Business
NABARD pegs Odisha’s credit potential for 2022-23 at Rs 1.34 lakh cr
The National Bank for Agriculture and Rural Development (NABARD) has projected Odisha’s credit potential for the financial year 2022-23 at Rs 1,34,665 crore, officials said here on Tuesday.
The credit project for the year 2022-23 is 21.61 per cent higher than the previous year’s Rs 1,10,735 crore. This was known from the NABARD’s State Focus Paper for Odisha for the year 2022-23 released here on Tuesday.
Out of the total credit potential for the priority sector, the highest amount of Rs 52,050.78 crore (38.65%) has been assessed under the agriculture sector.
Under the agriculture sector, credit flow of Rs 48,221.10 crore (92.64%) is estimated under farm credit, which comprises both crop loans and term loans for agriculture and allied activities. Besides, credit potential under agriculture infrastructure and ancillary activities has been estimated at Rs 1,824.33 crore and Rs 2,005.34 crore, respectively.
Credit potential under MSME sector has been assessed at Rs 60,001.27 crore, constituting around 44.56 per cent of the total priority sector. Other sectors consisting of export credit, education, housing, renewable energy, others and social infrastructure have around 16.79 per cent share in the total credit potential under priority sector.
Releasing the paper, Odisha finance minister Niranjan Pujari emphasised upon the need for increasing the bank credit for priority sector in Odisha as government has been pushing lot of support through various schemes like Balaram, Kalia, Samrudhi, Millet Mission, FPOs etc and it’s time for banks to increase the credit flow for private capital formation substantially.
Activities such as animal husbandry, poultry, fisheries etc., leading to asset formation and diversification of the income basket of farmers need to be credit linked, Pujari said.
Principal Secretary Finance, Vishal Kumar Dev said that the State economy could withstand the negative impact of Covid and proved its resilience. Dev indicated that a five year long term planning exercise has been commenced for a structured development of the state.
He called upon the bankers for removal of rural and urban disparity among the districts in terms of extending financial services and paving way for sustained development. Dev asked all banks to achieve the set targets and increase the bar.
Chief General Manager of NABARD, C. Udayabhaskar said that concerted efforts need to be made for achieving the set targets for the current year and increase the credit flow to the priority sector.
The NABARD has been increasing their support for the infrastructure development, tribal development, watershed development and micro entrepreneur development among SHG women and will increase the developmental activities in the State, he said.
Business
US lawmakers unite to defend bilateral ties with India through letters and resolutions

Washington, Oct 28: Both Republican and Democratic lawmakers have joined hands to support the India-US relationship, months after the Trump administration announced a series of policies targeting Indian interests.
At least six bipartisan letters and resolutions have been drafted over the past 10 days defending the interests of the Indian American community, reaffirming support for the India–US partnership, and pressing the administration for accountability over its recent actions targeting New Delhi.
Last week, a group of House members expressed concern that an event at Rutgers University on Monday could “fuel further prejudice” against Hindus at a time when Hindu temples have been targets of violence.
The co-signers of the letter were Democrats Sanford Bishop from Georgia, Shri Thanedar from Illinois, and Suhas Subramanyam from Virginia, and Republican Rich McCormick, also from Georgia.
Two days earlier, another bipartisan group of six House Representatives wrote to US President Donald Trump and Commerce Secretary Howard Lutnick, expressing concerns over the H-1B proclamation.
“We are concerned that the recent proclamation related to H-1B visa petitions will create significant challenges for US employers and overall weaken our competitiveness,” the letter stated.
The group again included Democrat Suhas Subramanyam along with Republican Congressmen Jay Obernolte and Don Bacon, among others.
On October 17, four US lawmakers wrote to President Donald Trump, urging him to attend the Quad Leaders’ Summit in India and other meetings in Asia.
The same day, a bipartisan resolution was introduced in the House of Representatives to recognise the “contributions made to the United States by the Indian American diaspora” and condemn recent acts of racism against Indian Americans.
The resolution also termed the India-US relationship as “one of the most important democratic partnerships in the world”.
