Daily Current Affairs 31st July 2025 | Latest News | Download PDF

By Ameena Ameena - Jul 31 2025

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CURRENT AFFAIRS : BANKING, FINANCE & BUSINESS

Reserve Bank of India caps total bank and NBFC exposure to Alternative Investment Funds at 20%, with single entity limit of 10%

  • The Reserve Bank of India (RBI) has capped the cumulative exposure of banks and Non Banking Finance Companies (NBFCs) (regulated entities, REs) in Alternative Investment Funds (AIFs) at 20%, with the contribution of a single RE capped at 10% of the scheme’s corpus.
  • Equity instruments as part of downstream investments made by REs in AIFs have been excluded from the purview of the earlier restrictions.

What is an alternative investment fund (AIF)?

  • An alternative investment fund (AIF) is a type of collective investment where funds are raised from a number of investors with a view to investing them in accordance with a defined investment policy.

Key Highlights :

  • Earlier, RBI proposed an overall cap of 15% investment by REs in any AIF scheme with a 10% cap for a single RE, but the new norms raise this to 20% total exposure.
  • The directions come into effect from January 1, 2026, or earlier as per the internal policy of the RE.
  • If an RE contributes more than 5% to an AIF scheme that has downstream investments (excluding equity instruments) in a debtor company of the RE, then the RE must make a 100% provision for its proportionate investment in the debtor company through the AIF, capped at its direct exposure to that company.
  • Contributions by REs in the form of subordinated units require the entire investment to be deducted from the capital funds (both Tier-1 and Tier-2 capital).
  • In December 2023, RBI barred REs from investing in AIFs with investments in existing/recent borrowers to curb evergreening of loans and circumvent regulations, leading to earlier provisioning norms.
  • As of March 2025, total commitments made to AIFs stood at ₹13.49 trillion, with total investments at ₹5.38 trillion and investments in equity and equity-linked securities at ₹3.5 trillion.\
  • Domestic investors account for ₹4.08 trillion of the total ₹5.63 trillion fundraise.
  • Real estate tops sector-wise investments (₹69,896 crore), followed by IT, financial services, and NBFCs.
  • The RBI’s new directions align with Sebi guidelines to prevent misuse of the AIF route for loan evergreening and stressed loan financing.

Recent News :

  • In June 2025, The Reserve Bank of India (RBI)reported a 33% surge in gains from foreign exchange transactions, reaching ₹1.11 lakh crore (~$13 billion) for the fiscal year ended March 2025.

About RBI :

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

India records 65,000 crore digital payment transactions worth ₹12,000 trillion in 6 years

  • India recorded over 65,000 crore digital payment transactions worth ₹12,000 trillion during the last six fiscal years (FY19 to FY25), indicating a major surge in digital payment adoption across the country, including small towns and rural areas.
  • This growth has helped reduce cash dependency and increase formal economic participation.

Key Highlights :

  • The government collaborates closely with key stakeholders including the Reserve Bank of India (RBI), National Payments Corporation of India (NPCI), fintechs, banks, and state governments to promote digital payments nationwide.
  • In 2021, RBI established the Payments Infrastructure Development Fund (PIDF) to boost deployment of digital payment acceptance infrastructure in tier-3 to tier-6 cities, North-Eastern States, and Jammu & Kashmir.
  • As of May 31, 2025, around 4.77 crore digital touch-points were deployed through the PIDF.
  • RBI’s Digital Payments Index (RBI-DPI) measures the level of digitization of payments across India, with March 2018 as the base period (Index = 100).
  • The latest RBI-DPI stood at 465.33 for September 2024, indicating continued growth in digital payment adoption, infrastructure, and performance.
  • Initiatives supporting small businesses and MSMEs include:
  • Incentive schemes for promotion of low-value BHIM-UPI transactions for small merchants,
  • Trade Receivables Discounting System (TReDS) guidelines allowing MSMEs to discount invoices at competitive rates,
  • Rationalization of Merchant Discount Rate (MDR) for debit card transactions.
  • Growing digital payment adoption has transformed financial services access for underserved and unserved communities.
  • Digital payments via platforms like Unified Payments Interface (UPI) enable seamless, traceable transactions, creating a robust financial footprint for individuals and businesses.
  • These financial footprints act as alternative data points for financial institutions to assess creditworthiness, even without traditional documentation.
  • As a result, more people can access formal credit channels and enter the formal financial ecosystem.

Crisil report projects 7-9% revenue growth for India’s top 18 states in FY26

  • According to the Crisil report, India’s 18 largest states account for over 90% of the country’s GSDP and are expected to see 7-9% revenue growth in FY26, up from 6.6% in FY25.
  • This growth is slower than the decadal average of ~10% but will increase the cumulative revenue to approx. ₹40 trillion in FY26 (from ₹37.26 trillion in FY25).
  • Growth mainly driven by:
  • Steady Goods and Services Tax (GST)
  • Continued central government support through tax devolutions and grants.

Key Highlights :

  • States’ own tax revenues make up about 52% of total income, expected to grow by ~8% to ₹21.08 trillion.
  • GST collections (largest share of tax revenue) projected to grow 9-10% to ₹9.18 trillion (slightly lower than 10.2% growth in FY25).
  • Factors supporting GST growth:Better tax compliance & Shift of economic activity from unorganised to organised sectors.
  • Risks to GST growth:Subdued domestic consumption, Inflation
  • Revenue from liquor sales expected to grow 9-10% to ₹4.17 lakh crore, driven by rising consumption and higher excise duties.
  • Revenue from petroleum taxes projected to increase by just 2% to ₹2.87 trillion.
  • Non-tax revenues of states are expected to grow slowly at ~4%.
  • The 18 states include: Maharashtra, Gujarat, Karnataka, Tamil Nadu, Uttar Pradesh, Telangana, Rajasthan, West Bengal, Madhya Pradesh, Andhra Pradesh, Kerala, Odisha, Punjab, Bihar, Chhattisgarh, Haryana, Jharkhand, Goa.
  • After a 10% contraction last fiscal year, grants-in-aid from the Centre expected to recover with 3-4% growth, due to increased allocations for centrally sponsored schemes and local body grants.
  • Central tax devolutions are expected to grow 11-12% in FY26, after nearly 14% growth in FY25, driven by rising income tax and GST collections.
  • Risks to the projections include global market uncertainty, weak domestic demand, and inflation trends.
  • States could outperform projections if tax buoyancy improves or there is stronger central government support.

