Every promise will be fulfilled: Minister Bharath
Amaravati: Minister for Industries, Commerce, and Food Processing TG Bharath assured that every promise made during elections will be fulfilled without fail.
In a statement on Sunday, the Minister announced that as part of the election promises, 'Matsyakara Sevalo' scheme has been launched, increasing financial assistance for fishermen during fishing ban period from Rs 10,000 to Rs 20,000 and releasing the funds. He stated that this scheme will benefit 1,29,178 fishing families. The government has taken this decision to provide financial support to fishermen to prevent hardships during sea fishing ban period, he said.
Bharath questioned the previous government's claim of spending Rs 300 crore under the Fish Andhra programme, asking if even a single fishing family had benefited from it. He highlighted that in 2014, the Telugu Desam government was the first to introduce financial assistance for fishing families during the fishing ban period, and with the arrival of the coalition government, the fate of fishermen has changed. He noted that between 2014 and 2019, Rs 788 crore was spent on the welfare of fishermen.
The Minister stated that monthly pensions are being provided to 68,396 fishermen in the state, and in case of a fisherman's death during fishing, Rs 10 lakh is paid as ex gratia.
Additionally, a subsidy of Rs 9 per liter of diesel is provided for boats used for fishing, he said. He mentioned that Andhra Pradesh leads in fish exports and that 29 percent of the country's fish wealth comes from the state, with 555 fishing villages in Andhra Pradesh. He added that 16.5 lakh people are employed through fishery products. The minister emphasised that fish farming offers numerous benefits and encouraged people to consume fish to stay healthy.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
33 minutes ago
- Time of India
Tax evasion a national crime, take stern action against fake firms: CM
1 2 Lucknow: Chief Minister Yogi Adityanath on Saturday directed officials to act against shell companies and fake firms that are deriving undue benefits against the rules. He said that such acts were an attempt to misuse the facilities meant for genuine traders and the matter should be dealt with seriously. The CM, while conducting a high-level review of the state tax department, directed officials to ensure transparency in tax collection and adopt a policy of technological efficiency and strict enforcement. Calling the act of such companies 'unforgivable', Yogi said, "Tax evasion is a national crime that negatively impacts development plans and welfare schemes." Stressing that GST is a consumer-based tax system, he noted that areas with higher population density were naturally expected to generate increased tax revenues for the state coffers. He instructed officials to develop special strategies for zones where tax collection is below average. Yogi directed that information on suspicious firms registered under central GST (CGST) be shared with the higher authorities in Delhi for cancellation of their registration. He ordered in-depth departmental investigations for firms under state GST (SGST). Upon encountering anomalies, officials would be given a free hand to register a criminal case and prosecute such people accordingly. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Pinga-Pinga e HBP? Tome isso 1x ao dia se tem mais de 40 anos Portal Saúde do Homem Clique aqui Undo Insisting on the on-site inspection at the time of registration of new firms, Yogi said, "Fake companies should not be allowed to obstruct the rights of honest taxpayers. Such inspections are essential to ensure that genuine businesses can operate fairly and without interference." During the meeting, officials informed the CM that nearly Rs 18,162 crore was collected through GST and VAT tax components in April and May of the 2025-26 financial year. The target for the year assigned to the department is Rs 1.76 lakh crore. Appreciating the progress, the CM directed officials to achieve the target through regular monitoring. The CM praised the achievements of 14 zones, including Lucknow, Ayodhya, Bareilly, Agra, Ghaziabad, Gautam Budh Nagar, Meerut, Jhansi, and Saharanpur divisions, for achieving increased targets. In contrast, officials in Varanasi, Prayagraj, Kanpur, Etawah, Aligarh, and Moradabad were reprimanded for collecting less than 50% of the stipulated target. He said that a detailed report should be prepared covering the role of officials deputed in the low-performing regions and sent to the govt. He emphasized that revenue was not just a number, but the foundation of development, and every officer should carry out their duties with responsibility and sensitivity. "In areas with weak tax collection, additional, joint, and deputy commissioners should personally engage with traders to build trust, cooperation, and a sense of compliance among the taxpayer community," said Yogi.
