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Category: India

  • MIL-OSI Global: The Sims: from Hot Date to Get Famous, why expansion packs have been key to the game’s longevity

    Source: The Conversation – UK – By Aditya Deshbandhu, Lecturer of Communications, Digital Media Sociology, University of Exeter

    SimCity 3000, the predecessor to The Sims, played a pivotal part in my childhood, growing up in Hyderabad, India. Its recreation of the western, urban world helped me understand how cities were planned, designed and financed – and how they provided people with key services like transportation, health and education while preparing for accidents and other hazards.

    As an eight-year-old trying to figure out my place in the world, that game offered me a way to make meaning of the chaos that can be life. So, when The Sims launched in 2000 – enabling me to live inside a virtual city, rather than simply build one – I had to get my hands on a copy.

    Twenty-five years later, I write this piece in a drastically different gaming landscape, where games offer high visual fidelity and ever-increasing frame rates for ultra-smooth game play. But despite all these technological innovations and the pursuit of photo-realism, the popularity of The Sims’ game designer Will Wright’s satire on American consumer culture endures.

    Sul Sul! This article is part of a mini series from The Conversation marking 25 years of The Sims franchise.

    The franchise’s four Sims games had sold over 200 million copies before the latest instalment, The Sims 4, became free to play in 2022. Players now spend their money on extras within the game. Over 85 million people played The Sims worldwide in 2024.

    At a time when the success of a modern video game is measured in metrics like “cumulative engagement time” (number of players playing at the same time), acquisition of new players and “intensity of engagement” (number of hours spent by a player), now-over-a-decade-old The Sims 4 continues to excel with its mastery of the live-service format.

    The trailer for the first Sims game.

    Live-service describes the form modern digital games embrace when they transition from conventional products into “services” – a shift made possible because games today can be regularly updated, fixed and expanded upon by their makers remotely. They can acquire new levels and in-game features in a similar way to how streaming platforms like Netflix drop new episodes of your favourite show.

    Players don’t buy a live-service game, they sign up for the journey.

    Expanding player horizons

    In each incarnation of The Sims, players have been able to access new ways to perform roles and tasks that mimic everyday life, in the form of expansions and content packs.

    The original title, The Sims (2000), had seven expansion packs and two content packs. I distinctly remember brewing potions in the chemistry lab and rubbing a magic lamp to conjure a genie in the first expansion, Livin’ Large; the new holiday island that was built for The Sims: Vacation; and leaving my Sim’s home to visit downtown areas as part of Hot Date.

    The trailer for The Sims Hot Date expansion pack.

    But for The Sims 4 (2014), the developers went all in. This game – and its subsequent expansions – represents a digital supermarket of lifestyles, sub-cultures, activities and stardom. For example, 2018’s Get Famous pack not only introduced Del Sol Valley – a region that resembled Los Angeles and the Hollywood Hills – but also introduced the “reputation” mechanism for players.

    The Discover University expansion (2019) allowed players to take their Sims to school in a new region called Britechester – after this update, the game integrated Sims’ careers and education, and in many ways changed the rules of the game. And the Eco Lifestyle expansion pack (2020) is memorable because the game engaged with ideas of sustainable living for the first time.

    Genre, fantasy and reality

    From content packs featuring a digital recreation of singer Katy Perry in The Sims 3 to collaborations with streamers, content creators and fashion houses, The Sims has remained relevant by consistently blurring the lines between genre, reality and fantasy.

    Hot Date was a popular early Sims expansion pack.

    Today, video game makers the world over try to master formats like free-to-play games where players pay for cosmetic items, customisations and added content, or expansions offering downloadable content. The Sims set the standard for most of them.

    Over the past 25 years, this franchise has had several life simulation competitors in the form of Second Life, Facebook’s once popular Farmville, virtual reality experiences like Half-Life: Alyx and, during the pandemic when we worked, learnt and played online, initiatives like the Metaverse.

    However, today only The Sims endures. The game’s developers continue to give its players what they want, while also getting them to engage with difficult ideas like sustainability, the question of life and death, and even gentrification (For Rent expansion pack, anyone?).

    Few games let players critique life so closely. For game researchers like me, this begs the question: do people play life simulation games like The Sims in order to build alternative lives, relive their own – or create something entirely new?

    Looking for something good? Cut through the noise with a carefully curated selection of the latest releases, live events and exhibitions, straight to your inbox every fortnight, on Fridays. Sign up here.

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

    – ref. The Sims: from Hot Date to Get Famous, why expansion packs have been key to the game’s longevity – https://theconversation.com/the-sims-from-hot-date-to-get-famous-why-expansion-packs-have-been-key-to-the-games-longevity-248604

    MIL OSI – Global Reports –

    February 4, 2025

  • MIL-OSI United Kingdom: New partnerships for growth: FCDO Minister’s speech at the LSE

    Source: United Kingdom – Executive Government & Departments

    FCDO Minister for Development Anneliese Dodds gave a keynote speech to the UK financial sector at the London Stock Exchange today on partnerships for growth.

    Thank you so much, Julia [Dame Julia Hoggett, CEO of the London Stock Exchange], and a very good morning to all of you.

    Thank you so much for joining us today, I really appreciate it.

    It was an absolute thrill to see the market open this morning.

    I am very keen to hear from as many of you as possible, so I’m not going to speak for too long.

    I want to leave plenty of time for questions.

    But I do want to share a few reflections with you this morning.

    This is, as Dame Julia kindly said, the second time I had the privilege of opening the London Stock Exchange.

    I had the privilege of speaking in this room almost two years ago, and it was then as now a very moving moment, because sat in the front row were some of the first women, in fact the first women, and others who set foot on the London Stock Exchange because they had not been allowed to do so until then.

    What a privilege to have been there for that moment, as for this moment.

    Two years ago, when I was here, I spoke about my own family background – with my dad having worked in financial services.

    And I want again to place on record, my respect for the work that goes on in this building, and across the country.

    Businesses in the financial sector power jobs and growth across the UK, and indeed often around the world as we’ve just heard.

    Well, of course, a lot has changed in the last two years, since I was last here.

    I am addressing you, not as a shadow minister – but now as the Minister for Development, and for Women and Equalities.

    We have a new government focused on growth and restoring our reputation on the world stage.

    And the Prime Minister and the Chancellor have set us all a guiding mission to grow our economy, and bring opportunity to people across our country.

    They have been clear that supporting growth and development around the globe is not just the right thing to do.

    It is an essential part of how we unlock growth, jobs, trade, investment, and pride in our economy here at home as well.

    Indeed, as the Foreign Secretary said in a major speech at the start of the new year, in today’s contested, competitive world, what we need now is a whole new level of global engagement – drawing on our greatest strengths.

    That absolutely includes the expertise, experience, and dynamism in this room.

    Clearly, the City of London and wider UK financial sector must be at the heart of how we meet the opportunities and challenges of our time.

    Twenty years ago, people marched and campaigned to Make Poverty History.

    [Political content redacted]

    That call was heeded and huge progress was made.

    Debt was cancelled, and development assistance was ramped up.

    Lives were saved and lives were changed.

    Today, the challenges we face are growing and becoming increasingly complex – not least because our world is so deeply interconnected.

    We have all seen how shocks can indeed reverberate across the globe.

    A vicious cycle of conflicts.

    The pandemic.

    The climate and nature crisis, and others.

    We have seen supply chains disrupted, and investor confidence shaken – harming our economy, here at home.

    Yet we have all seen the power of harnessing this interconnectedness as well.

    By working together – we can get ahead of global shocks, mitigate their impact, and unlock new opportunities for growth.

    For outward investment by UK businesses.

    To build future markets for UK exports.

    To support low-and-middle-income countries to grow their economies as well.

    As the UK’s Minister for Development, and for Women and Equalities, I am determined to build genuine partnerships across the Global South, based on genuine respect, and in service of our mutual interests.

    Indeed, in all of the visits I’ve undertaken over the last 6 months, from Indonesia to Malawi, to the major global gatherings of the UN General Assembly, the World Bank Annual Meetings, and the climate summit at COP29 – I heard loud and clear that our drive for growth is an ambition our partners all share.

    They want respectful, modern partnerships that benefit us all, too.

    They want to tap into your expertise and the innovative financial solutions you are pioneering – to harness the power of private finance.

    They want to work with us to build resilience to shocks.

    To escape the trap of unsustainable debt.

    To break down the barriers to private investment.

    And they want to work with us to champion much-needed reform of the global financial system, so we unlock more opportunities for everyone – from millions of women and girls around the world whose game-changing potential has yet to be unleashed, to investors right here in the City of London.

    Your hard work is at the heart of these partnerships.

    Already, 115 African companies are listed here.

    London is the world’s number one hub as I said before for green finance.

    All of this puts the UK in pole position to be the leading source of investment for emerging markets – and to build on the reputation you have worked so hard to develop.

    So today, I want to focus on four key areas, where the government and the City can make the most of the important roles we have to play – to support stable, resilient long-term growth, here at home, and around the world.

    Mobilising private capital – to help us maximise the impact of public and private finance.

    Reforming international financial institutions – to make sure they are bigger, better, and fit for the future.

    Tackling unsustainable debt – to achieve the fast, orderly restructuring that helps countries avoid default and supports stability.

    And scaling up insurance – to get more finance in place before disasters strike, to protect and promote growth across the world.

    First – mobilising private capital.

    Together, we can maximise the impact of billions of dollars of public money – and unlock many billions more.

    Consider that globally, there are some $121 trillion of assets under management.

    Currently, Africa accounts for less than 1% of the overseas portfolio allocation of UK pension funds.

    Yet Africa’s GDP growth – and I know I don’t need to tell many in this room of this – is projected to outpace the global average – and almost 70% of UK savers say they want their investments to consider impact on people and the planet.

    It is time to lean in.

    So, I was delighted to hear the Chancellor announce her plans – to consolidate the UK’s fragmented £1.3 trillion pension fund landscape, and create larger, more agile funds, capable of investing in high-growth emerging and developing markets.

    This is exactly the kind of opportunity we need to embrace.

    And I’m delighted that today, a new report from leading UK-based institutional investors sets out how the UK can continue to be the climate finance hub for the world.

    The report makes it clear that investing in other countries to accelerate the transition to clean energy is critical – to growing our economy at home, and to building financial stability long-term, in the UK, and right around the world.

    The Energy Secretary is rightly championing this through the new Global Clean Power Alliance, that the Prime Minister launched at the G20 in Rio.

    Well, today I am pleased to announce that alongside the Economic Secretary to the Treasury, I am convening an Investor Taskforce – to increase UK private investment for climate and development, in markets around the world.

    We are building partnerships with public markets like the London Stock Exchange to pursue this.

    In just four years, our flagship MOBILIST initiative has mobilised almost $250 million for listed products focussed on climate and development globally – including recent investments, like the infrastructure securitisation through Bayfront.

    This method of structuring bank infrastructure loans makes it possible for institutional investors to purchase them through investment-grade listed instruments.

    MOBLIST also helped achieve a $100 million first close for the Green Guarantee Company that will provide up to $1 billion of guarantees – for institutional investors buying green bonds, including those listed on the London Stock Exchange, and green loans issued in the private credit market.

    Today, I am pleased to announce up to £100 million of additional funding for MOBILIST – so we can build on this innovative work pioneering public market investment in emerging markets.

    This will allow MOBILIST to provide a platform for even more partners to draw on UK financial expertise – unlocking opportunities for investments in green growth, and helping more businesses to access new and affordable sources of capital across Asia, Africa, and Latin America.

    MOBILIST is not the only way that we are doing this.

    When I visited the London-based Private Infrastructure Development Group, funded by the UK and others – I saw how they are developing and de-risking infrastructure projects across Africa and Asia.

    The UK financial sector has been a key partner for them.

    For example, one arm of the group – GuarantCo – has guaranteed bonds and loans, to unlock $5.7 billion of private investment in infrastructure, benefitting over 44 million people.

    And – breaking news – I am delighted that a new $50 million deal with Standard Chartered Bank – signed today – will allow them to expand further.

