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Union Cabinet approves transformative scheme for farming districts

Mumbai: In a major push to revitalise agriculture and allied sectors, the Union Cabinet has approved the Prime Minister Dhan-Dhaanya Krishi Yojana, a first-of-its-kind initiative aimed exclusively at accelerating development across 100 districts. The scheme has an outlay of Rs 24,000 crore per year and will be implemented over the next six years.

Drawing inspiration from NITI Aayog’s Aspirational District Programme, the scheme promises a data-driven, outcome-focused approach to raise agricultural productivity, promote sustainable practices and improve rural livelihoods.

Target districts will be selected using key indicators such as low crop yield, minimal cropping intensity and limited access to agricultural credit. Each state will see at least one district included, with final selections reflecting the distribution of India’s net cropped area and operational holdings.

The plan’s implementation will rely on the convergence of 36 existing central schemes across 11 departments, alongside complementary state initiatives and private sector participation. A three-tier governance structure – national, state and district – will oversee planning and execution, with each district guided by its own Dhan-Dhaanya Samiti, comprising officials and progressive farmers.

District-level plans will align with national goals, emphasising crop diversification, conservation of natural resources and the promotion of organic farming. Progress will be tracked monthly via a digital dashboard against 117 key performance indicators, with NITI Aayog offering guidance and monitoring support.

As outcomes in the chosen districts improve, officials expect national agricultural metrics to rise correspondingly. By enhancing productivity, storage, irrigation and financial access, the scheme aspires to foster greater self-reliance and value addition within India’s agricultural ecosystem, anchoring the broader vision of Atmanirbhar Bharat.

(Write to us at editorial@bombaychamber.com)

GST webinar highlights practical insights for tax and finance professionals

Mumbai: The Bombay Chamber of Commerce and Industry, under the aegis of its Indirect Tax Committee, hosted an informative webinar on the Goods and Services Tax (GST) Invoice Management System (IMS). The session provided participating tax professionals and finance teams with timely updates and practical guidance on the evolving invoice reconciliation framework.

The session centred on operational and strategic implications of the IMS, introduced by the GSTN and also discussed updates effective July 2025. The system is designed to enable recipient taxpayers to reconcile purchase invoices in real time, with functionality to accept, reject, or defer invoices – ultimately streamlining the Input Tax Credit (ITC) claim process.

The webinar was led by two eminent speakers viz. Kartik Gandhi, Head of Indirect Tax at Siemens Ltd., and Komal Sampat, Director in the Indirect Tax practice at Deloitte Tohmatsu India LLP. Drawing from more than 15 years in the domain, Gandhi elaborated on technological integrations and practical workflows in managing indirect taxes. Sharing nuanced insights from over a decade of experience in indirect tax advisory and compliance, Sampat highlighted real-world applications and sectoral impact across industries such as energy, TMT, pharmaceuticals, consumer goods, and small and medium enterprises (SMEs).

Participants gained a clear understanding of the IMS structure, from invoice submission by suppliers to the recipient’s actions and the cascading effects on GSTR-2B and GSTR-3B filings. The session offered a comprehensive walkthrough of the IMS dashboard, invoice tracking capabilities, and the communication loop between supplier and recipient. The presenters also navigated scenarios involving invoice exceptions and discussed best practices for streamlining compliance efforts in light of recent regulatory amendments. Legal updates and their implications for IMS usage were thoroughly reviewed, ensuring participants left with actionable clarity.

The webinar concluded with an interactive Q&A session, where participants sought clarification on individual queries. Attendees were encouraged to share additional practical challenges related to GST IMS directly with the Bombay Chamber and were assured of timely support and guidance from GST experts.

(Write to us at editorial@bombaychamber.com)

With DR@BC, Bombay Chamber reinforces its role as a neutral partner in business conflict resolution

Mumbai: The Bombay Chamber of Commerce & Industry, India’s oldest operating chamber of commerce, has launched a dedicated website for its alternative dispute resolution services – Dispute Resolution @ Bombay Chamber (DR@BC) – a milestone that reinforces the Chamber’s role in shaping India’s evolving dispute resolution landscape.

