Political and Parliamentary Developments:
The Monsoon Session of the Indian Parliament commenced with considerable turmoil, as both the Lok Sabha and Rajya Sabha faced repeated adjournments due to vociferous protests by Opposition members. Key issues raised included concerns over the Special Intensive Revision (SIR) for updating electoral rolls in Bihar, the recent Pahalgam terror attack, and the government's 'Operation Sindoor'. Adding to the political dynamics, Vice-President Jagdeep Dhankhar tendered his resignation, citing "medical advice" as the reason. In a separate but significant development, over 200 Members of Parliament, including 145 from Lok Sabha and 63 from Rajya Sabha, submitted a motion seeking the removal of Justice Yashwant Varma in connection with a "cash-at-home case," highlighting accountability within the judiciary.
Economic Performance and Policy:
India continues to solidify its position as the fastest-growing major economy globally. Projections from Morgan Stanley forecast a real GDP growth of 5.9% in 2025, while the Reserve Bank of India (RBI) anticipates a 6.5% growth for FY 2025-26. This optimistic outlook is underpinned by a decelerating inflationary cycle, with consumer price inflation falling to 2.1% (the lowest since 2015) and food inflation at a mere 0.99% in May 2025. The RBI has maintained an accommodative monetary policy, having cut interest rates by 100 basis points since February 2025, bringing the policy rate to 5.5%. Corporate earnings in July 2025 showed resilience, with sectors like green energy, electric vehicles (EVs), and healthcare experiencing significant growth, driven by supportive government policies and increased research and development. In a major trade policy move, a Free Trade Agreement (FTA) between India and the European Free Trade Association (EFTA) countries (Iceland, Liechtenstein, Norway, and Switzerland) is set to come into force from October 1, 2025, with a binding commitment of $100 billion in investment from EFTA nations.
International Relations and Diplomacy:
Prime Minister Narendra Modi is scheduled to embark on a two-nation tour to the United Kingdom and the Maldives from July 23 to 26, 2025, aiming to bolster the India-UK Comprehensive Strategic Partnership and advance the India-Maldives Maritime Security Partnership. Furthermore, India's voting pattern at the United Nations has undergone a notable shift, with abstentions reaching a record 44% in 2025, reflecting the nation's evolving strategic autonomy and a preference for nuanced diplomacy in a polarized global environment.
Other Significant News:
- A new World Bank report emphasized the critical opportunity for India to drive resilient urban development, noting that Indian cities are projected to generate 70% of new jobs by 2030 but require timely action to mitigate impacts from extreme weather events.
- Indian cryptocurrency exchange CoinDCX reported a significant cyberattack, resulting in a loss of approximately $44 million (Rs 380 crore) from one of its internal accounts.
- India achieved a commendable 7th rank globally at the International Mathematical Olympiad 2025, securing three gold, two silver, and one bronze medal.
- Former Kerala Chief Minister and veteran CPI(M) leader V.S. Achuthanandan passed away at the age of 101.