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CURRENT AFFAIRS : BANKING, FINANCE & BUSINESS

GST collections rise 6.2% to ₹1.85 lakh crore in June 2025, marking slowest growth in four years

• GST collections rose by 6.2% in June 2025 to ₹1.84 lakh crore, marking modest growth as India began the ninth year of GST implementation.
• June collections were 8.5% lower than April’s peak, but the April–June quarter GST mop-up rose by 12% with tax buoyancy above 1.
• Prime Minister Narendra Modi described GST as a transformative reform that enhanced ease of doing business and promoted cooperative federalism.

Key Highlights :

• The GST Council currently has 33 members, as per Article 279A of the Constitution.
• Members of the GST Council include:
• Union Finance Minister (Chairperson)
• Union Minister of State in charge of Revenue (Finance) from the Centre
• Representatives from State Governments
• The Quorum for GST Council meetings is one-third of the total members.
• Decisions require approval by at least three-quarters (75%) of the votes of members present and voting.
• Vote weightage:
• The Central Government holds one-third (1/3) of total votes.
• State Governments collectively hold two-thirds (2/3) of total votes.
• GST Council classifies goods and services under five tax slabs:0%, 5%, 12%, 18%, and 28%.
• The Finance Ministry has notified the constitution of 31 Appellate Tribunals across 28 States and 8 Union Territories for GST-related disputes.
• The Goods and Services Tax Appellate Tribunal (GSTAT) will have around 44 benches nationwide.
• Each bench consists of 4 members:
• 3 members from the Central Government
• 1 member from the State Government
• As per the 53rd GST Council meeting, the monetary limit for the department to file appeals before GST Appellate Tribunal is ₹20 lakh.

MobiKwik’s subsidiary gets Securities and Exchange Board of India nod to operate as stock broker

• On 1 July 2025, MobiKwik Securities Broking Private Limited (MSBPL) is a wholly-owned subsidiary of fintech firm MobiKwik received regulatory approval from the Securities and Exchange Board of India (SEBI) to act as a stock broker and clearing member.
• The SEBI-issued certificate of registration allows MSBPL to conduct activities such as buying, selling, dealing, clearing, and settlement of equity trades.
• This approval enables MobiKwik to accelerate growth in its wealth distribution vertical and expand offerings across the capital markets ecosystem.
• The stock broking arm of MobiKwik, MSBPL, was incorporated in March 2025, with approval from the Ministry of Corporate Affairs (MCA).
• MobiKwik plans to become a member of multiple stock and commodity exchanges both domestically and internationally.
• Managing director (MD) and chief executive officer (CEO), MobiKwik : Bipin Preet Singh

Recent News :

• In April 2025, Zaak ePayment Services Private Limited (Zaakpay) received a Certificate of Authorisation from the Reserve Bank of India (RBI) to operate as an online payment aggregator.

UPI Records 18.40 Billion Transactions Worth ₹24.04 Lakh Crore in June 2025, Posting 32% Volume and 20% Value Growth  

• In June 2025, Unified Payments Interface (UPI) recorded 18.40 billion transactions worth ₹24.04 lakh crore, showing a 32% annual growth in volume and 20% growth in value, as per NPCI data.
• This was a slight drop from May 2025, when UPI transactions were worth ₹25.14 lakh crore.
• The dip is attributed to seasonal effects, not a decline in adoption.
• UPI daily averages in June:
• 613 million transactions per day
• Daily value of ₹80,131 crore
• Other digital payment platforms also saw a decline in June 2025:
• Immediate Payment Service (IMPS):
• 448 million transactions worth ₹6.06 lakh crore
• Down from 464 million and ₹6.41 lakh crore in May
• Aadhaar Enabled Payment System (AePS):
• Fell to 97 million transactions from 105 million
• FASTag transactions:
• Dropped to 386 million from 404 million

