Latest news with #PRI
Observer
3 days ago
- Business
- Observer
Rakiza joins UN Principles for Responsible Investment
MUSCAT: Oman Infrastructure Investment Management (Rakiza), a dedicated infrastructure fund manager based in Oman, has joined the UN-supported Principles for Responsible Investment (UNPRI). This move reaffirms Rakiza's commitment to building sustainable infrastructure through a disciplined, responsible investment approach. Rakiza is currently the only infrastructure fund manager among signatories in the GCC and becomes one of only two UNPRI signatories based in Oman. 'ESG is not new to us — it's built into our investment process, asset management and decision-making,' said Muneer al Muneeri, CEO of Rakiza. 'Becoming a UNPRI signatory is about reinforcing that commitment publicly and contributing to the global benchmark for responsible infrastructure investment.' Rakiza co-manages Rakiza Fund I, which targets essential infrastructure sectors such as renewable energy, utilities, telecommunications, digital infrastructure, transport and logistics; and social infrastructure in Oman and Saudi Arabia. As fund manager, Rakiza prioritises long-term value creation, responsible stewardship and alignment with regional sustainability goals — with ESG principles integrated across the full investment lifecycle. 'We are delighted to welcome Rakiza as a PRI signatory,' said David Atkin, CEO of the PRI. 'Responsible investment is naturally aligned with infrastructure, given its long-term horizon as an asset class and its potential to shape sustainability outcomes. We look forward to working with Rakiza as part of our global signatory base.' The UNPRI's six principles offer a global framework for institutional investors to incorporate ESG factors into their investment and ownership decisions. By becoming a signatory, Rakiza commits to these principles and to reporting transparently on how ESG is embedded into its investment practices. Caption: Muneer al Muneeri, CEO of Rakiza
Time of India
5 days ago
- Business
- Time of India
India-UK FTA will make Scotch whiskies more competitively priced: Pernod Ricard India
HighlightsPernod Ricard India announced that the implementation of the India-UK free trade agreement will reduce import duties on UK whisky and gin, leading to lower retail prices for premium Scotch whiskies in India. Under the trade agreement, India will reduce duties on UK whisky and gin from 150 percent to 75 percent, and further to 40 percent by the tenth year, benefiting Indian consumers. Pernod Ricard India stated that while the FTA will positively impact the pricing of imported liquor, it will have minimal effect on Indian Made Foreign Liquor, which remains at a significantly lower price point. Alcoholic beverage company Pernod Ricard India on Wednesday said a reduction in prices of imported liquor following the implementation of the India-UK free trade agreement (FTA) will lead to lower retail prices across most states. Terming the UK-India FTA as "a positive step forward for both the industry and consumers", Pernod Ricard India (PRI) said it will improve access to premium Scotch whiskies in the country. "Notably, the FTA is expected to improve access to premium Scotch whiskies by making them more competitively priced, as reductions in import duties on Bottled-in Origin products will translate into lower retail prices across most states," a PRI spokesperson told PTI. Under the trade pact, announced earlier this month, India will reduce duties on UK whisky and gin from 150 per cent to 75 per cent, and further to 40 per cent by the tenth year. PRI is the subsidiary of the French spirits maker Pernod Ricard. It leads the Indian market in terms of sales, followed by Diageo, which owns United Spirits Ltd. The company owns Chivas Regal and other Scotch whisky brands such as The Glenlivet, Royal Salute, Ballantine's etc. According to PRI, while the formal details of the UK-India FTA are still awaited, the agreement in principle marks a positive step forward for both the industry and consumers. However, PRI also added that it will have a minimum impact on the prices of IMFL (India Made Foreign Liquor). "These price reductions will benefit Indian consumers, while having minimal impact on Indian Made Foreign Liquor, which remains at a significantly lower price point," the spokesperson said. PRI also owns IMFL brands such as Blenders Pride, Imperial Blue, and Royal Stag through Seagram's. The Indian alchoBev (alcoholic beverage) industry players blend imported bulk scotch whisky with IMFL. Some home-grown players expect a decline in IMFL prices also. However, PRI said these price reductions will benefit Indian consumers, while having minimal impact on IMFL, which remains at a significantly lower price point. In India, retail prices of liquor are controlled by policies of respective state governments. They identify the import duty as a separate component of the retail selling price in their respective areas. "Once the final terms are officially announced, we will continue to assess the implications of the FTA as they come into effect," said PRI. Earlier British spirits makr Diageo, which owns brands such as Johnny Waker had said it expects a reduction of "high single digit" in consumer prices along with additional volume growth after implementation of the India-UK free trade agreement Pernod Ricard's global portfolio comprises over 200 premium brands, including 100 Pipers, Chivas Regal, The Glenlivet, Absolut, Havana Club and Jacob's Creek.
