Author: MIL-OSI Publisher

Source: Government of India

Government of India Procures 100 Lakh Bales of Cotton Under MSP Operations through its Nodal Agency

38% of total cotton arrivals procured under MSP operations up to March 31, 2025

Rs 37,450 crore paid to cotton farmers

Telangana leads with 40 lakh bales, followed by Maharashtra WITH 30 lakh bales and Gujarat WITH 14.02 lakh bales

508 procurement centers operational

Direct Aadhaar-linked payments and digital tracking through the Cott-Ally mobile app

Posted On: 08 APR 2025 3:27PM by PIB Delhi

In current cotton season 2024-25, up to March 31, 2025, Government of India, through its nodal agency, the Cotton Corporation of India Ltd. (CCI) under Ministry of Textiles has successfully procured 525 lakh quintals of seed cotton, equivalent to 100 lakh bales, under Minimum Support Price (MSP) operations. This procurement accounts for 38% of the total cotton arrivals of 263 lakh bales and 34% of the estimated total cotton production of 294.25 lakh bales in the country.

Among the states, Telangana has recorded the highest procurement at 40 lakh bales, followed by Maharashtra with 30 lakh bales and Gujarat with 14 lakh bales. Other states with significant procurement include Karnataka (5 lakh bales), Madhya Pradesh (4 lakh bales), Andhra Pradesh (4 lakh bales), and Odisha (2 lakh bales). Procurement in Haryana, Rajasthan, and Punjab stands at 1.15 lakh bales.  In total, Rs.37,450 crore has been paid to approximately 21 lakh cotton farmers across all  cotton producing states.

The MSP mechanism continues to provide remunerative prices to cotton farmers, protecting them from distress sales when market prices fall below the MSP. To facilitate efficient procurement, CCI has opened 508 procurement centers nationwide. Several digital initiatives have been implemented, including on-spot Aadhaar authentication, SMS notifications for payments and 100% direct payments through the National Automated Clearing House (NACH).   The Cott-Ally mobile app, available in nine regional languages, enables farmers to access real-time information on MSP rates, procurement centers, and payment tracking.   Further, all cotton bales produced by CCI are traceable via QR codes, by using Block-chain technology to ensure transparency and accountability.

Government of India remains committed to safeguard interests of cotton farmers through a fair, transparent and efficient procurement process.

***

Dhanya Sanal K, IIS

Director

(Release ID: 2120025) Visitor Counter : 46

Source: Hong Kong Government special administrative region

Source: Hong Kong Government special administrative region

Source: Hong Kong Government special administrative region

Source: Hong Kong Government special administrative region

     Following are the remarks by the Chief Executive, Mr John Lee, at a media session before the Executive Council meeting today (April 8):

Reporter: Chief Executive, two questions. Are there any concrete measures the Government would do to help local businesses affected by tariff and, in your perception, how would the tariff attack Hong Kong’s unemployment rate? And the second question is on the Panama deal, how should local companies respond to Beijing’s criticism, and would the antitrust probe and the possible failed deal affect people’s perception that companies in Hong Kong must ultimately answer to Beijing?
 
Chief Executive: Last week, the US announced the imposition of so-called reciprocal tariff on trading partners around the world, including an additional 34 per cent tariff on Hong Kong products. Together with the 20 per cent tariff announced earlier, the total tariff imposed on Hong Kong products is up to 54 per cent. The US no longer adheres to free trade, arbitrarily undermining the internationally established rules of world trade. Its ruthless behaviour damages global and multilateral trade. The reckless imposition of tariff affects many countries and regions around the world with huge tax rate increases covering a wide range of goods, disrupting the world economic and trade order, and bringing great risks and uncertainties to the world. In response to the US’s imposition of tariff, the Government will strengthen its strategy in seven areas.
 
     First, we shall fully seize the opportunities in our country, China’s development, and actively integrate into national development. China is the world’s second-largest economy and second-largest consumer goods market, with a domestic market of 1.4 billion people. Hong Kong will take full advantage of CEPA (Mainland and Hong Kong Closer Economic Partnership Arrangement) to attract more foreign companies to set up operations to capitalise on the benefits of “one country, two systems”. As of the end of last year, the accumulated tariff concessions on goods under CEPA exceeded RMB10.2 billion.
 
