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Good News for Farmers in Budget 2022: Details Inside

Farmers

To boost the agriculture sector, the government is likely to raise the farm credit target to about Rs 18 lakh crore in the Budget 2022-23 to be presented on February 1, according to sources.

The government has set a credit target of Rs 16.5 lakh crore for the current financial year.

The government has been increasing the credit target for the farm sector every year, and this time, the target is likely to be increased to Rs 18-18.5 lakh crore for 2022-23, the sources said.

The number will be frozen at the time of giving final touches to the Budget figure in the last week of the month, the sources said.

The government fixes annual agriculture credit, including crop loan targets for the banking sector. As a result, the agricultural credit flow has increased consistently over the years, exceeding the target set for each fiscal. For instance, credit worth Rs 11.68 lakh crore was given to farmers in 2017-18, much higher than the Rs 10 lakh crore target set for that year.

Similarly, crop loans worth Rs 10.66 lakh crore were disbursed in financial 2016-17, higher than the credit target of Rs 9 lakh crore.

Credit is a critical input in achieving higher farm output. Institutional credit will also help delink farmers from non-institutional sources where they are compelled to borrow at usurious rates of interest, the sources added.

Normally, farm loans attract an interest rate of nine per cent. However, the government has been providing interest subvention to make available short-term crop loans affordable and help boost farm output.

The government is providing a two per cent interest subsidy to ensure farmers get short-term farm loans of up to Rs 3 lakh at an effective rate of seven per cent per annum.

An additional incentive of three per cent is being given to farmers for prompt repayment of loans within the due date, making the effective interest rate four per cent.

To enhance coverage of small and marginal farmers in the formal credit system, the RBI has decided to raise the limit for collateral-free agriculture loans from Rs 1 lakh to Rs 1.6 lakh.

The interest subvention is given to public sector banks (PSBs), private lenders, cooperative banks and regional rural banks (RRBs) to use their funds and Nabard for refinancing RRBs and cooperative banks.

Business

Smartphone sales in India grow by 12% in 2021: Report

The smartphone market in India achieved a record 162 million shipments in 2021, growing 12 per cent in 2020, a new report revealed.

After a tough start to the year, due to the second wave of Covid-19, India recovered strongly in the second half, reports market research firm Canalys.

“Thanks to the vaccination rollout, market reopening and pent-up demand, smartphone shipments reached all-time highs for the full year. Growth is expected to continue in 2022, driven by both replacement demand and new customers migrating to smartphones,” Sanyam Chaurasia, Analyst Canalys said in a statement.

Following a strong comeback in Q3, smartphone vendors shipped 44.5 million devices in Q4 for 2 per cent growth, despite a challenging supply chain.

Also Read: Father-Son Arrested For Sharing Video Insulting Prime Minister

Xiaomi was the leader, shipping 9.3 million units and maintaining its 21 per cent market share. Samsung came second with 8.5 million units for a 19 per cent share.

For the first time, realme climbed to third place in India, with a 49 per cent year-on-year increase in volume that reached 7.6 million shipments. The fourth and fifth places were taken by Vivo and OPPO, with 5.6 million and 4.9 million units.

“Overall, India will see upward momentum towards future-proof technologies, with smartphones being at the core of the digital ecosystem and growing ever-more essential to the daily lives of Indian citizens,” Chaurasia added.

