed to ensure their long-term protection. Similar initiatives across other states highlighted the synergy between Yoga and environmental action, engaging diverse stakeholders, including nature clubs, NGOs, Yoga institutions, and government bodies.
Maa Dr. Hansaji Yogendra, President, IYA & Director, The Yoga Institute, congratulated the Ministry of Ayush for conceptualizing Harit Yoga, stating, “This initiative underscores the intrinsic connection between sustainable living and Yoga, serving as a powerful reminder that the well-being of the planet and its people are deeply intertwined.”
Swami Chidanand Saraswati, Member, Governing Council, IYA & President, Parmarth Niketan, Rishikesh, urged citizens to embrace Yoga’s deeper essence, noting, “Yoga is a journey of harmony between the self and nature, teaching us that we are an inseparable part of the natural world.”
Echoing this sentiment, Swami Bharat Bhushan Ji, Member, Governing Council, IYA & Founder, Mokshayatan, Saharanpur, revered the Earth as a mother, citing the Atharva Veda’s teaching that all living beings are her children, emphasizing the spiritual bond between humanity and nature.
Dr. Ananda Balayogi Bhavanani, Joint Secretary, IYA & Chairman, ICYER, Puducherry, added, “Through practices like Vrikshasana, Yoga fosters a connection with Mother Earth, encouraging an environmentally-friendly attitude filled with gratitude.”
Other dignitaries further enriched the narrative. Ms. Ganga Nandini, Secretary, Uttarakhand State Chapter Committee, highlighted the 2025 theme, ‘Yoga for One Earth, One World,’ emphasizing the interconnection of all life forms. Acharya Pratishtha, President at Bharat Yoga Mokshayatan underscored trees as lasting guardians of the future, while Dr.Mridula, Former Deputy Director (Homeopathy)called for consistent individual efforts for a greener planet. Mrs. Sunila Athley, Principal of Amity International School, Vasundhara, Sector -6 shared her experience of integrating Yoga and tree plantation, uniting personal and planetary peace through mindful action.
The plantation drive serves as a powerful symbol of the synergy between Yoga and the global call for environmental stewardship. It reinforces the Ministry of Ayush’s vision to promote holistic well-being, emphasising that true health encompasses not only individual wellness but also the vitality of our planet.
Appendix
‘Harit Yoga’ campaign, one of the ten signature events of the International Day of Yoga (IDY) 2025 was launched in Bhubaneswar by Union Minister of State for Ayush (I/C), Shri Prataprao Jadhav on the 75th day to IDY 2025. Harit Yoga integrates the principles of Yoga with environmental sustainability, advocating for mindful living in harmony with nature.
Through this campaign, MDNIY, Ministry of Ayush aims to amplify the message that the true essence of Yoga lies not only in personal wellness but also in planetary well-being. Alongside Yoga sessions, this year’s observance includes activities such as beach clean-ups, tree plantations, water body conservation, and adventure-based eco-Yoga experiences.
The objectives of the Harit Yoga initiative are to integrate Yoga with environmental consciousness through structured activities, fostering a holistic approach to well-being. It seeks to engage diverse stakeholders, including nature clubs, NGOs, Yoga institutions, and government bodies, to promote sustainable living. Additionally, the initiative encourages public participation in eco-friendly practices and educational campaigns focused on climate change and conservation, driving collective action for a greener future.
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MV/AKS
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MIL-OSI Asia-Pac: India’s Aviation Revolution
Source: Government of India
Ministry of Civil Aviation India’s Aviation Revolution
From Regional Runways to Global Routes
Posted On: 22 APR 2025 6:19PM by PIB Delhi
“Among the fastest-growing sectors in Bharat’s economy, aviation is one of them. We are connecting our people, culture, and prosperity through this sector. With 4 billion people, a rapidly growing middle class, and the resulting increase in demand, this is a significant driving force for the sector’s development.”
Prime Minister, Shri Narendra Modi
Summary
- Parliament passed the Protection of Interest in Aircraft Objects Bill, 2025, aligning India’s aviation leasing laws with global standards to reduce leasing costs.
- The Bharatiya Vayuyan Adhiniyam 2024 modernized India’s aviation sector, replacing the colonial-era Aircraft Act from 1934.
- India’s domestic air passenger traffic reached a historic milestone, surpassing 5 lakh passengers in a single day in 2024.
- Entering its 9th year, the UDAN scheme has successfully operationalized 619 routes and 88 airports, with plans to expand to 120 additional destinations.