    As another example, take British International Investment, or BII – the world’s oldest Development Finance Institution, at the forefront for 75 years.

    The BII teams were full of ambition when I visited their HQ in November.

    I am always proud to tell our partners that 25% of BII’s new investment commitments already meet the 2X Challenge standard – to increase investment in women.

    By making this a priority, BII is funding everything from affordable housing led by women in India, to making lines of credit accessible to small-scale retailers run by women in Nigeria – supporting jobs and growth.

    And when I sat down with key African investors alongside partners from the City in the autumn, I was able to highlight that over half of BII’s portfolio is invested in Africa, and at least 30% of BII’s investments are in climate finance.

    So today, I want to encourage you to engage with their live call for proposals that is open right now.

    BII are looking for innovative pilots to be funded through a new facility announced by the PM at UNGA in New York – that we expect to mobilise over $500 million of institutional investment.

    We are supporting public markets to mobilise finance in other ways as well.

    UK support has been instrumental in helping Ethiopia to launch its first public stock exchange just a few weeks ago, with support from the UK government through Financial Sector Deepening Africa – or ‘FSD Africa’ for short.

    This exchange brings transparency and international-standard accounting to listed companies – and the diverse ownership that should improve accountability, and broaden both the gains from growth, and the buy-in.

    We are sharing UK expertise on financial regulation with our partners as well.

    Through a partnership with the Foreign, Commonwealth, and Development Office, the Bank of England is now supporting more than 10 countries to improve monetary policy and strengthen financial stability – from Nigeria to South Africa, and from Bangladesh to Indonesia.

    And in the last few days we have signed a new partnership with the Financial Conduct Authority, that will lead to them sharing knowledge with partner countries – to ensure that markets are competitive and fair.

    That is good for our partners – and it is good for us as well.

    Last year, Tanzania’s NMB Bank cross-listed East Africa’s first sustainability bond on the London Stock Exchange and the Dar es Salaam Stock Exchange – again, with support from FSD Africa, and an anchor investment from BII.

    The $73 million raised through this ‘Jamii’ Bond will support renewable energy, food security, jobs, and growth.

    In fact, thanks in no small part to your hard work, these sorts of listing are becoming a trend on the London Stock Exchange.

    Last year, the Brazilian Government dual-listed its first $2 billion sovereign sustainable bond on the London Stock Exchange.

    That was followed by a full listing of its second $2 billion sustainable bond, a few weeks later.

    All of this was enabled by UK support that helped Brazil develop a Sovereign Sustainable Bonds framework.

    Now, as we heard earlier, just a few weeks ago, the first $500 million Climate Investment Funds Capital Markets Mechanism bond was issued on the London Stock Exchange.

    It generated considerable investor interest.

    As has already been mentioned of course, it was over-subscribed six times over.

    Further issuances could raise up to $7.5 billion over ten years, for new investments in clean energy in developing countries – leveraging UK government contributions, and those from our international partners.

    So, I could not have been more delighted to open the market this morning – and to congratulate the Climate Investment Funds and World Bank Treasury on issuing this promising new bond today.

    Now, of course, no one in this room is going to invest in developing economies, or provide climate finance – simply because it is a nice thing to do.

    You are making those investments and building those partnerships because they represent a remarkable opportunity – to marry investment in the economies and technologies of the future, with the experience and expertise of the City of London.

    [Political content redacted]

    Let us keep up the momentum – so the London Stock Exchange continues to be the preferred choice.

    My second point is about reforming international financial institutions.

    We are asking a lot of all of you – but of course, there are certain things that only governments can do.

    And reforming the multilateral development banks or MDBs is one of the biggest ways that we are holding up our end of the bargain.

    Every year, the World Bank Group and various regional development banks multiply every pound the UK government and other shareholders put in.

    Last year alone, they raised around £30 billion from bond issuances in London.

    Together with finance raised on other markets around the world, this allowed them to deploy over $170 billion to low-and-middle-income countries.

    This finance is on much more affordable terms than many of our partners could access directly – thanks to the banks’ triple-A credit ratings.

    They use this to invest in high-impact public and private projects.

    Green infrastructure, healthcare, education, women and girls – all underpinning the foundations for growth around the world, and here in the UK.

    So clearly, pursuing reforms that make the MDBs bigger, better, and fit for the future is key.

    As the Prime Minister set out at the UN General Assembly last year –that is exactly what we are using the UK’s influence to do, in partnership with the Global South.

    Indeed, when I travelled to Washington D.C in October, as the UK Governor of the World Bank Group, I made it my priority to agree changes to its risk appetite, that will unlock an additional $30 billion over ten years.

    This builds on UK government guarantees that have made it possible for the World Bank and other MDBs to lend an additional $6 billion, across Africa, Asia, and the Pacific.

    Ahead of the next big ‘Financing for Development’ summit in Seville this summer – we must do more.

    To make sure the MDBs can shoulder more risk.

    To create more opportunities for private companies to invest in emerging markets.

    And to empower the women and girls who have the power to lift up whole families, communities, countries, and economies.

    Thirdly – we have to tackle the unsustainable debt that is dampening global growth.

    As we take the next steps now, we need the City to be at the forefront of expertise and solutions, to make sure that countries facing unsustainable debt burdens can restructure it effectively.

    Clearly, fast, orderly restructuring can help countries avoid default, and support stability.

    This is squarely in the interest of lenders, such as bondholders and commercial lenders here in the City.

    Obviously, it is squarely in the interests of borrowers too.

    I heard that loud and clear from the governments of Malawi and Zambia during my visit at the end of last year.

    With some 95% of African bonds issued under English Law, the UK has a key role to play.   We need to leverage this.

    Half of the lowest income countries are now in debt distress, or at high risk of it.

    Some 3.3 billion people are living in countries that are spending more on servicing their debt, than on the health and education services that underpin long-term, global growth.

    So, I want us to build on the successes of Collective Action Clauses that featured in over 90% of new bond issuances.

    These have been rolled out widely since their introduction in 2004.

    They have played an important role in ensuring a smooth process and strong private sector participation, in recent debt restructuring negotiations in Ghana and Zambia – avoiding situations where one or two bondholders can hold up a deal.

    This is a great example of what market-friendly innovation can achieve.

    My challenge to the commercial banks now is to introduce the equivalent clauses for syndicated lending – that the UK government has worked with the International Capital Markets Association, legal and financial advisors based in the City, and international partners to develop.

    No lender has implemented them – yet.

    So today, I am announcing that the UK government will offer support for the first ten transactions that put ‘majority voting provisions’ into existing or new lending to low-or-middle-income countries.

    Together, we can speed up debt restructuring negotiations with syndicated lenders – and get growth recovering more quickly in cases where debt has become unmanageable.

    We can do more on Climate Resilient Debt Clauses as well.

    The UK government was the first bilateral creditor to offer these clauses.

    Several other lenders have followed since.

    The difference they can make is significant.

    They allow repayments to be paused when a shock hits.

    This frees up fiscal space for countries responding to a crisis.

    Helps avoid default.

    Supports stability.

    And safeguards growth.

    Just look at Grenada.

    At the end of last year, following Hurricane Beryl – these clauses were triggered on government-issued bonds

    The result was $30 million of interest payments being suspended over the following year – thanks to the bondholders who pioneered these clauses.

    Already, we are going further.

    In October, I announced that the UK will support small states to take up Climate Resilient Debt Clauses in their World Bank loans, by covering the fees.

    In the long run these should be offered at no cost – improving sustainability, and offering benefits both to borrowers and lenders.

    All of this builds on the leadership of countries like Grenada and Barbados who championed these clauses.

    Today, I am reiterating our call on all creditors to offer these clauses in their sovereign lending, by the end of this year – including private sector lenders here in the City.

    I want to see greater transparency on debt as well.

    This improves investors’ understanding – and reduces the hidden debt that poses substantial risks for creditors here in the City.

    It lowers the cost of borrowing for our partners.

    And it allows citizens across the world to hold their governments to account for borrowing and using resources.

    Already, the UK government publishes all its new lending quarterly, on a loan-by-loan basis.

    Now, we want to see other public and private creditors meeting the same standards of transparency in their lending – especially to low-income countries.

    The UK will keep under review if further action is needed – working together with the private sector, to combat high levels of indebtedness.

    Fourth and finally, we need to get insurance and other contingent finance in place before disasters strike, so we protect and promote growth around the world.

    Extreme weather events are on the rise, as we all know.

    Millions of the world’s poorest and most vulnerable people are bearing the brunt of repeated shocks.

    Yet currently, less than 2% of crisis finance is of the ‘pre-arranged’ variety – that makes sure every pound spent yields three or four times its worth in benefits.

    Changing that is so important – to help countries receive the rapid payments they need to avoid losses.

    To reduce the need for humanitarian support.

    And to protect growth and jobs.

    Once again, the City is well-placed to meet the needs of this growing, and largely untapped market – as a global leader in innovative insurance and managing risk.

    In Africa, the Caribbean, South-East Asia and the Pacific, the FCDO has helped to establish regional insurance schemes – helping countries get cheaper prices by buying insurance from the private sector as a group, pooling their risk.

    London reinsurers underwrote a quarter of the first eight pools that have allowed Africa to transfer over $1 billion of risk, through the UK-funded African Risk Capacity.

    On a visit at the end of last year, I saw first-hand the difference that payouts from the African Risk Capacity are making to people in Zambia and Malawi, as they respond to a devastating recent drought.

    I was proud to tell them that this was made possible by UK government subsidies for insurance premiums – for countries that otherwise wouldn’t have been able to afford them.

    Now, I want us all to engage with the ground-breaking report published by a high-level industry panel, that I helped to launch last week – on how we can strengthen the provision of insurance and other contingent finance, and scale up the use of pre-arranged finance.

    Improving modelling, and the way we price risk.

    Championing innovative parametric insurance.

    De-risking investments upfront.

    This work is so important for giving investors confidence, expanding markets in development economies, improving returns, and strengthening the UK’s role as a leading global financial hub.

    Cultivating a virtuous cycle of global resilience and growth is in all our best interests.

    Your expertise, innovation, and investment are critical.

    So, my pledge to you is that I will make it a priority to build stronger partnerships between the Foreign, Commonwealth, and Development Office and the City.

    So we face up to unprecedented challenges.

    Embrace new opportunities.

    And reinvigorate hope for our shared future – and for sustained and sustainable economic growth here and overseas – by working towards it together, in the months and years ahead.

    Thank you.

    Updates to this page

    Published 3 February 2025

    MIL OSI United Kingdom –

    February 4, 2025

  • MIL-OSI: Allegro MicroSystems Appoints Dr. Krishna Palepu to its Board of Directors

    Source: GlobeNewswire (MIL-OSI)

    MANCHESTER, N.H., Feb. 03, 2025 (GLOBE NEWSWIRE) — Allegro MicroSystems, Inc. (“Allegro”) (Nasdaq: ALGM) a global leader in power and sensing semiconductor solutions for motion control and energy-efficient systems, today announced the appointment of Krishna Palepu, Ross Graham Walker Professor of Business Administration at Harvard Business School, to Allegro’s Board of Directors (“Board”) as an independent director. Dr. Palepu’s appointment was effective on January 31, 2025. 

    Dr. Palepu brings extensive expertise in strategy, governance, and emerging markets to the Board, as well as experience advising companies in the technology and semiconductor sectors. His academic research focuses on globalization, particularly in India and China, and corporate board effectiveness. He has served on multiple public company boards and is a fellow of the International Academy of Management.

    “I am delighted to welcome Krishna to Allegro’s board of Directors,” said Yoshihiro “Zen” Suzuki, Chairman of the Board. “He brings a unique perspective with his impressive background in academia combined with considerable board and consulting experience in the sectors and markets of focus for the company. Dr. Palepu’s deep understanding of business strategy and global markets positions him perfectly to navigate the complexities of international business. His practical experience complements his research background, bringing valuable insight to the Board as we move towards our next stage of growth.”

