23rd-25th August 2025

1. Overview of EAM S. Jaishankar’s 3 day Visit to Russia from August 19-21, 2025
2. PFC Signs EUR150 Million Loan Pact with Germany’s KfW to Support RDSS Projects
3. JICA Invests USD 40 Million in Aavishkaar Capital Fund to Boost SMEs in Asia and Africa
4. L&T Finance Partners with Google Pay to Offer Personal Loans
5. RBI Appoints Indranil Bhattacharyya as Ex-Officio Member of MPC
6. PCI Re-Appoints Vishwas Patel as Chairperson; Appoint Srinivasu, Nalin Bansal as Co-Chairs
7. Ajay Singh Elected as the President of the BFI for the Third Time
8. NRI Industrialist & Padma Bhushan Awardee Lord Swraj Paul Passed Away
9. International Day Commemorating the Victims of Acts of Violence Based on Religion or Belief 2025 – August 22
10. Odisha Signed 3 MoUs to boost Heritage, Adventure & Buddhist Tourism
11. Karnataka Signs MoU with BEL to Deliver Real-Time Advisory Services to Farmers
12. Assam Govt Approves Rs.600 Crore Nelco Partnership to Boost Youth Skill Development
13. I-T Bill 2025 gets Presidential assent, new Act to be effective from April 1, 2026
14. Indian Army Signs MoU with Bharti Airtel to Strengthen Connectivity in Arunachal Pradesh
15. DoP and AMFI Sign MoU to Distribute Mutual Funds Through Post Offices
16. India Elected as Chairman of AIBD Executive Board at 23rd General Conference in Thailand
17. South Indian Bank Launches ‘SIB Gold Xpress’ with Loans Up to 90% of Gold Value
18. IndusInd Bank & NSIC Signed MoU to Strengthen Credit Access for MSMEs
19. ACC Approves Appointment of Rajit Punhani as CEO of FSSAI in Major Reshuffle
20. International Day for the Remembrance of the Slave Trade and its Abolition 2025 – August 23
21. National Space Day 2025 – August 23
22. Tripura CM Dr. Manik Saha Unveils Vision Document “Viksit Tripura-2047”
23. Maharashtra Signs MoU with GIBC to Strengthen Business Partnership Between UK and India
24. MCA Unveils Gavaskar Statue, Honours Sharad Pawar
25. PM Modi Unveils ₹5,400 Cr Projects in Gujarat
26. Lok Sabha Speaker to Lead India at 68th CPC in Barbados
27. Fitch Retains India’s ‘BBB-’ Rating with Stable Outlook
28. India, Japan Deepen Clean Energy Partnership
29. Khelo India Water Sports Festival 2025 Concludes Here Are Winners
30. India–Fiji Sign Strategic Agreements During Visit 2025
31. Women’s Equality Day 2025
32. Smart City Index 2025 Rankings
33. NorthEast United Retain Durand Cup 2025 with 6-1 Win
34. AP Govt Announces ₹1 Crore Cover for Municipal Staff
35. Aishwary Tomar Wins Gold at Asian Shooting 2025
36. India Emerges as Global AI Battleground in 2025
37. RBI Clears SMBC’s 24.99% Stake in Yes Bank
38. ISRO Achieves Key Air Drop Test for Gaganyaan
39. India’s Seafood Exports Flat at $7.45 Billion In FY2024-25
40. India’s Outbound Investments Rise 67% in FY25
41. OpenAI Announced to Open First India Office in 2025
42. Anish Dayal Singh Appointed Deputy NSA to PM
43. X-37B: The U.S. Secretive Space Aircraft
44. PM Modi to Visit Japan, China From 29 August to Sept 1
45. DRDO Tests Indigenous Integrated Air Defence System
46. RRU and SSB Alwar Sign MoU on National Security Training
47. Temporary Suspension of Postal Services to the United States of America
48. Cheteshwar Pujara: India’s Modern Wall Retires
49. Trump Appoints Sergio Gor as US Ambassador to India and Special Envoy for South, Central Asia
50. Kerala Becomes India’s First Fully Digitally Literate State
51. India Partners with France’s Safran to Build Jet Engines for Next-Gen Fighter Aircraft
52. Centre Forms Rajiv Gauba-Led Panels to Spearhead Next-Gen Reforms and Viksit Bharat Vision
53. APEDA to Open New Regional Offices in Patna, Raipur, and Dehradun to Boost Agri Exports
54. India’s Forex Reserves Rise by $1.48 Billion to $695.10 Billion in Mid-August 2025
55. PM Modi Inaugurates ₹12,000 Crore Development Projects in Gaya, Bihar
56. PM Modi Inaugurates ₹5,200 Crore Development Projects in Kolkata
57. Srinivasan K Swamy Re-Elected as President of AAAI for 2025-26
58. India Suspends 11% Cotton Import Duty Till September 30 to Support Garment Industry
59. 3 new EDs to take charge at Sebi
60. Kerela becomes India’s 1st digitally literate state

National News

1. Jaishankar to Visit Russia for Inter-Governmental Commission

• What
  • External Affairs Minister S. Jaishankar will visit Russia from 19-21 August 2025 to co-chair the 26th Session of the India-Russia Inter-Governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation (IRIGC-TEC).
• Why
  • The visit aims to strengthen India-Russia cooperation through the Inter-Governmental Commission and business-level engagements.
• Tell me more
  • Jaishankar will co-chair the IRIGC-TEC session on 20 August 2025 with Russian First Deputy Prime Minister Denis Manturov.
  • He will address the India-Russia Business Forum meeting in Moscow.
  • Recently, India and Russia reiterated their “strategic partnership” after the US imposed higher tariffs on Indian exports over crude oil purchases from Russia.
  • Earlier this month, NSA Ajit Doval met Russian President Vladimir Putin in Moscow following US tariff hikes.
  • The US President Donald Trump raised tariffs on Indian exports by 25%, making the total tariff 50%, citing India’s crude oil imports from Russia.