It was a sharp departure from just days earlier, when 19 House members, all Democrats with no Republican support, wrote to President Donald Trump on October 8, urging him to “reset and repair” the India-US “critical partnership”.
Leaders from both Democratic and Republican parties have faced criticism for mostly remaining silent as senior officials of the Trump administration, like Trade Advisor Peter Navarro and Commerce Secretary Howard Lutnick, repeatedly targeted India over its purchase of Russian oil and trade imbalance.
In August, the Trump administration imposed 50 per cent tariffs on New Delhi, which included a 25 per cent levy for importing Russian oil.
Then, in September, President Donald Trump signed a proclamation on H-1B visas, imposing a $100,000 application fee to restrict the programme. Over 70 per cent of the approved H-1B applications in 2024 went to Indian nationals.
While a handful of Democrats opposed the administration’s stance publicly, Republican lawmakers, until recently, decided to keep quiet.
In early October, Democratic Representative Ami Bera, a leading advocate of the US-India relationship, told Media that some Republican lawmakers have remained silent out of fear of the president.
“I think they’re certainly afraid to take on President Trump directly,” he said.
In recent weeks, ties have stabilised, and negotiators have resumed talks to finalise the first phase of a trade agreement.
Last week, President Donald Trump held a special Diwali event at the White House where he termed Prime Minister Narendra Modi “a great person” and said he loves “the people of India.”
Bera added that more members should come out to support the relationship.
“Instead of making this about President Trump, let’s make it about the US-India relationship. Let’s make it about what we think as members of Congress – Democrats and Republicans. I don’t want the India-US relationship to be a Democratic thing or a Republican thing. It should be an American thing,” he told Media.
Business
Maharashtra Signs ₹56,000 Crore MoUs To Boost Maritime Trade & Industry

Mumbai: Chief Minister Devendra Fadnavis expressed confidence that Maharashtra will lead the country in the fields of maritime trade and industry through the Memorandums of Understanding (MoUs) signed today. A total of 15 MoUs were signed in the presence of the Chief Minister during India Maritime Week 2025, held at NESCO, Goregaon.
Also present were Fisheries and Ports Minister Nitesh Rane, Additional Chief Secretary (Ports) Sanjay Sethi, CEO of Maharashtra Maritime Board P. Pradeep, and representatives of the companies involved in the agreements.
Chief Minister Fadnavis said that several MoUs have been signed with different companies to develop the maritime ecosystem, involving investments worth approximately ₹56,000 crore. These agreements will help position Maharashtra at the forefront of maritime trade and development. Facilities related to ports, transport, industry, and commerce will be upgraded to global standards.
“Water transport is very important for Mumbai. The Ro-Ro ferry service has received an excellent response from citizens. Now, a water taxi service between Gateway of India and Navi Mumbai Airport will be launched, which will significantly reduce travel time. Additionally, a fleet of electric vessels (EV vessels) will be introduced to ensure clean and eco-friendly water transport.”
The state is developing water sports centers, shipbuilding industries, and blue economy projects. A major port is being established at Vadhavan, which will make Maharashtra a leader in the country’s maritime sector. The Vadhavan Port will be connected by road to key cities across the state, ensuring its benefits reach all regions of Maharashtra, the Chief Minister said.
Maharashtra Set to Become the Center of India’s Maritime Growth
— Minister of Fisheries and Ports Nitesh Rane
Minister Nitesh Rane said that this is a proud moment for Maharashtra. Due to the visionary leadership of Chief Minister Devendra Fadnavis, vast opportunities for growth have been created in the maritime sector. Maharashtra is emerging as a frontrunner in shipbuilding policy, passenger water transport, and marine tourism.
He added that Maharashtra will soon become the epicenter of the nation’s maritime development, and the MoUs signed today will give Maharashtra’s maritime industry global strength. A new chapter of investment in port development, shipbuilding, ship repair, and maritime transport has begun, he said.
Adani Ports and Special Economic Zone Ltd. — Development of Dighi Port and related infrastructure as a mega port; Investment: ₹42,500 crore.
JSW Infrastructure Ltd. — Expansion of existing Jaigad and Dharamtar ports; Investment: ₹3,709 crore.
