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CURRENT AFFAIRS : BANKING, FINANCE & BUSINESS
Gro Digital joins hands with IDFC First Bank to roll out FASTag services
- Gro Digital Platforms, a joint venture between Ashok Leyland and Hinduja Leyland Finance, has partnered with IDFC First Bank to launch FASTag services.
- A Memorandum of Understanding (MoU) was signed between the two companies to enable seamless, cashless toll payments and improved transparecy for commercial vehicle operators.
- Gro Digital will promote IDFC First Bank’s FASTag through Ashok Leyland’s dealership network.
- The initiative supports the creation of a smarter, more connected logistics ecosystem by integrating FASTag-enabled vehicles into Gro’s digital freight platform.
Benefits include:
- Real-time toll tracking
- Transparent billing
- Effortless payment systems
- All aiding efficient fleet management
- The partnership also offers Road Side Assistance (RSA) through Gro’s Sadak Ka Saathi (SKS) programme to eligible FASTag users.
- The SKS service network will act as distribution points for FASTag issuance.
- The integration of FASTag and SKS aligns with their vision of a tech-driven freight platform to boost fleet efficiency.
- CEO of Gro Digital : Mudasar Mohamed
Reserve Bank of India waives off prior approval for opening vostro accounts
- The Reserve Bank of India (RBI) has removed the requirement for prior approval for opening Special Rupee Vostro Accounts (SRVAs).
- As per the latest notification, Authorised Dealer (AD) banks can now open SRVAs for overseas correspondent banks without RBI’s prior permission.
- Earlier, AD banks were mandated to seek RBI’s approval before opening such accounts.
About SRVAs :
- SRVAs (Special Rupee Vostro Accounts) are INR-denominated accounts held by foreign banks in Indian banks, facilitating:Invoicing, Payment , Settlement of exports and imports in Indian Rupees.
- This move is aimed at promoting rupee-based trade settlements and ease of doing business in international trade.
Recent News :
- In July 2025, The Reserve Bank of India’s (RBI) Financial Inclusion Index increased to 67 in FY25 (March 2025) from 64.2 in FY24.
About RBI:
- Established : 1 April 1935
- Headquarters : Mumbai, Maharashtra, India
- Governor : Sanjay Malhotra
Bank of Baroda launches digital foreign exchange platform ‘bob FxOne’
- Bank of Baroda has launched bob FxOne, a digital foreign exchange (forex) platform for corporate and MSME
- bob FxOne allows customers to execute forex and derivative transactions digitally, with features such as:
- Real-time live rates
- Instant confirmations
- Downloadable deal tickets
- Personalised dashboard with alerts
- The platform is designed to be secure, user-friendly, and cost-effective.
- It aims to streamline and simplify the forex and derivative booking process, eliminating branch visits or manual intervention.
- Customers can now book deals directly online, which ensures:
- Faster execution
- Greater transparency
- Improved efficiency in treasury operations
- The platform caters to the evolving FX needs of modern businesses by providing flexibility, transparency, and control.
About Bank of Baroda (BoB):
- Founded: 1908
- Headquarters: Vadodara, Gujarat, India
- Managing Director & CEO: Debadatta Chand
- Tagline: “India’s International Bank”
India’s Services Sector Growth Reaches 11-Month Peak in July on Robust Demand and Export Orders
- India’s services sector grew at its fastest pace in 11 months in July 2025, driven by rising domestic demand and new export orders.
- The HSBC India Services Purchasing Managers’ Index (PMI), compiled by S&P Global, rose to 60.5 in July from 60.4 in June.
Key Highlights :
- This was the strongest reading since August 2024, and it remained well above the 50-point mark for over two years, indicating continuous expansion.
Growth was attributed to:
- New business intakes
- Robust output
- Advertising
- Client onboarding
- Export orders
The PMI is based on data from around 400 companies across:
- Transport
- Information & communication
- Finance
- Insurance
- Real estate
- Consumer services (excluding retail)
Growth Drivers & Economic Outlook
- The services sector contributes over 50% to India’s GDP.
- India’s GDP grew by 6.5% in FY25, following 9.2% in FY24.
