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The Hindu
2 hours ago
- Politics
- The Hindu
Bamboo and kendu power to the people
Tucked away in the hills of Kalahandi in western Odisha, the tiny village of Palki is so remote that it is barely a dot on the map. With just 57 tribal households and no proper road or public transport, reaching Palki is a challenge. Here, no one has studied beyond class 8, and generations here have grown up in hardship. Making ends meet was a daily struggle. Over the past couple of years though, something has changed. Palki is now flushed with a community fund of ₹8 lakh. Alok Majhi, 27, the barely-schooled secretary of the Palki Gram Sabha, is looking for a teacher to tutor school-going children during the summer vacation, offering a monthly remuneration of ₹6,000, unthinkable just a few years ago. Two years ago, the villagers had struck a direct deal with a trader from Maharashtra, earning ₹26 lakh for two years of bamboo supply. Palki's transformation began when its people decided to take charge of forest resources — especially bamboo and kendu (used in bidis) — under the rights granted to them by the Forest Rights Act, 2006. The earlier system entailed government intermediaries that would regulate prices. Now, the village is writing its own story of change. Forty kilometres from Palki, and not as remote, Pipadi is another village nestled in Kalahandi's forested belt, that stretches across over 2,500 km. A paramilitary camp has just sprung up on its outskirts, reportedly to curb the movement of Maoist extremists. Between government and Naxal forces, Pipadi, with just 45 households, manages 4,300 acres of forestland on its own terms. For the past five years, Pipadi has been selling bamboo worth ₹5-7 lakh annually. It even issues its own transit passes for truckloads of bamboo headed to Telangana, an act of local governance rarely seen in such remote pockets. This stand is echoing across 100 villages in Kalahandi. Elsewhere too — though not yet as organised as in Kalahandi — forest dwellers in Nayagarh, Kandhamal, Koraput, Malkangiri, Rayagada, and Mayurbhanj districts of Odisha are beginning to assert their rights over forest resources, challenging barriers long imposed by the Forest Department. In early May 2025, forest dwellers blocked National Highway 26 at Ampani in Kalahandi district after the Forest Department stopped movement of two kendu-leaf-laden trucks permitted by Borapadar and Pipalchhapar Gram Sabhas. Angered that the government had allegedly dishonoured the transit pass issued by the Gram Sabhas, Koksara Block Level Gram Sabha Federation registered a complaint with the local police. The first information report stated that the Forest Department had violated Section 3(1)(c) of the Forest Right Act (FRA), which confers ownership rights over forest produce like kendu leaf and bamboo to forest-dwelling Scheduled Tribes (STs) and Other Traditional Forest Dwellers (OTFDs). The agitation led by tribal women and men forced the Forest Department into issuing an assurance that they would not obstruct movement of non-timber forest products (NTFPs). Timber is still controlled by the government. The Forest Rights Amendment Rules, 2012, state that transit permits for transportation of minor forest produce (MFP) such as bamboo and kendu leaves, are to be issued by a committee constituted by the Gram Sabha or a person authorised by the Gram Sabha. Palki has been selling bamboo between ₹30 and ₹40 per piece, taking into account the present and future. 'We have divided the forest managed by the Gram Sabha into four sections,' explains Alok, the Palki Gram Sabha secretary. 'We harvest bamboo from only one section each year, returning to the same section after four years. This allows for soil regeneration and prevents overexploitation.' One-third of the revenue goes directly to the bamboo cutters, who are villagers themselves. The remaining two-thirds is considered Gram Sabha profit, of which 50% is reinvested in forest development, 30% goes into a village fund, 10% covers village management costs, and 5% each is allocated to the block and district-level federations, he says. This year alone, Palki spent ₹2.5 lakh on bamboo regeneration and densification, using soil enrichment techniques at the root level. The effort created 635 labour days, 400 of which involved women workers, each paid ₹300 per day. This has stopped people in Palki from emigrating outside the State to work in the construction sector, say villagers, despite the fact that the minimum wage in Odisha for even unskilled work is ₹462 per day. Women working on bamboo bushes in the forests of Kalahandi district. Around 2,000 villagers work as bamboo cutters across 100 villages in the district. | Photo Credit: BISWARANJAN ROUT Today, around 9,000 women are engaged in kendu leaf plucking and 2,000 people work as bamboo cutters across 100 villages in Kalahandi. Their income helps them educate children, construct houses, and pay for weddings. Block- and district-level federations serve as mediators in resolving conflicts, especially those arising from disputes over forest boundaries. These federations help unify Gram Sabhas and step in when there is a need to confront the Forest Department or trader associations that create obstacles. Besides, continuous capacity building of villagers takes place out of the fund deposited with Gram Sabha, says Dasarathi Behera, advisor to the Kalahandi District Gram Sabha Federation. 