- UDAN Yatri Cafés launched at Kolkata and Chennai Airports, providing passengers with affordable, quality food.
- Rapid aviation infrastructure expansion continued, with significant progress in operationalizing Greenfield airports and upgrading existing facilities nationwide.
Under the visionary leadership of Prime Minister Shri Narendra Modi, the Ministry of Civil Aviation has ushered in an era of transformative growth and innovation in India’s aviation sector. Driven by groundbreaking legislative reforms, extensive infrastructure expansion, and an unwavering commitment to connectivity, safety, and sustainability, the Ministry has achieved landmark milestones, positioning India among the world’s leading aviation markets. This article outlines the Ministry’s strategic initiatives and key accomplishments, reflecting a robust aviation ecosystem poised to support India’s ambitions of becoming a developed nation by 2047—Viksit Bharat @2047. The following sections highlight the key pillars of this transformation—legislation, infrastructure, inclusivity, sustainability, and global integration—underscoring India’s emergence as a capable aviation powerhouse.
Legislative Reforms Driving Systemic Transformation
- Protection of Interest in Aircraft Objects Bill, 2025 – This pivotal legislation, steered through Parliament by Civil Aviation Minister Shri Ram Mohan Naidu and passed in April 2025, aligns India’s aircraft leasing and financing framework with international standards set by the Cape Town Convention, 2001. By addressing gaps in legal enforcement, the Bill is strategically designed to reduce aircraft leasing costs for Indian carriers, which were previously 8-10% higher than in other nations. This is expected to boost investor confidence in India’s burgeoning aviation market significantly. The intended impact of the Bill includes reduced risk premiums, lower interest rates, and lease costs for passengers and shippers. It also aims for better contract enforceability and repossession certainty, fostering the growth of domestic leasing hubs.
- Bharatiya Vayuyan Adhiniyam 2024 – This landmark Act was passed by both houses of Parliament in 2024 and came into force on 1st January 2025. It represents a significant step in modernising India’s aviation sector by re-enacting and updating the colonial-era Aircraft Act, 1934. The Adhiniyam aims to foster indigenous manufacturing under the ‘Make in India’ and ‘Atmanirbhar Bharat’ initiatives, align regulations with international conventions such as the Chicago Convention and the International Civil Aviation Organization (ICAO), and streamline regulatory processes by simplifying license issuance. It also removes redundancies and introduces provisions for appeals.
Infrastructure Expansion: Building the Future of Indian Aviation
- Foundation Laid for New Terminal Capacity: Significant infrastructure development is underway, including the laying of foundations for new terminals at key locations such as Varanasi, Agra, Darbhanga, and Bagdogra.
- Operationalisation of Greenfield Airports: Since 2014, 12 Greenfield Airports have been operationalised out of 21 ‘in-principle’ approved airports. These include Durgapur, Shirdi, Kannur, Pakyong, Kalaburagi, Orvakal (Kurnool), Sindhudurg, Kushinagar, Itanagar (Hollongi), Mopa, Shivamogga, and Rajkot (Hirasar). Furthermore, development at Noida (Jewar) and Navi Mumbai International Airports is progressing rapidly, with operationalisation targeted for the first quarter of FY 2025-26. The government has set an ambitious target of developing 50 more airports in the next 5 years and connecting 120 new destinations in the next 10 years.
- Significant Capital Expenditure in Airport Infrastructure: A substantial CAPEX of over ₹ 91,000 crore is planned for airport infrastructure development under the National Infrastructure Pipeline (NIP) during FY 2019-20 to FY 2024-25, with approximately ₹ 82,600 crores already spent by November 2024.
RCS–UDAN: Democratising Air Travel and Boosting Regional Growth
- RCS-UDAN Connecting India: The Regional Connectivity Scheme (RCS) – Ude Desh Ka Aam Nagrik (UDAN), now in its 9th year since its launch in October 2016, has operationalised 619 routes and connected 88 airports across the country. This scheme embodies the government’s commitment to affordable air travel and promoting balanced regional development.
- Expansion of Regional Connectivity: In 2024 alone, 102 new RCS routes were launched, including 20 in the North Eastern States. The scheme has facilitated affordable air travel for 1.5 crore passengers, and it aims to extend this to 4 crore more in the next decade through a revamped UDAN initiative to add 120 new destinations. The scheme also prioritises connecting remote, hilly, and aspirational districts, including the North Eastern region, through support for helipads and smaller airports.