India’s GST Collections Double in Five Years to Record ₹22.08 Lakh Crore in FY25

• India’s gross Goods and Services Tax (GST) collections have doubled over the past five years, reaching a record ₹22.08 lakh crore in FY24-25, up from ₹11.37 lakh crore in FY21.
• The FY25 GST collections represent a 9.4% year-on-year growth compared to ₹20.18 lakh crore collected in FY24.
• This marks the highest-ever annual GST collection since the rollout of the indirect tax system in July 2017.
• The average monthly GST collection in FY25 was ₹1.84 lakh crore, up from ₹1.68 lakh crore in FY24 and ₹1.51 lakh crore in FY22.
• Since its launch, GST has shown consistent growth with the number of registered taxpayers rising from 65 lakh in 2017 to more than 1.51 crore in 2025.
• GST replaced around 17 state and central taxes and 13 cesses, streamlining India’s indirect tax system into a unified five-tier structure.
• The GST system will complete eight years on July 1, 2025.
• Monthly GST collections hit new records in 2025, with:April 2025 recording ₹2.37 lakh crore, May 2025 recording ₹2.01 lakh crore
• India currently follows a four-slab GST rate structure with rates at 5%, 12%, 18%, and 28%.

India’s Real GDP Expected to Grow Between 6.4% and 6.7% in FY26 -Confederation of Indian Industry

• India’s real GDP growth is projected to be in the range of 6.4% to 6.7% in FY26, reaffirming India’s status as the fastest-growing major economy globally, according to the Confederation of Indian Industry (CII).
• CII President Rajiv Memani stated that despite global economic and political volatility, India remains a bright spot in a fractured global economy.
• India’s growth must be anchored in competitiveness, driven by scale, productivity, innovation, and resilience.
• CII supports reform, innovation, and trust to maintain internal momentum and withstand external shocks.
• To meet development and infrastructure needs while ensuring fiscal balance, CII recommends:
• Calibrated disinvestment of Public Sector Enterprises (PSEs).
• PSEs account for about 10% of the total market capitalisation (~₹55 lakh crore).
• Divesting 10% of this market cap could yield around ₹5 lakh crore.
• Funds can be used for:Public capital expenditure, Government debt retirement, Setting up a Sovereign Wealth Fund for overseas strategic investments and tech acquisition
• To address the issue of India’s "missing middle", CII proposes a Capital Support Scheme for small and medium manufacturing enterprises, targeting:R&D, Technology acquisition, Employment generation
• To reduce business costs related to land, CII suggests forming a Taskforce on "Land Availability at Affordable Rates" to improve manufacturing competitiveness.

About CII :

• Formation : 1895
• Headquarters : New Delhi, India
• Director General : Chandrajit Banerjee

International Finance Corporation Pledges ₹460 Crore to IndiGrid for India’s Biggest Standalone Battery Energy Storage System in Gujarat 

• The International Finance Corporation (IFC), part of the World Bank Group, has committed ₹460 crore ($55 million) in long-term financing to IndiGrid.
• The funding is for the development of India’s largest standalone Battery Energy Storage System (BESS) in Gujarat.
• The BESS project aims to support grid stability and ensure reliable clean energy during peak demand
• The total financing includes:$38.5 million from IFC’s own account, $16.5 million in concessional funding from the Clean Technology Fund (CTF)
• The investment will be made through listed non-convertible debentures.
• IndiGrid’s Managing Director Harsh Shah stated that BESS is essential for flexible and reliable renewable energy deployment.
• IFC’s Regional Director Imad Fakhoury noted the investment supports Gujarat’s goal of 100 GW renewable energy capacity by 2030 and could be a model for other states to scale up clean energy infrastructure.

Reserve Bank of India Reports 98.29% of ₹2000 Notes Withdrawn from Circulation   

• The Reserve Bank of India (RBI) announced that 98.29% of the ₹2,000 banknotes in circulation as of May 19, 2023, have been returned by June 30, 2025.
• The total value of ₹2,000 notes in circulation was ₹3.56 lakh crore as of May 19, 2023, when their withdrawal was announced.
• As of June 30, 2025, the value of ₹2,000 notes in circulation has dropped to just ₹6,099 crore.
• The ₹2,000 banknotes continue to be legal tender, despite the withdrawal from circulation.
• The deposit and/or exchange facility for ₹2,000 notes was available at all bank branches across India until October 07, 2023.
• The exchange facility continues to be available at RBI’s 19 Issue Offices since May 19, 2023.
• The RBI stated that ₹2,000 notes were not commonly used for transactions, and other denominations were sufficient to meet public currency needs.
• The withdrawal of the ₹2,000 notes was part of RBI’s ‘Clean Note Policy’.

