Daily Current Affairs (DCA) 16 July, 2025

Daily Current Affairs Quiz
16 July, 2025

National Affairs

1. Yakten Becomes India’s First Digital Nomad Village Under ‘Nomad Sikkim’ Initiative

Context:

Yakten village in Pakyong district of Sikkim was officially declared India’s first digital nomad village. The recognition marks a milestone in transforming remote rural destinations into sustainable hubs for digital professionals.

Key Highlights:

• ‘Nomad Sikkim’ Initiative:
  • Launched through a collaboration between the Pakyong district administration and NGO Sarvahitey, the initiative seeks to attract remote workers—domestic and international—to Sikkim’s scenic but under-utilised villages.
• Why Yakten Was Chosen:
  • Chief Minister Prem Singh Tamang raised concerns about seasonal income challenges faced by homestay operators, especially during the six-month off-season . Yakten was selected as a pilot site to create year-round economic activity through digital tourism.
• Digital Infrastructure Readiness:
  • Two dedicated internet lines and full village-wide Wi-Fi installed.
  • Backup electricity provided via inverters.
  • Plans underway to resolve water scarcity under the Jal Jeevan Mission.

TH

2. Second GE-F404 Engine for LCA Mk-1A Fighter Jets

Context:

India has received the second GE-F404 engine from the United States for its indigenous Light Combat Aircraft (LCA) Tejas Mk-1A programme. The engine was delivered to Hindustan Aeronautics Limited (HAL), the manufacturer of the LCA fleet.

About GE-F404 Engine & LCA Mk-1A

• The GE-F404 is a twin-spool, low-bypass turbofan engine known for reliability and high thrust-to-weight ratio.
• The LCA Mk-1A, an upgraded variant of the Tejas fighter, features:
  • Improved avionics
  • Active Electronically Scanned Array (AESA) radar
  • Electronic warfare (EW) systems
  • Mid-air refuelling and reduced maintenance needs

TH

3. NSO Launches “Statathon – A Data Journey Towards Viksit Bharat”

Context:

The National Statistical Office (NSO), in collaboration with the Innovation Cell of the Ministry of Education (MoE), launched a Grand Challenge titled “Statathon – A Data Journey Towards Viksit Bharat”. The initiative seeks to harness the power of emerging technologies like Artificial Intelligence (AI) to modernize India’s official statistics infrastructure.

Organised under MoSPI’s Data Innovation Lab (DI Lab) initiative, this national-level competition commemorates 75 years of the National Sample Survey (NSS).

Objectives and Vision

• Promote innovation in India’s statistical data systems.
• Encourage student and researcher participation to solve real-world data challenges.
• Leverage AI and frontier technologies to improve data collection, processing, analysis, and dissemination.
• Support the Viksit Bharat vision through digital public goods and citizen-focused data innovation.

PIB

4. Union Government Launches ADEETIE Scheme to Boost Industrial Energy Efficiency

Context:

The Union Ministry of Power launched the ADEETIE scheme at a national rollout event in Panipat, Haryana, targeting energy efficiency improvements in India’s industrial sector, particularly MSMEs. The scheme is being implemented by the Bureau of Energy Efficiency (BEE).

What is ADEETIE?

• Full Form: Assistance in Deploying Energy Efficient Technologies in Industries & Establishments
• Objective: To catalyze low-carbon industrial growth through clean and energy-efficient technologies
• Target Group: Primarily Micro, Small, and Medium Enterprises (MSMEs)

Budget and Duration

• Total Outlay: ₹1,000 crore
• Duration: FY 2025–26 to FY 2027–28
• Break-up:
  • ₹875 crore for interest subvention
  • ₹50 crore for investment-grade energy audits
  • ₹75 crore for technical handholding & capacity building

Core Objectives

• Reduce industrial energy consumption and carbon footprint
• Support MSMEs in adopting modern, energy-efficient technologies
• Improve India’s energy intensity and support Net Zero and Viksit Bharat @2047 targets

Key Features

Interest Subvention Scheme

• Micro & Small Enterprises: 5% interest subsidy
• Medium Enterprises: 3% interest subsidy

Technical Handholding Support

• Energy Audits (Investment-grade)
• DPR (Detailed Project Report) preparation
• Support in technology implementation
• Post-installation Monitoring & Verification (M&V)

Digital Enablement

• Online portal for application tracking, audit submission, and fund disbursal

Cluster-Based Implementation

• Phase I: 60 industrial clusters
• Phase II: 100 additional clusters
• Focus on energy-intensive sectors like textiles, chemicals, food processing, etc.