- The RBI projects 6.5% growth for FY26, supported by:
- Rural demand
- Public investment
- Services exports
Manufacturing & Composite Index
- HSBC India Manufacturing PMI rose to 59.1 in July (from 58.4 in June), hitting a 16-month high.
- Composite PMI Output Index rose to 61.1 in July, the highest since April 2024, driven by:
- Demand for Indian goods & services
- 15-month high in composite sales growth
- Both input costs and output prices increased, though only output inflation exceeded the long-run average.
Income Tax Collection of ₹705 Crore from Virtual Digital Assets in FY23 and FY24
- A total of ₹705 crore in taxes was collected from income on Virtual Digital Assets (VDA) transactions during FY 2022-23 and FY 2023-24.
- The tax on VDA income was introduced under Section 115BBH of the Income Tax Act, 1961, starting from FY 2022-23.
- An additional ₹630 crore worth of undisclosed income related to VDAs was detected during search and survey operations by the Income Tax Department.
- The Central Board of Direct Taxes (CBDT) launched the NUDGE campaign (Non-Intrusive Usage of Data to Guide and Enable) to promote accurate reporting of VDA income.
- Under NUDGE, 44,057 emails and messages were sent to taxpayers who traded or invested in VDAs but did not report it in Schedule VDA of their Income Tax Returns (ITRs).
- Virtual Asset Service Providers (VASPs) and TDS returns are being monitored to identify discrepancies in VDA-related transactions.
- Appropriate action is taken by the CBDT in case of mismatches between TDS filings and ITRs.
Reserve Bank of India Expected to Conduct $5 Billion USD/INR Currency Swap
- The Reserve Bank of India (RBI) likely conducted the second leg of a $5 billion USD/INR buy/sell swap, aimed at managing surplus system liquidity.
- The swap will drain approximately ₹43,000 crore from the banking system, but liquidity will remain above 1% of Net Demand and Time Liabilities (NDTL) – a level the RBI is comfortable with.
- System liquidity as on August 3 stood at ₹4.09 lakh crore, indicating a high surplus.
- In a buy/sell swap, the RBI purchases dollars in the first leg (injecting rupee liquidity), and sells them at maturity (to withdraw liquidity).
- The first leg of the swap was conducted in late January with a 6-month maturity ending in early August.
- Market sources suggest no full rollover was done due to the ample liquidity, but a partial rollover was likely.
- The RBI had earlier conducted a 3-year $10 billion swap and other tools such as Open Market Operations (OMOs) and Variable Rate Repo Auctions to manage liquidity.
- Market indicators (like forward premiums and USD/INR rates) suggest that part of the swap was rolled over, showing a calibrated liquidity approach by the RBI.
- Forex dealers and treasury heads observed that the impact on USD/INR rates was limited, implying partial delivery and partial rollover.
Policybazaar penalised ₹5 crore for deceptive insurance advertisements
- The Insurance Regulatory and Development Authority of India (IRDAI) imposed a ₹5 crore penalty on Policybazaar Insurance Brokers.
- The fine was levied under Section 102 of the Insurance Act, 1938, which permits penalties for regulatory violations.
Key Highlights :
Violations include:
- Biased product promotion – Labeling certain insurance products as “Top” or “Best plans” without transparent criteria.
- Delayed premium transfer – Premiums were not transferred to insurers within the stipulated time, causing potential coverage gaps.
- Improper outsourcing agreements – Lack of compliance and transparency in third-party commission structures.
- Incomplete telemarketing procedures – About 1 lakh policies lacked Authorised Verifier mapping and proper call recordings.
- Selective display of products – Only ULIPs from 5 insurers shown, and health plans from only 12 of 23 partner insurers.
- Policybazaar was cautioned, advised, and directed to improve compliance with the Insurance Act, 1938, and associated rules.
- IRDAI criticised the platform for not providing sufficient material for customers to make informed decisions.
The case highlights the importance of:
- Consumer protection
- Timely premium remittance
- Transparency in product listings
- Adherence to regulatory standards by digital aggregators
Recent News :
- In July 2025, The Insurance Regulatory & Development Authority of India plans to introduce an Internal Insurance Ombudsman in all insurance companies (except reinsurers) to strengthen policyholder protection and boost trust.