About RBI :

• Established : 1 April 1935
• Headquarters : Mumbai, Maharashtra, India
• Governor : Sanjay Malhotra

India Tops China Again in Biofuel Consumption for Second Consecutive Year in 2024

• India overtook China to become the world’s fourth-largest biofuel consumer for the second consecutive year in 2024.
• However, India still lags behind China in terms of biofuel production.
• According to the Statistical Review of World Energy 2025, published by The Energy Institute (EI) in collaboration with Kearney and KPMG, India’s biofuel consumption rose by 40% year-on-year to 77 thousand barrels of oil equivalent per day (kbbloe/d) in 2024.
• Between 2014 and 2024, India’s biofuel consumption grew at a compound annual growth rate (CAGR) of 31.8%, making it the third-largest energy consumer
• In contrast, China’s biofuel consumption increased by 18% year-on-year to 60 kbbloe/d in 2024.
• Biofuels include biogasoline (such as ethanol) and biodiesel, including sustainable aviation fuels (SAF).
• Global leaders in biofuel consumption (2024):
• United States: 856 kbbloe/d
• Brazil: 434 kbbloe/d
• Indonesia: 181 kbbloe/d
• India: 77 kbbloe/d
• China: 60 kbbloe/d
• In production, India’s output rose by 27% YoY to 70 kbbloe/d, while China’s production rose by 31% YoY to 106 kbbloe/d.
• Biofuels are seen as a critical step in decarbonising the industry and transport sectors.

CURRENT AFFAIRS: NATIONAL AND STATE NEWS

NITI Aayog Urges Overhaul to Cut Chemical Sector Environmental Clearance to Six Months

• In its report “Chemical Industry: Powering India’s Participation in Global Value Chains,” NITI Aayog highlights that 90% of chemical projects face delays, with average clearance taking 451 days—196 days longer than the prescribed 255-day limit—and proposes reforms to reduce this to six months.

Key Highlights :

• Current Delay Crisis: Average EC time is 451 days (vs. 255 days standard); India’s process exceeds the US one-year and EU 12–18 month timelines, inflating costs and stalling industrial growth.
• Root Causes Identified:
  • Prolonged public consultations
  • Documentation inconsistencies
  • Insufficient regulatory resources
• Dedicated Oversight Committee: To be set up under the Ministry of Commerce & Industries by 2026, aiming for <10% project delays, working with the Environment Ministry and issuing quarterly progress reports.
• Empowering Expert Appraisal Committee: Grant full decision-making autonomy and eliminate EIAA validation, saving up to 45 days. Introduce provisional “deemed” clearances pending final EC.
• Risk-Based Construction Start: Allow civil works for capital expansion or product-mix changes at companies’ risk while awaiting final approval, provided no additional public hearings are needed.

RECENT NEWS

• NITI Aayog released a report titled Enhancing Competitiveness of MSMEs in India, in collaboration with the Institute for Competitiveness (IFC). The report provides a comprehensive analysis of India’s Micro, Small, and Medium Enterprises (MSMEs), identifying key challenges and presenting a set of systemic reforms aimed at boosting their competitiveness

Puducherry Pioneers tuberculosis Screening in Family Adoption Programme

• Puducherry has become the first Union Territory in India to integrate tuberculosis screening into the Family Adoption Programme (FAP), leveraging collaboration among medical colleges, students, and the health department to strengthen early detection and community-based TB elimination.

Key Highlights :

• Family Adoption Programme (FAP) Enhancement: Under the National Medical Commission mandate, medical students adopt 3–5 families for three years of outreach; now, all family members undergo routine TB screening during follow-up visits.
• Student-Led Diagnosis & Treatment Linkage: At Indira Gandhi Medical College (IGMC), students trained in community medicine—led by Dr. Kavita Vasudevan—identify TB symptoms, facilitate diagnostic testing, and ensure timely treatment initiation.
• Advanced Diagnostic & Risk Mapping: The State TB Cell, in partnership with colleges, maps vulnerable populations as moderate/high-risk and tests them using:
  • AI-enabled handheld chest X-rays
  • NAAT molecular diagnostics
  • Continuous follow-up for patients with co-morbidities
• NTEP Infrastructure in Puducherry: Since 20 February 2004, the National Tuberculosis Elimination Programme operates under the NHM, covering 13.92 lakh people with:
  • 7 TB Units
  • 28 TB Diagnostic Centres
  • 1 Intermediate Reference Laboratory (culture & drug susceptibility testing)

RECENT NEWS

• Union Minister Dr. L. Murugan inaugurated the National e-Vidhan Application (NeVA) for the Puducherry Legislative Assembly on June 9, 2025.

