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Category: Machine Learning

  • MIL-OSI United Kingdom: Eight new members appointed to the Council for Science and Technology

    Source: United Kingdom – Executive Government & Departments

    Eight new members have been appointed to the Council that advises the Prime Minister and Cabinet on science and technology.

    Images of the eight new Council members.

    Eight new members have been appointed to the Council for Science and Technology (CST). The Council advises the Prime Minister and the Cabinet on strategic science and technology policy issues that cut across the responsibilities of individual government departments. 

    Professor Dame Angela McLean, the Government Chief Scientific Adviser and Co-Chair of  CST,  said: 

    The eight new members bring extraordinary breadth and depth of experience: from AI and data to chemical engineering and venture capital. I am confident that new members will further invigorate the Council and its ability to provide robust advice on the government’s high-level priorities for science and technology. I look forward to collaborating across a wide range of topics to further embed specialist knowledge of the UK’s strength in science and technology into the heart of government decision-making.

    New members: 

    • Mark Enzer OBE is a Strategic Advisor at Mott MacDonald. He is a Visiting Professor at the University of Cambridge and Imperial College London. 

    • Professor Dame Lynn Gladden DBE is Shell Professor of Chemical Engineering at the University of Cambridge, and former Executive-Chair of the Engineering and Physical Sciences Research Council. 

    • Priya Lakhani OBE is Founder CEO of CENTURY Tech. She co-founded the Institute for Ethical AI in education. 

    • Avid Larizadeh Duggan OBE is a Senior Managing Director, Ontario Teachers’ Pension Plan, Teachers’ Venture Growth. She is a Non-Executive Director on the board of Barclays Bank UK.

    • Professor (Emeritus) Nick McKeown is Senior Fellow at Intel Corporation, Professor (Emeritus) of Electrical Engineering and Computer Science at Stanford University and Visiting Professor of Engineering and Senior Research Fellow at Oxford University. 

    • Professor Sir Nigel Richard Shadbolt is Professor of Computer Science at the University of Oxford and Principal of Jesus College, Oxford. He is Co-Founder and Chair of the Open Data Institute. 

    • Richard Slater is Chief R&D Officer for Unilever. He was previously Senior Vice President R&D, GSK Consumer Healthcare. He is a Non-Executive Director at Future Origins. 

    • Paul Taylor CBE is Director of Morgan Stanley International, Chair of Interrupt Labs Ltd and Chair of Beyond Blue. He is a Non-Executive Director on the Defence Technology and Innovation Board at the Ministry of Defence.  

    See more details on CST and its members.

    Updates to this page

    Published 3 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI Russia: The Polytechnic University held a refresher course on the topic “RISC-V Ecosystem”

    Translartion. Region: Russians Fedetion –

    Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

    At the end of January, the Higher School of Electronics and Microsystems Engineering of the Institute of Electronics and Telecommunications of SPbPU held a unique advanced training course on the topic “RISC-V Ecosystem: Development and System Programming”.

    The course was devoted to the development of hardware and software for modern extensible open instruction sets and RISC-V processor architectures, which are widely used in rapidly developing areas of information technology, including the Internet of Things and artificial intelligence.

    The course instructors were practicing specialists from SPbPU, ETU “LETI”, SPbSU, MIET, MIEM, UNN with extensive experience in this field, which ensured a high level of training and relevant knowledge for the participants. The audience included representatives of enterprises and universities from St. Petersburg, Moscow, Nizhny Novgorod, Saratov, Voronezh, Krasnoyarsk, Yekaterinburg (more than 10 organizations in total). Classes continued in an intensive mode throughout the week, on the final day, Dmitry Tikhonov, Vice-Rector for Continuing and Pre-University Education at SPbPU, presented the course participants with certificates of advanced training.

    The hardware for the course was deployed and installed with the support of the YADRO group of companies at the joint scientific laboratory “RISC-V Digital Technologies (YADRO-Polytech)”.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI: Smart Share Global Limited Regains Compliance with the Nasdaq Minimum Bid Price Requirement

    Source: GlobeNewswire (MIL-OSI)

    SHANGHAI, Feb. 03, 2025 (GLOBE NEWSWIRE) — Smart Share Global Limited (Nasdaq: EM) (“Energy Monster” or the “Company”), a consumer tech company providing mobile device charging service, today announced that it received a notification letter (the “Compliance Notification”) from the Listing Qualifications Department of the Nasdaq Stock Market LLC (“Nasdaq”), dated January 31, 2025, notifying the Company that it has regained compliance with the requirement of minimum bid price of US$1.00 per share set forth under Nasdaq Listing Rule 5550(a)(2).

    As announced on August 9, 2024, the Company received a letter from Nasdaq indicating that it was not in compliance with Nasdaq Listing Rule 5550(a)(2), as the closing bid price of its American Depositary Shares (the “ADSs”) had been below US$1.00 per ADS for the previous 30 consecutive business days. The Company was provided with a compliance period of 180 calendar days, or until February 3, 2025, to regain compliance with the minimum bid price requirement.

    On January 31, 2025, Nasdaq confirmed in the Compliance Notification that the closing bid price of the Company’s ADSs has been at US$1.00 per share or higher for the 10 consecutive business days from January 16, 2025 to January 30, 2025. Accordingly, the Company has regained compliance with the minimum bid price requirement, and the matter is now closed.

    About Smart Share Global Limited

    Smart Share Global Limited (Nasdaq: EM), or Energy Monster, is a consumer tech company with the mission to energize everyday life. The Company is the largest provider of mobile device charging service in China with the number one market share. The Company provides mobile device charging service through its power banks, which are placed in POIs such as entertainment venues, restaurants, shopping centers, hotels, transportation hubs and public spaces. Users may access the service by scanning the QR codes on Energy Monster’s cabinets to release the power banks. As of June 30, 2024, the Company had 9.5 million power banks in 1,267,000 POIs across more than 2,100 counties and county-level districts in China.

    Contact Us
    Investor Relations
    Hansen Shi
    ir@enmonster.com

    The MIL Network –

  • MIL-OSI United Nations: UNECE Expert Meeting on Statistical Data Collection and Sources 2025

    Source: United Nations Economic Commission for Europe

    About the meeting

    The event will serve as a platform for exchanging experiences and collaborating on innovative practices in data collection. The 2025 meeting will focus on optimizing data collection processes, emphasizing editing and cleaning, automation, AI integration, and leveraging non-traditional data sources. Highlights include sessions on AI-driven tools, strategies to enhance interviewer efficiency, and methods for integrating diverse data sources. Through discussions, interactive sessions, and knowledge sharing, the event seeks to advance strategies to enhance the efficiency and quality of statistical data collection across all domains.

    Document Title Documents Paper  Presentations
    ENG ENG
    Information Notice 1 PDF –
    Information Notice 2 (logistic information)   –
    Timetable   –
    Report  

    MIL OSI United Nations News –

  • MIL-OSI United Nations: Generative AI and Official Statistics Workshop 2025

    Source: United Nations Economic Commission for Europe

    About the meeting

    The workshop aims to explore the transformative impact of Generative AI on official statistics and provide a platform for professionals and stakeholders to exchange knowledge, showcase practical applications, and address governance, ethical, and infrastructural challenges in integrating Generative AI.

    Key themes include building organizational capacity, practical AI applications, governance and risk management, and fostering partnerships with AI leaders. Through discussions, case studies, and interactive sessions, the event aims to equip National Statistical Offices with the tools and strategies needed to adopt Generative AI responsibly and effectively.

    Submit your abstract here: https://forms.office.com/e/46P0CYd6dL

    Document Title Documents Paper  Presentations
    ENG ENG
    Information Notice 1 PDF –
    Timetable   –
    Report   –

    MIL OSI United Nations News –

  • MIL-OSI NGOs: Whether Biden Or Trump, US’ Latin American Policy Will Be Contemptible

    Source: Council on Hemispheric Affairs –

    By John Perry and Roger D. Harris

    Migration, Drugs, and Tariffs.

    With Donald Trump as the new US president, pundits are speculating about how US policy towards Latin America might change.

    In this article, we look at some of the speculation, then address three specific instances of how the US’s policy priorities may be viewed from a progressive, Latin American perspective. This leads us to a wider argument: that the way these issues are dealt with is symptomatic of Washington’s paramount objective of sustaining the US’s hegemonic position. In this overriding preoccupation, its policy towards Latin America is only one element, of course, but always of significance because the US hegemon still treats the region as its “backyard.”

    First, some examples of what the pundits are saying. In Foreign Affairs, Brian Winter argues that Trump’s return signals a shift away from Biden’s neglect of the region. “The reason is straightforward,” he says. “Trump’s top domestic priorities of cracking down on unauthorized immigration, stopping the smuggling of fentanyl and other illicit drugs, and reducing the influx of Chinese goods into the United States all depend heavily on policy toward Latin America.”

    Ryan Berg, who is with the thinktank, Center for Strategic and International Studies, funded by the US defense industry, is also hopeful. Trump will “focus U.S. policy more intently on the Western Hemisphere,” he argues, “and in so doing, also shore up its own security and prosperity at home.”