    “It is an exciting time to join Allegro’s Board, and I am honored to be appointed,” said Dr. Palepu. “I look forward to working closely with Allegro’s directors and management team and drawing upon my expertise in corporate governance, emerging markets, and global strategy to further enable the company to continue its strong progress.”

    Dr. Palepu holds a master’s degree in Electronics from Andhra University, an MBA-equivalent degree from the Indian Institute of Management, Calcutta, and a Ph.D. in Management from the MIT Sloan School of Management.

    About Allegro MicroSystems

    Allegro MicroSystems, Inc. is leveraging more than three decades of expertise in magnetic sensing and power ICs to propel automotive, clean energy and industrial automation forward with solutions that enhance efficiency, performance and sustainability. Allegro’s commitment to quality drives transformation across industries, reinforcing our status as a pioneer in “automotive grade” technology and a partner in our customers’ success. For additional information, visit www.allegromicro.com.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts contained in this press release should be considered forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “aim,” “may,” “will,” “should,” “expect,” “exploring,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “would,” “contemplate,” “believe,” “estimate,” “predict,” “potential,” “seek,” or “continue” or the negative of these terms or other similar words and expressions, although not all forward-looking statements contain these words. No forward-looking statement is a guarantee of future results, performance or achievements, and one should avoid placing undue reliance on such statements.

    Forward-looking statements are based on our management’s current expectations, beliefs and assumptions and on information currently available to us. Such beliefs and assumptions may or may not prove to be correct. Additionally, such forward-looking statements are subject to a number of known and unknown risks, uncertainties and assumptions, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including, but not limited to, those identified in Part II, Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and Part I, Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended March 29, 2024, filed with the U.S. Securities and Exchange Commission on May 23, 2024, which is available at www.sec.gov. These risks and uncertainties include, but are not limited to: downturns or volatility in general economic conditions; our ability to compete effectively, expand our market share and increase our net sales and profitability; our reliance on a limited number of third-party semiconductor wafer fabrication facilities and suppliers of other materials; any failure to adjust purchase commitments and inventory management based on changing market conditions or customer demand; shifts in our product mix, customer mix or channel mix, which could negatively impact our gross margin; the cyclical nature of the semiconductor industry, including the analog segment in which we compete; any downturn or disruption in the automotive market or industry; our ability to successfully integrate the acquisition of other companies or technologies and products into our business; our ability to compensate for decreases in average selling prices of our products and increases in input costs; our ability to manage any sustained yield problems or other delays at our third-party wafer fabrication facilities or in the final assembly and test of our products; our ability to accurately predict our quarterly net sales and operating results and meet the expectations of investors; our dependence on manufacturing operations in the Philippines; our reliance on distributors to generate sales; events beyond our control impacting us, our key suppliers or manufacturing partners; our ability to develop new product features or new products in a timely and cost-effective manner; our ability to manage growth; any slowdown in the growth of our end markets; the loss of one or more significant customers; our ability to meet customers’ quality requirements; uncertainties related to the design win process and our ability to recover design and development expenses and to generate timely or sufficient net sales or margins; changes in government trade policies, including the imposition of export restrictions and tariffs; our exposures to warranty claims, product liability claims and product recalls; our dependence on international customers and operations; the availability of rebates, tax credits and other financial incentives on end-user demands for certain products; risks, liabilities, costs and obligations related to governmental regulations and other legal obligations, including export/trade control, privacy, data protection, information security, cybersecurity, consumer protection, environmental and occupational health and safety, antitrust, anti-corruption and anti-bribery, product safety, environmental protection, employment matters and tax; the volatility of currency exchange rates; our ability to raise capital to support our growth strategy; our indebtedness may limit our flexibility to operate our business; our ability to effectively manage our growth and to retain key and highly skilled personnel; our ability to protect our proprietary technology and inventions through patents or trade secrets; our ability to commercialize our products without infringing third-party intellectual property rights; disruptions or breaches of our information technology systems or confidential information or those of our third-party service providers; our principal stockholder continues to have influence over us; the negative impact any future issuance or sale of our shares may have on the market price of our common stock; anti-takeover provisions in our organizational documents and under the General Corporation Law of the State of Delaware; any failure to design, implement or maintain effective internal control over financial reporting; changes in tax rates or the adoption of new tax legislation; the negative impacts of sustained inflation on our business; the physical, transition and litigation risks presented by climate change; and other events beyond our control. Moreover, we operate in an evolving environment. New risk factors and uncertainties may emerge from time to time, and it is not possible for management to predict all risk factors and uncertainties.

    You should read this press release with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. All forward-looking statements speak only as of the date of this press release, and except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.

    Allegro Contact
    Jalene Hoover
    VP of Investor Relations & Corporate Communications
    jhoover@allegromicro.com

    The MIL Network –

    February 4, 2025

  • MIL-OSI Asia-Pac: PM congratulates musician Chandrika Tandon on winning Grammy award

    Source: Government of India

    Posted On: 03 FEB 2025 2:32PM by PIB Delhi

    The Prime Minister today congratulated musician Chandrika Tandon on winning Grammy award for the album Triveni. He commended her passion towards Indian culture and accomplishments as an entrepreneur, philanthropist and musician.

    In a post on X, he wrote:

    “Congratulations to @chandrikatandon on winning the Grammy for the album Triveni. We take great pride in her accomplishments as an entrepreneur, philanthropist and ofcourse, music! It is commendable how she has remained passionate about Indian culture and has been working to popularise it. She is an inspiration for several people. 

    I fondly recall meeting her in New York in 2023.”

     

    Congratulations to @chandrikatandon on winning the Grammy for the album Triveni. We take great pride in her accomplishments as an entrepreneur, philanthropist and ofcourse, music! It is commendable how she has remained passionate about Indian culture and has been working to…

    — Narendra Modi (@narendramodi) February 3, 2025

     

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    MJPS/SR

    (Release ID: 2099101) Visitor Counter : 40

    MIL OSI Asia Pacific News –

    February 3, 2025

  • MIL-OSI Asia-Pac: Harnessing Yuva Shakti for Viksit Bharat

    Source: Government of India

    Posted On: 03 FEB 2025 1:41PM by PIB Delhi

    In order to harness the potential and to optimally tap constructive and creative energies of the youth, the Department of Youth Affairs pursues the twin objectives of personality-building and nation-building, that is, developing the personality of youth and involving them in various nation-building activities through its field organizations and various schemes.

    National Service Scheme (NSS) is engaged in developing the personality and character of the student youth through voluntary community service. ‘Education through Service’ is the purpose of the NSS.

    Similarly, Nehru Yuva Kendra Sangathan (NYKS) through its various programmes and interventions is reaching out to the rural youth for their empowerment and civic engagement.

    Moreover, recently, an overarching enabling mechanism- Mera Yuva Bharat (MY Bharat), an autonomous body under the Department of Youth Affairs has been established, which is powered by technology, for youth development and youth led development through ‘Kartavya Bodh’ and ‘Seva Bhaav’, during the Amrit Kaal.

    A digital platform for MY Bharat (https://www.mybharat.gov.in/) has been developed on which the youth across the country can register and signup for various volunteering opportunities being made available on the portal. The envisioned phygital (physical + digital) ecosystem is to empower young individuals to become catalysts for community transformation. So far, more than 1.65 Crore Youth have registered on the MY Bharat Portal.

    To advance the goal of developed India by 2047 among youth, the “Yuva Connect” program has been conceptualized with the aim to foster youth engagement and leadership in the developmental transformation of India. The events are organised around discussions on the concept of Viksit Bharat with young people in educational institutions throughout India. Youth also get an opportunity to interact with eminent speakers.

    Through these programs, emphasis is laid on values such as national identity, civic engagement, social cohesion, human capital development, critical thinking, and empowerment, so that students are better prepared to contribute positively to their societies. These interactions not only enhance individual growth but also strengthen the fabric of the nation as a whole. 

    This information was given by Union Minister of Youth Affairs & Sports and Labour & Employment, Dr. Mansukh Mandaviya in a written reply in Lok Sabha today.

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    Himanshu Pathak

    (Release ID: 2099075) Visitor Counter : 78

    MIL OSI Asia Pacific News –

    February 3, 2025

  • MIL-OSI Asia-Pac: Bureau of Indian Standards strengthens engagement with African and Latin American Nations on Standardization

    Source: Government of India (2)

    Posted On: 03 FEB 2025 1:00PM by PIB Delhi

    The Bureau of Indian Standards (BIS) hosted a high-level roundtable discussion to foster collaboration in the field of standardization with African and Latin American nations. The event saw participation from Ambassadors, High Commissioners, and representatives of over 25 countries from these regions, along with officials from the Ministry of External Affairs and the Department of Consumer Affairs.

    Smt. Nidhi Khare, Secretary, Department of Consumer Affairs, Government of India and Mr. Pramod Kumar Tiwari, Director General, BIS, led the discussions alongside senior officials from Bureau.

    Consumer Affairs Secretary acknowledged BIS’s comprehensive standards ecosystem, which ensures product quality and safety while facilitating seamless trade across borders. She underscored the importance of harmonizing standards to strengthen international trade and quality infrastructure.

    Smt. Khare said that BIS plays a crucial role in facilitating international trade by setting standards that ensure compatibility, safety, and quality. She emphasized India’s strong commitment to international standardization and its active participation in ISO and IEC at both technical and governance levels. With seven decades of expertise in standardization, BIS continues to lead in this domain.

    She highlighted how BIS has been organizing capacity-building programs for developing countries under the ITEC program. So far, 30 African nations and 10 Latin American countries have benefited from these initiatives. Additionally, BIS has established Memorandum of Understandings (MoUs) with these countries to facilitate knowledge-sharing and the exchange of best practices.

    The Secretary reiterated BIS’s commitment to extending cooperation to any interested country, offering support on standardization principles and sector-specific matters. The organization has also developed comprehensive codes for the National Building Code (NBC) and the National Electrical Code (NEC), which contribute to safe and sustainable infrastructure development.

    For developing countries with limited resources and expertise, she stressed that there is no need to reinvent the wheel. Instead, they can adopt Indian standards through harmonization, benefiting from the experience and expertise that BIS has cultivated.

    All dignitaries present appreciated the efforts and support provided by BIS. The representatives encouraged more such programs in collaboration with National Standards Bodies (NSBs). African and Latin American countries expressed keen interest in furthering mutual cooperation with BIS, strengthening their standardization frameworks.

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    Abhishek Dayal/Nihi Sharma

    (Release ID: 2099057) Visitor Counter : 74

    MIL OSI Asia Pacific News –

    February 3, 2025

  • MIL-OSI Asia-Pac: Text of the Chairman’s Opening Remarks at Commencement of 267th Session of Rajya Sabha

    Source: Government of India

    Posted On: 03 FEB 2025 12:21PM by PIB Delhi

    Hon’ble Members, the 267th Session of the Rajya Sabha is a milestone in the constitutional journey of Bharat, being the first one convened as we march into the last quarter of the century of adoption of our Constitution on November 26, 1949.

    An occasion of expression of profound gratitude to visionary founding fathers, whose wisdom and foresight endowed us with a Constitution that has remarkably shaped the destiny of our Republic.

    In this journey of 75 years, we have embraced modernity without forsaking our timeless wisdom and heritage. Our collective dreams and aspirations have enabled strides in digital innovation and sustainable development to space exploration and infrastructure.

    Guided by the mantra of Vikas with Virasat, the march forward towards a Viksit Bharat by 2047 must be the north star that anchors our collective efforts. It is incumbent upon us, as members of this august House, to rise to this calling with unwavering resolve.

    As the Council of States—the House of Elders—we must serve as both guardians of constitutional values and torchbearers of progressive thought. Let us emulate our founding fathers, and seize this moment in history to leave our indelible footprints upon the sands of time.

    Our conduct must be exemplary; our deliberations, wise and constructive; and our actions, driven by the welfare of the 1.4 billion citizens who place their faith in us.

