Current Affairs 31 July 2025

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BANKING & FINANCE

SEBI and Stock Exchanges Revise Surveillance Framework for Small-Cap FirmsIn July 2025, the Securities and Exchange Board of India (SEBI), along with stock exchanges revised the enhanced surveillance mechanism (ESM) for companies with market capitalisation under Rs. 1,000 crores with an aim to improve oversight of small and micro-cap stocks.

• These revisions, expected to benefit 28 companies currently under the surveillance framework, will take effect from July 28,2025.

Key Highlights:
Background: The ESM framework was initially extended to listed companies with a market capitalisation of under Rs.1,000 crore in August 2023, as part of SEBI’s efforts to curb excessive price volatility and speculative trading.
Objective: The ESM framework is designed to strengthen market integrity and investor protection, especially in the case of small and micro-cap stocks, which are more prone to sharp price movements and speculative interest.

• It aims to identify and address potential risks associated with stocks exhibiting unusual price fluctuations.

>>Read Full News

RBI caps investment by banks, NBFCs at 20% of corpus of AIF schemeIn July 2025, the Reserve Bank of India (RBI) issued the RBI (Investment in AIF) Directions, 2025, limiting investments by Regulated Entities (REs) to a maximum of 20% of the corpus of any Alternative Investment Fund (AIF) scheme.

• These updated guidelines govern investments made by banks, Non-Banking Financial Companies (NBFCs), and All-India Financial Institutions (AIFIs) in AIFs.
• The new framework will take effect from January 1,2026, although REs can voluntarily adopt them earlier.

RBI Investment Limits for AIFs:
Applicability: The guidelines apply to Commercial Banks, including Small Finance Banks (SFB), Local Area Banks (LAB) and Regional Rural Banks (RRB), Primary (Urban) Co-operative Banks/ State Co-operative Banks/ Central Co- operative Banks, All-India Financial Institutions (AIFI) and Non-Banking Financial Companies (NBFC) (including Housing Finance Companies (HFC).
Limits: Under the new directions, no single RE is allowed to invest over 10% of the total corpus of an AIF scheme.

• All regulated entities together cannot contribute more than 20% to one AIF scheme.

Exposure: If a RE invests over 5% in an AIF that subsequently invests in its debtor companies (excluding equity instruments), the RE is required to make 100% provisions equivalent to the extent of such indirect exposure.
>>Read Full News

ECONOMY & BUSINESS

IMF Raised India’s GDP Growth Forecast to 6.4% for FY26 & FY27In July 2025, The International Monetary Fund (IMF) released its latest World Economic Outlook (WEO) Update titled ‘Global Economy: Tenuous Resilience amid Persistent Uncertainty, July 2025’. The report has raised India’s Gross Domestic Product (GDP) projection to 6.4% for both Financial Year 2025-26 (FY26) and FY27, up from 6.2% and 6.3%, respectively, given in the April 2025 WEO.

• With this, the IMF reaffirmed India’s position as the world’s fastest-growing major economy.
• However, the GDP projection for FY26 is slightly lower than the Reserve Bank of India (RBI)’s estimate of 6.5% for FY26.

Key Findings:
India’s GDP Forecast based on CY: On a Calendar year(CY) basis, the IMF also anticipated that India’s economy is expected to grow at 6.7% in CY25 and 6.4% in CY26.
Global Growth Outlook: The report has projected world’s GDP to grow modestly to 3.0% in CY25 and 3.1% (CY26), up from 2.8% and 3% predicted for CY25 and CY26, respectively in its April 2025 update.

• However, this global growth projection for both CY25 and CY26 is still lower than the 3.3% growth witnessed in 2024 and the pre-COVID-19 Pandemic average of 3.7%.