President Droupadi Murmu Inaugurates New Facilities at Mahayogi Gorakhnath University, Gorakhpur

• The President of India, Droupadi Murmu, inaugurated an Auditorium, an Academic Block, and a Panchkarma Kendra, and laid the foundation stone for a Girls’ Hostel at Mahayogi Gorakhnath University, enhancing education, healthcare, and women’s empowerment in eastern Uttar Pradesh.

Key Highlights :

• Holistic Medical Education: University’s Medical College and Ayurveda College integrate Allopathy and Ayurveda, complemented by the Shri Gorakshanath Medical College Hospital’s planned 1,800-bed facility.
• Girls’ Hostel Foundation: New hostel to provide safe accommodation for female students, addressing a critical barrier to women’s higher education.
• Alignment with NEP 2020: Emphasized the role of private universities in public welfare and philanthropy under the National Education Policy.
• Regional Impact: First private university in Gorakhpur and Purvanchal, now a hub for higher education and job-oriented learning.
• Inclusive Growth Vision: President Murmu underscored that better education and healthcare in Purvanchal will drive inclusive development for Uttar Pradesh and India.

RECENT NEWS

• On June 20, 2025, Uttar Pradesh Chief Minister Yogi Adityanath inaugurated the Gorakhpur Link Expressway in Azamgarh, marking a significant milestone in the state’s infrastructure development.

Gujarat Enters One-Crore Investor Club, Joins Maharashtra & Uttar Pradesh

• Gujarat has become the third state in India to surpass one crore registered stock market investors, according to the NSE’s latest data, underscoring its burgeoning financial participation.

Key Highlights :

• One-Crore Milestone: Gujarat joins Maharashtra and Uttar Pradesh as the only states with 10 million+ investors, collectively accounting for 36% of India’s total investor base.
• National Investor Base: India hit 11.5 crore registered investors by May 2025, adding 11 lakh new entrants that month (up 9% MoM).
• Growth Timeline:
  • 9 cr by Feb 2024
  • 10 cr by Aug 2024
  • 11 cr by Jan 2025
• Recent Pace: From Feb–May 2025, India averaged 10.8 lakh new investors monthly, down from 19.3 lakh in 2024.
• Regional Footprint:
  • North India: 4.2 cr investors (largest share)
  • West India: 3.5 cr
  • South India: 2.4 cr
  • East India: 1.4 cr
• Regional Growth Rates (YoY):
  • North India: 24% increase
  • East India: 23%
  • South India: 22%
  • West India: 17%
• Driving Factors: Gujarat’s financial literacy, digital platforms, and vibrant business culture have propelled its investor growth, reflecting a broader shift toward equity-based wealth creation.

RECENT NEWS

• Gujarat Chief Minister Bhupendra Patel launched the Jan Suraksha Santrupti Abhiyan in Gandhinagar, marking the start of a national campaign aimed at bringing unserved eligible citizens under the ambit of key government welfare schemes.

CURRENT AFFAIRS : INTERNATIONAL NEWS

Indonesia to Sign $52.3 Billion Trade and Investment Deal with United States to Avert Higher Tariffs

• Indonesia will sign a trade and investment pact worth $52.3 billion (equivalent to $US 34 billion) with the United States on July 7, 2025 to avoid tougher tariffs due next week.
• The deal requires Indonesia to increase imports of US fuels and involves Indonesian investment in the US energy and agriculture sectors.
• Garuda Indonesia, the national flag carrier, is in talks to purchase up to 75 jets from Boeing, potentially including 737 Max 8 and 787 jets.
• Indonesia faces a 32% tariff in US markets and had previously offered to increase US imports to ease trade tensions.
• US President Donald Trump announced global tariffs on imports in April but paused most tariffs for 90 days to allow for negotiations.
• The US-Vietnam deal reduced Vietnam’s tariff from 46% to 20%, and Indonesia aims for a better trade deal than Vietnam’s by addressing the trade balance with the US.
• Indonesia's government, regulators, state-owned enterprises, and private sector are working together to respond to US tariffs.
• In 2024, Indonesia had a $25.5 billion trade surplus with the US, while the US reported a $27.2 billion goods trade deficit with Indonesia, a 5.4% increase from the previous year.
• The US is pushing for reciprocity in trade, with threatened reimposition of steep tariffs on several economies including the EU and Japan.
• The US has made similar deals with Vietnam, Britain, and temporarily lowered retaliatory duties with China.

