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CURRENT AFFAIRS : BANKING, FINANCE & BUSINESS

Karur Vysya Bank Partners with Kshema General Insurance for Strategic Bancassurance Tie-Up

• Karur Vysya Bank (KVB) and Kshema General Insurance have entered into a strategic bancassurance alliance.
• The partnership aims to offer a specially designed dual-benefit insurance product — Kshema Kisan Sathi — targeted at India’s rural and agri-focused communities.
• The initiative is focused on insuring and uplifting the agri and rural economy, by combining Kshema’s technology platform with KVB’s rural customer network.
• Kshema Kisan Sathi aims to promote financial security, stability, and self-sufficiency among rural families and agri-entrepreneurs, thereby boosting the rural economy.
• Chairman, Kshema General Insurance Limited : Natraj Nukala

What Is Bancassurance?

• Bancassurance is an arrangement between a bank and an insurance company, allowing the insurance company to sell its products to the bank's client base.
• This partnership arrangement can be profitable for both companies.

State Bank of India Launches Specialized Trade Finance Centres in Kolkata and Hyderabad     

• State Bank of India (SBI) inaugurated Global Trade Finance Centres at Kolkata and Hyderabad.
• These specialized hubs are staffed by over 800 skilled professionals.
• The centres will streamline Inland trade and processing of Import and Export transactions.
• Benefits include faster turnaround, stronger compliance, and significantly improved customer experience.
• SBI’s Trade Finance business is moving from paper-based to digital processes using Artificial Intelligence (AI), Machine Learning (ML), blockchain, and document digitization.

Recent News :

• In May 2025, State Bank of India (SBI) signed a Memorandum of Understanding (MoU) with Land Ports Authority of India (LPAI)to enhance banking services at 26 landports across India’s borders with neighboring countries.

Reserve Bank of India Approves Saraswat Co-operative Bank’s Takeover of Fraud-Hit New India Co-op Bank Under UCB Amalgamation Scheme

• Saraswat Co-operative Bank (SCB) has received in-principle approval from the Reserve Bank of India (RBI) to acquire the fraud-hit New India Co-operative Bank (NICB) under the voluntary amalgamation scheme for Urban Co-operative Banks (UCBs).
• NICB’s net worth has turned negative after a misappropriation of ₹122 crore was detected during an RBI inspection in February 2025.
• As of March-end 2025:SCB's total business (Deposits + Advances): ₹91,800 crore, NICB's total business: ₹3,500 crore
• The merger is subject to approval from shareholders of both Mumbai-based banks and requires clearance of the Scheme of Amalgamation.
• Gautam E Thakur, Chairman of SCB, expects the merger to conclude by August–September 2025, assuring full protection for NICB depositors.
• SCB’s Gross NPAs: 2.25% of advances (as of March-end 2025)
  Net NPAs: Nil, may rise slightly after the merger.
• SCB already has 312 branches and will add 27 more post-merger.
• The resolution of NICB is the fastest ever for a stressed UCB, completed in 135 days, as stated by NICB Administrator Shreekant, ex-Chief GM at SBI.
• The NICB merger marks SCB’s 8th acquisition of a stressed UCB in 25 years

SCB’s Past Acquisitions:

Punjab National Bank waives charges for non-maintenance of minimum balance 

• Punjab National Bank (PNB) has announced the waiver of penal charges for non-maintenance of Minimum Average Balance (MAB) in all savings accounts.
• This customer-first initiative is effective from July 1, 2025.
• The move aims to support priority segments such as women, farmers, and low-income households, promoting inclusive banking access without penalties.
• Similar steps have been taken by other public sector banks, including the State Bank of India (SBI).

What is a minimum average balance?

• The Minimum Average Balance (MAB), also known as Monthly Average Balance, is the minimum amount of funds that a bank customer is required to maintain on average in their savings account over a month.

CURRENT AFFAIRS: NATIONAL AND STATE NEWS

Centre Approves ₹1,894 Crore PM MITRA Park in Tamil Nadu’s Virudhunagar District

• In a significant boost to Tamil Nadu’s ambition of becoming a global textile hub, the Union Government has approved a ₹1,894 crore development plan for the PM MITRA (Pradhan Mantri Mega Integrated Textile Region and Apparel) Park in Virudhunagar district.