Source: TOI

2. India and Japan Hold Ministerial Energy Dialogue

• What
  • India and Japan held the Ministerial-level Energy Dialogue on August 25, 2025, under the Japan-India Clean Energy Partnership to strengthen cooperation in the energy sector.
• Why
  • The dialogue aims to ensure energy security, promote clean energy transition, and address climate change challenges.
• Tell me more
  • The meeting was co-chaired by Shri Manohar Lal, Minister of Power and Housing & Urban Affairs (India), and Mr. Muto Yoji, Minister of Economy, Trade and Industry (Japan).
  • Both countries agreed that the partnership is vital for building sustainable and resilient energy systems in the Indo-Pacific.
  • The India-Japan Clean Energy Partnership is institutionalized through the Energy Dialogue and sectoral Joint Working Groups.

Source: PIB

3. PM Modi to Visit Japan and China for Summits

• What
  • Prime Minister Narendra Modi will visit Japan from August 29–30 for the 15th India-Japan Annual Summit and then China from August 31–September 1 to attend the 25th SCO Summit in Tianjin.
• Why
  • The visits aim to strengthen India’s strategic partnerships, review bilateral cooperation with Japan, and engage in regional dialogues at the SCO Summit.
• Tell me more
  • This will be Modi’s eighth visit to Japan and his first Summit with Japanese PM Shigeru Ishiba.
  • The SCO Summit in Tianjin, hosted by Chinese President Xi Jinping, will include a welcome banquet on August 31 and the main meeting on September 1.

Source: LM

4. Centre Forms Panels for Next-Generation Reforms

• What
  • The Centre constituted two high-powered groups led by NITI Aayog member and former Cabinet Secretary Rajiv Gauba to drive Viksit Bharat goals and non-financial sector regulatory reforms.
• Why
  • The panels were formed to implement next-generation reforms announced by PM Modi in his Independence Day address.
• Tell me more
  • One panel will focus on achieving Viksit Bharat targets, while the other will work on regulatory reforms.
  • The groups will coordinate with informal ministerial panels chaired by Union ministers Amit Shah and Rajnath Singh.
  • Members include secretaries of DPIIT, Expenditure, MSME, and Power, along with leaders of CII, FICCI, and Assocham.
  • Industry experts such as Pawan Goenka, Manish Sabharwal, and Janmejay Sinha are also part of the committees.
  • A separate committee under Cabinet Secretary TVS Swaminathan is working on state-level deregulation.

Source: ET

State News

1. Odisha Signs MoUs to Boost Tourism and Heritage

• What
  • The Odisha government signed three MoUs with IIT Madras, NIWS Goa, and Light of Buddhadharma Foundation International to promote heritage, adventure, and religious tourism.
• Why
  • The aim is to conserve Odisha’s heritage, diversify tourism offerings, and strengthen the state’s global presence in culture and tourism.
• Tell me more
  • IIT Madras will help in heritage conservation through structural audits, material testing, geo-technical studies, and reuse plans for Odisha’s monuments.
  • NIWS Goa will boost adventure tourism by setting global safety standards, offering training for operators and lifeguards, and conducting safety audits using Odisha’s coastline and water resources.
  • Light of Buddhadharma Foundation International, along with the Odia Language, Literature & Culture Department, will revive Buddhist heritage by organizing annual prayers at Ratnagiri, Udayagiri, Lalitagiri, and Dhauli, along with digital engagement and cultural programs.
  • Odisha aims to emerge as one of India’s top tourism destinations by 2036.

Source: OB

2. Karnataka, BEL Partner for Tech-Enabled Farmer Advisory Dashboard

• What
  • Karnataka Agriculture Department signed an MoU with Bharat Electronics Ltd (BEL) to set up a centralized technology-driven dashboard for the Raitha Kare Kendra call centre.
• Why
  • The initiative aims to integrate agricultural data and provide tech-enabled advisory services to farmers.
• Tell me more
  • The dashboard will combine key datasets like crop details, weather data, FRUITS database, and government schemes.
  • BEL will customise its Equinox platform specifically for agriculture applications.
  • Raitha Kare Kendra is the integrated call centre of Karnataka Agriculture Department.

Source: HBL

3. Assam Govt and Tata Nelco Launch ₹600-Crore Skill Project

• What
  • Assam cabinet approved a ₹600-crore project with Tata’s Nelco to set up skill education centres under a hub-and-spoke model.
• Why
  • The project aims to provide modern skill education, create employment opportunities, and strengthen secondary and higher secondary education in Assam.
• Tell me more
  • The cost will be jointly funded, with 75% by Tata Group and 25% by Assam government.
  • The plan includes 50 hubs and 500 spokes, starting with 10 hubs and 70 spokes in the first phase.
  • Each hub will offer 10 futuristic trades with 2 trainers, while each spoke will offer 2 trades with 2 trainers.
  • Nelco will connect hubs and spokes through satellite communication.

Source: ET

4. Indian Army and Airtel to Boost Connectivity in Arunachal Pradesh

• Indian Army’s Dao Division and Bharti Airtel signed an MoU to improve mobile communication in Arunachal Pradesh’s Dibang Valley and Anjaw districts.
• The initiative aims to strengthen communication for troops and provide reliable network services to local communities in remote strategic areas.
• The MoU will enhance mobile coverage and bridge the digital divide in difficult terrains of Dibang Valley and Dau Delai Valley in Anjaw.