- Affordable Food at Airports with UDAN Yatri Café: The UDAN Yatri Café initiative, aligned with the Hon’ble Prime Minister’s vision of democratising air travel, was launched to provide affordable and quality airport food options. Cafés have been inaugurated at Kolkata’s Netaji Subhas Chandra Bose International Airport and Chennai Airport, offering tea for ₹10 and samosas for ₹20. The Kolkata café has seen significant success, leading to the nationwide expansion of the initiative.
Skyrocketing Passenger Traffic Reflects Sectoral Momentum
- Exponential Growth in Domestic Passengers: In 2024, domestic air passenger traffic more than doubled to 22 crore 81 lakh, a remarkable increase from the 10 crore 38 lakh passengers recorded in the 65 years preceding 2014. Domestic air passenger traffic grew by 5.9% in the January-November period of 2024 compared to the same period in 2023, crossing the milestone of 5 lakh passengers in a single day for the first time on November 17, 2024.
- Strong Growth in International Traffic: International routes also experienced substantial growth, with 64.5 million passengers carried between January and November 2024, marking an 11.4% increase.
- India Emerges as a Top Global Aviation Market: The total number of air passengers annually has exceeded 350 million, firmly establishing India as the third-largest aviation market globally. Over the past decade, domestic air passenger traffic has grown 10-12% annually.
Safety, Technology, and Seamless Travel
- State-of-the-Art DFDR & CVR Laboratory Inaugurated: A significant stride towards enhancing aviation safety was the inauguration of the advanced Digital Flight Data Recorder and Cockpit Voice Recorder (DFDR & CVR) Laboratory at the Aircraft Accident Investigation Bureau (AAIB) in New Delhi. This ₹9 crore facility will significantly improve the effectiveness of identifying the root causes of incidents and ensuring accountability, thereby contributing to a safer aviation ecosystem. The Hindustan Aeronautics Limited (HAL) supported the establishment of this crucial lab.
- Expansion of Digi Yatra for Seamless Travel: Digi Yatra services to 24 airports have significantly enhanced passenger convenience and security. This initiative provides a seamless, contactless travel experience for passengers. Over 80 lakh users have downloaded the app, and more than 4 crore journeys have been completed using the Digi Yatra facility.
- Guidelines Launched for Seaplane Operations: The Guidelines for Seaplane Operations in India were launched on 22nd August 2024 to enhance regional connectivity further. These guidelines prioritise safety and security and aim to facilitate the commencement of seaplane operations across the country. UDAN Round 5.5 includes invitations for bids for seaplane operations from over 50 water bodies.
Sustainability and Capacity Building: Preparing for Tomorrow
- Driving Green Energy Adoption at Airports: The Ministry actively promotes sustainable aviation, with around 80 airports now operating on 100% green energy. The aspiration is to transition over 100 airports to renewable energy sources. Bengaluru Airport has achieved the highest Carbon Accreditation Level 5 by Airports Council International (ACI), while Delhi, Mumbai, and Hyderabad airports have achieved Level 4+ accreditation, becoming carbon neutral. Chennai Airport also operates entirely on green energy and houses a 1.5 MW solar power plant.
- Addressing the Growing Demand for Pilots: Recognizing the increasing need for trained pilots, estimated at 30,000 to 34,000 in the next 10-15 years, the Ministry is actively working on expanding the number of Flight Training Organizations (FTOs) and the annual issuance of commercial pilot licenses.
- Aviation Career Guidance for Students: To nurture future talent, Civil Aviation Minister Shri Ram Mohan Naidu launched a ‘Career Guidance Programme in Aviation’ for school students at the Indian Aviation Academy. The programme aims to inspire and educate students about diverse career opportunities within the sector. The Minister highlighted the significant demand for pilots and the government’s commitment to developing domestic talent.
Additional Milestones in Aviation Growth
- Maintenance, Repair & Overhaul (MRO): A uniform 5% Integrated Goods and Services Tax (IGST) rate has been introduced for aircraft parts to promote India as a competitive global MRO hub.
- Gender Inclusion: India boasts 13–18% of women pilots, which ranks among the highest globally. The Directorate General of Civil Aviation (DGCA) targets 25% representation of women in all aviation roles by 2025.
- International Recognition: The 2nd Asia-Pacific Ministerial Conference on Civil Aviation was successfully hosted in New Delhi, culminating in the Delhi Declaration.
