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PM Modi’s visit to China: Linking Knowledge Society with Innovating Society

Published By : Admin | May 17, 2015 | 01:30 IST

Prime Minister Narendra Modi went on his three day China visit from 14th to 16th May. This tour of Prime Minister Modi was of paramount importance for both the Nations. It not only augmented the bilateral partnership and economic cooperation between India and China but also enhanced the friendship among the two ancient civilizations of the world.

It was the first time ever that the Chinese President hosted any leader outside Beijing during an official visit. President Xi Jinping received PM Modi warmly in Xi’an, which is in his home province. Friendship between both the leaders took a new dimension. President Xi accompanied PM Narendra Modi to the Big Wild Goose Pagoda and South City Wall where Shri Modi was given a Ceremonial Reception. Shri Narendra Modi also presented the Chinese President with a few archaeological drawings of excavations at Vadnagar, Gujarat which was one of the places visited by great Chinese traveller Xuanzang.

Wide-ranging discussions with President Xi Jinping, high level delegation talks and meeting top Chinese CEOs formed core part of the visit. Prime Minister Modi also travelled up to Beijing where he met Chinese Premier Li Keqiang. At the Joint Press Conference, with the Chinese Premier, discussions took place concerning to peace and tranquillity in the border region. Emphasize was on to turn India-China relationship into a source of strength for each other and a force of good for the world. Also, the ‘Nathu La route’ for visiting Kailash Mansarovar that would become operational by June was news of cheer for both the sides.

A meeting of ‘India-China Forum of State/Provincial Leaders’ was held in Beijing where the Prime Minister while reiterating his vision of ‘Team India’ emphasized on the Centre-State coordination needed for overall development of entire Nation. Shri Modi considered the ‘India-China Provincial Leaders Forum’ to be historic and a unique move that would further deepen the economic ties between both the Nations.

While speaking at the ‘India-China Business Forum’, having an interaction with the top Chinese business officials and investors in China’s commercial capital Shanghai, PM Modi put emphasis on ‘Make in India’ initiative of the Government of India. He presented to them picture of a transforming India where doing business was now turning easier. Adding further, he said, “India has always been a knowledge society. You have been an innovating society.”

Prime Minister Modi got the chance to visit two of the most noted Universities in China. At the Tsinghua University in Beijing, Shri Narendra Modi stated that India-China bilateral cooperation and International partnership was important for success of both the Nations. He clearly expressed India’s strong desire for enhancing people to people contact between both the nations.

While launching the Centre for Gandhian and Indian Studies at Fudan University, PM expressed joy that in his three day visit he got the opportunity to interact with students in two noted universities. Speaking at the launch, Shri Modi believed Gandhiji to be a ‘Yug Purush’ and a ‘Vishwa Manav.’

Be it the Terracotta Warriors Museum or the Yoga-Taichi Joint Event or his selfie with the Chinese Premier, Shri Narendra Modi kept the world updated about the activities throughout his tour. He shared numerous photos and other highlights from the visit.

In order to connect better with the Chinese people directly, Prime Minister Narendra Modi even set up his account on Chinese social media platform Weibo. Just as he debuted on Weibo prior his tour, Chinese netizens largely appreciated this move of the Indian Prime Minister.

His address to the Indian Community in Shanghai was a keenly awaited programme. The Diaspora waited eagerly to listen to the Indian Prime Minister on the last day of his China visit. Enthusiasm gripped the venue as PM Modi interacted with the people.

He left the land of China optimistically that the visit would strengthen India-China bilateral relations in times to come. PM thanked President Xi Jinping, Premier Li Keqiang and the people of China for their warmth and hospitality.

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Cabinet approves continuation of Modified Interest Subvention Scheme (MISS) for FY 2025-26 with existing 1.5% Interest Subvention (IS)
May 28, 2025

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi today approved the continuation of the Interest Subvention (IS) component under the Modified Interest Subvention Scheme (MISS) for the financial year 2025-26, and approved required fund arrangements.

MISS is a Central Sector Scheme aimed at ensuring the availability of short-term credit to farmers at an affordable interest rate through Kisan Credit card (KCC). Under the Scheme:

  • Farmers received short-term loans of up to Rs.3 lakh through Kisan Credit Cards (KCC) at a subsidized interest rate of 7%, with 1.5% interest subvention provided to eligible lending institutions.

 

  • Additionally, farmers repaying loans promptly are eligible for an incentive of up to 3% as Prompt Repayment Incentive (PRI) effectively reducing their interest rate on KCC loans to 4%.

 

  • For loans taken exclusively for animal husbandry or fisheries, the interest benefit is applicable up to Rs.2 lakh.

 

No changes have been proposed in the structure or other components of the scheme.

There are more than 7.75 crores of KCC accounts in the country. The continuation of this support is critical to sustaining the flow of institutional credit to agriculture, which is vital for enhancing productivity and ensuring financial inclusion for small and marginal farmers.

Key highlights of Agriculture Credit:

  • Institutional credit disbursement through KCC increased from Rs.4.26 lakh crore in 2014 to Rs. 10.05 lakh crore by December 2024.

 

  • Overall agricultural credit flow also rose from Rs.7.3 lakh crore in FY 2013-14 to Rs.25.49 lakh crore in FY 2023-24.

 

  • Digital reforms such as the launch of the Kisan Rin Portal (KRP) in August 2023 have enhanced transparency and efficiency in claim processing.

 

Given the current lending cost trends, median MCLR and repo rate movements, retaining the interest subvention rate at 1.5% remains essential to support rural and cooperative banks and ensure continued access to low-cost credit for farmers.

The Cabinet’s decision reinforces the Government’s unwavering commitment to doubling farmers’ income, strengthening the rural credit ecosystem, and boosting agricultural growth through timely and affordable credit access.