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)
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
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
Daily Current Affairs (DCA) 25 June, 2025
Daily Current Affairs Quiz25 June, 2025 National Affairs 1. Sustainable Development Report (SDR) 2025 Context: India has achieved a significant milestone by entering the top 100 countries in the Sustainable Development Goals (SDG) Index for the first time. In the 2025 edition of the Sustainable Development Report (SDR) released by the UN Sustainable Development Solutions Network, India has been ranked 99th out of 167 nations, with an overall SDG score of 67. India’s Ranking This marks a sharp rise from 109th position in 2024, reflecting sustained progress across key social, economic, and environmental indicators. The SDG Index assesses a country’s performance across the 17 goals adopted by the United Nations in 2015, with a score of 100 representing full achievement. India’s SDG Rankings Over Time Global Performance Country Rank SDG Score Finland 1st — Sweden 2nd — Denmark 3rd — United States 44th 75.2 China 49th 74.4 Maldives 53rd — Bhutan 74th 70.5 Nepal 85th 68.6 Sri Lanka 93rd — India 99th 67.0 Bangladesh 114th 63.9 Pakistan 140th 57.0 Key Highlights from the 2025 Report Dominance of European Countries TH 2. NITI Aayog India’s Data Imperative Report Context: Government think tank NITI Aayog proposed institutionalising data ownership, incentivising data quality, and interoperability of data across platforms as measures to improve data quality in the country in view of Indians’ growing dependence on digital public infrastructure. NITI Aayog Report What is India’s Data Ecosystem? Key Highlights Why a Robust Data Ecosystem is Essential Key Challenges: Recommended Measures TOI & Mint 3. Scheme to Promote Manufacturing of Electric Passenger Cars in India (SPMEPCI) Scheme Overview Key Features Government Vision Strategic Impact PIB 4. Dharti Aaba Janbhagidari Abhiyan (DAJA): India’s Largest Tribal Empowerment Drive Context: The Government of India has launched Dharti Aaba Janbhagidari Abhiyan (DAJA) — an unprecedented tribal empowerment drive across 1 lakh+ tribal villages in 31 States/UTs. What is DAJA? Key Features PIB Banking/Finance 1. EPFO Raises Auto-Settlement Limit for Advance Claims to â‚ą5 Lakh Context: In a major move to enhance financial access for formal sector workers, the Employees’ Provident Fund Organisation (EPFO) has increased the auto-settlement limit for advance claims from â‚ą1 lakh to â‚ą5 lakh. The step is aimed at expediting disbursal of funds for urgent needs such as illness, education, marriage, and housing. Background: Auto-Settlement Mechanism Introduced During COVID-19 India’s Expanding Social Security Coverage Recognised by ILO Minister Mandaviya also highlighted India’s growing recognition on the global stage for expanding social protection: TH 2. Variable Rate Reverse Repo (VRRR) Context: The Reserve Bank of India (RBI) will conduct a seven-day Variable Rate Reverse Repo (VRRR) auction worth â‚ą1 trillion on Friday, June 27, aiming to absorb excess liquidity from the banking system. The move follows a sharp build-up in surplus liquidity that has pushed the Weighted Average Call Rate (WACR) below the policy repo rate of 5.50%. Relation Between Variable Rate Repo (VRR) and Variable Rate Reverse Repo (VRRR) The Reserve Bank of India (RBI) uses multiple tools to manage systemic liquidity. Among these are the Variable Rate Repo (VRR) to inject liquidity and the Variable Rate Reverse Repo (VRRR) to absorb surplus liquidity from the banking system. What is Variable Rate Reverse Repo (VRRR)? How it Relates to Variable Rate Repo (VRR): Tool Objective Liquidity Effect VRR Inject funds into the banking system Adds liquidity VRRR Mop up surplus funds from banks Absorbs liquidity 3. S&P Global Upgrades India’s FY26 GDP Growth Forecast to 6.5% Context: S&P Global Ratings on Tuesday revised India’s GDP growth forecast for FY26 to 6.5%, up by 0.2 percentage points from its previous estimate. The upgrade was published in its latest Economic Outlook for Asia-Pacific (Q3 2025). Key Assumptions Driving the Forecast Focus on Domestic Demand The report underlined that strong domestic demand would help limit the slowdown in India’s overall GDP growth, in contrast to export-dependent economies in the region which may face greater challenges due to softening global trade. S&P noted Background and Global Context In May 2025, S&P had lowered India’s FY26 growth forecast to 6.3%, citing uncertainty stemming from U.S. tariff policy and its spillover effects on global trade. That report, titled Global Macro Update: Seismic Shift in US Trade Policy Will Slow World Growth, warned of rising protectionism and its negative impact on global supply chains. Global Forecasts BS 4. SEBI Proposes Major Governance Overhaul for Market Infrastructure Institutions Context and Regulatory Background Mandated Functional Segregation: Vertical Structure MIIs are required to operate through three distinct verticals: SEBI stresses resource prioritization for Verticals 1 & 2 due to their public interest significance. Rationale for Reform Key Proposals for Governance Reform Appointment of Executive Directors (EDs) Reporting Structures Directorship Restrictions Amendments & Public Consultation SEBI & TET 5. Venture Capital (VC) Context: Retail investors in India are increasingly shifting toward bond investments, prompted by volatile equity markets and plateauing fixed deposit (FD) rates. This trend is reshaping the investment ecosystem and drawing attention from venture capital (VC) firms. What Is Venture Capital (VC)? Types of Venture Capital Stage Description Pre-Seed Stage Earliest phase, focused on turning an idea into a business plan; often supported by incubators/accelerators. Seed Funding Helps startups launch their first product; usually no revenue yet, relies heavily on VC. Early-Stage Funding Required to scale production, expand marketing, and sales; divided into Series A, B, C rounds, etc. Difference: Venture Capital vs. Private Equity Parameter Venture Capital Private Equity Target Startups Mature businesses Risk High Moderate to low Ownership Minority stake Often majority control Focus Innovation and growth Restructuring and profitability 6. L&T Lists India’s First ESG Bonds on NSE Under New SEBI Framework Context: Larsen & Toubro (L&T) has launched India’s first ESG (Environmental, Social and Governance) bonds on the National Stock Exchange (NSE), setting a precedent under SEBI’s new sustainability-linked bond framework notified in June 2025. Key Highlights: About SEBI’s ESG Bond Framework The framework mandates: Definition 7. RazorpayX Launches India’s First Founder-Friendly Corporate Credit Card for Startups Context: RazorpayX, the business banking arm of Razorpay, has introduced a new Corporate
Scheme to Promote Manufacturing of Electric Passenger Cars in India (SPMEPCI)
Scheme Overview Key Features Government Vision Strategic Impact PIB
EPFO Raises Auto-Settlement Limit for Advance Claims to â‚ą5 Lakh
Context: In a major move to enhance financial access for formal sector workers, the Employees’ Provident Fund Organisation (EPFO) has increased the auto-settlement limit for advance claims from ₹1 lakh to ₹5 lakh. The step is aimed at expediting disbursal of funds for urgent needs such as illness, education, marriage, and housing. Background: Auto-Settlement Mechanism Introduced During COVID-19 India’s Expanding Social Security Coverage Recognised by ILO Minister Mandaviya also highlighted India’s growing recognition on the global stage for expanding social protection: TH
Variable Rate Reverse Repo (VRRR)
Context: The Reserve Bank of India (RBI) will conduct a seven-day Variable Rate Reverse Repo (VRRR) auction worth â‚ą1 trillion on Friday, June 27, aiming to absorb excess liquidity from the banking system. The move follows a sharp build-up in surplus liquidity that has pushed the Weighted Average Call Rate (WACR) below the policy repo rate of 5.50%. Relation Between Variable Rate Repo (VRR) and Variable Rate Reverse Repo (VRRR) The Reserve Bank of India (RBI) uses multiple tools to manage systemic liquidity. Among these are the Variable Rate Repo (VRR) to inject liquidity and the Variable Rate Reverse Repo (VRRR) to absorb surplus liquidity from the banking system. What is Variable Rate Reverse Repo (VRRR)? How it Relates to Variable Rate Repo (VRR): Tool Objective Liquidity Effect VRR Inject funds into the banking system Adds liquidity VRRR Mop up surplus funds from banks Absorbs liquidity
S&P Global Upgrades India’s FY26 GDP Growth Forecast to 6.5%
Context: S&P Global Ratings on Tuesday revised India’s GDP growth forecast for FY26 to 6.5%, up by 0.2 percentage points from its previous estimate. The upgrade was published in its latest Economic Outlook for Asia-Pacific (Q3 2025). Key Assumptions Driving the Forecast Focus on Domestic Demand The report underlined that strong domestic demand would help limit the slowdown in India’s overall GDP growth, in contrast to export-dependent economies in the region which may face greater challenges due to softening global trade. S&P noted Background and Global Context In May 2025, S&P had lowered India’s FY26 growth forecast to 6.3%, citing uncertainty stemming from U.S. tariff policy and its spillover effects on global trade. That report, titled Global Macro Update: Seismic Shift in US Trade Policy Will Slow World Growth, warned of rising protectionism and its negative impact on global supply chains. Global Forecasts BS
SEBI Proposes Major Governance Overhaul for Market Infrastructure Institutions
Context and Regulatory Background Mandated Functional Segregation: Vertical Structure MIIs are required to operate through three distinct verticals: SEBI stresses resource prioritization for Verticals 1 & 2 due to their public interest significance. Rationale for Reform Key Proposals for Governance Reform Appointment of Executive Directors (EDs) Reporting Structures Directorship Restrictions Amendments & Public Consultation SEBI & TET
Venture Capital (VC)
Context: Retail investors in India are increasingly shifting toward bond investments, prompted by volatile equity markets and plateauing fixed deposit (FD) rates. This trend is reshaping the investment ecosystem and drawing attention from venture capital (VC) firms. What Is Venture Capital (VC)? Types of Venture Capital Stage Description Pre-Seed Stage Earliest phase, focused on turning an idea into a business plan; often supported by incubators/accelerators. Seed Funding Helps startups launch their first product; usually no revenue yet, relies heavily on VC. Early-Stage Funding Required to scale production, expand marketing, and sales; divided into Series A, B, C rounds, etc. Difference: Venture Capital vs. Private Equity Parameter Venture Capital Private Equity Target Startups Mature businesses Risk High Moderate to low Ownership Minority stake Often majority control Focus Innovation and growth Restructuring and profitability