    According to blogger James Bosworth, Biden’s “benign neglect” could be replaced by an “aggressive Monroe Doctrine – deportations, tariff wars, militaristic security policies, demands of fealty towards the US, and a rejection of China.” However, notwithstanding the attention of Trump’s Secretary of State, Marco Rubio, Bosworth thinks there is still a good chance of policy lapsing into benign neglect as the new administration focuses elsewhere.

    The wrong end of the telescope

    What these and similar analyses share is a concern with problems of importance to the US, including domestic ones, and how they might be tackled by shifts in policy towards Latin America. They view the region from the end of a US-mounted telescope.

    Trump’s approach may be the more brazen “America first!,” but the basic stance is much the same as these pundits. The different scenarios will be worked out in Washington, with Latin America’s future seen as shaped by how it handles US policy changes over which it has little influence. Analyses by these supposed experts are constrained by their adopting the same one-dimensional perspective as Washington’s, instead of questioning it.

    Here’s one example. The word “neglect” is superficial because it hides the immense involvement of the US in Latin America even when it is “neglecting” it: from deep commercial ties to a massive military presence. It is also superficial because, in a real sense, the US constantly neglects the problems that concern most Latin Americans: low wages, inequality, being safe in the streets, the damaging effects of climate change, and many more. “Neglect” would be seen very differently on the streets of a Latin American city than it is inside the Washington beltway.

    Who has the “drug problem”?

    The vacuum in US thinking is nowhere more apparent than in responses to the drug problem. Trump threatens to declare Mexican drug cartels to be terrorist organizations and to invade Mexico to attack them.

    But, as academic Carlos Pérez-Ricart told El Pais: “This is a problem that does not originate in Mexico. The source, the demand, and the vectors are not Mexican. It is them.” Mexican President Claudia Sheinbaum also points out that it is consumption in the US that drives drug production and trafficking in Mexico.

    Trump could easily make the same mistake as his predecessor Clinton did two decades ago. Back then, billions were poured into “Plan Colombia” but still failed to solve the “drug problem,” while vastly augmenting violence and human rights violations in the target country.

    A foretaste of what might happen, if Trump carries out his threat, occurred last July, when Biden’s administration captured Ismael “El Mayo” Zambada. That caused an all-out war between cartels in the Mexican state of Sinaloa.

    Sheinbaum rightly turns questions about drug production and consumption back onto the US. Rhetorically, she asks: “Do you believe that fentanyl is not manufactured in the United States?…. Where are the drug cartels in the United States that distribute fentanyl in US cities? Where does the money from the sale of that fentanyl go in the United States?”

    If Trump launches a war on cartels, he will not be the first US president to the treat drug consumption as a foreign issue rather than a concomitantly domestic one.

    Where does the “migration problem” originate?

    Trump is also not the first president to be obsessed by migration. Like drugs, it is seen as a problem to be solved by the countries where the migrants originate, while both the “push” and “pull” factors under US control receive less attention.

    Exploitation of migrant labor, complex asylum procedures, and schemes such as “humanitarian parole” to encourage migration are downplayed as reasons. Biden intensified US sanctions on various Latin American countries, which have been shown conclusively to provoke massive emigration. Meanwhile Trump threatens to do the same.

    Many Latin American countries have been made unsafe by crime linked to drugs or other problems in which the US is implicated. About 392,000 Mexicans were displaced as a result of conflict in 2023 alone, their problem aggravated by the massive, often illegal, export of firearms from the US to Mexico.

    Costa Rica, historically a safe country, had a record 880 homicides in 2023, many of which were related to drug trafficking. In Brazil and other countries, US-trained security forces contribute directly to the violence, rather than reducing it.

    Mass deportations from the US, promised by Trump, could worsen these problems, as happened in El Salvador in the late 1990s. They would also affect remittances sent home by migrant workers, exacerbating regional poverty. The threatened use of tariffs on exports to the US could also have serious consequences if Latin America does not stand up to Trump’s threats. Economist Michael Hudson argues that countries will have to jointly retaliate by refusing to pay dollar-based debts to bond holders if export earnings from the US are summarily cut.

    China in the US “backyard”

    Trump also joins the Washington consensus in its preoccupation with China’s influence in Latin America. Monica de Bolle is with the Peterson Institute for International Economics, a thinktank partly funded by Pentagon contractors. She told the BBC: “You have got the backyard of America engaging directly with China. That’s going to be problematic.”

    Recently retired US Southern Command general, Laura Richardson, was probably the most senior frequent visitor on Washington’s behalf to Latin American capitals, during the Biden administration. She accused China of “playing the ‘long game’ with its development of dual-use sites and facilities throughout the region, “adding that those sites could serve as “points of future multi-domain access for the PLA [People’s Liberation Army] and strategic naval chokepoints.”

    As Foreign Affairs points out, Latin America’s trade with China has “exploded” from $18 billion in 2002 to $480 billion in 2023. China is also investing in huge infrastructure projects, and seemingly its only political condition is a preference for a country to recognize China diplomatically (not Taiwan). Even here, China is not absolute as with Guatemala, Haiti, and Paraguay, which still recognize Taiwan. China still has direct investments in those holdouts, though relatively more modest than with regional countries that fully embrace its one-China policy.

    Peru, currently a close US ally, has a new, Chinese-funded megaport at Chancay, opened in November by President Xi Jinping himself. Even right-wing Argentinian president Milei said of China, “They do not demand anything [in return].”

    What does the US offer instead? While Antony Blinken proudly displayed old railcars that were gifted to Peru, the reality is that most US “aid” to Latin America is either aimed at “promoting democracy” (i.e. Washington’s political agenda) or is conditional or exploitative in other ways.

    The BBC cites “seasoned observers” who believe that Washington is paying the price for “years of indifference” towards the region’s needs. Where the US sees a loss of strategic influence to China and to a lesser extent to Russia, Iran, and others, Latin American countries see opportunities for development and economic progress.

    Remember the Monroe Doctrine

    Those calling for a more “benign” policy are forgetting that, in the two centuries since President James Monroe announced the “doctrine,” later given his name, US policy towards Latin America has been aggressively self-interested.

    Its troops have intervened thousands of times in the region and have occupied its countries on numerous occasions. Just since World War II, there have been around 50 significant interventions or coup attempts, beginning with Guatemala in 1954. The US has 76 military bases across the region, while other major powers like China and Russia have none.

    The doctrine is very much alive. In Foreign Affairs, Brian Winter warns: “Many Republicans perceive these linkages [with China], and the growing Chinese presence in Latin America more broadly, as unacceptable violations of the Monroe Doctrine, the 201-year-old edict that the Western Hemisphere should be free of interference from outside powers.”

    Bosworth adds that Trump wants Latin America to decisively choose a side in the US vs China scrimmage, not merely underplay the role of China in the hemisphere. Any country courting Trump, he suggests, “needs to show some anti-China vibes.”

    Will Freeman is with the Council on Foreign Relations, whose major sponsors are also Pentagon contractors. He thinks that a new Monroe Doctrine and what he calls Trump’s “hardball” diplomacy may partially work, but only with northern Latin America countries, which are more dependent on US trade and other links.

    Trump has two imperatives: while one is stifling China’s influence (e.g. by taking possession of the Panama Canal), another is gaining control of mineral resources (a reason for his wanting to acquire Greenland). The desire for mineral resources is not new, either. General Richardson gave an interview in 2023 to another defense-industry-funded thinktank in which she strongly insinuated that Latin American minerals rightly belong to the US.

    Maintaining hegemonic power against the threat of multipolarity

    Neoconservative Charles Krauthammer, writing 20 years ago for yet another thinktank funded by the  defense industry, openly endorsed the US’s status as the dominant hegemonic power and decried multilateralism, at least when not in US interests. “Multipolarity, yes, when there is no alternative,” he said. “But not when there is. Not when we have the unique imbalance of power that we enjoy today.”

    Norwegian commentator Glen Diesen, writing in 2024, contends that the US is still fighting a battle – although perhaps now a losing one – against multipolarity and to retain its predominant status. Trump’s “America first!” is merely a more blatant expression of sentiments held by his other presidential predecessors for clinging on to Washington’s contested hegemony.

    The irony of Biden’s presidency was that his pursuit of the Ukraine war has led to warmer relations between his two rivals, Russia and China. In this context, the growth of BRICS has been fostered – an explicitly multipolar, non-hegemonic partnership. As Glen Diesen says, “The war intensified the global decoupling from the West.”

    Other steps to maintain US hegemony – its support for Israel’s genocide in Gaza, the regime-change operation in Syria and the breakdown of order in Haiti – suggest that, in Washington’s view, according to Diesen, “chaos is the only alternative to US global dominance.” Time and again, Yankee “beneficence” has meant ruination, not development.

    These have further strengthened desires in the global south for alternatives to US dominance, not least in Latin America. Many of its countries (especially those vulnerable to tightening US sanctions) now want to follow the alternative of BRICS.