Source: ET

5. Tripura Unveils Vision Document ‘Viksit Tripura 2047’

• What
  • Tripura became the first northeastern state to launch its vision document Viksit Tripura 2047, aimed at building an inclusive, secure, prosperous, and healthy future.
• Why
  • The vision serves as a roadmap to transform Tripura into a strong economy and align with the national goal of Viksit Bharat 2047.
• Tell me more
  • Chief Minister Manik Saha described it as a strategic pathway to development and highlighted Tripura’s recognition as a leading performer in the NITI Aayog index.

Source: TOI

6. Maharashtra Signs MoU with GIBC to Boost Trade

• What
  • The Government of Maharashtra signed an MoU with the Global India Business Corridor (GIBC) to promote trade, investment, and innovation between India and the UK.
• Why
  • The agreement aims to strengthen Maharashtra’s global business ties, attract investments, and create opportunities in diverse high-growth sectors.
• Tell me more
  • GIBC will act as an extended arm of Maharashtra’s Industries Department in the UK and Europe.
  • Focus sectors include Banking & Finance, Infrastructure, Manufacturing, Technology, Renewable Energy, Healthcare, and Education.
  • The collaboration is expected to support innovation, employment, and international partnerships, benefitting both Indian and UK businesses.
  • The timing of the MoU aligns with the India–UK Free Trade Agreement, making cross-border business easier.

Source: TW

7. PM Inaugurates ₹5,400 Crore Projects in Gujarat

• What
  • Prime Minister Narendra Modi inaugurated and laid foundation stones for infrastructure projects worth around ₹5,400 crore in Ahmedabad during his two-day Gujarat visit.
• Why
  • The projects aim to modernise infrastructure, improve connectivity, strengthen power distribution, and promote India’s clean mobility and self-reliance.
• Tell me more
  • In the power sector, distribution projects worth over ₹1,000 crore were launched in Ahmedabad, Mehsana, and Gandhinagar under the Revamped Distribution Sector Scheme.
  • Railway projects worth over ₹1,400 crore included doubling of Mahesana–Palanpur line, gauge conversion of Kalol–Kadi–Katosan Road, and Bechraji–Ranuj line. Passenger and freight train services were also flagged off.
  • Road projects included widening of Viramgam–Khudad–Rampura stretch and six-lane underpasses on the Ahmedabad–Mehsana–Palanpur road.
  • Modi also flagged off Maruti Suzuki’s first global battery electric vehicle, e-Vitara, from Hansalpur, to be exported to 100+ nations, and inaugurated local hybrid battery electrode production at the TDS lithium-ion plant.

Source: ET

8. Andhra CM Announces Insurance for Municipal Workers

• What
  • Andhra Pradesh CM N. Chandrababu Naidu announced ₹1 crore insurance cover for municipal workers and ₹20 lakh for outsourced municipal workers, along with ₹8 lakh assistance for their children.
• Why
  • The scheme aims to ensure welfare and social security for municipal workers who contribute to public health and cleanliness.
• Tell me more
  • The announcement was made during the Swachh Andhra Programme and a rally at Peddapuram.
  • A waste-to-energy plant worth ₹330 crore will be set up in Peddapuram to generate 15 MW of power.

Source: DC

9. Kerala Becomes India’s First Fully Digitally Literate State

• What
  • Kerala has been declared the first state in India to achieve complete digital literacy.
• Why
  • The initiative aims to ensure citizens can access all essential services digitally, promote digital empowerment, and safeguard against cybercrimes and misuse of social media.
• Tell me more
  • The announcement was made by CM Pinarayi Vijayan in Thiruvananthapuram as part of the Digi Kerala Project.
  • In the second phase, citizens’ essential documents will be digitised and linked to DigiLocker.
  • Currently, around 9,000 government services are available online, and services are also provided through the K-SMART platform.

Source: IE

10. PM Modi Launches Development Projects Worth ₹12,000 Crore in Bihar

• What
  • Prime Minister Narendra Modi inaugurated and laid foundation stones for projects worth ₹12,000 crore in Gaya, Bihar.
• Why
  • The projects aim to boost Bihar’s industrial growth, create jobs, improve healthcare, and strengthen infrastructure.
• Tell me more
  • Gaya railway station is being modernized under the Amrit Bharat Station Scheme, with Vande Bharat trains now reaching the city.
  • PM also launched the Pradhan Mantri Viksit Bharat Rojgar Yojana, offering ₹15,000 to youth entering their first private-sector job and incentives to hiring companies.
  • The Buxar Thermal Plant was inaugurated, and power plants in Aurangabad and Bhagalpur are being built to improve energy supply.

Source: PIB

11. PM Modi Launches ₹5,200 Crore Projects in Kolkata

• What
  • Prime Minister Narendra Modi inaugurated and laid foundation stones for development projects worth over ₹5,200 crore in Kolkata, including new metro sections and infrastructure works.
• Why
  • The projects aim to modernize public transport, boost connectivity, and strengthen Kolkata’s role in India’s economic growth.
• Tell me more
  • India now has over 1,000 km of metro network compared to 250 km before 2014, making it the world’s third-largest metro system.
  • West Bengal has achieved 100% railway electrification.
  • Nine Vande Bharat and two Amrit Bharat trains are already operating in West Bengal.

