Category: Politics

MIL-OSI: Tactile Systems Technology, Inc. Reports Fourth Quarter and Full Year 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

MINNEAPOLIS, Feb. 18, 2025 (GLOBE NEWSWIRE) — Tactile Systems Technology, Inc. (“Tactile Medical”; the “Company”) (Nasdaq: TCMD), a medical technology company providing therapies for people with chronic disorders, today reported financial results for the fourth quarter and full year ended December 31, 2024.

Fourth Quarter 2024 Summary & Recent Business Highlights:

Total revenue increased 10% year-over-year to $85.6 million
Gross margin of 75% versus 72% in Q4 2023
Net income of $9.7 million versus $8.2 million in Q4 2023
Adjusted EBITDA of $16.2 million versus $15.4 million in Q4 2023
Expanded launch of Nimbl to include patients with lower extremity lymphedema
Appointed Laura King to Board of Directors
Promoted Aaron Snodgrass to Senior Vice President, Sales, effective February 18, 2025

Full Year 2024 Summary:

Total revenue increased 7% year-over-year in 2024 to $293.0 million
Gross margin of 74% in 2024, compared to 71% in 2023
Operating cashflow of $40.7 million in 2024, compared to $35.9 million in 2023
Ended 2024 with $94.4 million in cash, up from $61.0 million at the end of 2023

“Our fourth quarter results capped off a dynamic year for Tactile, during which we launched our next-generation lymphedema platform, generated clinical evidence supporting the value of our therapies, deployed new workflow-related tools to enhance speed and efficiency in order operations, and served over 79,000 patients with our lymphedema and airway clearance solutions,” said Sheri Dodd, President and Chief Executive Officer of Tactile Medical. “Financially, we demonstrated a consistent ability to strengthen our balance sheet and expand profitability, while also delivering double-digit revenue growth in the fourth quarter.”

Ms. Dodd concluded, “Our financial and operational progress in 2024, coupled with strong market fundamentals and an innovative portfolio, leaves us confident that we are well-positioned to advance our market leadership this year and over the long-term while delivering sustainable, profitable growth. In 2025, we will also continue investing in our strategic priority to enhance the overall patient experience, including through improving access to care, expanding treatment options, and supporting the end-to-end patient journey.”

Fourth Quarter 2024 Financial Results

Total revenue in the fourth quarter of 2024 increased $7.9 million, or 10%, to $85.6 million, compared to $77.7 million in the fourth quarter of 2023. The increase in total revenue was attributable to an increase of $7.6 million, or 11%, in sales and rentals of the lymphedema product line and an increase of $0.3 million, or 4%, in sales of the airway clearance product line in the quarter ended December 31, 2024, compared to the fourth quarter of 2023.

Gross profit in the fourth quarter of 2024 increased $8.4 million, or 15%, to $64.4 million, compared to $56.0 million in the fourth quarter of 2023. Gross margin was 75.2% of revenue, compared to 72.1% of revenue in the fourth quarter of 2023.

Operating expenses in the fourth quarter of 2024 increased $7.6 million, or 17%, to $51.9 million, compared to $44.2 million in the fourth quarter of 2023.

Operating income was $12.5 million in the fourth quarter of 2024, compared to $11.8 million in the fourth quarter of 2023.

Interest income was $0.9 million in each of the fourth quarters of 2024 and 2023.

Interest expense was $0.5 million in the fourth quarter of 2024, compared to $0.9 million in the fourth quarter of 2023.

Income tax expense was $3.3 million in the fourth quarter of 2024, compared to $3.6 million in the fourth quarter of 2023.

Net income in the fourth quarter of 2024 was $9.7 million, or $0.40 per diluted share, compared to $8.2 million, or $0.35 per diluted share, in the fourth quarter of 2023.

Weighted average shares used to compute diluted net income per share were 24.5 million and 23.8 million for the fourth quarters of 2024 and 2023, respectively.

Adjusted EBITDA was $16.2 million in the fourth quarter of 2024, compared to $15.4 million in the fourth quarter of 2023.

Full Year 2024 Financial Results

Total revenue in the full year of 2024 increased $18.6 million, or 7%, to $293.0 million, compared to $274.4 million in the full year of 2023. The increase in total revenue was attributable to an increase of $17.6 million, or 7%, in sales and rentals of the lymphedema product line and an increase of $0.9 million, or 3%, in sales of the airway clearance product line in the full year of 2024, compared to the full year of 2023.

Net income in the full year of 2024 was $17.0 million, or $0.70 per diluted share, compared to $28.5 million, or $1.23 per diluted share, in the full year of 2023.

Weighted average shares used to compute diluted net income per share were 24.1 million and 23.2 million in the full year of 2024 and 2023, respectively.

Adjusted EBITDA was $37.1 million in the full year of 2024, compared to $29.7 million in the full year of 2023.

Balance Sheet Summary

As of December 31, 2024, the Company had $94.4 million in cash and $26.3 million of outstanding borrowings under its credit agreement, compared to $61.0 million in cash and $29.3 million of outstanding borrowings under its credit agreement as of December 31, 2023. As of December 31, 2024, $26.5 million remained available under the Company’s $30.0 million share repurchase program, which became effective on October 30, 2024, and expires October 31, 2026.

2025 Financial Outlook

The Company expects full year 2025 total revenue in the range of $316 million to $322 million, representing growth of approximately 8% to 10% year-over-year, compared to total revenue of $293.0 million in 2024. The Company also expects full year 2025 adjusted EBITDA in the range of $35 million to $37 million, compared to adjusted EBITDA of $37.1 million in 2024.

Conference Call

Management will host a conference call with a question-and-answer session at 5:00 p.m. Eastern Time on February 18, 2025, to discuss the results of the quarter and fiscal year. Those who would like to participate may dial 877-407-3088 (201-389-0927 for international callers) and provide access code 13751026. A live webcast of the call will also be provided on the investor relations section of the Company’s website at investors.tactilemedical.com.

For those unable to participate, a replay of the call will be available for two weeks at 877-660-6853 (201-612-7415 for international callers); access code 13751026. The webcast will be archived at investors.tactilemedical.com.

About Tactile Systems Technology, Inc. (DBA Tactile Medical)

Tactile Medical is a leader in developing and marketing at-home therapies for people suffering from underserved, chronic conditions including lymphedema, lipedema, chronic venous insufficiency and chronic pulmonary disease by helping them live better and care for themselves at home. Tactile Medical collaborates with clinicians to expand clinical evidence, raise awareness, increase access to care, reduce overall healthcare costs and improve the quality of life for tens of thousands of patients each year.

Legal Notice Regarding Forward-Looking Statements

This release contains forward-looking statements, including guidance for the full year 2025. Forward-looking statements are generally identifiable by the use of words like “may,” “will,” “should,” “could,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” “continue,” “confident,” “outlook,” “guidance,” “project,” “goals,” “look forward,” “poised,” “designed,” “plan,” “return,” “focused,” “prospects” or “remain” or the negative of these words or other variations on these words or comparable terminology. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties outside of the Company’s control that can make such statements untrue, including, but not limited to, the Company’s ability to obtain reimbursement from third-party payers for its products; the impacts of inflation, rising interest rates or a recession; the adequacy of the Company’s liquidity to pursue its business objectives; adverse economic conditions or intense competition; price increases for supplies and components; wage and component price inflation; loss of a key supplier; entry of new competitors and products; compliance with and changes in federal, state and local government regulation; loss or retirement of key executives, including prior to identifying a successor; technological obsolescence of the Company’s products; technical problems with the Company’s research and products; the Company’s ability to expand its business through strategic acquisitions; the Company’s ability to integrate acquisitions and related businesses; the effects of current and future U.S. and foreign trade policy and tariff actions; or the inability to carry out research, development and commercialization plans. In addition, other factors that could cause actual results to differ materially are discussed in the Company’s filings with the SEC. Investors and security holders are urged to read these documents free of charge on the SEC’s website at http://www.sec.gov. The Company undertakes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.

Use of Non-GAAP Financial Measures

This press release includes the non-GAAP financial measure of Adjusted EBITDA, which differs from financial measures calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). Adjusted EBITDA in this release represents net income, plus interest expense, net, or less interest income, net, less income tax benefit or plus income tax expense, plus depreciation and amortization, plus stock-based compensation expense, plus or minus the change in fair value of earn-out and plus executive transition costs. Reconciliation of this non-GAAP financial measure to its most directly comparable GAAP measure is included in this press release.

This non-GAAP financial measure is presented because the Company believes it is a useful indicator of its operating performance. Management uses this measure principally as a measure of the Company’s operating performance and for planning purposes, including the preparation of the Company’s annual operating plan and financial projections. The Company believes this measure is useful to investors as supplemental information and because it is frequently used by analysts, investors and other interested parties to evaluate companies in its industry. The Company also believes this non-GAAP financial measure is useful to its management and investors as a measure of comparative operating performance from period to period. In addition, Adjusted EBITDA is used as a performance metric in the Company’s compensation program.

The non-GAAP financial measure presented in this release should not be considered as an alternative to, or superior to, its respective GAAP financial measure, as a measure of financial performance or cash flows from operations as a measure of liquidity, or any other performance measure derived in accordance with GAAP, and it should not be construed to imply that the Company’s future results will be unaffected by unusual or non-recurring items. In addition, Adjusted EBITDA is not intended to be a measure of free cash flow for management’s discretionary use, as it does not reflect certain cash requirements such as tax payments, debt service requirements, capital expenditures and certain other cash costs that may recur in the future. Adjusted EBITDA contains certain other limitations, including the failure to reflect our cash expenditures, cash requirements for working capital needs and cash costs to replace assets being depreciated and amortized. In evaluating non-GAAP financial measures, you should be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments in this presentation. The Company’s presentation of non-GAAP financial measures should not be construed to imply that its future results will be unaffected by any such adjustments. Management compensates for these limitations by primarily relying on the Company’s GAAP results in addition to using non-GAAP financial measures on a supplemental basis. The Company’s definition of these non-GAAP financial measures is not necessarily comparable to other similarly titled captions of other companies due to different methods of calculation.

Tactile Systems Technology, Inc.
Consolidated Balance Sheets
	December 31,		December 31,
(In thousands, except share and per share data)	2024		2023
*Assets*
Current assets
Cash	$	94,367	$	61,033
Accounts receivable		44,937		43,173
Net investment in leases		14,540		14,195
Inventories		18,666		22,527
Prepaid expenses and other current assets		5,053		4,366
Total current assets		177,563		145,294
Non-current assets
Property and equipment, net		5,603		6,195
Right of use operating lease assets		16,633		19,128
Intangible assets, net		42,789		46,724
Goodwill		31,063		31,063
Accounts receivable, non-current		—		10,936
Deferred income taxes		18,311		19,378
Other non-current assets		5,962		2,720
Total non-current assets		120,361		136,144
Total assets	$	297,924	$	281,438
*Liabilities and Stockholders’ Equity*
Current liabilities
Accounts payable	$	5,648	$	6,659
Note payable		2,956		2,956
Accrued payroll and related taxes		17,923		16,789
Accrued expenses		7,780		5,904
Income taxes payable		270		1,467
Operating lease liabilities		2,980		2,807
Other current liabilities		3,147		4,475
Total current liabilities		40,704		41,057
Non-current liabilities
Note payable, non-current		23,220		26,176
Accrued warranty reserve, non-current		1,209		1,681
Income taxes payable, non-current		239		446
Operating lease liabilities, non-current		15,955		18,436
Total non-current liabilities		40,623		46,739
Total liabilities		81,327		87,796

Stockholders’ equity:
Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued and outstanding as of December 31, 2024 and December 31, 2023		—		—
Common stock, $0.001 par value, 300,000,000 shares authorized; 23,883,475 shares issued and outstanding as of December 31, 2024; 23,600,584 shares issued and outstanding as of December 31, 2023		24		24
Additional paid-in capital		180,719		174,724
Retained earnings		35,854		18,894
Total stockholders’ equity		216,597		193,642
Total liabilities and stockholders’ equity	$	297,924	$	281,438

Tactile Systems Technology, Inc.
Consolidated Statements of Operations


	Three Months Ended						Year Ended
	December 31,						December 31,
(In thousands, except share and per share data)	2024			2023			2024			2023
Revenue
Sales revenue	$	75,270		$	67,407		$	256,012		$	239,493
Rental revenue		10,315			10,245			36,972			34,930
Total revenue		85,585			77,652			292,984			274,423
Cost of revenue
Cost of sales revenue		18,005			18,190			64,815			66,713
Cost of rental revenue		3,211			3,455			11,481			12,577
Total cost of revenue		21,216			21,645			76,296			79,290
Gross profit
Gross profit – sales revenue		57,265			49,217			191,197			172,780
Gross profit – rental revenue		7,104			6,790			25,491			22,353
Gross profit		64,369			56,007			216,688			195,133
Operating expenses
Sales and marketing		29,206			26,581			112,009			107,119
Research and development		2,038			1,793			8,832			7,823
Reimbursement, general and administrative		19,977			15,200			71,135			62,074
Intangible asset amortization and earn-out		633			633			2,531			76
Total operating expenses		51,854			44,207			194,507			177,092
Income from operations		12,515			11,800			22,181			18,041
Interest income		948			859			3,384			1,874
Interest expense		(472	)		(897	)		(2,085	)		(4,147	)
Other income		—			2			9			2
Income before income taxes		12,991			11,764			23,489			15,770
Income tax expense (benefit)		3,275			3,562			6,529			(12,745	)
Net income	$	9,716		$	8,202		$	16,960		$	28,515
Net income per common share
Basic	$	0.40		$	0.35		$	0.71		$	1.24
Diluted	$	0.40		$	0.35		$	0.70		$	1.23
Weighted-average common shares used to compute net income per common share
Basic		24,007,863			23,551,388			23,883,729			22,925,497
Diluted		24,473,898			23,771,490			24,138,244			23,176,169

Tactile Systems Technology, Inc.
Consolidated Statements of Cash Flows

	Year Ended December 31,
(In thousands)	2024			2023
Cash flows from operating activities
Net income	$	16,960		$	28,515
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		6,792			6,539
Deferred income taxes		1,067			(19,378	)
Stock-based compensation expense		7,819			7,547
Loss on disposal of property and equipment and intangibles		308			3
Change in fair value of earn-out liability		—			(2,475	)
Changes in assets and liabilities, net of acquisition:
Accounts receivable		(1,764	)		11,653
Net investment in leases		(345	)		1,935
Inventories		3,861			597
Income taxes		(1,404	)		(721	)
Prepaid expenses and other assets		(3,929	)		72
Right of use operating lease assets		187			71
Accounts receivable, non-current		10,936			12,125
Accounts payable		(1,087	)		(3,853	)
Accrued payroll and related taxes		1,134			(311	)
Accrued expenses and other liabilities		120			(6,464	)
Net cash provided by operating activities		40,655			35,855
Cash flows from investing activities
Purchases of property and equipment		(2,392	)		(2,324	)
Proceeds from sale of property and equipment		12			—
Intangible assets expenditures		(117	)		(157	)
Net cash used in investing activities		(2,497	)		(2,481	)
Cash flows from financing activities
Proceeds from issuance of note payable		—			8,250
Payments on earn-out		—			(10,575	)
Payments on note payable		(3,000	)		(3,000	)
Payments on revolving line of credit		—			(25,000	)
Payments of deferred debt issuance costs		—			(125	)
Proceeds from exercise of common stock options		24			14
Proceeds from the issuance of common stock from the employee stock purchase plan		1,660			1,541
Payments for repurchases of common stock		(3,508	)		—
Proceeds from issuance of common stock at market		—			34,625
Net cash (used in) provided by financing activities		(4,824	)		5,730
Net increase (decrease) in cash		33,334			39,104
Cash – beginning of period		61,033			21,929
Cash – end of period	$	94,367		$	61,033

Supplemental cash flow disclosure
Cash paid for interest	$	2,106		$	4,560
Cash paid for taxes	$	6,848		$	5,815
Capital expenditures incurred but not yet paid	$	76		$	528

The following table summarizes revenue by product line for the three and twelve months ended December 31, 2024 and 2023:

	Three Months Ended						Year Ended
	December 31,						December 31,
(In thousands)	2024			2023			2024			2023
Revenue
Lymphedema products	$	77,083		$	69,464		$	259,361		$	241,721
Airway clearance products		8,502			8,188			33,623			32,702
Total	$	85,585		$	77,652		$	292,984		$	274,423

Percentage of total revenue
Lymphedema products		90	%		89	%		89	%		88	%
Airway clearance products		10	%		11	%		11	%		12	%
Total		100	%		100	%		100	%		100	%

The following table contains a reconciliation of net income to Adjusted EBITDA for the three and twelve months ended December 31, 2024 and 2023, as well as the dollar and percentage change between the comparable periods:

Tactile Systems Technology, Inc.
Reconciliation of Net Income to Non-GAAP Adjusted EBITDA
(Unaudited)

	Three Months Ended					Increase						Year Ended						Increase
	December 31,					(Decrease)						December 31,						(Decrease)
(Dollars in thousands)	2024			2023		$			%			2024			2023			$			%
Net income	$	9,716		$	8,202	$	1,514		18		%	$	16,960		$	28,515		$	(11,555	)	41		%
Interest (income) expense, net		(476	)		38		(514	)	N.M.		%		(1,299	)		2,273			(3,572	)	(157	)	%
Income tax expense (benefit)		3,275			3,562		(287	)	(8	)	%		6,529			(12,745	)		19,274		(151	)
Depreciation and amortization		1,714			1,624		90		6		%		6,793			6,539			254		4		%
Stock-based compensation		1,850			1,950		(100	)	(5	)	%		7,819			7,547			272		4		%
Change in fair value of earn-out		—			—		—		—		%		—			(2,475	)		2,475		(100	)	%
Executive transition costs		137			—		137		—		%		248			—			248		—		%
Adjusted EBITDA	$	16,216		$	15,376	$	840		5		%	$	37,050		$	29,654		$	7,396		25		%

The following table contains a reconciliation of GAAP net income guidance range to the Adjusted EBITDA guidance range for the twelve months ended December 31, 2025:


Tactile Systems Technology, Inc.
Reconciliation of FY 2025 GAAP Net Income to Adjusted EBITDA Guidance
(Unaudited)

	Year Ended
	December 31, 2025
(Dollars in thousands)	Low			High
Net income	$	15,750		$	17,150
Interest income, net		(2,500	)		(2,500	)
Income tax expense benefit		6,100			6,700
Depreciation and amortization		6,700			6,700
Stock-based compensation		8,800			8,800
Executive transition costs		150			150
Adjusted EBITDA	$	35,000		$	37,000

Investor Inquiries:
Sam Bentzinger
Gilmartin Group
investorrelations@tactilemedical.com

The MIL Network –

February 19, 2025

MIL-OSI: Fidus Investment Corporation Declares First Quarter 2025 Dividend

Source: GlobeNewswire (MIL-OSI)

EVANSTON, Ill., Feb. 18, 2025 (GLOBE NEWSWIRE) — Fidus Investment Corporation (NASDAQ:FDUS) (“Fidus” or the “Company”) today announced that its Board of Directors on February 18, 2025 declared a base dividend of $0.43 per share and a supplemental dividend of $0.11 per share for the first quarter of 2025. The Company’s dividends will be payable on March 27, 2025 to stockholders of record as of March 20, 2025.

When declaring dividends, the Company’s Board of Directors reviews estimates of taxable income available for distribution, which differs from consolidated income under U.S. generally accepted accounting principles due to (i) changes in unrealized appreciation and depreciation, (ii) temporary and permanent differences in income and expense recognition, and (iii) the amount of undistributed taxable income carried over from a given year for distribution in the following year. The final determination of 2025 taxable income, as well as the tax attributes for 2025 dividends, will be made after the close of the 2025 tax year. The final tax attributes for 2025 dividends will generally include ordinary taxable income but may also include capital gains, qualified dividends and return of capital.

Fidus has adopted a dividend reinvestment plan (“DRIP”) that provides for reinvestment of dividends on behalf of its stockholders, unless a stockholder elects to receive cash. As a result, when the Company declares a cash dividend, stockholders who have not “opted out” of the DRIP at least two days prior to the dividend payment date will have their cash dividends automatically reinvested in additional shares of the Company’s common stock. Those stockholders whose shares are held by a broker or other financial intermediary may receive dividends in cash by notifying their broker or other financial intermediary of their election.

ABOUT FIDUS INVESTMENT CORPORATION

Fidus Investment Corporation provides customized debt and equity financing solutions to lower middle-market companies, which management generally defines as U.S. based companies with revenues between $10 million and $150 million. The Company’s investment objective is to provide attractive risk-adjusted returns by generating both current income from debt investments and capital appreciation from equity related investments. Fidus seeks to partner with business owners, management teams and financial sponsors by providing customized financing for change of ownership transactions, recapitalizations, strategic acquisitions, business expansion and other growth initiatives.

