Context: Shri Nitin Gupta (Retd. IRS), former Chairman of the Central Board of Direct Taxes (CBDT), has been appointed as the new Chairperson of the National Financial Reporting Authority (NFRA) — India’s apex independent regulator for accounting and auditing standards. About National Financial Reporting Authority (NFRA) What is NFRA? NFRA is a statutory body under the Ministry of Corporate Affairs (MCA), tasked with overseeing and enhancing the quality, credibility, and transparency of financial reporting and auditing practices in India. Objectives and Mandate Who Falls Under NFRA? NFRA regulates auditors and auditing for:
UAV-Launched Precision Guided Missile (ULPGM)-V3
Context: India has successfully conducted flight trials of the UAV-Launched Precision Guided Missile (ULPGM)-V3 at the NOAR test range in Kurnool, marking a major step forward in the country’s indigenous drone warfare capabilities. What is ULPGM-V3? ULPGM-V3 (UAV-Launched Precision Guided Missile – Version 3), also referred to as ULM-ER (Extended Range), is an advanced air-to-surface precision missile designed to be launched from unmanned aerial vehicles (UAVs). It is engineered to engage both static and mobile targets with minimal collateral damage. Evolution and Variants Key Features of ULPGM-V3
India–UK Comprehensive Economic and Trade Agreement (CETA)
Context: India and the United Kingdom signed a historic Comprehensive Economic and Trade Agreement (CETA) in July 2025, along with endorsing a strategic long-term roadmap titled India–UK Vision 2035. This marks a landmark shift in bilateral ties post-Brexit, promoting economic, technological, defence, climate, and educational cooperation. What is India–UK CETA? The Comprehensive Economic and Trade Agreement (CETA) is a modern Free Trade Agreement (FTA) that: Key Provisions of CETA 1. Goods and Market Access 2. Services and Skilled Mobility 3. Social Security – DCC 4. Inclusive and MSME-Oriented Growth India–UK Vision 2035 The India–UK Vision 2035 outlines a comprehensive blueprint under five key pillars: 1. Growth and Jobs 2. Technology and Innovation 3. Defence and Strategic Security 4. Climate and Clean Energy 5. Education and People-to-People Ties Strategic Benefits to India Sector Benefits to India Trade Exponential export growth, zero-duty access, MSME expansion Employment Job creation in textiles, food processing, engineering, IT Mobility Streamlined visa norms and recognition of Indian professionals abroad Innovation AI, 6G, biotech, green hydrogen, semiconductors, quantum research Climate Action Finance, clean energy access, carbon trading opportunities Defence Co-development in advanced technologies, enhanced maritime presence Global Reform Common stance on reforming UN, WTO, IMF and other multilateral bodies BS
Scheme for Promotion of Culture of Science (SPoCS)
Context: The Scheme for Promotion of Culture of Science (SPoCS) is a flagship initiative of the Ministry of Culture, Government of India, designed to promote scientific temper, curiosity, and informal science education across the country. Implemented by the National Council of Science Museums (NCSM), the scheme primarily targets students and the general public, especially in underrepresented regions. Key Objectives Core Components of SPoCS The scheme provides financial and technical support for setting up the following institutions: Implementation and Impact Inclusivity and Regional Outreach PIB
Daily Current Affairs (DCA) 24 July, 2025
Daily Current Affairs Quiz24 July, 2025 National Affairs 1. Cloud Seeding Research in India: CAIPEEX by IITM Context: The Indian Institute of Tropical Meteorology (IITM), under the Ministry of Earth Sciences (MoES), conducted a cloud seeding research study titled CAIPEEX (Cloud Aerosol Interaction and Precipitation Enhancement Experiment) during 2018–2019 over the rain shadow region of India. Key Highlights: Objective of CAIPEEX: Technological and Institutional Developments Cloud Seeding Cloud seeding is a weather modification technique used to enhance precipitation by dispersing substances like silver iodide into clouds, encouraging the formation of ice crystals or larger raindrops. This can be done to increase rainfall, suppress hail, or disperse fog. Applications of Cloud Seeding