Current Affairs 8 August 2025

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NATIONAL AFFAIRS

India-Russia Sign Pact to Strengthen Industrial and Technological TiesOn August 6, 2025, India and Russia have signed a Protocol to deepen industrial and technological cooperation, reaffirming their strategic partnership during the 11th Session of the India-Russia Working Group on Modernization & Industrial Cooperation, held at Vanijya Bhawan in New Delhi, Delhi.
Exam Hints:

• What? India and Russia signed a Protocol
• Where? 11th Session on India-Russia Working Group on Modernization & Industrial Cooperation
• Location: New Delhi, Delhi
•  Signatories:
• India: Amardeep Singh Bhatia, Secretary, DPIIT, MoC&I
• Russia: Alexey Gruzdev, Deputy Minister of Industry and Trade
• Objective: Reaffirm strategic partnership; deepen industrial & technological cooperation
• Framework: India-Russia Intergovernmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation

About India-Russia Protocol :
Signatories:The protocol was signed by co-chairs Amardeep Singh Bhatia, Secretary, Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry (MoC&I), and the Russian delegation was led by Alexey Gruzdev, Deputy Minister of Industry and Trade of the Russian Federation.
Aim: The protocol aims to strengthen collaboration in aluminium, fertilizers, and railway transport, while promoting capacity building and technology transfer in the mining sector, covering equipment, exploration, and industrial and domestic waste management.
About 11th Session of the India-Russia Working Group:
Framework: The meeting was held under the framework of the India-Russia Intergovernmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation.
Focus Areas: The cooperation focuses on aerospace technology, including a modern wind tunnel and small aircraft engines, carbon fibre, additive manufacturing, 3-Dimensional(3D) printing, and the extraction of rare earth minerals, underground coal gasification, and industrial infrastructure development.
Participation: The session featured the participation of approximately 80 delegates from both countries, including senior government officials, experts, and industry representatives.
About Russia:
Prime Minister (PM) – Mikhail Mishustin
Capital – Moscow
Currency – Russian Rubble (RUB)

FIEO Releases Overview of States’ Exports 2024-25: Gujarat Tops with Rs.9.83 Lakh Crore Exports in FY 25On August 5, 2025, the Federation of Indian Export Organizations (FIEO) under the Ministry of Commerce and Industry (MoC&I), released “Overview of States’ Exports 2024-25”, an analysis based on the export data from the Directorate General of Commercial Intelligence & Statistics (DGCIS), MoCI.

• Gujarat has remained the top exporter state of India in Financial Year 2024-25 (FY-25), with export shipments worth approximately Rs.9.83 lakh crore (USD 116.33 billion), accounting for 26.6% of the total exports by India.

Exam Hints:

• What?  Overview of States’ Exports 2024-25 Analysis Released.
• Released by :  Federation of Indian Export Organizations (FIEO)
• Ministry: Ministry of Commerce and Industry (MoCI)
• Top Exporter: Gujarat with Rs.9.83 lakh crore , Maharashtra and Tamil Nadu (TN),
• Jamnagar: Highest contributor of Gujarat with 36.91% (Rs.3.63 lakh crore) of the total exports of Gujarat.

Performance of the States:
Top performer: Gujarat, the top exporter, has shown a slight decline in exports over the shipment worth USD 134.39 billion in FY24. The top 5 export destinations of Gujarat include the United States of America (USA), the Netherlands, the United Arab Emirates (UAE), Singapore, and Australia.

• Gujarat exported 158 out of the 169 commodities that India exports overall, reflecting its extensive and diversified export portfolio.
• The top 10 commodities such as Petroleum products(37.72%); cotton fabrics; Ceramics and allied products; Ship, boat and floating structure; Residual chemical and allied products; Iron and Steel products; Agro chemicals; Organic chemicals; Drug formulations, biologicals; Pearl, precious and semi-precious stones, comprise a share of 63.07% of total exports of Gujarat in FY25.
• Jamnagar district of Gujarat stands high with a contribution of 36.91% (Rs.3.63 lakh crore) of the total exports of Gujarat.

Top five exporting states in FY25: 
The top 5 states collectively contributed around 71% of India’s total exports in FY25, amounting to approximately ₹27.07 lakh crore.

