Tag: Rural Economy

Business

Mining-Affected Borrowers in Goa Urged to Be Given Lenient Treatment by Banks

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Written by Intern Rency Gomes || Team Allycaral 

Speaking at a function organised by a prominent bank, Chandrakant Gawas, Chair of the GCCI Logistics Committee, urged financial institutions to take a lenient and supportive view of borrowers affected by the prolonged downturn in Goa’s mining sector. Highlighting the gradual revival of mining operations, he stressed the need for banks to rework stressed assets, restructure loans, and consider fresh contracts to aid the sector’s recovery.


Gawas noted that mining plays a significant role in Goa’s economy and that years of halted operations have severely impacted borrowers linked to the sector. With mining activity resuming, he said it was an opportune moment for lenders to revisit stressed accounts and adopt solutions that benefit both borrowers and financial institutions.

According to available data, four mining blocks are currently operational in Goa, with iron ore production expected to cross 10 million tonnes in the current financial year. The mining sector has an estimated ₹5,000 crore worth of loans classified as stressed assets, affecting nearly 1,500 borrowers who continue to face repayment challenges due to the earlier downturn.

He also acknowledged the proactive efforts of Chief Minister Dr Pramod Sawant in supporting mining-affected borrowers. Gawas noted that the Government of Goa has rolled out several relief measures aimed at easing financial distress and reviving livelihoods in mining-dependent regions.

These measures include the extension of the debt relief scheme with a 35 per cent loan subsidy, full waiver of interest, and partial waiver of principal amounts—up to 40 per cent for truck owners and 30 per cent for barge owners. Financial assistance amounting to ₹147.73 crore has been provided to 6,999 truck owners, while ₹20.96 crore has been extended to 2,000 mining-affected workers. Additionally, mining leases are being made operational in phases to enable employment revival by 2026, and District Mineral Foundation (DMF) funds are being utilised for infrastructure development, water supply, and desilting of agricultural land in mining-affected areas.

Emphasising a collaborative approach, Gawas urged banks to avoid coercive recovery measures and instead focus on sustainable solutions. He appealed to lenders to rework stressed assets with flexible repayment terms, restructure loans based on fresh contracts and production forecasts, avoid liquidation of pledged assets where possible, and adopt a lenient outlook aimed at long-term recovery. He also called for greater focus on supporting borrowers in mining-dependent rural areas.

The appeal, he said, is intended to foster cooperation between banks, borrowers, and the government, ensuring that the revival of mining translates into broader economic recovery for Goa.

Finance

Axis Finance Launches ‘Vyapar Business Loan’ to Empower Micro & Small Businesses

Tanisha Cardozo

Written by Tanisha Cardozo || Team Allycaral

Axis Finance Limited (AFL), one of India’s fastest-growing non-banking financial companies (NBFCs), has announced the launch of Axis Finance Vyapar Business Loan, a collateral-free credit solution aimed at addressing the financing needs of micro and small businesses across semi-urban and rural India.

The Vyapar Business Loan is designed to support entrepreneurs operating in the retail, service and trading segments, offering loans of up to ₹10 lakh with flexible repayment tenures and zero collateral requirements. With a simplified application process and minimal documentation, the product ensures quick and hassle-free access to formal credit for India’s self-employed community. The financing can be utilised for working capital needs, business expansion or equipment upgrades.

Commenting on the launch, Sai Giridhar, MD & CEO, Axis Finance Limited, said that micro and small entrepreneurs form the backbone of India’s economy. He noted that the Vyapar Business Loan aims to make formal credit more inclusive by enabling shopkeepers, traders and service providers to access collateral-free finance, helping them scale operations and fulfil their growth aspirations with confidence.

He further highlighted Axis Finance’s focus on leveraging technology and data-driven underwriting to ensure faster turnaround times and a superior customer experience. According to him, the launch of Vyapar Business Loan marks a significant milestone in the company’s journey to empower India’s self-employed population with simple, secure and scalable credit solutions.

Earlier in the fiscal year, Axis Finance introduced Disha Home Loans to improve homeownership access for Economically Weaker Section (EWS) and Low-Income Group (LIG) customers, and also launched Axis Finance Shakti, a Micro Loan Against Property (Micro LAP) product for micro-entrepreneurs and self-employed individuals. Vyapar Business Loan builds on these initiatives, further strengthening AFL’s commitment to inclusive lending and grassroots economic development.

Axis Finance continues to expand its presence across secured and unsecured lending segments, supported by strong underwriting capabilities, advanced technology platforms and an extensive distribution network focused on delivering seamless customer experiences across emerging markets.


Axis Finance Limited is a non-deposit accepting NBFC registered with the Reserve Bank of India and classified under the Middle Layer (NBFC-ML). A wholly-owned subsidiary of Axis Bank Limited, the company offers a wide range of retail and wholesale lending solutions, including Loans Against Property, Business Loans, Personal Loans, Disha Home Loans, Corporate Financing and Real Estate Financing.

Human Interest

Five Traditional Goa Crops Receive GI Tag, Boosting Farmers and Rural Economy

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Goa’s rich agricultural heritage has received national recognition with five traditional crops being awarded the prestigious Geographical Indication (GI) tag. The crops include Taleigao Vayingim brinjal, Hilario mango, Korgut rice, Kaju apple, and Musrad mango, marking a significant milestone for the State’s farming community.

The GI tag serves as a legal protection that identifies products as originating from a specific region, preserving their unique characteristics, quality, and reputation. For Goa, this recognition not only safeguards traditional crop varieties but also ensures that local farmers benefit from enhanced market value and authenticity.

According to the government, GI recognition will help protect farmers’ rights, prevent misuse of regional names, and promote Goa’s indigenous produce at national and global levels. Crops such as Korgut rice, known for its resilience in saline coastal soils, and the Hilario and Musrad mango varieties, cherished for their distinct taste and aroma, represent generations of traditional farming knowledge.

The Taleigao Vayingim brinjal, cultivated in and around Taleigao, and the Kaju apple, an integral part of Goa’s cashew heritage, further underline the State’s diverse agricultural identity.

Officials have highlighted that GI tagging will contribute to strengthening Goa’s rural economy, encouraging sustainable agriculture, and preserving age-old farming practices. The recognition is also expected to open new opportunities for branding, exports, and agri-tourism under the broader vision of promoting local and traditional produce.

With these five crops now officially recognised, Goa takes an important step towards celebrating its farmers and safeguarding its agricultural legacy for future generations.