- Air Cargo Infrastructure: Cargo handling capacity reached 8 million MT in FY24, growing at 10 %+ annually with a new focus on warehousing for perishables and streamlined customs protocols.
Charting the Path to Viksit Bharat @2047
The Ministry of Civil Aviation remains resolutely committed to positioning India as a global aviation leader, driving transformative change through visionary policies, world-class infrastructure, and inclusive, sustainable growth. As India continues to break records in passenger traffic, expand regional connectivity, and modernise aviation frameworks, the nation is firmly set on an upward trajectory toward becoming a vibrant global aviation hub. These concerted efforts enhance travel experiences for millions and bolster economic prosperity, strengthen national integration, and empower India to confidently soar towards its vision of becoming a developed nation—Viksit Bharat @2047.
References
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Santosh Kumar / Sheetal Angral/ Vatsla Srivastava
(Release ID: 2123537)
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MIL-OSI Asia-Pac: YOUTH MUST BECOME ACTIVE STAKEHOLDERS IN BUILDING A STRONG, SELF-RELIANT INDIA: LOK SABHA SPEAKER
Source: Government of India
YOUTH MUST BECOME ACTIVE STAKEHOLDERS IN BUILDING A STRONG, SELF-RELIANT INDIA: LOK SABHA SPEAKER
INDIAN STUDENTS REPRESENT SPIRIT OF INNOVATION, DIVERSITY, AND GLOBAL LEADERSHIP: LOK SABHA SPEAKEREDUCATION MUST EMBODY BOTH TRADITIONAL WISDOM AND MODERN INNOVATION: LOK SABHA SPEAKER
LOK SABHA SPEAKER INSPIRES YOUTH AT LOVELY PROFESSIONAL UNIVERSITY WITH VISION OF “ONE INDIA & ONE WORLD”
LOK SABHA SPEAKER ADDRESSES AT LOVELY PROFESSIONAL UNIVERSITY, PUNJAB
Posted On: 22 APR 2025 7:51PM by PIB Delhi
Phagwara/New Delhi, 22 April, 2025: Lok Sabha Speaker Shri Om Birla today exhorted the youth to become active stakeholders in building a strong and self-reliant India. He called upon the youth to engage themselves proactively in nation building, innovation, and global leadership and to contribute meaningfully to India’s growth story by participating in democracy, research, law-making, and technological advancement.
Shri Birla was speaking at the Study Grant Awards event of Lovely Professional University (LPU), held under the theme “One India & One World”, which was attended by thousands of students including students from over 50 countries, faculty members, academic leaders, and families. He articulated the role of youth to achieve the vision of Vikshit Bharat 2047 – a vision that encompasses economic growth, social equity, global leadership, and sustainability. The Speaker’s speech struck a powerful chord with the youth, urging them to be proactive participants in shaping India’s destiny.
He mentioned that India today is being recognized globally for its vibrant youth population who are excelling in all domains—technology, governance, academia, and entrepreneurship. The Speaker encouraged the students to face challenges with resolve and to enrich India’s global standing with integrity, innovation, and a sense of service. Indian students represent the spirit of Innovation, Diversity and Global Leadership, he highlighted. With creativity, innovation, entrepreneurial spirit, and moral conviction, the youth of India can steer this country toward becoming a model for the world, he added.
Stating that education must be a harmonious blend of traditional wisdom and modern innovation, Shri Birla underlined the importance of preserving cultural roots while embracing the transformative power of technology and contemporary knowledge systems. He emphasized that the timeless values enshrined in India’s ancient educational traditions must serve as the foundation upon which modern advancements in science, technology, and pedagogy are built. In a rapidly evolving global landscape, it is imperative that the education system nurtures not only skilled professionals but also socially conscious citizens, rooted in heritage and equipped to shape the future. He stressed the importance of developing a sense of purpose among the youth, grounded in national identity, global vision, and social commitment.
Commending LPU as a symbol of India’s educational progress, Shri Birla noted that the university reflects the spirit of unity in diversity. He called LPU a true microcosm of cultural richness, where students from every Indian state and over 50 countries study together in an atmosphere of friendship and mutual respect. He observed that LPU has continuously adapted to the evolving needs of the times, offering world-class facilities while upholding Indian values and culture. Events like “One India, One World” were lauded as excellent examples of India’s civilization philosophy of Vasudhaiva Kutumbakam — the world is one family, he said, adding that the youth of India must think beyond national borders in an interconnected world we live in today. They must be global citizens with an Indian heart and that is what ‘One India & One World’ is all about,” he explained.