About IRDAI:
- Headquarters (HQ): Hyderabad, Telangana, India
- Chairperson: Ajay Seth
- Founded: 1999
CURRENT AFFAIRS: NATIONAL AND STATE NEWS
India to Host WHO–IRCH Workshop on Herbal Medicine Regulation in Ghaziabad
- India will host the WHO–International Regulatory Cooperation for Herbal Medicines (IRCH) Workshop from August 6 to 8, 2025, at Hotel Fortune District Centre, Ghaziabad.
- The event is organized by the Ministry of Ayush in collaboration with the World Health Organization (WHO) and is supported by the Pharmacopoeia Commission for Indian Medicine & Homoeopathy (PCIM&H).
- The international workshop will bring together regulators and experts to strengthen global capacity in regulating herbal medicines.
Key Highlights :
Inauguration and Leadership: The workshop will be inaugurated by Vaidya Rajesh Kotecha, Secretary, Ministry of Ayush, and Dr. Kim Sungchol, Chairperson, WHO–IRCH.
Global Participation:
- Physical presence from countries like Bhutan, Brunei, Cuba, Ghana, Indonesia, Japan, Nepal, Paraguay, Poland, Sri Lanka, Uganda, and Zimbabwe.
- Virtual participation from Brazil, Egypt, and the USA.
Main Objectives:
- Foster international collaboration in herbal medicine regulation.
- Enhance safety and efficacy mechanisms of herbal medicines.
- Support regulatory convergence across countries.
- Empower traditional medicine systems globally.
Key Discussions and Focus Areas:
- Review of WHO–IRCH Working Groups 1 and 3, which focus on safety, regulation, efficacy, and intended use of herbal medicines.
- Sessions on pre-clinical research, regulatory frameworks, and safety case studies.
- Special focus session on Ashwagandha (Withania somnifera).
Hands-on Training Components:
- Training in herbal drug identification.
- Heavy metal analysis.
- Chemo-profiling using HPTLC technology at PCIM&H laboratories.
Introduction of New Initiative:
- Launch of the Ayush Suraksha (Pharmacovigilance) Programme to strengthen safety monitoring of traditional medicines.
Institutional Visits for Delegates:
- Visit to PCIM&H.
- Visit to National Institute of Unani Medicine (NIUM), Ghaziabad.
- Visit to All India Institute of Ayurveda (AIIA), New Delhi.
India’s Services and Manufacturing PMI Rise in July 2025 Reflecting Strong Demand, Despite Slower Hiring
- Services PMI Hits 11-Month High: The HSBC India Services Purchasing Managers’ Index (PMI) rose to 60.5 in July 2025, up slightly from 60.4 in June, indicating strong expansion in the sector.
- The rise was attributed to robust advertising, new client acquisitions, and strong domestic and international demand.
- Export Orders Improve: Export demand increased from key regions such as Asia, Canada, Europe, UAE, and the US.
Key Highlights:
- Top Performing Sectors: Finance and insurance led sectoral growth, while real estate and business services underperformed.
- Employment Slows: Employment growth declined to a 15-month low, with less than 2% of surveyed firms hiring in July, highlighting a cautious approach to recruitment.
- Rising Cost Pressures: Input and output prices increased, driven by higher costs of food, freight, and labour.
- Manufacturing PMI at 16-Month High: The HSBC India Manufacturing PMI rose to 59.1 in July from 58.4 in June, reflecting strong gains in new orders and production.
- Weaker Hiring and Confidence in Manufacturing: Despite manufacturing growth, business confidence and hiring softened in the sector.
- Composite PMI Rises: The Composite PMI (combining services and manufacturing) increased to 61.1, the fastest rate since April 2024, signaling strong overall economic activity.
SAP Labs India Inaugurates Innovation Park in Bengaluru, Karnataka
- SAP Labs India has inaugurated a state-of-the-art Innovation Park in Devanahalli, Bengaluru, Karnataka, underscoring its commitment to the Government of India’s mission of fostering Digital India, Skill India, and a sustainable technology infrastructure.