    Unsurprisingly, Trump has been highly critical of this perceived erosion of hegemonic power on Biden’s watch. Thomas Fazi argues in UnHerd that this is realism on Trump’s part; he knows the Ukraine war cannot be conclusively won, and that China’s power is difficult to contain. Accordingly, this is leading to a “recalibrating of US priorities toward a more manageable ‘continental’ strategy — a new Monroe Doctrine — aimed at reasserting full hegemony over what it deems to be its natural sphere of influence, the Americas and the northern Atlantic,” stretching from Greenland and the Arctic to Tierra del Fuego and Antarctica.

    The pundits may not agree on quite what Trump’s approach towards Latin America will be, but they concur with Winter’s judgment that the region “is about to become a priority for US foreign policy.” His appointment of Marco Rubio is a signal of this. The new secretary of state is a hawk, just like Blinken, but one with a dangerous focus on Latin America.

    However, the mere fact that such pundits hark back to the Monroe Doctrine indicates that this is only, so to speak, old wine in new bottles. Even in the recent past, an aggressive application of the 201-year-old Monroe Doctrine has never seen a hiatus.

    Recall US-backed coups that deposed Honduran President Manuel Zelaya (2009) and Bolivian Evo Morales (2019), plus the failed coup against Daniel Ortega in Nicaragua (2018), along with the parliamentary coup that ousted Paraguayan Fernando Lugo (2012). To these, US-backed regime change by “lawfare” included Dilma Rousseff in Brazil (2016) and Pedro Castillo in Peru (2023). Currently presidential elections have simply been suspended in Haiti and Peru with US backing.

    Even if Trump is more blatant than his predecessors in making clear that his policymaking is based entirely on what he perceives to be US interests, rather than those of Latin Americans, this is not new.

    As commentator Caitlin Johnstone points out, the main difference between Trump and his predecessors is that he “makes the US empire much more transparent and unhidden.” From the other end of the political spectrum, a former John McCain adviser echoes the same assessment: “there will likely be far more continuity between the two administrations than meets the eye.”

    Regardless, Latin America will continue to struggle to set its own destiny, patchily and with setbacks, and this will likely draw it away from the hegemon, whatever the US does.

    Nicaragua-based John Perry is with the Nicaragua Solidarity Coalition and writes for the London Review of Books, FAIR, and CovertAction.

    Roger D. Harris is with the Task Force on the Americas, the US Peace Council, and the Venezuela Solidarity Network

    Featured image courtesy of Cornell University/Wikimedia Commons

    First published by Popular Resistance: https://popularresistance.org/whether-biden-or-trump-us-latin-american-policy-will-still-be-contemptible/

    MIL OSI NGO –

  • MIL-OSI: Danske Bank share buy-back programme completed: Transactions in week 5

    Source: GlobeNewswire (MIL-OSI)

    Company announcement no. 5 2025   Group Communications
    Bernstorffsgade 40
    DK-1577 København V
    Tel. +45 45 14 14 00

    3 February 2025

    Danske Bank share buy-back programme completed: Transactions in week 5

    Danske Bank’s share buy-back programme of DKK 5.5 billion, which was announced on 2 February 2024 and scheduled to end on 31 January 2025 at the latest, has now been completed. Under the programme,27,189,496 own shares were repurchased at a transaction value of approximately DKK 5.5 billion during the period up to termination of the programme. Repurchased shares are expected to be cancelled subject to approval by the annual general meeting to be held on 20 March 2025.

    The purpose of the share buy-back programme was to reduce the share capital of Danske Bank A/S. The programme was carried out under Regulation (EU) No. 596/2014 of the European Parliament and of the Council of 16 April 2014 and the Commission’s delegated regulation (EU) 2016/1052 of 8 March 2016, also referred to as the Safe Harbour Rules.

    The following transactions were made under the share buy-back programme in week 5:

      Number
    of shares    		 VWAP
    DKK    		 Gross value
    DKK
    Accumulated, last announcement 26,612,542 201.9820 5,375,255,190
    27/01/2025 120,000 214.3033 25,716,396
    28/01/2025 115,000 214.9317 24,717,146
    29/01/2025 110,000 217.4796 23,922,756
    30/01/2025 115,000 217.8401 25,051,612
    31/01/2025 116,954 216.6392 25,336,821
    Total accumulated over week 5 576,954 216.2126 124,744,730
    Total accumulated during the share buy-back programme 27,189,496 202.2840

    5,499,999,920

    With the transactions stated above, the total accumulated number of own shares under the share buy-back programme corresponds to 3.15% of Danske Bank A/S’ share capital.

    We enclose share buy-back transaction data in detailed form of each transaction in accordance with the Commission’s delegated regulation (EU) 2016/1052 of 8 March 2016.

    Danske Bank

    Contact: Helga Heyn, Head of Media Relations, tel. +45 45 14 14 00

    Attachments

    The MIL Network –

  • MIL-OSI United Kingdom: MHRA asks for views on proposed guidance to support the safe regulation of new personalised cancer therapies  

    Source: United Kingdom – Executive Government & Departments

    The draft MHRA guidance aims to clarify and streamline pathways for bringing these therapies through to patients, without compromising on robust safety principles

    The Medicines and Healthcare products Regulatory Agency (MHRA) has today launched a consultation on regulatory guidance for individualised mRNA cancer immunotherapies (colloquially referred to as cancer vaccines). This is an important step in bringing these promising therapies closer to clinical practice.

    The eight-week consultation was launched today and will run until 31 March 2025. The MHRA is asking all stakeholders, including developers of these medicines, to provide comments, after which the guidance will be updated. The UK regulator also welcomes comments from members of the public including people affected by cancer. 

    The guidance aims to streamline pathways for bringing these therapies through to patients, without compromising on robust safety principles.

    Julian Beach, MHRA Executive Director of Healthcare Quality and Access said:

    “Individualised cancer immunotherapies, while still being tested in clinical trials, are a very exciting development in our hunt to find new and better ways to treat cancer, which is a leading cause of death worldwide.

    “Because these treatments are tailored to an individual’s tumour, they pose unique scientific questions on how they should be regulated.”

    June Raine, MHRA Chief Executive said:

    “As an enabling regulator, we do not wish to keep patients waiting unnecessarily for important new medicines such as personalised immunotherapies.

    “We are asking all stakeholders to comment on draft guidance that addresses the questions this new regulatory pathway raises.”

    Minister for Public Health, Andrew Gwynne, said:

    “More people than ever are being diagnosed with cancer so it’s vital that we push the boundaries of science to develop the treatments of the future.

    “Personalised immunotherapies could revolutionise our approach by helping patients fight cancer cells in their bodies.

    “As government ramps up the use of groundbreaking technologies and medicines across the board, this guidance will be fundamental to achieving our goal of moving from sickness to prevention. And it is yet another example of Britain leading the way on cancer research, transforming cancer care to save lives and support the NHS.”

    Individualised mRNA cancer immunotherapies are a new type of cancer treatment that use mRNA technology.  mRNA acts as a messenger in the body and tells cells how to make a specific protein. When used in medicines, specific mRNA molecules can teach the body how to fight diseases.  

    Unlike conventional cancer therapies, for these medicines each patient receives a version of the mRNA therapy that has been matched to their unique tumour fingerprint using artificial intelligence (AI). In this way, the therapy aims to teach the patient’s immune system to target and destroy their specific tumour cells. 

    These highly innovative therapies are currently in clinical trials. They pose unique questions on how they should be safely regulated.  With this guidance, the MHRA aims to facilitate patient access to these novel individualised cancer therapies by outlining a clear and streamlined regulatory pathway to approval.

    The guidance covers product design and manufacture, evidence needed show safety and effectiveness, and post-approval safety monitoring. The MHRA aims to expand the guidance in due course to cover other types of highly personalised therapies, including for rare diseases. 

    This guidance has been developed with independent scientific advice from the Highly Personalised Medicines Expert Working Group of the Commission on Human Medicines, including patient experts.

    Notes to editors

    1. The Medicines and Healthcare products Regulatory Agency (MHRA) is responsible for regulating all medicines and medical devices in the UK by ensuring they work and are acceptably safe.  All our work is underpinned by robust and fact-based judgements to ensure that the benefits justify any risks. 
    2. The MHRA is an executive agency of the Department of Health and Social Care. 
    3. For media enquiries, please contact the newscentre@mhra.gov.uk, or call on 020 3080 7651.

    Updates to this page

    Published 3 February 2025

    MIL OSI United Kingdom –

  • 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.

    ****

    JK/RC/SM

    (Release ID: 2099020) Visitor Counter : 15

    MIL OSI Asia Pacific News –

  • MIL-OSI Europe: Written question – Mitigating the risks posed by AI-generated accounts on social media – P-000304/2025

    Source: European Parliament

    Priority question for written answer  P-000304/2025
    to the Commission
    Rule 144
    Dan-Ştefan Motreanu (PPE)

    Some social media platforms have announced plans to introduce AI-generated accounts to their networks. This raises concerns about the potential proliferation of automated accounts programmed to behave like real users. These accounts could post, share content and interact with others on the basis of pre-designed scripts, making it difficult to distinguish between genuine human activity and artificial interactions.