Source: DD

International News

1. 68th Commonwealth Parliamentary Conference (CPC) in Bridgetown, Barbados

• What
  • Lok Sabha Speaker Om Birla will lead the Indian Parliamentary Delegation at the 68th Commonwealth Parliamentary Conference (CPC) in Bridgetown, Barbados, from 5–12 October 2025.
• Why
  • The conference aims to strengthen democratic institutions, promote good governance, and enhance India’s engagement in global parliamentary discussions.
• Tell me more
  • Om Birla chaired an inter-ministerial briefing at Parliament House with presiding officers and officials ahead of the event.
  • Deputy Chairman of Rajya Sabha Harivansh, along with presiding officers and secretaries of state and UT legislatures, will also represent India.
  • Birla will address the General Assembly on the theme “The Commonwealth: A Global Partner.”
  • Indian delegates will participate in seven thematic workshops covering democracy, technology, gender, climate change, transparency, separation of powers, and multilateralism.

Source: PIB

2. SpaceX Launches US Space Force’s X-37B Space Plane

• What
  • SpaceX launched the US Space Force’s secretive X-37B space plane (OTV-8 mission) on a Falcon 9 rocket from NASA’s Kennedy Space Center on August 21.
• Why
  • The X-37B mission aims to conduct classified experiments and test advanced technologies such as laser communication systems and quantum inertial sensors for navigation without GPS.
• Tell me more
  • The nighttime launch created stunning visuals as the Falcon 9’s exhaust plume produced colorful patterns in the upper atmosphere, nicknamed a “space jellyfish.”
  • The Falcon 9’s reusable first stage successfully landed at Cape Canaveral, completing its sixth flight just 8.5 minutes after launch.
  • The X-37B, built by Boeing, is a reusable robotic mini-shuttle designed for long-term experiments in low Earth orbit.
  • This was the eighth mission of the X-37B, known officially as the Orbital Test Vehicle (OTV).

Source: SC

3. Australia and Japan Suspend Some Parcel Shipments to US

• What
  • Australia and Japan have temporarily suspended some parcel shipments to the US after the US ended the “de minimis” exemption that allowed duty-free entry for packages under $800.
• Why
  • The suspension was announced due to unclear customs procedures and new US tariff rules, which make implementation difficult for postal operators.
• Tell me more
  • Australia Post stopped accepting parcels to the US and Puerto Rico from Tuesday, though gifts under $100, letters, and documents are unaffected.
  • Japan Post also suspended some parcels, citing unclear procedures for duty collection and data transmission.
  • Several European postal services, including Germany, Denmark, Sweden, Italy, France, Austria, and the UK, also stopped shipments recently.
  • DHL highlighted unresolved issues like how customs duties will be collected and what data US authorities will require.

Source: ALJ

Banking and Economy

1. PFC Signs €150 Million Loan Deal with KfW

• What
  • Power Finance Corporation (PFC) signed a €150 million loan agreement with German bank KfW to fund projects under the Government’s Revamped Distribution Sector Scheme (RDSS).
• Why
  • The loan aims to support electricity distribution reforms and improve operational and financial efficiency of distribution companies in India.
• Tell me more
  • RDSS scheme was launched in 2021 with an outlay of ₹3,03,758 crore.
  • The loan agreement was signed by Parminder Chopra, CMD of PFC, and Stefan Wintels, CEO of KfW, in presence of Gottfried von Gemmingen from the German Embassy.
  • PFC and KfW have collaborated before on several distribution projects, and this facility will further strengthen their partnership.
  • The funding will align with India’s goal of ensuring affordable, reliable, and sustainable electricity supply.

Source: ET

2. JICA Invests $40 Million in Aavishkaar Capital Fund

• What
  • Japan International Cooperation Agency (JICA) announced a $40 million investment in Aavishkaar Capital’s Global Supply Chain Support Fund to support enterprises across Asia and Africa.
• Why
  • The investment aims to expand Aavishkaar Capital into emerging markets and strengthen global supply chains with social and climate impact.
• Tell me more
  • The announcement was made by Japanese Prime Minister Shigeru Ishiba at the ‘Economic Partnership in Indian Ocean – Africa Forum’ during TICAD 9 in Yokohama, Japan.
  • The Global Supply Chain (GSC) Support Fund is managed by Aavishkaar Capital, headquartered in Mumbai, in partnership with German bank KfW.
  • It is the 8th fund of Aavishkaar Capital and supports emerging corporates in the global south with non-dilutive capital solutions.
  • The fund has already made 8 investments across Asia and Africa in sectors related to climate and social impact.

Source: TW

3. L&T Finance Partners with Google Pay for Personal Loans

• What
  • L&T Finance (LTF) partnered with Google Pay to offer personal loans to eligible users through the Google Pay platform.
• Why
  • The partnership aims to make credit more accessible in a fast, digital, and customer-focused manner while supporting LTF’s product diversification strategy.
• Tell me more
  • Google Pay’s wide user base in both urban and rural areas will support LTF’s Lakshya strategy of enhancing customer acquisition.
  • In FY25, LTF also partnered with PhonePe, CRED, and Amazon Pay to strengthen its personal loan business.

Source: BS

4. Government Notifies New Income-tax Act, 2025

• What
  • The government has notified the Income-tax Act, 2025, which will replace the existing Income-tax Act of 1961.
• Tell me more
  • The Act received the President’s assent on August 21, 2025.
  • It will come into effect from April 1, 2026, unless mentioned otherwise.
  • The earlier Income-tax Act of 1961 had been in force for over six decades.