Fidus is an externally managed, closed-end, non-diversified management investment company that has elected to be treated as a business development company under the Investment Company Act of 1940, as amended. In addition, for tax purposes, Fidus has elected to be treated for U.S. federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended. Fidus was formed in February 2011 to continue and expand the business of Fidus Mezzanine Capital, L.P., which commenced operations in May 2007 and is licensed by the U.S. Small Business Administration as a small business investment company.

Company Contact:	Investor Relations Contact:
Shelby E. Sherard	Jody Burfening
Chief Financial Officer	Alliance Advisors IR
(847) 859-3940	(212) 838-3777
ssherard@fidusinv.com	jburfening@allianceadvisors.com

The MIL Network –

February 19, 2025

MIL-OSI: NextNRG, Inc. Announces Closing of Public Offering

Source: GlobeNewswire (MIL-OSI)

MIAMI, Feb. 18, 2025 (GLOBE NEWSWIRE) — NextNRG, Inc. (“NextNRG” and the “Company”) (Nasdaq: NXXT), a company focused on renewable energy, mobile fueling, and next-generation energy infrastructure, today announced the closing of a public offering of 5,000,000 shares of common stock at a price to the public of $3.00 per share, for gross proceeds of $15,000,000, before deducting underwriting discounts and offering expenses. In addition, NextNRG has granted the underwriters a 45-day option to purchase up to an additional 750,000 shares of common stock to cover over-allotments, if any.

NextNRG previously announced the closing of its previous share exchange agreement with EzFill Holdings, Inc. Effective February 14, 2025, the Company changed its name from “EzFill Holdings, Inc.” to “NextNRG, Inc.” The Company’s common stock ceased trading under the ticker symbol “EZFL” and began trading on the Nasdaq Capital Market under the ticker symbol “NXXT” and the new CUSIP number 652941105 as of the commencement of trading on February 14, 2025.

The Company intends to use the proceeds to expand its business, repay outstanding indebtedness, and general corporate purposes, including working capital.

ThinkEquity acted as sole book-runner for the offering.

Anthony, Linder & Cacomanolis, PLLC acted as legal counsel to NextNRG and Loeb & Loeb LLP acted as legal counsel to ThinkEquity in connection with the offering.

A registration statement on Form S-1 (File No. 333-275761) relating to the shares was filed with the Securities and Exchange Commission (“SEC”) and a post-effective amendment thereto became effective on February 13, 2025. This offering is being made only by means of a prospectus. Copies of the final prospectus may be obtained from ThinkEquity, 17 State Street, 41^st Floor, New York, New York 10004.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About NextNRG, Inc. (f/k/a EzFill Holdings, Inc.)

NextNRG Holding Corp. (NextNRG) and EzFill have merged to form a combined entity focused on renewable energy, mobile fueling, and next-generation energy infrastructure. By leveraging artificial intelligence (AI) and machine learning (ML) technologies, NextNRG is developing an integrated ecosystem that combines solar energy generation, battery storage, wireless electric vehicle (EV) charging, and on-demand fuel delivery.

At the core of NextNRG’s strategy is the deployment of NextNRG Smart Microgrids, which utilize AI-driven energy management alongside solar power and battery storage to enhance energy efficiency, reduce costs, and improve grid resiliency. These microgrids are designed to serve commercial properties, schools, hospitals, nursing homes, parking garages, rural and tribal lands, recreational facilities, and government properties, expanding energy accessibility while supporting decarbonization initiatives.

Following the merger with EzFill, NextNRG is integrating sustainable energy solutions into mobile fueling operations. The company will provide renewable energy to its fueling partners, supporting more efficient fuel delivery while advancing clean energy adoption. It continues to expand its growing fleet of fuel delivery trucks and national footprint, including the acquisition of Yoshi Mobility’s fuel division, further solidifying its position as a leader in the on-demand fueling industry.

By combining renewable energy innovation with mobile fueling expertise, NextNRG is building a sustainable energy ecosystem that bridges traditional fuel needs with AI-powered clean energy solutions.

The combined entity, NextNRG, is trading under the symbol NXXT on the Nasdaq Capital Market. To find out more visit NextNRG.com.

Forward-Looking Statements

This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include statements regarding, among other things, NextNRG’s expectations regarding NextNRG’s expectations with respect to granting the underwriters a 45-day option to purchase additional shares and NextNRG’s anticipated use of the net proceeds from the proposed offering. Any statement describing NextNRG’s goals, expectations, financial or other projections, intentions, or beliefs is a forward-looking statement and should be considered an at-risk statement. Words such as “expect,” “intends,” “will,” and similar expressions are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties, including, but not limited to, those related to NextNRG’s business and macroeconomic and geopolitical events. These and other risks are described in the prospectus related to the offering to be filed with the SEC. NextNRG’s forward-looking statements involve assumptions that, if they never materialize or prove correct, could cause its results to differ materially from those expressed or implied by such forward-looking statements. Although NextNRG’s forward-looking statements reflect the good faith judgment of its management, these statements are based only on facts and factors currently known by NextNRG. Except as required by law, NextNRG undertakes no obligation to update any forward-looking statements for any reason. As a result, you are cautioned not to rely on these forward-looking statements.

Investor Relations Contact:

Jeff Ramson, CEO

PCG Advisory, Inc.

jramson@pcgadvisory.com

The MIL Network –

February 19, 2025
MIL-OSI Economics: IPAA, Energy Industry Groups Support Sen. Cruz Congressional Review Act (CRA) Resolution Disapproving of DOE Rule on Gas-Fired Water Heaters

Source: Independent Petroleum Association of America

Headline: IPAA, Energy Industry Groups Support Sen. Cruz Congressional Review Act (CRA) Resolution Disapproving of DOE Rule on Gas-Fired Water Heaters

Feb 13, 2025 IPAA, Energy Industry Groups Support Sen. Cruz Congressional Review Act (CRA) Resolution Disapproving of DOE Rule on Gas-Fired Water Heaters

Posted at 15:31h in Letters and Comments by Jennifer Pett

Dear Senator Cruz,

We are writing to express our strong support for your proposed resolution of disapproval under the Congressional Review Act (CRA) regarding the Department of Energy’s (DOE) rule on gas-fired instantaneous water heaters.

Our respective Trade Associations represent 80% of the new oil and gas resources brought online each year. Over the past four years we have fought the prior Administration’s every move to restrict the production and consumption of fossil energy. This rule is a perfect example of the direct result of the Biden Administration’s illegal whole-of-government assault on oil and natural gas use and consumption.

It effectively mandates the use of condensing technology, which increases the upfront cost and restricts options for American families. The clear intent of this regulation is to increase the upfront cost of natural gas-fired equipment to force consumers to fuel switch and use electric water heaters. This constitutes an unlawful overreach, and Congressional intervention is urgently required to rectify this flawed rule. …

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MIL OSI Economics –

February 19, 2025
MIL-OSI United Nations: Amid Evolving Threat Landscape, UN Peacekeepers Must Have Adequate Resources to Protect Vulnerable Populations in Conflict Zones, Speakers Tell Special Committee

Source: United Nations General Assembly and Security Council

In an ever-shifting security landscape, ensuring sufficient funding, technology and training, and promoting gender equality in peacekeeping operations while also recognizing the importance of safeguarding vulnerable populations in conflict zones is more critical than ever, speakers told the opening of the Special Committee on Peacekeeping Operations, which also marked 60 years since its establishment.

Vice-President of the General Assembly Cherdchai Chaivaivid (Thailand), speaking on behalf of Assembly President Philémon Yang (Cameroon), said that, for nearly 80 years, UN peacekeepers have protected civilians from violence and supported vital political dialogue between parties to conflict.

“The safety and security of United Nations peacekeepers remains of utmost importance,” he stressed, adding that since 1948 over 3,500 blue helmets have lost their lives serving in UN peacekeeping operations. “Going forward, we will need mandates suited for an evolving threat landscape,” he said, also emphasizing the need for improved capacity to assess conflict situations, as well as effective planning and management throughout the peacekeeping cycle.

“It is also vital to improve cooperation of poor countries with other critical partners, increase trust among stakeholders and manage local and international expectations in the Pact for the Future,” he went on to say. Further, Member States must enhance collaboration between the UN and regional and subregional organizations, particularly the African Union.

Adoption of Pact for the Future Created ‘Transformative Moment’ for Peacekeeping

Martha Ama Akyaa Pobee, Assistant Secretary-General for Africa in the Departments of Political and Peacebuilding Affairs and Peace Operations, speaking on behalf of Jean-Pierre Lacroix, UN Under-Secretary-General for Peace Operations, said that this annual engagement by Member States is a key source of the “enduring strength as a preeminent symbol of multilateral resolve”. Peacekeepers can be a “lifeline” for hundreds of thousands of civilians caught in conflict.

The Committee’s sixtieth anniversary comes at a transformative moment for peacekeeping following the adoption of the Pact for the Future, where Member States equivocally reaffirmed peacekeeping as a critical tool to maintain international peace and security, she said. “You have a unique opportunity to build on those efforts by providing a platform for dialogue, presenting innovative ideas and ensuring the effectiveness and accountability of UN peacekeeping operations,” she added.

More Peacekeeper Resources Key amid Complex Terrain Marked by Geopolitical Challenges and Volatility

As delegates took the floor, many stressed the need for more resources so that peacekeepers can carry out their work in an ever-shifting security landscape, with Morocco’s delegate, speaking for Non-Aligned Movement, noting that UN peacekeeping operations are currently navigating a complex terrain marked by geopolitical challenges. “Funding and limited resources remain a significant issue,” she stressed. “As a result, peacekeeping operations find themselves in a delicate position, needing to adapt to the realities on the ground while responding to international expectations.”

Troop- and Police-Contributing Countries Stress Consultation with Them Key for Drafting Clear, Achievable Mandates

Speakers from troop- and police-contributing countries stressed the Security Council must further consult with them to draft clear and achievable mandates that preserve the primacy of political solutions and help peacekeeping operations better address the evolving nature of global conflicts.

“Our peacekeepers continue to serve in nations where security situations are volatile, but despite such challenges, our peacekeepers are striving to fulfil their mandates, and therefore we must ensure their safety and security,” said Indonesia’s delegate, speaking for the Association of Southeast Asian Nations (ASEAN). Noting that its member States contribute over 5,000 peacekeepers across various UN missions, he called for better quality training and equipment for the troops.

Canada’s representative, also speaking for Australia and New Zealand, and echoing other speakers, emphasized the importance of including women in all areas of peacekeeping missions, and commitment to the women, peace and security agenda as a cornerstone of the UN’s efforts to promote gender equality and lasting peace, reduce training obstacles in order to guarantee women’s full, equal participation. “We urge missions to step up efforts to support the role of women in conflict prevention, resolution and peacebuilding,” he said. He further underscored the importance of planning and the deliberate implementation of transitions and drawdowns in peacekeeping operations, stressing: “Several agencies need to be involved from the very beginning of these processes to identify the capacity of the host Government, the UN and civil society actors to support those transitions.”

Countries Hosting Peacekeeping Missions Urge Focus on Linguistic Capacity-Building, Improved Cooperation

Speakers from countries hosting peacekeeping missions laid out their priorities and concerns, as well, with the representative of the Democratic Republic of the Congo, speaking for the French-Speaking Ambassadors Group, emphasizing that French-speaking areas host several operations that face growing and complex challenges. “The fragility of ceasefire agreements, the high cost of conflict for the civilian population and the complexity of peace processes are making the work of the blue helmets more essential than ever,” he stressed. Recalibrating peacekeeping capacities is vital to improve cooperation with host States and “strengthen the links of trust” with the local population.

“This is a priority that must also be looked at from the point of view of linguistic and intellectual capacity-building,” he said, calling for a focus on language abilities from the strategic planning to the operational phases. Many countries in the Francophone space want to contribute more to peacekeeping operations, but they are being held back by language barriers at every stage of their engagement.

Donor Countries Pledge Continued Support

Donor countries, meanwhile, pledged to continue to support UN peacekeeping missions, and echoed many other Member States in calling attention to the unique opportunity created by the adoption of the Pact for the Future. The European Union’s speaker, noting that the bloc provided almost one quarter of the UN’s peacekeeping budget last year, said it will continue to contribute constructively to the upcoming negotiations with the intent to improve UN peacekeeping in accordance with the Pact. “We currently deploy almost 4,000 military police and civilian personnel to UN peace operations,” he said, adding: “We cannot continue to demand more from our peacekeeping missions by expanding their mandates without providing the necessary resources for their implementation.”

UN peacekeeping operations are confronted with increasingly complex challenges, he observed, citing regional threats, the effects of climate change, mis- and disinformation, increased presence of non-State actors, such as private military companies, transnational criminal activities and the weaponization of new and emerging technology, as demonstrated by the first attack ever last September on UN peacekeepers with an improvised armed unmanned aerial system.

Election of Officers

At the opening of the meeting, the Committee by acclamation elected Francisco Tropepi (Argentina), Michael Gort (Canada), Takayuki Iriya (Japan) and Michal Miarka (Poland) as Vice-Chairs; and Mohamed Soliman (Egypt) as Rapporteur. Michael Gort (Canada) was elected to serve as Chair of the Working Group of the Whole.

MIL OSI United Nations News –

February 19, 2025
MIL-OSI USA: Reed: Trump Should Urgently Address Air Traffic Controller Staffing Shortages, Not Indiscriminately Fire FAA Employees

US Senate News:

Source: United States Senator for Rhode Island Jack Reed

PROVIDENCE, RI — Hundreds of Federal Aviation Administration (FAA) employees are in the process of being fired — not because of their performance or because they weren’t delivering critical services for taxpayers — but as part of the Trump Administration’s and billionaire Elon Musk’s partisan mass terminations of federal workers.

U.S. Senator Jack Reed (D-RI), a member of the Appropriations subcommittee that oversees FAA funding, says FAA staffing decisions should be based on the agency’s mission-critical needs, not partisan whims.

Senator Reed says Trump’s shortsighted mass-firing of new FAA employees will have a ripple effect, leading to understaffing at the FAA now and in the future, which could then cause airports to slow down air traffic to match staffing levels.

“Our air traffic control system is already overtaxed and firing these dedicated FAA professionals will make it harder to keep the traveling public safe. There should be an FAA hiring push right now, not a mass-firing purge. FAA staffing shortages can have a detrimental impact on air travel and operations. Understaffing in control towers leads to more planes on the ground and flight delays. Every member of Congress should be calling on President Trump and Elon Musk to strengthen, not weaken the FAA’s workforce,” said Reed.

Air traffic controllers at the nation’s 313 air traffic control locations across the country help safeguard more than 45,000 flights and 2.9 million airline passengers nationwide per day.

The Trump administration has begun firing hundreds of the FAA’s most recent hirees — known as ‘probationary workers’ during their first year or two of public service — who were sent termination emails over the weekend and could be barred from entering their FAA job sites on Tuesday.

According to the Associated Press, the impacted workers include personnel hired for FAA radar, landing and navigational aid maintenance. Many of these workers are veterans, as the FAA continuously recruits employees with prior air traffic experience from the military and private industry.

The Trump Administration’s FAA purge comes after he fired all the members of the Aviation Security Advisory Committee, a panel mandated by Congress that is charged with examining safety issues at airlines and airports around the country.

Air traffic control is one of the most specialized and skilled professions in the federal government. Air traffic controllers work in towers at airports and radar rooms at FAA facilities nationwide. Their job is to separate planes, navigate them through weather, and ensure that everyone reaches their respective destinations safely.

MIL OSI USA News –

February 19, 2025
MIL-OSI United Kingdom: Peacekeeping is one of the UN’s most valuable tools to support global peace and security: UK statement on Peacekeeping Operations

Source: United Kingdom – Executive Government & Departments

Statement by Ambassador James Kariuki at the Special Committee on Peacekeeping Operations (C-34).

2022 to 2024 Sunak Conservative government“>

This was published under the 2022 to 2024 Sunak Conservative government

Peacekeeping is one of the UN’s most valuable tools to support global peace and security, including by preventing conflicts from escalating and creating space for political solutions. However, the nature of conflict is evolving and so must our approaches to addressing them.

I will make three points.

First, this year marks the 25th anniversary of UN Security Council Resolution 1325, which recognised the vital role women play in supporting peace and security.

To promote this agenda, the UK is proud to serve as co-chair of the Elsie Initiative for 2025, advancing the full, equal, and meaningful participation of women in peacekeeping, which, in turn, enhances the operational effectiveness of missions.

We also recognise the critical role that peace operations can play in countering conflict-related sexual violence. We should ensure that peacekeepers are equipped with comprehensive training to help them prevent and respond to the growing threat of sexual and gender-based violence.

We also need to ensure the highest standards in peace operations. This requires a zero-tolerance approach to sexual exploitation and abuse with stronger mechanisms to respond to instances where it occurs.

Second, peacekeeping depends on strong cooperation between the UN and Member States, including host countries and regional partners. We should continue enhancing collaboration and partnerships, including with regional organisations, in order to give missions the best chance of success. Security Council resolution 2719, enabling AU-led peace operations to access UN-assessed contributions, was an important step. And the UK supports the use of 2719 for the AU Support and Stabilization Mission in Somalia.

We should also continue to challenge restrictions on the freedom of movement of missions, and violations of the Status of Forces Agreements which make mandates harder to deliver and undermine the protection of civilians.

Third, peacekeeping in 2025 remains a dangerous activity. I pay tribute to the 61 UN peacekeepers who lost their lives in 2024 and four so far in 2025. Attacks on UN peacekeepers are absolutely unacceptable and may constitute war crimes.

We particularly note the work and bravery of MONUSCO peacekeepers currently serving in Eastern DRC. They have worked tirelessly, and under great pressure, to deliver their mandate, especially the protection of civilians, in the face of M23’s takeover of Goma with support from the Rwandan Defence Forces.

To safeguard missions, we need robust contingency plans, intelligence capabilities, effective strategic communications, and measures to counter misinformation and disinformation. Peacekeepers should be equipped with the tools they need.

To conclude, the United Kingdom underscores its support for UN peacekeeping. We remain committed to working with partners to strengthen peacekeeping’s effectiveness and to ensure it can adapt to new challenges. We look forward to constructive discussions over the coming weeks and to agreeing a report which will help steer the work of the UN and its Member States over the coming year.

Thank you.

Updates to this page

Published 18 February 2025

MIL OSI United Kingdom –

February 19, 2025
MIL-OSI Security: U.S. Attorney’s Office Collects nearly $3.5 Million in Debts Owed to Federal Victims of Crime and the United States in Fiscal Year 2024

Source: Office of United States Attorneys

SIOUX FALLS – U.S. Attorney Alison Ramsdell announced today that the United States Attorney’s Office for the District of South Dakota collected $3,496,288.47 in criminal and civil actions in Fiscal Year 2024. Of this amount, $1,584,408.91 was collected in criminal actions and $1,911,879.56 was collected in civil actions. The District of South Dakota office worked with other U.S. Attorney’s Offices elsewhere in the country and components of the Department of Justice to collect an additional $775,964.79. Excluded from these totals are significant recoveries obtained at the end of Calendar Year 2024, such as the $12.7M settlement to resolve alleged False Claims Act violations relating to improper financial relationships between Dunes Surgical Hospital and two physician groups, and the $1.4M paid toward restitution in a pandemic fraud prosecution.

“Ensuring the collection of federal debt restores justice to victims of crime and reinforces the integrity of our governmental institutions,” said U.S. Attorney Alison J. Ramsdell.

In addition to filing 14 new garnishment actions, the Financial Litigation Unit of the U.S. Attorney’s Office closed 44 civil and criminal restitution cases where the federal debt or victims were paid in full. For example, in a civil case involving the Farm Service Agency (FSA), the Financial Litigation Unit recovered $52,561.75 from a borrower who sold calves in violation of his loan agreement with a local bank. In a criminal case arising from a wire fraud conviction, the same Financial Litigation Unit recovered $36,773.79 from an inheritance the defendant received while in custody, thus providing a substantial recovery to the victims of the defendant’s wire fraud.

United States Attorney’s Offices, along with the Department of Justice’s litigating divisions, are responsible for enforcing and collecting civil and criminal debts owed to the United States and criminal debts owed to federal crime victims. The law requires defendants to pay restitution to victims of certain federal crimes who have suffered a physical injury or financial loss. While restitution is paid to the victim, criminal fines and felony assessments are paid to the Department’s Crime Victims Fund, which distributes the funds collected to federal and state victim compensation and victim assistance programs.

MIL Security OSI –

February 19, 2025
MIL-OSI Security: Los Angeles Man Sentenced To 41 Months’ Imprisonment For Conspiring To Launder Money

Source: Office of United States Attorneys

NEWARK, N.J. – A California man was sentenced today to 41 months in prison for conspiring to launder money obtained from internet-related fraud, Acting U.S. Attorney Vikas Khanna announced.

Charles Singleton, 65, of Los Angeles, California, previously pleaded guilty before U.S. District Judge Madeline Cox Arleo, to Count One of an Indictment, which charged him with conspiracy to commit money laundering.