    The risks associated with such developments are significant. Ill-intentioned actors could exploit these platforms to manipulate public opinion and dominate online discussions, particularly during sensitive times, such as during election campaigns. This could undermine democratic processes and trust in digital spaces.

    A possible solution would involve requiring users to verify their accounts using official identification or digital identities. This system would enhance accountability, ensuring that those who break the law can face legal consequences. It could also reduce the misuse of anonymous accounts for malicious purposes, while maintaining the rights of legitimate users operating under their verified identities.

    Does the Commission intend to propose measures to address the risks posed by anonymous and AI-generated accounts by introducing ‘ID verified’ account systems to enhance accountability?

    Submitted: 23.1.2025

    Last updated: 3 February 2025

    MIL OSI Europe News –

  • MIL-OSI: DRIS Issue Price

    Source: GlobeNewswire (MIL-OSI)

    3 February 2025

    HARGREAVE HALE AIM VCT PLC
    (the “Company”)

    DRIS Issue Price

    The reference price of a new Ordinary Share under the Company’s Dividend Re-investment Scheme (“DRIS”) for the final and special dividends, announced on 18 December 2024 (the “Dividends”) has been set at 37.54p.  This is the last published ex-dividend NAV per Ordinary Share, as at close of business on 31 January 2025.

    Further information regarding the DRIS offered in respect of the Dividends can be found in the DRIS Mandate (the “DRIS Mandate“) available on the Company’s website to view and/or download at https://www.hargreaveaimvcts.co.uk/document-library/. The DRIS Mandate is also available on the National Storage Mechanism website at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

    The payment date of the Dividends and the allotment date of the new Ordinary shares, to be issued pursuant to the DRIS (the “New Ordinary Shares”), is 14 February 2025. The date for admission and dealing of the New Ordinary Shares is expected to be on or around 21 February 2025.

    END

    For further information, please contact:

    JTC (UK) Limited
    Uloma Adighibe
    Alexandria Tivey    		 HHV.CoSec@jtcgroup.com
    +44 203 892 3877
    +44 203 832 3891

    LEI: 213800LRYA19A69SIT31        

    The MIL Network –

  • MIL-OSI Russia: Polytechnic University’s AI Seminars Are Trending on the Information Agenda

    Translartion. Region: Russians Fedetion –

    Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

    Another seminar on artificial intelligence was held at the Saint Petersburg Polytechnic University.

    Opening the meeting, SPbPU Vice-Rector for Research Yuri Fomin reminded the participants of the resonance in the global community caused by the neural network of the Chinese company DeepSeek.

    This reaction to artificial intelligence technologies once again confirms that they are trending today. And this adds new colors to our seminars, which we organized to talk about the research that is being conducted in our laboratories as popularly as possible. Because we, of course, will be active participants and authors of new technological solutions, – noted Yuri Vladimirovich.

    The fourth Polytechnic University seminar on AI attracted the attention of not only the university audience, but also external participants — representatives of the university’s industrial partners. The report of the Vice-Rector for Digital Transformation, Head of the Advanced Engineering School of SPbPU “Digital Engineering” Alexey Borovkov and Senior Researcher of the Engineering Center “Computer Engineering Center” of the SPbPU PISh Alexey Novokshenov on the topic “Artificial Intelligence in Industry on the CML-Bench® Digital Platform. Experience of Applying AI/ML in High-Tech Industry Tasks” was listened to with great interest. The scientists spoke about the digital platform for the development and application of CML-Bench® digital twins and the successful implementation of projects in the interests of the high-tech industry.

    According to Alexey Borovkov, the digital twin market is one of the fastest growing, and today it is being integrated by the largest market for artificial intelligence technologies. In addition, he noted that the CML-Bench® digital platform received a certificate of compliance with the software security requirements of the Federal Service for Technical and Export Control (FSTEC of Russia) at the sixth level of trust at the end of 2024.

    Today, our country faces an important task – achieving technological leadership, and domestic technologies, especially advanced digital and production technologies, play an important role here. Also, we should not forget about digital standardization. In 2022, the National Standard “Computer Models and Simulation. DIGITAL DOUBLES OF PRODUCTS. General Provisions” came into effect, which was developed by specialists of the NTI Center “New Production Technologies” of SPbPU together with specialists of the Federal State Unitary Enterprise “RFNC-VNIIEF” and with the participation of 25 more high-tech organizations and industry institutes. And whoever creates the standards dictates the rules, – Alexey Ivanovich emphasized and then spoke in detail about some developments using digital engineering for the fuel and energy complex and the aviation industry.

    During the discussion of the report, the seminar participants also identified a number of problems: lack of funds for testing; difficulties in introducing new developments into production; insufficient preparation of applicants entering engineering specialties.

    Alexey Gintsyak, head of the Digital Modeling of Industrial Systems laboratory of the Advanced Engineering School Digital Engineering, spoke about the study of approaches to creating intelligent multi-agent systems for predictive and prescriptive analytics in industry. The laboratory is part of the Scientific and Educational Center and the Association Artificial Intelligence in Industry and conducts a range of studies on forecasting and optimizing the activities of industrial enterprises. The report presented the results of fundamental projects carried out within the framework of a state assignment and with the support of the Russian Science Foundation, as well as the results of applied projects in various industries and economics: mechanical engineering, metallurgy, transport, and the oil and gas industry. In conclusion, the head of the laboratory shared plans for the further development of current research areas.

    Summing up the results of the seminar, Vice-Rector for Research Yuri Fomin suggested inviting speakers from other scientific organizations and universities to the seminars, and also announced the next meeting, which will be held on February 12 in the Kapitsa Hall of the Technopolis Polytech Research Building at 2 p.m.

    Photo archive

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI: Akuma Inu AI Announces Strategic Expansion on Base Chain to Revolutionize Meme Coins with ‘Memetility’

    Source: GlobeNewswire (MIL-OSI)

    SANTA CLARA, Calif., Feb. 03, 2025 (GLOBE NEWSWIRE) — Akuma Inu AI, the pioneering force behind “memetility”—the fusion of meme culture with real-world utility—has announced its strategic expansion onto the Base Chain, marking a significant milestone in the evolution of meme coins. This move is designed to enhance scalability, security, and accessibility, solidifying Akuma Inu AI’s role in reshaping the cryptocurrency landscape.

    A Timely Shift Amidst Market Volatility

    The recent launch of the $TRUMP meme coin has reignited discussions about the sustainability of meme-based cryptocurrencies. While many meme coins experience extreme volatility with little to no utility, Akuma Inu AI sets itself apart by integrating AI-powered security measures to combat rug pulls and ensure investor confidence. By launching on Base Chain, the project gains access to lower fees, faster transactions, and a robust infrastructure tailored for mass adoption.

    Why Base Chain?

    Base Chain, a Layer 2 solution backed by Coinbase, provides the ideal foundation for Akuma Inu AI’s expansion, offering enhanced transaction efficiency and security. This integration positions Akuma Inu AI as a leader in the next wave of meme coin innovation, ensuring that its community benefits from a more stable and scalable ecosystem.

    Tackling Rug Pulls with AI-Powered Protection

    Rug pulls remain one of the biggest threats in the crypto space, eroding investor trust and causing massive financial losses. Akuma Inu AI is tackling this issue head-on with advanced AI-driven vaulting systems and controlled emissions and sells . On top

    Of this it uses ai that assess project action , monitor users behavior and interactions , and provide real-time alerts, resulting in the foundation for action based income . The move to Base Chain strengthens these security features, offering a safer investment environment for users and generates revenue and reward for action .

    A Paradigm Shift in Meme Coin Evolution

    With its expansion onto Base Chain, Akuma Inu AI is not just embracing the future—it’s shaping it. This milestone underscores the project’s commitment to bridging cultural relevance with tangible benefits, setting a new precedent for the broader crypto ecosystem. As the industry braces for the next bull run, Akuma Inu AI’s innovative approach to “memetility” is expected to drive mass adoption and investor confidence.

    For the latest updates, visit akumainu.io or follow Akuma Inu AI on X (Twitter).

    CMC Listing:

    Check out Akuma Inu AI’s listing on CoinMarketCap: CMC Link

    Contact:
    Akuma godbreaker
    Akuma@akumainu.io

    Disclaimer: This content is provided by Akuma. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.

    A photo accompanying this announcement is available at:
    https://www.globenewswire.com/NewsRoom/AttachmentNg/9fd5ded9-f929-4db1-9b63-c18d61788ede

    The MIL Network –

  • MIL-OSI: Ress Life Investments A/S:

    Source: GlobeNewswire (MIL-OSI)

    Ress Life Investments
    Nybrogade 12
    DK-1203 Copenhagen K
    Denmark
    CVR nr. 33593163
    www.resslifeinvestments.com

    To: Nasdaq Copenhagen
    Date: 3 February 2025

    Corporate Announcement 04/2025

    Ress Life Investments A/S will begin publishing daily NAV in EUR.

