Economy and Finance: IMF Boosts India's Growth Outlook
The International Monetary Fund (IMF) has revised India's economic growth forecast upwards, projecting a robust 6.4 percent for both 2025 and 2026. This marks a 20-basis-point upward revision from its April estimates of 6.2 percent for 2025 and 6.3 percent for 2026, reaffirming India's status as the fastest-growing major economy globally. The IMF attributed this optimistic outlook to a more supportive external environment and improved global financial conditions. Other international agencies like the World Bank, Asian Development Bank (ADB), and Organisation for Economic Cooperation and Development (OECD) have also made similar positive projections for India's GDP growth.
In related financial news, the Reserve Bank of India (RBI) has eased its norms concerning investments by banks and Non-Banking Financial Companies (NBFCs) in Alternative Investment Funds (AIFs). The RBI also reported that its Digital Payments Index rose to 493.22 in March 2025, indicating strong growth in India's digital payment adoption, driven by improved infrastructure, UPI expansion, and wider digital banking access.
Government Policies and Trade Agreements
A significant development in India's international trade relations was the signing of the Comprehensive Economic and Trade Agreement (CETA) with the United Kingdom on July 24, 2025. This agreement is expected to deepen bilateral relations across trade, defence, technology, education, and climate action, aiming for a 39 percent increase in bilateral trade by 2040. However, the CETA has drawn concerns from civil society organizations regarding potential impacts on public health objectives and economic development due to intellectual property provisions and tariff cuts in sectors like automobiles and spirits.
Domestically, the Indian government has faced scrutiny over changes to environmental regulations, particularly concerning sulphur dioxide (SO2) emissions from coal-fired power plants. On July 11, 2025, the government reportedly exempted most coal plants from installing technology to reduce SO2 emissions, a reversal of a 2015 policy. While the Ministry of Environment, Forest and Climate Change denied it was a rollback, critics argue it weakens pollution control efforts.
Key Appointments and Administrative Changes
Several significant appointments were made across various sectors. The President of India appointed 19 Judges to three High Courts (Gauhati, Madhya Pradesh, and Telangana) on July 29, 2025. In central government, Sanjay Singhal, currently Special Director General of Border Security Force (BSF), was appointed as the new Director General (DG) of Sashastra Seema Bal (SSB) in July 2025. Additionally, Anuradha Thakur was appointed as a Director on the Central Board of RBI. Anant Ambani was appointed as the Executive Director of Reliance Industries.
Defence and Security
India's defence capabilities saw an important upgrade with the successful two-day full-range testing of the indigenously developed 'Pralay' missile by DRDO from the Odisha coast. The Indian Coast Guard also launched its 6th Fast Patrol Vessel, ICGS 'Atal', built by Goa Shipyard Limited, aimed at boosting coastal security and rescue operations as part of the Atmanirbhar Bharat initiative.
International Relations and Other News
The 6th India-Fiji Foreign Office Consultations (FOC) were held in Suva on July 29, 2025, with discussions focusing on strengthening bilateral cooperation in health, education, trade, and climate change. India also conveyed its appreciation for Fiji's support in the global fight against terrorism, referencing the Pahalgam terrorist attack of April 2025. Furthermore, India established the COP-33 cell to host the 2028 UN Climate Summit.
International Tiger Day was celebrated on July 29.