The last 24 hours in India have been marked by crucial policy announcements, digital advancements, and economic movements, all highly relevant for competitive exam aspirants.
National Affairs & Governance
The Indian government officially withdrew the Income Tax Bill, 2025, introduced earlier to replace the six-decade-old Income-Tax Act, 1961. This decision was made to incorporate critical revisions and committee recommendations, with a revised draft expected to be reintroduced in Parliament on August 11, 2025. This move aims to rectify drafting inconsistencies and align terminology, simplifying provisions for taxpayers.
The Government e-Marketplace (GeM) celebrated its 9th anniversary, achieving a remarkable Gross Merchandise Value (GMV) of ₹5.4 trillion in FY 2024–25. GeM has onboarded 1.5 lakh women-led enterprises, startups, and MSMEs, promoting transparent and efficient public procurement.
Aadhaar face authentication reached a historic 19.36 crore transactions in July 2025, a significant increase from July 2024, indicating rapid adoption across various services. The month saw a 22% increase over June, with a record 1.22 crore transactions on July 1 alone.
In a major infrastructure development, Indian Railways successfully conducted a trial run of 'Rudrastra,' Asia's longest freight train, spanning 4.5 km. The train, comprising 345 wagons and 7 engines, covered 209 km in 5 hours 10 minutes. Additionally, Indian Railways launched an experimental Round Trip Package offering a 20% rebate on the base fare for return journeys to manage festival rush and improve train utilization.
Regarding road safety, government data revealed over 29,000 deaths occurred on India's national highways in the first six months of 2025, highlighting a high-risk despite highways covering only 2% of the road network but accounting for 30% of accident deaths. The government is addressing this through improved engineering, Advanced Traffic Management Systems (ATMS), and stricter consultant selection.
The Union Cabinet approved the continuation of a ₹300 per LPG cylinder subsidy for Pradhan Mantri Ujjwala Yojana (PMUY) beneficiaries for FY 2025–26. The Multidisciplinary Education and Research Improvement in Technical Education (MERITE) Scheme also received Union Cabinet approval. This Central Sector Scheme, formulated with the World Bank, aims to improve quality, equity, and governance in technical education across all States/UTs, with a total financial implication of ₹4200 crore from 2025-26 to 2029-30.
India has nominated Sarnath, an ancient Buddhist site, to UNESCO for the World Heritage List for the 2025-26 cycle.
Economy & Finance
India's foreign exchange reserves saw a decline of $9.32 billion, reaching $688.87 billion for the week ending August 1, 2025, according to Reserve Bank of India (RBI) data. Foreign currency assets and gold holdings also decreased.
In the banking sector, AU Small Finance Bank (AU SFB) received in-principle approval from the RBI to transition from an SFB to a Universal Bank, making it the first entity to receive such a license in 11 years.
Commerce and Industry Minister Piyush Goyal asserted India's resilience amid global trade uncertainties, stating that India will not "bow down to anybody" despite potential US tariffs. He expressed confidence in India's economic strength and ability to find opportunities in crises.
Science & Technology
IndiaAI and the National Cancer Grid (NCG) launched the CATCH Grant Program to support innovative AI solutions in cancer screening, diagnosis, and treatment across India. The program offers pilot grants up to ₹50 lakh and potential scale-up funding up to ₹1 crore for selected projects.
Other Key Developments
The Election Commission of India (ECI) delisted 334 registered unrecognised political parties for failing to contest a single election for six years since 2019. In sports, India's Annu Rani won gold in the women's javelin throw at the International Wiesław Maniak Memorial.