    Ress Life Investments A/S will on 5 February 2025 begin publishing the Net Asset Value (NAV) per share in EUR on a daily basis.

    The NAV in EUR will be published on the website of Nasdaq Copenhagen under the section AIF Companies and Funds, where the bid and ask prices are already published.

    The daily NAV in EUR will be calculated as the most recently published NAV in USD divided by the European Central Bank’s EUR/USD reference rate on the relevant day.

    NAV in USD will continue to be published twice per month, on the 15th and on the last day of the month through sending corporate announcements via Nasdaq GlobeNewswire.  

    The aim with this improvement is to enable market participants to more easily find the current Net Asset Value in EUR and thus improve transparency.

    Questions related to this announcement can be made to the company’s AIF-manager, Resscapital AB.

    Contact person:
    Gustaf Hagerud
    gustaf.hagerud@resscapital.com
    Tel + 46 8 545 282 27

    Note: The terms for subscription of shares, minimum subscription amount and redemption of shares are provided in the Articles of Association, Information Brochure and in the Key Information Document available on the Company’s website, www.resslifeinvestments.com.

    Attachment

    The MIL Network –

  • MIL-OSI: The Ecole normale supérieure, AI & Society Institute and Capgemini launch a global Observatory on AI’s environmental impact

    Source: GlobeNewswire (MIL-OSI)

    ENS Press Contact: 
    Lola Melkonian
    lola@buzzdistrict.com / +33 6 09 38 67 84
    Romain Pigenel romain.pigenel@ens.psl.eu

    Capgemini Press Contact:
    Victoire Grux
    Tel.: + 33 6 04 52 16 55
    E-mail: victoire.grux@capgemini.com

    The Ecole normale supérieure, AI & Society Institute and Capgemini launch
    a global Observatory on AI’s environmental impact

    Paris, February 3, 2025 – With the support of Capgemini, the AI and Society Institute, the Ecole normale supérieure (ENS-PLS) and the ENS Foundation have launched an Observatory dedicated to analyzing and mitigating the environmental impacts of Artificial Intelligence (AI) at all stages of its lifecycle (training, adjustment, inference and end-of-life). The new Observatory aims to establish a solid, shared methodology to encourage sustainable AI usage.

    The widespread adoption of AI, especially generative AI, has unlocked significant opportunities across various sectors. However, the growing computational demand for these new uses is leading to an increase of its environmental footprint (in terms of energy and water consumption, as well as carbon footprint), making it necessary to systematically assess their impact and implement measures to mitigate them. A recent research paper from a Capgemini R&D team highlights that large generative AI models consume 4,600 times more energy than traditional models, with AI-related electricity usage potentially increasing 24.4 times in the most extreme scenario by 2030. Mitigating this environmental impact in the coming years will require a coordinated effort from all stakeholders across the AI value chain, cites the publication.1  

    The global Observatory on AI’s environmental impact intends to address these challenges. It will bring together a diverse, multi-stakeholder community of international experts (academia, businesses and civil society), and will help to:

    • Establish a robust, shared methodology for measuring the environmental impact of AI technologies;
    • Create a global, open-access database where AI developers and researchers can contribute with data on the environmental performance of their models, fostering transparency and collaboration between businesses and research circles;
    • Promote sustainable AI practices;
    • Provide strategic analysis and disseminate knowledge;  
    • Bring together key stakeholders.

    “At the ENS-PLS, we firmly believe that research and action must go hand in hand to drive positive change in our societies,” explains Anne Bouverot, Chairwoman of the ENS-PLS Board of Directors.

    “This Observatory is the bridge between the two and is part of our commitment to provide informed solutions to public and private institutions on artificial intelligence and its impact,” adds Marc Mézard, Chairman of the AI and Society Institute.

    “Today, companies are looking for efficiency gains, yet very large AI models not only entail a significant environmental footprint, but also higher costs,” says Etienne Grass, Managing Director of Capgemini Invent France. “To harness the power of this technology responsibly, it is essential to put in place clear and transparent methodologies, and to work with all players in the AI value chain.”

    Capgemini has previously produced several research reports on the implementation of sustainable AI, including a survey of 2,000 senior executives from major companies in 15 countries2 and a research paper that proposes an initial methodology for quickly estimating the environmental impact of a company’s AI-related business portfolio.

    About Ecole normale supérieure
    At the same time a French grande école and a university, the Ecole normale supérieure provides in Paris, at the heart of the Quartier latin, excellent training through research, leading to various teaching and research professions, and contributes to train through research the senior executives of public administrations as well as of French and European companies. The ENS also defines and applies scientific and technological research policies, from a multidisciplinary and international perspective.

    https://www.ens.psl.eu/en

    About the IA & Société Institute
    The Institute for AI and Society, hosted by the École normale supérieure, was co-founded by Université Paris Dauphine, PSL, and the Abeona Foundation. Its mission is to promote the responsible development and use of AI by studying its interactions with society.

    Find out more

    About the ENS Foundation
    Founded in 1986 and recognized as a public-interest organization, the Fondation de l’École normale supérieure is dedicated to supporting teaching and research initiatives while expanding the ENS’s outreach by engaging the generosity of donors and corporate partners.

    Find out more

    About Capgemini
    Capgemini is a global business and technology transformation partner, helping organizations to accelerate their dual transition to a digital and sustainable world, while creating tangible impact for enterprises and society. It is a responsible and diverse group of 340,000 team members in more than 50 countries. With its strong over 55-year heritage, Capgemini is trusted by its clients to unlock the value of technology to address the entire breadth of their business needs. It delivers end-to-end services and solutions leveraging strengths from strategy and design to engineering, all fuelled by its market leading capabilities in AI, cloud and data, combined with its deep industry expertise and partner ecosystem. The Group reported 2023 global revenues of €22.5 billion.

    Get the Future You Want | www.capgemini.com

    1 “Exploring the sustainable scaling of AI dilemma: A projective study of corporations’ AI environmental impacts”, C. DESROCHES, M. CHAUVIN, L. LADAN, C. VATEAU, S. GOSSET, P. CORDIER, January 2025
    2 Developing sustainable Gen AI report, Capgemini Research Institute, January 2025

    Attachment

    The MIL Network –

  • MIL-OSI: BexBack Launches Double Deposit Bonus, $50 Welcome Bonus and 100x Leverage Crypto Trading No KYC

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, Feb. 01, 2025 (GLOBE NEWSWIRE) — As the price of Bitcoin surpassed the $100,000 mark and many analysts believe that it will enter a long-term high-volatility market. Holding spot positions may not continue to generate profits in the short term. BexBack Exchange is stepping up its efforts to provide traders with irresistible preferential packages. The platform now offers a 100% deposit bonus, a $50 welcome bonus for new users, and a 100x leverage on cryptocurrency trading, creating unparalleled opportunities for investors.

    What Is 100x Leverage and How Does It Work?

    Simply put, 100x leverage allows you to open larger trading positions with less capital. For example:

    Suppose the Bitcoin price is $100,000 that day, and you open a long contract with 1 BTC. After using 100x leverage, the transaction amount is equivalent to 100 BTC.

    One day later, if the price rises to $105,000, your profit will be (105,000 – 100,000) * 100 BTC / 100,000 = 5 BTC, a yield of up to 500%.

    With BexBack’s deposit bonus

    BexBack offers a 100% deposit bonus. If the initial investment is 2 BTC, the profit will increase to 10 BTC, and the return on investment will double to 1000%.

    Note: Although leveraged trading can magnify profits, you also need to be wary of liquidation risks.

    How Does the 100% Deposit Bonus Work?
    The deposit bonus from BexBack cannot be directly withdrawn but can be used to open larger positions and increase potential profits. Additionally, during significant market fluctuations, the bonus can serve as extra margin, effectively reducing the risk of liquidation.

    About BexBack?

    BexBack is a leading cryptocurrency derivatives platform that offers 100x leverage on BTC, ETH, ADA, SOL, and XRP futures contracts. It is headquartered in Singapore with offices in Hong Kong, Japan, the United States, the United Kingdom, and Argentina. It holds a US MSB (Money Services Business) license and is trusted by more than 200,000 traders worldwide. Accepts users from the United States, Canada, and Europe. There are no deposit fees, and traders can get the most thoughtful service, including 24/7 customer support.

    Why recommend BexBack?

    No KYC Required: Start trading immediately without complex identity verification.

    100% Deposit Bonus: Double your funds, double your profits.

    High-Leverage Trading: Offers up to 100x leverage, maximizing investors’ capital efficiency.

    Demo Account: Comes with 10 BTC in virtual funds, ideal for beginners to practice risk-free trading.

    Comprehensive Trading Options: Feature-rich trading available via Web and mobile applications.

    Convenient Operation: No slippage, no spread, and fast, precise trade execution.

    Global User Support: Enjoy 24/7 customer service, no matter where you are.

    Lucrative Affiliate Rewards: Earn up to 50% commission, perfect for promoters.

    Take Action Now—Don’t Miss Another Opportunity!