Shri Om Birla reiterated his optimism about India’s future and his deep faith in the younger generation. He urged that as we move toward 2047, let us pledge to build an India that is not just developed but also just, inclusive, compassionate, and wise and let us work toward a world where India leads with values, and where every Indian contributes to the global good. Shri Birla congratulated the graduating class and encouraged them to carry the values of discipline, determination, and unity into their professional journeys, and to strive for excellence while remaining deeply connected to their roots.
Shri Ashok Mittal, Member of Parliament and other dignitaries were present on this occasion.
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AM
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MIL-OSI Asia-Pac: Relief to Tobacco Farmers: Government Notifies 3-Year Validity for Grower Registrations and Barn Licenses
Source: Government of India
Posted On: 22 APR 2025 6:06PM by PIB Delhi
Government of India has decided to renew the Certificate of Registration as Virginia tobacco grower and License for operation of a barn to 3 years instead of 1 year as a part of ease of doing business, in order to reduce the burden of mandatory yearly renewal of Certificate of Registration as Virginia tobacco grower and license for operation of a barn. This means, the registrations / licenses will be valid for 3 years instead of the existing practice of renewing every year.
To facilitate the growers to renew this registration / licenses once in 3 years, the Government of India has amended the sub-rule(5), (6) and (7) of rule 33 and sub-rule (2) and (3) of rule 34N, of Tobacco Board Rules, 1976. The amendment to the aforementioned Tobacco Board Rules, 1976 was published in the Gazette of India by the Ministry of Commerce and Industry, Department of Commerce, Government of India.The same will be effective from 2025-26 crop season in Andhra Pradesh.
This amendment of increasing the periodicity from one to three years will be greatly helpful to around 83,500 farmers covering around 91,000 barns in renewing their registrations/licenses across Andhra Pradesh, Karnataka, Telangana and Odisha states.
Virginia tobacco is being regulated in India by an Act of Parliament i.e., Tobacco Board Act, 1975 and the rules notified there under. As per the Tobacco Board Act, 1975 and Rules notified thereunder, every grower intending to take up cultivation of Virginia tobacco has to obtain certificate of registration as a grower and a license for operation of a barn. Accordingly, the Tobacco Board is facilitating the registration / licensing on an annual basis.
India is 2nd largest producer and 4th largest exporter of unmanufactured tobacco in the World (in value terms during 2023) and generating to the Indian exchequer. During 2024-25 Financial Year, Tobacco exports contributed 1979 US million dollars (Rs.16,728 Crores) to the Indian exchequer.
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Abhishek Dayal/Abhijith Narayanan
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MIL-OSI Asia-Pac: TRAI Organises Workshop of Senior officers from States and Union Territories regarding “Regulation on Rating of Properties for Digital Connectivity”
Source: Government of India
Posted On: 22 APR 2025 7:51PM by PIB Delhi
As per the studies, 70-80% mobile data consumption takes places inside buildings or indoor areas. High frequency bands are used to deliver high speed internet in 4G and 5G technologies. However, high frequences bands get attenuated at higher rate by the building fabric containing steel and concrete walls compared to 2G bands. With the exponential rise in quantum and speed of data consumption due to progressive digitization of economy, governance and the society in general, good digital connectivity has become very important in the present age. Hence, the good in-building digital connectivity has become an essential requirement. To achieve seamless communication inside buildings, the Digital Connectivity Infrastructure (DCI) must be planned and developed alongside other essential building services such as water, electricity and safety systems.
The workshop was chaired by Shri Anil Kumar Lahoti, Chairman TRAI. The workshop received overwhelming response from States and UTs and was attended by over 125 participants, including senior officers from Housing & Urban development and IT department of States/Union Territories.
Chairman, TRAI in his opening remarks, emphasised that States and UTs can play a pivotal role to drive collaboration among property developers and telecom service providers for facilitating development of DCI in the projects through respective building byelaws. TRAI regulations envisage star ratings of properties for quality of digital connectivity similar to Green Building Ratings of projects or Energy Efficiency Ratings of appliances. The digital connectivity ratings will be live process and cover review of digital connectivity rating during lifecycle of the project. TRAI has already started the process of empanelment or registration of Digital Connectivity Rating Agencies (DCRAs).