About Federation of Indian Export Organizations (FIEO):
Director General (DG) & Chief Executive Officer (CEO) – Dr. Ajay Sahai
Headquarters – New Delhi, Delhi
Establishment – 1965

MoSPI Proposed New Base Year for GDP, IIP & CPI
On 6th August 2025, the Ministry of Statistics and Programme Implementation (MoSPI) proposed to revise the base year for three key macroeconomic indicators Gross Domestic Product (GDP), Index of Industrial Production (IIP) and Consumer Price Index (CPI) to incorporate structural changes in the Indian economy by updating the methodology and including new data sources.

• The proposal was presented by Union Minister of State (MoS)(Independent Charge, IC), Rao Inderjit Singh, MoSPI and Ministry of Planning (MoP), and MoS for the Ministry of Culture, in the Lok Sabha.

Exam Hints:

• What? Proposal of Base year revision for GDP, IIP, and CPI
• Proposed by: MoSPI
• Purpose: To better capture structural changes in the economy
• In-charge: MoS Rao Inderjit Singh, MoSPI
• New Base Year for GDP & IIP: 2022-23
• New Base Year for CPI: 2024
• CPI update: Household Consumption Expenditure Survey (2023–24)
• New initiatives: Forward-Looking CAPEX Survey & Pilot Study on Services Sector

About the Proposed Base Year Revision:
Revision of Base Year:The base year for GDP and IIP is proposed to be updated to 2022-23. The base year for CPI is proposed as 2024.
CPI Revision: For CPI, MoSPI is using the item list and respective weights from the Household Consumption Expenditure Survey (HCES) 2023-24.
Surveys Conducted by MoSPI: 
CAPEX Intentions Survey: MoSPI conducted its first Forward-Looking Survey on CAPEX (Capital Expenditure) Intentions of the private corporate sector between November 2024 and January 2025, and published its findings to highlight future investment trends.
Services Sector Study:  A Pilot Study on the Annual Survey of Services Sector Enterprises (ASSSE) was conducted by MoSPI to capture insights into the incorporated services sector.

BANKING & FINANCE

Highlights of RBI’s 3rd Bi-monthly Monetary Policy FY2025-26The Reserve Bank of India (RBI) conducted the 56th and 3rd Bi-monthly Monetary Policy Committee (MPC) meeting of Financial Year (FY) 2025-26 from August 4 to 6, 2025 under the chairmanship of Shri Sanjay Malhotra, Governor, RBI.

• The meeting was attended by the MPC members Dr. Nagesh Kumar, Shri Saugata Bhattacharya, Prof. Ram Singh, Dr. Poonam Gupta and Dr. Rajiv Ranjan.

RBI MPC Keeps Repo Rates Unchanged at 5.5%, Maintains ‘Neutral’ Stance
Rate unchanged: All the MPC members voted unanimously to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 5.50%.

• Consequently, the standing deposit facility (SDF) rate shall remain unchanged at 5.25% and the marginal standing facility (MSF) rate and the Bank Rate at 5.75%
• The MPC also decided to continue with the neutral stance.

Reason: The move aims to give more time for the earlier rate cuts, i.e. 100 basis points (bps) rate cut since February 2025, to pass through to lending rates and stimulate broader economic activity.
RBI Policy Rates:

>>Read Full News

RBI Issued Final Co-lending Norms to Enhance Risk Sharing and TransparencyIn August 2025, the Reserve Bank of India (RBI) issued revised co-lending guidelines for banks and Non-Bank Financial Companies (NBFCs) under various provisions of the Banking Regulation Act (1949), Reserve Bank of India Act (1934), and National Housing Bank Act (1987). As per the revised guidelines, it is now mandatory for all Regulated Entities (REs) involved in Co-lending Arrangements (CLAs) to retain a minimum 10% of each individual loan on their own books.

• RBI has also clarified that digital lending arrangements will continue to be administered by the Reserve Bank of India (Digital Lending) Directions, 2025.
• These revised guidelines will come into force from January 01, 2026.

Timeline: The new rules mandated the loan originator to transfer the loan to the co-lender within 15 days of the loan being originated.