Key Highlights:
- The Innovation Park strengthens SAP’s commitment to India and enhances the country’s position as a global hub for technology and innovation.
- Shri Ashwini Vaishnaw, Union Minister for Railways, Communications, and Electronics & IT, delivered the keynote address at the inaugural event.
- India is moving from the 11th largest economy to soon becoming the 3rd largest economy in the world.
- Electronics exports have grown 8 times in the last 11 years.
- Made in India chips will be available soon.
- India is witnessing massive technological progress across sectors like Railways.
- Example:
- The Bullet Train accelerates from 0–100 kmph in 54 seconds.
- The Vande Bharat Train achieves this in 52 seconds.
- India has empanelled 34,000+ GPUs, accessible to students, researchers, and startups through a public-private partnership.
About SAP Labs India Innovation Park:
- Located near Kempegowda International Airport, Bengaluru.
- Spans 41.07 acres.
- SAP’s most advanced and sustainable global facility.
- Will house 15,000 professionals, making it SAP’s largest office in India.
- Designed to anchor global AI roles in product engineering, customer services, and delivery.
- Facilities include:
- Joule’s agentic AI capabilities
- Customer Experience Center
- AI labs
- Hybrid collaboration zones
- Startup incubation hubs
- Hackathon spaces
MoU Between SAP and Gati Shakti Vishwavidyalaya (GSV):
- SAP signed a Memorandum of Understanding (MoU) with Gati Shakti Vishwavidyalaya (GSV) at the Innovation Park inauguration.
- Objective: To support the Skill India Mission by preparing a digitally skilled workforce for the logistics and transport sector.
Three Pillars of the MoU:
- Employment Enablement:
- Equipping GSV graduates with industry-relevant digital skills to be employment-ready.
- Curriculum Enhancement:
- Building the capacity of students and government professionals to meet real-world challenges.
- Industry Linkages:
- Fostering research, development, and employment opportunities for boosting India’s logistics sector.
Key Outcomes of the Collaboration:
- Knowledge transfer, joint innovation, and hands-on learning opportunities.
- SAP’s tools to be integrated into GSV’s curriculum to help build a future-ready digital logistics workforce.
Dignitaries Present:
- Shri Siddaramaiah, Chief Minister of Karnataka
- Shri Priyank Kharge, IT Minister, Karnataka
- Dr. Philipp Ackermann, German Ambassador to India
- Clas Neumann, Head of SAP Labs Network
RECENT NEWS
- In a move that has stirred political debate, the Karnataka Cabinet, led by Chief Minister Siddaramaiah, approved an increase in the housing scheme quota for religious minorities from 10% to 15%.
CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS
IndusInd Bank names Rajiv Anand as new Managing Director & Chief Executive Officer
- IndusInd Bank announced the appointment of Rajiv Anand as its new Managing Director (MD) & Chief Executive Officer (CEO) on August 4, 2025.
- The Board of Directors, based on RBI approval, appointed him as Additional Director (MD & CEO) and Key Managerial Personnel.
- His tenure will be for three years, from August 25, 2025, to August 24, 2028, subject to shareholder approval.
- Rajiv Anand previously served as Deputy Managing Director of Axis Bank, retiring on August 3, 2025, after completing his third term.
- He joined Axis Asset Management Co. Ltd. in 2009 as the founding MD & CEO, later becoming President of Retail Banking and then Head of Wholesale Banking at Axis Bank.
- He takes charge amid allegations of accounting irregularities at IndusInd Bank related to bad loan recognition and trading losses.
- Former MD & CEO Sumant Kathpalia resigned due to accounting lapses amounting to ₹1,960 crore in FY 2024–25.
- The RBI had extended the Committee of Executives’ term (formed on April 29, 2025) till July 28, 2025, awaiting appointment of a new MD & CEO.
- The accounting lapses were linked to derivatives trading, causing an estimated 2.35% loss of the bank’s net worth as of December 2024.
Recent News :
- In July 2025, The Reserve Bank of India (RBI) extended the tenure of IndusInd Bank’s oversight committee by one month until August 28, 2025.