Source: ET

5. South Indian Bank Launches New Gold Loan Scheme

• What
  • South Indian Bank launched a new gold loan product called SIB Gold Xpress to provide quick and convenient access to credit.
• Why
  • The scheme aims to support MSMEs, small businesses, and individuals in meeting business and personal financial needs with easy and transparent loans.
• Tell me more
  • Borrowers can unlock up to 90% of the value of their gold.
  • Loan amounts range from ₹25,000 to ₹25 lakh with flexible tenure of up to 3 years.
  • The loan process is fully digital, simple, and hassle-free, even for new-to-credit customers.
  • Customers can pledge jewellery safely and use South Indian Bank’s PAN-India network for the service.

Source: ET

6. OpenAI to Open First India Office in New Delhi

• What
  • OpenAI announced setting up its Indian unit and will open its first office in New Delhi later this year.
• Why
  • The move aims to make advanced AI more accessible in India and strengthen local partnerships under the IndiaAI Mission.
• Tell me more
  • India is ChatGPT’s second-largest and fastest-growing market, with student users making up the largest share globally.
  • OpenAI launched ChatGPT Go at ₹399/month with UPI payments, offering 10x usage of free tier and access to GPT-5.
  • Initiatives include OpenAI Academy with the IT Ministry, expanded Indic language support, and a special “Study Mode” for students.
  • OpenAI will host an Education Summit this month and a Developer Day later this year; hiring of local staff has started.

Source: ET

7. RBI Approves SMBC’s Stake Buy in Yes Bank

• What
  • The Reserve Bank of India approved Sumitomo Mitsui Banking Corporation’s (SMBC) proposal to acquire up to 24.99% stake in Yes Bank.
• Why
  • The investment aims to strengthen Yes Bank’s capital base and marks the largest cross-border investment in the Indian banking sector.
• Tell me more
  • SMBC, part of Sumitomo Mitsui Financial Group, had earlier announced a 20% stake purchase for ₹13,482 crore and later sought approval for an additional 4.9%.
  • SBI will sell 13.19% stake, while seven other banks including Axis, HDFC, ICICI, and Kotak Mahindra will sell a combined 6.81%.
  • SMBC will secure two board seats in Yes Bank, though concerns were raised by proxy advisory firms regarding nominee directors in key committees.
  • The RBI clarified SMBC will not be treated as a promoter; currently, Yes Bank has no promoter and is fully owned by public shareholders.

Source: LM

8. India’s Outbound Investments Rise 68% in FY25

• What
  • India’s outbound investments rose by 67.74% to USD 41.6 billion in FY2024-25 from USD 24.8 billion in FY2023-24, according to an EY report.
• Why
  • The rise reflects Indian companies’ focus on global diversification, ESG priorities, and technology-driven growth strategies.
• Tell me more
  • The number of transactions increased by 15%, showing strong global investor confidence.
  • Key sectors driving outbound investments include IT, energy, pharma, automotive, and hospitality.
  • UAE, Luxembourg, and Switzerland are emerging as new hubs due to tax advantages, strong regulatory frameworks, and alignment with India’s sustainability and digital goals.
  • The UAE’s appeal has grown further with the India-UAE Comprehensive Economic Partnership Agreement (CEPA), creating opportunities beyond energy in infrastructure and technology.

Source: ET

9. India’s Forex Reserves Rise to $695.10 Billion

• What
  • India’s forex reserves increased by $1.48 billion to $695.10 billion for the week ending August 15.
• Tell me more
  • Foreign currency assets rose by $1.92 billion to $585.90 billion during the week.
  • Gold reserves declined by $2.16 billion, standing at $86.16 billion.
  • India’s reserve position with the IMF improved by $15 million to $4.75 billion.
  • The RBI intervenes in foreign exchange markets to manage liquidity and reduce excessive volatility in the rupee without targeting a fixed rate.
  • India’s forex reserves had touched an all-time high of $704.885 billion in September 2024.

Source: ET

10. Govt Suspends 11% Import Duty on Raw Cotton

• What
  • The government suspended the 11% import duty on raw cotton till September 30, removing both the 5% basic customs duty and 5% agriculture cess.
• Why
  • The step was taken to reduce input costs for textile mills, support exporters facing high tariffs abroad, and ease pressure on small and medium enterprises.
• Tell me more
  • The move will make cotton imports cheaper, potentially lowering fabric costs and benefiting both domestic textile makers and exporters.
  • India’s apparel exporters face nearly 60% duty in the US market compared to 20% for Bangladesh and Vietnam.
  • Cotton imports doubled last year, rising 107% to $1.2 billion, as mills shifted sourcing from the US to Brazil.
  • Industry body CITI had been lobbying for relief, citing rising costs that hurt India’s competitiveness.

Source: TOI

Reports and Indices

1. International Institute for Management Development’s (IMD) Smart City Index 2025

• What
  • The IMD Smart City Index 2025 ranked Zurich as the top smart city, with Geneva at 3rd and Lausanne at 10th, showcasing Switzerland’s strong urban planning.
• Why
  • The ranking assesses how urban technologies and infrastructure perform in five key areas –health and safety, mobility, activities, opportunities, and governance.
• Tell me more

Source: IE

GDP Forecasts

1. Fitch Retains India’s BBB- Credit Rating with Stable Outlook

• What
  • Fitch Ratings affirmed India’s BBB- rating with a stable outlook, noting strong growth and external finances but warning about rising public debt and fiscal challenges.
• Why
  • The review reflects India’s robust economy and fiscal reforms, while highlighting debt levels and slower GDP growth as risks to credit strength.
• Tell me more
  • India’s general government debt is expected to rise to 81.5% of GDP in FY26 from 80.9% in FY25 due to slower nominal GDP growth.
  • Fitch projects nominal GDP growth at 9% in FY26 versus the government’s estimate of 10.1%; growth had already slowed to 9.8% in FY25 from 12% the year before.
  • Fiscal deficit is targeted at 4.4% of GDP this year, which Fitch expects to be met, but deficit reduction will slow to 4.2% in FY27 and 4.1% in FY28.
  • Real GDP growth is estimated at 6.5% in FY25 and FY26, much higher than the BBB median of 2.5%, driven by public capex and consumption though private investment remains moderate.