Maximum DLG: As per the new rules, the originating lender may also offer maximum Default Loss Guarantee (DLG) of 5% of the outstanding loan portfolio, subject to the condition to comply with RBI’s digital lending norms and is not used for credit enhancement.
Applicability: RBI’s approved final norms for CLA have been extended to all commercial banks (excluding: Small Finance Banks (SFBs), Regional Rural Banks (RRBs), and Local Area Banks (LABs)), financial institutions, and NBFCs including Housing Finance Companies (HFCs).
>>Read Full News

IDFC FIRST Bank Launches RemitFIRST2India for NRIs to transfer Money to India
In August 2025, IDFC First Bank has launched RemitFIRST2India, a modern digital remittance platform, in partnership with SingX, a leading remittance provider, licensed by Monetary Authority of Singapore, for Non-Resident Indians (NRIs) to send money to their families in India with seamless cross-border payment experience.
Exam Hints:

• What? Launch of RemitFIRST2India digital remittance platform
• By Whom? IDFC FIRST Bank
• For whom? Non-Resident Indians (NRIs)
• Purpose: To send money to India quickly, securely, and without transfer fees

Countries: Currently, the platform enables transactions from Singapore and Hong Kong, with plans to expand across other countries.
Transaction fees: The initiative aims to offer a quick, secure, and seamless transaction with no fees. It also aims to provide live tracking of the transaction, competitive Foreign Exchange (FOREX) rates, and paperless transfers.
Access: The existing NRI customers of IDFC FIRST bank can access the platform through the web portal or the mobile application of the bank. New NRI customers can access by onboarding digitally without the requirement of paperwork.

ECONOMY & BUSINESS

Amazon India & FIEO Signed MoU to Boost E-commerce Exports of MSMEs in India
On 6th August 2025, Amazon India signed a Memorandum of Understanding (MoU) with Federation of Indian Export Organisations (FIEO) to enhance e-commerce export potential of Micro, Small, and Medium Enterprises (MSMEs) in India.

• The collaboration aims to establish a dedicated e-commerce export task force to create a policy and infrastructure roadmap that enables seller readiness and increases awareness about e-commerce export opportunities.

Exam Hints:

• What? Amazon India & FIEO signed MoU
• Objective: Enable MSMEs to access global markets via e-commerce
• Initiatives: E-commerce export task force; MSME workshops; seller communities.
• Focus Sectors: Handicrafts, home textiles, apparel, toys.

About the MoU:
Export Task Force: The initiative aims to develop infrastructure and policy recommendations to streamline export processes by addressing operational challenges such as customs clearance, logistics, and regulatory compliance.
Capacity Building: Amazon and FIEO will jointly conduct workshops and training sessions for exporters across key product categories such as home textiles and décor, health and personal care, apparel, toys, packaged foods, and handicrafts to improve operations, compliance, and access global market.
Local Seller Communities: The initiative will set up offline seller support communities to help MSMEs in their export journey by providing peer learning and access to service providers.

Goldman Sachs Revised India’s GDP Forecast for 2025 & 2026 Amid USA Tariff ImpactIn August 2025, Goldman Sachs Group, Inc. revised its economic outlook for India, lowering the real Gross Domestic Product (GDP) growth projections to 6.5% for Calendar Year 2025 (CY25) and 6.4% for CY26, due to renewed trade tensions following the imposition of a 25% reciprocal tariff on Indian imports by the United States of America (USA) effective from 1st August 2025.
Exam Hints:

• What? Goldman Sachs revised India’s GDP forecast
• Timeline: CY2025 & CY2026
• Reason: Due to 25% tariff imposed by USA on Indian goods.
• GDP Estimates: 6.5% in CY25 and 6.4% in CY26.
• Inflation Outlook: 3.0% for both CY25 and FY26.
• External Sector: CAD raised to 0.9% of GDP for CY25 & CY26.

Revised GDP Forecast: 
Calendar Year 2025 (CY25): Revised to 6.5% from 6.6% (down by 0.1 percentage point).
Calendar Year 2026 (CY26): Revised to 6.4% from 6.6% (down by 0.2 percentage points).
Inflation Outlook: 
Revised Forecasts: Goldman Sachs has lowered its headline inflation projections for CY25 and Financial Year 2025-26 (FY26) to 3.0%, down by 0.2% points.
Recent news:
On 30th July 2025, the RBI kept the repo rate unchanged and retained its GDP growth forecast for Financial Year 2025-26 (FY26) at 6.5%, while lowering its Consumer Price Index (CPI) inflation estimate from 3.7% to 3.1%, partly in line with Goldman Sachs’ view of easing inflation.
About Goldman Sachs Group, Inc.
Chairman & Chief Executive Officer (CEO) – David Michael Solomon
Headquarters – New York, United States of America (USA)
Founded – 1869

AWARDS & RECOGNITIONS

Fortune 100 Most Powerful People in Business List: Jensen Huang Topped, Mukesh Ambani Ranked 56thOn August 5, 2025, Fortune, an American global business magazine, released the 2nd edition of the “Fortune 100 Most Powerful People in Business List”. Jensen Huang, Chief Executive Officer (CEO) and President of NVIDIA, an American Technology company, has topped the list. Mukesh Ambani, Chairman and Managing Director (CMD) of Reliance Industries Limited(RIL) has been ranked 56th in the 2025 list.