'What better revenue model could a village with rich minor forest produce adopt?' says Dasarathi. 'Since the conferment of Community Forest Rights, tribal villagers have come to see the forest as their most dependable source of livelihood. This realisation has fostered sustainable forest management and improved conservation efforts.' Villagers must apply for these Community Forest Rights, which the government then grants. According to Geetanjoy Sahu, a professor at the Centre for Climate Change and Sustainability Studies, School of Habitat Studies, Tata Institute of Social Sciences (TISS), Mumbai, rights for forest dwellers on forest resources should be seen in three phases. Before colonial rule in India, forest-dwelling communities across the country, including in Odisha, exercised traditional rights over forest resources. They followed customary norms of harvesting forest produce, practised shifting cultivation, and even hunted for food. This changed with the advent of colonialism. The British sought to appropriate forest resources for their own interests, introducing laws like the Indian Forest Act, 1927, and the Land Acquisition Act, 1894. Post-independence, the Indian state retained colonial-era laws, with the justification that it would look after tribal welfare. The Forest Department was given authority to regulate and monitor forest use. Even access to minor forest produce was government-controlled, and communities were burdened with layers of regulation. 'Between 1947 and till the enactment of the FRA in 2006, tribal rights were repeatedly promised but rarely fulfilled. In many regions, communities were displaced without proper compensation or recognition of their rights,' says Sahu. He says that the turning point came with the Forest Rights Act, 2006, which recognised the rights of forest communities over minor forest produce, granting them ownership, access, and the freedom to sell it. 'They can choose where, to who, and at what price to sell. Maharashtra was the first to implement this in Panchayat (Extension to Scheduled Areas) regions, later expanding to non-PESA areas. Other States, including Odisha, were slower to act. Odisha's implementation began primarily in parts of Kalahandi district and remains limited,' he says. Tushar Dash, Director of Vasundhara, a non-government organisation dealing with implementation of FRA, says, 'The sale and trade of minor forest produce must be fully left to the discretion of forest villagers. They should have the autonomy to negotiate with traders or opt to sell through the Forest Department, depending on who offers a better price.' Y. Giri Rao, a consultant on FRA implementation to governments, agrees. 'There is ample evidence that when Gram Sabhas manage forests, they do so more effectively,' he says. 'Where communities have control, forest growth has flourished, fires are better managed, illegal logging has reduced, and the timber mafia has been kept out,' says Rao. Across Odisha, the struggle for ownership over forest resources is marked by confrontations between forest-dwelling communities and the Forest Department. Nearly every Gram Sabha has its own story of resistance and assertion. Although the FRA came into effect in 2006, it wasn't until seven years later — after the intervention by then Union Rural Development Minister Jairam Ramesh — that forest dwellers began to assert their rights. On March 3, 2013, the residents of Jamguda village in Kalahandi district were officially granted the right to sell minor forest produce. Ramesh had handed over the transit passbook to Union Tribal Affairs Minister V. Kishore Chandra Deo and Odisha Revenue Minister (late) Surya Narayan Patro. Bhakta Charan Das, then MP and now Odisha Pradesh Congress Committee President, became the first official buyer, purchasing a truckload of bamboo for ₹3,000. The momentum grew. By 2017, six Gram Panchayats in Kalahandi had entered into direct agreements with bidi manufacturers to supply kendu leaves. This move inspired a wave of Gram Sabhas across the region to exercise their rights under the FRA, reclaiming control over traditional forest resources. Now, eight Gram Sabhas in Koraput district have demanded the removal of restrictions on the collection and sale of kendu leaves. 