About IndusInd Bank:
- Headquarters: Mumbai, Maharashtra, India
- Founded Year: 1994
- Slogan: “We Make You Feel Richer”
CURRENT AFFAIRS : DEFENCE NEWS
Thailand clears $600 million purchase of Swedish fighter aircraft
- Thailand has approved the purchase of four Swedish-made Gripen fighter jets on August 5, 2025.
- The deal is worth $600 million and involves the Saab JAS 39 Gripens, manufactured in Sweden.
- The decision follows a ceasefire with Cambodia after deadly border clashes that left over 40 people dead.
- The Royal Thai Air Force used its F-16s during the five-day conflict to strike targets in Cambodia.
- The new acquisition is part of Thailand’s long-term plan to modernise its combat capabilities.
- The Thai Cabinet approved the purchase to strengthen national security and protect sovereignty.
- A 10-month review by a procurement committee starting in August 2024 favored the Gripens over US-made F-16s.
- Thailand already operates 11 Gripens and several older F-16s from the 1980s.
- The country’s total defence budget is 200 billion baht (approx. $6 billion), covering the army, navy, and air force.
About Thailand :
- Prime Minister : Phumtham Wechayachai
- Capital : Bangkok
- Currency : Thai baht
CURRENT AFFAIRS : ACQUISITIONS & MERGERS
Competition Commission of India clears Dalmia Cement’s acquisition of Jaiprakash Associates Limited
- The Competition Commission of India (CCI) has approved the acquisition of Jaiprakash Associates Limited (JAL) by Dalmia Cement (Bharat) Limited (DCBL).
- The acquisition is part of a corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC).
- Dalmia Cement (Bharat) Ltd is a wholly-owned subsidiary of Dalmia Bharat Limited (DBL), which is the parent company of the Dalmia Bharat Group.
- Dalmia Bharat Limited is engaged primarily in the manufacture and sale of cement.
- Jaiprakash Associates Ltd (JAL) is involved in multiple sectors including:Real estate, Cement, Hospitality, Engineering, Procurement, and Construction (EPC)
- JAL is currently undergoing CIRP under the IBC.
Recent News :
- In July 2025, The Competition Commission of India (CCI) approved the proposed acquisition of certain shareholding in Renault Nissan Automotive India Private Limited by Renault Group B.V. and Renault S.A.S.
About CCI:
- The Competition Commission of India (CCI) is a statutory body within the Ministry of Corporate Affairs and is responsible for enforcing the Competition Act of 2002.
- Founded: October 14, 2003
- Headquarters: New Delhi, India
- Chairperson: Ravneet Kaur
CURRENT AFFAIRS: MOU AND AGREEMENT
India–Philippines Elevate Bilateral Relations to Strategic Partnership
- During Philippine President Ferdinand Marcos Jr.’s first state visit to India, India and the Philippines formally elevated their ties to a Strategic Partnership, strengthening cooperation in defence, maritime security, trade, development, and people-to-people exchanges.
Key Highlights :
- Historic Engagement:Diplomatic relations commenced in 1949, driven by shared democratic values, anti-colonial legacies, and expanding geopolitical convergence. India’s Look East and now Act East policy deepened engagement, making the Philippines a key partner.
- Trade Growth and Surplus:Post‑2009 India–ASEAN Trade in Goods Agreement, bilateral trade expanded significantly. Trade crossed USD 3 billion in 2022–23 and reached USD 3.53 billion in 2023–24, with India enjoying a trade surplus.
- Export–Import Composition:India exports engineering goods, pharmaceuticals, chemicals, automotive parts, and rice; imports include semiconductors, electrical machinery, ores, and food residues. The Philippines accounts for nearly 20% of India’s pharmaceutical exports to ASEAN.
- Development Collaboration:Under the ITEC programme, India provides capacity-building and training programmes. Collaboration spans disaster relief, humanitarian assistance, and support for the Philippines’ Sovereign Data Cloud pilot project.