Source: IE

Defence News

1. India, France to Co-Develop Jet Engine for AMCA

• What
  • India and France are set to co-develop and manufacture a new 120-kilonewton jet engine for India’s fifth-generation fighter aircraft under a $7 billion project.
• Why
  • The project aims to boost India’s defence self-reliance (Aatmanirbharta) and strengthen its strategic partnership with France.
• Tell me more
  • The Defence Research and Development Organisation (DRDO) will partner with French firm Safran for the engine, with 100% transfer of technology.
  • The engine will power India’s Advanced Medium Combat Aircraft (AMCA) and other future platforms, with work executed by DRDO’s Gas Turbine Research Establishment.
  • India recently approved the prototype design for AMCA and placed large orders for HAL’s Tejas aircraft worth over ₹1.14 lakh crore.

Source: ET

Science and Technology

1. ISRO Conducts First Integrated Air Drop Test for Gaganyaan

• What
  • ISRO successfully conducted its first Integrated Air Drop Test (IADT-01) to demonstrate the parachute-based deceleration system for the Gaganyaan Mission.
• Why
  • The test was conducted to validate technologies and ensure safety measures for India’s first human spaceflight mission, Gaganyaan.
• Tell me more
  • The trial was a joint effort of ISRO, Indian Air Force, DRDO, Indian Navy, and Indian Coast Guard.
  • Human Rated Launch Vehicle (HLVM3) has been developed and ground tested, while propulsion systems for Crew and Service Modules have also been tested.
  • Crew Escape System with 5 types of motors has been developed and tested; facilities like Gaganyaan Control Centre and crew training centres are ready.
  • The first uncrewed mission (G1) preparation is at an advanced stage with module structures realised and critical checks completed.

Source: ET

2. DRDO Tests Indigenous Integrated Air Defence Weapon System under ‘Mission Sudarshan Chakra’

• What
  • DRDO successfully conducted maiden flight tests of the Integrated Air Defence Weapon System (IADWS) off the Odisha coast.
• Why
  • The tests were part of Mission Sudarshan Chakra to build a homegrown multi-layered national security shield against enemy attacks by 2035.
• Tell me more
  • IADWS includes indigenous Quick Reaction Surface to Air Missiles (QRSAM), Advanced Very Short Range Air Defence System (VSHORADS), and a laser-based Directed Energy Weapon (DEW).
  • During tests, three targets – two high-speed UAVs and one multi-copter drone – were simultaneously destroyed at different ranges and altitudes.
  • All systems like radars, communication, command, and control centres functioned flawlessly, results confirmed by the Integrated Test Range, Chandipur.
  • The tests were witnessed by DRDO scientists and Armed Forces representatives, with Defence Minister Rajnath Singh praising the achievement.

Source: IE

Agriculture and Rural Development

1. India’s Seafood Exports Steady at $7.45 Billion in 2024-25

• What
  • India’s seafood exports stood at $7.45 billion in 2024-25, almost unchanged from the previous year despite lower shipment volumes.
• Why
  • The steady value of exports was due to strong demand and higher earnings from key products like frozen shrimp, even though overall export volumes declined.
• Tell me more
  • Export volume declined to 16,98,170 tonnes from 17,81,602 tonnes in 2023-24.
  • Frozen shrimp remained the top export item, fetching $5.17 billion and contributing nearly 70% of total earnings.
  • Other major exports included frozen fish ($622.60 million) and frozen squid ($367.68 million).
  • Top export destinations were the US ($2.71 billion), China ($1.27 billion), EU ($1.12 billion), Southeast Asia ($974.99 million), Japan ($411.55 million), and the Middle East ($278.31 million).

Source: TOI

Awards

1. Sunil Gavaskar’s Statue Unveiled at MCA Museum

• What
  • A statue of legendary cricketer Sunil Gavaskar was unveiled during the inauguration of the MCA Sharad Pawar Cricket Museum at Wankhede Stadium.
• Why
  • The honour celebrates Gavaskar’s immense contribution to Indian cricket and his historic achievement of becoming the first player in Test history to score 10,000 runs.
• Tell me more
  • It will showcase two of Gavaskar’s caps – one from Mumbai and another from Dadar Union Sports Club.
  • The unveiling was done in the presence of former BCCI and ICC president Sharad Pawar and MCA officials.
  • Gavaskar scored his 10,000th Test run in March 1987 against Pakistan in Ahmedabad.

Source: BS

Important Days

1. International Day for the Remembrance of the Slave Trade and its Abolition 2025 – August 23

2. National Space Day 2025 – August 23

• Theme: From Aryabhata to Gaganyaan
• He announced creation of an Astronaut Pool and confirmed progress on the Gaganyaan mission, India’s own space station plan, and work on semi-cryogenic engines and electric propulsion.
• Over 350 space startups are active, with plans for India’s first private PSLV rocket launch, a private communication satellite, and an Earth Observation Satellite Constellation through PPP.
• India sees 5–6 major rocket launches annually; the new vision aims for 50 launches per year in the next five years.
• PM challenged startups to create five unicorns in the space sector within five years.
• Space-tech is applied in governance—crop insurance, disaster management, support for fishermen, and PM Gati Shakti Master Plan.