Reasons: This upward revision of global GDP is mainly attributed to the stronger-than-expected front-loading in anticipation of higher tariffs; lower average effective United States of America (USA) tariff rates than announced in April; and improvement in financial conditions.
Global Inflation: As per IMF’s latest WEO update, global headline inflation is expected to decline to 4.2% in CY25 and 3.6% in CY26, which is similar to the one predicted in April 2025.
Emerging & Developing Economies: The report has slightly raised its growth projection for emerging and developing economies to 4.1% in CY25 and 4.0% in CY26, compared to its previous estimate of 3.7% and 3.9%, respectively.
Advanced Economies: As per the report, growth in advanced economies is projected to be 1.5% in CY25 and 1.6% in CY26.
About International Monetary Fund(IMF):
Managing Director (MD)– Kristalina Georgieva
Headquarters- Washington DC, United States of America (USA)
Member nations-190
Established–1944

AXISCADES Secured Rs 600 Crore Defence Orders for Indigenous Military Platforms
In July 2025, AXISCADES Technologies Limited, a prominent engineering and technology solutions firm, secured defence contracts valued at approximately Rs 600 crore through its subsidiaries, with project execution planned over the next 3 to 5 years.

• The contracts involve delivering cutting-edge solutions for airborne, naval, and radar systems, with backing from prominent defence bodies including the Defence Research and Development Organisation (DRDO) and Defence Public Sector Undertakings (DPSUs).

Key Defence Programmes Under the Orders:
VIRUPAKSHA Radar Programme (Su-30 MKI Upgrade): AXISCADES will design and supply radar sub-systems, including the Exciter Unit, Receiver Unit, and Antenna Beam Control Motherboard, replacing Russian-origin equipment and enhancing indigenous radar capabilities.
Transmit-Receive (TR) Modules for S-Band Radars: These modules will improve signal detection, tracking accuracy, and long-range surveillance performance.
LRBMR–KUSHA Radar System: AXISCADES will develop Digital Beam Forming (DBF) units for the Long-Range Battle Management Radar (LRBMR–KUSHA), an advanced S-band radar system with a detection range of 500kilometre(km), capable of tracking multiple targets simultaneously.
Electric Heavy Weight Torpedoes (EHWT): The company will deliver the Homing Receiver, a crucial component enabling autonomous target acquisition in submarine-launched Anti-Submarine Warfare (ASW) systems.
Sonar Systems for Submarines: AXISCADES will supply sonar sub-systems at production scale, contributing to undersea warfare technologies.

APPOINTMENTS & RESIGNATIONS

Sanjay Singhal Appointed as New DG of SSBIn July 2025, the Appointments Committee of the Cabinet (ACC) chaired by Prime Minister (PM) Narendra Modi, has approved the appointment of Sanjay Singhal, who is currently serving as Special Director General (DG) of Border Security Force (BSF), as the new DG of Sashastra Seema Bal (SSB), one of India’s Central Armed Police Forces (CAPFs) under the Ministry of Home Affairs (MHA).

• Sanjay Singhal will officially assume charge of the SSB from September 01, 2025 and will continue to serve at this post till his superannuation on December 31, 2028, or until further orders, whichever is earlier.
• He will succeed Amrit Mohan Prasad, who retires on August 31, 2025.

About Sanjay Singhal:
Cadre & Batch: Sanjay Singhal is a 1993-batch Indian Police Service (IPS) officer from Uttar Pradesh (UP) cadre.
Experience: With more than 30 years in policing and security, he offers deep expertise in internal security, border management, and counter-insurgency operations.
Past Roles: He has held senior roles across state and central agencies.

• He served as Director Inspector General (DIG) of Indo-Tibetan Border Police (ITBP) and later served as Inspector General (IG) from 2008 to 2015.
•  Between 2015 and 2024, he held several key positions in UP, including IG, General Staff Officer (GSO) to the Director General of Police (DGP), Additional Director General (ADG) Crime, ADG Railways, and ADG Establishment.
• He also served as Superintendent of Police (SP) of UP Police in several districts and commanded multiple battalions of the Provincial Armed Constabulary (PAC).
• In December 2024, he was appointed as Special DG in the Border Security Force (BSF).