Key Highlights:

• Approval Announced By: Union Textiles Minister Giriraj Singh
• Project Area: 1,052 acres
• Completion Timeline: By September 2026
• Expected Investment: ₹10,000 crore
• Job Creation: 1 lakh employment opportunities

About PM MITRA Park (Virudhunagar):

• Core Focus: Next-generation textile manufacturing, especially technical textiles and integrated processing
• Infrastructure to Include:
  • 15 MLD Common Effluent Treatment Plant (Zero Liquid Discharge)
  • 5 MLD Sewage Treatment Plant
  • Worker housing for 10,000 people
  • 1.3 million sq. ft. of plug-and-play and built-to-suit factory spaces

Strategic Importance:

• Tamil Nadu is already India’s top textile exporter
• The park is seen as a catalyst to scale production, boost exports, and promote sustainable textile infrastructure

National Context:

• Tamil Nadu becomes one of seven states hosting PM MITRA Parks, joining:
  • Telangana
  • Karnataka
  • Maharashtra
  • Gujarat
  • Madhya Pradesh
  • Uttar Pradesh

RECENT NEWS

• Tamil Nadu has officially joined the league of Indian states with dedicated space sector policies by unveiling its Space Industrial Policy in April 2025. Aimed at boosting economic growth and job creation, the policy seeks to attract ₹10,000 crore in investments over the next five years.

Union Cabinet Approves National Sports Policy to Transform India’s Sporting Ecosystem

• The National Sports Policy, approved on 1 July 2025, seeks to integrate sports into daily life, bolster athlete development, and position India as a global sports powerhouse.

Key Highlights :

• Mass Participation & Fitness: aims to promote sports for all, introducing fitness indices in schools, colleges, and workplaces.
• Athlete-Centric Ecosystem: focuses on athlete welfare, professional training, and inclusive community engagement.
• Sports-Education Integration: to foster holistic development by embedding sports in academic curricula.
• Governance Framework: establishment of regulatory and legal measures, with strengthened National Sports Federations for operational efficiency, financial sustainability, and transparency.
• Infrastructure & Monitoring: development of monitoring agencies for swift grievance redressal and ensuring quality facilities nationwide.

Cabinet Approves Employment Linked Incentive Scheme to Generate 3.5 Crore Jobs with ₹1 Lakh Crore Outlay

• The Union Cabinet, chaired by Prime Minister Narendra Modi, approved the Employment Linked Incentive (ELI) Scheme on 1 July 2025, allocating nearly ₹1 lakh crore to create 3.5 crore formal jobs between 1 August 2025 and 31 July 2027, and strengthen youth employability through first-time hiring incentives and employer support.

Key Highlights :

• Scheme Launch & Budget: Approved 1 July 2025 with a ₹1 lakh crore outlay as part of a broader ₹2 lakh crore employment–skilling package.
• Job Creation Target: 3.5 crore formal jobs in 2 years (Aug 1, 2025–Jul 31, 2027).
• Part A – Incentives to First-Time Employees:
  • Beneficiaries: 1.92 crore new employees registered under EPFO.
  • Benefit: One-month wage up to ₹15,000, disbursed in two installments—after 6 months of service, and after 12 months + completion of financial literacy training.
  • Eligibility: Salary ≤ ₹1 lakh/month; portion locked in savings instruments to promote long-term financial security.
• Part B – Support to Employers:
  • Coverage: All sectors, with extended incentives for manufacturing (years 3–4).
  • Eligibility: Employers must be EPFO-registered and create minimum new hires—2 for firms with < 50 employees; 5 for firms with ≥ 50.
  • Incentive Structure (per employee/month):
    • Wage ≤ ₹10,000 → ₹1,000
    • ₹10,001–₹20,000 → ₹2,000
    • ₹20,001–₹1,00,000 → ₹3,000
• Payment Mechanism:
  • Part A: Direct Benefit Transfer via Aadhaar Bridge Payment System.
  • Part B: Disbursed to employers’ PAN-linked accounts.

Union Cabinet Approves ₹1,853 Crore Four-Lane Upgrade of NH-87 in Tamil Nadu

• The Union Cabinet, sanctioned the 46.7 km four-lane expansion of the Paramakudi–Ramanathapuram stretch of NH-87 under the Hybrid Annuity Mode, at an estimated cost of ₹1,853 crore to bolster connectivity, safety, and regional growth.

Key Highlights:

• Project Stretch & Length: Paramakudi–Ramanathapuram, 46.7 km of NH-87.
• Total Cost: ₹1,853 crore, to be executed via Hybrid Annuity Mode (HAM).
• Execution Model: HAM ensures a balance of government equity and private capital.
• Employment Generation:
  • Direct: 8.4 lakh person-days
  • Indirect: 10.45 lakh person-days
• Background Need: Existing two-lane NH-87 faces severe congestion, high tourist traffic to Rameshwaram & Dhanushkodi, and safety challenges.
• Primary Objectives:
  • Decongest traffic on a key pilgrimage and trade corridor.
  • Enhance road safety and commuter comfort.
  • Promote tourism by improving access to religious and coastal destinations.
  • Boost local trade & industry through better logistics connectivity.
  • Generate employment during construction and maintenance phases.