International Monetary Fund raises India’s GDP growth forecast to 6.4% for FY26 and FY27 amid easing global trade tensions

  • The International Monetary Fund (IMF) has raised India’s GDP growth projection to 6.4% for both FY26 and FY27, citing a more accommodative external environment and softening global trade frictions.
  • This is an upward revision from the IMF’s April outlook, where it had cut India’s forecast by 30 bps for FY26 and 20 bps for FY27 due to geopolitical uncertainty and trade tensions.
  • The World Economic Outlook update reflects improved global financial conditions, a weakening US dollar, and a slight easing in tariff-related pressures.
  • India’s GDP grew by 6.5% in FY25, the lowest in four years. The RBI has retained its growth estimate at 6.5% for FY26, while the Finance Ministry projects growth between 6.3% and 6.8%.
  • The RBI’s FY27 growth forecast is 6.7%, slightly higher than the IMF’s 6.4% projection.
  • The IMF expects global GDP growth of 3% in 2025 and 3.1% in 2026, up from previous forecasts of 2.8% and 3%.
  • The sharp drop in US tariff rates from 28% in April to 18.2% in July 2025 has helped ease international trade flow pressures.
  • However, tariffs remain at historically high levels, with global growth risks skewed to the downside due to policy uncertainty and lower trade intensity.
  • Global trade as a share of GDP is projected to decline from 57% in 2024 to 53% by 2030.
  • Among major economies, China’s GDP forecast was upgraded steeply to 4.8% in 2025 (from 4%), reflecting a strong Q1 and tariff reductions with the US.
  • Other countries with upward revisions include the US, Canada, Brazil, Saudi Arabia, and Nigeria due to improved financial and trade conditions.

About International Monetary Fund (IMF):

  • The International Monetary Fund (IMF) is a global financial institution that promotes international monetary cooperation, financial stability, and economic growth while providing financial assistance to member countries facing balance of payments issues.
  • Founded Year: 1944
  • Headquarters: Washington, D.C., United States
  • Managing Director: Kristalina Georgieva
  • Members: 191 countries

Crisil projects ₹77,000 crore private investment in thermal power by FY28

  • The thermal power sector is expected to attract an investment of ₹77,000 crore from private sector players over the next three fiscal years (FY26–FY28).
  • Overall investments in thermal power, including public sector companies, are projected to double to ₹2.3 lakh crore in the next three years, according to Crisil Ratings.

Key Highlights :

  • Private companies’ share in thermal power investments will rise from 7–8% to nearly one-third.
  • For the first time in 10 years, four state power distribution companies (Discoms) have signed 25-year power purchase agreements (PPAs) with private thermal power producers.
  • These long-term PPAs are expected to reduce financial risks and improve the viability of thermal power projects.
  • Power demand is estimated to surge to over 366 GW by 2031–32.
  • While solar and wind will meet 70% of demand, their intermittency poses challenges for round-the-clock electricity supply.
  • The government has announced work on 60 GW out of the planned 80 GW new thermal capacity for 2032.
  • Out of these, 19 GW under-construction projects are from private developers.
  • Major private groups investing in thermal coal-based capacity include Adani Power, Tata Power, JSW Energy, and Vedanta Power.
  • These investments focus on brownfield expansions with fewer land acquisition issues.
  • Vedanta Power is planning a demerger to become a standalone entity and aims to add 15 GW capacity, mainly through brownfield projects.
  • Vedanta plans to revive a 2,200 MW portfolio including 1,200 MW at Chhattisgarh Thermal Power Plant and 1,000 MW at Meenakshi.
  • Upcoming projects have a tariff of ₹5.5–₹5.8 per unit with a two-part tariff: 60% fixed, remainder cost-plus.
  • This tariff structure ensures an internal rate of return (IRR) of 15%, making projects financially viable and executable on time.

India’s concert economy projected to create 1.2 crore jobs by 2032: Report

  • India’s live concert industry is evolving from a niche segment to a significant economic force.
  • The concert economy is projected to generate up to 12 million jobs by 2032, driven by growth in tier II and III cities and participation of global entertainment brands.
  • Major global acts like Coldplay, Dua Lipa, Ed Sheeran, Guns N’ Roses, and others have performed in India, boosting the sector.
  • Besides major metros (Mumbai, Delhi, Bengaluru), emerging cities such as Guwahati, Jaipur, Kochi, and Chandigarh are increasingly hosting large-scale concerts.
  • Each major concert creates approximately 15,000 to 20,000 temporary jobs across sectors like logistics, security, hospitality, artist liaison, digital media, and event technology.
  • About 10–15% of temporary roles convert into full-time jobs, especially in technical areas such as production, lighting, and audio engineering.
  • Concerts boost hotel occupancy, flight bookings, and food & beverage sales in host cities.
  • Platforms like BookMyShow Live are central to the industry’s growth, organizing international-scale events like Lollapalooza India and Bandland, each generating over 8,500 jobs.
  • The sector is expected to grow into a ₹15,000 crore industry.
  • Continued growth depends on infrastructure development, state government support, and upskilling of workers.
  • Social media and FoMO (Fear of Missing Out) are significant drivers of increasing ticket demand.
  • Major upcoming events in 2025 include Travis Scott and Enrique Iglesias, signaling ongoing growth.
  • The concert economy is transforming the intersection of entertainment, tourism, and employment in India.

