Important News Headlines
(Daily GK Update)
Daily Current Affairs 6th August 2025
August 6, 2025 – Today’s Current Affairs: Key updates on national news, economic trends, defence deals, and government schemes. Boost your exam prep for UPSC, SSC & Bank exams.
Last updated on August 6th, 2025 06:00 pm
National News
Promotion of GI-Tagged Indian Textiles: Safeguarding Heritage and Empowering Artisans
The Ministry of Textiles, Government of India, is actively promoting the registration and protection of Geographical Indications (GI) under the Geographical Indications of Goods (Registration & Protection) Act, 1999 for handloom and handicraft products across India.
This initiative is implemented through schemes like the Handloom Marketing Assistance (HMA), National Handloom Development Programme (NHDP), and National Handicrafts Development Programme (NHDP), managed by the respective Offices of the Development Commissioner (Handloom and Handicrafts).
State News
Devastating Flash Flood in Uttarkashi’s Dharali Village after Cloudburst
On Tuesday 5th August, a devastating flash flood struck Dharali village in Uttarkashi, Uttarakhand, following a cloudburst in the upper catchment of the Kheer Ganga river.
The flood caused massive destruction, sweeping through homes, shops, roads, and hotels, with fears that 10–12 labourers may be trapped under debris.
In nearby Banala Patti, 18 goats were washed away, highlighting the disaster’s impact on local livelihoods. SDRF, Army units, and local authorities are conducting rescue and relief operations, facing challenges due to remote terrain, heavy rain, and disrupted communication.
The IMD has issued a heavy rainfall warning for Uttarakhand until August 10, raising the risk of further landslides and floods in the region.
Banking News
RBI Monetary Policy Statement 2025-26: Full Analysis
In its 2025–26 Monetary Policy, the RBI kept the repo rate unchanged at 5.50%, citing stable but cautious economic conditions. The GDP growth for FY26 is projected at 6.5%, supported by strong private consumption, investment, and a steady monsoon.
Inflation hit a 77-month low at 2.1% in June but is expected to rise to 4.4% in Q4, with full-year CPI inflation projected at 3.1%. Key risks include weather shocks, global trade tensions, and demand pressures.
The RBI has adopted a neutral stance, awaiting the full impact of recent rate cuts and closely monitoring global uncertainties ahead of the next MPC meeting in September 2025.
RBI to Deliver $5 Billion Dollar-Rupee Swap Without Rollover
The RBI’s decision to settle a $5 billion dollar-rupee swap without a rollover highlights the central bank’s confidence in India’s strong rupee liquidity position, which currently stands at over ₹3.60 lakh crore.
By selling dollars and absorbing rupees, the RBI is ensuring liquidity remains stable without disturbing the money markets.
Experts believe this is a sound move since the banking system has adequate cash flow, minimizing the risk of market disruptions.
UPI Sets New Record with 707 Million Daily Transactions: India’s Digital Payments Boom Continues
India’s Unified Payments Interface (UPI) hit a new record by crossing 707 million daily transactions on August 2, 2025, according to the National Payments Corporation of India (NPCI).
This is the first time the daily transaction count has exceeded 700 million, doubling over the last two years despite a slower growth in transaction value.
Total UPI transactions last month: 19.5 billion, amounting to over ₹25 lakh crore.
UPI now accounts for approximately 85% of all digital transactions in India. The platform represents nearly 50% of real-time digital payments globally.
Economy News
GST Evasion of ₹7 Trillion Detected in Five Years
India has uncovered ₹7 trillion in GST evasion across 91,000 cases between April 2020 and March 2025, according to Minister of State for Finance Pankaj Chaudhary.
Of this, only ₹1.29 trillion has been voluntarily paid back by taxpayers. Notably, ₹1.78 trillion is linked to fake input tax credit (ITC), with just 7% recovery.
The rise in evasion coincides with the government’s deployment of advanced tech tools—including e-invoicing, risk-based audits, facial recognition, and E-way bill tracking—which have significantly strengthened GST compliance and fraud detection.
India’s Services Sector Hits 11-Month High in July 2025
India’s services sector surged to an 11-month high in July 2025, with the HSBC India Services PMI rising to 60.5, up from 60.4 in June, according to S&P Global.
This marks the 48th straight month of growth, driven by robust international demand and steady domestic sales.
The finance and insurance sectors led the growth, while real estate and business services lagged due to cautious spending.
