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The Hindu
5 days ago
- Politics
- The Hindu
BDJS pledges support to Mohan George in Nilambur
A State council meeting of the Bharath Dharma Jana Sena (BDJS) here on Sunday declared its support to Mohan George, the candidate fielded by the Bharatiya Janata Party (BJP) in the Nilambur byelection. Under the leadership of BDJS State president Tushar Vellappally, the party will organise family gatherings and public conventions as part of its campaign strategy in Nilambur. A resolution passed at the meeting also called for the full involvement of all State council members in the election campaign. Paddy farmers' issues The council also resolved to address the growing concerns of paddy farmers by organising a protest on June 7. The primary demand will be to raise the Minimum Support Price (MSP) for paddy to ₹3,500 a quintal. Addressing the meeting, Mr. Vellappally criticised the State Agriculture department for its failure to extend timely and sufficient support to farmers and announced that the BDJS would soon launch a strong protest on the issue. He welcomed the Union government's record hike in the MSP and the rollout of a loan scheme under the Kisan Credit Card programme, offering credit to farmers at an interest rate of just 4%. Party State vice-president K. Padmakumar presided. Legal cell As part of its organisational expansion, the BDJS has formed a legal cell aimed at supporting the welfare of lawyers and coordinating related activities. Sinil Mundappally was elected chairman of the cell, while P.S. Jyothis was appointed its convener.
Entrepreneur
7 days ago
- Business
- Entrepreneur
India's Real GDP to Grow at a Rate of 6.5% in FY26: RBI Annual Report
According to RBI's report, the strength of India's macroeconomic fundamentals, pointing to resilient domestic demand, rising investment activity, and continued momentum in services and manufacturing You're reading Entrepreneur India, an international franchise of Entrepreneur Media. India is poised to remain the world's fastest-growing major economy in FY2025–26, with the Reserve Bank of India (RBI) projecting a real GDP growth rate of 6.5 per cent. Despite global uncertainties and financial volatility, the central bank described the risks to this forecast as "evenly balanced." According to RBI's "2024–2025 Annual Report" released on Thursday, the strength of India's macroeconomic fundamentals, pointing to resilient domestic demand, rising investment activity, and continued momentum in services and manufacturing. "Looking ahead to 2025-26, the Indian economy is well-positioned to sustain strong growth, supported by momentum in investment activity and improving consumption demand," it stated. Vivek Iyer, partner and financial services risk leader, Grant Thornton Bharat said, "Financial stability, inflation management and sustainable development are key themes that emerge from the RBI financial stability report for 2024-25. With global demand being subdued and domestic consumption and investment expected to drive economic growth, the financial services ecosystem will need to play a larger role as an enabler for overall growth and hence innovation and sustainable development will play a key role going forward." The revival in consumption, paired with the Centre's focus on capital expenditure while maintaining fiscal prudence, is expected to anchor growth. The government has allocated 4.3 per cent of GDP toward effective capital spending in FY26, with an additional INR 1.5 lakh crore to support state-level infrastructure outlays. The fiscal deficit target has been narrowed to 4.4 per cent, reinforcing the broader consolidation path. Private investment is gaining traction, driven by healthy balance sheets of banks and corporates. The report noted signs of rural consumption recovery and renewed manufacturing expansion, suggesting a "durable domestic demand revival" that will underpin the economy's growth engine. The services sector, already a key contributor, continues to power ahead. "The services sector has emerged as a mainstay of growth, contributing significantly to value addition and employment," the RBI noted. Growth here is being propelled by digital adoption, expanded financial access, and robust demand for technology-led services. Agriculture is also expected to post strong performance in FY26, aided by an above-normal monsoon forecast and several new policy interventions. "The prospects for agriculture sector appear favourable… Various new initiatives have been announced for boosting agriculture sector," the report said, citing schemes such as PM Dhan-Dhaanya Krishi Yojana and expanded credit under Kisan Credit Card. Inflation is projected to moderate to four per cent, though the RBI flagged weather-related food price volatility as a key risk. In response, the central bank adopted an accommodative stance in April 2025, cutting the repo rate by 25 basis points to six per cent. The manufacturing sector is set to benefit from the Production Linked Incentive (PLI) scheme and the National Manufacturing Mission. These initiatives are expected to reinforce the 'Make in India' push, boost capacity utilisation, and stimulate job creation. Energy and climate commitments also feature prominently in the report. India aims to ramp up nuclear capacity to 100 GW by 2047, with new support for Small Modular Reactors and rooftop solar initiatives. States have also been granted extra borrowing room for power sector reforms. The central bank highlighted India's external resilience, pointing to a sustainable current account deficit supported by services exports and remittances. However, it warned of persistent challenges from trade fragmentation and geopolitical tension. The RBI also reiterated its push for internationalising the rupee and fostering local currency trade with partners like Maldives and Mauritius. On the financial front, while markets remain stable, the RBI called for more robust interest rate risk management and funding diversification, especially among non-banking financial companies (NBFCs). It also flagged the need for improved corporate governance and risk oversight.