- Defence Cooperation Breakthrough:In 2022, India secured a USD 375 million BrahMos missile deal, its first major defence export to Southeast Asia. Joint naval exercises, defence logistics dialogues, and military training further solidify ties, addressing shared concerns over China’s assertiveness and promoting a rules-based maritime order.
- Strategic Partnership Framework:The two nations agreed to institutionalize a Ministerial Defence Dialogue, co-develop defence industry projects (including BrahMos), reaffirm India’s support for ASEAN centrality, and uphold the 2016 Arbitral Tribunal ruling on the South China Sea.
- Vision for 2030 and Beyond:Leaders committed to doubling bilateral trade by 2030 and signed MOUs in pharmaceuticals, digital payments, and clean energy. Additional ITEC scholarships and youth exchange programmes were announced. President Marcos called India an “indispensable partner” for regional stability, with PM Modi emphasizing Indian defence capability and a shared vision of a free Indo-Pacific.
CURRENT AFFAIRS: RANKING AND INDEX
MSCI Rejig August 2025: Vishal Mega Mart, Swiggy, Hitachi & Waaree Energies may join MSCI Standard Index
- The MSCI India Index, which consists of 158 large and mid-sized Indian companies, represents about 85% of the Indian equity universe.
- It is used by global investors, mutual funds, and exchange-traded funds (ETFs) to assess and invest in the Indian market.
Key Highlights :
- New Additions in August 2025 Review:
The following four Indian stocks are set to be added to the MSCI Standard Index:- Vishal Mega Mart – expected inflow of US$287 million
- Swiggy – expected inflow of US$285 million
- Hitachi Energy India – expected inflow of US$240 million
- Waaree Energies – expected inflow of US$217 million
These additions may collectively attract foreign inflows of over US$1.03 billion.
- Expected Deletions from MSCI Standard Index:
Two companies are likely to be removed from the index:- Sona BLW Precision Forgings – projected outflow of US$186 million
- Thermax – projected outflow of US$154 million
These changes will be effective from August 26, 2025.
- Index Performance (as of July 31, 2025):
- 3-month return: 3.11%
- Year-to-date (YTD): 3.57%
- 1-year return: 26.13%
- 3-year annualized return: 14.96%
- 5-year return: 19.04%
- 10-year return: 12.23%
- Return since inception (Dec 30, 1994): 11.96%
- Valuation Metrics (as of July 31, 2025):
- Dividend Yield: 1.19%
- Price-to-Earnings (P/E) Ratio: 25.76
- Forward P/E: 22.10
- Price-to-Book Value (P/BV): 3.68
- Weight in Global MSCI Emerging Markets Index: The MSCI India Index holds a weight of 18.29%, second only to China (25.92%), and ahead of Taiwan (14.91%), South Korea (11.93%), and Brazil (5.45%).
- Global Investor Significance: Many foreign institutional investors (FIIs) and passive funds use the MSCI India Index as a benchmark to allocate capital to Indian equities.
- MSCI conducts quarterly reviews to align the index with market trends and corporate fundamentals.
Changes during these reviews influence stock prices, trading volumes, and foreign capital flows into the Indian stock market.
Gujarat Retains Top Spot as India’s Leading Exporting State in 2024–25
- Gujarat continued to dominate India’s export landscape in FY 2024–25 with outbound shipments worth Rs 9.83 lakh crore, according to the Federation of Indian Export Organisations (FIEO).
- The state accounted for 26.6% of the country’s total exports, maintaining a substantial lead over other states.
Key Highlights:
- Top Exporting State: Gujarat retained its top position with Rs 9.83 lakh crore in exports, despite a marginal decline from the previous year.
- Significant Lead Over Maharashtra: Gujarat’s exports were nearly Rs 4.3 lakh crore more than Maharashtra, which stood at Rs 5,57,271 crore, ranking second.
- Other Leading States: Following Gujarat and Maharashtra, the top exporting states include Tamil Nadu, Karnataka, Uttar Pradesh, Andhra Pradesh, and Telangana.
- Key Export District – Jamnagar: Jamnagar alone contributed Rs 3.63 lakh crore, over one-third of Gujarat’s total, mainly from petroleum and refinery exports.