CURRENT AFFAIRS: NATIONAL AND STATE NEWS

Union Education Minister Issues Letters of Intent to Four Foreign Universities for Indian Campuses

  • Union Education Minister Dharmendra Pradhan issued Letters of Intent (LoIs) to four international universities—Western Sydney University (Australia), Victoria University (Australia), La Trobe University (Australia), and University of Bristol (UK)—to establish their campuses in India.
  • The announcement was made at the Akhil Bhartiya Shiksha Samagam (ABSS) in New Delhi marking five years of the National Education Policy (NEP) 2020.

Key Highlights:

  • Expansion of International Campuses in India:
    • India aims to host up to 15 international university campuses.
    • Existing campuses include Deakin University and University of Wollongong in Gujarat’s GIFT City, and University of Southampton in Delhi NCR’s Gurugram.
  • University Campus Locations and Programmes:
    • Western Sydney University (WSU): Greater Noida
      • Offers undergraduate degrees in Business Analytics and Business Marketing.
      • Postgraduate programmes include MBA in Innovation & Entrepreneurship and Logistics & Supply Chain Management.
      • Collaborations with Indian institutions on Ayurveda, groundwater management, food security, and neuromorphic engineering.
    • Victoria University: Noida
      • Proposes undergraduate degrees in Business, Data Science, Cybersecurity.
      • Postgraduate programmes include MBA and Masters in IT.
    • La Trobe University: Bengaluru
      • Offers undergraduate degrees in Business (Finance, Marketing, Management), Computer Science (AI, Software Engineering), and Public Health.
      • Plans a Joint PhD Academy with IIT Kanpur focusing on health, water, and urban planning.
    • University of Bristol: Mumbai (operations starting in 2026)
      • Will provide joint undergraduate-to-master’s programmes, student exchange, and research in AI, design, digital technologies.
      • Collaboration with ATLAS SkillTech University and a “3+1” degree pathway with Krea University, allowing students to study undergraduate courses in India and pursue master’s degrees in the UK.
  • NEP 2020 Implementation Progress:
    • States are adopting mother tongue-based foundational education.
    • Introduction of new-age textbooks by NCERT marks a significant education reform.
    • Education projects worth over ₹4,000 crore were announced.
    • Upgrades planned for CBSE, Jawahar Navodaya Vidyalayas, and Kendriya Vidyalayas.
  • Digital Initiatives Launched:
    • TARA app portal to assess and improve reading fluency in Classes 3 to 8.
    • My Career Advisor app offering over 1,000 career pathways with details on job roles, educational requirements, and future prospects.

Prime Minister Narendra Modi Launches ‘Gyan Bharatam Mission’ to Digitise Ancient Manuscripts

  • Prime Minister Narendra Modi inaugurated the Gyan Bharatam Mission via his Mann Ki Baat address.
  • In the 124th episode of the monthly radio show Mann Ki Baat aired, the PM stated that under the Gyan Bharatam Mission, a National Digital Repository will be created after the digitisation of the ancient manuscripts, where students and teachers around the world would be able to connect with the country’s knowledge and tradition.
  • This nationwide civilisational project aims to preserve and digitise over one crore ancient manuscripts, creating a National Digital Repository to make India’s cultural and spiritual heritage accessible to scholars globally.

Key Highlights:

  • Digitisation of fragile manuscripts ensures their long-term preservation.
  • Establish a National Digital Repository for global access by students, researchers, and historians.
  • Safeguard India’s civilisational knowledge, described by the PM as the “Chapters of India’s soul.”
  • Initial allocation of ₹3.5 crore in Union Budget 2025 revised to ₹60 crore, demonstrating strong governmental support.
  • PM Modi emphasized manuscripts as embodiments of India’s civilisational soul.
  • Encouraged citizen participation to help transmit this legacy under the ‘Viksit Bharat’ vision.
  • Celebrated UNESCO’s inscription of 12 Maratha forts (11 in Maharashtra, 1 in Tamil Nadu) as World Heritage Sites, calling them “pages of history” that testify to India’s rich legacy and resilience.

RECENT NEWS

  • Prime Minister Narendra Modi has been honoured with Brazil’s highest civilian award, the Grand Collar of the National Order of the Southern Cross. This recognition was presented by Brazilian President Luiz Inácio Lula da Silva as a mark of respect for the growing diplomatic, economic, and cultural ties between India and Brazil.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

India-born Shailesh Jejurikar to become Procter & Gamble CEO from January 1, 2026

  • Shailesh Jejurikar, an India-native, has been appointed as the next President and Chief Executive Officer (CEO) of Procter & Gamble (P&G), effective January 1, 2026, succeeding Jon Moeller.
  • He joined P&G in 1989 as an assistant brand manager and has served as the company’s Chief Operating Officer (COO) for over six years.

About Shailesh Jejurikar :

  • Jejurikar has contributed significantly to P&G’s global Fabric Care and Home Care businesses across North America, Europe, Asia, and Latin America.
  • He has also played a key role in driving P&G’s strategies and operations in Supply Chain, Information Technology, and Global Business Services.
  • Shailesh Jejurikar serves on the board of the Otis Elevator Company.
  • His family includes his wife Sankhya Jejurikar (a visual artist) and two sons; his brother, Rajesh Jejurikar, is Executive Director and CEO (Auto & Farm Sector) at Mahindra and Mahindra Limited.
  • Jejurikar’s appointment marks him as the second non-US-born P&G CEO since 1837 and one of the few Indian-origin CEOs of Fortune 500 companies.
  • Other notable Indian-origin global CEOs include Satya Nadella (Microsoft), Sundar Pichai (Google), Shantanu Narayen (Adobe), Arvind Krishna (IBM), Sabih Khan (Apple COO), Indra Nooyi (PepsiCo), Harish Manwani (Unilever), Laxman Narasimhan (Starbucks), and Sanjay Mehrotra (Micron Technology).
  • His promotion has a special significance to the Mahindra Group, as noted by Chairman Anand Mahindra, due to his family link with Rajesh Jejurikar of Mahindra and Mahindra.
  • This appointment highlights the growing presence and influence of Indian-origin leaders in global multinational corporations.

