Daily Current Affairs 1 July 2026

The Geographical Indication (GI) Registry in Chennai has granted the GI tag to 3 agricultural products from Madhya Pradesh (MP): Khurasani Imli (Mandu), Garadu Tuber (Ratlam), and Balam Kakdi (Sailana).

These certifications are part of an initiative to protect 12 distinct regional agricultural items from the state.

PM Narendra Modi and President Droupadi Murmu have visited Odisha and inaugurated/laid foundation stones for various developmental projects worth over ₹47,600 crore at Rairangpur.

They jointly laid the foundation stone for India's first commercial-scale 'Coal-to-Ammonium Nitrate Project' at Lakhanpur. They also participated in a programme marking the completion of 2 years of the Odisha government, themed 'Vikas ra Dhara, Odisha Sara'.

During the visit, 60 projects were inaugurated and foundation stones were laid for 12 projects across various sectors. PM Modi also announced that Pahadpur will be developed as a 'Model Solar Village', ensuring every household is equipped for solar power generation.

The Office of the Principal Scientific Adviser to the Government of India (OPSA), in collaboration with the Data Security Council of India (DSCI), has launched the 'TRL Compass Platform'.

The platform provides a common national standard for evaluating projects seeking public funding by standardizing Technology Readiness Level (TRL) assessments across sectors.

The Union Cabinet has approved an additional investment of ₹30,000 crore in the National Investment and Infrastructure Fund (NIIF), doubling the total capital commitment of the Government of India (GoI) to ₹60,000 crore.

NIIF operates as a public-private entity, with the GoI holding a 49% equity stake, while the remaining 51% is owned by domestic and global institutional investors. It is to be noted that the NIIF attracts investments from sovereign and pension funds based in the US, Japan, the UAE, Singapore, Canada, and Australia.

According to the report titled "India: Improved Macro Outlook after the United States of America (USA)-Iran Deal" released by Goldman Sachs, India's real Gross Domestic Product (GDP) growth forecast for Calendar Year 2026 (CY26) has been raised to 6.8%. The growth forecast for FY27 is increased to 6.5%.

The report also lowered India's retail inflation projection for the current year to 4.4% and reduced the Current Account Deficit (CAD) projection by 20 basis points (bps) to 1.1% of GDP.

The World Bank has approved $1.5 billion (₹14,300 crore) in financing to support India's structural reforms aimed at accelerating private sector-led job creation.

This funding is provided under the 'Boosting Job Creation in the Private Sector Development Policy Financing (DPF) Operation'. The initiative aims to generate quality employment opportunities for the 11 million young individuals who enter the Indian workforce annually.

HDFC Bank has appointed Rajiv Kumar as the part-time non-executive chairman for a period of 3 years. He succeeds the interim chairman Keki Mistry.

Additionally, he has been appointed as an additional independent director for a 4-year term, effective from June 30, 2026.

RBI has issued the "Master Directions – RBI (Credit Derivatives) Directions, 2026", which will come into effect on June 25, 2026. These directions aim to deepen the corporate bond market in India and expand the range of risk-management tools for market participants.

The framework introduces new products, including Total Return Swaps (TRS) linked to corporate bonds and derivatives on credit indices. Additionally, the RBI has mandated the creation of a Credit Derivatives Determinations Committee under the Fixed Income Money Market and Derivatives Association of India (FIMMDA) to support market development.

India and Saudi Arabia have signed an MoU to enhance bilateral cooperation in the field of water resource management. The agreement was formalized during the inaugural edition of 'Saudi Water Week' held in Jeddah.

The collaboration aims to foster capacity building and exchange best practices in water resources planning, sustainable water management, and irrigation systems.

France-based Safran Electronics & Defence and the Indian Earth intelligence firm SatSure Analytics India Pvt Ltd have signed an MoU to collaborate on Geospatial Intelligence (GEOINT) solutions for the Indian market.

This partnership is established under the 'France-India Year of Innovation' initiative, which aims to promote cooperation in aerospace and defence technology.