    A vibrant and functional Parliament is the lifeblood of democracy. In this sacred chamber, the voices of a pluralistic, dynamic, and aspirational society converge, particularly those of our youth, who represent our nation’s boundless energy and dreams. By empowering youth with education, opportunity, and a sense of responsibility, we can craft a more inclusive and sustainable future.

    The great Mahakumbh, a resplendent celebration of India’s spiritual and cultural essence, offers profound lessons for our journey—unity in diversity, collective well-being, and an abiding commitment to truth, tolerance, and harmony.

    As we engage with the global community, let these principles remain the touchstones of our actions, ensuring that the well-being of every citizen remains at the heart of our endeavours.

    Hon’ble Members, our task is monumental, so has to be our resolve. Let us pledge to uphold the sanctity and dignity of this House. Let our debates and decisions be guided by the noble aspirations of service to the nation. Let us work together, across all divides, to forge policies that elevate Bharat’s standing on the global stage.

    In the words of Dr. B. R. Ambedkar, the architect of our Constitution: “Democracy is not merely a form of government. It is primarily a mode of associated living, of conjoint communicated experience. It is essentially an attitude of respect and reverence towards our fellow men.”

    May we be ever mindful of this wisdom.

    As we embark upon this session, let us deliberate with purpose, cooperate with dignity, and legislate with vision—mindful always that we carry the hopes and dreams of a billion hearts.

     Together, let us chart a course toward a future that fulfills the promise made in the Constitution.

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    (Release ID: 2099044) Visitor Counter : 85

    MIL OSI Asia Pacific News –

    February 3, 2025

  • MIL-OSI Asia-Pac: Mineral and non-ferrous Metal Production on Growth Track in FY 2024-25 (April-December)

    Source: Government of India (2)

    Mineral and non-ferrous Metal Production on Growth Track in FY 2024-25 (April-December)

    Robust Growth in Production of Key Minerals and non-ferrous Metals

    Posted On: 03 FEB 2025 12:16PM by PIB Delhi

    Production of some key minerals in the country has continued to witness strong growth during FY 2024-25 (April-December), after reaching record production levels in FY 2023-24. Iron ore accounts for 69% of the total MCDR mineral production by value. Production of iron ore was 274 million metric tonne (MMT) in FY 2023-24.

    As per provisional data, production of iron ore has increased from 203 MMT in FY 2023-24 (April-December) to 208 MMT in FY 2024-25 (April- December), showing a healthy 2.5% growth. Production of manganese ore has risen by 8.3% to 2.6 MMT in FY 2024-25 (April- December) from 2.4 MMT during the corresponding period of previous year. Production of Chromite has risen by 9.5% to 2.3 MMT in FY 2024-25 (April- December) from 2.1 MMT during the corresponding period of previous year. Additionally, production of bauxite has also risen by 6.5% to 18.1 MMT in FY 2024-25 (April- December) from 17.0 MMT in FY 2023-24 (April- December).

    In the non-ferrous metal sector, primary aluminium production in FY 2024-25 (April- December) posted a growth of 1.6% over the corresponding period last year, increasing to 31.56 lakh ton (LT) in FY 2024-25 (April- December) from 31.07 LT in FY 2023-24 (April- December). During the same comparative period, refined copper production has grown by 7.3% from 3.69 LT to 3.96 LT.

    India is the 2nd largest Aluminium producer, among top-10 producer in refined copper and 4th largest iron ore producer in the world. Continued growth in production of iron ore in the current financial year reflects the robust demand conditions in the user industry viz. steel. Coupled with growth in aluminium and copper, these growth trends point towards continued strong economic activity in user sectors such as energy, infrastructure, construction, automotive and machinery.

     

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    Shuhaib T

    (Release ID: 2099042) Visitor Counter : 51

    MIL OSI Asia Pacific News –

    February 3, 2025

  • MIL-OSI Asia-Pac: Coal Sector Records Steady Growth: Production Up by 5.88% and Dispatch Up by 5.73% Upto January 2025

    Source: Government of India (2)

    Posted On: 03 FEB 2025 12:14PM by PIB Delhi

    India’s coal sector continues to demonstrate resilience and growth, achieving steady progress in both production and dispatch during April 2024 – January 2025. Total coal production during January 2025 has reached 104.43 MT, reflecting 4.38% increase over 100.05 MT recorded during the corresponding period of the previous year. The contribution from Captive, Commercial and Other Entities for January 2025 has also been particularly strong, with production surging to 19.68 MT, 31.07% rise from 15.01 MT in the corresponding period of the previous year.

    On a broader scale, the cumulative coal production up to January 2025 has climbed to 830.66 MT, marking a 5.88% increase from 784.51 MT recorded during the corresponding period of the previous year.

     

    Similarly, Coal dispatch has also kept pace with this growth. The total coal dispatch during January 2025 stands at 92.40 MT, registering 6.31% increase from 86.92 MT in the corresponding period of the previous year.

    Coal dispatch from Captive and Other Entities for January 2025 has also shown remarkable growth, reaching 17.72 MT as compared to 13.64 MT in the corresponding period of the previous year, reflecting 29.94% increase. Meanwhile, the cumulative coal dispatch up to January 2025 has risen to 843.75 MT, marking 5.73% increase from 798.02 MT recorded during the corresponding period of the previous year.

    These figures underscore the sector’s strong performance in ensuring a consistent energy supply. The Ministry of Coal remains steadfast in its commitment to enhancing the sector’s productivity, ensuring energy security, and supporting the country’s economic growth.

     

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    Shuhaib T

    (Release ID: 2099041) Visitor Counter : 53

    MIL OSI Asia Pacific News –

    February 3, 2025

  • MIL-OSI Asia-Pac: Coal Production and Dispatch from Captive and Commercial Mines Cross Last Financial Year’s Total; Production in January crosses 19 MT

    Source: Government of India (2)

    Posted On: 03 FEB 2025 12:04PM by PIB Delhi

    In furtherance of the vision of Atmanirbhar Bharat, India’s coal sector continues to set new benchmarks. As on January 2025, the total coal production from Captive and Commercial mines for the financial year 2024-25 has surged to 150.25 million tonnes (MT), surpassing last financial year’s total of 147.12 MT by January 27, 2025, 64 days ahead of schedule. This marks an impressive 34.05% YoY growth from 112.08 MT at the end of January 2024, underscoring the resilience and accelerated pace of India’s coal industry.

    Similarly, coal dispatch has mirrored this success, with the total dispatch for the financial year reaching 154.61 MT, surpassing last financial year’s total of 142.79 MT by January 11, 2025. This reflects a robust 33.75% increase from 115.57 MT in January 2024, ensuring a consistent and uninterrupted coal supply to key industries, including power, steel, and cement.

    With coal production reaching an all-time high of 19.20 MT in January 2025, this milestone represents the highest-ever monthly output from Captive and Commercial mines. This achievement marks a 33.15% increase YoY from 14.42 MT in January 2024. Coal dispatch in January, similarly surged to 17.26 MT, a 32.45% rise YoY from the previous year, further securing the supply for industrial growth.

    Additionally, the Ministry of Coal has granted Mine Opening Permissions for three new mines—Bhaskarpara, Utkal E, and Rajhara North (Central and Eastern). Notably, Rajhara North (Central and Eastern), allocated to Fairmine Carbon Pvt. Ltd., is the first commercial coal mine in Jharkhand to receive Mine Opening Permission. This development will significantly contribute to boosting coal production and enhancing the role of commercial mining in the region.

    The Ministry of Coal remains unwavering in its commitment to augmenting domestic coal production, reducing import dependency, and ensuring energy security for the nation. The sector continues to play a pivotal role in the realization of Viksit Bharat—a self-reliant and developed India.

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    Shuhaib T

    (Release ID: 2099037) Visitor Counter : 24

    MIL OSI Asia Pacific News –

    February 3, 2025

  • MIL-OSI Asia-Pac: Celebrating a decade of empowering girls: Beti Bachao Beti Padhao (BBBP) Scheme in Jharkhand

    Source: Government of India (2)

    Celebrating a decade of empowering girls: Beti Bachao Beti Padhao (BBBP) Scheme in Jharkhand

    Administration and Social Welfare Office of Palamu  launched series of awareness programmes in sync with 100 Din Sankalp Abhiyan in Jharkhand under  BBBP initiative

    Significant positive changes in Palamu district brought about thorough multi-faceted approach of BBBP initiative

    Posted On: 03 FEB 2025 12:01PM by PIB Delhi

    The Union Ministry of Women and Child Development celebrated the 10th  anniversary of the Beti Bachao Beti Padhao (BBBP) Scheme on 22 January 2025. Launched in 2015, the Beti Bachao Beti Padhao Scheme aims to protect, educate and empower girls and address gender imbalance and declining child sex ratio in India. To achieve the objectives of the Beti Bachao Beti Padhao (BBBP) Scheme, States, Union Territories and Districts are implementing programmes tailored to local and stakeholder needs.

    Palamu district of Jharkhand, known for its rich cultural heritage, has long been facing social challenges affecting girls and women, especially the rural communities.

    In sync with the 100 Din Sankalp Abhiyan in Jharkhand under the BBBP initiative, the Administration and Social Welfare Office of Palamu had launched a series of awareness programmes. The initiative was aimed at addressing the critical issues of gender inequality, women’s rights and child protection.

    Palamu district of Jharkhand has achieved remarkable success in promoting a culture of gender equality and girls’ empowerment by adopting targeted weekly themes and organizing impactful programs through the “100 Din Beti Bachao, Beti Padhao” campaign. The campaign addressed critical issues like education, health and safety, ultimately enhancing the welfare and rights of girls.

    In this special 100-day campaign, more than 70 programs were organized in Palamu district on various topics, including four programs involving 125 government officials and 22 field representatives and 216 beneficiaries were enrolled.

    Similarly, BBBP Week, a dedicated week within the 100-day campaign and the Pre-Conception Prenatal Diagnostic Techniques (PCPNDT) Enforcement Drive, organised three programmes with the participation of 54 officials and 8 local representatives, enrolling 178 beneficiaries. These programmes were specifically designed to address issues related to gender equality and child protection and their success underlined the impact of the initiative.

    The primary goal of the BBBP initiative in Palamu was to protect the rights of girls, promote gender equality and raise awareness about the importance of education for girls.

    Mission Shakti Week saw the highest enrollment of beneficiaries, with 280 participants, underlining the reach of the initiative. In total, 379 government officials and 104 representatives of local governing bodies supported these efforts, reaching out to 1,999 beneficiaries through thematic weeks focused on gender equality, skill development, legal awareness and community mobilisation. In addition, volunteers conducted door-to-door awareness campaigns, distributing stickers and pamphlets emphasizing gender equality and prevention of child marriage. Community Engagement Programs The success of the campaign in spreading awareness on issues such as ending early marriage (ECM) and violence against women and children (EVAWAC) in Palamu through rallies, street plays and group discussions is a testament to the community’s involvement and value in the initiative. Schools conducted essay competitions, signature drives and tree planting ceremonies, encouraging children to advocate for gender equality and environmental responsibility. The community’s commitment to girls’ education and development was evident in the distribution of annual Shishu Kits and Academic Excellence Awards. These initiatives were designed to support new born girls and motivate students, emphasizing the community’s dedication to their education and development.

    The initiative included various activities including inauguration ceremonies, awareness meetings with adolescents, oath taking programs, rallies and discussions on important issues such as child marriage and gender-based violence. The level of participation varied across different programmes, with some activities such as oath taking and rallies involving 59,640 women participants.

    Posters displaying key messages were made and put up in 165 out of 265 selected panchayats in Palamu and in 14 ICDS projects through Lok Sabha (LS), AWW, Jharkhand State Livelihood Promotion Society (JSLPS), gender community resource persons (CRPs), self-help groups (SHGs) and NGO representatives. Short video clips, campaign messages and social media posts addressing child protection were disseminated through local channels. IEC material was distributed to all AWC and JSLPS teams to promote awareness efforts at the grassroots level. The initiative involved a variety of activities including inaugural ceremonies, awareness sessions with adolescents, oath taking events, rallies and discussions on important issues such as child marriage and gender-based violence. Many community members participated, especially women, who were particularly active in community engagement events such as rallies.