Source: PMI

3. Women’s Equality Day 2025 – August 26

Sports

1. Madhya Pradesh Tops Khelo India Water Sports Festival 2025

• What
  • Madhya Pradesh won the inaugural Khelo India Water Sports Festival 2025 with 18 medals, including 10 gold, 3 silver, and 5 bronze.
• Why
  • The event was organised to promote Olympic water sports in India and encourage young athletes from across states.
• Tell me more
  • The festival was held at Dal Lake, Srinagar, from August 21–23, with 24 gold medals on offer in kayaking, canoeing, and rowing.
  • Star performances included Shikha Chauhan (kayaking slalom gold), Pallavi Jagtab (canoeing gold), and Reena Sen (canoeing bronze).
  • Mohsin Ali won the first gold of the Games in men’s 1000m kayaking; Sajad Hussain and Muhammad Hussain also won medals for J&K.
  • Tokyo Olympian Arjun Lal Jat had to settle for silver as Odisha’s Aviraj won gold in men’s single scull.
  • Shweta Brahmachari of West Bengal won the women’s single scull with a time of 04.00.86.

Source: OC

2. NorthEast United FC Wins Durand Cup 2025 Final

• What
  • NorthEast United FC defeated Diamond Harbour FC 6-1 in the Durand Cup 2025 final at Salt Lake Stadium, Kolkata, becoming the first team to defend the title since 1991.
• Why
  • The victory showcased NEUFC’s dominance and created history by scoring the highest number of goals in a Durand Cup final in post-Independent India.
• Tell me more
  • NEUFC became the first team to defend the Durand Cup title since East Bengal (1989–91).
  • Diamond Harbour FC, established just three years ago, reached their first-ever Durand Cup final.

Source: TOI

3. Aishwary Tomar Wins Gold at Asian Shooting Championship 2025

• What
  • Aishwary Pratap Singh Tomar won the gold medal in the men’s 50m rifle 3 positions event at the Asian Shooting Championship 2025 in Shymkent, Kazakhstan.
• Tell me more
  • Tomar scored 462.5 in the final, defeating China’s Zhao Wenyu, who scored 462.0.
  • This was Tomar’s second Asian title in the event, after first winning in 2023; he also won silver in 2024.
  • Teammates Chain Singh and Akhil Sheoran finished 4th and 5th respectively, while Japan’s Naoya Okada claimed bronze.
  • The trio of Tomar, Chain Singh, and Sheoran won silver in the team event with 1747 points, narrowly behind China, while Korea won bronze.

Source: OC

4. Cheteshwar Pujara Retires from All Forms of Indian Cricket

• Cheteshwar Pujara, India’s Test specialist, announced his retirement from all forms of Indian cricket at the age of 37.
• His final appearance was in the 2023 World Test Championship final against Australia.

Source: TOI

Memorandum of Understanding

1. India Post, AMFI Sign MoU to Distribute Mutual Funds

• What
  • The Department of Posts (DoP) and the Association of Mutual Funds in India (AMFI) signed an MoU enabling India Post to act as a distributor of mutual funds.
• Why
  • The initiative aims to expand financial inclusion by making mutual funds accessible in rural and semi-urban areas through India Post’s wide network.
• Tell me more
  • The MoU was signed during AMFI’s 30th Foundation Day in Mumbai.
  • It was signed by Manisha Bansal Badal, GM (Business Development), DoP, and V N Chalasani, CEO of AMFI, in the presence of SEBI Chairman Tuhin Kanta Pandey.
  • DoP staff will act as mutual fund distributors in smaller towns and villages.
  • The agreement is valid for three years, from August 22, 2025, to August 21, 2028, with renewal options.

Source: PIB

2. IndusInd Bank Signs MoU with NSIC to Support MSMEs

• What
  • IndusInd Bank signed an MoU with the National Small Industries Corporation (NSIC) to provide credit and financial support to MSMEs across India.
• Why
  • The collaboration aims to accelerate credit delivery and strengthen financial solutions for over 6.7 crore Udyam-registered MSMEs.
• Tell me more
  • IndusInd Bank will offer customized solutions such as working capital, term loans, and structured credit facilities for MSMEs linked with NSIC.
  • The bank provides a range of services including personal loans, credit cards, microfinance, and SME loans.

Source: BS

3. Agreements Signed During Fiji PM Sitiveni Rabuka’s Official Visit to India

• What
  • Fiji’s Prime Minister Sitiveni Rabuka visited India from 24–26 August 2025 and held wide-ranging talks with Prime Minister Narendra Modi to strengthen bilateral ties.
• Why
  • The visit aimed to expand cooperation in defence, health, trade, energy, climate action, education, culture, and people-to-people exchanges while deepening India-Fiji partnership.
• Tell me more
  • Multiple MoUs were signed covering standards, skilling, rural financing, medicine supply, and trade facilitation.

Source: PIB

4. RRU and SSB Sign MoU for Security Training

• What
  • Rashtriya Raksha University (RRU) and Sashastra Seema Bal (SSB), Alwar signed an MoU for accreditation and affiliation to enhance professional training and academic collaboration in the security domain.
• Why
  • The partnership aims to strengthen internal security, border management, and law enforcement by combining field expertise with academic research.
• Tell me more
  • Over 900 trainees, including recruits and promotional cadres, are currently undergoing training at SSB Alwar.
  • The collaboration will introduce specialized training programs, joint research, and development activities for security forces.
  • The affiliation will provide trainees with exposure to advanced academic modules and professional certifications.
  • Both institutions will focus on leadership, innovation, and professionalism through structured programs.
  • RRU is a pioneering national university dedicated to national security and policing education.