'Kendu leaf is a vital source of income for Adivasi communities in Baipariguda block. Known as 'Green Gold', it generates much-needed cash for forest dwellers. But despite repeated appeals, the Forest Department has shown little interest in deregulating its trade,' says Bidyut Mohanty, a Koraput-based activist. Byasadev Majhi (right), secretary of the Kalahandi Gram Sabha Mahasangha, issuing a transit pass for kendu and bamboo trucks at Pipadi village. | Photo Credit: BISWARANJAN ROUT The government-owned Kendu Leaf Organisation of Odisha has been gradually easing restrictions on the trade. In 2013, the State allowed pluckers, self-help groups, and other community collectives to sell kendu leaves to buyers of their choice in Nabarangpur district. This was followed by deregulation notices in 2014, 2017, 2018, and 2021, each applying to specific villages, blocks, or districts. 'We are surprised that the Forest Department hasn't extended this freedom across Odisha. Why restrict the trade of minor forest produce when villagers are capable of making their own decisions?' Mohanty says. The Tribal Development Cooperative Corporation of Odisha Limited (TDCCOL), a State-run agency, oversees procurement and implements minimum support prices (MSP) for minor forest produce. Currently, 23 items — including seeds from the sal and mahua trees, lac, and honey — are covered under MSP. Byasadev Majhi, Secretary of the Kalahandi Gram Sabha Mahasangha, says, 'We don't dismiss the role of government agencies, but communities should have the autonomy to decide how and where to sell their produce. The State should step in only if traders collude to manipulate the market.' satyasundar.b@ Edited by Sunalini Mathew Published - May 31, 2025 10:39 pm IST
Daily News Egypt
3 hours ago
- Automotive
- Daily News Egypt
Non-banking finance for MSMEs rises to EGP 84.6bn in March, marking EGP 21.8bn annual growth
The Financial Regulatory Authority (FRA) announced that the total volume of non-banking finance extended to micro, small, and medium enterprises (MSMEs) rose to EGP 84.579bn in March 2025, up from EGP 62.800bn in March 2024. This represents an annual increase of EGP 21.779bn. According to the FRA's latest report, this financing supported around 3.714 million clients, compared to 3.826 million a year earlier. Microenterprise finance accounted for the bulk of this growth, reaching EGP 65.796bn, up from EGP 54.811bn. Meanwhile, financing for small and medium-sized enterprises also saw significant growth, more than doubling from EGP 7.989bn to EGP 18.782bn over the same period. Leasing Activity In the leasing sector, activity expanded sharply in the first quarter of 2025. The total value of leasing contracts reached EGP 42.121bn, compared to EGP 23.420bn in the same quarter of 2024, marking a 79.8% increase. The number of contracts rose to 603 from 460. The FRA noted that the real estate and land sector dominated leasing activity, accounting for more than 72% of the total value. This was followed by leasing in transport vehicles, machinery and equipment, passenger cars, and production lines. Consumer Finance Consumer finance also experienced robust growth. In Q1 2025, companies operating in the sector provided EGP 17.465bn in financing to approximately 2.319 million clients, up from EGP 12.072bn in loans to 804,800 clients during the same quarter of 2024. This reflects a 44.7% increase in the value of financing and a 188.2% surge in the number of clients. The report noted that the automotive sector received the largest share of consumer finance, followed by electronics and electrical appliances, household appliances, and consumer goods purchased via finance cards. Additional spending categories included home finishing materials, clothing, accessories, and personal items such as watches and eyewear. Mortgage Finance Mortgage finance was another area of rapid growth. The total financing granted by companies operating in the sector reached EGP 11.183bn in Q1 2025, up from EGP 5.318bn a year earlier—an increase of 110.3%. The number of mortgage contracts rose to 4,838 from 3,019. Of these, 146 contracts were signed with individual clients and amounted to EGP 1.982bn. The remainder represented purchased portfolios benefiting 4,692 clients with a total value of EGP 9.201bn. Notably, nearly all the beneficiaries—4,833 clients—belonged to the income bracket above EGP 3,500. Movable Collateral Registry In a separate update, the FRA reported continued expansion of Egypt's Movable Collateral Registry. In March 2025, the total value of registered claims reached EGP 3.292trn, up from EGP 2.550trn a year earlier—an increase of EGP 742bn, or 29%. The number of registered claims grew to approximately 212,000, up from 168,000 entries in March 2024, marking a 26.5% rise. The Movable Collateral Registry is a central electronic platform that enables lenders to register, update, and remove security rights over movable assets. Egypt is one of the first Arab nations to establish legislation regulating this type of collateral. The FRA noted that banks accounted for 97.2% of the total value of registered claims. In terms of claim volume, banks held the largest share at 81.6%, followed by consumer finance companies, retail firms, and leasing companies.