CURRENT AFFAIRS : DEFENCE NEWS

Construction of Indigenous Hovercraft for Indian Coast Guard Commences at Chowgule Shipyard

  • The Indian Coast Guard (ICG) has started construction of its first indigenously built Air Cushion Vehicle (ACV).
  • The Girder Laying and Commencement of Erection ceremony was held at Chowgule & Company Pvt. Ltd., Goa, on July 30, 2025.
  • The hovercraft design is based on Griffon Hoverwork but built with Indian expertise for coastal security operations.
  • The ACVs will provide enhanced speed, tactical flexibility, and shallow-water operability.
  • These vehicles will enable swift response for patrolling, interdiction, and search and rescue missions along India’s maritime frontier.
  • The ceremony was attended by Inspector General Sudhir Sahni, Deputy Director General (Materiel & Maintenance) of ICG.
  • The project follows a contract signed with the Ministry of Defence on October 24, 2024, for the manufacture of six ACVs.
  • This initiative supports the Aatmanirbhar Bharat mission towards operational self-reliance in maritime security.

Recent News :

  • In June 2025, the Indian Coast Guard (ICG) Director General Paramesh Sivamani inaugurated a dedicated ICG jetty at Vizhinjam Harbour, Kerala aimed at enhancing maritime security.

About Ministry of Defence:

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

Goa Shipyard Limited Launches Indigenous Fast Patrol Vessel ICGS ATAL for Indian Coast Guard

  • Goa Shipyard Limited (GSL) launched ICGS ATAL (Yard 1275), a Fast Patrol Vessel (FPV), for the Indian Coast Guard (ICG) on 29 July 2025 at Vasco-da-Gama, Goa.
  • ICGS ATAL is the sixth in a series of eight indigenously designed FPVs being built by GSL, a Defence Public Sector Undertaking (DPSU) under the Ministry of Defence.
  • The FPVs are 52 metres long, with an 8-metre beam and a displacement of 320 tonnes.
  • These vessels are high-speed patrol boats designed for coastal patrols, island security, and offshore asset protection, thereby enhancing India’s maritime domain awareness and national security.
  • The FPVs will also conduct anti-smuggling, anti-piracy, and search & rescue operations.
  • The launch event included senior officials from the Indian Coast Guard, Indian Navy, Ministry of Defence, strategic industry partners, and GSL representatives.

Recent News :

  • In June 2025, ‘Adamya’, the first Fast Patrol Vessel (FPV)under the eight FPV project at Goa Shipyard Limited (GSL), was inducted into the Indian Coast Guard (ICG) on June 26, 2025, in Goa.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

India to Launch NASA-ISRO Joint NISAR Mission from Sriharikota on July 30, 2025

  • India is set to launch the Nisar (NASA-ISRO Synthetic Aperture Radar) mission, a joint collaboration between National Aeronautics and Space Administration (NASA) and Indian Space Research Organisation (ISRO), from Sriharikota, Andhra Pradesh on July 30, 2025.
  • The mission is India’s most expensive Earth observation satellite project with a total investment of $1.5 billion, out of which ₹469.4 crore is India’s share.

Key Highlights :

  • The satellite weighs 2,392 kg and will be launched aboard the GSLV-Mk II (GSLV-F16) rocket into a 734 km sun-synchronous orbit (SSO).
  • Nisar will provide very high-resolution data on changes as small as one centimetre on Earth’s surface.
  • The satellite will scan nearly all of Earth’s land and ice surfaces twice every 12 days, providing critical data on:
  • Expansion/contraction of ice sheets, sea ice, glaciers
  • Crust deformation due to natural hazards
  • Natural and human-induced changes to terrestrial ecosystems
  • Detection of volcanic changes, landslides, and climate change
  • Nisar carries two radar systems:
  1. L-band radar built by NASA’s Jet Propulsion Laboratory (California)
  2. S-band radar constructed by ISRO’s Space Applications Centre, Ahmedabad
  • It is the first satellite to carry two radars operating at different frequencies.
  • The mission marks the first hardware collaboration between NASA and ISRO on an Earth observation mission.
  • The satellite uses SweepSAR technology for wide-area observation.
  • GSLV-F16 will be the first time a NASA payload is launched aboard India’s GSLV.
  • Traditionally, PSLV was used for sun-synchronous orbits, but this mission uses GSLV for that purpose.
  • India has signed space cooperation agreements with 61 countries and 5 multilateral bodies.
  • Upcoming space cooperations:
  • Trishna mission with France for thermal infrared imaging of land and water surface temperatures, launching this year.
  • Chandrayaan 5, a joint lunar mission with Japan targeting the moon’s south polar region, expected by 2027-28.

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Union Pacific to Create Rail Giant with $72 Billion Acquisition of Norfolk Southern

  • Union Pacific Corp. agreed to acquire Norfolk Southern Corp. in a $72 billion cash-and-stock transaction, creating the only US transcontinental railroad.
  • This merger is set to become the largest deal ever in the US rail industry.
  • The deal combines Union Pacific’s western US network with Norfolk Southern’s East Coast routes, reshaping the US rail market dominated by about six major companies.
  • The consolidation may prompt further rail industry mergers, increasing competitive pressure on rivals like CSX Corp. and BNSF (owned by Berkshire Hathaway Inc.).
  • The deal was announced after advanced talks on July 24, 2025, following speculation of increased government support for such consolidations.
  • The transaction offers Norfolk Southern shareholders one Union Pacific share plus $88.82 in cash per share, with Union Pacific issuing about 225 million shares, representing 27% ownership in the combined company.
  • The deal values Norfolk Southern at a 23% premium over its pre-announcement stock price, with a combined market value near $200 billion.
  • The agreement includes a $2.5 billion break fee if the deal does not proceed and is structured without a voting trust.
  • Durbin Vena will lead the combined company, committing to stay for at least five years.
  • The deal aims to enhance competition with Canadian railroads, add billions of dollars in shareholder value, and potentially lead to job growth.
  • Norfolk Southern reported Q2 adjusted earnings of $3.29 per share and operating revenue of $3.1 billion, slightly missing Wall Street estimates.
  • The deal is targeted to be completed by early 2027, subject to regulatory approval.