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Business

Kashmir Handicrafts to be promoted in Germany

The Director Handicrafts and Handloom Kashmir, Mahmood Ahmad Shah held an extensive web meeting with Dr Suyash Chavan Consulate General of India (CGI), Germany.
The online meeting dealt exclusively with reviewing the scope of developing end-to-end export linkages to provide quality handicraft products of Kashmir to the German Market in particular and the rest of Europe in general so as to ensure quality products reach Germany to increase the handicraft exports to Germany.
Germany is the largest consumer of Kashmir carpets and in addition imports Chain Stitch, Paper Machie and Walnut furniture from Kashmir. As the weather of Germany is characterized by cold winters, this makes it a perfect destination for the use of Kashmiri Shawls, Rugs and Carpets.
The tie-up shall also aim to connect art lovers and handicraft importers of Germany with  exporters from Kashmir and also achieve a tie-up of master craftsmen and artisans of Kashmir  with art connoisseurs through digital platforms, which shall ensure long term sustainability for arts like Papier-mâché, sozni, Kani shawl, basket weaving, khatamband, wood carving, silver and copper carving, carpet weaving, leather, silk and pashmina weaving amongst other crafts that Kashmir is known for in German markets
It was discussed that the participation of Handicrafts & Handloom shall be facilitated in participation in upcoming Expos and Trade shows which shall provide an opportunity for international exposure as well as showcasing the Kashmiri art at international platforms besides selling their inventory which has remained unsold due to COVID-19 pandemic.
To begin with, GI certified products of Kashmir shall be presented to the Consulate General of India, Germany which includes Pashmina, Khatamband, Walnut wood carving, Sozni, Kani Shawl, Hand-knotted carpet, Paper Machie and Saffron for display in the Consulate General Munich office and in the exhibitions at Germany.
The consulate general was briefed about the export incentive announced by the Government on GI certified goods and about the renewed focus on Handicrafts in view of the recent UNESCO Craft listing for Srinagar City.
He was apprised about initiatives taken to promote artisans through Craft tours. Consulate General was also apprised about the GI labelling of Kashmir carpets and adaption of blockchain mechanism to check piracy and misbranding of Kashmir handicrafts
The Consulate General expressed his desire for cross-platform exchange and promotion of Departmental social media handles in Germany. The Counsel General requested for digital content like films and photographs on Kashmir craft to be promoted by counsel handle.
The Counsel General was assured that digital content like pictures videos, brochures will be provided to CG for dissemination in German Market. We will make the administration accountable and answerable for people’s grievances at all costs”, Harsh roared.
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Business

Jio surpassed BSNL to become the country’s largest fixed broadband provider

JioFiber added 0.19 million subscribers to become the number 1 operator in the fixed broadband segment in just about two years from commercial launch, with 4.34mn FBB subs.

JioFiber’s market share improved 85bp month on month to 16.9 percent (launched commercially in Sep-19), Nomura said in a report.

Bharti added 0.1mn subs to reach 4.08mn FBB subs (up 68% since May-20), with market share up 60bp m-m to 15.9 per cent.

Bharat Sanchar Nigam Limited’s (BSNL) market share further declined by 185 bp to 16.4 percent share (vs 44 percent pre-JioFiber launch on September 19), the report said.

Without significant fund-raising, Vodafone Idea’s network investments and 5G rollout would likely remain constrained, at least in the near term. Hence, we expect market share gains to continue for Bharti and R-Jio, the report said.

TRAI data for November shows a slight improvement in industry numbers, with Jio gaining market share at the expense of VIL, UBS said in a report.

After a large decline in September (driven by the 19mn subscriber loss reported by Jio) and flattish numbers in October, the industry witnessed a slight improvement in November, with the overall subscriber base expanding by 1.2mn. Bharti gained 1.3mn subs (-0.5mn in Oct), Jio added 2mn subs (+1.8mn in Oct), while VIL continued to lose market share: it lost 1.9mn subs (versus a loss of 1mn and 1.1mn in Oct and Sept respectively).

Jio remains the market leader, with a subscriber market share (SMS) of 36.7 per cent (+10bps). Bharti and VIL ended Nov with SMS of 30.4 per cent (flat MoM) and 22.9 per cent (down 20bps) respectively. It is important to note that the tariff hikes were largely applicable from end-November / December, and therefore, December is likely to see some churn, UBS said.

In fixed broadband, Jio surpassed BSNL to become the country’s largest FBB provider. Jio now has 4.3mn FBB subs (+0.2mn in Nov), followed by BSNL with 4.2mn subs (-0.5mn in Nov) and Airtel with 4.1mn subs (+0.1mn in Nov).

After a large decline in September (driven by the 19mn subscriber loss reported by Jio) and flattish numbers in October, the industry witnessed a slight improvement in November, with the overall subscriber base expanding by 1.2mn. Bharti gained 1.3mn subs (-0.5mn in Oct), Jio added 2mn subs (+1.8mn in Oct), while VIL continued to lose market share: it lost 1.9mn subs (versus a loss of 1mn and 1.1mn in Oct and Sept respectively).

Jio remains the market leader, with a subscriber market share (SMS) of 36.7 per cent (+10bps). Bharti and VIL ended Nov with SMS of 30.4 per cent (flat MoM) and 22.9 per cent (down 20bps) respectively. It is important to note that the tariff hikes were largely applicable from end-November / December, and therefore, December is likely to see some churn, UBS said.

In fixed broadband, Jio surpassed BSNL to become the country’s largest FBB provider. Jio now has 4.3mn FBB subs (+0.2mn in Nov), followed by BSNL with 4.2mn subs (-0.5mn in Nov) and Airtel with 4.1mn subs (+0.1mn in Nov).

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Covid-19 Stats

27 Jan 2022, 11:30 AM (GMT)

Coronavirus Stats

40,620,197 Total Cases
492,356 Death Cases
37,677,328 Recovered Cases

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