    If you missed the previous crypto bull run, this could be your chance. With BexBack’s 100x leverage and 100% deposit bonus and $50 bonus for new users (complete one trade within one week of registration), you can be a winner in the new bull run.

    Sign up on BexBack now, claim your exclusive bonus and start accumulating more BTC today!

    Website: www.bexback.com

    Contact: business@bexback.com

    Contact:
    Amanda
    business@bexback.com

    Disclaimer: This content is provided by BexBack. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.

    Photos accompanying this announcement are available at:
    https://www.globenewswire.com/NewsRoom/AttachmentNg/ba4465dd-d4e3-4374-8385-806fd259e6e3
    https://www.globenewswire.com/NewsRoom/AttachmentNg/82e163a9-5f5b-4738-9c9e-8085324358fb
    https://www.globenewswire.com/NewsRoom/AttachmentNg/e3872672-3b1c-489b-8492-34196f339656
    https://www.globenewswire.com/NewsRoom/AttachmentNg/941d5ac9-9048-4b49-b919-4b4f5922bbf8

    The MIL Network –

  • MIL-OSI: NB Private Equity Partners Limited Total Voting Rights

    Source: GlobeNewswire (MIL-OSI)

    THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO AUSTRALIA, CANADA, ITALY, DENMARK, JAPAN, THE UNITED STATES, OR TO ANY NATIONAL OF SUCH JURISDICTIONS

    St Peter Port, Guernsey 3 February 2025

    NB Private Equity Partners Limited (“NBPE” or the “Company”) Total Voting Rights

    Total Voting Rights

    In accordance with DTR 5.6.1R, NB Private Equity Partners Limited (“NBPE” or the “Company”) notifies the market of the following:

    Class of Share Number in issue as at 31 January 2025 Voting Entitlement pursuant to the Articles of Incorporation Number held in Treasury as at 31 January 2025 Voting Rights as at 31 January 2025
    Class A Ordinary 49,367,173 May attend and vote at general meetings 3,150,408 46,216,765
    Class A Shareholders have the right to receive notice of general meetings of the Company and shall have the right to attend and vote at all general meetings.
    B Shares 10,000 Except in certain circumstances, do not carry voting rights 0 0
    Class B Shareholders do not have the right to receive notice of or have the right to attend and vote at any general meetings. However, there are limited circumstances where the Company shall not act, without the prior approval of the Class B Shareholders by ordinary resolution passed at a separate general meeting of the Class B Shareholders. Separately, the Directors shall, at appropriate times carry out the FPI Test and, if they determine that the US Shareholding Percentage had exceeded the FPI Specified Percentage as at such FPI Calculation Date, with effect from the date on which the Directors make such determination, the Class B Shares in issue shall, with respect to any Director Resolution, carry a positive number of voting rights as per the calculation referenced in the Articles.
    Total Voting Rights       46,216,765

    For further information, please contact:

    NBPE Investor Relations        +44 20 3214 9002
    Luke Mason        NBPrivateMarketsIR@nb.com

    Kaso Legg Communications        +44 (0)20 3882 6644

    Charles Gorman        nbpe@kl-communications.com
    Luke Dampier
    Charlotte Francis

    About NB Private Equity Partners Limited
    NBPE invests in direct private equity investments alongside market leading private equity firms globally. NB Alternatives Advisers LLC (the “Investment Manager”), an indirect wholly owned subsidiary of Neuberger Berman Group LLC, is responsible for sourcing, execution and management of NBPE. The vast majority of direct investments are made with no management fee / no carried interest payable to third-party GPs, offering greater fee efficiency than other listed private equity companies. NBPE seeks capital appreciation through growth in net asset value over time while paying a bi-annual dividend.

    LEI number: 213800UJH93NH8IOFQ77

    About Neuberger Berman

    Neuberger Berman is an employee-owned, private, independent investment manager founded in 1939 with 2,800+ employees in 26 countries. The firm manages $500+ billion of equities, fixed income, private equity, real estate and hedge fund portfolios for global institutions, advisors and individuals. Neuberger Berman’s investment philosophy is founded on active management, fundamental research and engaged ownership. UNPRI named the firm a Leader, a designation awarded to fewer than 1% of investment firms for excellence in environmental, social and governance practices. Neuberger Berman has been named by Pensions & Investments as the #1 or #2 Best Place to Work in Money Management for each of the last ten years (firms with more than 1,000 employees). Visit www.nb.com for more information. Data as of December 31, 2024, unless noted otherwise.

    This press release appears as a matter of record only and does not constitute an offer to sell or a solicitation of an offer to purchase any security.

    NBPE is established as a closed-end investment company domiciled in Guernsey. NBPE has received the necessary consent of the Guernsey Financial Services Commission. The value of investments may fluctuate. Results achieved in the past are no guarantee of future results. This document is not intended to constitute legal, tax or accounting advice or investment recommendations. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decision. Statements contained in this document that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of NBPE’s investment manager. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Additionally, this document contains “forward-looking statements.” Actual events or results or the actual performance of NBPE may differ materially from those reflected or contemplated in such targets or forward-looking statements.

    The MIL Network –

  • MIL-OSI: Bitget Wallet Unveils PayFi Vision: Bridging Real-World Payments and Onchain Finance

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, Feb. 03, 2025 (GLOBE NEWSWIRE) — Bitget Wallet, a leading Web3 non-custodial wallet, has unveiled its 2025 strategy with PayFi being a key focus. With over 60 million users, Bitget Wallet is bringing PayFi to the forefront of personal finance, transforming crypto from a passive asset into a powerful financial tool for everyday use. By combining the efficiency of crypto payments and the ability to earn through decentralized finance (DeFi), PayFi integrates earning, sending, and spending into an ecosystem that maximizes the utility of every dollar, ensuring that every transaction contributes to financial growth. Bitget Wallet is positioning itself as a financial superapp, bridging blockchain innovation and real-world usability to revolutionize how individuals manage their money.

    Bitget Wallet’s PayFi Flywheel transforms crypto wallets from passive storage tools into engines of financial empowerment. With its earning, sending, and spending ecosystem, users can deposit crypto assets, such as stablecoins, into savings accounts offering flexible, real-time yields. These yields aren’t locked away but directly fuel daily expenditures, from shopping to subscriptions, supporting the “Buy Now, Pay Never” concept, where DeFi yields cover part of the expenses. By converging earning, sending, and spending, powered by blockchain’s efficiency, PayFi creates an interconnected ecosystem that keeps money productive and empowers users to grow their assets seamlessly.

    “PayFi is not just a product; it’s a movement to make crypto a viable financial tool for billions globally,” said Alvin Kan, COO of Bitget Wallet. “By leveraging the PayFi Flywheel, we’re redefining personal finance, integrating blockchain-powered systems into everyday life. This marks a paradigm shift in how people manage money — empowering individuals with tools to maximize productivity and financial freedom while making crypto more practical and impactful worldwide.“

    A cornerstone of Bitget Wallet’s PayFi initiative is the upcoming Bitget Wallet Card, a crypto card supported by Mastercard and linked to a crypto-friendly, multi-currency international bank account. The card will enable seamless global spending, offering competitive exchange rates. In addition to the card, Bitget Wallet is building an in-app shopping experience through partnerships with companies such as Triple A, Bitrefill, IvendPay, PundiX, and Coinpal. These partnerships enable users to spend crypto on everyday services, from purchasing gift cards for top brands like Amazon and Apple to topping up mobile credits and making in-store payments via QR codes or blockchain-powered POS systems. This interconnected ecosystem broadens crypto’s real-world application, ensuring that earning, sending, and spending reinforce one another in a cycle of value creation.

    Bitget Wallet also plans to introduce enhanced earning features, offering flexible yield options ranging from low-risk returns to higher-yield opportunities. Users can keep their funds productive even while using them for daily spending, ensuring money generates yield while remaining accessible. Peer-to-peer transfers will be streamlined, allowing faster, cheaper, and more accessible crypto transactions for daily use and remittances. “We’ve seen exceptional growth in some regions driven by high inflation and limited banking access,” said Alvin Kan, COO of Bitget Wallet. “In Africa alone, user numbers grew over 1000% last year, with similar trends in the Middle East and Latin America. These figures underscore the rising demand for decentralized solutions, and with PayFi, we aim to empower underserved regions with accessible financial tools.“

    For further details, visit the Bitget Wallet blog.