PIB 2. Google Unveils AI Initiatives in India at Google I/O Connect 2025 Context: At its Google I/O Connect India 2025 developer conference held in Bengaluru, Google announced a range of artificial intelligence (AI) initiatives targeting India’s growing tech ecosystem, with a special focus on localisation, developer support, and indigenous innovation. Key Highlights: TET 3. National Anti-Doping (Amendment) Bill Context: Union Sports Minister Mansukh Mandaviya introduced the National Anti-Doping (Amendment) Bill in the Lok Sabha to align India’s anti-doping framework with World Anti-Doping Agency (WADA) requirements. Key Highlights: TOI 4. Swachh Survekshan 2024–25 Context: The ninth edition of Swachh Survekshan (2024–25), touted as the world’s largest cleanliness survey, has emerged not just as a city-ranking competition but as a comprehensive audit of India’s urban sanitation ecosystem. It offers valuable insights into progress, gaps, and best practices in waste management, segregation, infrastructure, and sanitation worker welfare. Key Features of Swachh Survekshan 2024–25: Regional Highlights Best Practices from Leading Cities City Notable Initiative Indore Six-bin segregation system at source Surat Revenue generation via sewage-treated water Pune Ragpicker cooperatives managing solid waste Visakhapatnam Eco-park on remediated landfill Lucknow Waste wonder park Agra (Kuberpur) 47-acre green space reclaimed via biomining Survey Theme – 2025: Reduce, Reuse, Recycle (RRR) TH 5. Human Rated Launch Vehicle Mark 3 (HLVM3) Context: In a major milestone for India’s human spaceflight program, the Union Minister informed Parliament that the Human Rated Launch Vehicle Mark 3 (HLVM3) has completed its development and ground testing. This achievement advances the timeline for Gaganyaan, India’s first crewed space mission, and sets the stage for future ambitions like the Bharatiya Antariksha Station (by 2035) and an Indian Moon Landing (by 2040). What is HLVM3? HLVM3 is India’s first human-rated launch vehicle, derived from the operational LVM3 (GSLV Mk III) platform. It is developed by the Indian Space Research Organisation (ISRO) under the supervision of the Human Space Flight Centre (HSFC) to carry astronauts, known as Gaganyatris, safely into Low Earth Orbit (LEO). Key Objectives Major Features of HLVM3 1. Three-Stage Launch Configuration 2. Human-Rated Enhancements 3. Crew Escape System (CES) 4. Crew and Service Modules 5. Support Infrastructure Banking/Finance 1. PayPal Integrates UPI for Cross-Border Payments under ‘PayPal World’ Context: In a significant move to globalize India’s digital payments, PayPal has announced integration with Unified Payments Interface (UPI) to facilitate cross-border transactions. Key Highlights: Launch of PayPal World Platform Significance BS 2. IRDAI Proposes Internal Insurance Ombudsman Framework to Strengthen Grievance Redressal Context: Insurance regulator IRDAI proposed a framework that mandates a internal insurance ombudsman scheme for insurance companies with an aim to address complaints against claims up to Rs 50 lakh. Key Objectives Applicability Key Provisions of the Draft Guidelines TET 3. Net FDI in India Drops Sharply in May 2025: RBI Context: The Reserve Bank of India (RBI) in its July 2025 bulletin reported a 98.2% decline in net foreign direct investment (FDI) in May 2025 compared to the same month last year. Net Foreign Direct Investment (FDI) Net FDI refers to the difference between total foreign direct investment inflows and outflows over a specific period. Components: Gross FDI Inflows: Gross FDI Outflows: Top FDI Source Countries Top Recipient Sectors Top Destinations for Outward FDI BS 4. Cooperative Banks Rejoin Call Money Market via NDS-CALL Platform: RBI Bulletin Context: Cooperative banks’ participation in the call money market declined after the Reserve Bank of India (RBI) made membership on the NDS-CALL trading platform mandatory. However, their participation has seen a revival in recent months, as per the RBI’s July 2025 bulletin. Key Highlights: BS 5. Outward Remittances Under LRS Decline Context: As per the Reserve Bank of India’s latest monthly bulletin, outward remittances under the Liberalised Remittance Scheme (LRS) fell by 4.4% year-on-year in