Yahoo
6 hours ago
- Business
- Yahoo
This Is the Average Social Security Benefit for Early Claimers
Social Security benefits decline if you claim them early. Claiming early means collecting benefits any time before your full retirement age. 62 is the earliest age you can claim benefits. The $23,760 Social Security bonus most retirees completely overlook › Social Security benefits can be claimed between the ages of 62 and 70. However, every retiree has been given a full retirement age (FRA) based on their birth year. FRA is the age you get your standard benefit. Claiming anytime before FRA will shrink that standard check amount, leaving retired workers with less to live on. Delaying beyond FRA, however, would increase benefits due to delayed retirement credits. The impact of an early claim can be quite substantial, and those who file for benefits at a young age may not receive nearly as much money from Social Security as they may have hoped for. Let's take a look at the average Social Security benefit among early claimers to better understand how benefits are affected. Full retirement age is 67 for anyone born in 1960 or later, while the FRA is 66 and 10 months for those born in 1959. An early claim would be any claim made before reaching these age milestones. The Social Security Administration publishes data showing average benefits by claiming age, as seen in the table below. Age Average Retired-Worker Benefit 62 $1,342 63 $1,364 64 $1,425 65 $1,611 66 $1,764 67 $1,930 Table source: Social Security Administration. As you can see, the average Social Security benefit is much lower for 62-year-olds than it is for those who are 67. There are a few key reasons why Social Security benefits may be lower for early filers. First, benefits may be based on a lower average income. Those who don't work as long may have had fewer years of working at peak earning capacity since income tends to increase over time. Since benefits are based on average wages, the more years you work when you're earning a higher rate, the higher your benefit climbs. Higher earners may also be more likely to work in jobs that enable later retirement, so those who are already on track for a bigger benefit may be more likely to work longer and thus delay their benefits claim. Early filing penalties also make a big impact. Anyone who files for benefits before FRA will see their monthly payments reduced by 5/9 of 1% for each of the first 36 months they get a check before FRA and by 5/12 of 1% for any prior month before that. This ultimately adds up to a 6.7% reduction in years one, two, and three that you get benefits ahead of FRA, and a 5% reduction in years four and five. If you're 62 and claim benefits with a FRA of 67, you'll see your standard benefit shrink by 30%. The reality is, none of these average benefits at any age are likely enough to live on without supplementary income. But those who claim earlier will see Social Security cover even less of their costs, so they must be prepared with plenty of savings to fill the gap if they don't want to struggle during their later years. If you're like most Americans, you're a few years (or more) behind on your retirement savings. But a handful of little-known could help ensure a boost in your retirement income. One easy trick could pay you as much as $23,760 more... each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after. Join Stock Advisor to learn more about these Motley Fool has a disclosure policy. This Is the Average Social Security Benefit for Early Claimers was originally published by The Motley Fool Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
10 hours ago
- Business
- Yahoo
If You're Collecting Social Security Early, Don't Get a Job Unless You Read This First
Claiming Social Security early has consequences for your ability to work. If you earn too much money from a job, you could find your benefits reduced. While you eventually get bigger payments if you lose benefits temporarily, your short-term financial security could suffer. The $23,760 Social Security bonus most retirees completely overlook › Many retirees are taking a nontraditional approach to leaving the workforce. In fact, a growing number of seniors are not giving up work for good when they retire, but are instead taking on part-time jobs or even returning to work full time after quitting their careers and claiming their Social Security. There are some benefits to working after retiring, including the ability to preserve your savings, as well as the ability to continue to enjoy the social connections and mental challenges that working provides. However, if