eznews.in
The Union Cabinet has approved the continuation of the Modified Interest Subvention Scheme (MISS) for the financial year 2025-26, ensuring affordable short-term credit for farmers through Kisan Credit Cards (KCC). Under this scheme, farmers can access loans of up to ₹3 lakh at a subsidised interest rate of 7%, with an additional 1.5% subvention for eligible lending institutions. Notably, those who repay their loans promptly can benefit from a Prompt Repayment Incentive (PRI) of up to 3%, effectively lowering their interest rate to 4%. The scheme also extends interest benefits for loans related to animal husbandry or fisheries up to ₹2 lakh. With over 7.75 crore KCC accounts, the government emphasized that this support is crucial for enhancing agricultural productivity and financial inclusion for small farmers. Institutional credit disbursement through KCC has surged from ₹4.26 lakh crore in 2014 to ₹10.05 lakh crore by December 2024, reflecting the government's commitment to boosting rural credit and farmers' incomes. 
Published: May 28 2025, 5 pmeznews.inHarvested Robotics, a Hyderabad-based start-up specializing in robotic solutions for agriculture, has appointed a Golden Retriever named Denver as its Chief Happiness Officer (CHO) to enhance employee morale. Co-Founder and CEO Rahul Arepaka introduced Denver on LinkedIn, highlighting the dog’s role in boosting workplace energy without the need for coding or complex tasks. The company, which recently secured ₹5 crore in pre-seed funding from Arali Ventures and notable angel investors, aims to revolutionize farming through AI-driven laser weeding, reducing reliance on chemicals. While many welcomed the initiative, some critics argued that using a dog as a PR tool could distract from creating a genuinely respectful and low-stress work environment. Despite mixed reactions, Harvested Robotics has officially embraced a pet-friendly policy, with Denver already stealing hearts and generating buzz among employees and followers alike.
Published: May 29 2025, 10 pmeznews.inIn a significant development for India's agricultural sector, the government has registered 34 new biostimulants, bringing the total to over 45, a move expected to enhance manufacturing and export opportunities in the agri-input segment. This follows the registration of 11 biostimulants in May 2024 and their formal inclusion under the Fertiliser Control Order (FCO) in 2021. Vipin Saini, CEO of the Biological Agri Solutions Association of India, noted that the rapid registration of biostimulants, which include seaweed extracts and humic acids, positions India ahead of the European Union, which has only registered a handful. The Indian bio-input market is valued at approximately $211 million, while the global market stands at $3.39 billion. Experts emphasize that these formulations can mitigate climate change impacts and improve nutrient uptake, while also calling for regulatory clarity to support innovation in the sector.
Published: May 29 2025, 9 pmeznews.inUnion Finance Minister Nirmala Sitharaman highlighted the significance of Operation Sindoor in enhancing India's warfare capabilities and technological integration among its armed forces during a recent address at the Institute of Economic Growth. She asserted that this operation exemplifies India's advancements in 21st-century warfare, emphasizing the importance of leveraging technology for strategic depth rather than traditional border crossings. Sitharaman also noted India's remarkable digital financial transformation, which has permeated various sectors. Addressing budgetary concerns, she explained the necessity of increased capital expenditure in the post-COVID-19 era, supported by 50-year interest-free loans to states. In a meeting with Asian Development Bank President Masato Kanda, she advocated for enhanced support for rural prosperity initiatives and emphasized the private sector's role in infrastructure financing. Kanda reaffirmed ADB's commitment to supporting India's development goals, including its vision for becoming a developed nation by 2047.
Published: May 29 2025, 9 pmeznews.inIn a significant development for India-US trade relations, a US trade court has blocked President Donald Trump's reciprocal tariffs, alleviating immediate pressure on India to finalize an interim trade pact. The ruling, which challenges the legality of Trump's broad tariff impositions, does not affect industry-specific tariffs on sectors like automobiles and steel. Experts suggest that India should adopt a cautious approach in ongoing bilateral trade agreement (BTA) negotiations, as the outcome of the Trump administration's appeal could impact the validity of any agreements reached. Rajesh Agarwal, Additional Secretary in the Ministry of Commerce, emphasized the importance of a mutually beneficial trade deal, highlighting the complementary nature of the two economies. Meanwhile, Commerce Minister Piyush Goyal reiterated India's commitment to fostering strong economic ties while remaining non-intrusive in US domestic matters. The court's decision underscores the complexities of international trade negotiations amid evolving legal landscapes.
Published: May 29 2025, 9 pmeznews.inThe Congress party has accused the Indian government of betraying farmers regarding the minimum support price (MSP), claiming that the rates approved for the Kharif 2025 season fall significantly short of the Swaminathan Commission's recommended formula of cost (C2) plus 50 percent. Congress general secretary Randeep Surjewala highlighted that the new MSPs are ₹528 to ₹3,102 per quintal lower than the C2 costs of production. He criticized the government for its minimal procurement of crops, with only a fraction of the total gram, maize, and bajra crops purchased at MSP during the 2023-24 season. Ashok Dhawale from the All India Kisan Sabha echoed these sentiments, labeling the government's MSP claims as misleading and asserting that the announced prices do not meet the expectations of even BJP-ruled states. He emphasized that the MSPs remain largely theoretical due to a lack of assured procurement, leading to significant financial losses for farmers.
