government of india – IFSCCodeof.in

ADB, India sign USD 100 million loan for agribusiness development in Maharashtra, BFSI News, ET BFSI

October 28, 2021 root Banking & Finance

[ad_1]

Read More/Less

The Asian Development Bank (ADB) and the Government of India on Wednesday signed a USD 100 million loan to promote the agribusiness network to boost farm incomes and reduce food losses in the state of Maharashtra.

Rajat Kumar Mishra, Additional Secretary, Department of Economic Affairs in the Ministry of Finance signed for the Government of India, the agreement for the Maharashtra Agribusiness Network (MAGNET) Project, while Takeo Konishi, Country Director of ADB’s India Resident Mission signed for ADB.

After the signing of the loan agreement, Mishra stated that the project supports agribusiness development in Maharashtra with holistic support to on-farm improvement in productivity, up-gradation of post-harvest facilities and establishing efficient marketing structures to benefit horticulture producers.

“The project will help small and marginal farmers in Maharashtra improve their post-harvest and marketing capacity, reduce food losses, and increase incomes through access to finance, capacity building, and horticulture value chain infrastructure development,” said Konishi.

“The project interventions also align with ADB’s ongoing support to rural sector transformation in the state through mutually complementary projects for improving irrigation efficiency through rural electrification and for enhancing rural connectivity,” he added.

Though Maharashtra produces 11 per cent and 6 per cent of India’s fruit and vegetable production, respectively, and accounts for about 8 per cent of the country’s floriculture exports, most smallholder farmers lack the capital to scale up and do not have direct access to emerging high-value markets. The ADB loan will help provide financing opportunities for farmer producer organizations (FPOs) and value chain operators (VCOs) through matching grants and financial intermediation loans to support 300 subprojects.

The project will upgrade 16 existing post-harvest facilities and construct three new ones to provide individual farmers and FPOs clean, accessible, and sustainable crop storage and processing facilities. It will also build the capacity of FPOs and VCOs on value chain acceleration and post-harvest handling and management, especially those owned and led by women. The project is expected to benefit 200,000 farmers.

ADB will provide a $500,000 technical assistance (TA) grant from its Technical Assistance Special Fund and USD 2 million from the Japan Fund for Poverty Reduction on a grant basis to improve market linkages for FPOs. The TA will establish crop-based centers of excellence networks, promote innovative technologies in agribusiness and agriculture value chains, and support capacity building, including the asset and financial management capabilities of the MAGNET Society and the Maharashtra State Agriculture Marketing Board.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members–49 from the region. (ANI)

[ad_2]

CLICK HERE TO APPLY

Leave a comment ADB, Asian Development Bank, government of india, India, Maharashtra, Ministry of Finance, rajat kumar mishra, takeo konishi

ADB, India government sign loans for projects in Maharashtra and Jharkhand, BFSI News, ET BFSI

September 9, 2021 root Banking & Finance

[ad_1]

Read More/Less

The Asian Development Bank (ADB) and government of India have signed two loans worth $412 million for projects in Maharashtra and Jharkhand.

ADB has signed an additional loan of $300 million for Maharashtra to ramp up rural connectivity projects. The lender had approved $200 million in August 2019.

The additional financing of $300 million for the ongoing Maharashtra Rural Connectivity Improvement Project will improve an additional 1,100 rural roads and 230 bridges for a total length of 2,900 km in 34 districts.

Rajat Kumar Mishra, additional secretary in Department of Economic Affairs, signed the loan, along with ADB India Director Takeo Konishi.

“With additional financing, the overall project will improve the condition and safety of 5,000 km of rural roads and over 200 bridges connecting rural communities with productive agricultural areas and socioeconomic centres in Maharashtra,” Mishra said.

The project is expected to generate around 3.1 million person-days of employment for local communities, of which at least 25% is for women.

For Jharkhand, ADB and the government of India signed a loan of $112 million.

This will be utilised for developing water supply infrastructure and capacity of urban local bodies for improved service delivery in four towns in the state. In these towns, four water plants with a combined capacity of 275 million litres per day will be established, along with 940 kilometers of water distribution network that will supply to around 115,000 households.

This is ADB’s first urban project in the state. The bank said that low-income states could look up to this model for continuous water supply.

[ad_2]

CLICK HERE TO APPLY

Leave a comment Asian Development Bank, ater supply infrastructure, development projects, government of india, jharkhand, Maharashtra, Maharashtra Rural Connectivity Improvement Project

Kerala inks $125-million pact with World Bank to boost disaster preparedness

July 21, 2021 root Banking & Finance

[ad_1]

Read More/Less

Government of India, the Government of Kerala and the World Bank have signed a $125-million programme to support Kerala’s preparedness against natural disasters, climate change impacts, disease outbreaks, and pandemics.