 CURRENT AFFAIRS: MOUS AND AGREEMENT

Reliance Industries, Oil and Natural Gas Corporation and BP Sign Joint Operating Agreement for Offshore Exploration

  • Reliance Industries Ltd (RIL) has entered into a Joint Operating Agreement (JOA) with Oil and Natural Gas Corporation (ONGC) and BP Exploration (Alpha) Ltd for the offshore Block GS-OSHP-2022/2.
  • This agreement was finalized, at ONGC’s office, marking the official launch of a tripartite collaboration for offshore hydrocarbon exploration.

Details of the Offshore Block

  • Location: The awarded block is situated off the western coast of India in the Saurashtra Basin.
  • Area: The block spans an extensive 5,454 square kilometres.
  • Basin Classification: It falls under Category-II basins, which are considered moderately explored zones.
  • The block was allocated to the consortium as part of India’s Hydrocarbon Exploration and Licensing Policy (HELP)

Operational Structure and Responsibilities

  • Operator: ONGC has been assigned as the lead operator for the block.
  • The consortium will undertake exploration operations to determine the presence of hydrocarbons in the designated area.
  • The agreement lays down the operational roles and obligations of each participating entity in line with the terms of the block award.

Awarded Under OALP Round 9

  • This offshore block was jointly bid for by RIL, ONGC, and BP during the 9th round of the Open Acreage Licensing Policy (OALP) held in 2024.
  • Notably, this is the first instance where all three companies—RIL, ONGC, and BP—have formed a consortium for offshore exploration under the OALP framework.
  • The OALP round allowed bidders to freely select blocks based on data available from India’s National Data Repository.

About Reliance Industries Ltd

  • Revenue: For the financial year ending March 31, 2025, Reliance Industries reported a consolidated revenue of ₹10.71 lakh crore (approx. $125.3 billion).
  • Net Profit: The company achieved a net profit of ₹81,309 crore (around $9.5 billion).
  • Business Segments: RIL operates across diverse sectors including:
    • Hydrocarbon Exploration
    • Petrochemicals
    • Refining
    • Digital Services
    • Retail
    • Renewable Energy

RECENT NEWS

  • The board of Reliance Industries Ltd (RIL) has approved the appointment of Anant Ambani as the Executive Director of the company for a term of five years, effective from May 1, 2025.

Singapore Reaffirms Support for Andhra Pradesh’s Development, Including Amaravati Capital Project

  • In a renewed push for international collaboration, Singapore has expressed its willingness to partner with Andhra Pradesh on multiple development initiatives, including the Greenfield capital city project of Amaravati.

Key Highlights:

  • Tan See Leng, Singapore’s Minister for Manpower and Second Minister for Trade and Industry, announced support after meeting Chief Minister N. Chandrababu Naidu in Singapore.
  • Singapore is ready to:
    • Resume cooperation on Amaravati’s development.
    • Support projects in agriculture, food processing, renewable energy, and digital innovation.
    • Offer technical know-how in planning, infrastructure, and governance.

Historical Context

  • During Naidu’s 2014–2019 tenure, Singapore actively collaborated in Amaravati’s early development.
    • Singapore firms prepared the Master Plan.
    • They participated in the Swiss Challenge method to develop a startup area.
  • The collaboration was discontinued in 2019 after the YSR Congress Party came to power under YS Jagan Mohan Reddy.
  • The Singapore consortium withdrew due to a lack of continuity in the Amaravati project.

Current Developments

  • Singapore now considers Andhra Pradesh to be one of India’s fastest-growing states.
  • Companies like Food Empire and EverVolt are already exploring investment and expansion in the state.
  • Singapore sees high potential in sectors such as:
    • Agriculture
    • Food Processing
    • Green Energy
    • Digital Technology
    • Port Development
    • Skill Development

RECENT NEWS

  • In a significant move to enhance Andhra Pradesh’s global tourism appeal, the Andhra Pradesh Tourism Development Corporation (APTDC) has partnered with Mastercard, a leading global payments company.

Andhra Pradesh Signs MoU to Launch Creator Academy with Tesseract US Inc. & YouTube Academy India

  • In a significant move to boost the creative economy in Andhra Pradesh, the state government signed a Memorandum of Understanding (MoU) with Tesseract, US Inc., and YouTube Academy India to establish a Creator Academy in the state.

MoU Signing Details

  • The agreement was signed on January 29, 2025, during a special event held in Singapore.
  • The MoU was formalised in the presence of Andhra Pradesh Minister for Education, IT, and Electronics, Nara Lokesh.
  • Signatories included:
    • Teja Dharma, President, Tesseract US Inc.
    • Arjun Doraiswamy, Head, YouTube Academy India
    • Katamneni Bhaskar, Secretary, IT Department, Government of Andhra Pradesh

Key Features of the Collaboration

  • Creator Academy & Centre of Excellence:
    • A Centre of Excellence will be established for creative content development.
    • Google will offer resources, technology, and curriculum support.
    • Tesseract will handle infrastructure, management, and daily operations of the academy.

About Andhra Pradesh:

  • Chief Minister: N. Chandrababu Naidu
  • Governor: S. Abdul Nazeer
  • Capital: Amaravati
  • National Parks: Sri Venkateswara National Park, Papikonda National Park
  • Wildlife Sanctuaries: Coringa Wildlife Sanctuary, Pulicat Lake Bird Sanctuary, Kambalakonda Wildlife Sanctuary, Rollapadu Wildlife Sanctuary, Krishna Wildlife Sanctuary

Chhattisgarh Signs MoU with CBC and Karmayogi Bharat to Enhance Civil Service Capacity

  • In a significant move to strengthen the capacity-building framework for civil servants in Chhattisgarh, the Government of Chhattisgarh, Capacity Building Commission (CBC), and Karmayogi Bharat signed a Memorandum of Understanding (MoU) in Raipur.