• Indian Origin women, Dr. Reshma Kewalramani, CEO of Vertex Pharmaceuticals, ranked 62nd on the list, marking her first appearance on the ranking.

Highlights of Fortune 100 Most Powerful People in Business:
Top 10: The top 10 ranks include Sundar Pichai, Ren Zhengfei, Founder and CEO of Huawei Technologies (7), Sam Altman, CEO & Co-Founder of OpenAI (8), Jamie Dimon, Chairman & CEO of JPMorgan Chase (9), and Mary Barra, Chair & CEO of General Motors (10).
Indian-Origin: As per the list, four Indian origin business leaders have featured on the list, including Satya Nadella, Sundar Pichai, CEO of Alphabet (Rank 6), Neal Mohan, CEO of Youtube (83), and Dr. Reshma Kewalramani.
Women: The list includes 19 women, including Julie Sweet, Chairperson and CEO of Accenture (Rank 11), Jane Fraser, CEO of Citigroup (12), Lisa Su, Chairperson and CEO, AMD (14), and Ana Botin, Executive Chairman of Banco Santander (20).
>>Read Full News

SCIENCE & TECHNOLOGY

Indian Army Inducts BEML’s Semi-Automatic Minefield Marker ‘MMME Mk-II’On August 6, 2025, the Indian Army(IA) formally inducted the Mechanical Minefield Marking Equipment Mark-II (MMME Mk-II), a cutting-edge semi-automatic minefield marker, indigenously built by BEML Limited, a multi-technology Schedule ‘A’ Public Sector Undertaking (PSU) operating under the Ministry of Defence (MoD).

• Lt. General Arvind Walia, Engineer-in-Chief of IA, Sanjay Som, Director of BEML (Defence and Mining & Construction); and other senior Army officials were present at the event.
• This marked a significant milestone towards defence indigenisation and operational preparedness.

Exam Hints:

• What? Induction of MME Mk-II into IA
• Developed by: Jointly by (R&DE (E)), a Lab of DRDO and manufactured by BEML
• Vehicle Platform: BEML TATRA 6×6
• Operational speed: Minimum 1.2 km/h
• Purpose: To semi-automatically mark and fence minefields

About MMME Mk-II:
Joint Development: This state-art-of-the system is jointly developed by BEML in collaboration with the Research & Development Establishment (Engineers) (R&DE (E)), a Lab of Defence Research and Development Organisation (DRDO).
Integration: This newly inducted equipment is built on a robust BEML TATRA 6×6 high-mobility vehicle and integrates mechanical, electric, and electronic sub-systems.
Adaptability: MMME Mk-II exhibits high versatility and adaptability for deployment in rough terrains such as plains, semi-deserts, and desert regions, particularly bordering Punjab plains and Rajasthan deserts.
Specifications: It is capable of marking/fencing at a minimum speed of 1.2 kilometer/hour (km/hr), with a standard inter-picket spacing of 15 metre(m).

• The equipment can place the pickets at 10-35 m spacing in the step of 5 m.
• Also, the picket can be driven up to a depth of 450 millimeter (mm) by this system.

Store Pickets: The new system has the capability to store a maximum 500 pickets and polypropylene rope of 15 kilometer (km) in length.
About BEML Limited:
Chairman & Managing Director (CMD)- Shantanu Roy
Headquarters: Bengaluru, Karnataka
Established- 1964

ENVIRONMENT

Discovery of Narrow Banded Rain Snake in Mizoram, Smithophis leptofasciatus
In August 2025, a new narrow-banded rain snake species, named Smithophis leptofasciatus, was identified by researchers from Mizoram University and a Guwahati (Assam)-based biodiversity conservation group, Help Earth.

• The discovery was published in Taprobanica: The Journal of Asian Biodiversity, enhancing the genus Smithophis to five known species.