    All age groups participated meaningfully in the initiative, particularly in the 7-18 and 18-55 age groups. Participants were significantly higher among women, reaching 180,965, as well as 1,440 men and 82 individuals identified as disabled or transgender. The initiative verified its reach and impact through photo documentation, video recordings and attendance records. The campaign outputs reflect increased awareness within the community, which is likely to lead to long-term reduction in child marriage rates and stronger support for girls’ education.

    The Central Government also appreciated these initiatives under BBBP in Palamu.

    Collaborative efforts between the Government, Schools and NGOs increase the reach and impact of gender equality initiatives. Early involvement of parents and teachers ensures more significant community participation and promotes sustained engagement. The BBBP campaign promoted substantial community participation while achieving significant milestones.

    The multi-faceted approach of the BBBP initiative brought about significant positive changes in Palamu district, including increased community participation, improved educational outcomes, and improved safety measures, providing solid evidence of the program’s success.

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    SS/MS

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    Read this release in: Hindi

    MIL OSI Asia Pacific News –

    February 3, 2025

  • MIL-OSI Asia-Pac: Kumbh Mela Reflects India’s Inclusivity and World-Class Management, States VP

    Source: Government of India (2)

    Kumbh Mela Reflects India’s Inclusivity and World-Class Management, States VP

    India’s Aspirational Population Is No Less Than Nuclear Power, Emphasizes VP

    Budget Booster for Taxpaying Populace Has Generated Radiance All Around, Highlights VP

    Achieving Developed Nation Status Requires Eightfold Per Capita Income Rise, Asserts VP

    Chartered Accountants Must Nurture the Spirit of Economic Nationalism, says VP

    Vice-President Addresses 75th Annual Function of ICAI at World Forum of Accountants at New Delhi

    Posted On: 02 FEB 2025 9:32PM by PIB Delhi

    The Vice-President of India, Shri Jagdeep Dhankhar, today said, “There has been a budget booster and for me, there has been a Kumbh booster. The two are coupled.” He explained that the budget booster, particularly for the taxpaying populace, has generated radiance all around. Reflecting on his visit to the Kumbh Mela—an event of unparalleled consequence for humanity—he noted, “When I took the holy dip in an event that celestially occurs after 144 years, the population beyond America had already visited the place. Excellent Management!”

    Drawing a unique parallel, He further elaborated that world-level arrangements were evident at the Kumbh. “How in such a small area, such a large human congregation has been taken care of, reflects India’s inclusivity and peace within us,” he said. While acknowledging a mishap during the event, Shri Dhankhar praised the management’s swift and effective response: “The management thereof, the response was electric, nuclear. It was done in a moment.” He commended the health facilities, law and order arrangements, and the availability of helping hands, concluding, “I, therefore, as an Indian, take pride that we as a nation have come of age where such a large human gathering, infatuated by commitment to religiosity, sublimity, spirituality, and our civilizational ethos, has come together and peacefully handled situations. I salute everyone associated with such exemplary management.”

    Addressing the gathering at the 75th Annual Function of the Institute of Chartered Accountants of India (ICAI) at the World Forum of Accountants held at Yashobhoomi, New Delhi, the Vice-President observed that the people of India have now entered an aspirational mode. “This aspirational mode is premised on the fact that in the last decade, no nation has progressed as much on the development aspect as Bharat,” he stated. He pointed out that when people witness development, they naturally desire more, and this has converted one-sixth of humanity into the most aspirational population. “Therefore, this descending, demanding population is an asset. But it is also a challenge. If it is restive, it is a ticking time bomb. And if energy is channelised, it is no less than nuclear power,” he emphasized.

    He further highlighted that India has had an unparalleled and remarkable economic rise and upsurge, alongside significant infrastructure development, technology penetration, and deep digitization in the last few years. Amongst large economies, its growth stands out. He emphasized that an environment of hope and possibility is all-pervasive.

    Expressing his confidence in the role of professional bodies, Shri Dhankhar stated, “I strongly feel bodies like yours have the capacity to convert the youth dividend into nuclear power and keep it away from restive temperament.”

    Shifting focus to economic concerns, the Vice-President shared his apprehensions: “I am deeply concerned when I notice that when balance sheets shine, premised on avoidable imports, and finances blossom on raw material exports, the national economy bleeds as there is an avoidable drain of foreign exchange, loss of employment, and impeding of entrepreneurial growth.” He emphasized that this was a challenge that only the chartered accountants could address. “There is a need to imbibe the spirit of economic nationalism. As a distinguished class, chartered accountants are imminently positioned and suited to propagate and nurture this spirit of nationalism. Such an approach will be highly beneficial to the economy and save us billions in foreign exchange—billions of dollars—while creating millions of jobs and accounting for the growth of entrepreneurship,” he asserted.

    Recognizing the pivotal role of chartered accountants, Shri Dhankhar remarked, “As the architects of economic stability, watchdogs of financial integrity, and guardians of fiscal discipline, you are particularly enjoined to contribute optimally to the nation’s march towards unprecedented growth and prosperity.” He highlighted that in contemporary times, influencers from various walks of life matter significantly, but as a professional class, chartered accountants are the most potent influencers for transformative change in the economy.

    “There is no other class other than chartered accountants who can bring about revolutionary positive change in business ethics and business promotion,” he added. He further noted, “Your unique position at the intersection of business, finance, and governance enables you to bring about and catalyse reforms from the grassroots to the highest corporate achievements. You have the potential to be the nerve centre for big changes that will contribute to our economy.”

    Concluding his address, the Vice-President emphasized the challenge and importance of achieving developed nation status. “A challenge to be a developed nation has to be understood at your level,” he stated. He explained that while a developed nation status is not explicitly defined, certain global parameters can be identified. “In my modest understanding of economics, our per capita income has to rise eightfold. A daunting challenge, but achievable,” Shri Dhankhar affirmed.

    CA. N.D. Gupta, MP, Rajya Sabha, Shri P.C. Mody, Secretary-General, Rajya Sabha, CA. Ranjeet Kumar Agarwal, President, ICAI, CA. Abhinav Aggarwal, Chairman, NIRC and other dignitaries were also present on the occasion.

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    JK/RC/SM

    (Release ID: 2099020) Visitor Counter : 15

    MIL OSI Asia Pacific News –

    February 3, 2025

  • MIL-OSI Economics: Money Market Operations as on February 01, 2025

    Source: Reserve Bank of India
    (Amount in ₹ crore, Rate in Per cent)
      Volume
    (One Leg)    		 Weighted
    Average Rate    		 Range
    A. Overnight Segment (I+II+III+IV) 31,331.38 6.04 3.50-6.65
         I. Call Money 1,388.90 6.24 5.50-6.65
         II. Triparty Repo 29,352.60 6.06 5.00-6.55
         III. Market Repo 589.88 4.60 3.50-6.00
         IV. Repo in Corporate Bond 0.00 – –
    B. Term Segment      
         I. Notice Money** 25.00 6.10 6.10-6.10
         II. Term Money@@ 0.00 – –
         III. Triparty Repo 0.00 – –
         IV. Market Repo 0.00 – –
         V. Repo in Corporate Bond 0.00 – –
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF# Sat, 01/02/2025 1 Sun, 02/02/2025 167.00 6.75
      Sat, 01/02/2025 2 Mon, 03/02/2025 350.00 6.75
    4. SDFΔ# Sat, 01/02/2025 1 Sun, 02/02/2025 1,09,459.00 6.25
      Sat, 01/02/2025 2 Mon, 03/02/2025 10,052.00 6.25
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -1,18,994.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo Fri, 24/01/2025 14 Fri, 07/02/2025 1,62,096.00 6.51
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo Fri, 31/01/2025 3 Mon, 03/02/2025 1,00,013.00 6.51
         (b) Reverse Repo          
    3. MSF# Fri, 31/01/2025 2 Sun, 02/02/2025 0.00 6.75
      Fri, 31/01/2025 3 Mon, 03/02/2025 1,910.00 6.75
    4. SDFΔ# Fri, 31/01/2025 2 Sun, 02/02/2025 0.00 6.25
      Fri, 31/01/2025 3 Mon, 03/02/2025 5,176.00 6.25
    D. Standing Liquidity Facility (SLF) Availed from RBI$       9,556.71  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     2,68,399.71  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     1,49,405.71  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on February 01, 2025 9,49,696.17  
         (ii) Average daily cash reserve requirement for the fortnight ending February 07, 2025 9,12,544.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ January 31, 2025 1,00,013.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on January 10, 2025 -40,102.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    Ajit Prasad          
    Deputy General Manager
    (Communications)    
    Press Release: 2024-2025/2066

    MIL OSI Economics –

    February 3, 2025

  • MIL-Evening Report: The AEC wants to stop AI and misinformation. But it’s up against a problem that is deep and dark

    Source: The Conversation (Au and NZ) – By Susan Grantham, Lecturer in Communication, Griffith University

    From the moment you open your social media feed, you’re stepping into a digital battleground where not all political messages are what they seem.

    The upcoming federal election will see an influx of deepfakes, doctored images, and tailored narratives that blur the line between fact and fiction.

    Last week, the Australian Electoral Commission (AEC) relaunched its Stop and Consider campaign. The campaign urges voters to pause and reflect, particularly regarding information about how to vote. But its message applies to all forms of misinformation.

    AEC Commissioner Jeff Pope warns:

    A federal election must be held in the next few months, so now is the perfect time to encourage all Australians to have a healthy degree of scepticism when it comes to what they see, hear or read.

    The simple directives outlined in this campaign are designed to slow the spread of misleading information in a digital age where algorithms boost engagement at speed.

    So how effective is it likely to be in helping voters sift the real from the fake? While the campaign benefits from the AEC’s credibility and its accessible message, it also faces significant hurdles.

    Digital deception in action

    In 2024, AI made a notable impact on international political campaigns.

    In the US, the Federal Communications Commission fined a political consultant $6 million for orchestrating fake robocalls that featured an AI-generated deepfake of President Joe Biden’s voice.

    During India’s 2024 election, Meta (which owns Facebook) approved AI-manipulated ads spreading disinformation and hate. This exacerbated divisive narratives and failing to regulate harmful content.

    Meanwhile, the Australian Labor Party deployed an AI-generated video of opposition leader Peter Dutton as part of its online efforts.

    Additionally, the Liberal Party has again engaged duo Topham Guerin, who are known for their use of AI and controversial political tactics.

    Political leaders are increasingly turning to platforms like TikTok to attract votes. But one of the problems with TikTok for users is that it encourages endless scrolling and can cause users to miss subtle inaccuracies.

    Adding to these concerns is a recent scam in which doctored images and fabricated celebrity headlines were circulated. It created the illusion of legitimacy and defrauded many Australians of their money.

    These incidents are a stark reminder of how quickly digital manipulation can mislead, whether in commercial scams or political messaging.

    But are we taking it seriously?

    South Korea has taken a decisive stance against AI-generated deepfakes in political campaigns by banning them outright. Penalties include up to seven years in prison or fines of 50 million won (A$55,400). This measure forms part of a broader legal framework designed to enforce transparency, accountability, and ethical AI use.

    In Australia, teal independents are calling for stricter truth in political advertising laws. The proposed laws aim to impose civil penalties for misleading political ads, including disinformation and hate speech.

    However, combating misinformation created by anonymous or unknown parties, such as AI-generated deepfakes, remains a challenge that may require further regulatory measures and technological solutions.

    All of this is unfolding at a time when the approach to fact-checking is itself in flux. In January, Meta made headlines by scrapping its third-party fact-checking program in the US. This was done in favour of a “community notes” system. The change was championed by CEO Mark Zuckerberg as a way to reduce censorship and protect free expression.

    However, critics warn that without independent oversight, misinformation could spread more easily, potentially leading to a surge in hate speech and harmful rhetoric. These shifts in digital policy only add to the challenge of ensuring that voters receive reliable information.