    About Bitget Wallet
    Bitget Wallet is the home of Web3, uniting endless possibilities in one non-custodial wallet. With over 60 million users, it offers comprehensive onchain services, including asset management, instant swaps, rewards, staking, trading tools, live market data, a DApp browser, an NFT marketplace and crypto payment. Supporting over 100 blockchains, 20,000+ DApps, and 500,000+ tokens, Bitget Wallet enables seamless multi-chain trading across hundreds of DEXs and cross-chain bridges, along with a $300 million protection fund to ensure safety of users’ assets. Experience Bitget Wallet Lite to start a Web3 journey.
    For more information, visit: X | Telegram | Instagram | YouTube | LinkedIn | TikTok | Discord
    For media inquiries, please contact media.web3@bitget.com

    Photos accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/fa77ce39-76f9-4073-9c48-3c2f5453bfb5

    ttps://www.globenewswire.com/NewsRoom/AttachmentNg/c70d1483-2e18-4003-86e2-a4991cc794ff

    The MIL Network –

  • 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 –

  • MIL-OSI USA: Rep. Gregory W. Meeks Statement on Black History Month

    Source: United States House of Representatives – Congressman Gregory W Meeks (5th District of New York)

    QUEENS, NY – Today, Congressman Gregory W. Meeks (NY-05) released the following statement on Black History Month: 

    “It is critical that we continue recognizing the profound contributions that African Americans have made to our country. We honor all of those trailblazers who persevered through the horrors of slavery and the Jim Crow era to pave the way for major achievements in every segment of this country including science, engineering, mathematics, entertainment, technology, culture, public service, business, the military and much more. Black innovation, entrepreneurship, resilience, and perseverance are woven into the very fabric of this nation. We continue to make remarkable strides in breaking barriers by entering fields such as artificial intelligence where our accomplishments reshape the tech landscape. This Black History Month, we must choose to educate and challenge narratives that perpetuate the marginalization of African Americans. Although we have made so much progress, we cannot neglect the work that lies ahead to deliver on the promise of our great nation for all Americans.  

    “While the Trump Administration wrongly pursues an anti-DEI agenda that ignores our country’s past of historical, systematic exclusion of African Americans, we as Americans must remember that diversity is the foundation of our country. It strengthens democracy by embracing unique perspectives that serve our society. Diversity, equity, and inclusion are American values that must not be dismantled. 

    “After all, Black history is American history.”

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Strong Introduces Bipartisan Legislation to Expand and Improve CyberCorps Scholarship for Service Program for STEM Students

    Source: United States House of Representatives – Representative Dale Strong (Alabama)

    WASHINGTON— Today, Congressman Dale Strong (R-AL) introduced the “CyberCorps Enhancement Act of 2024.” This bipartisan legislation will extend the existing CyberCorps Scholarship for Service (SFS) Program’s participation period from three to five years, supporting students pursuing advanced STEM degrees and expanding the pool of highly specialized cybersecurity professionals.  

    “North Alabama is a national leader in cybersecurity education, with one of the highest numbers of participants and graduates in the CyberCorps Scholarship for Service program. This legislation will allow local colleges and universities to continue to produce highly skilled, U.S.-trained cybersecurity experts to protect our national security interests and contribute to cutting-edge research,” said Congressman Dale W. Strong. “Strengthening this pipeline is not just about defending our nation against cyber threats—it’s about creating high-paying, high-impact jobs here at home and ensuring America continues to lead the way in cybersecurity, innovation, and defense.”  

    The University of Alabama in Huntsville is supportive of this legislation.  

    “The University of Alabama in Huntsville is home to one of the largest cohorts of CyberCorps Scholarship for Service recipients in the country, comprised of 92 incredibly bright scholars in the critical fields of cybersecurity and artificial intelligence,” said Dr. Tommy Morris, director of UAH’s Center for Cybersecurity Research and Education and eminent scholar of computer engineering. “The proposed changes will allow us to grow this important program by attracting more doctoral students, which will ultimately enhance national security considering recipients must work for the federal government upon graduation. UAH proudly offers top cybersecurity programs at the bachelor’s, master’s, and doctoral levels, and one of the largest cybersecurity research centers in America – the Center for Cybersecurity Research and Education – is located on our campus in Huntsville, a community that is leading the way in cybersecurity work. We are thankful to Congressman Strong for spearheading this effort.” 

    Strong co-led the bipartisan legislation alongside Congressman Gerry Connolly (D-VA). 

    “The federal government has a lot of work to do when it comes to recruiting and retaining the next generation of the federal workforce, especially in critical fields like cybersecurity and emerging technologies,” said Congressman Gerry Connolly. “This bipartisan legislation will go a long way toward strengthening our nation’s cybersecurity posture by ensuring we can attract the best of the best to serve our country.” 

    BACKGROUND:  

    The CyberCorps SFS Program currently offers scholarships for three years to students pursuing undergraduate or graduate education in cybersecurity. In return, recipients commit to working in a cybersecurity role within the U.S. government for the same length of time as their scholarship.  

    The CyberCorps Enhancement Act of 2024 proposes two key improvements to the existing SFS Program: 

    • Extending Scholarship Support: Increasing the scholarship cap from three to five years to accommodate students pursuing advanced degrees like PhDs. 
    • Clarifying Loan Repayment Terms: Ensuring the full amount of student loans is eligible for forgiveness. This change is to address participant concerns about loan repayment challenges. 

    These changes will support a wide range of cybersecurity degrees—including PhD, master’s, bachelor’s, and associate degrees—focused on cybersecurity fields such as AI, aerospace, quantum technologies, and more.  

    Full text of the legislation is available here. This legislation is supported by the Institute of Electrical and Electronics Engineers (IEEE) USA. 

     

    ###

    MIL OSI USA News –

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

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

    November 26, 2024

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

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

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

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

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

    MIL OSI USA News –

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

    Source: Government of India (2)

    Strengthening India’s Agricultural Backbone

    Key Achievements and Government Initiatives

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

    Synopsis

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

     

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

    Enhanced Budget Allocation

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

    Increased Food Grain Production

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

    Gross Area Under Major Crops

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

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

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

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

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

    Increase in productivity

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

    Crop

    2013-14

    2023-24

    Absolute Difference

     (2023-24 over 2013-14)

    Difference

    (%)

    Rice

    2416

    2882

    466

    19.29

    Wheat

    3145

    3559

    414

    13.16

    Maize

    2676

    3351

    675

    25.22

    Coarse Cereals

    1717

    2945

    1228

    71.52

    Total Pulses

    763

    881

    118

    15.47

    Total Foodgrains

    2120

    2515

    395

    18.63

    Total Oilseeds

    1167

    1314

    147

    12.60

    Sugarcane

    70522

    78953

    8431

    11.96

    Jute

    2639

    2783

    144

    5.46

     

    Food Grain Procurement

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

    Minimum Support Price (MSP) Enhancements

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

     

    Income Support through PM-KISAN

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

    Pradhan Mantri Kisan Maandhan Yojana

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

    Pradhan Mantri Fasal Bima Yojana (PMFBY)

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

    Institutional credit for agriculture sector

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

           

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

                    

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

     

    e-NAM

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

    Agricultural Infrastructure Fund

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

    Millets: Superfood of India

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

    Key Achievements

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

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

     

    References

    Department of Agriculture and Farmers Welfare

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

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

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

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

    Click here to download PDF

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  • MIL-OSI Asia-Pac: AGRICULTURE IS THE FIRST ENGINE FOR INDIA’S DEVELOPMENT JOURNEY: BUDGET 2025-26

    Source: Government of India

    AGRICULTURE IS THE FIRST ENGINE FOR INDIA’S DEVELOPMENT JOURNEY: BUDGET 2025-26

    MAKHANA BOARD TO BE ESTABLISHED IN BIHAR

    NATIONAL MISSION ON HIGH YIELDING SEEDS TO BE LAUNCHED

    SECOND GENE BANK WITH 10 LAKH GERMPLASM LINES TO BE SET UP

    FIVE- YEAR MISSION FOR COTTON PRODUCTIVITY ANNOUNCED

    KISAN CREDIT CARD LOAN LIMIT RAISED FROM Rs. 3 LAKH TO Rs. 5 LAKH

    12.7 LAKH METRIC TONS UREA PLANT TO BE SET UP AT NAMRUP, ASSAM

    ANDAMAN & NICOBAR AND LAKSHADWEEP ISLANDS WILL BE THE SPECIAL FOCUS OF THE NEW FRAMEWORK FOR SUSTAINABLE HARNESSING OF FISHERIES

    Posted On: 01 FEB 2025 1:27PM by PIB Delhi

    Emphasizing ‘Agriculture as the first engine’ for India’s development journey, Union Budget 2025-26 tabled in Parliament today by Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman, announced a slew of measures to spur Agricultural Growth and Productivity, thereby benefitting the Annadata.

    Announcing the Government’s decision to establish a Makhana Board in Bihar, Smt. Sitharaman said it will improve production, processing, value addition, and marketing of makhana as well as support the people engaged in these activities to be organized into Farmer Producer Organizations (FPOs). She added that the Board will provide handholding and training support to makhana farmers and also work to ensure they receive the benefits of all relevant Government schemes.

    The Minister stated that a National Mission on High Yielding Seeds will be launched with an aim to strengthen the research ecosystem, targeted development and propagation of seeds with high yield, pest resistance and climate resilience, and commercial availability of more than 100 seed varieties released since July 2024.

    To provide conservation support to both public and private sectors for genetic resources and ensure future food and nutritional security, the Minister said that the second Gene Bank with 10 lakh germplasm lines will be set up.