- Top Commodities from Gujarat:
- Petroleum Products
- Gems and Jewellery
- Organic Chemicals
- Pharmaceuticals
- Engineering Goods (Machinery)
- Uttar Pradesh’s Export Performance: Uttar Pradesh recorded Rs 1.86 lakh crore in exports, contributing 5% to India’s total exports of Rs 37.02 lakh crore.
- UP’s Export Diversification: The state has shown commendable diversification by exporting to both traditional and emerging markets globally.
- Top Export Destination for UP: The United States remains the primary export destination for Uttar Pradesh.
CURRENT AFFAIRS: IMPORTANT DAYS
National Handloom Day 2025 – August 7
- National Handloom Day 2025 day is observed every year on August 7. On this day, the Government and other organizations raised awareness to honour the handloom weaving community.
History
- In 2015, the first National Handloom Day was celebrated which was inaugurated by PM Narendra Modi
- On August 7, 1905, The Swadeshi movement was launched in Calcutta Town hall. This movement focuses on reviving domestic production, encourage handloom industries and the spirit of Swadeshi.
- A huge number of handloom weavers are participated in this Swadeshi movement. While Delhi was hosting the special events on that day, many other countries like Varanasi, Jaipur, and Guwahati also organised many other special events.
- This movement encourages the Indians to wear the clothes made by handlooms. The Ministry of Textiles will be celebrating National Handloom day at Dilli Haat which is celebrated from August 1 to August 15.
Daily CA One- Liner: August 7
- India will host the WHO–International Regulatory Cooperation for Herbal Medicines (IRCH) Workshop from August 6 to 8, 2025, at Hotel Fortune District Centre, Ghaziabad
- Services PMI Hits 11-Month High: The HSBC India Services Purchasing Managers’ Index (PMI) rose to 5 in July 2025, up slightly from 60.4 in June, indicating strong expansion in the sector
- SAP Labs India has inaugurated a state-of-the-art Innovation Park in Devanahalli, Bengaluru, Karnataka, underscoring its commitment to the Government of India’s mission of fostering Digital India, Skill India, and a sustainable technology infrastructure.
- During Philippine President Ferdinand Marcos Jr.’s first state visit to India, India and the Philippines formally elevated their ties to a Strategic Partnership, strengthening cooperation in defence, maritime security, trade, development, and people-to-people exchanges
- The MSCI India Index, which consists of 158 large and mid-sized Indian companies, represents about 85% of the Indian equity universe.
- Gujarat continued to dominate India’s export landscape in FY 2024–25 with outbound shipments worth Rs 9.83 lakh crore, according to the Federation of Indian Export Organisations.
- National Handloom Day 2025 day is observed every year on August 7. On this day, the Government and other organizations raised awareness to honour the handloom weaving community.
- Gro Digital Platforms, a joint venture between Ashok Leyland and Hinduja Leyland Finance, has partnered with IDFC First Bank to launch FASTag services.
- The Reserve Bank of India (RBI) has removed the requirement for prior approval for opening Special Rupee Vostro Accounts (SRVAs).
- Bank of Baroda has launched bob FxOne, a digital foreign exchange (forex) platform for corporate and MSME
- India’s services sector grew at its fastest pace in 11 months in July 2025, driven by rising domestic demand and new export orders.
- A total of ₹705 crore in taxes was collected from income on Virtual Digital Assets (VDA) transactions during FY 2022-23 and FY 2023-24.
- The Reserve Bank of India (RBI) likely conducted the second leg of a $5 billion USD/INR buy/sell swap, aimed at managing surplus system liquidity.
- The Insurance Regulatory and Development Authority of India (IRDAI) imposed a ₹5 crore penalty on Policybazaar Insurance Brokers.
- IndusInd Bank announced the appointment of Rajiv Anand as its new Managing Director (MD) & Chief Executive Officer (CEO) on August 4, 2025.
- Thailand has approved the purchase of four Swedish-made Gripen fighter jets on August 5, 2025.
- The Competition Commission of India (CCI) has approved the acquisition of Jaiprakash Associates Limited (JAL) by Dalmia Cement (Bharat) Limited (DCBL).
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