The workshop provided details of initiatives taken by TRAI for improving in-building digital connectivity in the country and overview of the “Regulation on Rating of Properties for Digital Connectivity, 2024” issued by TRAI on 25th October 2024. The presentation also covered the provisions of National Building Code (NBC) and Model Building By-Laws (MBBL) related to Digital Communication infrastructure. The session covered the rating process in detail by which properties are going to be assessed and rated. The workshop concluded with a Q&A session, allowing participants to engage directly with the experts to gain more insight about inbuilding digital connectivity.
The rating of buildings for digital connectivity will provide uniform standard reference for creating DCI in the country. With adoption of rating framework in the bylaws, the end user of residential and commercial properties will be able to make informed choices at the time of buying or leasing the properties. Further, the quality of experience in public buildings will also improve with the help of rating framework. Under the regulation, the consumer may also seek review of ratings in case of degradation of digital connectivity in the property. Like wise property mangers can seek review of ratings if they carry out significant improvements.
The workshop concluded with the closing remarks by Dr. M. P. Tangirala, Member, TRAI.
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Samrat
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MIL-OSI Asia-Pac: Ministry of Skill Development and Entrepreneurship (MSDE) and Microsoft come together to launch ‘AI Careers for Women’ by establishing 30 Centers of Excellence in Women Colleges Across Six States in the Country
Source: Government of India
Ministry of Skill Development and Entrepreneurship (MSDE) and Microsoft come together to launch ‘AI Careers for Women’ by establishing 30 Centers of Excellence in Women Colleges Across Six States in the Country
CoEs in Tier-II and Tier-III towns to offer specialized undergraduate AI courses to equip young women with industry-aligned skills and foster careers in Artificial Intelligence‘Empowering young women with in-demand digital skills will not only transform individual careers but also accelerate the nation’s journey towards a more equitable and innovation-driven economy’: Union Minister Jayant Chaudhary
Posted On: 22 APR 2025 5:33PM by PIB Delhi
The Ministry of Skill Development and Entrepreneurship (MSDE) and Microsoft have signed a Memorandum of Understanding (MoU) to launch AI Careers for Women—a pioneering skilling initiative aimed at empowering women in higher education institutions to pursue careers in Artificial Intelligence (AI). This strategic collaboration seeks to bridge the gender gap in emerging tech by equipping women with industry-aligned AI skills, enabling them to participate meaningfully in the digital economy and become active contributors to India’s innovation-led growth.
As part of this collaboration, Microsoft will provide 240-hours training curriculum under AI skilling and Innovation framework for women, aligned to the industry standards, and developed in consultation with the National Council for Vocational Education and Training (NCVET). The training will be delivered in a hub and spoke model in partnership with the state government departments for higher education, across a network of 30 Centre of Excellence – Hubs and 150 educational institutions – spokes in Tier-II and Tier-III towns across six states.
Speaking on the partnership, Shri Jayant Chaudhary, Union Minister of State (Independent Charge), Ministry of Skill Development & Entrepreneurship and Minister of State, Ministry of Education, said, “This initiative exemplifies how government and industry can come together to shape an inclusive and future-ready workforce. Our partnership with Microsoft underlines the Ministry’s commitment to expanding opportunities for women in emerging tech fields like AI. By embedding this program within credit-linked university curricula and aligning it with the National Education Policy (NEP), we’re reimagining 21st-century learning—making it flexible, interdisciplinary, and deeply rooted in industry needs. Empowering young women with in-demand digital skills will not only transform individual careers but also accelerate the nation’s journey toward a more equitable and innovation-driven economy.”
As one of the program partners, Edunet Foundation will implement this program, working closely with the participating academic institutions, government bodies, corporate organizations and industry bodies, building an alliance to bring ecosystem change and enable industry relevant skills and economic opportunities for Women in AI, thereby enhancing their workforce participation.
The program complements classroom learning in higher education by establishing 30 centers of excellence at women institutions that act as hub centers and further support 150 spoke centers in Tier-II and Tier-III towns, offering in-depth AI training with hands-on exposure to AI tools and real-world applications, helping 20,000 learners to gain industry-relevant skills and project-based experience. Learners will benefit through structured training from experts, AI certifications, internships, apprenticeship, fellowship, career guidance and job opportunities in AI enabled roles.
The program will also create opportunities for women in rural India to innovate on AI and enhance their economic opportunities, equipping them to be AI developers, building AI applications and datasets, thereby building talent pipeline for rural AI innovation/enterprise. This initiative builds on Microsoft’s ongoing skilling efforts with MSDE. MSDE will collaborate with Microsoft in accreditation of the curriculum and enable rural girls with apprenticeship and job opportunities through these centers of excellence.
