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Mint
5 minutes ago
- Mint
Current agri loans over ₹28 lakh crore, but no waiver plan: Govt
The Centre has informed that agricultural loans worth over ₹ 28.5 lakh crore are outstanding but ruled out any plans for a waiver, minister of state in the ministry of finance Pankaj Chaudhary said in response to a question in Lok Sabha on Monday. Responding to Parliamentary questions by Lok Sabha MPs Supriya Sule (Nationalist Congress Party – Sharadchandra Pawar, Maharashtra), Hanuman Beniwal (Rashtriya Loktantrik Party, Rajasthan) and others, the Ministry of Finance informed Monday that outstanding agricultural loans stood at ₹ 28,50,779.43 crore as of March 31, 2025. These are due from 1,762.96 lakh accounts. 'No proposal to waive off the outstanding agricultural loans, is under consideration with Union Government,' the government said. Meanwhile, it is important to note that farmer loans are different from other categories of lending such as personal loans but lately the stance of cooperative banks to insist on credit score for approval of loans has rattled farmers no end. Read this Livemint for details on this. However, it added that several measures have been taken 'to provide relief and to improve the economic conditions of the farmers which inter-alia includes timely and adequate credit through Kisan Credit Card (KCC) under which crop loan up to ₹ 3 lakh is provided at subsidized interest rates under the Modified Interest Subvention Scheme (MISS) with additional incentives for timely repayment, fixation of progressively increased agricultural credit target, issuance of revised Priority Sector Lending guidelines to ensure improved credit flow to the agricultural sector etc.' The top five states in terms of outstanding agricultural loans are Tamil Nadu: ₹ 4,03,367 crore; Andhra Pradesh: ₹ 3,08,716 crore; Maharashtra: ₹ 2,60,799 crore; Uttar Pradesh: ₹ 2,28,560 crore; Karnataka: ₹ 2,22,301 crore. State Loans ( ₹ crore) Rajasthan 1,87,322 MP 1,62,385 Kerala 1,52,198 Telangana 1,44,346 Gujarat 1,44,330 Punjab 1,04,353 (Source: Other states with dues in excess of ₹ 1 lakh crore are Rajasthan: ₹ 1,87,322 crore; Madhya Pradesh: ₹ 1,62,385 crore; Kerala: ₹ 1,52,198 crore; Telangana: ₹ 1,44,346 crore; Gujarat: ₹ 1,44,330 crore; Punjab: ₹ 1,04,353 crore. Apart from Sule and Beniwal, the questions were put up by NCP-SP MPs from Maharashtra: Bhaskar Murlidhar Bhagare, Nilesh Dnyandev Lanke, Mohite Patil Dhairyasheel Rajsinh, Dr Amol Ramsing Kolhe, and Bajrang Manohar Sonwane, Shiv Sena (Uddhav Balasaheb Thackrey) MP from Maharashtra Sanjay Dina Patil, and Congress MP, Prof Varsha Eknath Gaikwad, also from Maharashtra. The MPs had also asked 'whether there is any correlation found between outstanding agricultural loans and incidence of farmer suicides in states like Maharashtra and if so, the data available with the Government on such cases during the last five years.' The government said that the National Crime Records Bureau (NCRB) publication 'Accidental Deaths and Suicides in India' is available till the year 2022 but that it does not specify separate reasons for farmer suicides. The MPs had also asked 'whether any specific categories of farmers marginal, small, tenant, SC/ST are more burdened with outstanding loans and if so, the details thereof' to which the government said that 'NABARD All India Rural Financial Inclusion Survey (NAFIS) for the period of 2021-2022 indicates a generally positive relationship between landholding size and household indebtedness, with the proportion of indebted households increasing as land size increases, up to 1 hectare. Beyond this threshold, a marginal decline in the incidence of indebtedness is observed among households with larger landholdings.' Disclaimer: Mint has a tie-up with fintechs for providing credit, you will need to share your information if you apply. These tie-ups do not influence our editorial content. This article only intends to educate and spread awareness about credit needs like loans, credit cards and credit score. Mint does not promote or encourage taking credit as it comes with a set of risks such as high interest rates, hidden charges, etc. We advise investors to discuss with certified experts before taking any credit.