you have claimed Social Security already and are thinking about getting a job, you need to be aware that this decision could have an impact on your monthly benefits. Here's how working could affect Social Security, so you aren't caught off guard by changes that you could see in your checks. The key thing to know about working while on Social Security is that if you have reached your full retirement age already, you can work as much as you want to without it affecting your Social Security benefits. Your FRA depends on when you were born. If you were born in 1960 or after, FRA is 67, while for those born earlier, it's between 65 and 67. If you have not reached FRA and you earn too much money, you will end up seeing your Social Security checks reduced or may even see them disappear entirely. Specifically: If you are not going to hit FRA all year, you can earn up to $23,400 in 2025. Once you've hit that threshold, then $1 is deducted from your benefits for every $2 earned above it. If you will reach FRA sometime during the year but haven't yet, you can earn up to $62,160 before you begin losing a portion of your benefits. Once you've reached this limit, then you lose $1 for every $3 earned above it. The Social Security Administration will withhold entire checks based on the reduction in benefits that can result from working. If you were counting on having income from both your job and from Social Security, this can create a major financial burden for you. While losing some of your Social Security checks can be a problem if you were counting on that money, the good news is that you will eventually get back the forgone funds later. It just will happen slowly over time. When you don't receive Social Security benefits because you work too much, you are credited back for the early filing penalty that was previously applied. Early filing penalties reduce benefits for each month you claim Social Security before your FRA. The penalties equal 5/9 of 1% for the first 36 months you've claimed early and 5/12 of 1% per month for any additional month. So, if you claimed a year early, for example, your benefits would be reduced by 6.7%. If you ended up claiming benefits and then working, though, and you didn't receive a Social Security check for six months out of the 12 that your early benefits were supposed to come, then you would be credited back six months of early filing penalties. This happens when you do reach FRA and your benefit jumps up accordingly. Of course, since your monthly payments only increase by a small amount, it takes time for the future checks you're getting to make up for the income you missed out on by working while collecting benefits. But at least you get the money back in the end. Of course, this doesn't help in the short term if your paycheck causes you to lose income you were counting on -- so you need to be aware of these rules before you start working while on Social Security, as you don't want to be left unprepared and facing a huge financial surprise. If you're like most Americans, you're a few years (or more) behind on your retirement savings. But a handful of little-known could help ensure a boost in your retirement income. One easy trick could pay you as much as $23,760 more... each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after. Join Stock Advisor to learn more about these Motley Fool has a disclosure policy. If You're Collecting Social Security Early, Don't Get a Job Unless You Read This First was originally published by The Motley Fool Sign in to access your portfolio
Business Upturn
13 hours ago
- Business
- Business Upturn
Lancaster Resources Announces Closing Conditions Met for Lake Cargelligo Acquisition
VANCOUVER, British Columbia, May 30, 2025 (GLOBE NEWSWIRE) — Lancaster Resources Inc. (CSE:LCR) (OTC Pink:LANRF) (FRA:6UF0) ('Lancaster'), is pleased to announce it has received approval from the Canadian Securities Exchange to complete the acquisition of the Lake Cargelligo Gold Project and has today completed the $400,000 non-brokered private placement financing as announced on April 23, 2025, which was fully subscribed. With all key conditions met, Lancaster expects the acquisition to close imminently. Lake Cargelligo Gold Project Highlights: District-scale opportunity: 28,768 hectares in a single, contiguous claim with over 25 km of prospective strike and three primary target zones. High-grade results: Historical sampling includes results up to 204 g/t Au and 273 g/t Ag from rock chips, and up to 16m @ 5.83 g/t Au and 7.20 g/t Ag from channel sampling.1 Acquisition Terms Under the terms of the definitive