Eligibility Criteria

• Must be a registered MSME operating in eligible industrial clusters
• Willingness to participate in audits, prepare DPRs, and adopt recommended technologies
• Preference to early adopters and high energy-consuming sectors

PIB

5. India Celebrates 10 Years of Pradhan Mantri Kaushal Vikas Yojana (PMKVY)

Context:

India marks a decade of the Pradhan Mantri Kaushal Vikas Yojana (PMKVY) — the government’s flagship skill development initiative — having trained over 1.63 crore youth in industry-relevant skills since its inception in 2015 under the Skill India Mission.

About PMKVY

• Full Form: Pradhan Mantri Kaushal Vikas Yojana
• Launched By: Ministry of Skill Development and Entrepreneurship (MSDE)
• First Launched: 2015
• Latest Phase: PMKVY 4.0 under the Digital India vision

Core Objectives

• Bridge the gap between workforce capabilities and industry requirements
• Promote skill certification, job-readiness, and entrepreneurship
• Empower youth with short-term, flexible, and demand-driven skilling

Key Features of PMKVY

Short-Term Training (STT)

• Duration: 3–6 months
• Target Group: School/college dropouts and unemployed youth
• Sectors Covered: Over 30 sectors including retail, healthcare, construction, electronics

Recognition of Prior Learning (RPL)

• Recognises and certifies informal workers with existing skills
• Focus on artisans, weavers, traditional craftsmen, etc.

PMKVY 4.0 – Digitally Integrated Version

• Skill India Digital Hub (SIDH) for unified access
• AI-based analytics for training need mapping
• Linked to Academic Bank of Credits for formal skill recognition

Inclusive Participation

• 45% of beneficiaries are women
• Significant coverage of SC/ST/OBC communities
• Regional and linguistic diversity in training outreach

Focus on Emerging and Traditional Skills

• Domains: Artificial Intelligence (AI), Internet of Things (IoT), Mechatronics, Drones
• Support for traditional and heritage-based skills under ODOP and Handicrafts

Special Initiatives

• Skill Hub Initiative: Integration of vocational education with school curriculum
• COVID Warriors Training: Over 1.2 lakh youth trained for pandemic-related roles

Banking/Finance

1. SEBI Launches Settlement Scheme for Expired VCFs

Context:

The Securities and Exchange Board of India (SEBI) has introduced a settlement scheme, effective July 21, 2025, to address violations by migrated Venture Capital Funds (VCFs) related to delayed or non-compliant winding-up of expired schemes. The scheme will remain open until January 19, 2026.

Key Features of the SEBI Settlement Scheme

Purpose:

• The scheme offers an opportunity for migrated VCFs to settle regulatory proceedings arising from:
  • Failure to wind up schemes despite expiry of their liquidation period.
  • Continued holding of unliquidated investments.
• Applies specifically to VCFs that have completed migration to the Alternative Investment Fund (AIF) regime but retain legacy compliance issues.

Eligibility:

• Available to venture capital funds that:
  • Were registered under the SEBI (Venture Capital Funds) Regulations, 1996, and
  • Have since migrated to the SEBI (Alternative Investment Funds) Regulations, 2012.

Regulatory Background:

• SEBI mandates that schemes of VCFs must be wound up within the prescribed tenure and liquidation timelines.
• Non-compliance has led to enforcement actions, as some VCFs continue to retain assets beyond the permissible period without proper closure.

Implications for Fund Managers and Investors

• The scheme provides a regulatory exit route for funds in breach of winding-up norms without undergoing protracted litigation or penalties.
• Encourages transparency and regulatory compliance in the legacy private fund ecosystem.
• Could improve investor confidence in post-migration fund governance and pave the way for better alignment under the AIF framework.