Union Cabinet Approves ₹1 Lakh Crore RDI Scheme to Boost Private Sector Innovation

• The Union Cabinet, on 1 July 2025, sanctioned a ₹1 lakh crore Research, Development & Innovation (RDI) Scheme—offering long-term, low-interest funding for industry-led R&D in sunrise and strategic sectors, under the strategic guidance of the Anusandhan National Research Foundation (ANRF).

Key Highlights :

• Outlay – ₹1 lakh crore: dedicated to private sector-led R&D and innovation.
• ANRF Oversight: Scheme managed by the Anusandhan National Research Foundation, chaired by the Prime Minister.
• Objective: Promote deep-tech research in AI, semiconductors, clean energy, and other critical domains.
• Two-Tier Funding Structure:
  • Tier 1 – Special Purpose Fund (SPF): Centralized within ANRF to allocate capital.
  • Tier 2 – 2nd-Level Fund Managers: Disburse concessional long-term loans (low or nil interest) to eligible private entities.
• Focus Areas:
  • Technology acquisition & commercialization
  • High Technology Readiness Level (TRL) projects
  • Strategic sectors vital for national security and economic competitiveness

Gujarat Launches Jan Suraksha Santrupti Abhiyan to Expand Welfare Coverage

• Chief Minister Bhupendra Patel inaugurated the Jan Suraksha Santrupti Abhiyan in Gandhinagar on 30 June 2025, kick-starting a three-month national drive (1 July–30 September 2025) to ensure all eligible citizens access central social security schemes.

Key Highlights :

• Primary Aim: Achieve 100% coverage under flagship welfare programmes.
• Targeted Schemes:
  • Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
  • Pradhan Mantri Suraksha Bima Yojana (PMSBY)
  • Atal Pension Yojana (APY)
  • Pradhan Mantri Jan Dhan Yojana (PMJDY)
• Core Objectives:
  • Identify unserved eligible citizens and deliver on-ground enrolment.
  • Raise awareness on digital safety and financial literacy.
  • Facilitate KYC updates and new Jan Dhan account openings.
• Direct Benefits Distributed at Launch:
  • ₹2 lakh cheques handed to three PMSBY beneficiaries.
  • Jan Dhan passbook issued to a new account holder.

CURRENT AFFAIRS : INTERNATIONAL NEWS

Pakistan assumes United Nations Security Council presidency for July 2025

• Pakistan assumed the Presidency of the United Nations Security Council (UNSC) for the month of July 2025.
• This presidency is part of Pakistan’s two-year term as a non-permanent member of the UNSC, which started in January 2025.
• Pakistan was elected with overwhelming support, securing 182 out of 193 votes.
• The UNSC presidency rotates monthly among its 15 members in alphabetical order.
• Pakistan pledged to undertake its presidency with purpose, humility, and conviction, committed to:UN Charter principles, Respect for international law, Multilateralism
• Ambassador Asim Iftikhar Ahmad, Pakistan’s Permanent Representative to the UN, will preside over the Council meetings.
• Pakistan aims for a transparent, inclusive, and responsive presidency focused on collective and timely action in line with UNSC’s responsibilities.
• Two high-level signature events to be convened in July:

1. Open Debate on “Promoting International Peace and Security through Multilateralism and the Peaceful Settlement of Disputes” on July 22.
2. Briefing on “Cooperation between the United Nations and Regional and Sub-Regional Organizations: The Organisation of Islamic Cooperation (OIC)” on July 24.

• Both events will be chaired by Ishaq Dar, Pakistan’s Deputy Prime Minister and Foreign Minister, who will also chair the Quarterly Open Debate on the Question of Palestine on July 23.
• Pakistan has previously served as a UNSC non-permanent member in 2012-13, 2003-04, 1993-94, 1983-84, 1976-77, 1968-69, and 1952-53.

