Daily Current Affairs

Kerala’s grand Onam festivities kicked off with the colorful Athachamayam procession in Tripunithura, which attracted thousands of visitors under clear skies.

The event emphasized religious unity and cultural harmony, supported by tight security and enthusiastic participation from students, artists, tourists, and locals.

J&K Bank has appointed S Krishnan, an experienced banker, as its non-executive chairman until March 26, 2028, pending RBI approval.

Krishnan, currently an independent director, has 40+ years of banking experience.

He previously served as the MD & CEO of Punjab & Sind Bank and Tamilnad Mercantile Bank.

He holds a postgraduate degree in Commerce and is also a qualified Cost Accountant.

For the first time, India’s personal income tax revenue has overtaken corporate tax collections.

Growth drivers:

• Greater formalisation and digitisation
• Improved compliance
• Number of individual taxpayers has more than doubled
• Significant increases in TDS and advance tax payments
• Introduction of GST boosted transparency

Despite this achievement, only 6.9% of the population currently pays income tax, leaving scope for expansion.

According to an EY report based on IMF projections, India is expected to become the world’s 2nd largest economy in PPP terms by 2038, reaching a GDP of USD 34.2 trillion.

India’s growth is supported by structural reforms (GST, IBC, UPI) and heavy investment in infrastructure and technology.

RBI Governor Sanjay Malhotra assured that the central bank is prepared to take policy measures to support growth as India faces the impact of new 50% US tariffs effective this week.

Speaking at the FICCI-IBA Banking Conclave, Malhotra said the RBI has ensured ample liquidity and will act if growth is at risk.

Hardest-hit sectors: Textiles, footwear, leather, MSMEs, and gems & jewellery, which may also receive government fiscal support.

UN Secretary-General Antonio Guterres welcomed the UN General Assembly’s decision to establish two new mechanisms to strengthen international collaboration on AI governance.

Guterres described the step as a “historic milestone”, reflecting dedication to the Global Digital Compact, adopted under the Pact for the Future (Sept 2024).

South Korea passed a bill that will prohibit mobile phones and digital gadgets inside school classrooms beginning March 2026.

The decision aims to curb social media addiction and improve focus among students.

The law includes exemptions for students with disabilities and for educational use, though critics argue it could restrict children’s rights.

India’s trade with Africa surpassed USD 100 billion in 2024-25, a major rise from USD 56 billion in 2019-20.

India is now among the top-five investors in Africa.

The partnership theme has evolved into “Co-creating a Shared Future”, highlighting mutual trust and collaborative development.

The Defence Ministry signed an MoU with the Quality Council of India (QCI) to enhance welfare services for over 63 lakh veterans and their families.

QCI will help the Department of Ex-Servicemen Welfare (DESW) by conducting digital evaluations, impact assessments, and offering policy recommendations.

Focus areas: Better healthcare services, boosting employment and entrepreneurship opportunities, and strengthening State and District Sainik Boards.

India is dispatching 700+ troops to participate in Exercise Bright Star 2025, a large-scale tri-service military drill in Egypt (Aug 28 – Sept 10).

The exercise will involve live firing, command post simulations, and expert-level exchanges.

The participation reflects India’s commitment to peace, military partnerships, and enhanced interoperability among allied nations.

SpaceX completed its 10th successful test flight of Starship from Starbase, Texas.

These advancements support future missions, including NASA’s Artemis III (2027).

Beginning in 2025, Ayurveda Day will be observed annually on September 23, according to a Gazette Notification (March 2025).

Previously, Ayurveda Day coincided with Dhanvantari Jayanti.

2024 Highlights: PM Modi inaugurated Phase II of the All India Institute of Ayurveda in New Delhi; Four Centres of Excellence launched; “Desh Ka Prakriti Parikshan Abhiyan” campaign introduced; Health initiatives worth ₹12,850 crore announced.

National Sports Day 2025 will be celebrated nationwide from Aug 29–31 under the guidance of Sports Minister Mansukh Mandaviya.

The campaign is part of the Fit India Mission and honors Major Dhyan Chand, India’s legendary hockey player.

The day is observed every year on August 29, marking Dhyan Chand’s birth anniversary.

It was officially recognized in 2012 and also served as the launchpad for the Fit India Movement (2019).

The Union Cabinet has cleared India’s bid to host the 2030 Commonwealth Games, with Ahmedabad proposed as the host city.

Plans include signing a Host Collaboration Agreement (HCA) and providing financial assistance to Gujarat if the bid is approved.

The Narendra Modi Stadium, which hosted the 2023 Cricket World Cup Final, strengthens India’s hosting credibility.