agreement, Lancaster will acquire a 100% interest in the Lake Cargelligo Gold Project. The total consideration for the acquisition is payable as follows: $10,000 in cash at closing; 10,000,000 common shares with voluntary resale restrictions, released over a 24-month period in staged tranches starting four months after closing. No finders' fees are payable in connection with the acquisition. The vendors will retain a 2% net smelter returns (NSR) royalty on all mineral production. Lancaster may repurchase 1% of the NSR for $2,000,000. The remaining 1% is subject to a repurchase right at fair market value based on a discounted cash flow valuation. Lancaster must incur $400,000 in exploration expenditures within 12 months of closing as an initial work commitment. Failure to do so, after a 60-day cure period, allows the vendors to reacquire the Project for $10,000. A second work commitment of $3,000,000 over 36 months is optional, with similar cure rights for the vendors to reacquire the Project for $50,000. Milestone payments of up to $3.68 million are payable as follows: $30,000 on completion of the first geophysics program; $50,000 on commencement of the first drill program; $50,000 upon raising $1,000,000 post-closing; $50,000 upon receipt of conditional ASX listing approval; $500,000 on a NI 43-101 or JORC-compliant 1Moz gold resource; $1,000,000 on a NI 43-101 or JORC-compliant PEA for a 1Moz resource; $2,000,000 on a NI 43-101 or JORC-compliant PFS for a 1Moz resource. Management Commentary 'With gold reaching record highs and demand remaining robust, we believe Lake Cargelligo is a timely and strategic addition to our portfolio,' said Lancaster CEO Andrew Watson. 'Our team is preparing a Phase 1 exploration program for Summer/Fall 2025 aimed at unlocking the Project's excellent geological and geochemical potential.' All exploration results are historical in nature and have not been verified by a Qualified Person under NI 43-101. The Company considers these results relevant for exploration purposes but not necessarily indicative of mineralization on the property. Andrew Watson, President and CEO and a Director of the Company, is a Qualified Person as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects . Mr. Watson has reviewed and approved the scientific and technical information contained in this news release. Mr. Watson is not independent of the Company. About Lancaster Resources Inc. Lancaster Resources Inc. is a Canadian exploration company focused on advancing a diversified portfolio of critical mineral and precious metal assets. The Company holds a 100% interest in the Piney Lake Gold Project in Saskatchewan and maintains additional uranium exploration projects at Catley Lake and Centennial East in the Athabasca basin, Saskatchewan, as well as the Alkali Flat Lithium Project in New Mexico. Lancaster has also signed a definitive agreement to acquire the Lake Cargelligo Gold Project in New South Wales, Australia. Andrew Watson, President & Chief Executive Officer, Lancaster Resources Inc. [email protected] Tel: 604 923 6100 The Canadian Securities Exchange has not reviewed, approved nor disapproved the contents of this news release. Cautionary Statement Regarding Forward-Looking Statements Certain statements contained in this press release constitute forward-looking information. These statements relate to future events, or Lancaster's future performance. The use of any of the words 'could', 'expect', 'believe', 'will', 'projected', 'estimated' and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on Lancaster's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, the ability of Lancaster to execute its exploration plans, ability to complete the acquisition of the Lake Cargelligo Gold Project, raise capital, retain key personnel, identify, acquire, explore, and develop high-quality mineral-rich properties constitute forward-looking information. Actual results and developments may differ materially from those contemplated by forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information. The statements made in this press release are made as of the date hereof. Lancaster disclaims any intention or obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities laws. 1 Sources include: (1) Carpentaria Exploration Ltd., 2014 Annual Report for EL8095; (2) Aberfoyle Exploration Pty Ltd., First and Final Report for EL1770, June 1982; (3) Lachlan Resources N.L., First Six-Month Progress Report for EL2914; and (4) MinView database from the Geological Survey of NSW ( nview ). Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same.