CURRENT AFFAIRS : APPS & PORTALS

Union Railway Minister Ashwini Vaishnaw launches ‘RailOne’ app on CRIS 40th Foundation Day in New Delhi            

• Union Railway Minister Ashwini Vaishnaw launched the ‘RailOne’ app on the 40th Foundation Day of the Centre for Railway Information Systems (CRIS) at India Habitat Centre, New Delhi.
• The ‘RailOne’ app is an all-in-one railway passenger services platform with a user-friendly interface.
• The app offers multiple passenger services:
• Unreserved and platform ticket booking (with 3% discount),
• Live train tracking,
• Grievance redressal,
• E-catering,
• Porter booking,
• Last-mile taxi services.
• For reserved ticket booking, users will still use the IRCTC platform.
• However, RailOne is an IRCTC-authorized partner app.
• Login options include mPIN, biometric login, and single sign-on using existing UTS and RailConnect credentials.
• It eliminates the need for multiple apps, helping users save device space.
• The launch of RailOne is aligned with the upcoming modernization of the Passenger Reservation System (PRS).
• The new PRS, expected to be ready by December 2025, will be:Multilingual, Agile,Scalable,
• Capable of handling 1.5 lakh ticket bookings and 40 lakh enquiries per minute.
• These developments reflect Indian Railways' commitment to technology-driven, inclusive, and efficient passenger services.

About Ministry of Railways :

• Cabinet Minister : Ashwini Vaishnaw
• Minister of State : V. Somanna, Ravneet Singh Bittu
• Chairman & CEO, Railway Board : Satish Kumar

CURRENT AFFAIRS : DEFENCE NEWS

Indian Navy Commissions INS Tamal, Newest Multi-Role Stealth Frigate

• The Indian Navy commissioned INS Tamal (F 71) on 01 July 2025 at Yantar Shipyard, Kaliningrad, Russia.
• The commissioning ceremony was attended by VAdm Sanjay Jasjit Singh, Flag Officer Commanding-in-Chief, Western Naval Command.
• INS Tamal is the eighth multi-role stealth frigate of Project 1135.6 and the second ship of the additional follow-on Tushil class.
• The first ship of the Tushil class, INS Tushil, was commissioned on 09 Dec 2024 in the presence of the Raksha Mantri.
• All seven ships inducted so far belong to the Western Fleet, known as 'The Sword Arm' of the Indian Navy under the Western Naval Command.
• The ship is commanded by Capt Sridhar Tata, an expert in gunnery and missile warfare.
• The commissioning ceremony was inaugurated by Mr Andrey Sergeyvich Puchkov, Director General, United Shipbuilding Corporation.
• The Indo-Russian partnership has delivered its 51st ship over 65 years, with INS Tamal having 26% indigenous components including the BrahMos long-range cruise missile and Humsa-NG Sonar system.
• INS Tamal is manned by about 250 sailors and 26 officers.
• The ship’s motto is “Sarvatra Sarvada Vijaya” (Victory always everywhere), reflecting its commitment to operational excellence.
• This complements the Indian Navy’s motto: “Combat Ready, Credible, Cohesive and Future Ready Force Safeguarding National Maritime Interests – Anytime, Anywhere.”

About Ministry of Defence:

• Cabinet Minister: Rajnath Singh
• Minister of State (MoS): Sanjay Seth

Mazagon Dock delivers second Project 17A stealth frigate ‘Udaygiri’ to Indian Navy 

• Yard 12652 (Udaygiri), the second ship of Project 17A stealth frigate, was delivered to the Indian Navy on 01 July 2025 by Mazagon Dock Shipbuilders Limited (MDL).
• Project 17A is the follow-on of the Shivalik class (Project 17) frigates currently in service.
• Udaygiri is the second of seven P17A frigates being built at MDL Mumbai and GRSE Kolkata.
• These are multi-mission frigates capable of operating in a Blue Water environment, addressing conventional and non-conventional threats within India’s maritime interests.
• The new Udaygiri is a modern avatar of the earlier INS Udaygiri, a steam ship decommissioned in 2007 after 31 years of service.
• The ship was delivered in a record time of 37 months from launching.
• The P17A hull is 4.54% larger than the previous P17 class, featuring advanced weapon and sensor suites with enhanced stealth and sleek design.
• The remaining five P17A ships are under construction and expected to be delivered by the end of 2026.
• The delivery of Udaygiri marks the 100th ship designed and delivered by the Warship Design Bureau, a watershed moment for the Indian Navy.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Air Marshal S Sivakumar VSM takes charge as Air Officer-in-Charge Administration

• Air Marshal S Sivakumar VSM assumed the appointment of Air Officer-in-Charge Administration (AOA) at Air HQ, New Delhi on 01 July 2025.
• Commissioned into the Administration branch of the Indian Air Force (IAF) in June 1990.
• Career spans over 35 years with important Command and Staff appointments, including:Senior Air Traffic Control Officer at a forward base, Represented IAF in UN Mission at Congo, Air Force Examiner, Chief Administrative Officer of a premier Flying Station, Command Works Officer and Command Personnel Staff Officer at two Operational Commands, Air Officer Commanding of an Equipment Depot, Assistant Chief of Air Staff (Air Force Works) at Air Headquarters, Senior Officer-in-Charge Administration of an Operational Command
• Prior to current appointment, served as Director General (Administration) at Air HQ.
• Recipient of the Vishisht Seva Medal (VSM).