Recognition: He received a medal in recognition of his exceptional service during a United Nations (UN) Peacekeeping mission in Kosovo.

• He is a recipient of the Police Medal for Meritorious Service(2009) and the President’s Police Medal(2015) in recognition of his distinguished service.

About Sashastra Seema Bal (SSB):
It was initially established as a Special Service Bureau in May 1963 in the aftermath of the Chinese aggression in 1962. It is primarily responsible for protecting Indian borders with Nepal and Bhutan.
Headquarters- New Delhi, Delhi

Bharat B Bhatia appointed Vice Chairman and Editorial Chair of Asia-Pacific telecommunity’s WRC-27 preparatory group
In July 2025, the International Telecommunication Union and Asia Pacific TeleCommunity (ITU-APT) Foundation of India (IAFI) has announced the appointment of its President, Bharat B. Bhatia, as Vice Chairman and Editorial Committee Chair of the APT’s conference preparatory group for the World Radiocommunication Conference 2027 (WRC-27 or APG-27).

• The appointment was officially announced during the plenary session held from 28 July to 1 August 2025 in Pattaya, Thailand .

Background:  The Nomination was proposed by Nobuyuki Kawai (Japan), Chairman of APG-27 and was voted unanimously by the Heads of Delegation of 30 Asian countries.
About Bharat B Bhatia: He served over 20 years in India’s Department of Telecommunications,(DoT), Ministry of Communications , contributing to India’s first National Frequency Allocation Plan (NFAP) in 1981 and overseeing the rollout of India’s first Global System for Mobile Communications(GSM) networks in 1992.

• He also served as an Indian Radio Regulatory Service (IRRS) officer for 22 years, shaping India’s spectrum landscape.
• He also chairs the ITU Working Group that is responsible for creating the necessary framework of International Mobile Telecommunications(IMT) standards for 5G and 6G networks.

MS Dhoni Joined ACKO Technology as Strategic Investor and Brand Ambassador
In July 2025, Indian cricketer Mahendra Singh (MS) Dhoni formed a long-term strategic partnership with digital insurer ACKO Technology and Services Private Limited (ACKO), joining as both a brand ambassador and strategic investor through his family office, Midas Deals Private Limited, based in Bangalore, Karnataka.

• The partnership aims to simplify and transform the insurance experience for urban Indian consumers by leveraging technology and customer-first innovations.

Dhoni–ACKO Strategic Partnership:
Shared Vision: MS Dhoni’s partnership with ACKO highlights a joint commitment to making insurance more intuitive, transparent, and accessible through a tech-driven, customer-first approach.
Brand Credibility: As a strategic investor and brand ambassador, Dhoni brings trust and credibility to ACKO, supporting its goal to become India’s most trusted digital insurance brand.

ACC approves Robert Ravi’s extension as CMD of BSNL, MTNL for 3 months
In July 2025, the Appointments Committee of the Cabinet (ACC), chaired by Prime Minister (PM) Narendra Modi, approved the 3-month extension of A. Robert Jerard Ravi as the Chairman and Managing Director (CMD) of Bharat Sanchar Nigam Limited (BSNL) and Mahanagar Telephone Nigam Limited (MTNL).

• During this period, he will continue to hold the additional charge of CMD of Bharat Broadband Network Limited (BBNL) without any extra remuneration.

Appointment Details:
Tenure: Extension effective July 15, 2025, to October 14, 2025, or until a regular appointee assumes charge
Background: Ravi first assumed additional charge on July 13, 2024, after the ACC rejected an extension for former CMD P.K. Purwar. His tenure was extended for six months in January 2025
About A. Robert Jerard Ravi:
Designation: Indian Telecom Service (ITS) officer and serving Deputy Director General (DDG) in the Department of Telecommunications (DoT) under the Ministry of Communications (MoC)
Experience: Former Chief Engineer at Telecommunications Consultants India Ltd. (TCIL), with expertise in broadband systems (FTTH/LMDS) in Kuwait and Qatar

SCIENCE & TECHNOLOGY

GSL Launches its 6th Fast Patrol Vessel ICGS ‘Atal’ for Indian Coast GuardOn 29 July 2025, Goa Shipment Limited (GSL), a leading defence Public Sector Undertaking (PSU), operating under the Ministry of Defence(MoD), launched ‘Indian Coast Guard Ship (ICGS) Atal’ (Yard 1275) in Vasco-da-Gama, Goa.