According to documents filed in this case and statements made in court:

From September 2018 to August 2020, Singleton worked with conspirators to launder money obtained through business email compromises, which is a method of wire fraud often targeting businesses or individuals working on business transactions involving high-dollar wire transactions. The fraud is carried out by compromising, hacking, and/or “spoofing” legitimate email accounts through social engineering or computer intrusion techniques to cause employees of a target company, or other individuals involved in legitimate business transactions, to conduct unauthorized transfers of funds, most often to accounts controlled by the fraud perpetrators.

Singleton opened several business bank accounts in the names of companies he controlled and received proceeds of wire fraud in those accounts. Singleton and his conspirators then withdrew and transferred money from various bank accounts and shared the bank account information. Singleton also executed at least one fraudulent contract with a conspirator for a wire of $70,000.

In addition to the prison term, Judge Arleo sentenced Singleton to three years of supervised release, ordered forfeiture of over $1.1 million constituting proceeds derived from the conspiracy, and ordered $1,469,003 in restitution to the victims.

Acting U.S. Attorney Khanna credited special agents of the FBI, Woodland Park Office, under the direction of Acting Special Agent in Charge Terence G. Reilly in Newark, with the investigation.

The government is represented by Assistant U.S. Attorney Farhana C. Melo of the Economic Crimes Unit in Newark.

MIL Security OSI –

February 19, 2025
MIL-OSI USA: Welch, Padilla Lead Colleagues from Disaster-Impacted States in Demanding Answers About Elon Musk and DOGE’s Access to Disaster Victims’ Personal Data

US Senate News:

Source: United States Senator Peter Welch (D-Vermont)

WASHINGTON, D.C. – U.S. Senator Peter Welch (D-Vt.) and U.S. Senator Alex Padilla (D-Calif.) led ten of their colleagues from disaster-impacted states in demanding answers from the Federal Emergency Management Agency (FEMA) on the potential security breach created by Elon Musk’s Department of Government Efficiency (DOGE), which has reportedly accessed the sensitive personal data of disaster victims. The Senators also requested more information on the procedures FEMA follows to protect data from misuse, and if DOGE’s unaccountable agents were in compliance with federal law.
Senators Welch and Padilla were joined by U.S. Senators Bernie Sanders (I-Vt.), Adam Schiff (D-Calif.), Mazie Hirono (D-Hawaii), Martin Heinrich (D-N.M.), Ron Wyden (D-Ore.), Edward Markey (D-Mass.), Chris Van Hollen (D-Md.), Richard Blumenthal (D-Conn.), Jeff Merkley (D-Ore.), and Amy Klobuchar (D-Minn.).
“The United States has suffered from a growing number of natural disasters over the past several years—from severe flooding in Vermont and hurricanes in North Carolina, to catastrophic wildfires in Hawaii and California. In order to register for federal disaster assistance and receive help rebuilding their communities, our constituents have provided their personally identifiable information to FEMA. They did not do so with the expectation that their sensitive information would be turned over to unvetted, unaccountable DOGE agents,” the Senators wrote to Cameron Hamilton, the Senior Official Performing the Duties of FEMA Administrator.
“Mr. Musk has stated his desire to eliminate waste at FEMA. We agree the country must examine and thoughtfully consider reforms to the operation of FEMA. Our constituents have experienced first-hand the frustrating bureaucracies that hinder the federal disaster recovery process. Congress must take steps to equip FEMA and communities with the tools needed to better assist disaster victims after the storm has passed. We stand ready to work with anyone willing to fix it,” continued the Senators. “But such reforms do not require, or come close to justifying, the invasive measures DOGE has reportedly undertaken.”
The Senators concluded: “When disaster strikes, Americans should have confidence the government will safeguard their data, regardless of the Administration at the helm. Reports indicate you have breached that trust—perhaps in violation of federal privacy law.”
In their letter, the Senators requested responses to the following questions to understand the scope of that breach and the extent of FEMA’s compliance with federal law:

Please provide a complete list of individuals authorized by FEMA to access disaster victims’ data and records during the period between January 20, 2025, and February 14, 2025. Please indicate whether those individuals are employees of FEMA, the White House, DOGE, or another federal agency and specify the agency. If the individuals are not federal employees, please indicate that in your response.

What are the individuals specified above authorized to do with disaster victims’ data and records, and what types of data were obtained?

What procedures does FEMA follow to protect disaster victims’ data from misuse? Are DOGE-affiliated individuals required to follow those procedures?

How many Americans’ personally identifiable data has been accessed by DOGE-affiliated individuals? What vetting did these individuals undergo prior to their being granted access to FEMA systems?

Read the full text of the letter.

MIL OSI USA News –

February 19, 2025
MIL-OSI Africa: African Union Summit: African Development Bank President Highlights a Decade of Economic Transformational Impact
Source: Africa Press Organisation – English (2) – Report:

ABIDJAN, Ivory Coast, February 18, 2025/APO Group/ —
- “It’s been my greatest honor to serve you and Africa”—Adesina tells African leaders
- Governments across Africa pay tribute to Adesina’s exceptional leadership
- UN Secretary General Guterres says global financial architecture hampering Africa’s development, calls for reforms
African Development Bank Group (www.AfDB.org/en) President Dr. Akinwumi A. Adesina, delivered a compelling farewell address to Heads of State and Government at the 38^th African Union Summit, highlighting a decade of remarkable achievements by the Bank in driving Africa’s economic transformation. Adesina’s participation at the august continental gathering in Addis Ababa ended on a high note as African leaders considered and endorsed four Bank-led initiatives including the drive to connect 300 million Africans to electricity by 2030, measuring Africa’s green wealth as part of its GDP, a $20 billion facility to provide Africa with a financial buffer and a roadmap for the continent to achieve inclusive growth and rapid sustainable development.

Adesina, who is also the Chairman of the Group’s Boards of Directors, underscored the impact of the Bank’s High 5s Agenda—Light up and Power Africa, Feed Africa, Industrialize Africa, Integrate Africa, and Improve the Quality of Life for the People of Africa—which has impacted more than half a billion lives across the continent.

“It has been an unprecedented partnership to advance the goal of the African Union towards achieving Agenda 2063: the Africa we want,” said Adesina who in February 2022, became the first president of the Bank Group to address the AU Summit.

During the final day of the assembly, several African governments and AU officials paid tribute to Dr. Adesina for his exceptional leadership of the Bank and strong global advocacy for Africa, He ends his tenure as the Bank Group’s president on 1^st September 2025.

The February 15–16 Summit saw the election of Djibouti’s Foreign Minister Mahmoud Ali Youssouf as Chairperson of the African Union Commission, taking over from Moussa Faki Mahamat. Algeria’s Ambassador, Salma Malika Haddadi, was elected the Commission’s Deputy Chairperson.

Reflecting on his tenure at the helm of the African Development Bank, Dr. Adesina said the Bank has transformed 515 million lives, including 231 million women, over the past decade:
- 127 million people gained access to better services in terms of health.
- 61 million people gained access to clean water.
- 33 million people benefited from improved sanitation.
- 46 million people gained access to ICT services, and
- 25 million people gained access to electricity.
He cited the landmark Africa Energy Summit held in Tanzania in January, where 48 nations signed the Dar Es Salaam Declaration to adopt bold policies in support of an initiative by the World Bank and the African Development Bank to extend electricity access to 300 million Africans by 2030. That meeting, attended by 21 heads of state, secured $48 billion in commitments from the two institutions and an additional $7 billion from other development partners.

The Addis Ababa Summit endorsed the Dar Es Salaam Energy Declaration, the Baku Declaration by African Heads of State on Measuring the Green Wealth of Africa. The Assembly also adopted the African Financing Stability Mechanism, a groundbreaking initiative by the African Development Bank to provide $20 billion in debt refinancing for African nations alongside the Strategic Framework on Key Actions to Achieve Inclusive Growth and Sustainable Development in Africa report which outlines key actions required to enable Africa to achieve, and sustain an annual growth rate of at least 7% of GDP over the next five decades.

On food security, Adesina cited the Bank’s Technologies for African Agricultural Transformation (TAAT), the Dakar 2 Food Summit that mobilized $72 billion in 2023, and the $1.5 billion Africa Emergency Food Production Facility that was launched in May 2022 to avert a major food and fertilizer crisis triggered by global conflicts.

“The African Development Bank accelerated food production in Africa. Over 101 million people became food secure. We mobilized $72 billion to implement the food and agriculture delivery compacts across the continent,” he stressed. With the support of the Bank, Ethiopia has achieved self-sufficiency in wheat production within four years and is now a wheat-exporting nation.

A Decade of Transformative Impact

With a strong focus on job creation, the Bank has trained 1.7 million youth in digital skills and is rolling out Youth Entrepreneurship Investment Banks to drive youth-led economic growth. “Our goal is simple: create youth-based wealth across Africa,” Adesina reiterated.

Additionally, the Affirmative Finance Action for Women in Africa (AFAWA) initiative has provided $2.5 billion in financing to over 24,000 women-owned businesses, said Adesina.

Over the past decade, the African Development Bank has invested over $55 billion in infrastructure, making it the largest multilateral financier of African infrastructure.

The Bank has also prioritized healthcare, committing $3 billion in quality healthcare infrastructure and another $3 billion for pharmaceutical development, including establishing the Africa Pharmaceutical Technology Foundation.

Historic Financial Mobilization for Africa

Under Adesina’s presidency, the Bank achieved its largest-ever capital increase, growing from $93 billion in 2015 to $318 billion currently. The most recent replenishment of the African Development Fund, the Bank Group’s concessional window, raised a record $8.9 billion for Africa’s 37 low-income countries, setting the stage for a target of $25 billion for its upcoming 17th replenishment.

The Africa Investment Forum, a joint effort with eight other partner institutions, has also mobilized over $200 billion in investment commitments, reinforcing Africa as a leading investment destination.

As he bade farewell, the outgoing Bank chief expressed gratitude to the African Heads of State, the African Union Commission, regional economic communities, and the people of Africa for their unwavering support.

“As today will be my final attendance of the AU Summit as President of the African Development Bank, I would like to use this opportunity to immensely thank your Excellencies Heads of State and Government for your extraordinary support over the past ten years. I am very grateful for your always being there for the African Development Bank—your Bank. I am very grateful for your kindness, friendship, and partnership as we forged global alliances to advance the continent’s interest around the world,” he said.

The 2025 Summit under the theme, “Justice for Africans and People of African Descent Through Reparations,” drew global political leaders and other dignitaries, including UN Secretary-General António Guterres, and the Prime Minister of Barbados, Mia Mottley.

Guterres reiterated calls for reform of the international financial architecture, which is hampering the development of many African economies, beset by expensive debt repayments and high borrowing costs, which limits their capacity to invest in education, health and other essential needs.

Prime Minister Mottley emphasized Africa’s strategic role in shaping global economic trends, particularly highlighting the continent’s control of 40% of the world’s minerals. She stressed the importance of addressing emerging challenges like artificial intelligence, urging African nations to take a proactive role in technological advancement rather than becoming “victims of technology.”

She also underscored the urgency of removing artificial barriers between Africa and the Caribbean, calling for the elimination of transit visa requirements to boost trade and integration. Mottley echoed demands for reparatory justice, noting that both the Caribbean and Africa began their independence journey with “chronic deficits” in resources, fairness, and opportunity.

Opening the Summit on Saturday, Ethiopian Prime Minister Dr. Abiy Ahmed urged continued unity among member countries in addressing the challenges.

“In a world marked by rapid change and multiple challenges, we find ourselves at the crossroads of uncertainty and opportunity. This movement calls upon us to strengthen our collective resolve, embrace resilience and foster unity across Africa”, he said.

MIL OSI Africa –
February 19, 2025
MIL-OSI Asia-Pac: India – Qatar Joint Statement

Source: Government of India

Posted On: 18 FEB 2025 8:17PM by PIB Delhi

At the invitation of Prime Minister of India His Excellency Shri Narendra Modi, His Highness the Amir of the State of Qatar, Sheikh Tamim bin Hamad Al-Thani paid a State Visit to India on 17-18 February 2025. HH the Amir was accompanied by a high-level delegation comprising Ministers, officials and business leaders. This was the second State Visit of HH the Amir to India.

HH the Amir was received by Hon’ble President of India Smt Droupadi Murmu and Prime Minister Shri Narendra Modi at the Forecourt of Rashtrapati Bhawan on 18 February and was accorded a ceremonial welcome. Hon’ble President also hosted a banquet reception in honour of HH the Amir and accompanying delegation.

Prime Minister Shri Narendra Modi held bilateral talks with HH the Amir at Hyderabad House on 18 February. Both leaders recalled the historic trade linkages, deep-rooted people-to-people ties and robust bilateral relations between both countries. They expressed the desire for further expanding and deepening of the multifaceted relationship between both countries. In this context, they expressed happiness on the signing of the ‘Agreement on the Establishment of Bilateral Strategic Partnership’ between the two sides.

In light of the newly established Strategic Partnership, the two sides reaffirmed their commitment to further strengthen the bilateral relations through regular and structured cooperation in all areas, including political, trade, investment, security, energy, culture, education, technology, innovation, sustainability and people-to-people ties. In this regard, the two sides expressed happiness at the signing of the revised Double Taxation Avoidance Agreement and also agreed to expedite negotiations on the India-Qatar Bilateral Investment Treaty.

The two sides noted with satisfaction that regular interactions at various levels have helped provide momentum to the multifaceted bilateral cooperation. They recalled the successful visit of HH the Amir to India in March 2015 and the visits of Prime Minister to Qatar in June 2016 and February 2024. The two sides agreed to continue the high-level exchanges through regular bilateral mechanisms at Ministerial and senior-official levels.

The two sides noted that trade and commerce has been a strong pillar of bilateral economic cooperation between the two countries and emphasized on the potential for further growth and diversification in bilateral trade. The two sides welcomed the elevation of the existing Joint Working Group on Trade and Commerce into a Joint Commission on Trade and Commerce. The Joint Commission will be an institutional mechanism to review and monitor the entire spectrum of economic ties between the two countries and will be headed by the Ministers of Commerce and Industry on both sides.

The two sides laid emphasis on strengthening collaborations between their business and industry bodies. In this context, they welcomed the holding of the first meeting of the Joint Business Council on 13 February 2025.

The two sides agreed on the need to explore strategies for enhanced and diversified trade between the two countries and address on priority market access issues related to trade in goods and services. In this regard, the two sides agreed to explore the possibility of entering into a bilateral Comprehensive Economic Partnership Agreement. Both sides set the target to double bilateral trade by 2030.

Qatar and India have a strong strategic relationship and given that the Indian economy is one of the fastest growing economies, the Indian side welcomed the decision of Qatar Investment Authority (QIA) to open an office in India. Both sides expressed satisfaction with the progress made by the Joint Task Force on Investments during its first meeting in June 2024, where various avenues for investments in India were discussed.

The Qatar side commended the steps taken by India in making a conducive environment for Foreign Direct Investment and Foreign Institutional Investment and expressed interest to explore investment opportunities in different sectors, including infrastructure, technology, manufacturing, food security, logistics, hospitality, and other areas of mutual interest. In this regard, the Qatar side announced a commitment to invest USD 10 billion in India. The Indian side also appreciated Qatar’s efforts in enhancing its investment environment and its initiatives to attract Foreign Direct Investment. India also recognized Qatar’s growing role as a regional hub for goods and services, leveraging its strategic location, world-class infrastructure, and business-friendly policies. Both sides emphasized the importance of deepening cooperation between investment authorities, financial institutions, and businesses to explore new opportunities for investment and trade expansion.

The parties shall expand and deepen mutually beneficial trade and economic cooperation between the two countries in accordance with their respective legislations and the provisions of international conventions to which they are parties. They shall cooperate in order to achieve stable growth and diversification of trade, increase the volume of exchanged products, and provide mutual services on a systematic and long-term basis. Additionally, they shall implement measures to attract and encourage the establishment of joint projects between the private sectors of both countries. In this regard, both sides welcomed convening of the Joint Business Forum inaugurated by the Ministers of Commerce and Industry of both countries on 18 February 2025.

Recognizing the pivotal role of businesses in driving economic growth, both sides emphasized the importance of trade exhibitions as a strategic platform for promoting commercial partnerships, increasing and diversifying bilateral trade, and facilitating investments. In pursuit of these objectives, both sides will strengthen collaboration between their export promotion agencies to support enterprises in identifying opportunities, addressing market challenges, and increasing participation in international trade exhibitions. This initiative will enable businesses from both nations to showcase their products, explore joint ventures, and establish sustainable commercial ties.

The two sides welcomed the operationalization of India’s Unified Payment Interface (UPI) in QNB’s Points of Sales in Qatar and looked forward to implement nation-wide roll-out of UPI acceptance in Qatar. They agreed to explore settlement of bilateral trade in respective currencies. QNB’s expansion is also welcomed in India through setting up of an office in GIFT City.

The two sides shall work to further enhance bilateral energy cooperation, including through promotion of trade and mutual investments in energy infrastructure and regular meetings of the relevant stakeholders from both sides, including the Joint Task Force on Energy.

The two leaders unequivocally condemned terrorism in all its forms and manifestations including cross-border terrorism and agreed to cooperate in combating this menace through bilateral and multilateral mechanisms. They agreed to enhance cooperation in information and intelligence sharing, developing and exchanging experiences, best practices and technologies, capacity building and to strengthen cooperation in law enforcement, anti-money laundering, drug-trafficking, Cybercrime and other transnational crimes. The two leaders also discussed ways and means to promote cooperation in cybersecurity, including prevention of use of cyberspace for terrorism, radicalisation and for disturbing social harmony. They emphasized the importance of holding regular meetings of the Joint Committee on Security and Law Enforcement.

The two sides acknowledged health cooperation as one of the important pillars of bilateral ties and expressed their commitment to further strengthen collaboration in this important sector. The two sides appreciated the bilateral cooperation during the Covid-19 pandemic including through the Joint Working Group on Health. The Indian side expressed interest in enhancing exports of Indian pharmaceutical products and medical devices to Qatar. Both sides also expressed their desire to facilitate the registration of national companies and pharmaceutical products.

The two sides expressed interest in pursuing deeper collaboration in technology and innovation, including emerging technologies, startups, and Artificial Intelligence. They discussed avenues for furthering e-Governance and sharing best practices in the digital sector. Both sides welcomed the participation of Indian startups in Web Summits in Doha, Qatar in 2024-25.

The importance of food security and protection of supply chains was emphasized by the two sides and they agreed to further strengthen cooperation in this field.

The two sides stressed the importance of enhancing cultural cooperation through exchanging participation in cultural events and supporting effective partnerships between cultural institutions in both countries. They also decided to further strengthen cooperation in the area of sports including mutual exchange and visits of sportsmen, organising workshops, seminars and conferences, exchange of sports publications between both nations. In this regard, the two sides welcomed the decision to celebrate India-Qatar Year of Culture, Friendship and Sports in the near future.

The two sides highlighted that education is an important area of cooperation including strengthening institutional linkages and exchanges between higher educational institutions of both countries. They also emphasized on enhanced interactions among educational institutions, including through academic exchanges, joint research, students and scholar exchanges, and University-to-University cooperation of both countries.

The two sides acknowledged that the centuries old people-to-people ties represent a fundamental pillar of the historic India-Qatar relationship. The Qatari leadership expressed deep appreciation for the role and contribution made by the Indian community in Qatar for the progress and development of their host country, noting that Indian citizens in Qatar are highly respected for their peaceful and hard-working nature. The Indian side conveyed deep appreciation to the leadership of Qatar for ensuring the welfare and well-being of this large and vibrant Indian community in Qatar. The Qatar side welcomed extension of e-visa facility by India to Qatari nationals.

The two sides stressed upon the depth and importance of long standing and historical cooperation in the field of manpower mobility and human resources. The two sides agreed to hold regular meetings of the Joint Working Group on Labour and Employment to address issues related to expatriates, manpower mobility, dignity, safety and welfare of workers and matters of mutual interest.

The two sides exchanged views on regional and international issues of mutual interest, including the security situation in the Middle East. They emphasized the importance of dialogue and diplomacy for peaceful resolution of international disputes. The two sides also appreciated the excellent coordination between the two sides in the UN and other multilateral fora.

The Indian side thanked the Qatari side for its support to the growing India-GCC cooperation and for facilitating the inaugural India-GCC Joint Ministerial Meeting for Strategic Dialogue at the level of Foreign Ministers held in Riyadh on 9 September 2024 under Qatar’s Chairmanship. The two sides welcomed the outcomes of the inaugural India-GCC Joint Ministerial Meeting for Strategic Dialogue. Qatar side assured full support for deepening of the India-GCC cooperation under the recently adopted Joint Action Plan.

In the context of UN reforms, both leaders emphasized the importance of a reformed and effective multilateral system, centered on a UN reflective of contemporary realities, as a key factor in tackling global challenges. The two sides stressed the need for UN reforms, including of the Security Council. Both sides stressed the importance of addressing shared global challenges through coordinated efforts within the framework of the United Nations, its specialized agencies, and programs, as well as through technical cooperation to advance the achievement of UN Sustainable Development Goals (SDGs). Both sides agreed to engage in close cooperation and support each other at the United Nations including supporting each other’s candidatures to multilateral forums.

