India and UK Ink Landmark Free Trade Agreement
In a significant boost to bilateral trade and economic ties, India and the United Kingdom officially signed a Free Trade Agreement (FTA) on July 24, 2025. The agreement was formalized during Prime Minister Narendra Modi's visit to the UK and is considered the largest bilateral trade deal for both nations since Brexit. This pact is expected to significantly enhance trade between the two countries.
National Sports Governance Bill, 2025 Introduced in Parliament
The Central Government introduced the National Sports Governance Bill, 2025, in the Lok Sabha. This landmark legislation aims to overhaul India's sports administration framework by ensuring transparency, fairness, and accountability in National Sports Federations (NSFs). It seeks to replace the 2011 Sports Code with a legally enforceable, athlete-centric governance system, bringing even powerful bodies like the Board of Control for Cricket in India (BCCI) under its ambit.
Vice-President Jagdeep Dhankhar Resigns
Vice-President Jagdeep Dhankhar resigned from his position citing health reasons, initiating the process for the election of a new Vice-President. This development has prompted discussions within the ruling National Democratic Alliance (NDA) regarding a potential successor.
Banking and Financial Sector Updates
The Reserve Bank of India (RBI) granted approval to Warburg Pincus to acquire up to a 9.99% stake in IDFC First Bank, involving an investment of ā¹4,876 crore. Additionally, the Financial Inclusion Index for FY2025 showed robust growth, increasing to 67% from 64.2% in FY2024. The State Bank of India (SBI) was also named the World's Best Consumer Bank for 2025 by Global Finance Magazine.
Indian Army Receives Apache Helicopters; MiG-21s to Retire
The Indian Army received its first batch of three Apache AH-64E helicopters from the United States at the Hindon Airbase. These advanced helicopters, strategically based in Jodhpur, will significantly strengthen the Army's aerial combat capabilities and operational readiness, aligning with the Shekatkar Committee recommendations. Meanwhile, the Indian Air Force is set to retire its last Russian-made MiG-21 Bison fighter jets by September 2025, marking the end of an era for one of its longest-serving aircraft.
India Resumes Tourist Visas for Chinese Nationals
After a five-year pause, India announced the resumption of tourist visas for Chinese nationals. This move signals a step towards normalizing bilateral ties, which had been strained due to military standoffs along the Line of Actual Control (LAC) since 2020.
Supreme Court Directs CBI in Homebuyers' Fraud Cases
The Supreme Court granted permission to the Central Bureau of Investigation (CBI) to file 22 cases involving an alleged nexus between banks and developers that defrauded homebuyers in the National Capital Region (NCR). The court has given the CBI six more weeks to complete its investigation, particularly for builders in other cities.
Other Key Developments
July 24, 2025, was also observed as Income Tax Day in India, commemorating the introduction of income tax in 1860. In other news, Jharkhand launched India's first mining tourism project, signing an MoU with Central Coalfields Limited (CCL).