Chowgule & Company Pvt. Ltd. — Shipbuilding, ship repair, rig repair, offshore and energy project development; Investment: ₹5,000 crore.
Synergy Shipbuilders & Dock Works Ltd. — Shipbuilding, ship repair, and ship recycling yard; Investment: ₹1,000 crore.
Goa Shipyard Ltd. — Shipbuilding, ship repair, and ship recycling yard; Investment: ₹2,000 crore.
Indian Institute of Technology (IIT) Bombay — Establishment of a Centre of Excellence for research and development in ship design and construction.
IIT Bombay — Development of training facilities in marine engineering and infrastructure.
IIT Bombay — Capacity building and skill development programs for Maharashtra Maritime Board employees.
Knowledge Marine & Engineering Works Ltd. — Shipbuilding and repair yard project; Investment: ₹250 crore.
TSA Enterprises Pvt. Ltd. — Development of Container Freight Station (CFS), shipyard, and flotel project at Vadhavan Port; Investment: ₹500 crore.
Candela Technology AB (Sweden) — Establishment of a shipyard for the construction of passenger water transport vessels.
Abu Dhabi Ports Group (UAE) — Agreement to enhance maritime cooperation between Maharashtra and the UAE.
Atal Turnkey Projects (Netherlands) — Agreement for maritime cooperation between Maharashtra and the Netherlands; Investment: ₹1,000 crore.
Echandia Marine AB — Establishment of a marine battery energy storage system assembly and manufacturing facility for tugboats; Investment: ₹10 crore.
Mumbai Port Authority — MoU for mutual cooperation to strengthen passenger water transport within the Mumbai Metropolitan Region (MMR).
Total Expected Investment: ₹55,969 crore
These MoUs will bring large-scale investment into port development, shipbuilding, marine research, and technical training in Maharashtra. Major projects such as Dighi Port and Vadhavan Port will enhance the state’s maritime trade capacity, while collaboration with IIT Bombay will promote innovation and skill development.
This initiative will create thousands of employment opportunities, attract new industries, and accelerate progress toward the Developed India 2047 vision.
Both central and state governments emphasized that these MoUs mark a significant step forward in strengthening India’s maritime future through joint efforts.
Business
Relief for Vodafone Idea as SC allows Centre to reconsider AGR dues issue

New Delhi, Oct 27: In a relief for Vodafone Idea, the Supreme Court on Monday allowed the Centre to reconsider the issue of Adjusted Gross Revenue (AGR) dues worth Rs 9,450 crore to ease the burden of the loss-making telecom company. The court reasoned that this matter falls in the Union’s policy domain.
The Supreme Court noted that the decision was made keeping in mind the interest of 20 crore consumers of the telecom company.
In a landmark 2019 verdict, the Supreme Court endorsed the Centre’s definition of AGR and allowed the Centre to collect dues worth Rs 92,000 crore which came as a huge setback for telecom majors such as Vodafone and Bharti Airtel.
Vodafone’s latest petition flagged a fresh AGR demand of Rs 9,450 crore raised by the Department of Telecommunications. The petition contended that a substantial portion of the demand pertained to the pre-2017 period, which had already been settled by the Supreme Court.
Solicitor General of India Tushar Mehta told the court that “there is a huge change in circumstances” of the case because the government has infused equity in Vodafone.
“The government’s interest is public interest. There are 20 crore consumers. If this company is to suffer, it would lead to issues for consumers,” he said.
The Supreme Court noted in its order that the Centre is willing to examine the issue. “The government is also willing to reconsider and take an appropriate decision if the court permits. In the peculiar facts, we see no impediment in government reconsidering the issue. We clarify that this is a matter of policy, there is no reason as to why the Union should be prevented from doing so,” the apex court said.
AGR refers to a fee-sharing mechanism under which telecom operators must share a part of their revenue with the Centre as licensing fees and spectrum usage charges. There was a longstanding dispute between telecom companies and the Centre over the definition of AGR. While the telecom giants stressed that AGR should be based just on core services, the Centre argued it should also factor in non-telecom services provided by the telecom giants.
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