India Gazette
5 days ago
- Business
- India Gazette
"Historic day as scientists step out of labs to share research directly with farmers", says Agriculture Minister Chouhan
Puri (Odisha) [India], May 29 (ANI): Union Agriculture Minister Shivraj Singh Chouhan on Thursday hailed scientists stepping out of labs to share new agricultural research directly with farmers, emphasising practical implementation. The government has also extended the Modified Interest Subvention Scheme to provide financial support to farmers, marking a significant step toward boosting agricultural productivity and farmer welfare. Speaking to media persons, Chouhan said, 'It is a historic day for the country as the scientists leaving their labs are going to farmers to inform them about new research and agricultural developments. Knowledge will not remain in labs but will be implemented on the ground.' 'Farmers, the Central Agriculture Ministry, the state department, and agricultural universities work together to ensure production the Centre and the Cabinet extended the Modified Interest Subvention Scheme in the interest of farmers,' he told reporters. Earlier, on Wednesday, the Union Cabinet approved the continuation of the interest subvention component under the Modified Interest Subvention Scheme (MISS) for farmers for the financial year 2025-26 and approved the required fund arrangements. It is a Central Sector Scheme that ensures the availability of short-term credit to farmers at an affordable interest rate through the Kisan Credit Card (KCC). Under the Scheme, farmers received short-term loans of up to Rs 3 lakh through Kisan Credit Cards (KCC) at a subsidised interest rate of 7 per cent, with a 1.5 per cent interest subvention provided to eligible lending institutions. Additionally, farmers repaying loans promptly are eligible for an incentive of up to 3 per cent as a Prompt Repayment Incentive (PRI), effectively reducing their interest rate on KCC loans to 4 per cent. Overall agricultural credit flow also rose from Rs 7.3 lakh crore in 2013-14 to Rs 25.49 lakh crore in 2023-24. 'The Cabinet's decision reinforces the Government's unwavering commitment to doubling farmers' income, strengthening the rural credit ecosystem, and boosting agricultural growth through timely and affordable credit access,' the statement added. (ANI)
India Gazette
6 days ago
- Business
- India Gazette
Centre extends interest subvention scheme for farmers by another year
New Delhi [India], May 28 (ANI): The Union Cabinet on Wednesday approved the continuation of the interest subvention component under the Modified Interest Subvention Scheme (MISS) for farmers for the financial year 2025-26, and approved required fund arrangements. It is a Central Sector Scheme aimed at ensuring the availability of short-term credit to farmers at an affordable interest rate through Kisan Credit card (KCC). Under the Scheme: Farmers received short-term loans of up to Rs 3 lakh through Kisan Credit Cards (KCC) at a subsidized interest rate of 7 per cent, with 1.5 per cent interest subvention provided to eligible lending institutions. Additionally, farmers repaying loans promptly are eligible for an incentive of up to 3 per cent as Prompt Repayment Incentive (PRI) effectively reducing their interest rate on KCC loans to 4 per cent. For loans taken exclusively for animal husbandry or fisheries, the interest benefit is applicable up to Rs 2 lakh. No changes have been proposed in the structure or other components of the scheme by the Cabinet. 'There are more than 7.75 crores of KCC accounts in the country. The continuation of this support is critical to sustaining the flow of institutional credit to agriculture, which is vital for enhancing productivity and ensuring financial inclusion for small and marginal farmers,' the government said in a statement. Institutional credit disbursement through KCC increased from Rs 4.26 lakh crore in 2014 to Rs 10.05 lakh crore by December 2024. Overall agricultural credit flow also rose from Rs 7.3 lakh crore in 2013-14 to Rs 25.49 lakh crore in 2023-24. 'The Cabinet's decision reinforces the Government's unwavering commitment to doubling farmers' income, strengthening the rural credit ecosystem, and boosting agricultural growth through timely and affordable credit access,' the statement added. (ANI)
Time of India
6 days ago
- Business
- Time of India
Pernod Ricard to pass on price cut benefits to consumers after UK-India FTA
Alcoholic beverage company Pernod Ricard India on Wednesday said it will extend benefits of price reduction on imported liquor to consumers following implementation of the free trade agreement between India and UK. Terming the India-UK FTA as a "positive step forward for both the industry and consumers", Pernod Ricard India (PRI) said it will improve access to premium Scotch whiskies . "Notably, the FTA is expected to improve access to premium Scotch whiskies by making them more competitively priced, as reductions in import duties on Bottled in Origin products will translate into lower retail prices across most states," said a PRI spokesperson. Under the trade pact, announced earlier this month, India will reduce duties on UK whisky and gin from 150 per cent to 75 per cent, and further to 40 per cent by the tenth year. PRI is the subsidiary of French spirits maker Pernod Ricard. It leads the india market in terms of sales. According to PRI, while the formal details of the UK-India FTA are still awaited, the agreement in principle marks a positive step forward for both the industry and consumers. However, PRI also added that it will have a minimum impact on the prices of IMFL ( India Made Foreign Liquor ). "These price reductions will benefit Indian consumers, while having minimal impact on Indian Made Foreign Liquor, which remains at a significantly lower price point," the spokesperson said. In India, retail prices of liquor are controlled by policies of respective state governments. They identify import duty as a separate component of the retail selling price in their respective areas. "Once the final terms are officially announced, we will continue to assess the implications of the FTA as they come into effect," said PRI. Earlier British spirits maker Diageo, which owns brands such as Johnny Waker had said it expects a reduction of "high single digit" in consumer prices along with additional volume growth after implementation of the India-UK free trade agreement Pernod Ricard's global portfolio comprises over 200 premium brands, including 100 Pipers, Chivas Regal, The Glenlivet, Absolut, Havana Club and Jacob's Creek. It also owns IMFL brands such as Blenders Pride, Imperial Blue and Royal Stag.