SEBI’s Broader Strategy

• This scheme is part of SEBI’s recent moves to:
  • Strengthen closure and liquidation discipline in the alternative investment space.
  • Resolve long-pending cases arising from regulatory transitions.
  • Promote ease of doing business and clarity in fund administration.

TET

2. IRDAI Proposes Higher Investment Limits in REITs, InvITs, and Gold ETFs

Context:

In a move aimed at channeling more long-term insurance capital into real estate, infrastructure, and gold-backed assets, the Insurance Regulatory and Development Authority of India (IRDAI) has proposed revisions to investment norms for insurers.

Key Proposals by IRDAI

Doubling Exposure Limits to REITs and InvITsREITS and INVITS

• Current cap: 3%
• Proposed cap: 6%
  • Life insurers: 6% of own fund size
  • General insurers: 6% of total investment assets
• Objective: Mobilize long-term funds for real estate and infrastructure projects through pooled vehicles.
• Public float requirement: To be reduced from 30% to 25%, aligning with SEBI norms.

Gold ETFs to Be Allowed in ULIPs

• New provision: Up to 5% of a segregated ULIP fund’s assets can be invested in gold exchange-traded funds (ETFs).
• This is within the overall mutual fund cap of 15%.
• Why now?
  • Gold has returned 30% in the past year, outperforming equities and fixed deposits.
  • Two large life insurers had requested this inclusion.

Regulatory Developments: Kiwi General Insurance

• Kiwi General Insurance, backed by Westbridge Capital, has received R1 approval from IRDAI — the first regulatory stage toward a general insurance licence.

Other Key Actions by IRDAI

• Constituted panels of Whole-Time Members to:
  • Review share transfer applications
  • Investigate violations of Insurance Act by insurers and intermediaries
• Reviewed implementation of the Indian Risk-Based Capital (IRBC) regime
  • Discussed insurer feedback from QIS-1 (Quantitative Impact Study)

Significance of IRDAI’s Reforms

• Aligns insurance sector with India’s infrastructure push
• Improves investment flexibility for life and general insurers
• Encourages portfolio diversification, including inflation hedges like gold
• Reinforces IRDAI’s shift toward a risk-based supervision regime

TET

3. FDI Cap Hike in Public Sector Banks on Hold Pending RBI Review

Context:

The Indian government will defer any decision on increasing the FDI limit in public sector banks (PSBs) until the Reserve Bank of India (RBI) completes its review of voting rights and shareholding norms in the banking sector.

Current FDI and Shareholding Norms

• FDI in PSBs: Capped at 20% under automatic route.
• Government ownership: Mandated to hold at least 51% in PSBs.
• FDI in private banks: Allowed up to 74% (49% automatic, up to 74% via government route).
• Voting rights:
  • Promoters in private banks: Capped at 26%.
  • Financial institutions: Max 15% stake.
  • Individual & non-financial investors: 10%, subject to RBI approval.
  • Promoters of non-state banks must reduce holdings to 26% over 15 years.

Why the Delay in Raising the PSB FDI Cap?

• The RBI is conducting a comprehensive review of:
  • Voting rights linked to shareholding.
  • Foreign and domestic shareholding limits.
• The government is awaiting revised regulatory norms before considering any legislative or policy amendments.

Significance

• India’s PSB FDI regime remains conservative, but the broader context of increased global interest in Indian banks and regulatory reforms suggests incremental liberalisation is possible post-RBI review.
• A relaxation in FDI norms could help PSBs access more capital and global expertise, especially in the context of banking sector expansion and privatisation goals.

4. Ageas Federal Life Insurance Launches India Sector Leaders Fund

Context:

Ageas Federal Life Insurance has introduced a new unit-linked insurance fund (ULIP) offering called the India Sector Leaders Fund, targeting investors with medium- to long-term investment horizons.

Key Highlights:

• Fund Name: India Sector Leaders Fund
• Launched By: Ageas Federal Life Insurance
• New Fund Offer (NFO) Period: Begins July 14, 2025
• Initial NAV: Flat ₹10 per unit

Investment Objective

• To generate strong long-term returns by investing in top-performing companies across key economic sectors.
• Fund tracks the BSE India Sector Leaders Index, ensuring alignment with benchmark sector leaders.