Reserve Bank of India names Kesavan Ramachandran as new Executive Director

• The Reserve Bank of India (RBI) has appointed Kesavan Ramachandran as Executive Director (ED) effective July 1, 2025.
• As ED, he will oversee the Department of Regulation (Prudential Regulation Division).
• Before this promotion, he was the Principal Chief General Manager in the Risk Monitoring Department.
• Kesavan has over 30 years of experience in currency management, banking and non-banking supervision, training, and administration.
• He served as RBI’s nominee on the Board of Canara Bank for over five years.
• He was also a member of the Auditing and Assurance Standards Board of ICAI for two years.

Sunil Kadam appointed as new Executive Director of Securities and Exchange Board of India

• Sunil Jayawant Kadam took charge as Executive Director (ED) of Securities and Exchange Board of India (SEBI), promoted from his earlier role as Chief General Manager (CGM).
• He will oversee multiple departments including Information Technology, Investor Assistance and Education, and matters related to the National Institute of Securities Markets (NISM).
• His responsibilities also include Economic and Policy Analysis, General Services, Board Cell, RTI (Right to Information), and PQ Cell.
• Kadam has been associated with SEBI since 1996, handling key assignments in Corporation Finance, Market Regulation, Surveillance, and Investigations.
• He has also served as Regional Director at SEBI’s Northern Regional Office and as a Registrar at NISM.

Government Extends Term of Financial Services Institutions Bureau Chairperson and Members Till June 2026           

• The government has extended the tenure of the chairperson and other members of the Financial Services Institutions Bureau (FSIB) by one year, now up to June 30, 2026.
• FSIB is the headhunter responsible for appointing directors of state-owned banks and financial institutions.
• The current chairperson of FSIB is Bhanu Pratap Sharma, former Secretary of the Department of Personnel and Training (DoPT).
• The Appointments Committee of the Cabinet approved the extension effective from July 1, 2025, to June 30, 2026 or until further orders.
• The FSIB’s tenure was also extended by one year last year.
• Other members include Animesh Chauhan (former Chairman & MD of Oriental Bank of Commerce), Deepak Singhal (former RBI Executive Director), and Shailendra Bhandari (former MD of ING Vysya Bank).

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Competition Commission of India Approves GIC’s Plan to Acquire Minority Stake in IPO-Bound Groww

• The Competition Commission of India (CCI) approved the acquisition of a 2.14% stake in Billionbrains Garage Ventures Ltd (Groww) by Viggo Investment Pte Ltd, an affiliate of Singapore's sovereign wealth fund GIC.
• The acquisition is based on a Deed of Adherence and Share Subscription Agreement dated 28th April 2025.
• Groww is an investment tech unicorn operating an online trading platform that offers stock trading, mutual fund investments, and other financial instruments.
• It also has an asset management business.
• Viggo Investment is a special purpose vehicle fully owned by Enterprise Holding, which is a wholly owned subsidiary of GIC (Ventures) Pvt Ltd.
• Billionbrains Garage Ventures filed IPO papers with SEBI through a confidential pre-filing route aiming to raise between $700 million and $1 billion.
• In March 2025, Groww raised nearly $250 million in a pre-IPO funding round led by GIC, with participation from other existing investors.
• Groww's valuation post-funding increased to nearly $6.8 billion, more than double its $3.1 billion valuation in 2021.
• Groww was founded in 2016 in Bengaluru by former Flipkart executives: Harsh Jain, Lalit Keshre, Neeraj Singh, and Ishan Bansal.

CURRENT AFFAIRS: MOUS AND AGREEMENT

The Indian Institute of Management Kozhikode (IIMK) and Tata Power Delhi Distribution Ltd. Forge Strategic MoU for Power Sector Capacity Building

• The Indian Institute of Management Kozhikode (IIMK) and Tata Power Delhi Distribution Ltd. (Tata Power-DDL) have entered a five-year MoU to jointly upskill and prepare professionals for the evolving power distribution sector through training, research, and knowledge-sharing initiatives.