India.com
7 minutes ago
- India.com
Bad news for Flipkart, ED files complaint against Myntra in Rs 16540000000 alleged violations of…
The Enforcement Directorate (ED) has filed a complaint under the Foreign Exchange Management Act (FEMA), 1999, against Myntra Designs Private Limited, its associated entities, and directors over alleged violations totaling Rs 1,654.35 crore, the agency announced on Wednesday. The action was initiated by ED's Bengaluru Zonal Office following credible information that Myntra Designs Private Limited (Myntra) and its related companies are doing Multi Brand Retail Trade (MBRT) in the guise of 'Wholesale Cash & Carry', allegedly in violation of the extant FDI Policy. ED's Investigation Against Myntra ED said its investigation under the provisions of FEMA, 1999 revealed that 'Myntra Designs Pvt Ltd had declared that they were engaged in the business of 'wholesale cash & carry' and invited and received FDI from foreign investors equivalent to Rs 1654,35,08,981 and that they sold majority of their goods to Vector E-Commerce Pvt Ltd (who sold the goods in retail to the ultimate customer).' 'That Vector E-Commerce Pvt Ltd and Myntra Designs Pvt Ltd are related parties and belong to the same group or group of companies,' said the agency. It further said that Vector E-Commerce Pvt Ltd was created and continued to be used as a corporate entity to bifurcate the B2C (business to customer i.e. Myntra Designs Pvt Ltd to retail customers) transaction into B2B (Myntra Designs Pvt Ltd to Vector E-Commerce Pvt Ltd) and then B2C (Vector E-Commerce Pvt Ltd to retail customers). ED investigation also revealed that Myntra Designs Pvt Ltd was actually carrying out multi-brand retail trading in the guise of 'wholesale cash & carry'. 'Even otherwise, Myntra Designs Pvt Ltd have not satisfied the condition laid down for 'wholesale cash and carry trading' as they have made cent per cent sales to Vector E-Commerce Pvt Ltd which is in contravention of amendment dated April 1, 2010 and October 1, 2010 which permitted only 25 per cent sale to companies belonging to the same group or group companies.' As per the ED, Myntra Designs Pvt Ltd and others have contravened the provisions as per section 6(3)(b) of the Foreign Exchange Management Act, 1999 and Consolidated FDI Policy dated April 1, 2010 and consolidated FDI Policy dated October 1, 2010 to the tune of Rs. 1654,35,08,981. (With Inputs From ANI)
Mint
7 minutes ago
- Mint
Realme Narzo 80 Lite 4G launched in India with a 6300mAh Battery at Rs. 6599
Realme has launched a new budget smartphone under the Narzo series, the Realme Narzo 80 Lite 4G, in India with a massive battery, an attractive design, and promising features. The smartphone is designed for Gen-Z users with features like a slimmer build, customisable Pulse Light, massive 6.74-inch display, AI-powered features, and more. Therefore, if you are in search of a stylish-looking phone, but in a budget segment, then the Realme Narzo 80 Lite 4G could come as a great choice for consideration. The Realme Narzo 80 Lite 4G features a 6.74-inch HD+ LCD display with a 90Hz refresh rate and up to 180Hz touch sampling rate. It comes with a compelling design with a slim profile that measures 7.94mm. It also offers durability features such as armour shell protection, toughened corners, and an IP54 rating for water and dust protection. It also features a Pulse Light, which has 5 customisable glowing modes. For performance, the smartphone is powered by an Unisoc T7250 Octa-Core processor paired with 4GB of RAM and up to 12GB of virtual RAM. It also features such as AI Boost, AI Call Noise Reduction 2.0, and Smart Touch for multitasking. It runs on realme UI 6.0 based on Android 15. For photography, the Realme Narzo 80 Lite 4G features a 13MP AI rear camera and a 5MP front camera. Users can also access AI-powered features such as AI scene enhancement. Lastly, the Realme Narzo 80 Lite 4G is backed by a 6300mAh battery that supports 15W fast charging. The Realme Narzo 80 Lite 4G will be available in Obsidian Black and Beach Gold colour options. It will come in two storage options: 4 GB +64 GB and 6 GB + 128 GB, priced at Rs. 7,299 and Rs. 8,299 in India. However, buyers can avail a voucher of Rs. 700 on Amazon and Rs. 200 off on a bank offer. The smartphone will be available for early flash sale on July 28 at 12 PM IST on Amazon and However, the official sale starts on July 31 on the same platform.