Portfolio Strategy

• Diversified Exposure: Covers 22 sectors as per the India Industry Classification Structure (IICS).
• Reduced Concentration Risk: Sector-based spread helps mitigate risk from overexposure to any single industry.
• Broad Market Participation: Enables participation in India’s leading businesses across finance, energy, IT, FMCG, pharma, and other sectors.

Who Should Invest?

• Investors seeking diversified equity exposure across India’s leading sectors
• Individuals with a long-term wealth-building approach through market-linked instruments
• ULIP buyers wanting sectoral allocation within their insurance-cum-investment portfolio

BL

Agriculture

1. Punjab Agricultural University to Begin GM Maize Field Trials

Context:

Field trials for genetically modified (GM) maize are set to begin in Punjab Agricultural University (PAU), Ludhiana, during the 2025 kharif season, following approval from the Genetic Engineering Appraisal Committee (GEAC) and the Punjab government.

What is Being Tested?

• Type of GM Crop: GM maize with:
  • Herbicide-Tolerant (HT) Maize: Engineered to withstand glyphosate-K salt application for weed control.
  • Insect-Resistant (IR) Maize: Designed to resist lepidopteran pests like the stem borer and fall armyworm.
• Technology Provider: Bayer
• Trial Phase: BRL-I and BRL-II (Biosafety Research Level Trials)
• Research Institution: Punjab Agricultural University (PAU)
• Regulatory Authority: Department of Biotechnology (DBT), Government of India

Objectives of the Field Trials

• Assess the agronomic performance and environmental biosafety of GM maize.
• Generate scientific evidence to inform future policy decisions.
• Maintain non-commercial status – trials are purely for research, not market release.

Key Features of the Trials

• Confined and regulated field research conducted under national biosafety guidelines.
• GM maize combines BT and HT traits for dual protection against pests and weeds.
• Reviewed by multi-institutional expert panels at the state and national levels.
• Draws on past experience with BT cotton trials, also led by PAU.

Environmental Groups’ Concerns

• Alleged lack of public consultation and transparency.
• Fears of biosafety risks, cross-pollination, and herbicide overuse.
• Demand for immediate cancellation of the trial permissions in Punjab.

TH

2. TAFE and ICRISAT Join Hands to Launch Adaptive Agriculture Research Centre in Hyderabad

Context:

Tractors and Farm Equipment Ltd. (TAFE) has signed a Memorandum of Understanding (MoU) with the International Crops Research Institute for the Semi-Arid Tropics (ICRISAT) to establish a JFarm Adaptive Agriculture Research & Extension Centre at the ICRISAT campus, Patancheru, Hyderabad.

Key Objectives of the TAFE–ICRISAT Collaboration

Sustainable Agriculture Promotion

• Educate farmers on:
  • Sustainable agricultural practices
  • Soil conservation techniques
  • Efficient water management strategies

Scale-Appropriate Mechanisation

• Develop and demonstrate farm mechanisation technologies tailored to small and marginal farmers.
• Emphasis on crop residue processing solutions to:
  • Reduce stubble burning
  • Improve soil health and carbon retention

Infrastructure & Extension Services

• The JFarm centre will include:
  • Training facilities for farmers
  • Research plots for adaptive trials
  • Technology demonstrations for modern, eco-friendly farm practices

Significance and Impact

• Supports India’s climate-resilient agriculture goals, especially in semi-arid regions.
• Strengthens the public–private research ecosystem in farming technology and rural outreach.
• Promotes farmer-centric innovation and inclusive mechanisation for smallholder empowerment.

About the Partners

• TAFE (Tractors and Farm Equipment Ltd.):
  • One of the world’s largest tractor manufacturers
  • Known for its agri-research initiative, JFarm, which disseminates practical, field-based knowledge
• ICRISAT:
  • A global agricultural research institute focused on improving farming in dryland regions
  • Headquartered in Patancheru, Telangana

BL

3. Sai Subhiksha Kisan Health Card

Context:

In a unique convergence of healthcare and agrarian welfare, the Sai Subhiksha Kisan Health Card was launched recently at Sathya Sai Grama, Muddenahalli in Chikkaballapur district, Karnataka. The initiative aims to provide completely free healthcare services to India’s farmers.