About Indonesia :

• President: Prabowo Subianto
• Capital: Jakarta
• Currency : Indonesian rupiah

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

IndiGo Operator InterGlobe Aviation Appoints Amitabh Kant as Non-Executive Director                                                      

• InterGlobe Aviation, the operator of IndiGo, India’s largest domestic airline, has appointed Amitabh Kant as a non-executive director on its board.

About Amitabh Kant :

• Amitabh Kant is a former IAS officer from the 1980 cadre.
• He served as G20 Sherpa and stepped down from the role in June 2025.
• Previously, Kant was the CEO of NITI Aayog for six years.
• He played a key role in major government initiatives such as Make in India and Startup India during his tenure in various state and central government roles.
• Amitabh Kant recently joined as an advisor with Canadian investment firm Fairfax Financial Holdings.

A23 Appoints Vicky Kaushal as Brand Ambassador

• Head Digital Works (A23), India's leading online skill-gaming company with over 80 million registered players, has launched the EPIC Poker Championship.
• Vicky Kaushal has been appointed as the brand ambassador of A23 and features in the campaign for the EPIC Poker Championship.
• The EPIC Poker Championship is a 19-day multiple-format poker festival with a guaranteed prize pool and will conclude with a mega finale in Goa.
• In the new brand film, Vicky Kaushal brings his signature charisma to represent A23’s contemporary offerings in a high-stakes setting, showcasing the thrill and strategic depth of the championship.
• The campaign aims to leverage Vicky Kaushal’s pan-India appeal to connect with A23’s diverse player base and to expand online poker’s reach across India.
• The brand film will be launched in multiple languages – Hindi, Kannada, Tamil, and Marathi – across major OTT and OLV platforms.
• This move marks the beginning of a long-term collaboration with Vicky Kaushal, who will play a significant role in shaping A23’s brand narrative going forward.

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Government Approves ₹1 Lakh Crore Worth of Made-in-India Defence Procurement Deals               

• The Defence Acquisition Council (DAC) approved the purchase of assorted equipment worth Rs 1.05 lakh crore for the armed forces, all sourced from indigenous (made-in-India) manufacturers.
• This is the first major defence procurement decision after Operation Sindoor, highlighting India's enhanced precision air strike capabilities.
• The DAC, headed by Defence Minister Rajnath Singh, granted Acceptance of Necessity (AoN) for 10 capital acquisition proposals including:
• Armoured recovery vehicles
• Electronic warfare systems
• Integrated common inventory management system for the tri-services
• Surface-to-air missiles
• These procurements aim to improve:
• Mobility of armed forces
• Effective air defence
• Supply chain management
• Operational preparedness
• Additional approvals include procurement of:
• Mine counter measure vessels
• Super rapid gun mounts
• Submersible autonomous vessels
• These items will help mitigate risks posed to naval and merchant vessels.
• The AoN (Acceptance of Necessity) signifies the government's formal recognition of the need for the equipment or system.
• Earlier, in March, the DAC had approved eight capital acquisition proposals worth over Rs 54,000 crore, including 1350 HP engines for the Army.
• The recent AoNs were granted under the Buy (Indian-Indigenously Designed Developed and Manufactured) category to boost indigenous design and development.

Government Considers Merging Employment Scheme with Internship Programme

• The Employment-Linked Incentive (ELI) scheme, recently approved by the Cabinet, may be merged with the PM Internship Scheme (PMIS) to boost job creation more effectively.
• The Ministry of Corporate Affairs (MCA), which manages PMIS, and the Ministry of Labour and Employment, which oversees the ELI scheme, have held discussions on integrating both schemes.
• Integration aims to benefit interns by improving their chances of regular employment after training, and companies absorbing interns will get additional incentives under the ELI scheme.
• There are also talks to integrate National Apprenticeship Promotion Scheme (NAPS) and National Apprenticeship Training Scheme (NATS) with the ELI scheme to create synergy among employment and skill development programmes.
• The labour ministry is coordinating with MCA through employment exchanges and an online portal to mobilize candidates for the PMIS.
• The pilot project of PMIS saw a lukewarm response with only about 8,000 interns joining companies, far short of the 125,000 target for FY25. The second round of hiring is underway.
• The ELI scheme, approved by the Union Cabinet with a budget of Rs 99,446 crore, aims to generate over 35 million jobs between August 2025 and July 2027, focusing on the manufacturing sector.
• Out of these jobs, 19.2 million beneficiaries will be first-time employees.
• The ELI scheme provides:A wage subsidy of up to one month’s wage (max Rs 15,000) to EPFO-registered first-time employees earning below Rs 1 lakh per month, Employers receive incentives of up to Rs 3,000 per month per employee for hiring additional employees above a baseline.
• The PMIS target for FY26 has been increased to 700,000 internships, supported by tweaks like geo-tagging opportunities to help candidates choose companies closer to their domiciles.
• The top 500 participating companies under PMIS are offering extra incentives beyond the government-mandated Rs 5,000 monthly stipend to attract more interns.