Key Highlights :

• Partnership Scope: Joint design and delivery of specialized training programmes on smart grids, distributed generation, renewable integration, electric mobility, and AI applications in power systems.
• Signatories: Debashis Chatterjee (Director, IIMK) and Praveen Agrawal (Tata Power-DDL).
• Duration: Five years, reinforcing a long-term collaboration dedicated to innovation and sustainability.
• Capacity-Building Activities:
  • Workshops, faculty exchanges, and consultancy projects in domestic and international contexts.
  • Joint research on energy transition, decarbonization, and technology roadmapping.
• Focus Areas:
  • Smart grid management & resilience
  • Digital transformation of power systems
  • Leadership development and organizational change management
  • Sustainability & ESG integration
• Industry-Academia Bridge: Inviting Tata Power-DDL experts to IIMK global conclaves and thought-leadership events; co-pursuing consulting and simulation assignments.

India and UAE Forge Strategic Partnership in Green Steel & Premium Aluminium

• Union Steel Minister H.D. Kumaraswamy and UAE Economy Minister Abdulla Bin Touq Al Marri met on 1 July 2025 under the India–UAE CEPA framework to explore collaboration in eco-friendly steel and high-grade aluminium production.

Key Highlights :

• Framework – CEPA: Discussions held under the Comprehensive Economic Partnership Agreement, reinforcing bilateral industrial ties.
• Green Steel Target: India aims to produce 300 million tonnes of steel by 2030, leveraging clean-energy-driven metallurgy in partnership with the UAE.
• Premium Aluminium: Joint development of high-grade aluminium for automotive and strategic applications, enhancing global supply chain resilience.
• CPSE Involvement:
  • SAIL: Imports ~2.5 million tonnes of limestone annually from UAE; exploring long-term supply tie-ups.
  • NMDC: Seeks to expand Gulf mining collaborations.
  • MECON: Poised to support engineering projects in oil & gas, steel plants, and smart infrastructure in the UAE.

Central Electricity Authority and IIT Roorkee Sign MoU to Drive Power Sector Innovation

• A Memorandum of Understanding was signed on 1 July 2025 between the Central Electricity Authority (CEA) and IIT Roorkee to collaborate on capacity building, research, and knowledge exchange in India’s power and energy sector.

Key Highlights :

• Signatories & Date: Signed by Shri Ghanshyam Prasad (Chairperson, CEA) and Prof. Kamal Kishore Pant (Director, IIT Roorkee) on 01-07-2025.
• Capacity Building: CEA staff to undertake short-term projects and access IIT Roorkee online courses to enhance technical skills.
• Collaborative Research: Joint studies on critical power sector challenges, including hydropower, pumped storage, and renewable integration.
• Sustainable Development Focus: Interdisciplinary work on decarbonization, energy efficiency, water neutrality, and just transition frameworks.
• Energy Transition Support: Aligns with India’s net-zero emissions commitment by 2070 or earlier.
• Emerging Technology Cooperation: Research on green hydrogen, e-mobility, energy storage, biomass cofiring, and geothermal.
• Infrastructure Resilience: Climate vulnerability assessments, emission inventories, and power supply quality standards.
• EV & Battery Standards: Development of norms for electric vehicles and battery recycling.
• Data & Facility Sharing: Mutual access to data, laboratories, and research outcomes under confidentiality agreements.

CURRENT AFFAIRS: RANKING AND INDEX

Global Unicorn Index 2025: India Ranks 3rd with 64 Startups in Billion-Dollar Club

• The Hurun Global Unicorn Index 2025, released by the Hurun Research Institute, reveals that the world now hosts 1,523 unicorns—privately held startups valued at over $1 billion—with a collective worth of $5.6 trillion, showing rapid growth in innovation and entrepreneurship.

Key Highlights

Top 10 Countries by Number of Unicorns (2025):

India-Specific Insights:

• India ranks 3rd globally with 64 unicorns, indicating its growing global startup influence.
• Top Indian unicorns (by valuation):
  • Zerodha – $8.2 billion
  • Dream11 – $8 billion
  • Razorpay – $7.5 billion
• Key sectors: Fintech, Edtech, Gaming
• Major unicorn hubs: Bengaluru, Mumbai, Gurugram

Top Cities Globally (by Unicorn Count):

1. San Francisco – 199
2. New York – 142
3. Beijing – 91
4. Shanghai – 69
5. London – 55
6. Shenzhen – 46
7. Bengaluru – 36
8. Paris – 32
9. Palo Alto – 30
10. Boston – 27

Global Trends and Insights:

• 72% of unicorns are in the US and China combined.
• Europe is rising, led by Germany, France, and the UK.
• Singapore and South Korea signal Asia’s expanding influence.
• Unicorn sectors are diversifying: from traditional tech to fintech, green energy, healthcare, and gaming.
• The number of countries with unicorns increased by 120% (now 52 nations) since 2019.
• Unicorn activity now spans 307 cities, showing 160% growth in geographic diversity.