    So, will the AEC’s campaign have any effect?

    Amid these challenges, the “Stop and Consider” campaign arrives at a critical moment. Yet despite scholars’ repeated calls to embed digital literacy in school curriculums and community programs, these recommendations often go unheard.

    The campaign is a positive step, offering guidance in an era of rapid digital manipulation. The simple message – to pause and verify political content — can help foster a more discerning electorate.

    However, given the volume of misinformation and sophisticated targeting techniques, the campaign alone is unlikely to be a silver bullet. Political campaigns are growing ever more sophisticated. With the introduction of anonymous deepfakes, voters, educators, regulators, and platforms must work together to ensure the truth isn’t lost in digital noise.

    A robust foundation in digital literacy is vital. Not only for this campaign to work but to help society distinguish credible sources from deceptive content. We must empower future voters to navigate the complexities of our digital world and engage more fully in democracy.

    Globally, diverse strategies provide valuable insights.

    While Australia’s “Stop and Consider” campaign takes a reflective approach, Sweden’s “Bli inte lurad” initiative is refreshingly direct. It warns citizens: “Don’t be fooled.”

    By delivering clear, actionable tips to spot scams and misleading content, the Swedish model leverages its strong tradition of public education and consumer protection.

    This no-nonsense strategy reinforces digital literacy efforts. It also highlights that safeguarding the public from digital manipulation requires both proactive education and robust regulatory measures.

    It may be time for Australian regulators to act decisively to protect the integrity of democracy.

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

    – ref. The AEC wants to stop AI and misinformation. But it’s up against a problem that is deep and dark – https://theconversation.com/the-aec-wants-to-stop-ai-and-misinformation-but-its-up-against-a-problem-that-is-deep-and-dark-248773

    MIL OSI Analysis – EveningReport.nz –

    February 3, 2025

  • MIL-OSI USA: Schakowsky, Omar, Booker Reintroduce Bill to Address Rising Islamophobia Worldwide

    Source: United States House of Representatives – Congresswoman Jan Schakowsky (9th District of Illinois)

    Full Text of Bill (PDF)

    WASHINGTON – Rep. Jan Schakowsky (IL-09), Rep. Ilhan Omar (MN-05), and Sen. Cory Booker (D-NJ) have reintroduced the Combating International Islamophobia Act, legislation to address the rise in Islamophobic incidents worldwide. The bill requires the State Department to create a Special Envoy for Monitoring and Combating Islamophobia and develop a comprehensive strategy for establishing U.S. leadership in confronting anti-Muslim bigotry across the globe.

    From the violent atrocities against the Uyghurs in China and the Rohingya in Burma to the crackdowns on Muslim communities in India and Sri Lanka, the scapegoating of Muslim refugees in Hungary and Poland, and the rise of white supremacist violence targeting Muslims in New Zealand and Canada, Islamophobia remains a global crisis. Minority Muslim communities in Muslim-majority countries, including Pakistan, Bahrain, and Iran, also continue to face systemic oppression and persecution.

    Here in the United States, incidents of Islamophobic hate crimes and discrimination have surged. Mosques have been vandalized, Muslims have been harassed in public spaces, and anti-Muslim rhetoric continues to be normalized in political discourse. The urgent need for federal action to combat this growing threat cannot be overstated.

    “Anti-Muslim bigotry is on the rise in the U.S., and around the world, and we have a duty to stop it once and for all,” said Congresswoman Jan Schakowsky. “I’m joining my colleagues, Congresswoman Ilhan Omar and Senator Cory Booker, in reintroducing the Combating International Islamophobia Act. This critical legislation will create a Special Envoy for Monitoring and Combating Islamophobia and will ensure the United States has the resources necessary to safeguard human rights and religious and cultural freedom around the world. I hope all our colleagues join us in standing together against Islamophobia. We must promote peace and acceptance for all.”

    “Islamophobia is not just a problem overseas—it is on the rise here at home. From the desecration of mosques to the violent attacks on Muslim Americans, we are witnessing a dangerous resurgence of anti-Muslim bigotry in our communities,” said Congresswoman Ilhan Omar. “We cannot turn a blind eye while Muslim communities face targeted violence and systemic discrimination worldwide. That is why I am proud to reintroduce the Combating International Islamophobia Act alongside Senator Booker and Representative Schakowsky. The United States must take a stand and lead in the fight against this global crisis.”

    “Religious freedom is one of our nation’s most foundational values, and no one should ever have to live in fear of discrimination or violence for practicing their faith,” said Senator Cory Booker. “Islamophobic attacks and rhetoric are on the rise in the United States and around the world, and this legislation would establish a Special Envoy at the State Department to monitor and combat Islamophobia in all its forms. We must dedicate resources to protecting people’s fundamental right to practice their faith and put an end to bigotry.”

    During the 117th Congress, this bill was successfully passed in the House, marking a historic step forward in the fight against anti-Muslim hate.

    ###

    MIL OSI USA News –

    February 3, 2025

  • MIL-OSI USA: EPA Issues Advance Notice To Protect Salmon From Toxic Chemicals 

    Source: United States House of Representatives – Congresswoman Marilyn Strickland (WA-10)

    Washington, D.C. – Today, the U.S. Environmental Protection Agency (EPA) is issuing an advance notice of proposed rulemaking (ANPRM) under the Toxic Substances Control Act (TSCA) to gather information on the potential risks associated with the chemical 6PPD and its transformation product, 6PPD-quinone or 6PPD-Q.  

    The Puyallup Tribe of Indians, the Yurok Tribe, and the Port Gamble S’Klallam Tribe submitted a petition asking EPA to establish regulations prohibiting the manufacturing, processing, use and distribution of 6PPD in tires. EPA granted this petition in November 2023 and committed to publishing an ANPRM by Fall 2024 in order to gather more information that could be used to inform a subsequent regulatory action. 

    “Salmon are a keystone species and research shows that the 6PPD-Q chemical which runs off from vehicle tires into our waterways is lethal to their survival, and our marine ecosystem,” said Strickland. “As co-chair of the Puget Sound Recovery Caucus, I have secured funding to find solutions to this problem, and the U.S. EPA is taking an important step forward to help us.” 

    “Toxic stormwater runoff is one of the biggest threats facing Puget Sound salmon recovery,” said Rep. Derek Kilmer (WA-06). “I am grateful that the EPA has been responsive to the petition filed by Tribes from across our region who are helping to lead the effort to better understand how 6PPD and 6PPD-quinone get into our waterways, how they impact our environment and our health, and how we can get these chemicals out of local ecosystems. We have an obligation to protect salmon in the Pacific Northwest in order to honor the federal government’s trust and treaty responsibilities to Tribes in the region. I am excited that the EPA is moving forward with this rulemaking as an important step toward salmon recovery.” 

    “Today, we’re following through on the commitment we made to our Tribal partners to gather more information about this chemical used in rubber products to help protect coho salmon,” said Assistant Administrator for the Office of Chemical Safety and Pollution Prevention Michal Freedhoff. “We’ll use the information we get on the health and environmental risks to determine next steps to protect people and the planet.” 

    The chemical 6PPD has been used in motor vehicle tires for more than six decades to make them more durable and can also be found in other rubber products such as footwear, synthetic turf infill and playgrounds. 6PPD reacts with pollution in the air to form a transformation product called 6PPD-Q, which may be present in stormwater runoff that may be washed into streams and other bodies of water during rain events. As a result, aquatic organisms can be exposed to the chemicals. Concentrations of 6PPD-Q in stormwater in the Pacific Northwest were found to be lethal to coho salmon after only a few hours of exposure. 

    EPA is soliciting the following information regarding the chemicals:

    1. Environmental effects on aquatic and terrestrial ecosystems,
    2. Potential human health effects,  
    3. Environmental fate and transport,  
    4. Exposure pathways,  
    5. Persistence and bioaccumulation,  
    6. Additional uses of 6PPD and potential releases from consumer products such as sneakers, playgrounds, rubber-modified asphalt, reused tire or other rubber products.  

    EPA is also seeking comment and information related to alternatives to 6PPD, as well as potential chemical transformation products associated with potential alternatives. 

    For example, there are data showing that 6PPD-Q is toxic to fish, with coho salmon being the most sensitive species studied to date. However, there are still uncertainties about the potential impacts of 6PPD-Q on human health, as well as the potential for exposure from other sources of 6PPD-Q. 

    U.S. Representative Marilyn Strickland serves on the House Armed Services Committee and the House Transportation and Infrastructure Committee. She is whip for the Congressional Black Caucus, a member of the New Democrat Coalition, and one of the first Korean-American women elected to Congress. 

    ### 

    MIL OSI USA News –

    February 3, 2025

  • MIL-OSI USA: As Trump Admin. Poised to Rollback Environmental Protections, Congressman Maxwell Frost Introduces the Youth Climate Leadership Act to Ensure Young People Have a Seat at the Table to Fight the Climate Crisis

    Source: United States House of Representatives – Representative Maxwell Frost Florida (10th District)

    November 14, 2024

    Bicameral Bill Would Codify the Existence of the Youth Advisory Council at the EPA and Establish Youth Councils at Key Environmental Agencies

    WASHINGTON, D.C. — Today, Congressman Maxwell Alejandro Frost (D-FL) introduced a new bill in the House of Representatives, the Youth Climate Leadership Act, legislation to cement the existence of the National Environmental Youth Advisory Council (NEYAC) at the Environmental Protection Agency (EPA) and to create more youth advisory councils at relevant federal agencies. Frost’s bill comes as President-Elect Donald Trump has vowed to gut and rollback climate protections once back in the White House.

    Under President Biden, EPA Administrator Regan created the Youth Advisory Council with the goal of ensuring the next generation of Americans had a seat at the table when it came to tackling the climate crisis and ensuring the U.S. is a global leader in the fight to protect our environment. Since then the council has been composed of young people from all over the country who are focused on putting forth comprehensive solutions that can be implemented at the federal level.

    The Youth Climate Leadership Act has already been introduced in the Senate by Senators Laphonza Butler (D-CA) and Ed Markey (D-MA). Frost’s introduction now means that both the Senate and the House could act swiftly to pass the legislation and ensure the President can sign it into law. 

    “By creating the Youth Advisory Council at the EPA, we ensured that for the first time ever, young people would be centered and heard in our fight to tackle the climate crisis. This is about leaving the planet a better place than we found it, for our present and for our future,” said Congressman Maxwell Frost. “The incoming Administration has made it clear that saving our environment is not a priority. The work the Youth Council and the EPA have done has changed our country for the better and put young people at the helm. We must act swiftly to do everything we can to protect the progress we have made.”

    “The decisions we make – or don’t make – today to address our climate crisis will have lifelong impacts on the youngest Americans. To prepare for the future, the next generation of leaders must take a seat at the table now,” said Senator Laphonza Butler. “The Youth Climate Leadership Act will make sure that the federal government listens to young people’s voices as we fight to achieve our nation’s climate goals.”

    The Youth Climate Leadership Act directs the Secretaries of Agriculture, Commerce, Energy, and Interior, as well as the Administrator of the Environmental Protection Agency, to establish Youth Advisory Councils made up of young people between the ages of 16 and 29 for the purpose of providing recommendations regarding environmental issues as they relate to youth, including:

    • Recommendations regarding programs to help local governments address environmental issues in disadvantaged communities;

    • Recommendations regarding performance measures to quantify the impact of climate change and other environmental harms that affect youth communities; and

    • Researching, writing reports on, and making recommendations with a focus on environmental justice, climate change mitigation and resilience, and pollution reduction.

    The bill provides $250,000 annually to each agency for the purposes of operating the Youth Advisory Councils, for total annual funding of $1.25 million.

    The legislation has also been endorsed by the Sierra Club, Environmental Defense Fund, Center for Biological Diversity, River Kidz, Florida Native Plant Society, Latino Outdoors, Moms Clean Air Force, California Environmental Voters.