Reliance Retail Buys Minority Stake in UK-Based FACEGYM

• Reliance Retail Ventures Limited. has made a strategic minority investment in United Kingdom (UK)-based FACEGYM, expanding its presence in the beauty and wellness sector.
• FACEGYM is known for non-invasive facial workouts and advanced skincare
• FACEGYM plans to enter the Indian market through standalone studios and select Tira stores over the next five years.
• Tira, Reliance’s beauty platform, will lead the brand’s Indian rollout, utilizing Reliance’s extensive 19,340-store retail network.
• This move capitalizes on the rising interest of Indian consumers in science-backed beauty innovations.
• The investment strengthens Reliance Retail’s beauty portfolio, which already includes brands like Akind, Dream, Immerse Play, and Tira.
• FACEGYM was founded by Inge Theron and has established studios in London, New York, and Los Angeles since 2014, when it opened its first studio in Selfridges.

CURRENT AFFAIRS: MOUS AND AGREEMENT

National Commodity and Derivatives Exchange and India Meteorological Department Sign MoU to Launch India’s First Parametric Weather Derivatives

• The National Commodity and Derivatives Exchange (NCDEX) and the India Meteorological Department (IMD) have entered into an MoU to develop India’s first parametric weather derivatives, enabling stakeholders to hedge climate-related risks using historical and real-time weather data.

Key Highlights :

• First Parametric Weather Derivatives: MoU signed in late June, laying the foundation for a rainfall-based derivative product and other weather-linked contracts.
• Data Partnership: NCDEX will leverage IMD’s historical & real-time datasets to construct robust weather indices.
• Risk Management Tool: Designed to help farmers, agri-traders, and allied sectors hedge against erratic rainfall, heatwaves, and unseasonal events.
• Seasonal & Location-Specific Contracts: Supports customized derivatives aligned with southwest and eastern monsoon cycles for regional precision.
• Capacity Building & Research: Joint initiatives for training Farmer Producer Organisations (FPOs), policy think tanks, and market analysts on weather risk instruments.
• Regulatory Pathway: Products will undergo hypothesis testing before regulatory approval; no definitive launch timeline yet, per NCDEX MD & CEO Arun Raste.
• Sectoral Resilience: Expected to bolster climate risk management across agriculture, transportation, and related industries, enhancing overall economic resilience.

Kotelawala Defence University and Swami Vivekananda Cultural Centre  Launch Hindi Language Programme to Deepen India–Sri Lanka Educational Ties

• General Sir John Kotelawala Defence University (KDU) in Colombo, in collaboration with the Swami Vivekananda Cultural Centre (SVCC), has introduced a Hindi Language Learning Programme to foster cultural understanding and academic cooperation between India and Sri Lanka.
• Key Highlights:
• Inauguration: Launched by High Commissioner Santosh Jha and KDU Vice Chancellor Rear Admiral HGU Dammika Kumara, attended by senior military and academic leaders.
• Course Offering: Available as an undergraduate elective for both military and civilian students, focusing on speaking, reading, writing, and cultural context.
• Cultural Impact: Emphasizes access to India’s rich literary heritage, Bollywood films, and Hindi music to strengthen people-to-people ties.
• Practical Curriculum: Designed for everyday conversations, academic use, and engagement with Hindi media.
• Building on Success: Follows the Open University of Sri Lanka’s January 2025 distance-learning Hindi course with SVCC, expanding opportunities for language study.
• Strategic Aim: Enhances regional cooperation, cultural diplomacy, and opens academic and professional pathways for students in both nations.