Source: PIB

Appointments

1. RBI Nominates Indranil Bhattacharyya to Monetary Policy Committee

• What
  • The Reserve Bank of India nominated Indranil Bhattacharyya, Executive Director in the monetary policy department, as an ex-officio member of the Monetary Policy Committee (MPC) to replace Ranjan, who will retire in late September.
• Tell me more
  • Ranjan has been an MPC member since May 2022 and attended 21 rate-setting meetings, with the next MPC meeting scheduled for September 29 to October 1.
  • The MPC has six members – three internal (Governor Sanjay Malhotra, Deputy Governor in charge of monetary policy, and an Executive Director) and three external members appointed by the government for a three-year term.
  • The external members are Nagesh Kumar, Saugata Bhattacharya, and Ram Singh.
  • The decision to nominate Bhattacharyya was taken at the 618th meeting of the RBI’s central board held in Lucknow under the chairmanship of Governor Sanjay Malhotra.
  • Indranil Bhattacharyya became Executive Director in March and currently heads the Economic Policy Research Department.

Source: IE

2. Vishwas Patel and M N Srinivasu Reappointed by PCI

• What
  • The Payments Council of India (PCI) re-appointed Vishwas Patel as Chairperson and M N Srinivasu as Co-Chairperson, while Nalin Bansal from NPCI was appointed as another Co-Chairperson for a two-year term (2025–2027).
• Tell me more
  • Vishwas Patel is Joint Managing Director of Infibeam Avenues, while Srinivasu is Co-founder and Director of BillDesk.
  • Nalin Bansal, Chief of Corporate Fintech Relationships and Key Initiatives at NPCI, will also serve as Co-Chairperson.
  • PCI committees have been formed across different verticals such as UPI, Prepaid Payment Issuers, Payment Banks, Technology Enablers, Merchant Aggregators, International Remittances, and BBPOU.
  • Each committee has leaders from major companies like PhonePe, Google Pay, PayPal, Razorpay, MobiKwik, Mastercard, Amazon Pay, Airtel Payments Bank, Fino Payments Bank, and Euronet.

Source: BS

3. Ajay Singh Re-Elected President of Boxing Federation of India

• Ajay Singh was re-elected as President of the Boxing Federation of India (BFI) for a third consecutive term after defeating Olympian Jaslal Pradhan.

Source: BS

4. India Elected Chairman of AIBD Executive Board

• What
  • India has been elected Chairman of the Executive Board of the Asia-Pacific Institute for Broadcasting Development (AIBD) with the highest votes during its 23rd General Conference in Phuket, Thailand.
• Tell me more
  • India last held this position in 2016, and this comes while India also holds the presidency of the AIBD General Conference until August 2025.
  • The 23rd AIBD General Conference, chaired by Prasar Bharati CEO Gaurav Dwivedi, was held from 19–21 August 2025 in Phuket.
  • The conference focused on fostering cooperation in electronic media with the theme “Media for People, Peace & Prosperity.”
  • Member countries and organizations expressed confidence in India’s leadership for future AIBD programs and initiatives.

Source: PIB

5. Government Announces Major Bureaucratic Reshuffle

Source: IE

6. Anish Dayal Singh Appointed Deputy NSA to PM

• The central government appointed retired IPS officer and former CRPF chief Anish Dayal Singh as Deputy National Security Advisor (NSA) to Prime Minister Narendra Modi.

Source: ET

7. Sergio Gor Nominated as New US Ambassador to India

• US President Donald Trump nominated Sergio Gor, his close aide and current Director of the White House Presidential Personnel Office, as the new US Ambassador to India.

Source: TP

8. Srinivasan K Swamy Elected AAAI President for 2025-26

• What
  • Srinivasan K Swamy, Executive Group Chairman of R K Swamy Ltd, has been elected as the President of the Advertising Agencies Association of India (AAAI) for 2025-26.
• Tell me more
  • This is Swamy’s fourth term as AAAI President, after serving earlier between 2004 and 2007.
  • Jaideep Gandhi has been elected as Vice-President.
• Knowledge Nuggets
  • AAAI (Advertising Agencies Association of India) was founded in 1945. It is the apex body representing advertising agencies in India.
  • The association works to protect the interests of advertising professionals and agencies.
  • Srinivasan K Swamy is also the Executive Group Chairman of R K Swamy Ltd.

Source: LM

9. SEBI Appoints Three New Executive Directors

• What
  • SEBI has appointed Amit Pradhan, Avneesh Pandey, and Sanjay Chandrakant Purao as new Executive Directors.
• Tell me more
  • Amit Pradhan will handle the Legal Affairs Department and Prosecution & Settlement; he has 28 years of experience across SEBI, IBBI, and CCI.
  • Avneesh Pandey will head the Information Technology Department; he has over 30 years of experience in IT innovation, big data, suptech, and cyber security.
  • Sanjay Chandrakant Purao will lead Corporation Finance Investigation, Recovery, Refund, and Internal Investigation; he joined SEBI in 1996 and also headed the Hyderabad office.

Source: IE

Miscellaneous

1. NRI Entrepreneur and Philanthropist Lord Swraj Paul Passes Away

• Lord Swraj Paul, NRI entrepreneur and philanthropist, passed away in London at the age of 93.
• Born in Jalandhar on February 18, 1931, he studied at Punjab University and later at MIT, USA.
• He founded the Caparo Group in 1968, headquartered in London, which became one of the largest steel conversion and distribution businesses with operations in the UK, India, US, Canada, and UAE.

Source: IE

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