UN Sustainable Development Goals (SDG) Index 2025: Top 10 Best and Worst Performing Countries

• The 2025 Sustainable Development Report by the UN Sustainable Development Solutions Network (SDSN) highlights global progress and challenges towards the 2030 SDG targets.
• It reveals that none of the 17 SDGs are fully on track, with only 17% of targets progressing as planned.

Top 10 Countries in SDG Index 2025

• Europe, especially the Nordic countries, continue to lead in sustainable development with strong performance in education, gender equality, climate action, and peace.

Bottom 10 Countries in SDG Index 2025

Countries with conflict, instability, and economic challenges rank lowest due to fiscal constraints, natural disasters, violence, and poor basic services.

India’s Historic Rise in SDG Ranking

• Ranked 99th globally with a score of 67.0 — India enters the top 100 for the first time.
• Past ranks:
  • 109th (2024)
  • 112th (2023)
  • 121st (2022)
  • 120th (2021)
• Reflects progress in clean energy, digital public infrastructure, and financial inclusion.

India in Regional Comparison

• India has overtaken Bangladesh and Pakistan but trails behind Bhutan, Nepal, and Sri Lanka.

Highlights from Asia and the Global South

• Significant SDG improvements since 2015 seen in:
  • Nepal (+11.1 points)
  • Cambodia (+10 points)
  • Philippines (+8.6 points)
• Demonstrates potential for rapid SDG advancement with targeted policies.

China and United States: A Mixed Picture

CURRENT AFFAIRS: IMPORTANT DAYS

World UFO Day 2025: July 2

• Every year on July 2nd, World UFO Day is commemorated to raise awareness about Unidentified Flying Objects (UFO) spotted in several parts of the world and alien life forms.

History

• In 1561, A broadsheet reported widespread sightings of a celestial phenomenon over Nuremberg.
• In July 1947, Farmers in Roswell, New Mexico reported hearing a large crash, and later citizens recover the wreckage of what is purported to be a flying saucer.
• In 1561, the term ‘UFO’ for Unidentified Flying Object was coined by US Air Force officer Edward Ruppelt.
• On September 10, 1993, the Science fiction drama television series "The X-Files" debuts on Fox.
• July 2 is celebrated as World UFO Day to commemorate the supposed UFO crash incident in Roswell New Mexico in 1947.

World Sports Journalists Day 2025: July 2

• World Sports Journalists Day is observed globally on 2nd July every year to acknowledge the work of sports journalists & to encourage them to do better at their work.
• The official theme for World Sports Journalists Day 2025 is: "Championing Fair Play: Reporting with Integrity and Impact."

History

• From 1820 to the 1830s, Sports Journalism Took Off, and the era of sports journalism began.
• In 1883, the first full-time newspaper sports department was created in the “New York World.”
• In 1924, the International Sports Press Association was founded in Paris, France during the Olympic Games.
• In 1994, World Sports Journalists Day was created by the A.I.P.S.

About International Sports Press Association (AIPS):

• Headquarters: Lausanne, Switzerland.
• AIPS of President: Gianni Merlo.
• Founded: 1924

International Plastic Bag Free Day 2025: July 3

• International Plastic Bag Free Day 2025 is observed on July 3 every year to motivate people to avoid using single-use plastic to eliminate plastic pollution.
• International Plastic Bag Free Day 2025 is celebrated around the world to spread awareness that a plastic bag-free world is possible and that sound environmental alternatives to single-use plastic bags are available.

History

• Bag Free World organization established the International Plastic Bag Free Day.
• This organization introduced several campaigns promoting a plastic-free world that inspired other parts of the world to participate in Plastic Bag Free Day.
• Rezero, a member of Zero Waste Europe (ZWE), initiated the first International Plastic Bag Free Day which was observed on July 3, 2008.
• In 2015, the European Union also passed certain directives to reduce the usage of single-use plastic bags.
• Bangladesh became the first country to ban the use of single-use, thin plastic bags officially in 2022.
• Soon after, many more countries, including India, also banned single-use plastic.