The following documents were signed/exchanged during the visit, which will further deepen the multifaceted bilateral relationship as well as open avenues for newer areas of cooperation:

· Agreement on the Establishment of Bilateral Strategic Partnership

· Revised Agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income and its Protocol

· MoU between Ministry of Finance, India and Ministry of Finance, Qatar on Financial and Economic Collaboration

· MoU on Cooperation in Field of Youth and Sports

· MOU for Cooperation in the field of Documents and Archives

· MoU between Invest India and Invest Qatar

· MoU between Confederation of Indian Industry and Qatari Businessmen Association

HH the Amir thanked Prime Minister Shri Narendra Modi for the warm hospitality accorded to him and his delegation. The visit reaffirmed the strong bonds of friendship and cooperation between India and Qatar. The leaders expressed optimism that this renewed partnership would continue to grow, benefiting the people of both countries and contributing to regional and global stability.

***

MJPS/SR

(Release ID: 2104490) Visitor Counter : 138

MIL OSI Asia Pacific News –

February 19, 2025
MIL-OSI Asia-Pac: India – Qatar Joint Statement (February 18, 2025)

Source: Government of India (2)

Posted On: 18 FEB 2025 8:17PM by PIB Delhi

At the invitation of Prime Minister of India His Excellency Shri Narendra Modi, His Highness the Amir of the State of Qatar, Sheikh Tamim bin Hamad Al-Thani paid a State Visit to India on 17-18 February 2025. HH the Amir was accompanied by a high-level delegation comprising Ministers, officials and business leaders. This was the second State Visit of HH the Amir to India.

HH the Amir was received by Hon’ble President of India Smt Droupadi Murmu and Prime Minister Shri Narendra Modi at the Forecourt of Rashtrapati Bhawan on 18 February and was accorded a ceremonial welcome. Hon’ble President also hosted a banquet reception in honour of HH the Amir and accompanying delegation.

Prime Minister Shri Narendra Modi held bilateral talks with HH the Amir at Hyderabad House on 18 February. Both leaders recalled the historic trade linkages, deep-rooted people-to-people ties and robust bilateral relations between both countries. They expressed the desire for further expanding and deepening of the multifaceted relationship between both countries. In this context, they expressed happiness on the signing of the ‘Agreement on the Establishment of Bilateral Strategic Partnership’ between the two sides.

In light of the newly established Strategic Partnership, the two sides reaffirmed their commitment to further strengthen the bilateral relations through regular and structured cooperation in all areas, including political, trade, investment, security, energy, culture, education, technology, innovation, sustainability and people-to-people ties. In this regard, the two sides expressed happiness at the signing of the revised Double Taxation Avoidance Agreement and also agreed to expedite negotiations on the India-Qatar Bilateral Investment Treaty.

The two sides noted with satisfaction that regular interactions at various levels have helped provide momentum to the multifaceted bilateral cooperation. They recalled the successful visit of HH the Amir to India in March 2015 and the visits of Prime Minister to Qatar in June 2016 and February 2024. The two sides agreed to continue the high-level exchanges through regular bilateral mechanisms at Ministerial and senior-official levels.

The two sides noted that trade and commerce has been a strong pillar of bilateral economic cooperation between the two countries and emphasized on the potential for further growth and diversification in bilateral trade. The two sides welcomed the elevation of the existing Joint Working Group on Trade and Commerce into a Joint Commission on Trade and Commerce. The Joint Commission will be an institutional mechanism to review and monitor the entire spectrum of economic ties between the two countries and will be headed by the Ministers of Commerce and Industry on both sides.

The two sides laid emphasis on strengthening collaborations between their business and industry bodies. In this context, they welcomed the holding of the first meeting of the Joint Business Council on 13 February 2025.

The two sides agreed on the need to explore strategies for enhanced and diversified trade between the two countries and address on priority market access issues related to trade in goods and services. In this regard, the two sides agreed to explore the possibility of entering into a bilateral Comprehensive Economic Partnership Agreement. Both sides set the target to double bilateral trade by 2030.

Qatar and India have a strong strategic relationship and given that the Indian economy is one of the fastest growing economies, the Indian side welcomed the decision of Qatar Investment Authority (QIA) to open an office in India. Both sides expressed satisfaction with the progress made by the Joint Task Force on Investments during its first meeting in June 2024, where various avenues for investments in India were discussed.

The Qatar side commended the steps taken by India in making a conducive environment for Foreign Direct Investment and Foreign Institutional Investment and expressed interest to explore investment opportunities in different sectors, including infrastructure, technology, manufacturing, food security, logistics, hospitality, and other areas of mutual interest. In this regard, the Qatar side announced a commitment to invest USD 10 billion in India. The Indian side also appreciated Qatar’s efforts in enhancing its investment environment and its initiatives to attract Foreign Direct Investment. India also recognized Qatar’s growing role as a regional hub for goods and services, leveraging its strategic location, world-class infrastructure, and business-friendly policies. Both sides emphasized the importance of deepening cooperation between investment authorities, financial institutions, and businesses to explore new opportunities for investment and trade expansion.

The parties shall expand and deepen mutually beneficial trade and economic cooperation between the two countries in accordance with their respective legislations and the provisions of international conventions to which they are parties. They shall cooperate in order to achieve stable growth and diversification of trade, increase the volume of exchanged products, and provide mutual services on a systematic and long-term basis. Additionally, they shall implement measures to attract and encourage the establishment of joint projects between the private sectors of both countries. In this regard, both sides welcomed convening of the Joint Business Forum inaugurated by the Ministers of Commerce and Industry of both countries on 18 February 2025.

Recognizing the pivotal role of businesses in driving economic growth, both sides emphasized the importance of trade exhibitions as a strategic platform for promoting commercial partnerships, increasing and diversifying bilateral trade, and facilitating investments. In pursuit of these objectives, both sides will strengthen collaboration between their export promotion agencies to support enterprises in identifying opportunities, addressing market challenges, and increasing participation in international trade exhibitions. This initiative will enable businesses from both nations to showcase their products, explore joint ventures, and establish sustainable commercial ties.

The two sides welcomed the operationalization of India’s Unified Payment Interface (UPI) in QNB’s Points of Sales in Qatar and looked forward to implement nation-wide roll-out of UPI acceptance in Qatar. They agreed to explore settlement of bilateral trade in respective currencies. QNB’s expansion is also welcomed in India through setting up of an office in GIFT City.

The two sides shall work to further enhance bilateral energy cooperation, including through promotion of trade and mutual investments in energy infrastructure and regular meetings of the relevant stakeholders from both sides, including the Joint Task Force on Energy.

The two leaders unequivocally condemned terrorism in all its forms and manifestations including cross-border terrorism and agreed to cooperate in combating this menace through bilateral and multilateral mechanisms. They agreed to enhance cooperation in information and intelligence sharing, developing and exchanging experiences, best practices and technologies, capacity building and to strengthen cooperation in law enforcement, anti-money laundering, drug-trafficking, Cybercrime and other transnational crimes. The two leaders also discussed ways and means to promote cooperation in cybersecurity, including prevention of use of cyberspace for terrorism, radicalisation and for disturbing social harmony. They emphasized the importance of holding regular meetings of the Joint Committee on Security and Law Enforcement.

The two sides acknowledged health cooperation as one of the important pillars of bilateral ties and expressed their commitment to further strengthen collaboration in this important sector. The two sides appreciated the bilateral cooperation during the Covid-19 pandemic including through the Joint Working Group on Health. The Indian side expressed interest in enhancing exports of Indian pharmaceutical products and medical devices to Qatar. Both sides also expressed their desire to facilitate the registration of national companies and pharmaceutical products.

The two sides expressed interest in pursuing deeper collaboration in technology and innovation, including emerging technologies, startups, and Artificial Intelligence. They discussed avenues for furthering e-Governance and sharing best practices in the digital sector. Both sides welcomed the participation of Indian startups in Web Summits in Doha, Qatar in 2024-25.

The importance of food security and protection of supply chains was emphasized by the two sides and they agreed to further strengthen cooperation in this field.

The two sides stressed the importance of enhancing cultural cooperation through exchanging participation in cultural events and supporting effective partnerships between cultural institutions in both countries. They also decided to further strengthen cooperation in the area of sports including mutual exchange and visits of sportsmen, organising workshops, seminars and conferences, exchange of sports publications between both nations. In this regard, the two sides welcomed the decision to celebrate India-Qatar Year of Culture, Friendship and Sports in the near future.

The two sides highlighted that education is an important area of cooperation including strengthening institutional linkages and exchanges between higher educational institutions of both countries. They also emphasized on enhanced interactions among educational institutions, including through academic exchanges, joint research, students and scholar exchanges, and University-to-University cooperation of both countries.

The two sides acknowledged that the centuries old people-to-people ties represent a fundamental pillar of the historic India-Qatar relationship. The Qatari leadership expressed deep appreciation for the role and contribution made by the Indian community in Qatar for the progress and development of their host country, noting that Indian citizens in Qatar are highly respected for their peaceful and hard-working nature. The Indian side conveyed deep appreciation to the leadership of Qatar for ensuring the welfare and well-being of this large and vibrant Indian community in Qatar. The Qatar side welcomed extension of e-visa facility by India to Qatari nationals.

The two sides stressed upon the depth and importance of long standing and historical cooperation in the field of manpower mobility and human resources. The two sides agreed to hold regular meetings of the Joint Working Group on Labour and Employment to address issues related to expatriates, manpower mobility, dignity, safety and welfare of workers and matters of mutual interest.

The two sides exchanged views on regional and international issues of mutual interest, including the security situation in the Middle East. They emphasized the importance of dialogue and diplomacy for peaceful resolution of international disputes. The two sides also appreciated the excellent coordination between the two sides in the UN and other multilateral fora.

The Indian side thanked the Qatari side for its support to the growing India-GCC cooperation and for facilitating the inaugural India-GCC Joint Ministerial Meeting for Strategic Dialogue at the level of Foreign Ministers held in Riyadh on 9 September 2024 under Qatar’s Chairmanship. The two sides welcomed the outcomes of the inaugural India-GCC Joint Ministerial Meeting for Strategic Dialogue. Qatar side assured full support for deepening of the India-GCC cooperation under the recently adopted Joint Action Plan.

In the context of UN reforms, both leaders emphasized the importance of a reformed and effective multilateral system, centered on a UN reflective of contemporary realities, as a key factor in tackling global challenges. The two sides stressed the need for UN reforms, including of the Security Council. Both sides stressed the importance of addressing shared global challenges through coordinated efforts within the framework of the United Nations, its specialized agencies, and programs, as well as through technical cooperation to advance the achievement of UN Sustainable Development Goals (SDGs). Both sides agreed to engage in close cooperation and support each other at the United Nations including supporting each other’s candidatures to multilateral forums.

The following documents were signed/exchanged during the visit, which will further deepen the multifaceted bilateral relationship as well as open avenues for newer areas of cooperation:

· Agreement on the Establishment of Bilateral Strategic Partnership

· Revised Agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income and its Protocol

· MoU between Ministry of Finance, India and Ministry of Finance, Qatar on Financial and Economic Collaboration

· MoU on Cooperation in Field of Youth and Sports

· MOU for Cooperation in the field of Documents and Archives

· MoU between Invest India and Invest Qatar

· MoU between Confederation of Indian Industry and Qatari Businessmen Association

HH the Amir thanked Prime Minister Shri Narendra Modi for the warm hospitality accorded to him and his delegation. The visit reaffirmed the strong bonds of friendship and cooperation between India and Qatar. The leaders expressed optimism that this renewed partnership would continue to grow, benefiting the people of both countries and contributing to regional and global stability.

***

MJPS/SR

(Release ID: 2104490) Visitor Counter : 22

MIL OSI Asia Pacific News –

February 19, 2025
MIL-OSI Asia-Pac: National Hackathon to leverage Data Sciences For Official Statistics

Source: Government of India

Posted On: 18 FEB 2025 7:35PM by PIB Delhi

The Ministry of Statistics and Programme Implementation (MoSPI) is joining hands with the IIT Gandhinagar Innovation and Entrepreneurship Center (IIEC) to launch ‘Hack the Future’, a 36-hour hackathon designed to ignite solutions driven by Data Science and emerging technologies for real-world challenges faced in the realm of Official Statistics.

Set to take place from March 21-23, 2025, at IIT Gandhinagar, the hackathon calls on students, developers, and researchers from across India to dive into public datasets and apply cutting-edge data science techniques to solve problems faced by practitioner.

Applications are to be submitted online from February 7 to 28, 2025, with shortlisted teams being notified by March 5. A virtual orientation session on March 10 will set the stage, followed by a submission of final ideas by March 14. The shortlisted teams will be invited to participate in person in the hackathon which will unfold at IIT Gandhinagar from March 21 to 23.

Beyond just competing for a prize pool of ₹5.7 lakh, participants will get the chance to collaborate with policymakers, industry experts, and mentors, gain hands-on experience with government datasets, and even access post-hackathon incubation and mentorship opportunities to take their ideas forward.

Participants will work on challenges like building an predictive model by use of Machine Learning, creating a smart semantic search tool for National Industrial Classification (NIC) codes, and developing AI-driven solutions for extracting and processing legacy data.

Interested participants can register now at tiny.cc/HTF-IIEC. More details are available at iieciitgn.com/hackthefuture and mospi.gov.in.

With data at the heart of policymaking and development, ‘Hack the Future’ is more than just a competition, it’s an opportunity to shape the future of data innovation for Vikshit Bharat.Join in, innovate, and make an impact!

***

Samrat

(Release ID: 2104467) Visitor Counter : 10

MIL OSI Asia Pacific News –

February 19, 2025
MIL-OSI Asia-Pac: Technology Advisory Group (TAG) of Empowered Technology Group (ETG) meets to discuss the Opportunities and Interventions for Boosting Advanced Manufacturing

Source: Government of India (2)

Posted On: 18 FEB 2025 7:11PM by PIB Delhi

The Technology Advisory Group (TAG) constituted by the Empowered Technology Group (ETG) convened its second meeting today under the chairmanship of Professor Ajay Kumar Sood, Principal Scientific Adviser (PSA) to the Government of India, to discuss the landscape, opportunities, and necessary interventions for strengthening advanced manufacturing in India.

(PSA Prof Sood opening the session and delivering his initial remarks)

The meeting brought together members of the TAG (comprising of 9 members from academia and 10 members from industry) (https://www.psa.gov.in/etg), members of the ETG, senior government officials, and domain experts to discuss ongoing activities and initiatives in advanced manufacturing in India, comparative analysis of the global landscape, and development of a coordinated national roadmap to accelerate manufacturing innovation.

In his address, Professor Sood highlighted the recently announced National Manufacturing Mission in the Union Budget 2025, which is aimed at advancing India as a global manufacturing hub. He underscored the critical role of the ETG in identifying the most important challenges before the country across various sectors that can be addressed through suitable and appropriate technologies and the expert advisory support provided by the TAG, in fulfilling its Nation Building responsibilities. He noted that discussions on several key topics in the first TAG meeting, such as Alternative Battery Technologies, Carbon Capture, Utilization, and Storage (CCUS), and Artificial Intelligence (AI), have contributed to significant national initiatives, including the AI mission, Anusandhan National Research Foundation (ANRF) MAHA-EV mission, and the CCUS mission.

Prof. Sood emphasized that today’s discussions on Advanced Manufacturing are aimed at identifying key technologies and bottlenecks across the value chain—from design and production to sustainability and end-of-life considerations—to enhance efficiency, quality, sustainability and competitiveness. He emphasized that advanced manufacturing aligns closely with the vision of Atmanirbhar Bharat, ensuring self-reliance and global leadership in critical sectors.

Dr. Preeti Banzal, Adviser/Scientist ‘G’ at the Office of the Principal Scientific Adviser to the Government of India, provided an overview of the ETG, outlining its mandate and functioning and the establishment of the TAG within its framework. Since its inception in February 2020, the ETG has conducted 65 meetings, evaluating 122 R&D, technology development/procurement and policy proposals from 27 ministries and engaging 153 subject matter experts to provide insights and recommendations for driving advancements in science, technology and innovation. She also highlighted key aspects of advanced manufacturing technologies, their strategic significance and latest developments from a national perspective.

The meeting featured in-depth presentations from leading experts covering critical dimensions of advanced manufacturing:

Dr. Nagahanumaiah, Director, Central Manufacturing Technology Institute (CMTI), Bangalore, presented on “Engineering of Smart Capital Goods”, focusing on India’s competitiveness in advanced manufacturing and the role of smart automation in shaping the future. He also gave an overview of the products developed and facilities at CMTI.

Dr. Gurumurthy, Director, Foundation for Science Innovation and Development (FSID), IISc Bengaluru, discussed “Digitalized Manufacturing”, emphasizing additive and hybrid manufacturing, smart Industrial IoT systems, and predictive maintenance using digital twin technology.

Dr. Sankhadip Das, Scientist E, Ministry of Electronics and IT (MeitY), delivered insights on “Additive Manufacturing”, highlighting its applications in aerospace, defense, healthcare, and automotive sectors, and its alignment with the United Nations Sustainable Development Goals (SDGs). He also talked about the National Strategy for Additive Manufacturing (NSAM) launched by MeitY in 2022.

Mr. Atul Choudhari, CTO, Tata Consulting Engineers Limited and Member of TAG, presented on “3D Concrete Printing using Construction Waste”, showcasing sustainable solutions for cost-effective, eco-friendly infrastructure development.

Prof. Kaushik Chatterjee, Chair, Department of Bioengineering, IISc Bengaluru, elucidated the new frontier of “4D Printing” and its applications in healthcare, including microrobots and deployable medical devices.

Dr. N. Subramanian, Executive Director, Society for Electronic Transactions and Security (SETS) gave insights on the cybersecurity aspects of advanced manufacturing.

The interventions thereafter resulted in insights and recommendations to strengthen the overall ecosystem for the advanced manufacturing sector in the country. The discussion highlighted the need for a nationally coordinated effort to accelerate advanced manufacturing capabilities, stakeholder collaboration between government, industry, and academia, capacity building and skill development to create a globally competitive workforce.

Dr. (Mrs.) Parvinder Maini, Scientific Secretary, Office of the Principal Scientific Adviser to the Government of India, summarised the key points which emerged during the discussions, including the need for shared infrastructure, skilled workforce, addressing core technology issues, building capability centres close to manufacturing centres, creation of sensor hubs, regulatory alignments, creation of standards and coherent policies on advanced manufacturing.

In his closing remarks, Prof. Sood reiterated that a structured and strategic approach to advanced manufacturing would be a key enabler for India’s long-term industrial growth, and ambitions towards a robust product nation, aligning with the broader objectives of the National Manufacturing Mission.

***

MJPS/ST

(Release ID: 2104455) Visitor Counter : 59

MIL OSI Asia Pacific News –

February 19, 2025
MIL-OSI USA: NASA Science: Being Responsive to Executive Orders

Source: NASA

February 18, 2025
To the NASA Science Community –
As the nation’s leader in Earth and space science, NASA Science operates within the broader context of the federal government and its priorities. As part of the Executive Branch, we are always responsive to the direction set by the Administration, including executive orders and policy guidance that relate to our programs and activities.
We are working as quickly as possible to implement these Executive Orders and related policies. We understand that these priorities can have tangible effects on our community, from potential changes in solicitations and mission planning to impacts on grants and research programs. We recognize that uncertainty can be challenging but we are committed to keeping you as informed as possible as we comply with these changes.
Our goal remains steadfast: to support groundbreaking science that advances knowledge and benefits society. As we work through these transitions, we are engaging with stakeholders, assessing implications, and ensuring that we continue to deliver on NASA’s science mission.
We appreciate your patience and dedication, and we will share more details as they become available. Thank you for your continued partnership in advancing NASA Science for the benefit of the nation.
-Nicky Fox
Associate Administrator, NASA Science Mission Directorate

MIL OSI USA News –

February 19, 2025
MIL-OSI Asia-Pac: India-UAE Comprehensive Economic Partnership Agreement completes 3 years of signing

Source: Government of India (2)

Posted On: 18 FEB 2025 7:06PM by PIB Delhi

The India-United Arab Emirates (UAE) Comprehensive Economic Partnership Agreement (CEPA) is completing three years of its signing on 18^th February 2025. CEPA is a full and deep Agreement which was signed on 18^th February 2022, during a virtual summit between the Hon’ble Prime Minister of India, Shri Narendra Modi and His Excellency the President of the UAE and Ruler of Abu Dhabi, His Highness Sheikh Mohamed bin Zayed Al Nahyan. It entered into force from 01^st May 2022.

Since the signing of CEPA, bilateral merchandise trade has nearly doubled from USD 43.3 billion in FY 2020-21 to USD 83.7 billion in 2023-24. During the current FY (April-December, 2024), it reached USD 71.8 billion. CEPA has been successful in realising its potential of diversification of trade basket as non-oil trade touched USD 57.8 billion in FY 2023-24 accounting for more than half of the total trade. This is attuned to the target of taking bilateral non-oil trade to USD 100 billion level by 2030. In terms of utilization of CEPA preferential duties are concerned, since coming into force, nearly 2,40,000 Certificates of Origin have been issued against which total export of USD 19.87 billion have been made to the UAE.