Time of India
29-05-2025
- Business
- Time of India
RBI to explore cross-border CBDC pilots as E-rupee circulation surges to Rs 1,016 crore
The circulation of central bank digital currency (CBDC), or e-rupee, surged to Rs 1,016 crore by the end of March 2025, up from Rs 234 crore a year earlier, according to the Reserve Bank of India 's (RBI) annual report released on Thursday. The RBI also indicated that it is exploring cross-border CBDC pilot projects, though it did not specify a timeline, PTI reported. The CBDC was first introduced in November 2022 with a wholesale pilot, followed by a retail pilot. One of the core advantages of the CBDC has been the potential to simplify cross-border payments — a growing necessity in the face of challenges posed by non-fiat virtual currencies such as Bitcoin. "...the Reserve Bank is exploring commencement of CBDC pilots on cross-border payments both on bilateral and multilateral basis to overcome key challenges related to turnaround time, efficiency and transparency," the report stated. Bilateral cross-border pilots with select countries are being "actively explored," with significant progress reported in finalising the roadmap, technical framework, and use cases. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Free P2,000 GCash eGift UnionBank Credit Card Apply Now Undo The RBI is also considering participation in multilateral CBDC initiatives, particularly through the Bank for International Settlements (BIS) Innovation Hub. The central bank further aims to expand the scope of both e-rupee-Retail and e-rupee-Wholesale pilots by introducing new features and use cases. It also plans to improve the technological aspects of the account aggregator framework to boost transparency, customer convenience, and efficiency. Of the total Rs 1,016 crore e-rupee in circulation, Rs 857 crore is in the Rs 500 denomination, followed by Rs 200 notes at Rs 91 crore and Rs 100 notes at Rs 38 crore, the report noted. Starting with person-to-person (P2P) and person-to-merchant (P2M) transactions, the e-rupee-Retail pilot expanded in FY25 to include offline payments and programmability features. As of March 2025, the retail pilot included 17 banks and 60 lakh users. To drive adoption, certain non-banking entities have also been permitted to offer CBDC wallets. The wholesale version of the CBDC has also been expanded, with four standalone primary dealers (SPDs) added to the network. Programmability use cases highlighted in the report include direct benefit transfers to farmers based on carbon credit generation and loans to tenant farmers under the Kisan Credit Card (KCC) scheme in select areas. Banks are also implementing programmable employee allowances for fuel and meals. The state of Odisha made e-rupee payments to 88,000 beneficiaries under the Subhadra Yojana. Discussions are ongoing with multiple central government ministries and state governments to utilise CBDC's programmability for targeted fund transfers with defined end uses. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Hans India
29-05-2025
- Business
- Hans India
Bonanza For Farmers: Centre hikes MSP for Kharif crops, extends low-interest loans
New Delhi: The Union Cabinet on Wednesday approved a hike in minimum support prices (MSP) for 14 Kharif crops for the 2025-26 marketing season. The decision was taken by the Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi. Union Minister Ashwini Vaishnaw said the MSP for paddy has been increased by Rs 69 per quintal, setting the new rate at Rs 2,369 for the season. Paddy (Grade A) will now fetch Rs 2,389 per quintal. The highest jump in MSP has been recommended for nigerseed, which sees an increase of Rs 820 per quintal. This is followed by ragi (Rs 596), cotton (Rs 589), and sesamum (Rs 579). Maize will now have an MSP of Rs 2,400, up from Rs 2,225. Among oilseeds, the MSP for groundnut has been increased by Rs 480, sunflower seed by Rs 441, and soybean by Rs pulses, the MSP for tur (arhar) and moong has been increased by Rs 450 and Rs 86, respectively, while urad has seen a hike of Rs 400. These adjustments are part of the government's broader effort to support agricultural incomes and reduce rural distress. The revision comes ahead of the monsoon sowing season and is expected to influence crop choices among farmers. The MSP serves as a safety net for farmers, ensuring that they get a minimum price for their produce, even if market prices fall. The changes will be effective from the upcoming Kharif season, which begins with the onset of the monsoon in June. Continuation of the Modified Interest Subvention Scheme (MISS) The Union Cabinet also approved the continuation of the Modified Interest Subvention Scheme (MISS) for the financial year 2025-26. The scheme will continue with the existing 1.5% interest subvention for short-term loans provided to farmers. MISS is a central sector