As India’s economy continues to expand, the rise in complex business transactions demands mechanisms that are swift, confidential, and commercially sound. Traditional litigation – often burdened with delays and backlogs – has highlighted the need for robust alternatives that uphold the integrity of commercial relationships while delivering timely outcomes.

DR@BC addresses this need head-on, providing an institutional platform for Mediation, Arbitration, Conciliation, and Neutral Evaluation. The newly launched website enhances access to these services – enabling corporates, small and medium enterprises (SMEs), professionals, and other stakeholders to understand procedures, initiate matters, and browse profiles of DR@BC’s distinguished panel of arbitrators and mediators.

In alignment with contemporary business expectations, DR@BC offers flexible formats for resolving disputes. Depending on preference and context, parties can opt for online hearings via secure virtual platforms, in-person proceedings at DR@BC’s Mumbai facility, or hybrid models – ensuring convenience without compromising on procedural integrity.

The centre is equipped with a dedicated meeting / conference room for arbitration and mediation discussions, and infrastructure designed for confidentiality and efficiency. A team of trained support professionals ensures seamless coordination for both physical and digital sessions.

Commenting on the alternative dispute resolution services offerings, Sandeep Khosla, Director General, Bombay Chamber of Commerce & Industry, said, “With the DR@BC website, we reaffirm our commitment to empowering India’s business community with dispute resolution avenues that are timely, confidential, and globally aligned. As commerce becomes more dynamic, the ability to resolve conflicts efficiently is vital to economic resilience and stakeholder trust.”

The initiative reflects the Chamber’s broader mission to enhance India’s business climate by easing judicial burdens and promoting collaborative, commercially viable solutions. For more information or to submit a query, please visit the Dispute Resolution @ Bombay Chamber (DR@BC) page at https://adr.bombaychamber.com.

India-U.S. interim trade deal nearing completion amid agricultural deadlock

Mumbai: India and the United States are on the cusp of finalising an interim trade agreement, expected to be signed soon. The deal is aimed at pausing the reciprocal tariffs imposed during the Trump administration, with July 9 set as a critical deadline.

Negotiators from both nations have made substantial progress, but a decisive hurdle remains: India’s staunch refusal to fully open its agriculture and dairy markets to American imports. Officials from the Indian delegation have described agriculture as a “non-negotiable” pillar of national interest – both economically and culturally.

While the U.S. seeks wider access to Indian markets for genetically modified crops, dairy products, and ethanol, India has cited domestic sensitivities and structural constraints. Concerns over food safety, smallholder farm vulnerabilities, and ethical dietary norms have driven New Delhi’s resistance to American agricultural standards.

India’s Ethanol Blended Petrol program — which relies on sugarcane and grains — is another sticking point. Importing U.S. ethanol could undercut domestic production and compromise energy security.

Balancing Trade Ambitions and Rural Realities

Agriculture sustains nearly half of India’s population. Experts warn that an influx of subsidised U.S. goods could destabilise rural livelihoods and reignite tensions reminiscent of the 2021 farmer protests. There are also fears that tariff concessions may erode India’s Minimum Support Price (MSP) framework, a key safety net for its farming community.

The asymmetry in farm scale and tariffs adds complexity. American farms average over 180 hectares, operate with advanced mechanisation, and enjoy low trade barriers — unlike India’s predominantly manual, micro-scale farming landscape, where tariffs range up to 150%.

Instead of making concessions in agriculture, India is pushing for expanded access for labour-intensive sectors like textiles and manufacturing, which fuel employment and export growth. The interim deal, if sealed, could potentially boost bilateral trade to $500 billion and lay the groundwork for broader economic cooperation.

India’s protective stance on agriculture mirrors its approach in other trade agreements — including the Regional Comprehensive Economic Partnership (RCEP), which it exited in 2019, and ongoing negotiations with the UK and European Union. Dairy and genetically modified (GM) crops remain consistent red lines.

As talks enter their final phase, all eyes are on whether Washington and New Delhi can bridge differences — or if agriculture will once again be the dealbreaker.

(Write to us at editorial@bombaychamber.com)