May 2025, amounting to $2.3 billion, compared to the same month in 2024. The fall was primarily driven by reduced spending on international travel and overseas education. About Liberalised Remittance Scheme (LRS) A scheme by RBI allowing Indian residents to send up to $250,000 abroad per financial year for various permitted purposes without seeking prior approval. TET 6. SBI Aims to Join Top 10 Global Banks by Market Cap in 5 Years Context: Chairman C.S. Setty announced on July 23, 2025, that State Bank of India (SBI) aspires to be among the top 10 global banks by market capitalisation over the next five years. The statement followed the listing of SBI’s ₹25,000 crore Qualified Institutional Placement (QIP) issue, the largest ever by an Indian firm. Key Highlights: Global Bank Market Cap Ranking Rank Bank Country Market Cap ($ bn) P/E Ratio 1 JPMorgan Chase US 810 15 2 Bank of America US 355 14 3 Industrial & Commercial Bank China 353 8 4 Agricultural Bank of China China 292 7 5 China Construction Bank China 281 6 10 Royal Bank of Canada Canada 188 14 11 HDFC Bank India 178 22 17 ICICI Bank India 122 20 27 State Bank of India (SBI) India 84 9 7. Kotak Mahindra Bank Launches ‘Solitaire’ Programme to Target Affluent Customers Context: Kotak Mahindra Bank has launched ‘Solitaire’, an exclusive invitation-only banking programme, aiming to deepen engagement with India’s affluent segment. This is part of the bank’s strategic shift toward a more customer-centric approach. Key Highlights: BS 8. NSE Issues Rulebook for Retail Algo Trading Context: In response to rising retail participation and
KredX–Canara Bank Tie-Up to Boost MSME Access to Digital Trade Finance
Context: KredX, India’s leading integrated supply chain finance platform, has partnered with public sector lender Canara Bank to expand access to formal digital trade finance via its RBI-licensed TReDS platform — DTX (Domestic Trade Exchange). Key Highlights:
RBI Flags Cautious Optimism Amid Economic and External Sector Challenges
Context: The Reserve Bank of India (RBI) released its State of the Economy Report (July 2025) and monthly external sector data for May, highlighting resilient growth drivers like agriculture and services, but warning of volatility in macroeconomic indicators, external fragility, and inflation risks. Key Economic Insights from the RBI Report: Growth Drivers Intact Signs of Broad-Based Moderation Fiscal Concerns Inflationary Risks Resurfacing FDI Decline Labour Market Trends TOI
NSE Issues Rulebook for Retail Algo Trading
Context: In response to rising retail participation and the increasing use of automated trading systems, the National Stock Exchange (NSE) has issued detailed guidelines for retail algorithmic trading, effective August 1, 2025. The move follows SEBI’s February circular aimed at regulating grey areas in retail algo trades. Key Highlights of the New Norms: Classification of Algos: Background and Rationale: What is Algo Trading? Algorithmic trading (or algo trading) is the use of pre-programmed software to execute trades based on predetermined parameters such as price, volume, or technical indicators. BS
Kotak Mahindra Bank Launches ‘Solitaire’ Programme to Target Affluent Customers
Context: Kotak Mahindra Bank has launched ‘Solitaire’, an exclusive invitation-only banking programme, aiming to deepen engagement with India’s affluent segment. This is part of the bank’s strategic shift toward a more customer-centric approach. Key Highlights: BS
SBI Aims to Join Top 10 Global Banks by Market Cap in 5 Years
Context: Chairman C.S. Setty announced on July 23, 2025, that State Bank of India (SBI) aspires to be among the top 10 global banks by market capitalisation over the next five years. The statement followed the listing of SBI’s ₹25,000 crore Qualified Institutional Placement (QIP) issue, the largest ever by an Indian firm. Key Highlights: Global Bank Market Cap Ranking Rank Bank Country Market Cap ($ bn) P/E Ratio 1 JPMorgan Chase US 810 15 2 Bank of America US 355 14 3 Industrial & Commercial Bank China 353 8 4 Agricultural Bank of China China 292 7 5 China Construction Bank China 281 6 10 Royal Bank of Canada Canada 188 14 11 HDFC Bank India 178 22 17 ICICI Bank India 122 20 27 State Bank of India (SBI) India 84 9
