Current Affairs - June 8, 2025 Current Affairs

The 10th meeting of the NITI Aayog Governing Council focused on the theme "Viksit Rajya for Viksit Bharat@2047," aiming to promote cooperative federalism and align state-specific development goals with national objectives. This meeting emphasized removing policy bottlenecks to encourage trade and investment, improving security preparedness, and fostering sustainable development. Various states presented their demands and proposals, ranging from fiscal autonomy to sectoral reforms in areas like water management, infrastructure, and skilling. Identifying the meeting as the 10th in sequence is essential to contextualize the evolving role of the Governing Council in shaping India’s long-term development trajectory.

The Centre has issued regulations for Ladakh under Article 240, which empowers the President to make regulations for the peace and good governance of certain Union Territories. These regulations have introduced domicile-based job reservations, provisions for reservations, preservation of local languages, and representation for women. Although the Sixth Schedule status was widely requested, the Centre opted for regulations under Article 240 to address the demands of the people of Ladakh, providing some level of autonomy and protection.

The Chenab Bridge is located in Jammu & Kashmir and holds the distinction of being the world’s highest arch-railway bridge. Towering 359 metres above the Chenab River, this engineering marvel is part of the strategically vital Udhampur-Srinagar-Baramulla Rail Link Project. The region’s rugged Himalayan terrain posed significant challenges, requiring advanced geotechnical solutions like cement grouting and rock anchors. Designed for resilience against seismic activity and strong winds, the bridge exemplifies India’s infrastructural capabilities in high-risk zones. Its location in a border-sensitive area further underlines its national importance, serving both developmental and strategic purposes in the Union Territory of Jammu & Kashmir.

The Reserve Bank of India has reduced the qualifying asset threshold for NBFC-MFIs from 75% to 60%. This change allows NBFC-MFIs to diversify their loan portfolio, freeing up 15% of asset space. The move is expected to provide operational flexibility, balance sheet stability, and better cross-cycle earnings, ultimately enhancing service delivery to poor households and enabling MFIs to customize financial products for low-income and underserved segments.

India holds the 3rd position globally in solar energy capacity, reflecting its rapid progress in the renewable energy sector. With a dramatic rise in solar capacity from just 2.63 GW in 2014 to 108 GW in 2025—a 41-fold increase—India has become a clean energy powerhouse. This transformation is fueled by initiatives like the Production Linked Incentive (PLI) scheme, ISTS charge waivers, and ambitious programs like PM Surya Ghar and PM-KUSUM. India's strategic focus on solar energy not only advances its own sustainability goals but also significantly contributes to global clean energy efforts.

India plans to regulate online real money gaming (RMG) under the Prevention of Money Laundering Act (PMLA), 2002, aiming to enhance financial transparency and user protection. The move responds to the sector’s rapid growth and the associated risks of illicit financial flows. RMG platforms, including fantasy sports and poker, have surged in popularity, especially among youth, driven by affordable internet, mobile accessibility, and digital payments. However, concerns about money laundering through complex transaction layering and cross-border fund integration have prompted the government to consider applying the 2002 legislation to strengthen oversight and reduce vulnerabilities in the digital gaming landscape.

Daojali Hading, a Neolithic habitation site over 2,700 years old, is located in the Dima Hasao district of Assam. The site has revealed both domestic artefacts and early metallurgical activity, including polished stone tools, cord-marked pottery, and grinding stones. The presence of jadeite stones suggests ancient trade links with East and Southeast Asia. Daojali Hading is one of the prominent Neolithic sites in Northeastern India, showcasing the region's rich cultural and archaeological heritage. The site provides valuable insights into the lives of ancient people in the region.

The repo rate was reduced by 50 basis points to 5.5%, representing the third cut since February 2025. This move by the central bank is designed to stimulate economic growth at a time when inflation is well within the targeted range, thereby allowing for monetary easing. A 50 basis point reduction can significantly lower borrowing costs across sectors—affecting home loans, vehicle finance, and business credit. This helps encourage credit demand and boosts consumption and investment, which are key drivers of economic recovery. Such rate cuts are also vital for monetary policy transmission and support the broader macroeconomic goal of sustaining growth.

The International Centre for Genetic Engineering and Biotechnology (ICGEB) meeting was recently held in New Delhi, emphasizing India's growing leadership in biotechnology. The event marked the inauguration of the DST-ICGEB Bio-foundry, the first public-funded platform aimed at advancing bio-based innovations. As part of the BioE3 policy, India aims to strengthen its bio-manufacturing ecosystem, contributing to economic growth, environmental sustainability, and employment. The bioeconomy has witnessed rapid expansion, growing from USD 10 billion in 2014 to over USD 165 billion in 2024. With major vaccine developments and global recognition, India continues to assert itself as a global biotechnology hub.

India enacted its first comprehensive bankruptcy law in 2016, marking a major shift in how financial distress and insolvency were handled. The law aimed to create a more structured, time-bound, and creditor-friendly insolvency resolution process, replacing the earlier fragmented systems. This legislation introduced a framework that enabled faster debt recovery, improved borrower behaviour, and enhanced credit discipline. Its impact has been profound—over 30,000 cases settled pre-admission, a notable reduction in debt costs for distressed firms, and improved governance. Identifying 2016 as the year of enactment is vital to understanding the chronology and evolution of insolvency reforms in India.