Highlighting Microsoft’s commitment to inclusive skilling, Aparna Gupta, Global Delivery Center Leader Microsoft India, said, “I’m thrilled to see Microsoft’s partnership with the Ministry of Skill Development and Entrepreneurship (MSDE) take shape, empowering young women in India to build careers in AI. We believe that equitable access to AI skills is crucial for inclusive economic growth. Through this collaboration, we’re strengthening capacity building across institutions in Tier-II and Tier-III towns, ultimately enabling more women to thrive in an AI-powered economy and shape the workforce of tomorrow”.
The initiative aims to enhance women workforce participation in digital economy and aligns with the government’s mission of creating equitable access to future-ready skills. The program is designed to expand digital career pathways for women and contribute to a more inclusive technology workforce.
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Beena Yadav/SH
(Release ID: 2123510) Visitor Counter : 101
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MIL-OSI Asia-Pac: Union Minister of State for Power and New & Renewable Energy Shri Shripad Yesso Naik chairs the 4th meeting of Group of Ministers constituted for addressing issues related to viability of distribution utilities in the country
Source: Government of India
Union Minister of State for Power and New & Renewable Energy Shri Shripad Yesso Naik chairs the 4th meeting of Group of Ministers constituted for addressing issues related to viability of distribution utilities in the country
Regulatory reforms, cost reflective tariffFinancial restructuring of DISCOMs to improve efficiency and quality of operation
Reducing cost of Generation is essential to improving viability of Utilities
Posted On: 22 APR 2025 7:49PM by PIB Delhi
Union Minister of State for Power and New & Renewable Energy, Shri Shripad Yesso Naik, chaired the 4th meeting of Group of Ministers constituted for addressing issues related to viability of electricity distribution utilities in Vijayawada today.
Shri A. K Sharma, Energy Minister, Uttar Pradesh, Shri Gottipati Ravi Kumar, Energy Minister, Andhra Pradesh, Shri Hiralal Nagar, Minster of State for Energy, Rajasthan and Smt. Meghana Sakore Bordikar, Minister of State for Energy, Maharashtra as members of the Group attended the meeting. The meeting was also attended by senior representatives from All India DISCOM Association (AIDA), senior officials from Central Government, State Governments, State Power Utilities of Member States and Power Finance Corporation (PFC) Ltd.
Union Minister of State in his opening address welcomed Energy Ministers from the member States and thanked Energy Minister, Andhra Pradesh, for hosting the meeting. He highlighted about the deliberations held during the first three meetings of GoM regarding challenges being faced by the distribution utilities and stressed upon the need for regulatory reforms. He also mentioned about the key actionable items identified by GoM till the last held meeting including the steps that needs to be taken by the Central and the State Governments for improving efficiency of utilities.
Hon’ble Minister highlighted about the collective responsibilities of State Governments and Regulatory Commissions for making distribution sector sustainable.
In his address, Energy Minister, Andhra Pradesh thanked the Union Minister of State for having the 4th meeting of the Group of Ministers in Vijayawada.
All India DISCOMs Association (AIDA), as a special invitee, also made a presentation on the subject. It was mentioned that SERCs need to comply with Tariff Policy and Rules while finalising the Tariff petitions of the Utilities. It was also mentioned that there is a need for having a comprehensive review of the tariff policy which is in sync with the present requirements and challenges of the Utilities and its consumers.
Joint Secretary (Distribution), Ministry of Power, GoI made a presentation highlighting key areas of intervention. He presented the key parameters reflecting the present financial status of the utilities of the member States, and major regulatory disallowances in their tariff/true-up orders. It was also presented that the annual revenue increase of most of the utilities is not commensurate with the increase in debt being taken by them. The presentation also highlighted the action plan proposed to reduce the outstanding debts and losses of the distribution utilities.
The key points of discussions included role that the State Governments may play for ensuring cost reflective tariff, in ensuring timely payment of subsidies and Government department dues, expediting works ongoing under Revamped Distribution Sector Scheme including the smart metering works, increasing the use of Artificial Intelligence and Data Analytics to improve power purchase optimisation and demand forecasting, etc. The States also requested support of GoI in reforming its distribution sector through measures like distribution franchisee/privatization/ introduction of parallel licensee, etc.
It was emphasised by the Member States that the Group of Ministers may be continued beyond submission of the final report, and on a rotation basis States may be invited to brainstorm on the issues affecting the power sector as a whole. It was proposed to hold a dedicated session on measure for reducing Power Purchase costs by inviting all the stakeholders.