Deloitte Pegs India’s FY26 GDP Growth at 6.4–6.7% on Strong Domestic Demand
Deloitte India has forecasted India’s economic growth to range between 6.4% and 6.7% for the fiscal year 2025-26, building on a solid growth rate of 6.5% in 2024-25.
This optimistic outlook is anchored by resilient domestic demand, easing inflation, and strategic global trade initiatives.
A dynamic consumer base, resilient capital markets, and a globally competitive workforce.
Ongoing and upcoming trade talks with the UK, US, and European Union are expected to enhance market access, income, and employment opportunities.
Business News
JSW Steel and JFE Steel Join Hands for ₹5,845 Crore Expansion in Grain Oriented Electrical Steel
In a strategic move to boost its value-added product portfolio, JSW Steel Limited has committed ₹5,845 crore to expand Cold Rolled Grain-Oriented (CRGO) steel manufacturing in collaboration with JFE Steel Corporation of Japan.
This expansion includes increasing the Nashik facility’s capacity from 50,000 TPA to 250,000 TPA at a cost of ₹4,300 crore, and upgrading the Vijayanagar unit in Karnataka from 62,000 TPA to 100,000 TPA with ₹1,545 crore investment.
India’s Business Confidence Index Rises to 149.4 in April–June
The Business Confidence Index (BCI) surged to 149.4 in the first quarter of fiscal year 2025-26 (April-June), up from 139.3 in the previous quarter, according to the National Council of Applied Economic Research (NCAER).
This jump reflects strong optimism among Indian businesses about the near-term economic outlook. Positive expectations across key indicators, 78.7% of firms expect production to increase.
79.1% anticipate higher domestic sales. 66.5% foresee growth in exports of final products. 54.3% expect increased imports of raw materials, signaling growth in domestic production. Nearly 61% expect pre-tax profits to rise.
Policybazaar Fined ₹5 Crore by IRDAI for Misleading Insurance Promotions
The Insurance Regulatory and Development Authority of India (IRDAI) has imposed a ₹5 crore penalty on Policybazaar Insurance Brokers for multiple regulatory violations under Section 102 of the Insurance Act, 1938.
Key infractions include biased promotion of certain insurance products as “Best” or “Top” without objective comparisons, delayed premium remittance to insurers (sometimes over 30 days), and lack of transparency in outsourcing agreements and commission structures.
Paytm Goes China-Free as Antfin Fully Exits with ₹3,800 Crore Stake Sale
In a major boost to investor sentiment and the Indian digital economy, Jack Ma’s Ant Financial, a Chinese affiliate of Alibaba Group, has completely exited its stake in Paytm’s parent company, One97 Communications.
Ant Financial sold its entire 5.84% stake, worth around Rs 3,800 crore, through bulk deals via its Netherlands-based affiliate, Antfin (Netherlands) Holding BV.
This exit removes all Chinese ownership from Paytm, alleviating regulatory and geopolitical concerns and paving the way for greater institutional and Indian investor interest.
Tata Motors Acquires Iveco for €3.8 Billion in Biggest Deal Since Corus
In a major international expansion move, Tata Motors has announced its largest acquisition since Jaguar Land Rover (2008) by agreeing to acquire Italian commercial vehicle manufacturer Iveco for €3.8 billion (excluding its defence business).
This also marks the Tata Group’s biggest deal since acquiring Corus in 2007.
The acquisition aims to merge the complementary capabilities of both companies, with minimal overlap in geographies or industrial assets, resulting in a diversified commercial vehicle giant with combined sales of over 540,000 units annually and revenues of €22 billion.
The deal gives Tata Motors a stronghold across Europe (50%), India (35%), and the Americas (15%), and strengthens its position in emerging markets in Asia and Africa.
Appointments News
IndusInd Bank Appoints Rajiv Anand as New Managing Director and CEO
IndusInd Bank has announced the appointment of Rajiv Anand as its new Managing Director (MD) and Chief Executive Officer (CEO) for a three-year term, effective August 25, 2025, until August 24, 2028, pending shareholder approval.
Anand, formerly Deputy MD at Axis Bank, brings over a decade of leadership in both retail and wholesale banking, having also served as President of Retail Banking and MD & CEO of Axis Asset Management.
Agreements News
SAP and Gati Shakti Vishwavidyalaya Partner to Skill India’s Logistics and Transport Workforce