Rajat Kumar Mishra, Additional Secretary, Department of Economic Affairs, Ministry of Finance, Government of India; Rajesh Kumar Singh, Additional Chief Secretary, Government of Kerala; and Junaid Ahmad, Country Director, World Bank are signatories to the agreement consummated in Delhi.

Need for building resilience

A World Bank spokesperson quoted Junaid Ahmad as saying that in today’s context of increased economic, climatic, and health shocks, building resilience of economies is a policy imperative.

The World Bank is investing in Kerala’s capabilities to respond to shocks to the state economy and, importantly, prevent as much as possible the loss of lives, assets, and livelihoods. The objective is not to finance schemes but partner with the State government to improve the state’s financial health.

The programme also seeks to invest in sectors like health, water resources, social protection and agriculture, and address the drivers of natural disasters, climate change, and pandemic risks.

Multi-sectoral approach

For instance, in the Pamba River Basin, a multi-sectoral approach will be tested in Idukki, Kottayam, Pathanamthitta, and Alappuzha districts which represent a microcosm with tropical monsoon forests, dense urban settlements, and a rice bowl. Its success will have a demonstration impact across the state.

This is part of a programmatic series of World Bank-financed operations in the state. The First Resilient Kerala Development Policy Operation approved in June 2019 undertook several initiatives, the spokesperson said.

It helped the state draft a River Basin Conservation and Management Act, which will conserve and regulate water resources and ensure their sustainable management, allocation, and utilisation. It also introduced climate-resilient agriculture, risk-informed land use, and disaster management planning.

State Partnership Framework

The programme laid the foundations for a five-year State Partnership Framework and will focus on two key areas. First, it will incorporate disaster risk planning in the master plans of urban and local self-governments to ease financial constraints on the State government when faced with unexpected shocks.

Second, it will help make the health, water resources management, agriculture, and road sectors more resilient to calamities. Meanwhile, the Department of Economic Affairs, Ministry of Finance, stated that the state has shown resilience against the impacts of natural disasters and climate change.

It has been undertaking comprehensive shifts in policies, institutions, and programmes to address challenges. The Resilient Kerala Programme will help institutionalise disaster preparedness across sectors to ensure a resilient recovery and sustainable development pathway for the state.

[ad_2]

CLICK HERE TO APPLY

Leave a comment Covid-19, government of india, Kerala, KErala Government, pandemic, Worl bank

Nirmala Sitharaman urges G20 nations for aligning recovery strategies with climate concerns, BFSI News, ET BFSI

July 11, 2021 root Personal Finance

[ad_1]

Read More/Less

Finance Minister Nirmala Sitharaman on Saturday urged G20 nations for aligning economic recovery strategies with climate concerns.

Participating virtually in the Third G20 Finance Ministers and Central Bank Governors (FMCBG) Meeting under the Italian Presidency, Sitharaman shared recent policy responses of Government of India to strengthen the health system and economy, including the efficient application of CoWIN Platform to scale-up vaccination in India.

She highlighted the need for international coordination and cooperation in view of the emerging CoVID-19 variants.

Sitharaman added that this platform has been made freely available to all countries as humanitarian needs outweigh commercial considerations in this extraordinary crisis.

As the co-chair of Framework Working Group of the G20, India along with UK, views digitalization as an agenda that will continue to play a key role in bolstering economic growth, she said.

Regarding the ‘Statement on a two-pillar solution to address the tax challenges arising from the digitalisation of the economy’, released by the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS-IF) on July 1, the G20 Finance Ministers called on the OECD/G20 BEPS-IF to swiftly address the remaining issues.

Sitharaman suggested that further work needs to be done to ensure a fairer, sustainable and inclusive tax system which results in meaningful revenue for developing countries, the Finance Ministry said in a statement.

Earlier this month, India along with other nations joined OECD-G20 framework for global minimum tax. Total 130 countries agreed to an overhaul of global tax norms to ensure that multinational firms pay taxes wherever they operate and at a minimum 15 per cent rate.

Some significant issues including share of profit allocation and scope of subject to tax rules, remain open and need to be addressed. Further, the technical details of the proposal will be worked out in the coming months and a consensus agreement is expected by October.

Speaking on the need for aligning recovery strategies with climate concerns, the Finance Minister called for climate action strategies to be based on the principles of the Paris Agreement and noted the criticality of timely fulfilment of international commitments on climate finance and technology transfer.