The Group of Ministers reiterated its commitment and expressed resolve to take necessary measures for improving the financial viability of distribution utilities.
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MIL-OSI Asia-Pac: Dr Jitendra Singh calls for greater synergy between innovation and industry for a sustainable StartUp ecosystem;
Source: Government of India
Dr Jitendra Singh calls for greater synergy between innovation and industry for a sustainable StartUp ecosystem;
Startup Ecosystem must link all stakeholders together to become globally competitive: Dr. Jitendra Singh‘Time to Open the Gates’: Union Minister Calls for Science-Industry Synergy at Hyderabad Conclave
Agriculture is India’s exclusive and relatively under-explored domain, says Minister
Hyderabad Startup Meet Marks Shift Toward Inclusive Innovation, Says Dr. Jitendra Singh
Posted On: 22 APR 2025 5:22PM by PIB Delhi
In a spirited call for greater synergy between innovation and industry for a sustainable StartUp ecosystem, 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 said that the time has come for Indian science to break silos and integrate with stakeholders including industry, investors, and the public.
Speaking at the Startup Conclave jointly organized by CSIR-IICT, CSIR-CCMB, and CSIR-NGRI in Hyderabad, Dr. Jitendra Singh highlighted that India’s moment in science and innovation has arrived.
Addressing a gathering of scientists, entrepreneurs, students, and policymakers, Dr. Jitendra Singh lauded the rare joint initiative by the three Hyderabad-based CSIR labs, noting that “such an integrated scene of science and governance under one roof” reflects Prime Minister Narendra Modi’s vision of collaborative and inclusive innovation.
The Minister made a strong pitch for dismantling the outdated image of government labs as “ghost-haunted places where frogs are dissected,” narrating how villagers once misunderstood the work of CSIR labs due to lack of public outreach. “Science should not be confined behind gates. If your domain is agriculture, invite the farmers in. Let them see what you’re doing,” he asserted.
Dr Jitendra Singh underlined the need for early and deep industry involvement in research and innovation, pointing to the success of CSIR’s Aroma Mission, where over 3,000 youth, many of them non-graduates, became successful agri-entrepreneurs with minimum annual earnings of ₹60 lakh. “That’s the real transformation—a blend of technology, livelihood, and dignity,” he said.
Referring to India’s rapidly growing biotechnology sector, Dr. Jitendra Singh recalled that in 2014, there were only 50 biotech startups. Today, the number exceeds 10,000. “It’s not just numbers. We’ve moved from $10 billion to nearly $170 billion in biotech valuation. This is not just growth, it’s a revolution,” he said, citing the government’s dedicated policies like Bio-E3 and the National Quantum Mission.
Dr. Jitendra Singh expressed concern over internal compartmentalization within CSIR and even within his own Ministry. He revealed that he now holds monthly joint meetings of all science departments including Atomic Energy, Space, and Biotechnology, to ensure overlapping initiatives are integrated rather than duplicated. “How can we compete globally if we don’t even know what our neighbouring lab is doing?” he questioned.
The Minister also announced plans to open up the nuclear sector, noting that a new realism has replaced the secrecy that once shrouded scientific endeavours. “When Google can peek into our lives, what’s the point of denying access to potential collaborators in the name of confidentiality?” he asked.
The Minister made a compelling case for realistic, demand-driven innovation. “Let the industry do the mapping. Let them invest from day one. If they put in ₹20, they’ll make sure your startup doesn’t fail,” he said, encouraging researchers to see industry not just as a customer but as a co-investor.
In a candid remark, Dr. Jitendra Singh acknowledged that while the government has significantly increased support—CSIR and DSIR budgets have risen over 230% since 2014—true sustainability lies in self-sufficiency and public-private collaboration. “You can start a startup, but sustaining it is the challenge. Social and economic security must match the aspiration,” he said.
Concluding his address, Dr. Jitendra Singh emphasized that Hyderabad, with its unique blend of scientific legacy and tech-savvy spirit, is best positioned to lead India’s science-led development agenda. “This is not just about Hyderabad or about CSIR. This is about India stepping out of the shadows and leading the global innovation narrative,” he said.
The event, held at a time when India’s Global Innovation Index has jumped from 81 to 39 in less than a decade, marked a decisive moment in the Centre’s mission to democratize science, empower youth, and position India as a global innovation powerhouse.
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