    “Youth voices must be uplifted when it comes to climate policy,” said Jackie Ostfeld, Campaign Director of Sierra Club’s Outdoors for All. “Not only will this provide valuable experience to put our young people in a good position as the next generation of decision makers, these policy decisions have a direct impact on their futures. They deserve to play a part in deciding what that future is. We have already seen the ambition and drive young climate activists have. This is a wonderful move by Representative Frost to invest in the nation’s future and acknowledge the role that youth voices can have in shaping climate policy.”

    “It is so critically important that the voices of young people be heard, and given serious consideration, by our lawmakers. The future belongs to all of us, and the youngest among us have the most to gain – or lose – in the fight to address climate change. They will inherit the results of Congressional action – or inaction,” said Eugene Kelly, President of Florida Native Plant Society.

    “The River Kidz are youth advocates who are part of the Rivers Coalition and are dedicated to championing a safe, healthy, and ecologically balanced St. Lucie River Estuary and Indian River Lagoon. We proudly endorse the Youth Climate Leadership Act and recognize the critical importance of young voices in shaping environmental policy, ensuring a healthy environment for all to thrive. We thank Representative Frost for introducing this bill and look forward to seeing River Kidz and other passionate young leaders serve on these newly established Youth Advisory Councils,” said Casey Darling Kniffin and Kelli Doré, River Kidz Co-Leads.

    “It’s imperative that youth voices are centered in discussions of federal climate mitigation and adaptation strategies. Young Americans face a future dominated by climate catastrophe because we’ve failed to rapidly and equitably transition away from fossil fuels,” said Camden Weber, climate and energy policy specialist at the Center for Biological Diversity. “I’m thankful for Rep. Frost’s leadership on the Youth Climate Leadership Act, which will uplift and empower this generation of passionate climate leaders. Their role in sculpting this country’s climate plan is most needed in these perilous times.”

    “Uplifting often unheard voices is an important part of what we aim to do at Latino Outdoors. The Youth Climate Leadership Act would do precisely that for youth, particularly for those in disadvantaged communities,” said Luis Villa, Executive Director of Latino Outdoors. “It would help demonstrate to young people that their voices matter and that they belong in the conversation about our collective future. We are grateful to Congressman Frost for proposing this legislation and for the opportunity to voice our support.”

    “As a member of Gen Z, I believe youth advisory councils will serve a crucial role in providing young people a long-overdue voice in government decision-making and cultivating the intergenerational collaboration necessary to create equitable climate solutions,” said Sam Schmitz from Moms Clean Air Force. “Young people have already witnessed the dire impacts and injustices of climate change which has catalyzed us to be a generation full of passionate climate leaders eager to inform the decisions that will dictate our future. Moms Clean Air Force applauds this important step toward creating a healthy, prosperous, and equitable environment for my generation and all those to come.”

    ###

    MIL OSI USA News –

    February 3, 2025

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

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

    MIL OSI Global Banks –

    February 3, 2025

  • MIL-OSI Banking: Result of the Daily Variable Rate Repo (VRR) auction held on February 03, 2025

    Source: Reserve Bank of India

    Tenor 1-day
    Notified Amount (in ₹ crore) 75,000
    Total amount of bids received (in ₹ crore) 48,785
    Amount allotted (in ₹ crore) 48,785
    Cut off Rate (%) 6.51
    Weighted Average Rate (%) 6.52
    Partial Allotment Percentage of bids received at cut off rate (%) NA

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/2065

    MIL OSI Global Banks –

    February 3, 2025

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

    Source: Government of India (2)

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

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

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

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

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

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

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

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

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

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

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    MIL OSI Asia Pacific News –

    February 3, 2025

  • MIL-OSI Asia-Pac: BUDGET OUTLAY FOR JAL JEEVAN MISSION ENHANCED TO RS. 67,000 CRORE

    Source: Government of India (2)

    BUDGET OUTLAY FOR JAL JEEVAN MISSION ENHANCED TO RS. 67,000 CRORE

    JAL JEEVAN MISSION EXTENDED UNTIL 2028

    MISSION TO ACHIEVE 100% COVERAGE OVER NEXT THREE YEARS

    Posted On: 01 FEB 2025 1:00PM by PIB Delhi

    While presenting the Union Budget 2025-26 in the Parliament today, Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman said that the total budget outlay for Jal Jeevan Mission has been enhanced to Rs 67,000 Crore. She said that the Mission stands extended until 2028.

    Smt. Nirmala Sitharaman stated that 15 crore households representing 80 per cent of India’s rural population have benefitted by the Jal Jeevan Mission since 2019. She added that access to potable tap water connections is provided under this Mission and in the next three years the target is to achieve 100 per cent coverage.

    Jal Jeevan Mission’s focus will be on the quality of infrastructure and O&M of rural piped water supply schemes through “Jan Bhagidhari”. Separate MoUs will be signed with states/UTs, to ensure sustainability and citizen-centric water service delivery, informed Smt. Sitharaman.

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    MIL OSI Asia Pacific News –

    February 3, 2025

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

    Source: Government of India (2)

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

    AT LEAST 5 INDIGENOUSLY DEVELOPED SMRS WILL BE OPERATIONALIZED BY 2033

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

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

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

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

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    MIL OSI Asia Pacific News –

    February 3, 2025

  • MIL-OSI Asia-Pac: UNION BUDGET 2025-26 PROPOSES TO REMOVE SEVEN CUSTOMS TARIFF RATES FOR INDUSTRIAL GOODS

    Source: Government of India (2)

    UNION BUDGET 2025-26 PROPOSES TO REMOVE SEVEN CUSTOMS TARIFF RATES FOR INDUSTRIAL GOODS

    EXEMPTION TO 36 MORE LIFE SAVING MEDICINES FOR CANCER AND OTHER RARE DISEASES FROM BASIC CUSTOMS DUTY

    BOOST TO E-MOBILITY: 35 ADDITIONAL CAPITAL GOODS FOR EV BATTERY MANUFACTURING EXEMPTED FROM BCD

    PROPOSALS TO SUPPORT DOMESTIC MANUFACTURING AND VALUE ADDITION WHILE PROMOTING EXPORTS, FACILITATING TRADE AND PROVIDING RELIEF TO COMMON PEOPLE

    Posted On: 01 FEB 2025 12:55PM by PIB Delhi

    The Union Budget 2025-26 presented by Union Minister for Finance and Corporate Affairs, Smt Nirmala Sitharaman in parliament today, focuses its customs proposals on rationalizing tariff structure and addressing duty inversion. The Minister said that the proposals will also support domestic manufacturing and value addition while promoting exports, facilitating trade and providing relief to common people.

    Delivering on the promise to review customs rate structure announced in July 2024, the Budget proposes to remove seven customs tariff rates for industrial goods over and above the seven tariff rates removed in Budget 2023-24. This will leave only eight tariff rates, including ‘zero’ rate. The Budget also proposes to levy not more than one cess or surcharge. This will exempt Social Welfare Surcharge on 82 tariff lines that are subject to a cess.

     

    Relief on import of Drugs/Medicines

    In sector specific proposals, the Budget comes as a big relief to patients, particularly to those suffering from cancer, rare diseases and other severe chronic diseases. The Budget proposes to add 36 life saving drugs and medicines to the list of medicines fully exempted from Basic Customs Duty. The Budget also proposes to add 6 life saving medicines to the list attracting concessional customs duty of 5%. Full exemption and concessional duty will also respectively apply on the bulk drugs for manufacture of the above.

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

    Support to Domestic Manufacturing and Value addition

    The Budget proposes to add 35 additional capital goods for EV battery manufacturing, and 28 additional capital goods for mobile phone battery manufacturing to the list of exempted capital goods. “This will boost domestic manufacture of lithium-ion battery, both for mobile phones and electric vehicles”, FM stated in her speech.

    The Budget also proposes to fully exempt Basic Customs Duty on cobalt powder and waste, the scrap of lithium-ion battery, Lead, Zinc and 12 more critical minerals. Finance Minister said that this will help secure their availability for manufacturing in India and promote more jobs for our youth. This is in addition to the 25 critical minerals fully exempted of BCD in July 2024 Budget.

    To promote domestic production of technical textile products such as agro-textiles, medical textiles and geo textiles at competitive prices, the Budget proposes to add two more types of shuttle-less looms to the list of fully exempted textile machinery. “I also propose to revise the BCD rate on knitted fabrics covered by nine tariff lines from “10% or 20%” to “20% or Rs.115 per kg, whichever is higher”, said Finance Minister in her speech.

    In line with the ‘Make in India’ policy, the Budget proposes to increase the BCD on Interactive Flat Panel Display (IFPD) from 10% to 20% and reduce the BCD to 5% on Open Cell and other components. The Minister informed that it will rectify the inverted duty structure.

    Considering the long gestation period of shipbuilding, the Budget proposes to continue the exemption of BCD on raw materials, components, consumables or parts for the manufacture of ships for another ten years. The Budget also proposes the same dispensation for ship breaking to make it more competitive.

    The Budget also proposes to reduce the BCD from 20% to 10% on Carrier Grade ethernet switches to make it at par with Non-Carrier Grade ethernet switches. Finance Minister said that that this will prevent classification disputes.

    Export Promotion

    The Budget also contains certain tax proposals to promote exports. To facilitate exports of handicrafts, it proposes to extend the time period for export from six months to one year, further extendable by another three months, if required. The Budget also proposes to add nine handicraft items to the list of duty-free inputs.

    The Budget also proposes to exempt crust leather from 20% export duty to facilitate exports by small tanners, while fully exempting BCD on Wet Blue leather to facilitate imports for domestic value addition and employment.

    To enhance India’s competitiveness in the global seafood market, the Budget proposes to reduce BCD from 30% to 5% on Frozen Fish Paste (Surimi) for manufacture and export of its analogue products. It also proposes to reduce BCD from 15% to 5% on fish hydrolysate for manufacture of fish and shrimp feeds.

    To promote development of domestic MROs for aircraft and ships, the July 2024 Budget extended the time limit for export of foreign origin goods that were imported for repairs, from 6 months to one year and further extendable by one year. The Budget 2025-26 proposes to extend the same dispensation for railway goods.

    Trade facilitation and Ease of Doing Business

    Presently, the Customs Act, 1962 does not provide any time limit to finalize Provisional Assessments leading to uncertainty and cost to trade. As a measure of promoting ease of doing business, the Budget proposes to fix a time-limit of two years, extendable by a year, for finalizing the provisional assessment.

    The Budget also proposes to introduce a new provision that will enable importers or exporters, after clearance of goods, to voluntarily declare material facts and pay duty with interest but without penalty. “This will incentivize voluntary compliance. However, this will not apply in cases where department has already initiated audit or investigation proceedings”, said Smt Sitharaman.

    The Budget proposes to extend the time limit for the end-use of imported inputs in the relevant rules, from six months to one year. This will not only allow industry to better plan their imports, but also provide operational flexibility in view of cost and uncertainty of supply. Further, such importers will now have to file only quarterly statements instead of a monthly statement.

