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July 23, 2025 India Witnesses Key Developments Across Economy, Technology, and International Relations

The last 24 hours have seen significant updates in India's economic outlook, advancements in its science and technology sectors, and crucial movements in foreign policy. The Asian Development Bank revised India's FY26 growth forecast, while the nation celebrated progress in semiconductor manufacturing and space exploration. Diplomatic engagements with the UK and Maldives, alongside a cautious rapprochement with China, marked India's international agenda. Domestically, a high-profile resignation in the Vice Presidency and new initiatives in sports governance and urban sanitation were notable.

Economy and Development:

  • The Asian Development Bank (ADB) has revised India's growth forecast for Fiscal Year 2026 downwards to 6.5% from an earlier 6.7%. This adjustment is primarily attributed to the impact of US tariff policies and global trade uncertainty. Despite the revision, ADB maintains that India will remain one of the fastest-growing major economies globally, driven by robust domestic consumption, a revival in rural demand, and a forecasted above-normal monsoon. Inflation is also projected to moderate.

  • The India Meteorological Department (IMD) forecasts above-normal monsoon rainfall for July 2025, with precipitation expected to exceed 106% of the Long Period Average (LPA). This is anticipated to significantly benefit agricultural productivity and support the rural economy.

  • Indian Railways has introduced a marginal fare hike effective July 1, 2025, increasing ticket prices by ā‚¹0.01 per km for non-AC classes and ā‚¹0.02 per km for AC classes, aimed at offsetting rising operational costs.

  • Public Sector Banks have collectively written off over ā‚¹12 Lakh Crore in loans over the last nine years.

Science and Technology:

  • Union Electronics and Information Technology Minister Ashwini Vaishnaw announced that India's first domestically produced semiconductor chip is expected to be unveiled in 2025. Six semiconductor plants are currently under construction across the country, positioning India as a significant global player in the semiconductor industry.

  • The government informed Parliament that the Gaganyaan human spaceflight mission is on track, with the first uncrewed mission (G1) making significant progress.

  • India has set an ambitious target to achieve 100 GW nuclear power capacity by 2047, a substantial increase from the current 8.18 GW. This includes plans to develop at least five indigenous Small Modular Reactors (SMRs) by 2033.

  • The Defence Research and Development Organisation (DRDO) successfully tested the Prithvi II and Agni I missiles from Odisha.

  • IIT Madras launched 'YD-One,' India's lightest wheelchair.

International Relations:

  • Prime Minister Narendra Modi is scheduled for a two-day visit to the United Kingdom (July 23-24) to focus on enhancing bilateral trade and is likely to sign the India-UK Free Trade Agreement (FTA). Following this, he will travel to the Maldives (July 25-26) to discuss the 'Comprehensive Economic and Maritime Security Partnership.'

  • India and China are cautiously working towards rebuilding ties, marked by the resumption of direct flights and Indian pilgrims regaining access to Kailash Mansarovar. India is also set to resume issuing tourist visas to Chinese citizens.

  • At a United Nations Security Council (UNSC) meeting presided over by Pakistan, India asserted that nations fomenting cross-border terrorism must face a "serious cost," describing Pakistan as a "serial borrower" steeped in "fanaticism."

National and Governance:

  • Vice President Jagdeep Dhankhar has resigned from his post, citing health reasons, leading to an unscheduled constitutional vacancy.

  • The Union Government is set to introduce the National Sports Governance Bill 2025 in Parliament, aiming to reform sports bodies, promote athlete-centric policies, and ensure transparency in their functioning.

  • The President conferred the Swachh Survekshan 2024-25 Awards, recognizing Ahmedabad, Bhopal, and Lucknow among the new clean cities.

  • National Broadcasting Day is observed annually on July 23.

  • The government's employment and labour policies are focusing on creating an industrial ecosystem, implementing internship schemes, and harnessing India's demographic dividend for job creation.

Awards and Recognitions:

  • Mentalist Suhani Shah became the first Indian to win the 'Oscar for Magicians' at FISM 2025.

  • The 'Meri Panchayat' App received the WSIS Champion Award 2025 for Digital Governance.

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