In terms of India’s exports, non-oil exports reached USD 27.4 billion in FY 2023-24 recording an average growth of 25.6% since entering into force of CEPA. At the sectoral level, besides refined crude oil products and gems & jewellery products, electrical machinery and equipment, light & medium high technology goods like boilers, generators and reactors and organic & in-organic chemicals have been major achievers. Besides, at the product level, smartphones have emerged as a major item of export with shipments valued USD 2.57 billion bound for the UAE during FY 2023-24.

Since signing of the Agreement, both the governments have strived to address challenges faced by each others’ exporters through regular high-level meetings and technical discussions between the officials. The Joint Committee, established as an institutional mechanism to take stock of the implementation of CEPA, has already met twice at the level of Joint/Additional Secretary -the last one being in October, 2024. The Trade in Goods Committee has also met several times to address issues related to bilateral trade. In the spirit of mutual cooperation and trust, both sides have taken concrete steps to operationalize various other Sub-Committees as well to deliberate on issues related to trade in services, rules of origin, customs procedure and trade facilitation. The inauguration of Bharat Mart initiative by the Hon’ble Prime Minister in Dubai will act as a One Stop Shop for Indian manufacturers to offer their products to the global markets and will foster our exports.

The India-UAE CEPA has resulted into new era of economic partnership and diplomacy for both the nations by empowering MSMEs, generating employment and creating new business opportunities. India and UAE are committed to enhance their economic partnership to foster robust trade and opportunities and reach new heights leveraging CEPA.

***

Abhishek Dayal/Abhijith Narayanan

(Release ID: 2104450) Visitor Counter : 96

MIL OSI Asia Pacific News –

February 19, 2025
MIL-OSI Asia-Pac: Dr. Jitendra Singh Inaugurates India’s First “Open-Air Art Wall Museum” at Mausam Bhawan depicting and celebrating the 150 years of milestone journey of the India Meteorological Department (IMD)

Source: Government of India (2)

Dr. Jitendra Singh Inaugurates India’s First “Open-Air Art Wall Museum” at Mausam Bhawan depicting and celebrating the 150 years of milestone journey of the India Meteorological Department (IMD)

Mausam Bhawan Art Showcase 38 Murals Depicting IMD’s Meteorological Legacy and Impact

Union Minister Hails IMD’s 150-Year Legacy, Unveils Artistic Tribute to Weather Science

Posted On: 18 FEB 2025 7:02PM by PIB Delhi

Union Minister of State (Independent Charge) for Science and Technology; Earth Sciences and Minister of State for PMO, Department of Atomic Energy, Department of Space, Personnel, Public Grievances and Pensions, Dr. Jitendra Singh inaugurated India’s first “Open Air Art Wall Museum” a unique open-air art museum at “Mausam Bhawan” today, depicting and celebrating the 150 years of milestone journey of the India Meteorological Department (IMD).

The initiative, developed in collaboration with “Delhi Street Art”, transforms the walls of IMD’s headquarters on Lodhi Road into a vibrant visual narrative of India’s meteorological advancements, history, and the impact of weather science on society.

Speaking at the inauguration ceremony, Dr. Jitendra Singh lauded the IMD’s enduring contribution to India’s socio-economic development by providing timely and accurate weather forecasts. “For 150 years, the India Meteorological Department has stood at the forefront of meteorological research, leveraging cutting-edge technology to address the challenges of a dynamic climate. This artistic endeavor further extends IMD’s outreach by visually engaging the public with the story of weather science,” he said.

Union Minister Dr. Jitendra Singh speaking after inaugurating India’s first “Open Air Art Museum” at Mausam Bhawan, New Delhi.

The “Mausam Bhawan” special art showcase features 38 unique murals depicting India’s meteorological history, the evolution of weather forecasting, and its impact on agriculture, disaster management, and everyday life. The artwork illustrates crucial meteorological events, advancements in technology such as satellites and radars, and the role of IMD in safeguarding lives through early warnings for cyclones, monsoons, and extreme weather conditions.

Dr. Jitendra Singh commended the creativity of Delhi Street Art and its founder Late Yogesh Saini, whose vision transformed public spaces into artistic expressions. “Art is a powerful medium, and this project beautifully bridges science and creativity to communicate complex meteorological phenomena in a way that resonates with people of all ages,” he added.

Dr. Jitendra Singh emphasized that IMD’s pioneering efforts in meteorology have not only contributed to disaster risk reduction but have also played a crucial role in enhancing economic activities, particularly in sectors such as agriculture, aviation, and marine industries. “The accuracy and timeliness of IMD’s forecasts have empowered farmers, fishermen, and policymakers to make informed decisions, reinforcing India’s resilience against climate uncertainties,” he noted.

Dr. M. Ravichandran, Secretary, Ministry of Earth Sciences, highlighted that the artistic initiative reflects IMD’s innovative approach to public engagement. “By presenting scientific knowledge through art, we can foster greater awareness about the significance of meteorology in daily life,” he said.

The murals also pay tribute to India’s literary and cultural heritage by incorporating historical references such as Kalidasa’sMeghaduta and the legendary musical prowess of Tansen, who is believed to have influenced weather with his ragas. Other panels depict India’s diverse climatic zones, weather-related safety guidelines, and the scientific evolution of meteorology.

Mayuri Saini, Director of Delhi Street Art, expressed gratitude for the opportunity to contribute to IMD’s legacy. “This project is more than just an art installation; it is a tribute to the journey of IMD and its impact on every citizen’s life. It also honors the memory of our founder, Mr. Yogesh Saini, whose passion for transforming urban landscapes through art continues to inspire us.”

Dr. Jitendra Singh reiterated that the government remains committed to strengthening India’s meteorological capabilities with continued investments in research, technology, and infrastructure. He acknowledged the efforts of IMD’s scientists and the artistic team in creating an initiative that not only educates but also inspires.

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NKR/PSM

(Release ID: 2104449) Visitor Counter : 5

MIL OSI Asia Pacific News –

February 19, 2025
MIL-OSI Asia-Pac: 5th International Conference on Green Metro Systems – The Future of Urban Mobility organised today

Source: Government of India

5th International Conference on Green Metro Systems – The Future of Urban Mobility organised today

Shri Manohar Lal inaugurates India’s first vertical bi-facial solar plant installation on Metro Viaduct at Okhla Vihar Metro station

Sh. Manohar Lal, Union Minister of Housing and Urban Affairs & Power stresses on energy efficiency and clean power at the international conference on green metro systems

Posted On: 18 FEB 2025 6:23PM by PIB Delhi

Delhi Metro Rail Corporation (DMRC) under the banner of i-Metro and in close association and partnership with the Confederation of Indian Industry (CII) and Indian Green Building Council (IGBC) organised 5^thInternational Conference on Green Metro Systems – The Future of Urban Mobility in New Delhi today.

The Inaugural function was graced by Shri Manohar Lal, Union Minister of Housing and Urban Affairs & Power; Shri Tokhan Sahu, Union Minister of State, Ministry of Housing and Urban Affairs and officials from IGBC and Indian Metros and others.

India’s first vertical bi-facial solar plant

In the conference, the Union Minister Shri Manohar Lal inaugurated India’s first vertical bi-facial solar plant installation on Metro Viaduct at Okhla Vihar Metro station and 1MW rooftop solar power plant installed at Khyber Pass depot. The bi-facial panels are designed to capture sunlight from both sides. It will take advantage of the metro’s elevated structure for solar energy generation without occupying any additional land. This is an innovative step in making metro rail operations more sustainable and contributes to renewable energy goals.

Speaking at the conference, Shri Manohar Lal, Union Minister of Housing and Urban Affairs & Power, Government of India said, “As humanity progresses, our innovations often clash with nature, bringing both advancement and risk. The rise in global temperatures beyond 1.5°C has become a cause for global concern, prompting nations to unite under agreements like the Paris Accord. India, too, has committed to achieving net-zero emissions by 2070, aligning its growth with sustainability. Urbanization and industrialization have increased pollution, but initiatives such as the Delhi Metro have significantly reduced environmental impact, demonstrating that thoughtful infrastructure can drive progress while protecting nature.

Energy efficiency and clean power are the need of the hour. Transitioning from thermal to renewable energy, utilizing solar rooftops, and implementing regenerative braking in metros exemplify the shift toward a greener future. Technological advancements, like vertical solar panels and energy-efficient LED systems, pave the way for sustainable urban living. Furthermore, responsible consumption—whether in air conditioning usage or minimizing wastage—can have a profound impact on energy conservation.

Swachh Bharat Mission was once mocked but has transformed India’s landscape, proving that national efforts towards cleanliness and sustainability yield global recognition. Pollution reduction, water conservation, and eco-friendly mobility are not just governmental responsibilities but collective duties. The path forward is clear: balance progress with environmental responsibility, ensuring a cleaner, healthier world for future generations.”

Indian metro rail corporations are contributing to the green building movement by offering energy-efficient, low-emission public transportation thereby reducing urban pollution and traffic congestion. Many metro stations, throughout India, are designed with energy-efficient technologies and use solar power systems which help reduce energy consumption. The Delhi Metro Rail Corporation (DMRC) is a pioneer in integrating solar power which helps meet a significant portion of its needs. Bengaluru, Hyderabad, Jaipur, Kochi, Lucknow, Mumbai, Nagpur, and Pune, metro rail have also received IGBC Certification for their commitment to sustainable designs and the use of green material to further minimize their environmental impact.

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JN/SK

(Release ID: 2104426) Visitor Counter : 60

MIL OSI Asia Pacific News –

February 19, 2025
MIL-OSI Asia-Pac: Union Home Minister and Minister of Cooperation Shri Amit Shah holds meeting with Lieutenant Governor and Chief Minister of Jammu and Kashmir in New Delhi today to review implementation of three new criminal laws

Source: Government of India

Union Home Minister and Minister of Cooperation Shri Amit Shah holds meeting with Lieutenant Governor and Chief Minister of Jammu and Kashmir in New Delhi today to review implementation of three new criminal laws

Union Home Minister says, full implementation of the three new criminal laws, made under the leadership of Prime Minister Shri Narendra Modi, to be ensured in Jammu and Kashmir by April 2025

With decline in terror activities and improvement in security scenario in Jammu and Kashmir, protecting the rights of the citizens should be the top priority of J&K Police

There is an urgent need to implement the provisions of Trial in Absentia in Jammu and Kashmir

Home Minister emphasized the need to fix the responsibility of police officers to expedite the process of filing chargesheets

Every police station in Jammu and Kashmir should maximise use of NAFIS

Training of all Investigating Officers on the provisions of the new laws should be completed at the earliest

Posted On: 18 FEB 2025 6:20PM by PIB Delhi

Union Home Minister and Minister of Cooperation, Shri Amit Shah, chaired a review meeting on the implementation of three new criminal laws in Jammu and Kashmir, in the presence of Lieutenant Governor Shri Manoj Sinha and Chief Minister Shri Omar Abdullah, in New Delhi today. The meeting reviewed the implementation and present status of various new provisions related to police, prisons, courts, prosecution, and forensics in Jammu and Kashmir. The meeting was attended by the Union Home Secretary, Chief Secretary and Director General of Police of Jammu and Kashmir, the Director General of the Bureau of Police Research and Development (BPRD), the Director General of the National Crime Records Bureau (NCRB), and other senior officials from the Ministry of Home Affairs (MHA) and the UT administration.

During the discussion in the meeting, Union Home Minister and Minister of Cooperation asked the UT administration to ensure full implementation of the three new criminal laws, made under the leadership of Prime Minister Shri Narendra Modi, in Jammu and Kashmir by April 2025. He said that optimum use of technology should be made to ensure speedy justice under the three new criminal laws.

Union Home Minister said that for the full implementation of the new laws, it is imperative to change the attitude of the police personnel and the administration and create awareness about the new laws among the citizens. He stated that with decline in terror activities and improvement in security scenario in Jammu and Kashmir, the Police should now prioritize safeguarding the rights of its citizens. Shri Shah added that there is an urgent need to use the provision of Trial in Absentia in the union territory.

Union Home Minister stressed on the need to fix responsibility of police officers to expedite the process of filing chargesheets. He said that every police station in Jammu and Kashmir should put the maximum use of the National Automated Fingerprint Identification System (NAFIS) into practice. He said that 100% training of investigating officers regarding the provisions of the new laws should be ensured, at the earliest. Shri Shah said that decisions on provisions related to terrorism and organised crime should be taken only after thorough scrutiny at the level of Superintendent of Police. He added that strict monitoring is required to ensure that these provisions under the new laws are not misused.

Shri Amit Shah said that the Jammu and Kashmir administration and government have done satisfactory work towards the implementation of the new criminal laws despite difficult circumstances. He said that the progress of implementation of the three new laws in Jammu and Kashmir should be reviewed on a monthly, fortnightly and weekly basis at the level of the Chief Minister, Chief Secretary and Director General of Police, respectively.

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VV/ASH/PR/PS

(Release ID: 2104424) Visitor Counter : 116

Read this release in: Hindi

MIL OSI Asia Pacific News –

February 19, 2025
MIL-OSI Asia-Pac: Bharat Tex 2025

Source: Government of India (2)

Bharat Tex 2025

Revolutionizing Fashion, Sustainability, and Innovation

Posted On: 18 FEB 2025 6:18PM by PIB Delhi

World is adopting the vision of Fashion for Environment and Empowerment, and India can lead the way in this regard.
– Prime Minister Shri Narendra Modi

Bharat Tex 2025, India’s largest global textile event, was successfully organized from February 14 to 17, 2025, at Bharat Mandapam, New Delhi. The event spanned 2.2 million square feet and featured over 5,000 exhibitors, providing a comprehensive showcase of India’s textile ecosystem. More than 1,20,000 trade visitors, from 120+ countries including global CEOs, policymakers, and industry leaders, attended the event.

Bharat Tex 2025 served as a platform to accelerate the government’s “Farm to Fibre, Fabric, Fashion, and Foreign Markets” vision. India’s textile exports have already reached ₹3 lakh crore, and the goal is to triple this to ₹9 lakh crore by 2030 by strengthening domestic manufacturing and expanding global reach. The event demonstrated India’s leadership in the textile sector and its commitment to innovation, sustainability, and global collaboration.

Defining Achievements of Bharat Tex 2025

India’s Textile Industry: A Key Driver of Economic Growth

India is the sixth-largest exporter of textiles globally, contributing 8.21% to the country’s total exports in 2023-24. The sector holds a 4.5% share in global trade, with the United States and European Union accounting for 47% of India’s textile and apparel exports.

From an employment perspective, the textile industry provides direct employment to over 45 million people and supports the livelihoods of over 100 million individuals indirectly, including a large proportion of women and rural workers. It aligns with key government initiatives such as Make in India, Skill India, Women Empowerment, and Rural Youth Employment, reinforcing its role in inclusive economic development.

The government’s focus on increasing textile manufacturing, modernizing infrastructure, fostering innovation, and upgrading technology has strengthened India’s position as a global textile hub. Bharat Tex 2025 provided a platform to showcase these advancements while promoting sustainable and high-value textile production.

Supportive Policy Framework

Vested by forward-thinking government initiatives, the Indian textile sector is set to spin a remarkable tale of innovation, fortitude, and economic flourishing in the years to come. With the support of proactive policies, the industry is primed to unleash creative potential, demonstrate resilience, drive economic growth etc.

1. Prime Minister Mega Integrated Textile Region and Apparel (PM MITRA) Parks Scheme
Creating an Integrated Textiles Value Chain
7 mega textile parks with an expected investment of USD 10 Bn are being set up with world class infrastructure, plug and play facilities and an integrated ecosystem.

2. Production Linked Incentive (PLI) Scheme
Boosting manufacturing of MMF fabrics, Apparel & Technical Textiles
Production Linked Incentive (PLI) Scheme with approved incentives of INR 10,683 crore (~USD 1 Bn) to promote production of MMF Apparel, MMF Fabrics and Products of Technical Textiles

3. Samarth
Building Capacity, addressing skill gaps in the textile value chain
The scheme is a demand-driven and placement-oriented program across the textile value chain. In addition, various States have their own skilling/training support schemes.

4. National Technical Education, Training
Promoting Technical Textiles – towards USD 300 Bn by 2047
National Mission to support and promote Research, Innovation and Development, Education Training, Skill development and Market Development in Technical Textiles

5. Liberal State Policies
Generous support & incentives by State Governments / Union Territories – Capital support, wage and skilling incentives, power and water support

To boost the textile industry, the Ministry of Textiles, in the 10th Empowered Programme Committee (EPC) meeting, approved four Start-Ups under the ‘Grant for Research & Entrepreneurship across Aspiring Innovators in Technical Textiles (GREAT)’ scheme, granting each INR 50 Lakhs for innovations in Medical, Industrial, and Protective Textiles. Additionally, three educational institutes, including IIT Indore and NIT Patna, received INR 6.5 Crores to introduce specialized courses in Geotextiles, Geosynthetics, and Sports Textiles, aiming to strengthen technical expertise in the sector. Further, 12 Skill Development Courses in Medical, Protective, Mobile, and Agriculture Textiles, developed by SITRA, NITRA, and SASMIRA, were approved to provide industry-focused training across the textile value chain.

Global Textiles redefined from India to the World

Bharat Tex 2025 is where India’s rich textile heritage meets modern innovation, setting the stage for global textile leadership. As the world’s youngest and largest global textile show, it’s a platform for forging partnerships and driving economic growth.

It serves as a premier platform for industry leaders, manufacturers, exporters, and innovators, bringing together key stakeholders from across the textile sector. The event facilitates collaboration among manufacturers, exporters, and importers, providing them with an opportunity to showcase their expertise, cutting-edge innovations, and latest collections to a global audience.

Focused Zones for Focused Business

Intelligent Manufacturing

Intelligent manufacturing is revolutionizing the textile industry by integrating advanced technologies and data-driven approaches to improve efficiency, quality, and innovation. This transformation leverages automation, artificial intelligence (AI), the Internet of Things (IoT), and advanced analytics to modernize traditional textile production processes.

Technical Textile

Technical textiles are revolutionizing the textile industry in India by offering innovative solutions across various sectors. These specialized fabrics are designed for specific performance attributes and applications, ranging from automotive and aerospace to healthcare and construction. With a growing emphasis on technology and research, India is positioning itself as a global leader in this field, leveraging its strong textile heritage and advanced manufacturing capabilities.

Home Textile

India’s home textile sector is known for its rich traditions and craftsmanship, with various regions specializing in unique textile techniques and patterns. Gujarat is renowned for its vibrant and intricate embroidery, while Kashmir is famous for its luxurious woollen shawls and rugs. This diversity reflects India’s extensive heritage and expertise in textile production.

Fabrics

India is one of the world’s largest producers and exporters of fabrics, catering to both domestic and international markets. The sector is characterized by a mix of large-scale industrial manufacturing and small-scale artisanal production, reflecting a vibrant tapestry of innovation and tradition. Major fabric hubs in the country include Gujarat, Tamil Nadu, Punjab, and West Bengal, each known for its unique textile specialties.

Apparel & Fashion

In India, the apparel and fashion industry is a major economic driver, contributing significantly to GDP and employment. The country is renowned for its rich heritage in textiles and traditional craftsmanship, including intricate handloom fabrics, embroidery, and dyeing techniques. India’s apparel sector is characterized by a vibrant blend of traditional and contemporary styles, catering to diverse consumer preferences both domestically and internationally.

Handloom

India’s handloom sector is renowned for its variety of textiles, including intricate saris, shawls, scarves, and other woven items. Each region of India boasts distinct handloom traditions and techniques. For example, the Banarasi silk from Varanasi, the Kanjeevaram silk from Tamil Nadu, and the Jamdani from West Bengal are highly esteemed for their quality and craftsmanship. These textiles often feature elaborate patterns, vibrant colors, and traditional motifs, making them highly sought after both domestically and internationally.

Handicrafts & Carpets

The handicraft and carpets sector in India is a vibrant and culturally significant component of the country’s artisan economy, renowned for its rich heritage and exceptional craftsmanship. This sector encompasses a wide range of products, from intricate handcrafted textiles and decorative artifacts to exquisite hand-knotted carpets. Each region in India contributes its unique traditions and techniques, resulting in a diverse array of products that reflect the country’s artistic diversity.

A key attraction of the event was “Indie Haat,” held from February 12 to 18, 2025, at the National Crafts Museum and Hastkala Academy, New Delhi. It showcased over 80 different types of handcrafted and handwoven products, created by 85 artisans and weavers from various states. Indie Haat underscored India’s vast handloom and handicraft traditions, aligning with the government’s vision of promoting rural artisans.

Breathing Threads: Fashion Show at Bharat Tex 2025

The office of the Development Commissioner for Handlooms, Ministry of Textiles, Government of India organized a fashion event titled “Breathing Threads” to feel the pulse of craftsmanship, honour a living legacy, and witness the timeless elegance of Indian handlooms in modern silhouettes.