    Announcing the ‘Mission for Cotton Productivity’, Smt. Sitharaman highlighted that the five-year mission will facilitate significant improvements in productivity and sustainability of cotton farming, and promote extra-long staple cotton varieties. She said the mission will benefit lakhs of cotton growing farmers as the best of science & technology support will be provided to farmers. Aligned with the Government’s integrated 5F vision for the textile sector, the Minister remarked that the mission will help in increasing incomes of the farmers as well as ensure a steady supply of quality cotton for rejuvenating India’s traditional textile sector.

    Noting the importance of Kisan Credit Cards (KCC) in facilitating short term loans for around 7.7 crore farmers, fishermen, and dairy farmers, the Minister announced the enhancement of loan limit under the Modified Interest Subvention Scheme from Rs. 3 lakh to Rs. 5 lakh for loans taken through the KCC.

    Smt. Sitharaman announced the setting up of Urea plant with annual capacity of 12.7 lakh metric tons at Namrup, Assam. This, she said will further augment urea supply and help to achieve Atmanirbharta in urea production, along with the recently reopened three dormant urea plants in the Eastern region.

    Highlighting that India ranks second-largest globally in fish production and aquaculture with the Seafood exports valued at Rs. 60 thousand crore, the Union Minister remarked that the Government will bring in an enabling 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, which will unlock the untapped potential of the marine sector.

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  • MIL-OSI Asia-Pac: FDI LIMIT FOR INSURANCE SECTOR RAISED FROM 74 TO 100 PER CENT

    Source: Government of India

    FDI LIMIT FOR INSURANCE SECTOR RAISED FROM 74 TO 100 PER CENT

    FORUM FOR REGULATORY COORDINATION AND DEVELOPMENT OF PENSION PRODUCTS TO BE SET UP: UNION BUDGET 2025-26

    ROLL OUT OF REVAMPED CENTRAL KYC REGISTRY PLANNED IN 2025

    PROCEDURES FOR SPEEDY APPROVAL OF COMPANY MERGERS TO BE RATIONALIZED, PROCESS TO BE MADE SIMPLER

    Posted On: 01 FEB 2025 1:21PM by PIB Delhi

    Budget 2025-26  aims to initiate transformative reforms across six domains which will augment our growth potential and global competitiveness during the next five years, the Union Finance & Corporate Affairs Minister said while presenting the Union Budget 2025-26 in the Parliament today.  

    One of these domains is Financial Sector which encompasses sectors like Insurance, Pensions, Bilateral Investment Treaties (BIT) and so forth.

    FDI in Insurance Sector

    Smt. Nirmala Sitharaman informed that the FDI limit for the insurance sector will be raised from 74 to 100 per cent. This enhanced limit will be available for those companies which invest the entire premium in India. The current guardrails and conditionalities associated with foreign investment will be reviewed and simplified.

    Pension Sector

    A forum for regulatory coordination and development of pension products will be set up, the Union Finance Minister stated.

    KYC Simplification

    To implement the earlier announcement on simplifying the KYC process, the revamped Central KYC Registry will be rolled out in 2025, Smt. Nirmala Sitharaman said. A streamlined system for periodic updating will also be implemented.

    Merger of Companies

    The Union Finance Minister also said that requirements and procedures for speedy approval of company mergers will be rationalized. The scope for fast-track mergers will also be widened and the process will be made simpler.

    Bilateral Investment Treaties

    To encourage sustained foreign investment and in the spirit of ‘first develop India’, the current model BIT will be revamped and made more investor-friendly, the Union Finance Minister added.

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  • MIL-OSI Asia-Pac: INVESTMENT AND TURNOVER LIMITS FOR CLASSIFICATION OF ALL MSMEs TO BE ENHANCED TO 2.5 AND 2 TIMES RESPECTIVELY

    Source: Government of India (2)

    INVESTMENT AND TURNOVER LIMITS FOR CLASSIFICATION OF ALL MSMEs TO BE ENHANCED TO 2.5 AND 2 TIMES RESPECTIVELY

    CREDIT GUARANTEE COVER FOR MICRO AND SMALL ENTERPRISES ENHANCED FROM 5 CRORE TO 10 CRORE

    10 LAKH CUSTOMIZED CREDIT CARDS WITH A 5 LAKH LIMIT FOR MICRO ENTERPRISES REGISTERED ON UDYAM PORTAL TO BE INTRODUCED IN THE FIRST YEAR

    NEW FUND OF FUNDS of Rs. 10,000 CRORE TO BE SET UP FOR START-UPS

    A NEW SCHEME TO PROVIDE LOANS UP TO 2 CRORE DURING THE NEXT 5 YEARS FOR 5 LAKH WOMEN, SCHEDULED CASTES AND SCHEDULED TRIBES FIRST-TIME ENTREPRENEURS TO BE LAUNCHED

    EXPORT PROMOTION MISSION TO FACILITATE EASY ACCESS TO EXPORT CREDIT AND SUPPORT MSMEs TO TACKLE NON-TARIFF MEASURES IN OVERSEAS MARKETS ANNOUNCED

    Posted On: 01 FEB 2025 1:17PM by PIB Delhi

    The Union Budget 2025-26 sees the next five years as a unique opportunity to realize ‘Sabka Vikas’, stimulating balanced growth of all regions and achieving the goal of Viksit Bharat.

    The Union Budget defines MSMEs as one of the powerful engines for the story of development and the proposed development measures supports MSMEs to accelerate growth and secure inclusive development.

    Revision in classification criteria for MSMEs

    While presenting the Union Budget 2025-26 in Parliament today, the Union Minister for Finance & Corporate Affairs, Smt. Nirmala Sitharaman said “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 will be enhanced to 2.5 and 2 times respectively.” The details are in Figure 1.

    She further said that this will give them the confidence to grow and generate employment for our youth.

    Rs. in Crore

    Investment

    Turnover

     

    Current

    Revised

    Current

    Revised

    Micro Enterprises

    1

    2.5

    5

    10

    Small Enterprises

    10

    25

    50

    100

    Medium Enterprises

    50

    125

    250

    500

    (Figure 1)

     

    Union Minister for Finance & Corporate Affairs, Smt. Nirmala Sitharaman stated that currently, over 1 crore registered MSMEs, employing 7.5 crore people, and generating 36 per cent of our manufacturing, have come together to position India as a global manufacturing hub.  She also remarked “With their quality products, these MSMEs are responsible for 45 per cent of our exports.”  

    Significant enhancement of credit availability with guarantee cover

    Union Minister for Finance & Corporate Affairs, Smt. Nirmala Sitharaman said that to improve access to credit, the credit guarantee cover will be enhanced:

    a) For Micro and Small Enterprises, from 5 crore to 10 crore, leading to additional credit of  1.5 lakh crore in the next 5 years;

    b) For Startups, from 10 crore to 20 crore, with the guarantee fee being moderated to 1 per cent for loans in 27 focus sectors important for Atmanirbhar Bharat; and

    c) For well-run exporter MSMEs, for term loans up to 20 crore.

    Credit Cards for Micro Enterprises

    Union Minister Smt. Nirmala Sitharaman announced that customized Credit Cards with a 5 lakh limit for micro enterprises registered on Udyam portal will be introduced. She further remarked that in the first year, 10 lakh such cards will be issued.

    Fund of Funds for Startups

    In her Budget speech, Union Minister for Finance & Corporate Affairs, Smt. Nirmala Sitharaman said, “The Alternate Investment Funds (AIFs) for startups have received commitments of more than 91,000 crore. These are supported by the Fund of Funds set up with a Government contribution of 10,000 crore.” She announced that now, a new Fund of Funds, with expanded scope and a fresh contribution of another 10,000 crore will be set up.

    Scheme for First-time Entrepreneurs

    Union Minister for Finance & Corporate Affairs, Smt. Nirmala Sitharaman announced that a new scheme will be launched for 5 lakh women, Scheduled Castes and Scheduled Tribes first-time entrepreneurs. She informed that this will provide term loans up to 2 crore during the next 5 years. In her speech she said, “The scheme will incorporate lessons from the successful Stand-Up India scheme. Online capacity building for entrepreneurship and managerial skills will also be organized.”

    Deep Tech Fund of Funds

    Union Minister for Finance & Corporate Affairs, Smt. Nirmala Sitharaman informed that a Deep Tech Fund of Funds will also be explored to catalyze the next generation startups as a part of this initiative.

    Export Promotion Mission

    Union Minister for Finance & Corporate Affairs, Smt. Nirmala Sitharaman stated that an Export Promotion Mission, with sectoral and ministerial targets, driven jointly by the Ministries of Commerce, MSME, and Finance will be set up. She also informed that the Mission will facilitate easy access to export credit, cross-border factoring support, and support to MSMEs to tackle non-tariff measures in overseas markets.

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

    Source: Government of India (2)

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

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

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

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

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

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

    BharatTradeNet

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

    Integrating India’s Economy with Global Supply Chains

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

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

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

    National Framework for GCC

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

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

    Source: Government of India (2)

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

    MARITIME DEVELOPMENT FUND OF Rs 25,000 CRORE PROPOSED

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

    GREENFIELD AIRPORTS AND WESTERN KOSHI CANAL PROJECT FOR BIHAR

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

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

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

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

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

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