• This marks the sixth vessel in the series of eight Fast Patrol Vessels (FPVs) being built for the Indian Coast Guard (ICG), aimed at enhancing India’s maritime surveillance and bolstering coastal security.
• The FPV was launched by Smt. Shilpa Agarwal, wife of Shri Rozy Agarwal, Indian Defence Accounts Service (IDAS) at Principal Integrated Financial Advisor(PIFA), ICG Headquarters.

Background:
Contract Agreement: In March 2022, the MoD and GSL signed a contract of Rs. 473 Crores for the construction of eight Adamya-class FPV ships for ICG.
Progress: So far, six out of the eight Fast Patrol Vessels (FPVs) have been launched namely, ICGS Adamya, ICGS Akshar, ICGS Amulya, ICGS Akshay, ICGS Achal, and ICGS Atal. The remaining two FPVs are scheduled for launch by December 2025.

• The First FPV of this series, ICGS Adamya, was launched in October 2024 and inducted in July 2025.

About ICGS Atal:
Indigenous Design : ICGS Atal, a vessel of the Adamya-class Fast Patrol Vessels (FPVs), boasts over 60% indigenous content. It is part of a modern fleet entirely designed in-house by GSL, showcasing India’s growing self-reliance in maritime defence capabilities.
Specification: Measuring 52 meters(m) in length with an 8-m beam, the vessel has a displacement of approximately 320 tonnes. It is designed to carry out coastal patrols, island security operations, and offshore asset protection missions.

• It operates at a maximum speed of 27 knots with the help of a controllable pitch propeller (CPP)-based propulsion system.

Operational Capabilities: The Adamya-class FPVs are designed to carry out diverse missions such as coastal surveillance, protection of offshore assets, island security, and search and rescue operations.

• It is also designed to perform anti-smuggling, anti-piracy and Recon operations and acts as a secondary role vessel providing communication links during wartime.

About Goa Shipment Limited(GSL):
Chairman and Managing Director (CMD)- Brajesh Kumar Upadhyay
Headquarters- Vasco da Gama, Goa
Established- 1957

SPORTS

AIFF Launches ‘Benevolence Funds’ and ‘Pension Funds’ to Support Indian Football Fraternity
In July 2025, the All India Football Federation (AIFF) has established ‘Benevolence Fund’and proposed ‘Pension Fund’, to support former players, coaches, referees, match officials, and support staff, during its Executive Committee meeting, held in New Delhi, Delhi.
About ‘Benevolence Fund’:
Purpose: To offer one-time medical financial assistance to retired members of the Indian football community.
Corpus: The fund has been launched with an initial corpus of Rs.7,00,002, which includes personal contributions of Rs.1,00,001 each from AIFF President Kalyan Chaubey and Vice President N. A. Haris.
Administration: Managed by a dedicated committee assessing applications on a case-by-case basis.
About Pension Fund:
Purpose: To provide retirement pensions for long-serving AIFF employees.
Eligibility: Minimum 20 Years of service and must have retired at the age of 60 or older from AIFF.
Status: The proposal has been approved, with operational details pending finalization by the designated committees.

OBITUARY

Padma Bhushan Awardee and Renowned Economist Meghnad Desai Passed AwayOn July 29, 2025, Renowned Indian-born British economist and member of the United Kingdom(UK) House of Lords, Meghnad Jagdishchandra Desai, passed away at the age of 85 years. He was born on July 10, 1940, in Baroda State (presently Vadodara), Gujarat.

• In 2008, he was conferred Padma Bhushan, India’s third-highest civilian honour, for his distinguished contributions in the field of Public Affairs.