The beauty of handloom and the brand’s mission align with sustainability and a zero-waste strategy, reflecting the living habits of Indian villages. The event attracted international buyers and key stakeholders, reinforcing India’s potential in sustainable fashion and craftsmanship.

Bharat Tex 2024: A Landmark Event

Bharat Tex 2024 set the stage for India’s emergence as a global textile powerhouse, bringing together 3,500+ exhibitors, 3,000+ overseas buyers, and over 1,00,000 visitors from across the world. Covering an expansive 2 lakh sq. meters, Bharat Tex 2024 featured 50+ knowledge sessions, fostering discussions on global trade, innovation, and industry transformation.

The event played a pivotal role in reinforcing India’s position as a key player in the global textile supply chain. Its success laid a strong foundation for Bharat Tex 2025, which scaled new heights in exhibitor participation, international collaboration, and industry impact.

Weaving Tomorrow: India’s Textile Revolution

Embodied in a vibrant tapestry of timeless craftsmanship and pioneering innovation, the Indian textile industry stands at the threshold of a resplendent future. With each passing year, it continues to evolve—leveraging cutting-edge technology, embracing sustainability, and setting global trends.

As it forges ahead, the industry is not only preserving its rich heritage but also redefining excellence through research-driven advancements and digital integration. With a strong commitment to sustainability and a vision for global leadership, India’s textile sector is poised to shape the future of fashion, technical textiles, and intelligent manufacturing, reinforcing its position as a key driver of economic growth and innovation on the world stage.

References

Click here to see PDF:

Santosh Kumar/Sarla Meena/ Anchal Patiyal

(Release ID: 2104423) Visitor Counter : 26

MIL OSI Asia Pacific News –

February 19, 2025
MIL-OSI Asia-Pac: India formulating strategies to ensure that interests of exporters are protected: Minister Jitin Prasada

Source: Government of India (2)

Posted On: 18 FEB 2025 6:05PM by PIB Delhi

The government is thinking ahead as to what bumps and speed breakers and the challenges that might arise and India is formulating strategies accordingly to ensure that interests of our exporters and especially the Indian citizens are protected, said Mr Jitin Prasada, Union Minister of State of Commerce & Industry, Government of India in New Delhi today, referring to possible challenges arising from protectionist trade policy of countries.

In his address at EEPC India’s 54th National Awards and 4th Quality awards ceremony, the Minister noted, “India is growing. We have a 1.4 billion market. We are navigating FTAs on an equal footing. We not only have the numbers which people used to talk about. We have an aspirational spending power population. So, we will get the best in the interest of India and in the interest of our exporters. We will not buckle under any pressure anymore. We will not settle for anything less.”

EEPC India joint ceremony of 54th National Awards and 4th Quality awards today saw 106 National award winners across 33 product groups and 14 Quality Award holders across 4 categories today including Maharatna- BHEL, steel giants like ArcelorMittal Nippon Steel, JSW, POSCO Maharashtra, EPC project leader – Larsen & Toubro, renowned defence equipment maker – BEML, automobile industry stars – Isuzu Motors, Toyota Kirloskar, integrated energy solution provider – Toshiba Transmission.

“This year we are rewarding a team of 106 winners for 106 awards for their engineering export brilliance for the financial year 2021-2022. The fiscal year 2021-22 marked a significant milestone for India, with engineering exports surpassing USD 100 billion for the first time, reaching an impressive USD 112 billion. This achievement reflects the resilience, adaptability, and innovation of the exporting community. Looking ahead, the government has set an ambitious target of USD 118 billion in engineering exports for the fiscal year 2024-25, aiming for yet another record-breaking performance. The exporting community will rise to the occasion and make this target a reality, further solidifying India’s position as a global leader in engineering exports,” commented Mr Pankaj Chadha, Chairman, EEPC India.

Mr Chadha also highlighted some of the challenges being faced by the exporting community. He called for measures to reduce the cost of export credit for MSMEs and protect them from high steel prices which could result from impending safeguard duty in the range of 20-25% on steel.

Pradeep K Aggarwal, Chairman (Northern Region), EEPC India stated that engineering export sector is the largest foreign exchange earner with around 27% share in India’s merchandise exports.

Mr Adhip Mitra, ED and Secretary, EEPC India thanked Government of India for announcements made in the Union Budget such as Export Promotion Mission, The Bharat Trade Net initiative, a digital public infrastructure for trade, Expansion of credit guarantee cover, including Rs. 20 crore term loan limits for exporting MSMEs, Customs duty rationalization and import tariff reforms which will help lower input costs for engineering exporters.

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Abhishek Dayal/Abhijith Narayanan

(Release ID: 2104415) Visitor Counter : 7

MIL OSI Asia Pacific News –

February 19, 2025
MIL-OSI Asia-Pac: Underwater Archaeology Wing Begins Explorations In Dwarka

Source: Government of India (2)

Underwater Archaeology Wing Begins Explorations In Dwarka

Archaeological Survey of India Initiates Underwater Explorations in Dwarka Waters

With three women archaeologits, it is an inclusive show of women strength in the field

Posted On: 18 FEB 2025 6:00PM by PIB Delhi

A team of five archaeologists from the Archaeological Survey of India (ASI), led by Prof. Alok Tripathi, Additional Director-General (Archaeology) has commenced groundbreaking underwater explorations off the coast of Dwarka. The team, which also includes H.K. Nayak, Director (Excavations and Explorations), Dr. Aparajita Sharma, Assistant Superintending Archaeologist, Ms. Poonam Vind, and Rajkumari Barbina, has selected an area near the Gomati Creek for initial investigations.

For the first time in ASI, this team comprising a significant number of women archaeologists and the most numbers of archaeologists actively participating in underwater investigations.

This underwater exploration is part of the renewed Underwater Archaeology Wing (UAW) of ASI, which has recently been revived to undertake offshore surveys and investigations in Dwarka and Bet Dwarka (Gujarat). The UAW has been at the forefront of underwater archaeological research since the 1980s. Since 2001, the wing is conducting explorations at sites such as Bangaram Island (Lakshadweep), Mahabalipuram (Tamil Nadu), Dwarka (Gujarat), Loktak Lake (Manipur), and Elephanta Island (Maharashtra). Archaeologists of UAW have also collaborated with the Indian Navy (IN) and other government organizations for the study and protection of underwater cultural heritage.

Earlier the Underwater Archaeology Wing had carried-out offshore and onshore excavations at Dwarka from 2005 to 2007. The coastal areas were examined during low tide where sculptures and stone anchors were discovered. Based on those explorations, underwater excavations were carried out.

The current underwater investigations mark a significant step in ASI’s mission to safeguard India’s rich underwater cultural heritage.

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Sunil Kumar Tiwari

pibculture[at]gmail[dot]com

(Release ID: 2104411) Visitor Counter : 48

MIL OSI Asia Pacific News –

February 19, 2025
MIL-OSI Asia-Pac: Union Minister Shri Shivraj Singh Chouhan to inaugurate 77th Session of Executive Committee of the African-Asian Rural Development Organization in New Delhi tomorrow

Source: Government of India (2)

Posted On: 18 FEB 2025 5:59PM by PIB Delhi

Union Minister for Rural Development and Agriculture & Farmers’ Welfare Shri Shivraj Singh Chouhan will be inaugurated the 77^th Session of the Executive Committee (EC-77) of African-Asian Rural Development Organization in New Delhi tomorrow. The 77^th Session of the Executive Committee is being organised by its headquarters in New Delhi from 19-20 February 2025 with the support of Government of India. It will be attended by the Secretary/Permanent Secretary/senior officers of AARDO member countries from Asia and Africa nominated by their governments. From India, the Secretary, Ministry of Rural Development is the member of the Executive Committee.

The EC-77, among others, will propose the names of the President and two Vice Presidents, one each from Asia and Africa to the 21^stGeneral Session of AARDO Conference for the triennium 2025-2027 for consideration. It will also recommend the Work Programme and Budget Estimates for consideration of the 21^stAARDO Conference. The EC-77 will approve the enrolment of new members in AARDO and 25 new MOUs that AARDO has signed with other organizations. The EC-77 will review the Human Resource Development Programme, Development Pilot Projects and activities of AARDO’s six (6) Regional Offices for the period May 2023 – October 2024. It will also adopt reports of AARDO’s Liaison Committee: 80^th– 83^rdSession and follow up actions taken thereof. The EC-77 will review membership contribution and consider proposing enhancement in the membership contribution to the 21^stAARDO Conference for the triennium 2025-2027.

The EC-77 will be a pre-AARDO Conference meeting at the same venue, where 21^stGeneral Session of AARDO Conference will be held in New Delhi, India. Immediately after conclusion of the AARDO Conference, 78^thSession of Executive Committee will be held on 25^thFebruary 2025.

The Executive Committee, consisting of President and two Vice Presidents, one each from Asia and Africa and ten members, five each from Asia and Africa, meets once a year and deals with all matters entrusted to it by the AARDO Conference.

African-Asian Rural Development Organisation (AARDO), one of the the earliest examples of South-South and Triangular cooperation in the fields of agriculture and rural development in the African-Asian region, established in 1962, is an autonomous inter-governmental/multilateral organisation, comprising 32 country governments of Africa and Asia as full members and 3 associate members. The organization has been given the status of international organisation by the Government of India, at par with other UN organisations in India.

AARDO implements its activities at organisational and technical level. Under the organizational level, AARDO secretariat organises governing body meetings, conducts Member Relations and supervises its six Regional Offices located, 3 each in Africa and Asia. The technical activities encompass human resource development (HRD) programmes, development pilot project, technology-based transformation, collaboration with international and regional organisations and information dissemination.

The annual financial contribution by the members is the main source to run the activities of the Organization. Besides, the member countries contribute in organising technical activities in their own countries. Important among these countries are Bangladesh, Republic of China (Taiwan), Egypt, India, Republic of Korea, Malaysia, Morocco, Zambia etc.

So far, seventy-six (76) Sessions of Executive Committee have been hosted by the member countries/AARDO Secretariat. The last Session was hosted by the Government of Republic of Zambia in June 2023.

The Government of India has been supporting AARDO from the very beginning with numerous initiatives from time to time. India is host to the AARDO Secretariat by way of providing a permanent building in New Delhi for which recently, substantial financial assistance has been extended for major renovation of the building.

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MG/RN

(Release ID: 2104407) Visitor Counter : 42

MIL OSI Asia Pacific News –

February 19, 2025
MIL-OSI Asia-Pac: Celebrating a Decade of Soil Health Cards
Source: Government of India (2)

Celebrating a Decade of Soil Health Cards

Swasth Dharaa, Khet Haraa

Posted On: 18 FEB 2025 5:51PM by PIB Delhi

Introduction

The Soil Health Card Scheme was introduced by Prime Minister Shri Narendra Modi on 19^th February, 2015 at Suratgarh, Rajasthan. The scheme was launched to assist State Governments to issue soil health cards to all farmers in the country. Soil health card provides information to farmers on nutrient status of their soil along with recommendation on appropriate dosage of nutrients to be applied for improving soil health and its fertility.

The Soil Health Card Portal (www.soilhealth.dac.gov.in) facilitates generation of Soil Health Cards for the benefit of farmers in uniform and standardized format across country in all major languages and 5 dialects.

The Soil Health Card contains status of the soil with respect to 12 parameters, namely N,P,K, S (Macro-nutrients); Zn, Fe, Cu, Mn, Bo (Micro – nutrients) ; and pH (Acidity or Basicity), EC (Electrical Conductivity) and OC (Organic Carbon).

Based on this, the card will also indicate fertilizer recommendations and soil amendment required for the farm. Soil Samples are taken generally two times in a year, after harvesting of Rabi and Kharif Crop respectively or when there is no standing crop in the field.

The Guideline of Village Level Soil Testing Labs (VLSTLs) was issued in June 2023. VLSTLs can be set up by individual entrepreneurs i.e. rural youth and community based entrepreneurs, including Self Help Groups (SHGs), Schools, Agriculture Universities etc. The beneficiary/village level entrepreneur should be a youth whose age should not be below 18 years and should not be more than 27 years. Self Help Groups, Farmers Producers Organisation (FPO) can also be enrolled as VLSTL.

As of February 2025, 665 Village-level Soil Testing Labs have been established in 17 States.

School Soil Health Programme

A pilot project on School Soil Health Programme has been undertaken by Department of Agriculture and Farmers Welfare in (DA&FW) collaboration with Department of School Education & Literacy (DSE&L), Indian Council of Agricultural Research (ICAR) and State Governments in 20 schools (10 Kendriya Vidyalaya & 10 Navodaya Vidyalaya) in rural areas. The aim is to make students aware about soil health for sustainable agriculture practices. 20 soil health labs were set up in these schools. Modules for students from class VI to XII and teachers were developed and disseminated. Under the programme, soil samples were collected by School Students and soil testing were also done by students and SHCs were generated Students also educated farmers about the recommendation of Soil health card for judicious use of fertilizer and crop recommendation.

As of 2024, 1020 schools are implementing the School Soil Health Programme, with 1000 soil testing labs set up and 125,972 students enrolled.

Soil Health Card scheme has been merged in Rashtriya Krishi Vikas Yojana (RKVY) scheme as one of its components under the name ‘Soil Health & Fertility’ from the year 2022-23.

Technological Advancements

SHC Mobile App–

To further ease the process of obtaining easy access to the Soil Health Card, the Government of India in 2023 made technological interventions in the New Soil Health Card Scheme. The Soil Health Card portal was revamped and integrated with a Geographic Information System (GIS) system so that all the test results are captured and seen on a map. To make the implementation/monitoring of the scheme smooth and to facilitate farmers an easy access to his soil health card, the mobile application has been made robust with the additional features such as:
- Restrict the sample collection region for the Village Level Entrepreneur/Operator collecting the soil samples
- Auto selection of the latitude and longitude of the location
- Generation of a QR code to link with the sample and test results of all samples directly on the portal from the geo-mapped labs, without any manual intervention.
This application provides the graphical information of all over the India and also shows multiple layers State Boundary, District Boundary, Taluka Boundary, Panchayat Boundary and Cadastral Boundary.

The new system was rolled out in April 2023 and samples are now being collected through the mobile application. Soil Health Cards are now generated on this revamped portal.

For digitizing the Soil Health Cards, Web based work flow application Soil Health Card portal has been designed and developed by National Informatics Centre (NIC).

Conclusion

The Soil Health Card Scheme has transformed agricultural practices in India over the past decade. Since 2015, it has empowered farmers with crucial information on soil nutrient status and optimal fertilizer use, promoting sustainable farming and improved crop productivity. Initiatives like the School Soil Health Programme have expanded soil health awareness among students and local communities. With a robust mobile app, the process of obtaining a Soil Health Card has enhanced accessibility, efficiency, and transparency. As the scheme evolves, it continues to play a vital role in fostering sustainable agricultural development and safeguarding India’s soil health for future generations.

References:

Kindlty find the pdf file

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Santosh Kumar/ Ritu Kataria/ Kritika Rane

(Release ID: 2104403) Visitor Counter : 89

MIL OSI Asia Pacific News –
February 19, 2025
MIL-OSI Asia-Pac: Union Minister Sarbananda Sonowal dedicates IWT terminal at Jogighopa to nation

Source: Government of India

Union Minister Sarbananda Sonowal dedicates IWT terminal at Jogighopa to nation

Rejuvenated Inland Waterways to propel India’s logistics growth, to advance PM Narendra Modi’s vision of ‘Viksit Bharat’: Sarbananda Sonowal

Sarbananda Sonowal flags off MV Padma Navigation II with 110 Metric Tonnes of cargo from Jogighopa to Bangladesh

“New Terminal at Jogighopa is a game changer for Logistics sector of Eastern India — to boost trilateral trade between India, Bhutan & Bangladesh”: Sarbananda Sonowal

Terminal at Jogighopa is built at a cost of more than ₹82 crores, equipped with RCC Jetty with Electric Level Luffing Crane for Cargo handling

His Excellency, Lyonpo Namgyal Dorji, Minister of Industries, Commerce & Employment, Royal Govt of Bhutan attended the inaugural ceremony

Posted On: 18 FEB 2025 5:30PM by PIB Delhi

The Union Minister of Ports, Shipping & Waterways, Shri Sarbananda Sonowal inaugurated the Inland Waterways Terminal (IWT) at Jogighopa as he dedicated it to the people of the nation today. Marking the occasion, a ship with two barges was flagged off MV Trishul, along with Barges Ajay & Dikshu, by the Union Minister with 110 metric tonnes of coal along with stone chips to Bangladesh. The foundation stone for the Terminal was laid by the Prime Minister Shri Narendra Modi in February, 2021.

The terminal holds strategic importance as it is located at a distance of 91 km from Gelephu in Bhutan, 108 km from Bangladesh border and 147 km from Guwahati. This makes it crucial for India’s bilateral trade ties with Bangladesh and Bhutan. The Jogighopa terminal is also one of the declared Ports of call under PIWT&T between India and Bangladesh. By the year 2027, this terminal is expected to handle a cargo of 1.1 million tonnes per annum. The MV Padma Navigation II ship along with Barges Ajay and Dikshu are carrying 110 Metric Tonnes of coal, while MV Trishul is carrying stone chips to Bangladesh.

Speaking on the occasion, the Union Minister of Ports, Shipping & Waterways, Shri Sarbananda Sonowal, said, “Today marks a historic day for the waterways transportation sector in the country as we dedicate the IWT Terminal at Jogighopa to the people and to the nation. Under the dynamic leadership of Prime Minister Shri Narendra Modi ji, the waterways transportation has been undergoing a tremendous transformation propelling India’s logistics growth, propelling us towards Modi ji’s vision of ‘Viksit Bharat’. The IWT terminal at Jogighopa is set to transform the connectivity in the region and bolster our trilateral trade with Bhutan and Bangladesh. Its strategic position allows it to play the role of an economic multiplier for the region, a testament to PM Narendra Modi’s doctrine of ‘Neighbourhood First.’”

Through strategic regional projects and agreements with neighbouring countries such as Bangladesh, Nepal, Bhutan, Myanmar and others, India is diligently establishing itself as a pivotal waterway gateway for the facilitation of enhanced regional trade and seamless transport connectivity thus contributing to the overall development and integration of South Asia, while ensuring the sustainability and vitality of the region’s economic landscape.

Built at a cost of more than ₹82 crores, the Jogighopa terminal has an RCC jetty with an RCC approach designed for Electric Level Luffing (ELL) crane for cargo handling. The terminal also has infrastructural facilities such as administrative building, customs office building, immigration office, truck parking area, 1100 sqm covered storage area with power back up, and 11,000 sqm open storage.

Highlighting the role of inland waterways, Shri Sarbananda Sonowal said, “The development of inland waterways holds great promise for transforming the logistics sector in India. By leveraging our extensive network of rivers and water bodies, we can create a sustainable, cost-effective, and efficient mode of transportation for goods. Under the dynamic leadership of Prime Minister Shri Narendra Modi ji, the government has brought in many path breaking legislations like National Waterways Act, 2016, Inland Vessels Act, 2021 and others have been promulgated to empower and enable the ecosystem of inland waterways transportation for both cargo and passenger traffic.”

The event was attended by His Excellency Lyonpo Namgyal Dorji, Minister of Industries, Commerce & Employment, Royal Govt of Bhutan; Ranjeet Kumar Dass, Minister of Panchayat & Rural Development, Govt of Assam; Bimal Borah, Minister of Industries & Commerce, Enterprises, Govt of Assam; Jogen Mohan, Minister of Transport, Govt of Assam; Phani Bhushan Choudhury, MP (Barpeta); Rakibul Hussain, MP (Dhubri); Pradip Sarkar, MLA (Abhyapuri South); Vijay Kumar, IAS, Chairman, IWAI among other dignitaries.

In the Northeast, projects such as Comprehensive Development of NW-2, Ship repair facility at Pandu, Bogibeel Terminal development, last mile connectivity to Pandu are some of the projects which are currently in different stages of development. With huge investments are envisaged for development of North-Eastern waterways, it stands as a resounding testament to the critical role of these waterways in propelling economic growth and prosperity. Operationalisation of the new IWT Terminal at Jogighopa will be a step in that direction.

Speaking on the role of IWT Jogighopa in Assam’s as well as the as the Northeast India’s economic development, Shri Sonowal said, “Under the dynamic leadership of Prime Minister Shri Narendra Modi ji, the Northeast has transformed into a growth multiplier with Assam spearheading this transformation. As we cruise towards realising the vision of Viksit Bharat, the immense potential of the Northeast has a major role to play. With our rich and complex inter web of riverine system with the Brahmaputra (National Waterways 2) playing a crucial role, the government has been developing infrastructure as well as curating an ecosystem to support the development of Inland Waterways transportation in the region. We are confident that the Inland Waterways as part of PM Gati Shakti National Master Plan will enable the economic and trade elements of our economy towards becoming an Atmanirbhar Bharat by 2047.”