     Second, we shall strengthen international exchanges and deepen regional ties and co-operation. We shall sign more free trade agreements (FTAs) with countries and economies. Today, Hong Kong’s FTAs already cover 21 economies. We are currently negotiating investment agreements with Saudi Arabia, Bangladesh, Egypt and Peru. We will continue to push for Hong Kong’s early accession to the RCEP (Regional Comprehensive Economic Partnership) to deepen regional co-operation. We are already planning to establish economic and trade offices in Malaysia and Saudi Arabia. Additionally, Invest Hong Kong and the Hong Kong Trade Development Council have set up offices in Cairo, Egypt; Izmir, Türkiye; and Cambodia to proactively expand Hong Kong’s global trade and economic network.
 
     Third, Hong Kong will accelerate industrial transformation by developing a high value-added, innovation-driven economic model. We will expedite the establishment of a high value-added supply chain service hub and promote the growth of a headquarters economy.
 
     Fourth, we will intensify efforts to develop technological innovation, attract top-tier talent, and further strengthen Hong Kong’s competitiveness. We will focus efforts on establishing Hong Kong as a technological and Innovation hub, accelerating development of the Hetao (Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone) and San Tin Technopole, and continuing to attract top-tier talent and enterprises, particularly key strategic companies.
 
     Fifth, we will vigorously advance international financial co-operation to attract investments and capital. I, along with government officials, have conducted multiple visits to emerging markets to forge new partnerships. Notably, we engaged with ASEAN (Association of Southeast Asian Nations) and Middle East countries to establish mutual recognition with their stock exchanges.
 
     Sixth, we will seize the world’s major trend of geographical diversification, proactively attracting foreign companies and capital to establish in Hong Kong, because Hong Kong can provide security and stability to investors and enterprises under “one country, two systems”.
 
     Seventh, we will continue to provide various support to help Hong Kong enterprises to cope with the impact of tariff and external challenges, including capital flow assistance, export credit insurance measures, supporting Hong Kong enterprises in brand development, upgrading and exploring new markets through the BUD special fund (Dedicated Fund on Branding, Upgrading and Domestic Sales), etc.
 
     In respect to your question about Hutchison’s deal to sell some ports, I have earlier made three points, and they remain valid, clear and explicit. I will repeat them. First, there have been extensive discussions in society about the issue, and this reflects society’s concern over the matter. These concerns deserve serious attention. Second, the Hong Kong Special Administrative Region Government urges foreign governments to provide a fair and just environment for enterprises, including enterprises from Hong Kong. We oppose the abusive use of coercion or bullying tactics in international economic and trade relations. Third, any transaction must comply with legal and regulatory requirements. Hong Kong will handle it in accordance with the law and regulations. I have noted that the State Administration for Market Regulation of the PRC (People’s Republic of China) has noticed the deal, and will review it in accordance with the law to ensure fair market competition and protect public interest.
 
(Please also refer to the Chinese portion of the remarks.)

Source: Hong Kong Government special administrative region

Source: Government of India

Posted On: 08 APR 2025 9:08AM by PIB Delhi

The Prime Minister, Shri Narendra Modi today extended his heartfelt congratulations to the beneficiaries of the Pradhan Mantri MUDRA Yojana (PMMY) as the nation marks #10YearsOfMUDRA.

Celebrating a decade of empowering dreams and driving inclusive economic growth, the Prime Minister highlighted the pivotal role played by the MUDRA scheme in uplifting marginalized communities and promoting entrepreneurship across India.

The Prime Minister said in X threads;

“Today, as we mark, #10YearsOfMUDRA, I would like to congratulate all those whose lives have been transformed thanks to this scheme. Over this decade, Mudra Yojana has turned several dreams into reality, empowering people who were previously overlooked with the financial support to shine. It illustrates that for the people of India, nothing is impossible!”

“It is particularly heartening that half of the Mudra beneficiaries belong to SC, ST and OBC Communities, and over 70% of the beneficiaries are women! Every Mudra loan carries with it dignity, self-respect and opportunity. In addition to financial inclusion, this scheme has also ensured social inclusion and economic freedom.”

“In the times to come, our Government will continue focusing on ensuring a robust ecosystem where every aspiring entrepreneur, has access to credit thus giving him or her the confidence and a chance to grow.”

*****

MJPS/ST

(Release ID: 2119932) Visitor Counter : 73

Source: Hong Kong Government special administrative region

The following is issued on behalf of the Hong Kong Monetary Authority:

The Hong Kong Monetary Authority (HKMA), together with the banking sector, introduced today (April 8) sector-specific support measures to further assist more small and medium-sized enterprises (SMEs) in obtaining bank financing and in their upgrade and transformation. The measures were introduced following meetings held by the Banking Sector SME Lending Coordination Mechanism (Mechanism) and the Taskforce on SME Lending (Taskforce) today.
 