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    MIL OSI Asia Pacific News –

    February 3, 2025

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

    Source: Government of India (2)

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

    PART A

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

    Budget Estimates 2025-26

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

    AGRICULTURE AS THE 1ST ENGINE OF DEVELOPMENT

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

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

    Building Rural Prosperity and Resilience

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

    Aatmanirbharta in Pulses

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

    Comprehensive Programme for Vegetables & Fruits

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

    Makhana Board in Bihar

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

     

    National Mission on High Yielding Seeds

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

    Fisheries

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

    Mission for Cotton Productivity

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

    Enhanced Credit through KCC

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

    Urea Plant in Assam

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

    MSMEs AS THE 2ND ENGINE OF DEVELOPMENT

    Revision in classification criteria for MSMEs

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

    Credit Cards for Micro Enterprises

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

    Fund of Funds for Startups

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

    Scheme for First-time Entrepreneurs

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

    Focus Product Scheme for Footwear & Leather Sectors

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

    Measures for the Toy Sector

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

    Support for Food Processing

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

    Manufacturing Mission – Furthering “Make in India”

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

    INVESTMENT AS THE 3RD ENGINE OF DEVELOPMENT

    1. Investing in People

    Saksham Anganwadi and Poshan 2.0

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

    Atal Tinkering Labs

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

    Broadband Connectivity to Government Secondary Schools and PHCs

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

    Bharatiya Bhasha Pustak Scheme

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

    National Centres of Excellence for Skilling

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

    Expansion of Capacity in IITs

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

    Centre of Excellence in AI for Education

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

    Expansion of medical education

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

    Day Care Cancer Centres in all District Hospitals

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

    Strengthening urban livelihoods

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

    PM SVANidhi

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

    Social Security Scheme for Welfare of Online Platform Workers

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

     

    1. Investing in the Economy

    Public Private Partnership in Infrastructure

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

    Support to States for Infrastructure

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

    Asset Monetization Plan 2025-30

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

    Jal Jeevan Mission

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

    Urban Challenge Fund

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

    Nuclear Energy Mission for Viksit Bharat

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

    Shipbuilding

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

    Maritime Development Fund

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

    UDAN – Regional Connectivity Scheme

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

    Greenfield Airport in Bihar

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

    Western Koshi Canal Project in Mithilanchal

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

    Mining Sector Reforms

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

    SWAMIH Fund 2

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

    Tourism for employment-led growth

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

     

    1. Investing in Innovation

    Research, Development and Innovation

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

    Deep Tech Fund of Funds

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

    PM Research Fellowship

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

    Gene Bank for Crops Germplasm

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

    National Geospatial Mission

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

    Gyan Bharatam Mission

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

    EXPORTS AS THE 4TH ENGINE OF DEVELOPMENT

    Export Promotion Mission

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

    BharatTradeNet

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

    National Framework for GCC

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

    REFORMS AS FUEL: FINANCIAL SECTOR REFORMS AND DEVELOPMENT

    FDI in Insurance Sector

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

    Credit Enhancement Facility by NaBFID

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

    Grameen Credit Score

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

    Pension Sector

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

    High Level Committee for Regulatory Reforms

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

    Investment Friendliness Index of States

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

    Jan Vishwas Bill 2.0

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

     

    PART B

     

    DIRECT TAX

     

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

     

    • Revised tax rate structure

     

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

     

    0-4 lakh rupees

    Nil

    4-8 lakh rupees

    5 percent

    8-12 lakh rupees

    10 percent

    12-16 lakh rupees

    15 percent

    16-20 lakh rupees

    20 percent

    20- 24 lakh rupees

    25 percent

    Above 24 lakh rupees

    30 percent

     

     

    • TDS/TCS rationalization for easing difficulties

     

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

     

     

    • Reducing Compliance Burden

     

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

     

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

     

    • Ease of Doing Business

     

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

     

    • Employment and Investment

     

    Tax certainty for electronics manufacturing Schemes

     

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

     

    Tonnage Tax Scheme for Inland Vessels

     

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

     

     

    • Extension for incorporation of Start-Ups

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

     

     

    • Alternate Investment Funds (AIFs)

     

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

     

     

    • Extension of investment date for Sovereign and Pension Funds

     

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

     

     

    INDIRECT TAX

    Rationalisation of Customs Tariff Structure for Industrial Goods

    Union Budget 2025-26 proposes to:

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

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

    Relief on import of Drugs/Medicines

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

    Support to Domestic Manufacturing and Value addition

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

    Export Promotion

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

    Trade facilitation

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

    *****

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    MIL OSI Asia Pacific News –

    February 3, 2025

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

    Source: Government of India (2)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    MODIFIED UDAN SCHEME TO ENHANCE REGIONAL CONNECTIVITY TO 120 NEW DESTINATIONS

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

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

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

    FDI LIMIT ENHANCED FOR INSURANCE FROM 74 TO 100 PER CENT

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

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

    DELAY IN TCS PAYMENT DECRIMINALISED

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

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

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

    BCD ON PARTS OF OPEN CELLS EXEMPTED TO PROMOTE DOMESTIC MANUFACTURING

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

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

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

     

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

    PART A

     

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

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

    a) Zero-poverty;

     b) Hundred per cent good quality school education;

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

    d) Hundred per cent skilled labour with meaningful employment;

    e) Seventy per cent women in economic activities; and

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

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

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

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

     

    1st Engine: Agriculture

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

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

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

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

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

     

    2nd Engine: MSMEs

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

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

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

    3rd Engine: Investment

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    4th Engine: Exports

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

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

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

    Reforms as the Fuel

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

    Financial Sector Reforms and Development

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

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

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

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

     

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

     

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

     

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

    Fiscal Consolidation

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

    Revised Estimates 2024-25

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

    Budget Estimates 2025-26

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

    PART B

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

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

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

    Total Income per annum

    Rate of Tax

    ₹ 0 – 4 Lakh

    NIL

     ₹ 4 – 8 Lakh

    5%

    ₹ 8 – 12 Lakh

    10%

    ₹ 12 – 16 Lakh

    15%

    ₹ 16 – 20 Lakh

    20%

    ₹ 20 – 24 Lakh

    25%

    Above ₹ 24 Lakh

    30%

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

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

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

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

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

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

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

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

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

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

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

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  • MIL-OSI Asia-Pac: LAUNCH OF 9th AMMUNITION CUM TORPEDO CUM MISSILE (ACTCM) BARGE, LSAM 23 (YARD 133)

    Source: Government of India (2)

    Posted On: 01 FEB 2025 11:52AM by PIB Delhi

    Launching ceremony of 9th ACTCM Barge, LSAM 23 (Yard 133) was held on 31 Jan 25 at M/s Suryadipta Projects Pvt Ltd, Thane. Chief Guest for the launching Ceremony was Cmde R Anand, AGM (COM)/ ND (Mbi).

    The contract for construction of eleven (11) Ammunition Cum Torpedo Cum Missile Barge was concluded with MSME Shipyard, M/s Suryadipta Projects Pvt Ltd, Thane on 05 Mar 21. These Barges have been indigenously designed and built by the Shipyard in collaboration with an Indian Ship Designing firm and Indian Register of Shipping (IRS). Model testing was undertaken at Naval Science and Technological Laboratory (NSTL), Visakhapatnam to ensure seaworthiness. The Shipyard has successfully delivered eight of these Barges till date and are being utilised by Indian Navy for its operation evolutions by facilitating Transportation, Embarkation and Disembarkation of articles/ ammunition to IN platforms both alongside jetties and at outer harbours.

    These Barges are proud flag bearers of “Make in India” and “Aatmanirbhar Bharat” initiatives of Government of India.

    *****

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  • MIL-OSI Asia-Pac: INAUGURAL EDITION OF INDIAN NAVY HALF MARATHON AT NEW DELHI

    Source: Government of India

    Posted On: 01 FEB 2025 9:35AM by PIB Delhi

    The Indian Navy will host the inaugural edition of the Indian Navy Half Marathon (INHM), on 02 Feb 25 at New Delhi.

    Over ten thousand participants are expected to compete across three race categories: 21.1 km, 10 km and 5 km runs, making it an inclusive event for runners of all calibers and backgrounds. This landmark event is being organised in partnership with IDFC FIRST Bank.

    Preparations are underway to deliver an unforgettable experience for every participant. The event will be hosted at the Jawaharlal Nehru Stadium, with the race route covering India Gate and the historic Kartavya Path. INHM will be flagged off by the Hon’ble Minister of Youth Affairs and Sports, Government of India, Shri Mansukh L Mandaviya. In addition, the event will also be graced by senior officers and distinguished personalities from the Armed Forces, civilian guests and renowned sportspersons.

    To celebrate the dedication of the most committed runners, we proudly introduce The Indian Navy Slam – a prestigious honour awarded to those who complete all four races organized by the Indian Navy in Kochi, Visakhapatnam, Mumbai, and New Delhi. This distinctive recognition embodies the discipline and determination of the Indian Navy, reflecting the perseverance and grit of runners.

    ⁠Indian Oil Corporation Limited also joins as an Associate Partner and the event has garnered strong support from key agencies, with the Delhi Police and New Delhi Municipal Council (NDMC) playing pivotal roles in ensuring the event’s success.

    The event aims to celebrate the spirit of fitness, discipline, and national pride. With a striking race route, esteemed dignitaries, and the unwavering support of key partners, the event is set to inspire all participants. With this inaugural edition, the Indian Navy reaffirms its commitment to foster a culture of health, resilience, and camaraderie. We eagerly anticipate an exhilarating race day on 2nd Feb 25 and look forward to welcome all participants to this spectacular sporting event in the heart of New Delhi.

    _____________________________________________________________

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  • MIL-OSI Asia-Pac: Prime Minister lauds Indian Coast Guard on their Raising Day for Exemplary Service

    Source: Government of India

    Posted On: 01 FEB 2025 9:30AM by PIB Delhi

    On the occasion of Indian Coast Guard’s Raising Day, the Prime Minister, Shri Narendra Modi praised the force for its bravery, dedication, and relentless vigilance in protecting our vast coastline. Shri Modi said that from maritime security to disaster response, from anti-smuggling operations to environmental protection, the Indian Coast Guard is a formidable guardian of our seas, ensuring the safety of our waters and people.

    The Prime Minister posted on X;

    “Today, on their Raising Day, we laud the Indian Coast Guard for safeguarding our vast coastline with bravery, dedication and relentless vigilance. From maritime security to disaster response, from anti-smuggling operations to environmental protection, the Indian Coast Guard is a formidable guardian of our seas, ensuring the safety of our waters and people.

    @IndiaCoastGuard”

     

    Today, on their Raising Day, we laud the Indian Coast Guard for safeguarding our vast coastline with bravery, dedication and relentless vigilance. From maritime security to disaster response, from anti-smuggling operations to environmental protection, the Indian Coast Guard is a… pic.twitter.com/OIMcqhzV1Y

    — Narendra Modi (@narendramodi) February 1, 2025

     

    ***

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    February 3, 2025

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

    Source: Government of India (2)

    Atmanirbhar Bharat in Defence

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

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

    Introduction

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

    Defence Production

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

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

    Defence Exports

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

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

     

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

     

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

     

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

     

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

    Conclusion

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

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

    References:

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

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

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

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

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

    Click here to see in PDF:

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    February 3, 2025

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

    Source: Government of India (2)

    Strengthening India’s Agricultural Backbone

    Key Achievements and Government Initiatives

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

    Synopsis

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

     

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

    Enhanced Budget Allocation

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

    Increased Food Grain Production

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

    Gross Area Under Major Crops

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

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

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

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

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

    Increase in productivity

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

    Crop

    2013-14

    2023-24

    Absolute Difference

     (2023-24 over 2013-14)

    Difference

    (%)

    Rice

    2416

    2882

    466

    19.29

    Wheat

    3145

    3559

    414

    13.16

    Maize

    2676

    3351

    675

    25.22

    Coarse Cereals

    1717

    2945

    1228

    71.52

    Total Pulses

    763

    881

    118

    15.47

    Total Foodgrains

    2120

    2515

    395

    18.63

    Total Oilseeds

    1167

    1314

    147

    12.60

    Sugarcane

    70522

    78953

    8431

    11.96

    Jute

    2639

    2783

    144

    5.46

     

    Food Grain Procurement

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

    Minimum Support Price (MSP) Enhancements

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

     

    Income Support through PM-KISAN

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

    Pradhan Mantri Kisan Maandhan Yojana

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

    Pradhan Mantri Fasal Bima Yojana (PMFBY)

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

    Institutional credit for agriculture sector

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

           

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

                    

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

     

    e-NAM

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

    Agricultural Infrastructure Fund

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

    Millets: Superfood of India

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

    Key Achievements

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

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

     

    References

    Department of Agriculture and Farmers Welfare

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

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

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

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

    Click here to download PDF

    *******

    Santosh Kumar/ Sarla Meena/ Madiha Iqbal

    (Release ID: 2098424) Visitor Counter : 79

    MIL OSI Asia Pacific News –

    February 3, 2025
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