Published: May 29 2025, 9 pmeznews.inIndia's retail payment system experienced significant growth in transaction volume and value during the fiscal year 2024-25, driven largely by the success of the Unified Payments Interface (UPI). According to the Reserve Bank of India's annual report, UPI transactions surged by 41.7% in volume and 30.3% in value, capturing 84% of total retail payments. Additionally, National Electronic Funds Transfer (NEFT) transactions rose by 32.4% in volume and 13.4% in value. The Payments Infrastructure Development Fund (PIDF) played a crucial role in expanding digital payment acceptance, with point of sale (PoS) terminals increasing by 25% to 1.1 crore and UPI QR codes soaring by 92% to 65.8 crore. The RBI is also collaborating with NPCI International Payments Ltd to expand UPI's reach to 20 countries by 2028-29. Overall, India's payment systems recorded a 35% growth in transaction volume and a 17% increase in value during FY25.
Published: May 29 2025, 9 pmeznews.inIndia's major reservoirs have seen a notable increase in water storage for the first time in 28 weeks, attributed to early monsoon rains and a depression over the Arabian Sea. The Central Water Commission (CWC) reported that storage levels rose to 30.33% of the total capacity, up from 29.37% the previous week. The India Meteorological Department (IMD) anticipates an above-normal monsoon, which could further enhance water levels. While storage improved in four regions, the eastern zone saw a decline, with levels dropping below 25%. In the northern region, reservoirs are at 29.30% capacity, with Punjab at 42.15% and Rajasthan at 52.72%. The southern region boasts the highest storage, led by Tamil Nadu at 72.52%. Overall, the early onset of the southwest monsoon, beginning May 24, marks a significant boost for India's agricultural water supply, the first such occurrence since 2009.
Published: May 29 2025, 8 pmeznews.inThe Institute of Chartered Accountants of India (ICAI) has launched an investigation into accounting discrepancies related to forex derivatives at IndusInd Bank (IBL). Following a board meeting, ICAI's Financial Reporting Review Board (FRRB) will scrutinize IBL's financial statements and auditor reports for the fiscal years 2023-24 and 2024-25, with findings expected within six months. This inquiry comes after IBL revealed on March 10, 2025, that an internal review identified discrepancies affecting approximately 2.35% of its net worth, estimated at ₹1,530 crore. Concurrently, market regulator SEBI has barred former IBL CEO Sumant Kathpalia and four others from the securities market for insider trading, as they were aware of these discrepancies 15 months prior to public disclosure. SEBI has also impounded ₹19.78 crore from the individuals involved, reflecting the gains made from trading on unpublished sensitive information.
Published: May 29 2025, 8 pmeznews.inFertilizer cooperative Iffco has reported a 16% increase in net profit for the fiscal year 2024-25, reaching ₹2,823 crore, up from ₹2,443 crore in 2023-24, driven by higher revenue. However, turnover saw a modest rise of 4.5%, totaling ₹41,244 crore. Chairman Dileep Sanghani announced a 20% dividend for over 35,600 member societies, marking three consecutive years of profits exceeding ₹3,000 crore. Managing Director US Awasthi noted a significant 47% increase in sales of liquid nano fertilizers, contributing to the cooperative's growth. Iffco plans to launch new products, including Nano Zinc and Nano Copper, and will establish a modern seed innovation center at its Kalol unit. The cooperative maintained a stable market share of 17.98% in India's fertilizer production, with total output rising to 93.10 lakh tonnes. Overall, India's fertilizer production increased by 2.9% to 517.83 lakh tonnes in FY25.
Published: May 29 2025, 8 pmeznews.inThe Reserve Bank of India's Annual Report presents an optimistic outlook for the Indian economy in FY26, driven by a revival in consumption demand and government capital expenditure, while maintaining fiscal discipline. It highlights the resilience of the services sector and the healthy financial positions of banks and corporations as key supportive factors. However, the report warns of potential risks from global trade uncertainties, geopolitical tensions, and financial market volatility that could impact growth and inflation. Food inflation is expected to ease due to a better rabi crop, contributing to a gradual moderation in overall inflation. The RBI emphasizes the need for a growth-supportive monetary policy while remaining vigilant about global economic conditions. Additionally, it plans to enhance regulatory frameworks, including climate risk guidelines for banks and improved cyber security measures, to bolster financial stability.
Published: May 29 2025, 8 pm
For the fastest, latest, not so wokest news, 'experts say' you need to visit Eznews
India
World
Economy
Science
Health
Showbiz
Contact