About Meghnad Jagdishchandra Desai:
Academic Career: He began his teaching career at the London School of Economics (LSE) in 1965. In 2003, he retired and was honoured as Professor Emeritus.

• He founded the Development Studies Institute (DESTIN) at LSE and served as Director from 1990 to 1995.
• He founded the Centre for the Study of Global Governance at LSE in 1992.
• He conducted extensive research for more than five decades, focusing on the developments, influenced by private enterprises and government policies. It comprises Marxian economics, globalization, and market liberalization.

Political Career: He became a member of the Labour Party in 1971 and was appointed to the House of Lords in 1991, making him the first Indian-origin peer from the party. Upon his appointment, he received the title ‘Lord Desai of Saint (St) Clement Danes’.

• He represented the Labour Party until 2020, after which he resigned and continued serving as an Independent Peer.

Legacy: In 2021, he founded the Meghnad Desai Academy of Economics(MDAE) in Mumbai(Maharashtra), dedicated to mentoring and nurturing future economists and intellectuals.
Author: He has authored several books with the themes, Marxism, Indian Politics, Cinema, and Global Governance.

• His notable works include Marxian Economic Theory (1973), Testing Monetarism (1981), Rethinking Islamism: The Ideology of the New Terror (2006), Nehru’s Hero: Dilip Kumar in the Life of India (2004), and The Rediscovery of India (2009).

Padma Shri Awardee, IDBI Chairman, T. N. Manoharan passed awayOn July 30, 2025, T. N. Manoharan, Padma Shri awardee, Chairman of IDBI Bank, and former President of the Institute of Chartered Accountants of India (ICAI), passed away in Mumbai. He was born on April 7, 1956, in Tamil Nadu.
About T.N. Manoharan:
Education & Early Career: He earned a Master’s in Commerce and a law degree. Then, qualified as a Chartered Accountant in 1983, he founded Manohar Chowdhry & Associates in Chennai, offering free education to economically weaker students.
Professional Background:
ICAI Leadership and Governance: Manoharan served on the central council of the ICAI from 2001. Then, he served as National President of ICAI for the term 2006–07.
Roles in National Committees: He chaired the Accounting Standards & Taxation Committee of the Confederation of Indian Industry (CII) during 2009–2011.

• Also, he was a member of various expert committees formed by Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), Central Vigilance Commission (CVC), Comptroller and Auditor General of India (C&AG), and Central Board of Direct Taxes (CBDT).
• In 2009, he joined the Government‑nominated board of Satyam Computer Services Ltd. and helped steer its revival, a role he later documented in his book Tech Phoenix: Satyam’s 100‑day Turnaround

Banking Governance:

• He served as the Non-Executive Chairman of Canara Bank till August 2020.
• He was the Administrator of Lakshmi Vilas Bank till its merger with DBS Bank.
• He also served as a board member at National Bank for Financing Infrastructure and Development (NaBFID)
• In May 2022, he was appointed Chairman of IDBI Bank for a term of three years.

Awards and Honours:

• He was conferred the Padma Shri (civilian honour) in the field of Trade and Industry in April 2010.
• Lifetime Achievement Award (2005) and Dronacharya Award (2022) from Rotary, NDTV-Profit’s Business Leadership Award (2009), and CNN-IBN Indian of the Year (2009) from the Prime Minister of India.

IMPORTANT DAYS

World Day Against Trafficking in Persons 2025 – July 30The United Nations(UN’s) World Day Against Trafficking in Persons is annually observed across the globe on July 30 to raise awareness about the situation of human trafficking victims and to promote and protect their rights.

• July 30, 2025 marks the 11th anniversary of World Day Against Trafficking in Persons, and it is crucial to address the shortcomings and accelerate action to #EndHumanTrafficking.
• 2025 Theme: The 2025 theme of World Day Against Trafficking in Persons is “Human trafficking is organised crime – End the exploitation.”