Since the launch of the “9+5” (Note 1) SME support measures by the HKMA and the banking sector last year, more than 39 000 SMEs have benefitted from these measures, involving an aggregate credit limit of over HK$95 billion. The total amount of dedicated funds for SMEs set aside by the participating banks in the Taskforce in their loan portfolio has increased from HK$370 billion in October 2024 to more than HK$390 billion at present.
 
With the establishment of the Taskforce in August 2024, the HKMA and the banking sector have been actively strengthening the work of supporting SMEs at both the individual case and the industry levels. Up until the end of March 2025, the Taskforce has received around 590 enquiries and cases from various industries through different channels, of which nearly 90 per cent have been handled. At the industry level, the Taskforce has held more than 160 engagement events with trade associations and representatives from different industry sectors―including the retail and wholesale, import and export and manufacturing, construction, and transport sectors ― to gain a deeper understanding of the operations of SMEs in various industries.
 
In the light of the current trade tension and uncertainties surrounding the external economic environment, and after taking into account and discussing the views of the commercial sectors in the Mechanism and Taskforce meetings, the banking sector reaffirmed its commitment to actively implement the “9+5” SME support measures previously launched. The banking sector will continue to be accommodative in offering credit reliefs, including flexible repayment arrangements and deferment of repayment period, referencing the principles under the Pre-approved Principal Payment Holiday Scheme, to assist corporates in coping with their liquidity needs. Furthermore, banks will introduce more targeted support for various industries under the overarching principle of prudent risk management:
 

1. Import and export and manufacturing sectors: The commercial sectors reflected their concerns about the current global trade frictions during the meeting. The participating banks agree to provide flexible extensions to trade facilities (e.g. 90 or 120 days), or offer alternative suitable credit arrangements (such as repaying the trade loans by instalments, providing partial principal repayment options, or even offering principal moratorium), to assist individual customers experiencing short-term cashflow pressure due to trade frictions. The Mechanism and the Taskforce will closely monitor the latest developments regarding global tariff disputes and maintain dialogue with the import and export and manufacturing sectors. 
     
2. Construction sector: The participating banks will assist corporates facing cashflow pressure, particularly subcontractors in the construction sector that may be experiencing sudden cashflow pressure due to capital chain rupture, through a collaborative mechanism. The banks will collaboratively offer flexible financial arrangements as far as practicable to alleviate customers’ cashflow pressure. 
    
3. Transport sector: The participating banks will actively consider introducing financing products that are better suited to the transport sector, with a view to supporting the Government’s implementation of measures to enhance taxi services. The banks will offer more flexible repayment arrangements to assist customers in coping with operational challenges, taking into account individual circumstances. The banks will also consider correspondingly extending the loan tenor to support the development of the sector (Note 2).

​
     Furthermore, the HKMA and the banking sector will support the economic development of Hong Kong in other areas, including:
 

1. Lease extension: The banking sector will strengthen the promotion of the Extension of Government Leases Ordinance (the Ordinance) (Note 3). Banks will ensure that frontline staff are familiar with land lease extension matters under the Ordinance, so that they can properly address customers’ mortgage enquiries related to land leases and offer suitable services to them. 
    
2. Northern Metropolis development: With the HKMA’s facilitation, the Hong Kong Association of Banks and the Chinese Banking Association of Hong Kong have recently engaged with the Development Bureau to gain an understanding of the latest development of the Northern Metropolis. The banking sector will explore ways to provide suitable financing support to tie in with the Government’s implementation of large-scale land disposal and other developments. 

The HKMA and the banking sector will maintain close communication with the commercial sectors through the Mechanism and the Taskforce and work in concert to support the business development and transformation of SMEs.
 
Background
————–

The Banking Sector SME Lending Coordination Mechanism

The Banking Sector SME Lending Coordination Mechanism was established by the HKMA in October 2019. Participants include 11 banks (Note 4) that are most active in SME lending, the Hong Kong Association of Banks (HKAB) and the HKMC Insurance Limited. Since its establishment, the HKMA and the Mechanism have rolled out several rounds of relief measures for corporates, including the Pre-approved Principal Payment Holiday Scheme and the nine SME support measures launched in March 2024.
 
