Daily Current Affairs Quiz26 June, 2025 International Affairs 1. Axiom Mission 4 (Ax-4) Launched Context: Marking a major milestone in India’s space ambitions, Group Captain Shubhanshu Shukla became the first Indian to be part of a commercial human spaceflight mission aboard the International Space Station (ISS), launching from NASA’s Kennedy Space Center as part of the Axiom Mission 4 (Ax-4). About Mission Crew Composition (Prime Crew) Position Astronaut Affiliation Nationality Flight Number Commander Peggy Whitson Axiom Space (former NASA astronaut) United States Fifth flight Pilot Shubhanshu Shukla Indian Space Research Organisation (ISRO) India First flight Mission Specialist 1 Sławosz Uznański-Wiśniewski ESA / POLSA Poland First flight Mission Specialist 2 Tibor Kapu Hungarian Space Office (HSO) Hungary First flight Notable Firsts and Historical Significance Mission Objectives TH National Affairs 1. Space Docking Context: Space docking is the process of joining two spacecraft in orbit, enabling them to form a unified, larger structure. It is a critical technique for modern space missions, particularly for space station assembly, crew and cargo transfers, and satellite servicing. Phases of Docking Operation Importance of Docking in Space Missions Types and Technologies in Docking 2. Kailash Mansarovar Yatra Resumes Context: After a six-year suspension due to the COVID-19 pandemic and India-China border tensions, the Kailash Mansarovar Yatra — a sacred pilgrimage for Hindus — has resumed, marking a significant step in reviving bilateral people-to-people mechanisms. The pilgrimage is being facilitated through the Nathu La pass in Sikkim and Lipulekh Pass in Uttarakhand, with renewed cooperation between both governments. Significance of the Yatra TH 3. Emergency in India Context: June 25, 2025, marked the 50th anniversary of the Emergency declared by then Prime Minister Indira Gandhi in 1975 — a controversial 21-month period during which civil liberties were curtailed, opposition leaders jailed, and press freedom suspended. On this day, the Union Government led by Prime Minister Narendra Modi observed what it termed “Samvidhan Hatya Divas” (Constitution Murder Day). Emergency Provisions in the Indian Constitution The Indian Constitution provides for extraordinary powers during crises to protect national security, constitutional governance, and financial stability. Constitutional Framework: Types of Emergencies National Emergency (Articles 352–354, 358–359) Effects: President’s Rule / State Emergency (Articles 355–357) Financial Emergency (Article 360) Banking/Finance 1. GST Council Likely to Discuss 12% Slab Context: The Goods and Services Tax (GST) Council is expected to convene in July 2025 after a gap of over six months, with major reforms on its agenda, according to official sources. The Council, chaired by the Union Finance Minister and comprising state finance ministers, plays a key role in shaping India’s indirect tax policy. Key Highlights Implications TH 2. India’s Economy Shows Resilience Amid Global Uncertainty: RBI’s June 2025 Bulletin Context: In its latest State of the Economy report published in the June 2025 RBI Bulletin, the Reserve Bank of India (RBI) has highlighted continued domestic economic resilience despite global uncertainty, softening credit growth, and evolving financial conditions. The report was authored by RBI staff under the guidance of Deputy Governor Poonam Gupta. Key Highlights Growth and Resilience Monetary Policy Transmission Lending and Deposit Rates Credit Growth Trends Global Headwinds Additional Developments Implications TH & BS 3. NSE Offers ₹13,880 Crore Settlement to SEBI Context: The National Stock Exchange (NSE), India’s largest stock exchange, has proposed to pay ₹13.88 billion (₹1,388 crore or $160 million) to the Securities and Exchange Board of India (SEBI) to settle a long-running legal dispute. This is expected to be the largest-ever settlement with SEBI, aimed at clearing the regulatory overhang delaying NSE’s long-pending Initial Public Offering (IPO). Background of the Case Proposed Settlement Significance Implications BS 4. NSE to Launch ‘Electricity Futures’ to Manage Power Price Volatility Context: The National Stock Exchange (NSE) is set to introduce a new financial instrument called “Electricity Futures”, marking a significant step in developing India’s energy derivatives market. This product aims to help market participants hedge against electricity price volatility, offering more predictability in a traditionally unstable short-term electricity market. What Are Electricity Futures? India’s energy derivatives market India’s energy derivatives market involves trading financial contracts (like futures and options) whose value is derived from energy commodities such as electricity, crude oil, or natural gas. These derivatives allow participants to manage price risks associated with energy markets or speculate on price movements. Who Will Benefit? By locking future electricity rates, participants can protect themselves from price spikes caused by demand-supply imbalances, seasonal variation, or fuel cost volatility. Features of the New Product TH 5. IRDAI Imposes ₹1 Crore Penalty on Edelweiss Life Insurance for Corporate Governance Violations Context: The Insurance Regulatory and Development Authority of India (IRDAI) has imposed a ₹1 crore penalty on Edelweiss Life Insurance Company for violations related to outsourcing norms and customer onboarding practices, flagging serious lapses in corporate governance and regulatory compliance. Outsourcing Violations Failure in Capturing Bank Details TH 6. Govt Plans Partial Stake Dilution in General Insurers to Meet SEBI’s Norms Context: The Union Finance Ministry is set to initiate phased stake sales in public sector general insurers — New India Assurance Company and General Insurance Corporation (GIC Re) — to comply with SEBI’s Minimum Public Shareholding (MPS) requirement of 25% for all listed companies, including public sector units. Regulatory Mandate Disinvestment vs Privatization The Government of India continues to pursue disinvestment and privatization as part of its economic reform agenda. While often used interchangeably, both terms have distinct meanings and implications. 1. Disinvestment Disinvestment refers to the sale or liquidation of government-owned shares in Public Sector Undertakings (PSUs) or other government-owned assets. Purpose: Types: Example: 2. Privatization Privatization is the process of transferring ownership and management of a public sector entity to the private sector. Purpose: Modes: Example: 7. Jan Dhan 2.0 Context: A decade after the launch of the Pradhan Mantri Jan Dhan Yojana (PMJDY) in 2014 to promote financial inclusion, the Union Finance Ministry is now exploring Phase 2 reforms aimed at deepening banking access and enhancing account activity, especially for the 110 million inoperative accounts. Key Upgrades Under Consideration Cheque Book