CURRENT AFFAIRS: RANKING AND REPORTS

Nvidia on Track to Become the World’s Most Valuable Company

• Nvidia’s market capitalization has soared to $3.92 trillion, driven by unprecedented demand for its AI chips, positioning it to surpass Apple and redefine the technology landscape.

Key Highlights :

• Record Market Cap: Reached $3.92 trillion, eclipsing Apple’s $3.915 trillion peak on December 26, 2024.
• AI Boom Catalyst: Dominance in high-end AI processors—essential for training large language and vision models—has fueled a 68% stock surge since April.
• Major Customers: Microsoft, Amazon, Meta, Alphabet, and Tesla are all investing heavily in Nvidia’s GPUs for their AI data centers.
• Global Scale Comparison: Nvidia’s valuation now exceeds the combined market caps of Canada and Mexico and the entire UK’s publicly listed companies.
• Origins & Evolution: Founded in 1993 by Jensen Huang, initially focused on gaming graphics, now regarded as Wall Street’s AI barometer.
• Valuation Metrics: Trades at ~32× forward earnings, below its five-year average of 41×, reflecting rapidly rising profits.
• S&P 500 Weight: Constitutes 7.4% of the index, underscoring its market influence.
• Peer Comparison: Outvalues Microsoft ($3.7 trillion) and Apple ($3.19 trillion).
• Early-Year Headwinds:
  • DeepSeek’s low-cost AI model from China in January sparked concerns over chip demand.
  • Tariff announcements in April caused a brief sell-off, later recovered on hopes of eased trade barriers.
• “Golden Wave” in AI: Analysts hail Nvidia’s rise as the start of a new era of explosive AI growth.
• Index Milestone: Replaced Intel on the Dow Jones Industrial Average last November.
• Insider Confidence: Company insiders sold over $1 billion in shares during the rally, reflecting their strong conviction.

CURRENT AFFAIRS: SPORTS NEWS

Kho Kho Federation of India Appoints New Leadership Team to Drive Domestic Growth and International Expansion

• The Kho Kho Federation of India (KKFI) has unveiled a comprehensive leadership lineup—comprising Vice Presidents, Joint Secretaries, and Executive Members—to promote and develop Kho Kho across India and globally.

Key Highlights :

• Eight Vice Presidents to bring regional expertise and shape policies for inclusive development:
  • Bhawar Singh Palara (Rajasthan)
  • Kalyan Chatterjee (West Bengal)
  • Kamaljeet Arora (Chhattisgarh)
  • Lokeshwara (Karnataka)
  • N. Madhusudan Singh (Manipur)
  • M. Seetha Rami Reddy (Andhra Pradesh)
  • Pradyumna Mishra (Odisha)
  • Rajib Prakash Baruah (Assam)
• Four Joint Secretaries to strengthen coordination between state units and drive competition participation:
  • A. Nelson Samuel (Tamil Nadu)
  • L. R. Verma (Himachal Pradesh)
  • Sanjay Yadav (Madhya Pradesh)
  • Sunil K. Naik (Goa)
• Thirteen Executive Members representing India’s diverse regions to support school, college, and community outreach
• Global Aspirations led by former MP Rajeev Mittal:
  • 58 → 90 countries playing Kho Kho within the year
  • Presentation to the International Olympic Committee upon reaching 90 nations
  • Target inclusion in the Asian Games 2030 and Olympic Games 2032

CURRENT AFFAIRS: IMPORTANT DAYS

International Day of Cooperatives 2025: July 5

• International Day of Cooperatives 2025 is observed all over the world on the 1st Saturday of July. This year, the world will celebrate International Day of Cooperatives on 5th July.
• On the first Saturday of every July, International Day of Cooperatives is commemorated to increase awareness about cooperatives by highlighting how the United Nations shares similar goals and objectives as the international cooperative movement.
• The theme for International Cooperatives Day 2025 is “Cooperatives Build a Better World.”

History

• In 1895, The International Co-operative Alliance started operation in Brussels.
• In 1945, The United Nations was established in New York City.

• In 1968, COPAC (the Committee for the Promotion and Advancement of Cooperatives) was formed in the 23rd Session of the General Assembly of the United Nations.
• In 1992, The United Nations General Assembly officially recognized International Day of Cooperatives.
• Marked by cooperatives worldwide since 1923 and officially proclaimed by the United Nations General Assembly on the centenary of the ICA in 1995, the International Day of Cooperatives is celebrated annually on the first Saturday of July.

