Context: The Central Board of Direct Taxes (CBDT) has extended the last date for filing Income Tax Returns (ITR) for Assessment Year (AY) 2025-26 from July 31, 2025 to September 15, 2025. The extension responds to significant revisions in ITR forms and new reporting requirements introduced by the Finance Act, 2024. Reasons for Extension Key Changes in ITR Forms BS
FM Nirmala Sitharaman Signals Boost for Fintech Sector
Context: Finance Minister Nirmala Sitharaman visited Pine Labs’ Noida office. Acknowledged fintech‘s role in enabling secure, inclusive financial services, especially for merchants and MSMEs. Push for Digitisation Across States Supportive Policy Plans for Fintech and Digital Exports BS
MoSPI to Monitor Impact of Mudra Loan Scheme
Context: The Ministry of Statistics and Programme Implementation (MoSPI) aims to track the utilization and impact of credit access programmes such as the Pradhan Mantri Mudra Yojana (PMMY). This initiative is part of efforts to support enterprise formalisation and financial inclusion. Surveys Involved Objectives Collaboration and Data User Engagement Significance
Panchayat Advancement Index (PAI) 2.0
Context: The two-day National Writeshop on Panchayat Advancement Index (PAI) Version 2.0 for FY 2023–24 commenced at Dr. Ambedkar International Centre, New Delhi. During the inaugural, the PAI 2.0 Portal was launched https://pai.gov.in/ . Local Indicator Framework (LIF) Booklet for FY 2023–24 along with the Standard Operating Procedure (SOP) was also released on this occasion. What is PAI 2.0? What’s New in PAI Version 2.0? Feature PAI 1.0 PAI 2.0 Indicators 516 147 (↓ 72%) Data Points 794 227 (↓ 71%) Usability High complexity Streamlined, focused Coverage 2.16 lakh GPs Over 2.5 lakh GPs Nine Thematic Areas in PAI 2.0 (LSDG-aligned) Significance PIB
5th-Generation Fighter Jet – AMCA Programme
Context: Defence Minister Rajnath Singh has formally approved the execution model for the Advanced Medium Combat Aircraft (AMCA) programme. The move marks a critical step in India’s quest to develop an indigenous fifth-generation stealth fighter jet, reinforcing strategic autonomy and military self-reliance. Execution Model and Industry Participation About the AMCA Fighter Jet
World Dugong Day 2025: Conservation of India’s Gentle Marine Grazer
Context: World Dugong Day is observed every year on May 28 to raise awareness about dugongs (Dugong dugon), marine herbivores known as “sea cows”. Dugongs are the only herbivorous marine mammals in India, found in shallow coastal waters rich in seagrass meadows. Dugong: India’s Sea Grazer Conservation Status and Threats Major Threats: Conservation Initiatives in India
RoDTEP (Remission of Duties and Taxes on Exported Products)
Context: Government Restores RoDTEP Scheme Benefits for AA, EOU, and SEZ Units. Key Announcement Background Impact on Export Ecosystem
Draft Registration Bill, 2025
Context: To replace the 117-year-old Registration Act, 1908 with a modern, digital-first legal framework that enhances transparency, accessibility, and ease of property registration in India. Key Highlights: Administrative Context Implications TH
Early Onset of Southwest Monsoon 2025 — Causes and Uncertainties
Context: The India Meteorological Department (IMD) declared the monsoon onset over Kerala on May 24, 2025, eight days ahead of its normal date schedule of June 1. Earliest monsoon onset in over a decade (last such early arrival in 2009) What is the Southwest Monsoon? Criteria for Monsoon Onset Over Kerala (IMD) Causes of Early Monsoon in 2025 Meteorological Factor Impact Madden-Julian Oscillation (MJO) Boosted convection; observed from May 13 over south Andaman Sea Mascarene High Intensification Directed strong moist winds from southern Indian Ocean Convection Surge Enhanced cloud buildup and early rainfall Somali Jet Strengthening Strengthened cross-equatorial flow towards Kerala Heat Low Formation Persistent low pressure over NW India drew in moist air Monsoon Trough Activation Triggered rainfall across central and northeast India Implications of Early Monsoon Onset Positive Outcomes: Challenges/Risks: TH
Japan Loses Status as World’s Largest Creditor Nation to Germany in 2024
Context: Japan lost its position as the world’s largest creditor nation for the first time in 34 years. Germany surpassed Japan with net external assets of 569.7 trillion yen compared to Japan’s 533.05 trillion yen at the end of 2024. Key Highlights: Background Net Foreign Assets