Key Dignitaries Present:

  • Shri Vishnu Deo Sai, Chief Minister of Chhattisgarh
  • Shri Amitabh Jain, Chief Secretary, Government of Chhattisgarh
  • Dr. Alka Mittal, Member (Administration), CBC
  • Shri Subrat Sahoo, Director General, Chhattisgarh Academy of Administration
  • Smt. V. Lalithalakshmi, Secretary, CBC & CEO, Karmayogi Bharat
  • Shri S.P. Roy, Joint Secretary, CBC

Significance of the MoU:

  • Marks the beginning of an institutional partnership to implement Mission Karmayogi’s vision.
  • Focuses on creating a competency-based, technology-driven, and continuous learning ecosystem for government personnel.
  • Aims to provide ongoing training to nearly 4 lakh government officers and employees in the state.
  • So far, about 50,000 officers and employees have completed online training.

Demonstration of iGOT-Karmayogi Platform:

  • Shri Rakesh Verma, COO of Karmayogi Bharat, demonstrated the iGOT-Karmayogi platform.
  • Key features:
    • Modular, self-paced, and role-aligned learning experience.
    • Already benefits over 1.26 crore learners across India.
    • Enables need-based capacity building through digital means.

Key Outcomes of the MoU:

  • Chhattisgarh committed to onboarding officials from various departments onto the iGOT platform.
  • The state will begin structured learning journeys for its personnel.
  • Interest was expressed in co-developing customized learning content suited to Chhattisgarh’s governance context.

About Chhattisgarh:

  • Chief Minister: Vishnu Deo Sai
  • Governor: Ramen Deka
  • Capital: Raipur
  • National Parks: Indravati National Park, Kanger Valley National Park, Guru Ghasidas (Sanjay) National Park
  • Wildlife Sanctuaries: Achanakmar Wildlife Sanctuary, Badalkhol Wildlife Sanctuary, Udanti Wildlife Sanctuary, Sitanadi Wildlife Sanctuary.

RECENT NEWS

  • Prime Minister Narendra Modi laid the foundation stone and inaugurated development projects worth over ₹33,700 crore in Bilaspur, Chhattisgarh. These initiatives aim to improve infrastructure, create employment opportunities, and uplift the region, especially for tribal communities.

Department for Promotion of Industry and Internal Trade Signs MoU with Ather Energy to Boost EV Innovation and Clean Mobility

  • The Department for Promotion of Industry and Internal Trade (DPIIT) under the Ministry of Commerce and Industry signed an MoU with Ather Energy Limited, a leading Indian electric vehicle manufacturer.
  • The collaboration is a part of the Build in Bharat initiative, led by the Startup Policy Forum (SPF), which includes 50+ innovation-driven startups.
  • Objectives of the MoU:
    • Accelerate clean mobility and advanced manufacturing sectors in India.
    • Strategic mentorship for deep-tech startups.
    • Infrastructure support for startups in the EV value chain.
    • Launch of joint innovation programs like the Bharat Startup Grand Challenge.
    • Talent and skill development initiatives.
    • Participation in flagship events such as Startup Mahakumbh and exposure visits.
  • Signing Ceremony Presence:
    • Shri Sanjiv Singh, Joint Secretary, DPIIT.
    • Tarun Mehta, Co-founder and CEO of Ather Energy.
    • to unlock India’s manufacturing sector potential.

RECENT NEWS

  • In a landmark move to strengthen India’s grassroots startup ecosystem, the Department for Promotion of Industry and Internal Trade (DPIIT) under the Ministry of Commerce and Industry has signed a Memorandum of Understanding (MoU) with YourStory Media Pvt. Ltd.

Odisha Signs 33 MoUs Worth $902 Million in Textile Sector at Odisha-TEX 2025

  • Odisha marked a major breakthrough in its textile and apparel sector by signing 33 Memorandums of Understanding (MoUs) worth $902 million (₹7,808 crore) during the Odisha-TEX 2025 Summit held in Bhubaneswar.
  • This initiative is a key component of the Odisha Apparel & Technical Textile Policy 2022, which aims to position the state as the textile hub of eastern India.

Key Highlights:

  • Under the leadership of Chief Minister Mohan Charan Majhi, the state signed MoUs with over 160 textile companies.
  • Prominent participants included:
    • Page Industries
    • KPR Mills
    • Sportking
    • Adarsh Knitwear
    • Bon & Co.
    • B.L. International
  • The state has set a target to generate over 1 lakh jobs by 2030 in the textile and apparel sector.
  • The move will provide employment opportunities for both skilled and semi-skilled workers.
  • Textile hubs will be developed in six key districts:
    • Bolangir
    • Keonjhar
    • Sambalpur
    • Jagatsinghpur
    • Ganjam
    • Cuttack

The Odisha Apparel & Technical Textile Policy 2022, aligned with the Industrial Policy Resolution 2022, provides:

  • World-class infrastructure
  • Fast-track project approvals
  • Employment subsidies
  • Supportive governance mechanisms
  • To promote workforce participation, employment cost subsidies have been revised:
    • Male workers: ₹5,000 → ₹6,000 per month
    • Female workers: ₹6,000 → ₹7,000 per month
  • This move aims to promote worker-friendly conditions and increase female participation in the industry.

