Daily Current Affairs Quiz1 July, 2025 National Affairs 1. Special Intensive Revision (SIR) of Electoral Rolls in Bihar – 2025 Context: India’s electoral system is widely praised for enabling high participation by the poor and marginalised, unlike many Western democracies. However, the Election Commission of India’s (ECI) recent move to conduct a Special Intensive Revision (SIR) of electoral rolls in Bihar ahead of the October 2025 Assembly elections has sparked concerns about voter exclusion due to procedural and documentary barriers. What is Special Intensive Revision (SIR)? Special Intensive Revision (SIR) is a comprehensive, door-to-door verification of houses process to update and verify electoral rolls. Constitutional Provisions Why SIR in Bihar? Objective of SIR PIB & TH 2. NITI Aayog’s US Trade Proposal: A Risk to India’s Food Security? Context: A recent NITI Aayog paper recommends significant tariff cuts on key US agricultural imports—rice, dairy, poultry, corn, apples, almonds, and genetically modified (GM) soya—under the proposed India-US Free Trade Agreement (FTA). However, experts warn these moves could critically undermine India’s food security, farmer incomes, and trade sovereignty. Key Recommendations and Criticisms Genetically Modified Imports GM Corn and Soya: Containment Unrealistic Why This Matters Strategic Autonomy and Rural Stability Need for Democratic Consultation BS 3. QUAD Launches First-Ever ‘QUAD at Sea Ship Observer Mission’ Context: The Coast Guards of India, Japan, the United States, and Australia have launched the first ‘QUAD at Sea Ship Observer Mission’. Conducted under the Wilmington Declaration, this is the first cross-embarkation mission involving two officers (including women) from each QUAD nation. The officers have embarked on board the US Coast Guard Cutter (USCGC) Stratton, currently route to Guam. Strategic Significance India’s Role & Strategic Vision The Indian Express Banking/Finance 1. GST 2.0 Context: As the Goods and Services Tax (GST) completes eight years of implementation on July 1, tax experts acknowledge its successes but say a lot more work needs to be done in terms of simplification and rationalisation of rates.  Achievements So Far Key Reforms Suggested (GST 2.0) Inclusion of Fuel and Electricity in GST Rate Rationalisation: Minimising Input Tax Credit (ITC) Restrictions: Streamlining Audits and Dispute Resolution: Addressing Procedural Hassles: TH 2. RBI Financial Stability Report (FSR) – June 2025 Context: The June 2025 FSR presents the RBI’s biannual assessment of systemic risks and financial sector resilience in India. Released against a backdrop of rising global economic and geopolitical uncertainty, the report strikes a cautiously optimistic tone on India’s macro-financial stability but flags key vulnerabilities. Key Takeaways Global Risks and India’s Exposure Macroeconomic Fundamentals Remain Strong Banking Sector: Strong but Watchful Capital and Profitability Asset Quality Credit Growth Deceleration Liquidity and Cost of Funds NBFCs, Mutual Funds, and Insurance: Mixed Signals NBFCs Mutual Funds and Clearing Corporations Insurance Sector Corporate Bond Market Regulatory & Institutional Developments Risks and Outlook Emerging Concerns Positive Anchors 3. PhonePe Enters Co-Branded Credit Card Market with HDFC Bank Partnership Context: PhonePe and HDFC Bank have launched a co-branded credit card—marking PhonePe’s entry into the co-branded card segment. Key Highlights: Card Variants About PhonePe Agriculture 1. NABARD and ICAR-NIRCA Collaborate to Train FPOs Context: NABARD (National Bank for Agriculture and Rural Development) has partnered with ICAR–National Institute for Research on Commercial Agriculture (NIRCA), Rajahmundry. Significance of the Training TH 2. India’s Fertiliser Paradox: Need for a New National Fertiliser Policy Context: India is the second-largest consumer of fertilisers globally. Despite increased domestic production, 30% of fertilisers are still imported, making India vulnerable to global supply shocks, especially during geopolitical conflicts or trade disruptions. Key Challenges Highlighted Overuse and Imbalance Low Fertiliser Use Efficiency This implies a significant share of nutrients is lost, contributing to soil degradation, groundwater contamination, and climate change through nitrous oxide emissions. Financial Burden Global Comparison Recommendations for a New Fertiliser Policy BL 3. Jhum/Shifting Cultivation What It Is? Shifting cultivation is a traditional subsistence farming method where small patches of forest (called swiddens) are cleared—usually through slashing and burning—and cultivated for a few years. Once soil fertility declines, the farmer abandons the land, allowing it to regenerate naturally during a fallow period before returning after a decade or more. How It Works: Key Features Where It’s Practiced Advantages Challenges & Issues Facts To Remember 1. EC clarifies on rules for intensive revision of Bihar voter list As the electoral rolls in Bihar are undergoing a special intensive revision (SIR), the Election Commission (EC) uploaded the 2003 list of 4.96 crore electors, and clarified that a person born after 1987 need not give the proof of birth of parents if their names figure on the 2003 rolls.  2. Bank Credit Growth Slows to 9.8% in May 2025 Amid Weak Retail Lending According to the Reserve Bank of India (RBI), non-food bank credit growth decelerated to 9.8% year-on-year (YoY) in May 2025, compared to 16.2% in May 2024. The slowdown was most prominent in the retail lending segment, including personal loans, credit cards, and vehicle finance. 3. Above Normal Rain in July: IMD The India Meteorological Department (IMD) has asked authorities and residents of central India, Uttarakhand and Haryana to stay alert to the risk of flooding as the southwest monsoon is expected to be above normal in most parts of the country in July, at 106 per cent of the long period average (LPA). 4. Govt Set to Launch Digital Platform for Power Sector Soon The government is working to launch a digital platform to enhance coordination, data sharing, and innovation in the power sector. 5. Dollar’s deep dive masks Re’s steeper slide vs euro The dollar ended June with its worst first-half performance in four decades. However, the dollar’s slide in the international markets has been masking the rupee’s weakness, which is seen in its movement against the euro. 6. SBI turns 70 tate Bank of India (SBI), the country’s largest and most trusted bank, marks 70 years since its formation on July 1, 1955.