Daily CA One- Liner: July 5

• In its report “Chemical Industry: Powering India’s Participation in Global Value Chains,” NITI Aayog highlights that 90% of chemical projects face delays, with average clearance taking 451 days—196 days longer than the prescribed 255-day limit—and proposes reforms to reduce this to six months
• Puducherry has become the first Union Territory in India to integrate tuberculosis screening into the Family Adoption Programme (FAP), leveraging collaboration among medical colleges, students, and the health department to strengthen early detection and community-based TB elimination
• The President of India, Droupadi Murmu, inaugurated an Auditorium, an Academic Block, and a Panchkarma Kendra, and laid the foundation stone for a Girls’ Hostel at Mahayogi Gorakhnath University, enhancing education, healthcare, and women’s empowerment in eastern Uttar Pradesh.
• Gujarat has become the third state in India to surpass one crore registered stock market investors, according to the NSE’s latest data, underscoring its burgeoning financial participation.
• The National Commodity and Derivatives Exchange (NCDEX) and the India Meteorological Department (IMD) have entered into an MoU to develop India’s first parametric weather derivatives, enabling stakeholders to hedge climate-related risks using historical and real-time weather data
• General Sir John Kotelawala Defence University (KDU) in Colombo, in collaboration with the Swami Vivekananda Cultural Centre (SVCC), has introduced a Hindi Language Learning Programme to foster cultural understanding and academic cooperation between India and Sri Lanka.
• Nvidia’s market capitalization has soared to $3.92 trillion, driven by unprecedented demand for its AI chips, positioning it to surpass Apple and redefine the technology landscape
• The Kho Kho Federation of India (KKFI) has unveiled a comprehensive leadership lineup—comprising Vice Presidents, Joint Secretaries, and Executive Members—to promote and develop Kho Kho across India and globally
• International Day of Cooperatives 2025 is observed all over the world on the 1st Saturday of July. This year, the world will celebrate International Day of Cooperatives on 5th July.
• GST collections rose by 6.2% in June 2025 to ₹1.84 lakh crore, marking modest growth as India began the ninth year of GST implementation.
• On 1 July 2025, MobiKwik Securities Broking Private Limited (MSBPL) is a wholly-owned subsidiary of fintech firm MobiKwik received regulatory approval from the Securities and Exchange Board of India (SEBI) to act as a stock broker and clearing member.
• In June 2025, Unified Payments Interface (UPI) recorded 18.40 billion transactions worth ₹24.04 lakh crore, showing a 32% annual growth in volume and 20% growth in value, as per NPCI data.
• India’s gross Goods and Services Tax (GST) collections have doubled over the past five years, reaching a record ₹22.08 lakh crore in FY24-25, up from ₹11.37 lakh crore in FY21.
• India’s real GDP growth is projected to be in the range of 6.4% to 6.7% in FY26, reaffirming India’s status as the fastest-growing major economy globally, according to the Confederation of Indian Industry (CII).
• The International Finance Corporation (IFC), part of the World Bank Group, has committed ₹460 crore ($55 million) in long-term financing to IndiGrid.
• The Reserve Bank of India (RBI) announced that 98.29% of the ₹2,000 banknotes in circulation as of May 19, 2023, have been returned by June 30, 2025.
• India overtook China to become the world’s fourth-largest biofuel consumer for the second consecutive year in 2024.
• Indonesia will sign a trade and investment pact worth $52.3 billion (equivalent to $US 34 billion) with the United States on July 7, 2025 to avoid tougher tariffs due next week.
• InterGlobe Aviation, the operator of IndiGo, India’s largest domestic airline, has appointed Amitabh Kant as a non-executive director on its board.
• Head Digital Works (A23), India's leading online skill-gaming company with over 80 million registered players, has launched the EPIC Poker Championship.
• The Defence Acquisition Council (DAC) approved the purchase of assorted equipment worth Rs 1.05 lakh crore for the armed forces, all sourced from indigenous (made-in-India) manufacturers.
• The Employment-Linked Incentive (ELI) scheme, recently approved by the Cabinet, may be merged with the PM Internship Scheme (PMIS) to boost job creation more effectively.
• Reliance Retail Ventures Limited. has made a strategic minority investment in United Kingdom (UK)-based FACEGYM, expanding its presence in the beauty and wellness sector