The IWT sector has experienced an unprecedented surge in terms of trade and transport in the past decade. There has been a 767% increase in number of operational national waterways, 727% increase in volume of cargo handled on NWs, a phenomenal rise of 62% in multimodal terminals with an 860% increase in budget allocation for Inland Waterways. Cargo traffic on national waterways has witnessed an exponential growth in the last ten years – from 18 million tonnes a decade ago to 133 million tonnes in FY 2023-24 at a CAGR of over 22%.

Inland Waterways also holds significance for the tourism sector. The historic journey of MV Ganga Vilas explained the potential of cruise tourism being the ‘World’s Longest River Cruise’ and travelling through 27 different river systems, 5 states and two countries. Substantial growth has been made in last one decade in river cruise tourism sector. The number of river cruise vessels has increased from 3 in 2013-14 to 25 in 2023-24.

The average annual spending in the IWT Sector increased from a meagre Rs 58 Cr per year for 28 years from 1986 till 2014, to Rs 648 Cr per year during the last 11 years from 2014 till December 2024.

A World class river cruise terminal is being developed in Guwahati as a one stop solution for passengers on their voyage along the rivers. In addition, development of 4 dedicated river cruise terminals at Silghat, Bishwanath ghat, Neamati and Guijan are being developed with adequate offshore facilities and modern amenities.

The Narendra Modi government has also launched the ‘Cruise Bharat Mission’ to boost cruise tourism in India over the next five years, aiming to establish 10 sea cruise terminals, 100 river cruise terminals, and five marinas. The mission seeks to double cruise calls and passengers, strengthen regional alliances, and significantly increase sea and river cruise travellers by 2029, enhancing tourism and connectivity across the country. The govt has also brought in major legislative reforms such as the enactment of National Waterways Act 2016 declaring 111 national waterways and Inland Vessels Act 2021 with an aim to streamline the safe and smooth movement of the vessels across the country.

IWAI has envisaged to strengthen urban water transport system to develop water metro projects across 18 cities in 12 states — including one in Guwahati — to replicate Kochi Water Metro model, announced Sarbananda Sonowal.

About IWT Jogighopa:

The foundation stone for the Inland Waterways Terminal at Jogighopa was laid by the Prime Minister Narendra Modi on 18 February, 2025. IWAI, Ministry of PSW has entrusted NHIDCL for construction of the terminal. Total cost of the project is Rs. 82.03 Crores. Spread over an area of 15 acres, the terminal is connected to MMLP at Jogighopa with 4 lane road and adjacent to NH17. The terminal is important considering the MoU signed between India & Bangladesh for developing economic corridor under Bharat Mala Program with DALU-TURA-GOALPARA-GELEPHU Multimodal trade route. Jogighopa is one of the important Port of Calls along Indo-Bangladesh Protocol route (IBPR) for trade and Transit.

The terminal is important for trade with Bangladesh and Bhutan. The distance of Jogighopa terminal is just 91km from Gelephu Bhutan (Gelephu Mindfulness City) where a modern city is under development by Royal Govt of Bhutan. The terminal is at a distance of 108km from B’Border and 147km from Guwahati by IWT. The terminal is connected to Bangladesh, Barak valley of NE as well as other part of India through IBP route connecting at Kolkata/Haldia. Among the main features of the terminal, the size of the RCC jetty is 100mx21m with a RCC approach (136mx8m). The project also consists of Admin building (G+2), Customs building, Immigration building, Transit (Covered storage) of 60m x18m size, Open storage (6280 sqm & 3700 sqm), Security with provision for 24×7 electricity with 412 KVA connection, secured boundary wall, adequate truck parking facility of 1500 sqm, canteen and rest room facility. The initial Capacity of the terminal is 1.1 MTPA. Primary commodities expected to be handled from this terminal includes food grain, fertilizers, tar coal/bitumen, POL & crude oil, edible oil, fly ash, imported coal, stone chips, etc. A railway BG siding is also proposed to be established connecting Jogighopa terminal with MMLP Jogighopa.

***

G.D. Hallikeri / Henry

(Release ID: 2104393) Visitor Counter : 46

MIL OSI Asia Pacific News –

February 19, 2025
MIL-OSI Economics: Piero Cipollone: Striking the right balance: the ECB’s balance sheet and its implications for monetary policy

Source: European Central Bank

Speech by Piero Cipollone, Member of the Executive Board of the ECB, at an MNI Connect webcast

Frankfurt am Main, 18 February 2025

Today I would like to discuss the ECB’s balance sheet and its implications for our monetary policy.

In recent years, the monetary policy debate has mainly focused on our interest rate decisions. This is for good reason. In response to the biggest inflation shock in a generation, we embarked on the fastest tightening of monetary policy in the ECB’s history through rate hikes.

During this tightening phase, we used policy rates as the primary tool for setting our monetary policy stance, while normalising our balance sheet in a measured and predictable way. We initiated the gradual unwinding of our asset purchase programmes and recalibrated our targeted longer-term refinancing operations (TLTROs).^[1] As a result, the size of our balance sheet has fallen by more than a quarter from its peak.

Policy rates remain our primary instrument and will therefore continue to attract the most attention. But we should not underestimate the important role that our balance sheet policies have played over time as a component of our overall monetary policy stance and in ensuring the smooth transmission of our monetary policy to the real economy. This still holds true today as we make our monetary policy less restrictive.

Inflation has now fallen substantially to levels close to 2%. Our latest projections foresee it converging towards our target over the medium term, and the risks to the inflation outlook – once sharply skewed to the upside – have now become more balanced.

At the same time, the euro area’s economic recovery remains weak – especially in the near term. The risks to the growth outlook are tilted to the downside and, if they materialise, may derail the recovery, with implications for the inflation outlook.

Against this background, the Governing Council has gradually been reducing the degree of monetary policy restriction by cutting policy rates towards neutral territory. While our direction is clear, we are very attentive to incoming information in view of the prevailing uncertainty about the economic environment. We continue to make decisions on a meeting-by-meeting and data-dependent basis. This gives us the option to adapt our interest rate path if necessary to ensure that inflation stabilises sustainably at our 2% medium-term target.

However, given the importance of financial conditions in determining the inflation outlook, we also need to consider the role played by the reduction of our balance sheet. In the tightening phase our rate decisions and balance sheet policies complemented each other, but they are now going in opposing directions.

This divergence has important implications across at least two dimensions.

First, it contributes to a steepening of the yield curve. Our rate cuts exert downward pressure primarily at the short end of the yield curve. At the same time, the gradual runoff of our asset purchase portfolios exerts upward pressure on long-term and, to a lesser extent, intermediate yields. This has been compounded by recent spillovers from the US.^[2]

Second, it may affect credit supply. Declining levels of central bank liquidity could constrain banks’ ability to extend credit, resulting in tighter credit conditions and potentially slowing down the investment and consumption that are critical for economic recovery.

In setting the policy stance, we therefore need to consider the impact of the overall set of financial conditions resulting from our interest rate and balance sheet policies. In other words, we need to strike the right balance if we are to achieve our inflation aim without an undue negative impact on incomes and employment. A rate cut has a more contained easing effect when the balance sheet is simultaneously reduced. This has implications when discussing the appropriate policy rate path.

We also need to consider the potential risks to the transmission of our monetary policy. In the past, abundant levels of liquidity have acted as a safeguard against spikes in liquidity needs that emerged regardless of where our rates stood. With this in mind, we need to carefully monitor the transition from abundant to less ample excess liquidity, mindful of the potential implications for financial stability.

Today, I would like to take stock of the ECB’s experience with balance sheet policies, explaining why they remain a vital part of our monetary policy toolbox. I will then discuss the implications of the ECB’s balance sheet for our monetary policy in the current environment.

The ECB’s experience with balance sheet policies

At the ECB, balance sheet policies have served a dual purpose over time, allowing us to deliver on our price stability mandate amid exceptionally difficult circumstances.

First, during periods when interest rates approached their effective lower bound and inflation remained below target, the ECB used asset purchases to support an accommodative monetary policy stance.

For instance, the ECB launched its asset purchase programme (APP) in 2015 to stimulate the economy and inflation at a time when deflationary threats loomed large. Asset purchases and the associated provision of central bank liquidity worked in several ways – including through the portfolio rebalancing, exchange rate and credit channels – to generate a significant upward effect on both economic activity and inflation.^[3]

Second, balance sheet policies have been pivotal to ensuring the smooth transmission of our monetary policy to the real economy, in both tightening and easing phases.

At times when we were lowering our policy rates, our TLTROs, launched in 2014, provided banks with long-term funding on favourable terms to incentivise them to lend to firms and households. This led to a persistent compression in lending rates and an increase in loan volumes over time.^[4]

But balance sheet policies were also instrumental in ensuring the smooth transmission of monetary policy at times when we were increasing our policy rates. The announcement of our Transmission Protection Instrument (TPI) in 2022 allowed us to embark on the fastest rate hiking cycle in our history without sparking financial fragmentation in the euro area.

Of course, the stance and transmission functions of our balance sheet policies do not operate in isolation. There can be beneficial interactions between the two.

As rates increased, for example, euro area banks had sufficient liquidity to manage any maturity mismatches that arose. This – alongside strengthened regulation and supervision – helped them to emerge unscathed from the market turbulence in March 2023 that saw the collapse of three regional banks in the United States.

The proportionate use of balance sheet policies in an evolving economic landscape

The substantial expansion of the ECB’s balance sheet required careful monitoring of potential side effects. That is why the principle of proportionality lies at the core of how we use our balance sheet instruments.^[5]

In its 2021 strategy review, the Governing Council assessed that its use of balance sheet measures – alongside negative interest rates and forward guidance – had indeed been proportionate, taking into account any side effects, for instance on inequality and the financial sector.^[6]

Some concerns, however, require a more nuanced perspective.

For example, there is little evidence to suggest that excessive risk appetite may be attributable to larger central bank balance sheets. If this were the case, we should have seen less risk-taking in markets as central banks began to withdraw their market footprint.

But the opposite has been the case. Today equity markets are near all-time highs. This may be due to “animal spirits”^[7], which have also been observed outside periods of central bank balance sheet growth. We saw them at play, for instance, during the dot-com bubble – a period when the cyclically adjusted price-to-earnings ratio hit its historic peak and central bank balance sheets were distinctly lean.

Moreover, as the Eurosystem gradually reduces its footprint in sovereign bond markets by reducing its holdings of euro area government bonds, concerns about the size of the balance sheet are becoming less and less justified (Chart 1).^[8]

Chart 1

Size of euro area government bond market and the Eurosystem’s market footprint

(left-hand scale: EUR billions; right-hand scale: percentages)

Sources: Eurosystem and Centralised Securities Database.

Notes: The chart shows the evolution of the size of the euro area government bond market and splits it into outright holdings (yellow) and mobilised collateral (green), as well as what is not held or mobilised as collateral with the Eurosystem (blue). The Eurosystem market footprint is a relative measure, computed as the share of the Eurosystem’s euro area government bond (EGB) holdings compared with the nominal amount outstanding. Outright holdings are EGBs held by the Eurosystem via purchase programmes, adjusted by EGBs lent back via the securities lending against cash collateral facilities. Mobilised collateral includes EGBs mobilised as collateral for open market operations. The latest observations are for 31 January 2025.

Going forward, an evolving economic landscape suggests that balance sheet policies could be increasingly useful as monetary policy instruments. Let me highlight two developments that are particularly relevant here.

First, the non-bank financial sector has grown considerably over time and is becoming increasingly relevant in the funding of the real economy.

In the euro area, the financial assets of non-banks have more than doubled since the global financial crisis.^[9] Compared with banks, non-banks are more responsive to monetary policy measures that influence longer-term interest rates, such as asset purchases.^[10] Given that non-banks adjust their portfolios more actively in response to changes in interest rates, this also increases the need for sufficient liquidity in the system to facilitate these adjustments.

Second, geopolitical fragmentation means that the global economy is becoming more shock prone and subject to higher levels of uncertainty (Chart 2).

Chart 2

Global Economic Policy Uncertainty index

(index)

Source: Bloomberg.

Note: The latest observation is for December 2024.

In this environment, we need to remember that the euro area is subject to fragmentation risk. A key lesson from the sovereign debt crisis is that balance sheet policies have been instrumental in making the euro area a more “normal” jurisdiction from the perspective of monetary policy.

As we navigate an increasingly complex economic landscape, the transition from abundant to less ample excess liquidity represents an inflection point that also requires close monitoring.

In this environment, banks’ liquidity needs are met via a broad mix of instruments under our new operational framework. These include our short-term main refinancing operations (MROs) and three-month longer-term refinancing operations (LTROs) and will also include – at a later stage – structural longer-term credit operations and a structural portfolio of securities.^[11]

However, the decline in excess liquidity warrants careful monitoring, as it could exert additional tightening pressures on financial and financing conditions, potentially exceeding the intended policy stance.

The implications of the ECB’s balance sheet for monetary policy in the current environment

It is in this context that I would like to talk about the implications of our balance sheet for monetary policy in the current environment.

The ECB’s balance sheet has been reduced at a faster pace than those of central banks in other major economies during their tightening cycles (Chart 3). So far, much of this decline can be attributed to banks’ repayments of TLTRO loans.^[12]

Chart 3

Central bank total assets

(index = 100 at the start of the respective policy rate hiking cycles)

Sources: Bloomberg and ECB calculations.

Notes: The x-axis starts on 21 July 2022, 16 March 2022 and 15 December 2021 for the Eurosystem, Federal Reserve System, and Bank of England respectively. For the Bank of England, reserve balances are used as a proxy for the total balance sheet. The latest observations are for 12 February 2025.

Looking ahead, however, any further reduction in the size of our balance sheet will stem from the gradual unwinding of our asset purchase portfolios, as the Eurosystem no longer reinvests the principal payments from maturing securities.

As in the past, the normalisation of our balance sheet has implications for our monetary policy stance and the possible risks to monetary policy transmission.

The monetary policy stance

Let me start with the implications for our monetary policy stance.

Our reaction function for rate decisions is built around three well-known criteria: (i) the inflation outlook, (ii) the dynamics of underlying inflation and (iii) the strength of monetary policy transmission.

Inflation has fallen by around three-quarters from its peak in late 2022 (Chart 4). The disinflation process is well on track, and our staff projections see inflation averaging 2.1% this year, 1.9% next year and 2.1% in 2027.

Chart 4

Headline inflation

(annual percentage changes)

Source: Eurostat.
Note: The latest observation is for January 2025 (flash estimate).

Most measures of underlying inflation suggest that inflation will settle at around our 2% medium-term target on a sustained basis. In particular, the ECB’s measure of the persistent and common component of inflation (PCCI)^[13] – a more forward-looking indicator of underlying inflationary pressures that tends to better predict future inflation – stood at 2.1% in December, and 2.0% when excluding energy.

Domestic inflation remains high, as wages and prices in certain sectors are still adjusting to the past inflation surge with a substantial delay. But our wage tracker is signalling a significant moderation in wage growth, and profits are partially buffering the impact on inflation.

It is the third leg of our reaction function – the strength of monetary policy transmission – that I would like to discuss in more detail, however.

As we cut interest rates, new borrowing for firms and households is becoming less expensive. But financing conditions continue to be tight – in part because our monetary policy remains restrictive and past rate hikes are still working their way through the economy.^[14]

While credit continues to expand, lending to firms and households remains subdued by historical standards. In December, the annual growth rate of lending to firms was roughly two-thirds below its historical average.^[15] Growth in housing loans increased gradually but also remained muted overall, at around one-fifth of its long-term average (Chart 5).^[16]

Chart 5

Loans to firms and households

(percentage points)

Sources: ECB (BSI) and ECB staff calculations.

Note: The latest observations are for December 2024.

At the same time, the recent gradual recovery in lending has not kept pace with the nominal growth of the economy, as reflected in the continued decline of the loan-to-GDP ratio (Chart 6).

Chart 6

Ratio of bank loans to GDP

(percentages)

Sources: ECB (BSI), Eurostat and ECB staff calculations.

Note: The latest observation is for the third quarter of 2024.

While policy rates remain our primary instrument for adjusting our monetary policy stance, the normalisation of our balance sheet may also affect the stance through two key channels.

First, while our rate cuts exert downward pressure primarily at the short end of the yield curve, our quantitative tightening exerts upward pressure on long-term maturities and, to a lesser extent, intermediate ones. This serves to tighten financial conditions.^[17]

Indeed, the runoff of the asset portfolios of central banks has arguably been one of several factors contributing to a steepening of sovereign yield curves in recent months – akin to a reversal of the duration risk channel previously associated with central banks through quantitative easing (Chart 7).

Chart 7

New duration risk absorbed by private investors

(EUR billions per basis point)

Sources: Bloomberg and ECB.

Notes: The chart shows the month-on-month change in the duration of government bonds held by private investors (i.e. investors other than the domestic central bank). Rates are approximated by weighted average maturity.

At its peak in early 2022, the impact of current and expected Eurosystem bond holdings in our asset portfolios lowered ten-year sovereign bond yields by around 175 basis points.^[18] Due to quantitative tightening, however, the easing impact has now fallen to around 75 basis points and is expected to further reduce over time (Chart 8).

Chart 8

Impact of APP and PEPP sovereign bond holdings on ten-year sovereign risk premia

(basis points)

Source: ECB calculations.

Notes: The impacts are derived from an affine arbitrage-free model of the term structure with a quantity factor (see Eser et al., op. cit.) and an alternative version of the model recalibrated so that the model-implied yield reactions to the March PEPP announcement match the two-day yield changes observed after 18 March 2020. The model results are derived using GDP-weighted averages of the zero-coupon yields of the big-four sovereign issuers (DE, FR, IT and ES). The continuous line represents estimates based on real-time survey expectations. The dashed line is based on projections of the Eurosystem’s holdings of big-four sovereign bonds in the APP and PEPP as informed by the ECB’s December 2024 Survey of Monetary Analysts. The model abstracts from any potential holdings in a structural portfolio of securities. The latest observations are for January 2025 (monthly data).

According to ECB research, an expected €1 trillion reduction in bond holdings may raise long-term risk-free interest rates by about 35 basis points (Chart 9).^[19]

Chart 9

Expected term premium impact from running down the asset portfolio by €1 trillion

(basis points)

Sources: ECB December 2024 Survey of Monetary Analysts (SMA) and Akkaya, Y. et al., op.cit.

Notes: The chart depicts the expected effect on the term premium of various assets with a ten-year maturity resulting from an expected €1 trillion decrease in the ECB’s bond holdings. Results are based on individual SMA responses from December 2022 until December 2023.

Second, an environment marked by declining levels of central bank liquidity may constrain banks’ ability to extend credit.

Research documents the strong relationship between loan supply and structural sources of liquidity, such as reserves obtained through credit easing programmes or those injected through quantitative easing interventions.

More specifically, a €1 change in non-borrowed reserves or credit easing reserves is associated with a corresponding change in credit of approximately 15 cents or 10 cents respectively.^[20] In other words, a €500 billion drop in non-borrowed reserves – similar to the one expected in 2025 as a result of the decline in our APP and PEPP holdings – is associated with a €75 billion decline in credit supply, equivalent to about 0.6 percentage points of downward pressure on loans to the non-financial private sector.^[21]

Accordingly, as central bank liquidity declines, we may see tighter credit conditions in the economy. This could slow down investment and consumption, with firms cutting back on capital expenditure and consumers reducing purchases of big-ticket items that require financing.^[22]

Incoming data suggest that euro area GDP growth will remain subdued in the short term. Industrial production decreased notably in December and surveys indicate that manufacturing is continuing to contract, whereas services activity is expanding at a moderate pace (Chart 10).

Chart 10

Purchasing Managers’ Index

(diffusion indices)

Source: S&P Global.

Notes: “Output” and “New orders” correspond to the manufacturing and composite indices, and “Business activity” and “New business” to the services index. The latest observations are for January 2025.

Given the uncertain economic environment, we are yet to see a sustained rebound in investment (Chart 11).^[23] And while we continue to expect consumption to be the main driver of the recovery, rising real incomes have not yet encouraged households to increase their spending in a commensurate manner (Chart 12).^[24] In the face of subdued domestic demand, our latest staff projections forecast a slower economic recovery than had been forecast in the September projections.^[25]

Chart 11

Detailed decomposition of euro area real GDP

(quarter-on-quarter percentage changes and percentage point contributions)

Sources: Eurostat and ECB staff calculations.

Note: The latest observations are for the fourth quarter of 2024 for real GDP, and for the third quarter of 2024 for the other components.

Chart 12

Real household disposable income and consumption

(second quarter of 2022 = 100)

Sources: Eurostat and ECB staff calculations.

Note: The latest observations are for the third quarter of 2024.

Moreover, geopolitical risks may create further headwinds for the recovery, which we will need to monitor carefully. Forthcoming findings from the ECB’s Consumer Expectations Survey (CES) suggest that consumers’ concerns about geopolitical risks are negatively affecting economic sentiment – leading to more pessimistic expectations, more elevated income uncertainty and, ultimately, a lower propensity to consume.