The Ministry of Road Transport and Highways (MoRTH) has signed an MoU with Volvo Eicher Commercial Vehicles (VECV), Force Motors, and Pinnacle Mobility Solutions. This agreement integrates these manufacturers into the Cabinet-approved Delhi-NCR Vehicle Replacement Scheme, which has a total outlay of ₹9,585 crore.

According to the 'Review of Maritime Transport 2025' report released by the UN Conference on Trade and Development (UNCTAD), India has become the world's leading ship recycling nation in 2025. India increased its global share in ship recycling to 35.4% (up from 30.1% in 2024).

The recycling volume reached 2.99 million gross tons (GT), marking a nearly 60% increase from 1.86 million GT. With this development, India has surpassed its Maritime India Vision (MIV) 2030 target five years ahead of schedule.

The Ship-breaking Credit Note Scheme (SbCN) offers credits worth 40% of the scrap value, which are usable up to 5% of the cost of a new vessel. Additionally, the government provided ₹53.5 crore in modernization support, enabling the establishment of 115 Hong Kong International Convention (HKC)-compliant facilities.

The Defence Security Cooperation Agency (DSCA) of the USA, which administers the Foreign Military Sales (FMS) programme, has notified a proposed sale of sustainment support services and equipment to India at an estimated cost of $482.2 million.

This includes $230 million for the sustainment of M777A2 Ultra-Light Howitzers and $198.2 million for the AH-64E Apache helicopters.

Herbalife International India, in collaboration with the IIT Madras, has launched the first Centre of Excellence (CoE) on plant cell fermentation technology in India at the IIT-M Research Park.

The Board of Directors of Power Finance Corporation Ltd (PFC) and REC Ltd (REC) have approved a merger scheme to integrate REC into PFC under Sections 230 to 232 of the Companies Act, 2013.

This consolidation will create a financing entity with an aggregate loan book exceeding ₹11 lakh crore.

The Zoological Survey of India (ZSI), Pune, in collaboration with the Natural History Museum, London, has discovered 2 new moth species in the country.

The tiger moth species 'Antaram idukki' was discovered in Idukki, Kerala, and published in the 'Journal of the Lepidopterists' Society'. The forester moth species 'Mimeusemia kali' was discovered in the Kali Tiger Reserve, Karnataka, and documented in the journal 'Zootaxa'.

The Kerala government has presented the revised Budget for the FY27 in the state assembly. The budget estimates revenue receipts at ₹1.7 lakh crore and revenue expenditure at ₹2 lakh crore.

The Appointments Committee of the Cabinet has approved the appointment of Mahesh Dixit as the Director of the Intelligence Bureau (IB) for a tenure of 2 years. He succeeds Tapan Kumar Deka.

Team India has won 5 medals (3 Gold, 1 Silver, and 1 Bronze) at the Global Skills Challenge (GSC) Australia 2026.

The Gold medalists include Pavan Bhadravati Suresha (Karnataka) for Additive Manufacturing (3D printing), Mausam Kumar Giri (Bihar) for Cloud Computing, and Vishnupriya Sunil (Delhi) for Health and Social Care. Harsh Ramesh Pawar (Maharashtra) won the Silver medal in 3D Digital Game Art, and Muskan (Haryana) secured the Bronze medal in Painting and Decorating.

India topped the medal tally at the 5th edition of the International Shooting Sport Federation (ISSF) Junior World Championship Rifle / Pistol / Shotgun 2026 held in Suhl, Germany. India secured a total of 25 medals, including 7 gold, 8 silver, and 10 bronze.

Individual Neutral Athletes (AIN) finished second with 14 medals, followed by Italy with 10 medals.

Vice President CP Radhakrishnan has released a book titled "Sanskritir Ratna Bhandar: Bhaowaiyar Itibritto" (Bhawaiya: A Cultural Treasure and Its Historical Journey) at Uprashtrapati Bhavan in New Delhi.

The book is authored by Lok Sabha MP Jayanta Kumar Roy and Sangita Roy. It documents the cultural heritage of Bhawaiya, a traditional folk music genre from North Bengal (West Bengal), Assam, and adjoining regions, reflecting the rural lifestyle and cultural legacy of the Koch Rajbanshi community.