Key Highlights:

• Launch Event: Titled “Seeding the Future – Together with the Farmers”
• Organisers:
  • Sri Madhusudhan Sai Institute of Medical Sciences and Research (SMSIMSR)
  • Subhiksha Organic Farmers Multi-State Co-Operative Society Ltd.
• Healthcare Provider: SMSIMSR, located at Sathya Sai Grama, will provide free medical treatment to cardholders.
• Beneficiaries: Farmers, particularly those engaged in ragi cultivation, were honoured at the launch. Over 1,500 farmers attended the event.

Significance of the Initiative

• Access to Free Healthcare: Farmers will receive no-cost medical services, removing one of the largest financial burdens on rural households.
• Integrated Rural Welfare: Merges organic farming promotion with healthcare access, aligned with One World One Family Mission principles.
• Boost to Ragi Cultivation: Focuses on nutri-cereals like ragi, supporting both nutrition security and climate-resilient agriculture.
• Symbolic Location: The launch at Sathya Sai Grama, the hub of spiritual and social service activities, reinforces the moral commitment to farmer welfare.

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Facts To Remember

1. SCO shouldn’t compromise on terrorism: Jaishankar

The Pahalgam terrorist attack of April 22 was carried out to hurt the Jammu and Kashmir economy and to “sow a religious divide”, External Affairs Minister S. Jaishankar told the Shanghai Cooperation Organisation’s (SCO) Council of Foreign Ministers (SCO-CFM) meeting in China.

2. Update biometric details of children above 5: UIDAI

The Unique Identification Authority of India (UIDAI) on Tuesday urged people to update the biometric details of children aged between five and seven. 

3. ‘140k New PMJDY A/Cs Opened in 2 Weeks’

The finance ministry on Tuesday said that in the first two weeks of its financial inclusion saturation campaign, around 1.4 lakh new PM Jan Dhan Yojana accounts have been opened and more than 5.4 lakh new enrolments made under three Jan Suraksha Schemes.

4. India’s Unemployment Rate Holds at 5.6% in June 2025

India’s unemployment rate for individuals aged 15 years and above stood at 5.6% in June 2025, unchanged from May, according to data released by the Ministry of Statistics and Programme Implementation (MoSPI). While the national average remained stable, urban-rural disparities and gendered patterns persisted in the labour market.

5. India’s First Aqua Tech Park Inaugurated in Assam to Boost Fish Farming Innovation

Chief Minister Himanta Biswa Sarma inaugurated India’s first Aqua Tech Park at Sonapur, near Guwahati. The initiative marks a major milestone in modernising fish farming practices in Assam, aiming to enhance fish production, generate rural employment, and improve farmers’ incomes through innovative aquaculture technologies.

6. Maharashtra just passed a law that could jail you for peacefully protesting

Days after the ruling BJP at the Centre and in Maharashtra observed the 50th anniversary of the Emergency and the curtailment of freedoms it entailed, the Maha Yuti government, led by Chief Minister Devendra Fadnavis, passed the Maharashtra Special Public Security (MSPS) Bill, 2024, by voice vote in the Legislative Assembly on July 10.

7. Life Insurance Q1 FY26 Results: ICICI, HDFC, and Prudential Post Strong Profit Growth

India’s private life insurance giants—ICICI Lombard Life, ICICI Prudential Life, and HDFC Life Insurance—have reported robust year-on-year growth in Profit After Tax (PAT) for the first quarter of FY26 (April–June 2025), driven by steady premium inflows and improved underwriting performance.

8. SMBC Seeks RBI Nod to Acquire Up to 25% Stake in Yes Bank

Japan’s Sumitomo Mitsui Banking Corp (SMBC) has applied to the Reserve Bank of India (RBI) for permission to acquire up to a 25% stake in Yes Bank, expanding its footprint in India’s private banking sector.