Exam Hints:

• What? Discovery of a new species of rain snake
• Species Name: Smithophis leptofasciatus
• Common Name: Narrow-banded rain snake
• Published In: Taprobanica: The Journal of Asian Biodiversity
• Discovered By: Mizoram University and Help Earth, Guwahati,Assam

About the Smithophis leptofasciatus:
Physical Characteristics: The snake features a glossy black body with narrow, incomplete creamish-white to yellowish-lime transverse bands, distinguishing it from its relatives.
Habitat and Behaviour: It thrives in elevated montane forests near streams and leaf litter at elevations of 900–1,200 meters. It displays a semi-aquatic and nocturnal lifestyle, and feeds on earthworms. A gravid female laid six leathery eggs in captivity.

• Previously mistaken for Smithophis bicolor, genetic analysis confirmed its uniqueness.

Significance: This is the third species of the Smithophis genus found in Mizoram after Smithophis atemporalis and Smithophis mizoramensis.

BOOKS & AUTHORS

M.S Swaminathan’s Biography ‘The Man Who Fed India’ Released to Commemorate his 100th Birth Anniversary
A Biography titled “The Man Who Fed India” has been released to commemorate the 100th birth anniversary of Mankombu Sambasivan Swaminathan(M.S. Swaminathan), which is celebrated on August 7.The launch took place at the India International Centre, New Delhi, Delhi, on the occasion of his 100th birth anniversary, commemorating one of India’s greatest champions of food security and the father of the Green Revolution.
Exam Hints:

• What? Release of the biography ‘The Man Who Fed India’
• Purpose: To commemorate the 100th birth anniversary of M.S. Swaminathan
• Written By: Priyambada Jayakumar
• Published By: HarperCollins
• He is called as: Father of Green Revolution

Focus: The book humanizes M.S. Swaminathan by sharing rarely heard anecdotes, quotes, and moments from his early life, scientific career, policy roles, and personal philosophy.
Green Revolution: He is called the father of the Green Revolution. The book shares insights about his efforts towards introducing high-yield wheat and rice varieties that brought India to food self-sufficiency in the 1960s and 1970s.
Evergreen Revolution: He coined the “Evergreen Revolution”, with the focus on sustainable, inclusive, and eco-friendly agriculture.

IMPORTANT DAYS

National Handloom Day 2025 – 7 AugustNational Handloom Day is annually observed across India on 7 August to honour the handloom weaving community engaged in the handloom sector and highlight the handloom industry’s contribution to India’s socioeconomic development.

• 7th August 2025 marks the 11th National Handloom Day in India.

Background:
Origin: In 2015, the 1st National Handloom Day was inaugurated by Prime Minister (PM)Narendra Modi at the Centenary Hall of Madras University in Chennai, Tamil Nadu.

• To honour the importance of the Swadeshi movement and the contribution of the handloom weavers to India.

>>Read Full News

STATE NEWS

Kerala Launches ‘Heat Resilient Moodadi’ Project to Tackle Extreme Heat
In August 2025, the Kerala State Disaster Management Authority (KSDMA) launched the ‘Heat Resilient Moodadi’ project in Moodadi Panchayat, Kozhikode district, Kerala, to mitigate rising temperatures due to extreme heatwaves.

• This is Kerala’s first comprehensive Heat Action Plan by a local self-government body, aimed at regulating local temperatures and reducing the impact of climate change.

Note: The plan was initiated after Kozhikode recorded temperatures above 40°C in summer 2024.
Exam Hints:

• Initiative: Heat Resilient Moodadi project
• Launched by: Kerala State Disaster Management Authority (KSDMA)
• Location: Moodadi Panchayat, Kozhikode district, Kerala
• Techniques used: Heat-reflecting paints, bamboo barriers, window shades

About the Heat Resilient Moodadi project
Development: Designed for over 1.5 years with expert inputs from Kerala Institute of Local Administration (KILA), hazard analysts, and KSDMA.
Implementation: Begins with pilot projects in Muchukunnu Valiya Mala and Muchukunnu North Anganwadis, eventually expanding to 32 Anganwadis, health centers, and other institutions.
Key Features: Contractors will follow guidelines promoting heat-resilient construction, including heat-reflecting paints, bamboo barriers, and shaded structures.

• Cooling pavilions will be installed for public relief during heatwaves.

Validation: Moodadi Panchayat declared a ‘Living Lab’ for climate change by KSDMA for its proactive heat-resilience strategies.

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