The Finance Minister joined other G20 members in welcoming the Report of the G20 High-Level Independent Panel on Financing the Global Commons for Pandemic Preparedness and Response and emphasized on the urgent need to strengthen multilateralism for global health.

The G20 Finance Ministers and Central Bank Governors reaffirmed their resolve to use all available policy tools for as long as required to address the adverse consequences of COVID-19.

Sitharaman appreciated the Italian G20 Presidency for identifying three catalysts of resilient economic recovery from the pandemic as being Digitalization, Climate Action and Sustainable Infrastructure and shared the Indian experience of integrating technology with inclusive service delivery during the pandemic.

The two-day deliberation held on July 9-10 saw discussions on a wide range of issues including global economic risks and health challenges, policies for recovery from the CoVID-19 pandemic, international taxation, sustainable finance and financial sector issues.

[ad_2]

CLICK HERE TO APPLY

Leave a comment central bank, cowin platform, finance ministry, Framework Working Group, G20, government of india, oecd, sitharaman

CCEA clears strategic disinvestment of IDBI Bank, BFSI News, ET BFSI

May 5, 2021 root Banking & Finance

[ad_1]

Read More/Less

The Cabinet Committee on Economic Affairs, chaired by Prime Minister Shri Narendra Modi, has given its in-principle approval for strategic disinvestment along with transfer of management control in IDBI Bank Ltd. The extent of respective shareholdings to be divested by the Government of India and the Life Insurance Corporation of India (LIC) will be determined at the time of structuring of transaction consultation with RBI.

Government of India (GoI) and LIC together own more than 94% of equity of IDBI Bank (GoI 45.48%, LIC 49.24%). LIC is currently the promoter of IDBI Bank with Management Control and GoI is the co-promoter

The LIC Board of Directors have passed a resolution to the effect that LIC may reduce its shareholding in IDBI Bank Ltd by divesting its stake in conjunction with a strategic stake sale proposed by the government, with the goal of relinquishing management control and considering price, market outlook, statutory requirements, and policyholder interests.

It is expected that strategic buyer will infuse capital, new technologies, and best management practises for the optimal development business potential and growth of IDBI Bank Ltd.’s and will generate more business without relying on LIC or government assistance/funds.

[ad_2]

CLICK HERE TO APPLY

Leave a comment CCEA, GOI, government of india, IDBI Bank Ltd., LIC, Life Insurance Corporation of India

Yes Bank rolls out Yes MSME offering funding, knowledge partnerships & digital solutions to MSMEs, BFSI News, ET BFSI

January 19, 2021 root Banking & Finance

[ad_1]

Read More/Less

Yes Bank has rolled out Yes MSME, a comprehensive proposition enabling easy access to funding, knowledge partnerships and digital solutions.

The start-up programme offers collateral free loan up to Rs 5 crore, offers comprehensive micro-segmented services, facilitates easy access to capital with lower TAT and minimal documentation among other host of benefits with partnerships and technological opportunities.

The bank said in a release, “The YES MSME proposition focuses on supporting MSMEs in expanding their business, sustaining momentum and accelerating growth through solutions across lending, deposits, insurance, customized and segmented digital solutions for retail, manufacturing, wholesale, trade and service providers. This also includes special current account offerings for the self-employed segment.”
The bank has partnered over 700+ associations to take this ahead.

Nitin Gadkari, Union Minister for MSMEs and Road Transport and Highways, said, “The MSME sector is the backbone of the Indian economy and accounts for 30 per cent of the economy creating 11 crore jobs so far. Investment in the sector is the need of the hour and we are hopeful that concerted efforts by the industry and the Government will help expand it. I congratulate YES BANK for this new addition under their MSME sector initiative and the long-term plan to strengthen the ecosystem.”

Prashant Kumar, MD and CEO, YES BANK, said at the launch, “YES BANK remains committed to supporting the growth of this employment-intensive sector and contribute to the growth of the economy. The Bank’s enhanced value proposition will improve access to finance for MSMEs and support their technology upgrade, among other customer-focused measures. I am confident that our measures will have tangible outcomes and contribute to the collective vision of a self-reliant nation.”

The bank said, “The unique endeavour is yet another step for a meaningful push to increase the GDP contribution of the MSME sector – which came under strain in the aftermath of COVID-19 – from the current 30 per cent to 50 per cent, as the Government of India has envisioned.”

[ad_2]

CLICK HERE TO APPLY

Leave a comment government of india, MSME, Nitin gadkari, Prashant Kumar, Yes Bank, yes msme