Daily Current Affairs Quiz13 August, 2025 National Affairs 1. India Semiconductor Mission (ISM) Context: The Union Cabinet, chaired by PM Narendra Modi, has approved four new semiconductor manufacturing projects under the India Semiconductor Mission (ISM). These will involve a cumulative investment of ₹4,600 crore, generate 2,034 skilled jobs, and boost India’s electronics manufacturing ecosystem. Details of the New Projects 1. SiCSem Pvt. Ltd. – Odisha (Bhubaneswar) 2. 3D Glass Solutions Inc. – Odisha 3. Advanced System in Package (ASIP) Technologies – Andhra Pradesh 4. Continental Device India Pvt. Ltd. (CDIL) – Punjab About India Semiconductor Mission (ISM) PIB 2. Mines and Minerals (Development and Regulation) Amendment Bill 2025 Context: A new Bill has been passed to boost India’s mineral sector, ensure secure supply chains for critical minerals, and align with the National Critical Mineral Mission. This comes amid global supply disruptions and India’s heavy import dependence for key resources. Key Amendments 1. Renaming and Expanding NMEDT 2. Setting Up Mineral Exchanges 3. Incentives for Critical Mineral Extraction 4. One-Time Lease Area Extension 5. Removal of Captive Mine Sale Cap PIB 3. Indian Ports Bill, 2025 Context: Lok Sabha passed the Indian Ports Bill, 2025, replacing the Indian Ports Act, 1908. Aims to modernise port rules, improve trade efficiency, and promote green and safe port practices. Main Features: 1. Modern Port Governance 2. Green and Safe Ports 3. Boost to Trade and Jobs 4. New Institutions PIB 4. State Health Regulatory Excellence Index Launched (SHRESTH) Context: The Union Ministry of Health & Family Welfare, through the Central Drugs Standard Control Organization (CDSCO), has launched SHRESTH – the State Health Regulatory Excellence Index, India’s first national framework to benchmark and strengthen state drug regulatory systems via transparent, data-driven evaluation. Key Highlights: News on Air Banking/Finance 1. RBI Grants In-Principle Approval to Paytm Payments Services as Online Payment Aggregator Context: The Reserve Bank of India (RBI) has granted Paytm Payments Services Ltd (PPSL), a wholly-owned subsidiary of One 97 Communications Ltd, an in-principle approval to operate as an online payment aggregator. This lifts earlier restrictions and allows the company to onboard new merchants. What is a Payment Aggregator (PA)? RBI Norms for Becoming a Payment Aggregator Eligibility & Licensing Capital Requirements Read more>> 2. IBC Amendment Bill Context: On 12 August 2025, Finance Minister Nirmala Sitharaman introduced the Insolvency and Bankruptcy Code (IBC) Amendment Bill in the Lok Sabha. The Bill proposes major reforms, including group insolvency, cross-border insolvency, and pre-packaged insolvency for large corporations, aimed at speeding up admission, resolution, and liquidation processes. What is IBC? Insolvency and Bankruptcy Code (IBC) Key Highlights: New Concepts Introduced Read more>> BS 3. NPCI to Discontinue UPI ‘Pull’ Transactions from October 31, 2025 Context: The National Payments Corporation of India (NPCI), operator of the Unified Payments Interface (UPI), will discontinue ‘pull’ transactions (recipient-initiated person-to-person digital payments) from October 31, 2025 to curb rising cases of online payment fraud. Key Highlights: National Payments Corporation of India (NPCI) Unified Payments Interface (UPI) TOI 4. Parliament Passes New Income Tax Bill Context: Parliament passed the new Income Tax Bill, replacing the six-decade-old Income Tax Act, 1961, aiming to simplify India’s direct tax law. The Rajya Sabha returned the legislation to the Lok Sabha with a voice vote, completing the parliamentary procedure. Key Highlights: Direct Tax & Indirect Tax Basis Direct Tax Indirect Tax Who Pays Paid directly by taxpayer to government Paid indirectly via sellers/service providers Burden Shift Cannot be shifted Can be shifted to another person Examples Income Tax, Corporate Tax GST, Customs Duty Nature Progressive Regressive Collection Direct from taxpayer Collected by intermediaries and remitted to government ET 5. RBI Allows ‘Vostro’ Accounts to Invest Surplus in Government Securities Context: The Reserve Bank of India (RBI) has permitted foreign investors to invest the entire surplus balance in their Vostro accounts into central government securities. This move is expected to deepen trade settlement in rupees and provide better returns on idle funds. Key Highlights: BS 6. Retail Inflation (Consumer Price Index – CPI) Context: In July 2025, retail inflation in India dropped to 1.55% – the lowest in 8 years. This is well below the RBI’s target range of 2% to 6% and has now stayed under 4% for six months in a row. The main reason is the fall in food prices. What is Retail Inflation (Consumer Price Index – CPI)? Retail inflation measures the average change over time in the prices that consumers pay for a basket of goods and services. It reflects the cost of living and purchasing power of households. Wholesale Inflation (Wholesale Price Index – WPI) Wholesale inflation measures the average change in prices of goods at the wholesale level (bulk transactions between businesses), before they reach the retail market. What is Inflation? Inflation is the rate at which prices rise in the economy, which reduces the value of money. How RBI Controls Inflation (Monetary Policy Tools) ET Facts To Remember 1. Bond Market Selloff Continues Despite Retail Inflation Hitting 8-Year Low The Indian bond market witnessed continued selling pressure on 12 August 2025, even as retail inflation hit its lowest level in eight years. Government bond yields surged due to stop-loss triggers and higher-than-expected state development loan (SDL) cut-off yields. 2. PM addresses the 18th International Olympiad on Astronomy and Astrophysics India is hosting the 18th International Olympiad on Astronomy and Astrophysics (IOAA) in 2025, welcoming over 300 young astronomers from 64 countries. 3. Toda Tribe Leads Endangered Language Preservation in Nilgiris The Toda tribe of the Nilgiri Hills, Tamil Nadu, who speaks the Toda Language a proto-South Dravidian language with no native script, is spearheading efforts to safeguard their native language under the Scheme for Protection and Preservation of Endangered Languages (SPPEL), implemented by the Central Institute of Indian Languages (CIIL), Ministry of Education. 4. Private Sector Likely to Get Limited Access to PM GatiShakti Portal The government is finalising rules for private sector access to the PM GatiShakti National Master Plan (NMP) portal — a digital platform aimed at transforming