scheme that ensures affordable credit for farmers through the Kisan Credit Card (KCC). Under the scheme, farmers can get short-term loans of up to Rs3 lakh at a 7% interest rate. Out of this, 1.5% is subsidised by the government, making the loan cheaper for lending banks and institutions. Additionally, farmers who repay their loans on time are eligible for a 3% Prompt Repayment Incentive (PRI). This lowers their effective interest rate to just 4%. For those taking loans specifically for animal husbandry or fisheries, the benefit is applicable up to Rs 2 lakh. No changes have been made to the structure of the scheme. It will continue as is, helping more than 7.75 crore KCC account holders across the country. According to the government, continuing the support is crucial for keeping up the flow of institutional credit to the agriculture sector, especially for small and marginal farmers. Over the years, credit through KCC has grown from Rs 4.26 lakh crore in 2014 to Rs 10.05 lakh crore by December 2024. The overall agriculture credit flow increased from Rs 7.3 lakh crore in 2013-14 to Rs 25.49 lakh crore in 2023-24. To make the process more efficient, the government also launched the Kisan Rin Portal in August 2023, which has made claim processing faster and more transparent.
News18
28-05-2025
- Business
- News18
Kisan Credit Card: Cabinet Extends Interest Subvention Scheme For FY26; Over 7.75 Crore Farmers To Benefit
Reported By : Last Updated: May 28, 2025, 16:12 IST There are currently more than 7.75 crore active Kisan Credit Card (KCC) accounts in the country. In a move to support farmers, the Union Cabinet, chaired by Prime Minister Narendra Modi, on Wednesday approved the continuation of the interest subvention component under the Modified Interest Subvention Scheme (MISS) for the financial year 2025-26, benefitting over 7.75 crore Kisan Credit Card (KCC) holders. The Centre has also approved the necessary fund allocations to sustain the scheme. 'The Union Cabinet today approved the continuation of the Interest Subvention (IS) component under the Modified Interest Subvention Scheme (MISS) for the financial year 2025-26, and approved required fund arrangements," according to an official statement released on May 28. The MISS, a central sector scheme, aims to provide short-term agricultural loans at subsidised interest rates through Kisan Credit Cards (KCC) to crores of small and marginal farmers across the country. 'No changes have been proposed in the structure or other components of the scheme," according to the statement. What is the Modified Interest Subvention Scheme (MISS)? Interest subvention is a form of financial assistance provided by the government to reduce the effective interest rate on loans. Under the Modified Interest Subvention Scheme, farmers receive short-term loans of up to Rs 3 lakh at a 7 per cent annual interest rate, out of which the government subsidises 1.5 per cent (interest subvention) for the eligible lending institutions, according to the statement. Additionally, to encourage timely repayments, farmers who repay their loans on time are eligible for a Prompt Repayment Incentive (PRI) of 3 per cent, bringing down the effective interest rate to just 4 per cent, it added. For loans specifically taken for animal husbandry and fisheries, the interest benefit is available on loans up to Rs 2 lakh, the statement said. What is the Kisan Credit Card (KCC)? Launched to provide farmers with access to credit in a flexible and hassle-free manner, the Kisan Credit Card is a government initiative that enables farmers to take short-term loans for crop production, animal rearing, and other allied activities. The scheme is implemented by commercial banks, regional rural banks, and cooperative banks. There are currently more than 7.75 crore active KCC accounts across the country, according to the statement. Through the KCC, farmers can easily access credit at concessional rates, helping them avoid high-cost borrowing from informal sources like moneylenders. Rising Credit to Agriculture Swipe Left For Next Video View all Institutional credit disbursed through KCC increased from Rs 4.26 lakh crore in 2014 to Rs 10.05 lakh crore by December 2024. Overall agricultural credit flow surged from Rs 7.3 lakh crore in FY14 to Rs 25.49 lakh crore in FY24, according to the official statement. To enhance transparency and streamline credit processing, the government also launched the Kisan Rin Portal (KRP) in August 2023. Stay updated with all the latest business news, including market trends, stock updates, tax, IPO, banking finance, real estate, savings and investments. Get in-depth analysis, expert opinions, and real-time updates—only on News18. Also Download the News18 App to stay updated! News business » economy Kisan Credit Card: Cabinet Extends Interest Subvention Scheme For FY26; Over 7.75 Crore Farmers To Benefit