Economic Times
36 minutes ago
- Economic Times
Telecom, services draw big FPI flows; IT faces selloff in late May
Agencies Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Mumbai: Telecom, services, capital goods and consumer goods were the top recipients of the foreign fund flows in the second-half of May, according to data from NSDL. Traditional heavyweights like banks and information technology sectors saw outflows in this period, when overseas fund managers resumed purchases of Indian equities after a stocks received the highest inflow at ₹7,052 crore in the second-half of the month after Singapore's Singtel sold Bharti Airtel shares worth ₹12,880 crore in a bulk deal on May 16."Most of the foreign inflows in the telecom sector can be attributed to the deal," said UR Bhat, co-founder & director, Alphaniti. "The reduced competition with Vodafone Idea languishing, is also expected to benefit the other two players."In the second-half of the month, the fast moving consumer goods (FMCG) sector witnessed foreign inflows worth ₹1,872 crore after outflows worth ₹1,057 crore in the first-half of May."Investors have possibly realised that the earlier sell-off in services and FMCG sectors was probably not warranted, as there has since been a pickup in rural demand," said Bhat. "This led foreign investors to realign their information technology sector witnessed the highest outflows worth ₹2,725 crore, after inflows worth ₹289 crore in the Sharma, fund manager at Green Portfolio PMS, said that the business outlook for IT sector is impacted by geo-political realignment and the concerns in the US economy.'There is a portfolio churn, and overseas investors are exiting sectors where valuations are expensive,' said Sharma. 'However, they are shying away from making aggressive bets as the uncertainty surrounding the US-China trade war continues to linger.'Foreign investors offloaded shares worth Rs 2,008 crore in the healthcare sector in the last 15 days of the month and divested shares worth over Rs 1,500 crore in the power, consumer services and automobile sectors
Economic Times
39 minutes ago
- Economic Times
Mizuho to acquire Avendus from KKR at $700 million valuation
iStock The deal will mark the biggest investment by Mizuho in India. Mumbai: Mizuho Financial Group is set to acquire KKR-backed Avendus Capital, valuing the homegrown investment bank at Rs 6,000 crore ($700 million), ending months of protracted negotiations with several twists and turns, said people aware of the matter. Mizuho Group CEO Masahiro Kihara is scheduled to visit the country later this week for official engagements and a formal announcement is due at that time, they said. Kihara is also director of Mizuho Financial Group Inc. Mizuho and KKR, along with the senior leadership of Avendus, agreed on final deal terms in the last few days, even as private equity group Caryle, the only other serious contender in the fray, was circling the deal will mark the biggest investment by Mizuho in India, underscoring the increased strategic interest of Japanese financial groups in the month, SMBC picked up a strategic stake in private sector lender Yes Bank. The transaction will include KKR exiting its entire 60% stake along with some of its earlier, high-net-worth individual investors and Ranu Vohra, as well as small shareholders, including local PE firm Gaja Capital. Vohra is one of the three founders of Avendus. Once completed, the transaction is likely to see the Japanese mega bank owning up to 70% of the investment 2015, KKR paid Rs 950-1,000 crore to pick up a controlling stake in Avendus Capital Pvt Ltd (ACPL) from Eastgate Capital Group Ltd and Americorp Ventures, early investors in Avendus via Singapore-based Red Point Investments Pte Ltd. The firm was founded in 1999 by three friends — Vohra, Kaushal Aggarwal and Gaurav Deepak. Other than Vohra, the other two are likely to remain invested and continue to run the company, retaining full operational control, though Mizuho will have veto of the hottest domestic deal shops in the country, Avendus operates in the financial services space through subsidiaries in financial advisory, capital markets, wholesale financing through Avendus Finance, wealth management and alternative asset management. The acquisition of Spark in 2022 led to the addition of institutional equities to the offerings. Avendus is present in 10 cities in India, the US and Singapore. A little over half of its profits before tax in the first nine months of 2025 came from the investment banking division, followed by credit solutions and institutional equities. ACPL posted a total consolidated income of Rs 1,035 crore and net profit of Rs 170 crore for the nine months to December 2024, against Rs 1,012 crore and Rs 118 crore, respectively, in exit, KKR is expected to make a blended 3.5x return in rupee terms over a nine-year and Avendus declined to comment. Mizuho India country co-head Piyush Aggarwal did not respond to ET's the past year, several PE funds and family offices had evinced interest in acquiring the business, including TPG Capital, TA Associates and Azim Premji family office PremjiInvest. Even Nomura, originally chosen to manage the stake sale process, threw its hat in the ring but eventually only Mizuho and Carlyle were left to compete. The mandate subsequently moved to Rothschild. 'There is a small difference in the valuation between the two but Mizuho brings a far larger strategic play and adds heft in cross-border transactions,' said an executive in the several investors, the inherent cyclicality associated with the investment banking business was a challenge. The acquisition of Spark has supported profitability through its equity capital market (ECM) products.'While the group reported strong performance in investment banking in fiscals 2022 and 2023, it was impacted in fiscal 2024 with extended deal completion timelines,' said a March Crisil credit report. 'There was some revival in fiscal 2025 with the nine-month revenue from IB (investment banking) surpassing the full fiscal 2024 revenue… The ongoing diversification in business should support profitability over the medium term.'One of Japan's largest financial institutions, Mizuho bought boutique investment bank Greenhill & Co in a $550 million deal in 2023, betting that the struggling group could help kickstart its ambitions in the US. The third-largest Japanese lender said it aims to sell 'strategic' shareholdings — stocks held to cement ties with corporate clients — worth at least ¥350 billion over the next three years through March 2028 amid the slump in long-dated Japanese Bank, the banking subsidiary of Mizuho Financial Group Inc, has had a presence in India for over 25 years, with five branches catering primarily to corporate clients. It has been looking to ramp up its local presence and hired private equity veteran and former India head of KKR Sanjay Nayar as external senior advisor to Mizuho Bank India. The parent has infused about $500 million (Rs 4,100 crore) into its India bank branches. Last year, Mizuho invested $145 million for a 15% stake in credit card issuer Credit Saison's Indian subsidiary Kisetsu Saison Finance (India).
