New Delhi, Oct 1: Prime Minister Narendra Modi said on Wednesday that the welfare of the country’s farmers, who play a vital role in building a developed India, is a top priority for his government.

“To this end, the decision to increase the Minimum Support Price (MSP) for rabi crops has been taken. While this will strengthen our food security, it will also benefit our farmer brothers and sisters,” the Prime Minister said in a post on X.

He was referring to the Cabinet decision taken on Wednesday to increase the MSP for rabi crops for the 2026-27 marketing season to ensure remunerative prices to farmers for their produce.

The highest increase in MSP has been announced for Safflower at Rs 600 per quintal, followed by Lentil (Masur) at Rs 300 per quintal. For rapeseed and mustard, gram, barley, and wheat, there is an increase of Rs 250 per quintal, Rs 225 per quintal, Rs 170 per quintal and Rs 160 per quintal, respectively.

The Prime Minister further stated: “We are leaving no stone unturned to ensure the welfare of our farmer brothers and sisters across the country. In this regard, our government has approved the Mission on Self-Reliance in Pulses. While this historic initiative will boost the production of pulses, it will also strengthen our resolve for self-reliance.”

The Union Cabinet, chaired by the Prime Minister, on Wednesday approved the Mission for Aatmanirbharta in Pulses with a financial outlay of Rs 11,440 crore. The landmark initiative aimed at boosting domestic production and achieving self-sufficiency in pulses will be implemented over a six-year period from 2025-26 to 2030-31.

The Pulses Mission is expected to benefit around 2 crore farmers with the supply of better seeds, post-harvest infrastructure and 100 per cent assured procurement of Tur, Urad and Masoor pulses from growers at the Minimum Support Price during the next 4 years, according to an official statement.

Pulses hold special importance in India’s cropping systems and diets. India is the world’s largest producer and consumer of pulses. With rising incomes and standard of living, pulse consumption has increased. However, domestic production has not kept pace with demand, leading to a 15-20 per cent increase in pulse imports.

In another post on X, PM Modi highlighted a Cabinet decision on the decision on widening and upgradation of the Kalibor-Numaligarh section of NH-715 in Assam.

“A historic decision for Assam and the Northeast! The Cabinet decision on widening and upgradation of the Kalibor-Numaligarh section of NH-715, including an elevated corridor with wildlife-friendly measures in the Kaziranga stretch, will boost development as well as ensure animal safety. Tourism to Kaziranga will receive a big boost,” the Prime Minister wrote.

He also took to Twitter to underline the Cabinet’s approval for Phase-III of the Biomedical Research Career Programme, which “will nurture scientific talent, support fellowships, collaborative grants and build world-class biomedical research capacity across India.”

New Delhi, Oct 1: Bankers on Wednesday welcomed the Reserve Bank of India’s (RBI) decision to maintain the repo rate at 5.5 per cent with a neutral stance, saying the move reflects a balanced approach in supporting growth and ensuring price stability.

A neutral stance requires neither stimulation nor curbs on liquidity as it strikes a fine balance between controlling inflation without hurting growth.

According to Binod Kumar, MD and CEO of Indian Bank, the RBI MPC’s stable policy fosters predictability for customers, translating to predictable EMIs and timely access to credit, which aids current consumption plans.

“This stability, along with lowering the risk weight on MSME and residential real estate, will boost demand in this sector. This supports broader economic objectives, including the ongoing efforts to internationalise the Rupee and propel India’s trajectory towards developed country status,” he said in a statement.

The RBI also raised its projection of India’s GDP growth rate to 6.8 per cent for 2025-26 from 6.5 per cent earlier.

Ajay Kumar Srivastava, Managing Director and CEO, Indian Overseas Bank, said with inflation under control, aided by easing of food prices and GST rationalisation, the upward revision of GDP growth to 6.8 per cent for FY26 showcases resilience of the Indian economy despite global volatility.

“For the banking sector, measures set towards regulatory initiatives such as proposed risk-based deposit insurance premiums, easing of risk weights for MSME and residential real estate lending, and enabling framework for corporate acquisition and capital market financing is expected to further increase credit flow in the market and promote inclusive growth,” said Srivastava.

Furthermore, the focus on expanding bouquet of services for basic bank savings deposit accounts through mobile and internet services will also have positive impact on consumers, he added.

According to Rajosik Banerjee, Partner and Deputy Head, Risk Advisory, and Head – Financial Risk Management, KPMG in India, said RBI’s monitory policy calls out important measures for strengthening the resilience and competitiveness of the Indian banks.

This includes issuance of much awaited Expected Credit Loss (ECL) framework applicable to all Scheduled Commercial Banks (excluding Small Finance Banks (SFBs), Payment Banks (PBs), Regional Rural Banks (RRBs)) and All India Financial Institutions (AIFIs) with effect from April 1, 2027 with a glide path (till March 31, 2031) to smoothen the one-time impact of higher provisioning.

“Additionally, there is a step towards moving towards revised ‘Basel III’ capital adequacy norms effective April 2027. And finally moving towards the ‘Standardized Approach for Credit Risk’, proposing lower risk weights on certain segments are expected to reduce the overall capital requirements,” explained Banerjee.

Mumbai, Oct 1: The Indian benchmark indices opened with mild gains on Wednesday, as investors await the decision of the Reserve Bank of India’s (RBI) monetary policy decision.

As of 9.30 am, the Sensex was up 144 points, or 0.18 per cent at 80,412, and the Nifty advanced 17 points, or 0.07 per cent at 24,628.

The broad cap indices, Nifty Midcap 100 and Nifty Smallcap 100, inched up 0.52 and 0.29 per cent, respectively. Shriram Finance, Tech Mahindra, Trent and Tata Consumer Products were among the major gainers on the Nifty pack, while losers included Bajaj Finance, Interglobe Aviation, Bajaj Finserv and SBI Life Insurance.

Among sectoral indices, Nifty Media, the top gainer, advanced 1.74 per cent. Nifty Pharma (up 1.24 per cent) and Nifty Realty (up 1.30 per cent) were other major gainers.

Analysts said that banking stocks will be the focus of attention since a rate cut at this juncture will impact their NIMs and their stock prices. A pause by the MPC will impart resilience to the banking stocks, they said.

Amid the continuing market weakness and decline caused by sustained selling from foreign institutional investors (FIIs), analysts recommended systematic investment in high-quality large-cap stocks, emphasising that patience is essential for long-term wealth creation.

According to market experts, Nifty can find support at 24,550, followed by 24,500 and 24,450. On the higher side, 24,650 can be an immediate resistance, followed by 24,700 and 24,750.

The US markets ended in the green zone overnight, as Nasdaq edged up 0.31 per cent, the S&P 500 added 0.41 per cent, and the Dow moved up 0.18 per cent in the last trading session.

The Asian markets were trading mixed during the morning session following gains on Wall Street as investors appeared unperturbed by a looming US government shutdown.

While China’s Shanghai index added 0.52 per cent, and Shenzhen advanced 0.35 per cent, Japan’s Nikkei declined 1.17 per cent, while Hong Kong’s Hang Seng Index added 0.81 per cent. South Korea’s Kospi added 0.60 per cent.

On Tuesday, foreign institutional investors (FIIs) sold equities worth Rs 2,327 crore, while domestic institutional investors (DIIs) were net buyers of equities worth Rs 5,761 crore.