Odisha-TEX 2025 Summit:

  • Served as a global platform to showcase Odisha’s textile investment potential.
  • Over 650 delegates attended, including:
    • Global textile brands
    • Technology providers
    • Startups
    • Senior government officials

RECENT NEWS

  • Puri, a famous pilgrimage and tourist town in Odisha, will now become a municipal corporation, as announced by Chief Minister Mohan Charan Majhi on July 5, 2025. This move comes ahead of the Bahuda Yatra and is aimed at improving basic facilities in the town, which sees large numbers of visitors every year.

About Odisha:

  • Chief Minister: Mohan Charan Majhi
  • Governor: Hari Babu Kambhampati
  • Capital: Bhubaneswar
  • National Parks: Simlipal National Park, Bhitarkanika National Park
  • Wildlife Sanctuaries: Chandaka Wildlife Sanctuary, Nandankanan Zoological Park, Kuldiha Wildlife Sanctuary, Debrigarh Wildlife Sanctuary, Kotagarh Wildlife Sanctuary, Lakhari Valley Wildlife Sanctuary, Baisipalli Wildlife Sanctuary

CURRENT AFFAIRS: RANKING AND INDEX

Reliance Industries Retains Top Indian Spot in Fortune Global 500 List 2025

  • Reliance Industries Ltd. (RIL) has retained its position as the highest-ranked Indian company in the Fortune Global 500 list for 2025, securing the 88th position globally.
  • Although the company dropped slightly from its 86th position in 2024, it has shown significant progress since 2021, when it stood at 155, marking a 67-rank jump in four years.
  • This is the 22nd consecutive year that RIL has been featured on the Fortune Global 500 list, making it the longest-standing private Indian firm on the list.

About the Fortune Global 500 List 2025

  • The Fortune Global 500 rankings are based on total revenues for the fiscal year ending on or before March 31, 2025.
  • India is represented by nine companies in the 2025 list:
    • Public Sector Companies (5):
      • LIC – Rank #95
      • Indian Oil Corporation – Rank #127
      • State Bank of India – Rank #163
      • ONGC – Rank #181
      • BPCL – Rank #285
    • Private Sector Companies (4):
      • Reliance Industries Ltd – Rank #88
      • HDFC Bank – Rank #258
      • Tata Motors – Rank #283
      • ICICI Bank – Rank #464

Financial Performance of Reliance Industries (FY25)

  • RIL reported record-high consolidated gross revenues of ₹10,71,174 crore in FY25, reflecting a 7.1% year-on-year growth.
  • EBITDA rose by 2.9% to ₹1,83,422 crore, with all key business segments showing strong performance:
    • O2C (Oil to Chemicals)
    • Oil & Gas
    • Retail
    • Digital Services
  • However, the depreciation of the Indian rupee affected its dollar-denominated revenues:
    • The rupee weakened from ₹83.35/USD in March 2024 to ₹85.45/USD in March 2025.

Kaziranga Tiger Reserve Ranks Third Globally in Tiger Density

  • Kaziranga Tiger Reserve in Assam, widely known for its one-horned rhinoceros, has now gained global recognition for having the third-highest tiger density worldwide.
  • This significant achievement was revealed in a new tiger status report released on Global Tiger Day, by Assam Chief Minister Himanta Biswa Sarma.

Key Highlights:

Tiger Population Growth:

  • In 2024, Kaziranga recorded 148 tigers across its 1,307.49 sq. km area.
  • Historical counts:
    • 1997: 80 tigers
    • 2019: 121 tigers
    • 2022: 104 tigers
    • 2024: 148 tigers
  • The Biswanath Wildlife Division survey recorded 27 tigers for the first time.
  • The Eastern Assam Wildlife Division saw an increase from 104 (2022) to 115 tigers (2024).
  • The Nagaon Wildlife Division maintained a stable population of six tigers.

Tiger Density Ranking:

  • Kaziranga’s tiger density is 18.65 tigers per 100 sq. km, ranking third globally after:
    • Bandipur Tiger Reserve, Karnataka: 19.83 tigers/100 sq. km
    • Corbett National Park, Uttarakhand: 19.56 tigers/100 sq. km

Survey Methodology:

  • Conducted between December 2023 and April 2024 using:
    • 103 days of camera trapping
    • 13,157 trap nights
    • 4,011 tiger photos from 242 locations
  • The capture-recapture method was used, identifying tigers by unique stripe patterns on their right sides.
  • Tiger demographics included 83 females, 55 males, and 10 of unknown gender.

Reasons for Population Increase:

  • Habitat Expansion: Addition of 200 sq. km to the reserve, including 12.82 sq. km of encroachment-free land, incorporating areas from Burhachapori-Laokhowa sanctuaries.
  • Enhanced Protection: Stricter laws and measures against poaching and encroachment have enabled tigers to thrive, breed, and establish territories.

RECENT AFFAIRS:

  • Chief Minister Himanta Biswa Sarma inaugurated India’s first Aqua Tech Park in Sonapur, near Guwahati, Assam. The park will help fish farmers learn about new technologies like aquaponics, biofloc, and ornamental fish breeding.

About Assam:

  • Chief Minister: Himanta Biswa Sarma
  • Governor: Lakshman Prasad Acharya
  • Capital: Dispur
  • National Parks: Kaziranga National Park, Manas National Park, Dibru-Saikhowa National Park
  • Wildlife Sanctuaries: Pobitora Wildlife Sanctuary, Orang National Park, Bura-Chapori Wildlife Sanctuary, Nameri Wildlife Sanctuary

CURRENT AFFAIRS : OBITUARIES

Renowned Indian-Origin Economist and Author Meghnad Desai Passed Away

  • Lord Meghnad Desai, eminent Indian-born economist and author, passed away on July 29, 2025, at the age of 85.

