🇮🇳 National News
A cloudburst over the Kheer Ganga river’s upper region triggered a severe flash flood in Dharali village, Uttarakhand.
Impact of the disaster:
- Homes, shops, roads, and hotels were swept away
- 10–12 labourers may be trapped beneath debris
- In Banala Patti, 18 goats were washed away
Rescue and relief efforts are ongoing, led by the SDRF, Army units, and local officials, but progress is hindered by rugged terrain, continuous rainfall, and broken communication lines.
The IMD has issued a heavy rainfall warning for Uttarakhand through August 10, raising concerns over potential landslides and additional flooding.
The Defence Acquisition Council (DAC), led by Defence Minister Rajnath Singh, has sanctioned defense deals worth ₹67,000 crore.
Indian Army:
- Approval for thermal imager-equipped Driver Night Sights to enhance night-time vehicle movement
Indian Navy:
- Procurement of Compact Autonomous Surface Craft
- Upgrades to BARAK-1 Missile System
- New BrahMos Fire Control Systems
Indian Air Force:
- Acquisition of Mountain Radars
- Upgrades to SPYDER and SAKSHAM Weapon Systems
SAP has partnered with Gati Shakti Vishwavidyalaya (GSV) to digitally upskill India’s logistics and transport workforce.
Key focus areas:
- Empowering GSV students with industry-ready digital skills
- Enhancing curriculum for both students and government staff
- Creating industry linkages to promote research, employment, and innovation in logistics
💼 Business & Economy
The Reserve Bank of India has kept the repo rate steady at 5.50%, indicating a cautious approach in light of stable economic signals.
| Parameter | Forecast/Value |
|---|---|
| Repo Rate | 5.50% |
| GDP Growth (FY26) | 6.5% |
| Inflation (June) | 2.1% (77-month low) |
| CPI Inflation Forecast (FY26) | 3.1% |
| Q4 Inflation Projection | 4.4% |
Key drivers for growth: Strong household consumption, capital investments, and favourable monsoon patterns.
The RBI has taken a neutral policy stance, closely observing the outcome of prior rate cuts and preparing for its next meeting in September 2025.
The RBI has finalized a $5 billion dollar-rupee swap agreement without extending it further.
This move reflects the RBI’s confidence in the current rupee liquidity, which stands at more than ₹3.60 lakh crore.
Through this swap, the RBI sold dollars and absorbed rupees to maintain market liquidity without causing volatility. Experts have welcomed the decision, citing ample liquidity in the banking system as a stabilizing factor.
On August 2, 2025, UPI set a new benchmark by crossing 707 million transactions in a single day, according to the NPCI.
This is the first instance of surpassing the 700 million mark and represents a doubling of volume in just two years.
Key statistics:
- Monthly transaction volume: 19.5 billion
- Monthly transaction value: Over ₹25 lakh crore
- UPI contributes to about 85% of India’s digital transactions
- Nearly half of global real-time digital payments
Between April 2020 and March 2025, India identified GST evasion worth ₹7 trillion across 91,000 cases.
| Category | Amount |
|---|---|
| Total GST Evasion Detected | ₹7 trillion |
| Voluntarily Recovered | ₹1.29 trillion |
| Fake ITC Related | ₹1.78 trillion |
| Fake ITC Reclaimed | 7% |
Detection technologies: E-invoicing, facial recognition, risk-based auditing, and E-way bill monitoring.
JSW Steel and Japan’s JFE Steel Corporation have collaborated to expand their Cold Rolled Grain-Oriented (CRGO) steel manufacturing.
| Plant | Investment | Capacity Upgrade |
|---|---|---|
| Nashik | ₹4,300 crore | 50,000 → 250,000 TPA |
| Vijayanagar (Karnataka) | ₹1,545 crore | 62,000 → 100,000 TPA |
The partnership aims to strengthen JSW’s position in high-grade electrical steel production.
SAP Labs India has opened an advanced Innovation Park in Devanahalli, Bengaluru, Karnataka.
The move is part of SAP’s broader commitment to initiatives like Digital India and Skill India.
The park is designed to enhance India’s standing as a global tech and innovation hub.
Union Minister Ashwini Vaishnaw delivered the keynote address during the inauguration.
Ant Financial, an affiliate of China’s Alibaba Group, has divested its remaining 5.84% stake in Paytm’s parent company, One97 Communications, for ₹3,800 crore.
The exit was executed via bulk transactions through Antfin’s Netherlands-based unit.
This move eliminates Chinese ownership from Paytm, helping ease investor concerns and potentially boosting Indian institutional participation.
Tata Motors has acquired Italian commercial vehicle manufacturer Iveco (excluding its defense segment) for €3.8 billion.
This marks Tata’s largest deal since the Corus acquisition in 2007 and the biggest automotive acquisition since Jaguar Land Rover in 2008.
Combined entity profile:
- Annual revenues: €22 billion
- Sales: 540,000 units
- Geographic presence: Europe (50%), India (35%), Americas (15%)
👔 Appointments
IndusInd Bank has named Rajiv Anand as its new MD and CEO for a three-year term starting August 25, 2025, pending shareholder approval.
Previous roles:
- Deputy MD at Axis Bank
- President of Retail Banking
- MD & CEO of Axis Asset Management
🔬 Science & Technology
ISRO has launched a 10-day human space mission simulation under its Gaganyaan programme at 14,000 ft in Ladakh.
Conducted at the HOPE (Himalayan Outpost for Planetary Exploration) facility managed by Protoplanet.
Participants: Rahul Mogalapalli and Yaman Akot, chosen from a pool of 135 applicants.
The mission studies how high altitude, cold, and isolation affect physical and mental health, mirroring life aboard the ISS. Research includes biological testing and psychological monitoring.
📅 Important Days
National Handloom Day is observed annually on August 7 to honour the contributions of India’s handloom weavers.
The day was first celebrated in 2015, inaugurated by PM Narendra Modi. It commemorates the Swadeshi Movement launched on August 7, 1905, at Calcutta Town Hall.
The Swadeshi Movement aimed to revive indigenous industries and promote handloom production as a symbol of economic self-reliance.
🕊️ Obituaries
Former Governor Satya Pal Malik passed away on August 5 in New Delhi after a prolonged illness.
He served as the last Governor of Jammu & Kashmir during the revocation of Article 370 on August 5, 2019.
Career highlights:
- Gubernatorial positions in Goa, Meghalaya, and briefly in Bihar
- Began as a socialist in the 1970s
- General Secretary of Lok Dal
- Served in the Rajya Sabha
- Later associated with the Congress party
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