We are determined to ensure that inflation stabilises sustainably at our 2% medium-term target. As we gradually cut rates towards neutral territory, we need to be mindful of the fact that we now have two monetary policy tools working in opposing directions, given our ongoing quantitative tightening. This is a first in our history at the ECB.

We therefore need to ensure that we factor in the tightening of our balance sheet when calibrating our rate cuts to achieve our inflation aim. This is because the stance effects stemming from our rate cuts will be somewhat dampened by the tightening induced by the normalisation of our balance sheet.

This is an important consideration when discussing the appropriate policy rate path.

Risks to the transmission of our monetary policy

Similarly, we need to be mindful of the possible risks to the transmission of our monetary policy to the real economy in view of the prevailing uncertainty and potential risks to financial stability.

This cautious approach is crucial, especially given historical precedents where central banks faced unexpected challenges.

In late 2019, for instance, the Federal Reserve System was unexpectedly forced to temporarily reverse its balance sheet retrenchment due to liquidity challenges in financial markets.^[26] In 2022 the Bank of England halted quantitative tightening and launched emergency gilt purchases to safeguard financial stability after pension funds’ liability-driven investment strategies exposed systemic risks.^[27]

Recent bouts of market volatility also underscore that we should remain alert to the emergence of financial stability risks that may endanger transmission. Last August several factors converged to spark substantial market volatility.^[28] The VIX, a market index that measures the implied volatility of the S&P 500 index, recorded its largest ever one-day spike (Chart 13).^[29]

Chart 13

VIX index

(percentages)

Source: ECB staff calculations.

Notes: Long run average calculated since January 2000. The latest observations are for 7 February 2025.

Faced with such episodes of volatility, the further decline in our balance sheet must remain on a gradual and predictable path to avoid financial amplification effects.^[30] This is especially important in an environment where euro area banks are already tightening their credit standards, especially for firms and consumer credit, due to higher perceived risks related to the economic outlook (Chart 14).^[31]

Chart 14

Credit standards, demand for loans to firms and contributing factors

(net percentages)

Source: ECB (bank lending survey).

Notes: “Actual” values are changes that have occurred, while “expected” values are changes anticipated by banks. Net percentages for the questions on credit standards for loans are defined as the difference between the sum of the percentages of banks responding “tightened considerably” and “tightened somewhat” and the sum of the percentages of banks responding “eased somewhat” and “eased considerably”. Net percentages for the questions on demand for loans are defined as the difference between the sum of the percentages of banks responding “increased considerably” and “increased somewhat” and the sum of the percentages of banks responding “decreased somewhat” and “decreased considerably”. “Other financing needs” as unweighted average of “M&A and corporate restructuring” and “debt refinancing/restructuring and renegotiation”; “Use of alternative finance” as unweighted average of “internal financing”, “loans from other banks”, “loans from non-banks”, “issuance/redemption of debt securities” and “issuance/redemption of equity”. The net percentages for “Other factors” refer to an average of the further factors which were mentioned by banks as having contributed to changes in credit standards or changes in loan demand, respectively. The latest observations are for the fourth quarter of 2024 (January 2025 bank lending survey).

Our balance sheet policy instruments continue to be a crucial item in our toolbox. The expectation that we will use them if necessary protects the smooth transmission of our monetary policy and reduces the likelihood that we will need to use these tools in the first place.

Moreover, in an environment of heightened uncertainty, even in the context of excess liquidity, we need to remain prudent and be ready to step in should another shock emerge. We should maintain the flexibility to swiftly expand liquidity facilities if stressful conditions arise.

Conclusion

Let me conclude.

The ECB’s experience with balance sheet policies to date demonstrates their importance both for the monetary policy stance and for the transmission of our monetary policy to the real economy. They are a vital part of our toolkit.

While policy rates remain our primary instrument for adjusting the monetary policy stance, we should also consider the role played by quantitative tightening in influencing overall financial and financing conditions – be it through the yield curve or through the bank lending channel.

To strike the right balance, we should ensure that our rate decisions adequately compensate for the tightening induced by the reduction of our balance sheet.

Thank you.

MIL OSI Economics –

February 19, 2025
MIL-OSI USA: With University Of Rochester And Rochester Institute Of Technology Set To Lose A Total Of $50 Million In Federal Funding, Senator Gillibrand Highlights Potential Upheaval Of Local Economy, End To Lifesaving Medical Research

US Senate News:

Source: United States Senator for New York Kirsten Gillibrand
National Institutes Of Health Funding Supports 30,000 Jobs and $8 Billion In Economic Activity In New York Alone;
Funding Cuts Will Cost Jobs, Derail Critical Research, And Endanger Public Health
University of Rochester Is Region’s Largest Employer, Employs 3,000 Biomedical Researchers;
Gillibrand Leading Bipartisan Call To Reverse Cuts
Today, U.S. Senator Kirsten Gillibrand joined University of Rochester and Rochester Institute of Technology leadership at the University of Rochester to highlight the impact of President Trump’s recent attempts to cut National Institutes of Health (NIH) funding on the universities and the local economy.
The University of Rochester receives hundreds of NIH grants to study cancer, cardiovascular disease, arthritis, diabetes, allergies, aging, mental health, children’s health, and much more. Slashed funding would force researchers to abandon this critical work and extinguish hope for patients and families looking for cures. This funding cut could also put thousands of jobs across New York State at risk; NIH funding supports roughly 30,000 jobs in New York State alone.
“New York is home to top notch universities that attract the world’s best scientists conducting cutting-edge research,” said Senator Gillibrand. “President Trump’s attempt to radically cut funding for the University of Rochester and Rochester Institute of Technology, as well as other research institutions, is irresponsible and short-sighted. It will imperil research that saves lives and is guaranteed to hurt our economy and the thousands of New Yorkers employed by local research institutions. These cuts are facing strong bipartisan opposition, and I am working across the aisle with my colleagues in the New York delegation, including Congressman Morelle, to call on the Trump administration to reverse them.”
“I want to thank Senator Gillibrand for her leadership in opposing these draconian cuts and for her tremendous and unwavering support to our Rochester scientists, doctors, and patients. Arbitrarily and abruptly cutting groundbreaking biomedical research that has led to countless breakthroughs and that saves, extends, and improves human lives is no way to make government more efficient. It is detrimental to our efforts to improve health in the Rochester/Finger Lakes region and in the Southern Tier, threatens the future health of all Americans, and puts in jeopardy the nation’s position as the scientific and clinical research leader of the world,” said Sarah C. Mangelsdorf, President of the University of Rochester
“NIH-funded research forms the backbone for scientific innovation in medicine, driving discoveries that improve lives and strengthen our nation’s global leadership in healthcare and related technologies. To remain competitive, universities must have the resources necessary to support groundbreaking research, including the associated indirect costs, such as laboratory facilities and infrastructure, compliance, and administrative assistance. Indirect costs are not optional; they are fundamental to sustaining a research environment where faculty, staff and students can focus on advancing knowledge and solving the world’s most pressing challenges,” said David C. Munson, President, Rochester Institute of Technology. “Continued investment in NIH research at higher education institutions across the nation, and the full restoration of NIH indirect cost recovery, are necessary to ensure that we continue to attract the best talent and maintain our worldwide leadership in healthcare science and innovation.“
Last week, the Trump administration announced that it would slash billions in federal funding for research institutions nationwide by imposing a cap on “indirect costs” for research associated with NIH grants. Indirect costs are expenses that are essential for scientific research, and include the construction and maintenance of research facilities, the purchase of costly scientific tools, and support staffing for major research projects. The University of Rochester is set to lose $40 million in funding for indirect costs, and Rochester Institute of Technology is set to lost $10 million, which would cripple their ability to continue to conduct much of their research. New York institutions are expected to lose $850 million in total. While a federal judge has temporarily paused these cuts from going into effect, they have created chaos and confusion for the New York institutions that rely on a steady and stable flow of NIH funding.
The full text of Senator Gillibrand’s bipartisan letter with Senator Schumer and Representatives Morelle, Garbarino, Lawler, Clarke, Espaillat, Gillen, Goldman, Kennedy, Latimer, Mannion, Meng, Meeks, Nadler, Ocasio-Cortez, Suozzi, Tonko, Torres, Velázquez, Riley, and Ryan highlighting the impact these cuts would have on New York is available here.
The full text of Senator Gillibrand’s letter with 46 Senate Democrats is available here.

MIL OSI USA News –

February 19, 2025
MIL-OSI USA: With University At Buffalo Set To Lose $47 Million In Federal Funding, Senator Gillibrand, Rep. Kennedy, Highlight Potential Upheaval Of Local Economy, End To Lifesaving Medical Research

US Senate News:

Source: United States Senator for New York Kirsten Gillibrand
National Institutes Of Health Funding Supports 30,000 Jobs and $8 Billion In Economic Activity In New York Alone;
Funding Cuts Will Cost Jobs, Derail Critical Research, And Endanger Public Health
Gillibrand Leading Bipartisan Call To Reverse Cuts
Today, U.S. Senator Kirsten Gillibrand and Representative Tim Kennedy visited the University at Buffalo to highlight the impact of President Trump’s recent cuts to National Institutes of Health (NIH) funding on the university and the local economy.
The University at Buffalo receives hundreds of NIH grants to study cancer, cardiovascular disease, diabetes, infectious disease, arthritis, allergies, mental health, and much more. Slashed funding would force researchers to abandon critical work and extinguish hope for patients and families looking for cures. This funding cut could also put thousands of jobs across New York State at risk; NIH funding supports roughly 30,000 jobs in New York State alone.
“New York is home to top notch universities that attract the world’s best scientists conducting cutting-edge research,” said Senator Gillibrand. “President Trump’s attempt to radically cut funding for the University at Buffalo and other research institutions is irresponsible and short-sighted. It will imperil research that saves lives and is guaranteed to hurt our economy and the thousands of New Yorkers employed by local research institutions. These cuts are facing strong bipartisan opposition, and I am working across the aisle with my colleagues in the New York delegation, including Congressman Kennedy, to call on the Trump administration to reverse them.”
“The administration’s arbitrary cuts to NIH funding are a matter of life and death,” said Congressman Tim Kennedy. “This funding is the difference between a grandparent keeping cancer at bay long enough to meet their grandchild or an infant benefiting from lifesaving research—these scenarios play out every day across our region and nation. The federal government should be investing in our future, not defunding cancer research and other critical health programs. These cuts need to be rescinded immediately, and we need to let scientists and doctors get back to the business of researching lifesaving technologies.”
“NIH has been an exceptional partner to the University at Buffalo and universities nationwide, enabling life changing and lifesaving discoveries in all aspects of health, wellness, and healthcare,” said Venu Govindaraju, PhD, vice president for research and economic at the University at Buffalo. “The proposed changes to the NIH funding structure will make vital research difficult if not impossible to undertake and impede decades of scientific advancements.”
“The Jacobs School, along with the health science community at the University at Buffalo, is dedicated to advancing scientific discovery and significantly improving health outcomes across Western New York. Through cutting-edge research funded in part by the National Institutes of Health, we aim to transform health care by developing innovative solutions, generating new knowledge, and training the next generation of health care professionals. We do research to enhance patient care and improve public health both locally and globally. However, the NIH’s recent announcement of a new policy capping the indirect cost payment rate for new and existing grants at 15% — a change that could threaten billions of dollars in funding for universities and health systems — will significantly diminish these efforts that are critical to the health of our community,” said Allison Brashear, Dean, Jacobs School of Medicine and Biomedical Sciences.
“At SUNY, we are proud of our extraordinary researchers and the life-changing, groundbreaking medical discoveries they have dedicated their careers to advancing,” said SUNY Chancellor John B. King Jr. “From working to cure Alzheimer’s disease to improving cancer outcomes, from supporting 9/11 first responders to detecting brain aneurysms, their research is essential to our national security and economic leadership.”
Last week, the Trump administration announced that it would slash billions in federal funding for research institutions nationwide by imposing a cap on “indirect costs” for research associated with NIH grants. Indirect costs are expenses that are essential for scientific research, and include the construction and maintenance of research facilities, the purchase of costly scientific tools, and support staffing for major research projects. The University at Buffalo is set to lose $47 million in funding for indirect costs, which would cripple its ability to continue to conduct much of its research. New York institutions are expected to lose $850 million in total. While a federal judge has temporarily paused these cuts from going into effect, have created chaos and confusion for the New York institutions that rely on a steady and stable flow of NIH funding.
The full text of Senator Gillibrand’s bipartisan letter with Senator Schumer, and Representatives Kennedy, Garbarino, Lawler, Morelle, Clarke, Espaillat, Gillen, Goldman,Latimer, Mannion, Meng, Meeks, Nadler, Ocasio-Cortez, Suozzi, Tonko, Torres, Velázquez, Riley and Ryan highlighting the impact these cuts would have on New York is available here.
The full text of Senator Gillibrand’s letter with 46 Senate Democrats is available here.

MIL OSI USA News –

February 19, 2025
MIL-OSI USA: With SUNY Upstate Set To Lose Millions In Federal Funding, Senator Gillibrand, Rep. Mannion Highlights Potential Upheaval Of Local Economy, End To Lifesaving Medical Research

US Senate News:

Source: United States Senator for New York Kirsten Gillibrand
National Institutes Of Health Funding Supports 30,000 Jobs and $8 Billion In Economic Activity In New York Alone;
Funding Cuts Will Cost Jobs, Derail Critical Research, And Endanger Public Health
SUNY Research Foundation Would Lose An Estimated $79 Million
Gillibrand Leading Bipartisan Call To Reverse Cuts
Today, U.S. Senator Kirsten Gillibrand and Representative John Mannion visited SUNY Upstate Medical University to highlight the impact of President Trump’s recent cuts to National Institutes of Health (NIH) funding on the university and the local economy.
SUNY Upstate receives dozens of NIH grants to study cancer, cardiovascular disease, infectious disease, aging, mental health, and much more. Slashed funding would force researchers to abandon this critical work and extinguish hope for patients and families looking for cures. This funding cut could also put thousands of jobs across New York State at risk; NIH funding supports roughly 30,000 jobs in New York State alone.
“New York is home to top notch universities that attract the world’s best scientists conducting cutting-edge research,” said Senator Gillibrand. “President Trump’s attempt to radically cut funding for SUNY Upstate and other research institutions is irresponsible and short-sighted. It will imperil research that saves lives and is guaranteed to hurt our economy and the thousands of New Yorkers employed by local research institutions. These cuts are facing strong bipartisan opposition, and I am working across the aisle with my colleagues in the New York delegation, including Congressman Mannion, to call on the Trump administration to reverse them.”
“I join Senator Gillibrand in rejecting cuts to NIH funding and staff that would have devastating consequences for lifesaving medical research happening right here in Central New York,” said Representative John W. Mannion said. “At the CNY Biotech Accelerator, researchers rely on NIH support to develop breakthrough treatments and technologies that improve and save lives. Slashing these resources will make government less efficient, put innovation at risk, delay critical medical advancements, and threaten local jobs in our growing biotech sector. We must protect federal investments in science and health.”
“At SUNY, we are proud of our extraordinary researchers and the life-changing, groundbreaking medical discoveries they have dedicated their careers to advancing,” said SUNY Chancellor John B. King Jr. “From working to cure Alzheimer’s disease to improving cancer outcomes, from supporting 9/11 first responders to detecting brain aneurysms, their research is essential to our national security and economic leadership.”
“Upstate Medical University is fortunate to have leading researchers among its faculty finding cures and better treatments for cancer, Alzheimer’s disease, lupus and many other disorders. Biomedical research is an essential part of being an academic medical institution that adds to the vibrancy of our CNY community,” said Upstate Medical University President Mantosh Dewan, MD.
“Cutting NIH funding would be a devastating blow to the future of medical innovation and the fight against diseases like Alzheimer’s and cancer. These cuts threaten to stall groundbreaking research, delay critical treatments, and stifle the progress of startups working tirelessly to bring lifesaving therapies to patients. Right here in Central New York, the CNY Biotech Accelerator is home to incredible companies working on cutting-edge medical breakthroughs. Many of them rely on NIH support, and these cuts could mean fewer innovations, fewer jobs, and fewer solutions for the patients who need them most. We cannot afford to let innovation be the casualty of short-sighted policy decisions,” said NYS Senator Chris Ryan.
“The American people deserve the best medical research in the world and thanks to our historic investments in this area, scientists at universities and academic medical centers across New York State are finding cures and treatments for conditions like cancer, heart disease, Alzheimer’s, diabetes and stroke,” said Win Thurlow, Executive Director, LifeSciencesNY. “This work not only saves lives, but also strengthens the local economy. Biomedical research creates jobs and opportunities for all New Yorkers. Cutting support for this research means that cures will go undiscovered, jobs will be lost and our communities will suffer.”
“Basic and applied medical research at NYS higher education institutions and agencies is critical to improving and saving lives. Federal funding, particularly from NIH, is imperative. Any disruption in funding may cause delays in important discoveries and upheaval in the work and lives of researchers and patients. Federal funds help drive New York’s economy for all New Yorkers. Cutting NIH funding hobbles medical research resulting in both immediate and long-term consequences for all Americans,” said Assemblyman Al Stirpe.
Last week, the Trump administration announced that it would slash billions in federal funding for research institutions nationwide by imposing a cap on “indirect costs” for research associated with NIH grants. Indirect costs are expenses that are essential for scientific research, and include the construction and maintenance of research facilities, the purchase of costly scientific tools, and support staffing for major research projects. SUNY Upstate is set to lose $5 million in funding for indirect costs, and the SUNY Research Foundation would lose an estimated $79 million overall, which would cripple New York scientists’ ability to continue to conduct much of their research. New York institutions are expected to lose $850 million in total. While a federal judge has temporarily paused these cuts from going into effect, they have created chaos and confusion for the New York institutions that rely on a steady and stable flow of NIH funding.
The full text of Senator Gillibrand’s bipartisan letter with Senator Schumer and Representatives Mannion, Morelle, Garbarino, Lawler, Clarke, Espaillat, Gillen, Goldman, Kennedy, Latimer, Meng, Meeks, Nadler, Ocasio-Cortez, Suozzi, Tonko, Torres, Velázquez, Riley, and Ryan highlighting the impact these cuts would have on New York is available here.
The full text of Senator Gillibrand’s letter with 46 Senate Democrats is available here.

MIL OSI USA News –

February 19, 2025

Category: Politics

Feb 13, 2025 IPAA, Energy Industry Groups Support Sen. Cruz Congressional Review Act (CRA) Resolution Disapproving of DOE Rule on Gas-Fired Water Heaters

Updates to this page

Dr. Jitendra Singh Inaugurates India’s First “Open-Air Art Wall Museum” at Mausam Bhawan depicting and celebrating the 150 years of milestone journey of the India Meteorological Department (IMD)Mausam Bhawan Art Showcase 38 Murals Depicting IMD’s Meteorological Legacy and Impact

5th International Conference on Green Metro Systems – The Future of Urban Mobility organised todayShri Manohar Lal inaugurates India’s first vertical bi-facial solar plant installation on Metro Viaduct at Okhla Vihar Metro station

Bharat Tex 2025Revolutionizing Fashion, Sustainability, and Innovation

Underwater Archaeology Wing Begins Explorations In DwarkaArchaeological Survey of India Initiates Underwater Explorations in Dwarka Waters

Celebrating a Decade of Soil Health CardsSwasth Dharaa, Khet Haraa

Union Minister Sarbananda Sonowal dedicates IWT terminal at Jogighopa to nationRejuvenated Inland Waterways to propel India’s logistics growth, to advance PM Narendra Modi’s vision of ‘Viksit Bharat’: Sarbananda Sonowal

Speech by Piero Cipollone, Member of the Executive Board of the ECB, at an MNI Connect webcast

The ECB’s experience with balance sheet policies

The proportionate use of balance sheet policies in an evolving economic landscape

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The implications of the ECB’s balance sheet for monetary policy in the current environment

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The monetary policy stance

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Risks to the transmission of our monetary policy

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Conclusion

Dr. Jitendra Singh Inaugurates India’s First “Open-Air Art Wall Museum” at Mausam Bhawan depicting and celebrating the 150 years of milestone journey of the India Meteorological Department (IMD)

Mausam Bhawan Art Showcase 38 Murals Depicting IMD’s Meteorological Legacy and Impact

5th International Conference on Green Metro Systems – The Future of Urban Mobility organised today

Shri Manohar Lal inaugurates India’s first vertical bi-facial solar plant installation on Metro Viaduct at Okhla Vihar Metro station

Bharat Tex 2025

Revolutionizing Fashion, Sustainability, and Innovation

Underwater Archaeology Wing Begins Explorations In Dwarka

Archaeological Survey of India Initiates Underwater Explorations in Dwarka Waters

Celebrating a Decade of Soil Health Cards

Swasth Dharaa, Khet Haraa

Union Minister Sarbananda Sonowal dedicates IWT terminal at Jogighopa to nation

Rejuvenated Inland Waterways to propel India’s logistics growth, to advance PM Narendra Modi’s vision of ‘Viksit Bharat’: Sarbananda Sonowal