Monthly current affairs for July 2026

According to a report by the Asian Development Bank (ADB), India's GDP growth forecast for FY27 has been revised to 6.6% from the earlier 6.9%. The growth projection for FY28 is maintained at 7.3%.

The ADB has also raised the inflation forecast for FY27 to 5.2% from 4.5%, while the projection for FY28 is maintained at 4%.

RBI has imposed a monetary penalty of ₹63.6 lakh on the Bank of Baroda (BoB) for charging interest rates higher than the contracted rates, failing to upload Know Your Customer (KYC) records to the Central KYC Records Registry (CKYCR) within the stipulated timelines, and non-compliance with the 'Fair Practices Code'.

The central bank has also imposed a penalty of ₹3.1 lakh on GIC Housing Finance due to deficiencies in compliance with KYC guidelines.

The Department of Telecommunications (DoT) has signed an MoU with the Telecommunications Standards Development Society, India (TSDSI) to enhance the contribution of India to global telecom standards and accelerate the Bharat 6G Mission.

The agreement was signed in New Delhi during the 9th TSDSI Technical Deep Dive (TTDD) 2026 in the presence of Union Minister Jyotiraditya M Scindia.

Gujarat International Finance Tec-City (GIFT City), the International Financial Services Centre (IFSC) of India, has signed two MoUs to enhance its operational and research capabilities.

The first MoU is with Tata Communications Ltd to promote the development of Global Capability Centres (GCCs) and technology-driven businesses within the IFSC. The second MoU is with CEPT University in Gujarat to foster collaboration in research, knowledge exchange, and capacity building.

According to the All India Survey on Higher Education (AISHE) 2023-24, Indian higher education institutions (HEIs) attracted 58,134 foreign students from 173 countries during the 2023-24 academic year.

Nepal accounts for the largest share of foreign students at 24.1%, followed by the UAE, the USA, Bangladesh, and Nigeria.

Karnataka is the leading destination for international students in India, hosting 7,914 students, followed by Punjab, Maharashtra, Uttar Pradesh, and Tamil Nadu. The Ministry of Education launched the 'Study in India' (SII) programme in 2018 to attract international students to pursue higher education in India.

According to the "2026 World Investment Report: International Investment in a Turbulent Era" released by the UN Trade and Development (UNCTAD), India is ranked 11th globally as an FDI recipient, with inflows surging by 44% to $38.89 billion in 2025.

In terms of FDI outflows, India is ranked 18th, with outflows increasing by 47% to $35.66 billion. Global foreign direct investment (FDI) inflows increased by 6% to $1.6 trillion in 2025.

The USA remained the world's largest FDI destination with $277 billion, followed by Singapore and Hong Kong. The USA was also the world's largest source of FDI with a total outflow of $263 billion, followed by Japan, China, Luxembourg, and Hong Kong.

Union Minister Nirmala Sitharaman has visited France to strengthen the strategic partnership and promote economic cooperation between the two nations.

She co-chaired the France Economic and Financial Dialogue (EFD) at Aix-en-Provence with Roland Lescure, the Minister of France. They committed to using the EFD as a key platform for addressing issues, and agreed to explore conducting the next edition of the dialogue in 2027.

Both nations agreed to enhance cooperation on critical minerals to ensure resilient supply chains. During her visit, she also toured the International Thermonuclear Experimental Reactor (ITER) project at Cadarache to reinforce scientific and technological cooperation between India and France.

Adani Defence and Aerospace, a division of the Adani Group, has invested ₹2,500 crore to establish a facility in Shivpuri, Madhya Pradesh, to create the largest private-sector missile ecosystem in South Asia.

This will be the first private-sector complex in India to integrate composite propellant production, Trinitrotoluene (TNT) manufacturing, and missile system integration at a single location.

General Dhiraj Seth has assumed office as the 31st Chief of the Army Staff (COAS). Upon taking charge, he unveiled the 'VIJAY' roadmap, a high-tech blueprint designed to transform the Indian Army into a technology-enabled, future-ready force.

The roadmap is structured around five core pillars: Vigilance (border security and emerging threats), Innovation and Transformation (modern doctrine and technology-driven warfare), Jointness and Integration (tri-services approach for Viksit Bharat 2047), Aatmanirbharta (self-reliant defence), and Yodha (human capital development).