About Lord Meghnad Desai :

  • Born in Vadodara, 1940, Desai completed his Bachelor’s and Master’s in Economics from the University of Mumbai.
  • Member of the UK House of Lords, he was a recipient of the Padma Bhushan (2008), India’s third-highest civilian honour.
  • Desai was known for his work in Marxian economics, with notable books including:Marxian Economic Theory (1973), Applied Econometrics (1976), Marxian Economics (1979), Marx’s Revenge: The Resurgence of Capitalism and the Death of Statist Socialism (2002), where he predicted globalisation leading to socialism’s revival.
  • He critiqued monetarism in 1981, focusing on money supply’s role in economic activity.
  • Desai had a long teaching career at the London School of Economics.
  • Authored/edited 20+ books and 200+ academic articles.
  • His 2014 book ‘Who Wrote The Bhagavadgita?’ critiqued certain themes in the Bhagavad Gita as reinforcing social inequality.
  • Described by Montek Singh Ahluwalia and Jagdish Bhagwati as a key figure in Indian public policy discussions.
  • His academic and public work made a significant impact on economic thought and policy debate both in India and internationally.

CURRENT AFFAIRS: IMPORTANT DAYS

World Ranger Day 2025: July 31

  • Every year World Ranger Day is celebrated on the 31st of July to commemorate Rangers who have been injured or killed in the line of duty.
  • This World Ranger Day 2025 also celebrates all of the work that Rangers do around the world to protect the cultural heritage and natural treasures of the planet.

History

  • The first World Ranger Day took place in 2007; the date represented the 15th anniversary of when the IRF was founded.
  • IRF stands for the International Ranger Federation.
  • This organization was founded in 1992.
  • It was founded when the SCRA (Scottish Countryside Rangers Association), ANPR (US Association of National Park Rangers) and the CMA (Countryside Management Association, the association that represents rangers in Wales and England) got together to sign a joint agreement.
  • Rangers are the first ones to indulge in a fight to protect our natural heritage around the world.
  • So World Ranger Day 2025 is observed to honour them and to pay tribute to rangers who lost their lives while performing their duty.

Daily CA One- Liner: July 31

  • Union Education Minister Dharmendra Pradhan issued Letters of Intent (LoIs) to four international universities—Western Sydney University (Australia), Victoria University (Australia), La Trobe University (Australia), and University of Bristol (UK)—to establish their campuses in India
  • Prime Minister Narendra Modi inaugurated the Gyan Bharatam Mission via his Mann Ki Baat address
  • Reliance Industries Ltd (RIL) has entered into a Joint Operating Agreement (JOA) with Oil and Natural Gas Corporation (ONGC) and BP Exploration (Alpha) Ltd for the offshore Block GS-OSHP-2022/2
  • In a renewed push for international collaboration, Singapore has expressed its willingness to partner with Andhra Pradesh on multiple development initiatives, including the Greenfield capital city project of Amaravati
  • In a significant move to boost the creative economy in Andhra Pradesh, the state government signed a Memorandum of Understanding (MoU) with Tesseract, US Inc., and YouTube Academy India to establish a Creator Academy in the state
  • In a significant move to strengthen the capacity-building framework for civil servants in Chhattisgarh, the Government of Chhattisgarh, Capacity Building Commission (CBC), and Karmayogi Bharat signed a Memorandum of Understanding (MoU) in Raipur
  • The Department for Promotion of Industry and Internal Trade (DPIIT) under the Ministry of Commerce and Industry signed an MoU with Ather Energy Limited, a leading Indian electric vehicle manufacturer
  • Reliance Industries Ltd. (RIL) has retained its position as the highest-ranked Indian company in the Fortune Global 500 list for 2025, securing the 88th position globally
  • Kaziranga Tiger Reserve in Assam, widely known for its one-horned rhinoceros, has now gained global recognition for having the third-highest tiger density worldwide
  • Odisha marked a major breakthrough in its textile and apparel sector by signing 33 Memorandums of Understanding (MoUs) worth $902 million (₹7,808 crore) during the Odisha-TEX 2025 Summit held in Bhubaneswar.
  • Every year World Ranger Day is celebrated on the 31st of July to commemorate Rangers who have been injured or killed in the line of duty.
  • The Reserve Bank of India (RBI) has capped the cumulative exposure of banks and Non Banking Finance Companies (NBFCs) (regulated entities, REs) in Alternative Investment Funds (AIFs) at 20%, with the contribution of a single RE capped at 10% of the scheme’s corpus.
  • India recorded over 65,000 crore digital payment transactions worth ₹12,000 trillion during the last six fiscal years (FY19 to FY25), indicating a major surge in digital payment adoption across the country, including small towns and rural areas.
  • According to the Crisil report, India’s 18 largest states account for over 90% of the country’s GSDP and are expected to see 7-9% revenue growth in FY26, up from 6.6% in FY25.
  • The International Monetary Fund (IMF) has raised India’s GDP growth projection to 6.4% for both FY26 and FY27, citing a more accommodative external environment and softening global trade frictions.
  • The thermal power sector is expected to attract an investment of ₹77,000 crore from private sector players over the next three fiscal years (FY26–FY28).
  • India’s live concert industry is evolving from a niche segment to a significant economic force.
  • Shailesh Jejurikar, an India-native, has been appointed as the next President and Chief Executive Officer (CEO) of Procter & Gamble (P&G), effective January 1, 2026, succeeding Jon Moeller.
  • The Indian Coast Guard (ICG) has started construction of its first indigenously built Air Cushion Vehicle (ACV).
  • Goa Shipyard Limited (GSL) launched ICGS ATAL (Yard 1275), a Fast Patrol Vessel (FPV), for the Indian Coast Guard (ICG) on 29 July 2025 at Vasco-da-Gama, Goa.
  • India is set to launch the Nisar (NASA-ISRO Synthetic Aperture Radar) mission, a joint collaboration between National Aeronautics and Space Administration (NASA) and Indian Space Research Organisation (ISRO), from Sriharikota, Andhra Pradesh on July 30, 2025.
  • Union Pacific Corp. agreed to acquire Norfolk Southern Corp. in a $72 billion cash-and-stock transaction, creating the only US transcontinental railroad.
  • Lord Meghnad Desai, eminent Indian-born economist and author, passed away on July 29, 2025, at the age of 85.

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