Daily Current Affairs 6th August 2025, Important News Headlines (Daily GK Update)

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

• SAP, Europe’s largest software maker, partnered with Gati Shakti Vishwavidyalaya (GSV) to digitally skill professionals in India’s logistics and transport sector.
• The MoU focuses on three pillars: employment enablement of GSV graduates via industry-relevant skills, curriculum enhancement for students and government staff, and fostering industry linkages for research, development, and job creation to boost national logistics capabilities.

India and Philippines Sign Nine MoUs to Strengthen Strategic Partnership Across Multiple Sectors

• India and the Philippines formalized nine Memorandums of Understanding (MoUs) across key sectors including Defence, Digital Technology, Space, Maritime Cooperation, Tourism, and Cultural Exchange during Philippine President Ferdinand Romualdez Marcos Jr.’s visit to India.
• The exchange took place in the presence of Prime Minister Narendra Modi, marking the 75th anniversary of diplomatic relations between the two countries.

Defense News

DAC Approves ₹67,000 Crore Defence Proposals to Boost India’s Military Capabilities

• The Defence Acquisition Council (DAC), chaired by Defence Minister Rajnath Singh, has approved proposals worth ₹67,000 crore to bolster India’s military capabilities.
• For the Indian Army, Thermal Imager-based Driver Night Sights for BMPs were cleared to enhance night mobility.
• The Indian Navy will procure Compact Autonomous Surface Craft, BrahMos Fire Control Systems, and upgrade the BARAK-1 Missile System.
• The Indian Air Force will get Mountain Radars and upgrades to SAKSHAM and SPYDER Weapon Systems.

Schemes News

Female Participation Jumps to 41% in Second Round of PM Internship Scheme

• In the second round of the PM Internship Scheme (PMIS), female participation rose significantly from 31% to 41%, thanks to mass outreach programmes by the Ministry of Corporate Affairs (MCA) and state governments.
• The scheme saw over 455,000 applications for 118,000 internships across 735 districts, with enhancements like geo-tagged locations, company profiles, and additional benefits boosting engagement.
• The MCA adopted a multi-pronged strategy, including the appointment of nodal officers and stronger IEC initiatives, to improve accessibility and awareness.

Summits & Conferences News

India to Host WHO–IRCH Workshop on Herbal Medicine Safety and Regulations

• India, in collaboration with the World Health Organization (WHO), will host the WHO–IRCH Workshop on Herbal Medicine Safety and Regulations from August 6 to 8, 2025, at Hotel Fortune District Centre, Ghaziabad.
• Organised by the Ministry of Ayush and supported by the Pharmacopoeia Commission for Indian Medicine & Homoeopathy (PCIM&H), the workshop will feature hands-on training, global regulatory dialogues, and case studies, with participation from 15+ countries, including USA, Japan, Brazil, Egypt, and more.

Science & Technology News

ISRO Launches HOPE Mission in Ladakh to Simulate Astronaut Life for Gaganyaan

• India’s ISRO has launched a 10-day space mission simulation at 14,000 feet in Ladakh under its Gaganyaan programme to study the effects of isolation, high-altitude stress, and extreme cold on the human body and mind.
• Conducted at the newly inaugurated HOPE (Himalayan Outpost for Planetary Exploration) facility by space firm Protoplanet, the mission involves two participants, Rahul Mogalapalli and Yaman Akot, selected from 135 applicants.
• The study includes biological sampling and monitoring of mental health, mimicking astronaut routines aboard the ISS.

Obituaries News

Former J&K Governor Satya Pal Malik Passes Away at 79

• Former J&K Governor Satya Pal Malik passed away at 79 in New Delhi on August 5 after a prolonged illness. He died at Ram Manohar Lohia Hospital around 1 PM.
• Malik served as the last Governor of Jammu and Kashmir from August 2018 to October 2019, during which Article 370 was abrogated on August 5, 2019.
• He later held positions as Governor of Goa, Meghalaya (until October 2022), and briefly Governor of Bihar in 2017.
• Beginning his political journey as a socialist leader in the 1970s, he served as Lok Dal General Secretary and had two Rajya Sabha terms, including one as a Congress MP.

Current Affairs Today | 6 August Current Affairs 2025 | Daily Current Affairs By Ashish Gautam