Daily CA One- Liner: July 3

• In a significant boost to Tamil Nadu’s ambition of becoming a global textile hub, the Union Government has approved a ₹1,894 crore development plan for the PM MITRA (Pradhan Mantri Mega Integrated Textile Region and Apparel) Park in Virudhunagar district.
• The National Sports Policy, approved on 1 July 2025, seeks to integrate sports into daily life, bolster athlete development, and position India as a global sports powerhouse
• The Union Cabinet, chaired by Prime Minister Narendra Modi, approved the Employment Linked Incentive (ELI) Scheme on 1 July 2025, allocating nearly ₹1 lakh crore to create 5 crore formal jobs between 1 August 2025 and 31 July 2027, and strengthen youth employability through first-time hiring incentives and employer support.
• The Union Cabinet, sanctioned the 46.7 km four-lane expansion of the Paramakudi–Ramanathapuram stretch of NH-87 under the Hybrid Annuity Mode, at an estimated cost of ₹1,853 crore to bolster connectivity, safety, and regional growth
• The Union Cabinet, on 1 July 2025, sanctioned a ₹1 lakh crore Research, Development & Innovation (RDI) Scheme—offering long-term, low-interest funding for industry-led R&D in sunrise and strategic sectors, under the strategic guidance of the Anusandhan National Research Foundation
• Chief Minister Bhupendra Patel inaugurated the Jan Suraksha Santrupti Abhiyan in Gandhinagar on 30 June 2025, kick-starting a three-month national drive (1 July–30 September 2025) to ensure all eligible citizens access central social security schemes
• The Indian Institute of Management Kozhikode (IIMK) and Tata Power Delhi Distribution Ltd. (Tata Power-DDL) have entered a five-year MoU to jointly upskill and prepare professionals for the evolving power distribution sector through training, research, and knowledge-sharing initiatives
• Union Steel Minister H.D. Kumaraswamy and UAE Economy Minister Abdulla Bin Touq Al Marri met on 1 July 2025 under the India–UAE CEPA framework to explore collaboration in eco-friendly steel and high-grade aluminium production
• A Memorandum of Understanding was signed on 1 July 2025 between the Central Electricity Authority (CEA) and IIT Roorkee to collaborate on capacity building, research, and knowledge exchange in India’s power and energy sector
• The Hurun Global Unicorn Index 2025, released by the Hurun Research Institute, reveals that the world now hosts 1,523 unicorns—privately held startups valued at over $1 billion—with a collective worth of $5.6 trillion, showing rapid growth in innovation and entrepreneurship
• The 2025 Sustainable Development Report by the UN Sustainable Development Solutions Network (SDSN) highlights global progress and challenges towards the 2030 SDG targets
• Every year on July 2nd, World UFO Day is commemorated to raise awareness about Unidentified Flying Objects (UFO) spotted in several parts of the world and alien life forms
• World Sports Journalists Day is observed globally on 2nd July every year to acknowledge the work of sports journalists & to encourage them to do better at their work
• International Plastic Bag Free Day 2025 is observed on July 3 every year to motivate people to avoid using single-use plastic to eliminate plastic pollution.
• Karur Vysya Bank (KVB) and Kshema General Insurance have entered into a strategic bancassurance alliance.
• State Bank of India (SBI) inaugurated Global Trade Finance Centres at Kolkata and Hyderabad.
• Saraswat Co-operative Bank (SCB) has received in-principle approval from the Reserve Bank of India (RBI) to acquire the fraud-hit New India Co-operative Bank (NICB) under the voluntary amalgamation scheme for Urban Co-operative Banks (UCBs).
• Punjab National Bank (PNB) has announced the waiver of penal charges for non-maintenance of Minimum Average Balance (MAB) in all savings accounts.
• Pakistan assumed the Presidency of the United Nations Security Council (UNSC) for the month of July 2025.
• Union Railway Minister Ashwini Vaishnaw launched the ‘RailOne’ app on the 40th Foundation Day of the Centre for Railway Information Systems (CRIS) at India Habitat Centre, New Delhi.
• The Indian Navy commissioned INS Tamal (F 71) on 01 July 2025 at Yantar Shipyard, Kaliningrad, Russia.
• Yard 12652 (Udaygiri), the second ship of Project 17A stealth frigate, was delivered to the Indian Navy on 01 July 2025 by Mazagon Dock Shipbuilders Limited (MDL).
• Air Marshal S Sivakumar VSM assumed the appointment of Air Officer-in-Charge Administration (AOA) at Air HQ, New Delhi on 01 July 2025.
• The Reserve Bank of India (RBI) has appointed Kesavan Ramachandran as Executive Director (ED) effective July 1, 2025.
• Sunil Jayawant Kadam took charge as Executive Director (ED) of Securities and Exchange Board of India (SEBI), promoted from his earlier role as Chief General Manager (CGM).
• The government has extended the tenure of the chairperson and other members of the Financial Services Institutions Bureau (FSIB) by one year, now up to June 30, 2026.
• The Competition Commission of India (CCI) approved the acquisition of a 2.14% stake in Billionbrains Garage Ventures Ltd (Groww) by Viggo Investment Pte Ltd, an affiliate of Singapore's sovereign wealth fund GIC.