The Taskforce on SME Lending

The Taskforce on SME Lending was jointly established by the HKMA and HKAB in August 2024. Participants include representatives of the HKMA, HKAB and 18 banks (Note 5) that are active in SME lending. The Taskforce aims to further strengthen the related work for supporting SMEs at both the individual case and the industry levels. These include setting up a mechanism to handle individual cases of SMEs encountering difficulties when obtaining bank financing, working out appropriate solutions across banks and enhancing communication among the HKMA, the banking industry and the commercial sector so as to understand the financing needs of SMEs in a more timely manner.

Note 1: The HKMA and the banking sector introduced nine measures to support SMEs’ access to financing and continuous development in March 2024, and another five measures to support SMEs’ upgrade and transformation in October 2024.

Note 2: The above-mentioned arrangements are also applicable to taxi loans, public light bus loans and commercial vehicle loans taken out by personal customers. 

Note 3: Under the Ordinance, which came into effect on July 5, 2024, general purpose leases (i.e. general residential, commercial, industrial leases) will be extended upon expiry for a term of 50 years without payment of any additional premium, but subject to an annual payment of Government rent at 3 per cent of rateable value. The encumbrances, interests and rights under the original lease (such as mortgages) will be carried forward to the extended lease term without being affected, and owners are no longer required to execute lease extension documents with the Government or re-arrange mortgages. The Ordinance is not applicable to special purpose leases (SPL) (including purposes such as petrol filling station, education, recreation, public utility, welfare and special industries). The Lands Department has made an “SPL identification note” in the Land Registry register for SPLs for identification.

Note 4: Bank of China (Hong Kong), Bank of East Asia, China Construction Bank (Asia), Citibank, Dah Sing Bank, DBS Bank (Hong Kong), Hang Seng Bank, The Hongkong and Shanghai Banking Corporation, Industrial and Commercial Bank of China (Asia), OCBC Bank (Hong Kong), and Standard Chartered Bank (Hong Kong).

Note 5: Including the 11 banks participating in the Mechanism, and Bank of Communications (Hong Kong), China CITIC International, Fubon Bank (Hong Kong), Fusion Bank, Nanyang Commercial Bank, PAO Bank and Shanghai Commercial Bank.

Source: Hong Kong Government special administrative region

Source: Hong Kong Government special administrative region

The Chief Executive in Council today (April 8) authorised the railway scheme of the Northern Link (NOL) Main Line in accordance with the Railways Ordinance (Cap. 519).

Taking into account the pace of developments along the NOL, the NOL project is implemented in two phases. Phase 1 involves the construction of the Kwu Tung (KTU) Station above the tunnel structure of the existing Lok Ma Chau Spur Line of the East Rail Line (EAL). The construction works of the KTU Station project commenced in September 2023 with target completion in 2027 to tie in with the intake of major new population of Kwu Tung North New Development Area. Phase 2 is the NOL Main Line, which involves the construction of a 10.7-kilometre railway connecting the existing Kam Sheung Road (KSR) Station of the Tuen Ma Line (TML) and the KTU Station, with three intermediate stations at Au Tau, Ngau Tam Mei and San Tin. The detailed planning and design of the NOL Main Line have been substantially completed, and the advance works have also commenced. The target is to complete the works of the Main Line by 2034.

A Government spokesperson said, “The NOL Main Line will become the main transportation backbone of the Northern Metropolis, unleashing the development potential of land along the railway. It will also connect the existing TML and the EAL, forming a railway loop linking up the New Territories and the Kowloon urban area, substantially improving the connections of the existing railway network. When the NOL Main Line comes into operation, the expected travel time between KSR Station and KTU Station is expected to be substantially reduced from the current 60 to 80 minutes during peak hours to about 12 minutes.”

“The Government and the MTR Corporation Limited (MTRCL) have collected public views on the NOL Main Line project through various channels earlier, including consulting the North District Council and the Yuen Long District Council, exchanging views with relevant rural committees and stakeholders and organising various publicity activities in the community. The public is generally supportive of the NOL Main Line project,” the spokesman added.

The original scheme of the NOL Main Line was gazetted on October 6, 2023, with two subsequent amendments. The first amendment and correction to the scheme was gazetted on May 3, 2024, and the second amendment to the scheme was gazetted on August 30, 2024. In respect of the objections received, the Government together with the MTRCL has carefully studied the grounds of each opinion, and met with the objectors to explain the railway scheme and respond to their concerns. All of the unwithdrawn objections have been submitted to the Executive Council for consideration.

“During the implementation of the NOL Main Line project, the MTRCL will continue to maintain close communication with relevant stakeholders. Furthermore, the MTRCL is also required to comply with the conditions set out in the environmental permit issued by the Director of Environmental Protection to mitigate the environmental impacts of the works,” the spokesman said.