The Indian Navy has commissioned the indigenously built advanced stealth frigate 'INS Mahendragiri (F38)' into its Eastern Fleet at the Naval Dockyard in Visakhapatnam. The frigate was constructed by Mazagon Dock Shipbuilders Ltd (MDL) in Mumbai, based on an in-house design by the Warship Design Bureau (WDB) of the Indian Navy.

The vessel, which has over 75% indigenous content, has a displacement of 6,670 tonnes and is 149 metres long. It uses a Combined Diesel or Gas (CODOG) propulsion system, is capable of reaching a top speed of 28 knots, and has an operational range of 5,500 nautical miles.

The Digital Bharat Nidhi (DBN) under the Department of Telecommunications (DoT) has signed an addendum to implement the Amended BharatNet Programme (ABP) in Gujarat. The agreement was signed at Sanchar Bhawan, New Delhi, involving the DBN, the Gujarat government, Gujarat Fibre Grid Network Ltd (GFGNL), and Bharat Sanchar Nigam Ltd (BSNL).

The government has approved ₹5,629 crore for this initiative to upgrade rural telecom infrastructure. The programme aims to cover 14,287 Gram Panchayats and provide on-demand connectivity to 3,895 villages across the state.

Dilip Asbe, the MD & CEO of the National Payments Corporation of India (NPCI), has been appointed to the Supervisory Board of the Society for Worldwide Interbank Financial Telecommunication (SWIFT).

It is to be noted that the Supervisory Board comprises 12 members, with a provision to expand to 15 members in exceptional cases.

InsuranceDekho, an Insurtech platform, has appointed former Indian cricket captain Sourav Ganguly as its brand ambassador.

The company has also launched the 'Khul Kar Khelo' campaign, which is designed to empower insurance advisors across India.

Aswath S, a 17-year-old from Kanyakumari, Tamil Nadu, has become India's 98th Grandmaster (GM). He attained this title by finishing as the runner-up at the Pune International Grandmaster Round Robin Tournament held in Pune, Maharashtra.

United World Wrestling (UWW) organized the Under-15 (U15) and Under-20 (U20) Asian Wrestling Championships 2026 in Pattaya, Thailand.

India secured 20 medals in the U20 category (4 gold, 7 silver, and 9 bronze) and 21 medals in the U15 category (8 gold, 6 silver, and 7 bronze). In the U15 team standings, Uzbekistan topped the list, while India secured the bronze team trophy. In the U20 category, India finished second in Women's Wrestling (WW) behind China and secured third place in Men's Freestyle (FS).

Tshering Choden, a mountaineer from Sikkim, has successfully scaled Mount (Mt.) Elbrus, the highest mountain peak of Europe at an altitude of 5,642 m. Mt. Elbrus is situated in the Caucasus mountain range, near the Georgian border in southern Russia.

It is to be noted that she also successfully summited Mount Kilimanjaro, the highest peak of Africa at an altitude of 5,895 m, in 2025.

S Janaki, the legendary playback singer known as the "Nightingale of South India", passed away at the age of 88.

She was a recipient of 4 National Film Awards and over 30 State Film Awards. In 2013, she declined the Padma Bhushan award.

Shapoor Zadran, a former fast bowler from Afghanistan and a pioneer in the rise of the nation in international cricket, passed away at the age of 38 in New Delhi.

It is to be noted that during the 2015 International Cricket Council (ICC) Cricket World Cup, he scored the winning runs against Scotland, which marked the first ever victory for Afghanistan in the tournament.

Union Minister HD Kumaraswamy has inaugurated a new 84,000 cubic metre Reinforced Cement Concrete (RCC) Water Reservoir at the IISCO Steel Plant (ISP) in Burnpur, West Bengal.

The reservoir is designed to meet the operational water requirements of the Coke Oven Battery-10 (COB-10) facility of the plant. It is also engineered to secure water safety for the proposed 4.08 Million Tonnes Per Annum (MTPA) capacity expansion project at the ISP.

The RBI has approved the appointment of Mahesh Muralidhar Pai as the MD & CEO of the South Indian Bank (SIB) for a 3-year term, effective from October 2026. He succeeds PR Seshadri.