Background:
Adoption: In December 2013, the United Nations General Assembly (UNGA) adopted the resolution A/RES/68/192 and proclaimed 30th July every year as the World Day Against Trafficking in Persons.
Inaugural Observance: The first-ever World Day Against Trafficking in Persons was observed on 30th July 2014.
>>Read Full News

International Day of Friendship 2025 – July 30The United Nations (UN’s) International Day of Friendship or World Friendship Day is annually observed across the globe on 30 July to honour the role of friendship in fostering peace, solidarity, and reconciliation across cultures and communities globally.

• 2025 marks the 14th anniversary of International Friendship Day.

Background:
Proclamation: In 2011, the United Nations General Assembly (UNGA), at its 65th session, adopted resolution A/65/L.72, declaring 30th July as the International Day of Friendship to be observed annually.
First Observance: The first-ever International Day of Friendship was observed in 2011.
UNESCO’s Role: The idea of International Friendship Day was supported by United Nations Educational, Scientific and Cultural Organization (UNESCO), which defined the Culture of Peace as values, attitudes, and behaviours that reject violence and aim to prevent conflicts by addressing root causes.

• The Culture of Peace resolution was adopted by the UNGA in 1997.

>>Read Full News

STATE NEWS

Maharashtra Declared August 7 as Sustainable Agriculture Day, Honouring Dr. M.S. Swaminathan
On July 29, 2025, the Government of Maharashtra declared August 7 as Sustainable Agriculture Day, to be observed annually in honour of Dr. M.S. Swaminathan and his outstanding contributions to the field of agriculture.

• This initiative is part of the Centenary celebration of the birth anniversary of Dr. M.S. Swaminathan.

Initiatives to Commemorate the Day:
Research Centres: To commemorate the day, the Government of Maharashtra has instructed the agricultural universities across Maharashtra to establish Dr MS Swaminathan Bio-happiness Research Centres, focusing on themes such as sustainable agriculture, climate adaptation technologies, and food security.
Celebrations: The state will also organise awards and various commemorative events throughout Maharashtra.
About Dr. M.S. Swaminathan:
Birth: Mankombu Sambasivan (M.S) Swaminathan was born on August 7, 1925, in Kumbakonam, Tamil Nadu (TN).
Green Revolution: He introduced and promoted High-Yielding Varieties (HYVs) of wheat and rice. He was called the Father of India’s Green Revolution.
Honour: Dr. M.S. Swaminathan was posthumously awarded the Bharat Ratna in 2024, India’s highest civilian honor.

India tourism Delhi Celebrates Teej Festival in New Delhi
On July 28, 2025, India tourism Delhi, Ministry of Tourism (MoT), organized a grand celebration of the Teej Festival, in New Delhi, Delhi, to promote cultural heritage of India and domestic tourism.
Teej: The festival, Teej, is widely celebrated in northern states, including Rajasthan, Uttar Pradesh (UP), Haryana, and Punjab, marking the start of the monsoon season. It is a symbol of prosperity, devotion, and feminine grace, traditionally observed by women with music, dance, and festive customs
significance: The festival commemorates the union of Hindu Goddess Parvati and Lord Shiva.
Activities: The event featured a range of activities, including Traditional folk performances from Rajasthan, Henna (Mehendi) application booths.

MasterCard signs MoU with Andhra Pradesh Government to Boost Tourism
In July 2025, MasterCard signed a Memorandum of Understanding (MoU) with the Andhra Pradesh Tourism Development Corporation (APTDC) to promote and enhance the state’s rich cultural heritage, natural landscapes, and modern hospitality sector among international travellers.
Key Points:
Background: This initiative is the direct outcome of discussions held at the World Economic Forum(WEF) in Davos(Switzerland) by Chief Minister (CM) Chandrababu Naidu in 2024.

• Earlier, on 25 July 2025, MasterCard representatives attended a workshop hosted by Amrapali Kata, the Managing Director (MD) of APTDC in Vijaywada, to give a detailed overview of the state’s tourism destinations.

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