Current Affairs - July 1, 2025 Current Affairs

The revised version of the One Big Beautiful Bill Act, released by the U.S. Senate, proposes a reduction in the foreign remittance tax to 1%. Initially, the law aimed to impose a broader tax on all outgoing foreign remittances, but under the new draft, the rate has been scaled down significantly. Moreover, remittances made using U.S.-issued bank accounts, debit cards, or credit cards are now exempt from this tax. This adjustment reflects a more moderate approach toward regulating and taxing international money transfers, likely in response to concerns over the impact on immigrants and foreign workers in the U.S.

At the end of March 2025, India’s external debt stood at $736.3 billion, which amounted to 19.1% of the country’s GDP, as reported by the Reserve Bank of India. This marked an increase from the previous year, when the external debt was $668.8 billion or 18.5% of GDP. External debt includes borrowings from foreign sources such as international financial institutions, foreign governments, and private commercial entities. The rise in the external debt-to-GDP ratio reflects changes in both borrowing levels and overall economic performance. Monitoring this ratio is important for assessing a country's debt sustainability and economic health in the global financial system.

Reliance Defence, in collaboration with U.S.-based Coastal Mechanics Inc., has launched a major Maintenance, Repair, and Overhaul (MRO) facility in Maharashtra, specifically at MIHAN, Nagpur. This strategic move aims to modernize and extend the lifecycle of key defence platforms like Jaguar aircraft, MiG-29 fighter jets, and Apache helicopters. The initiative supports India’s broader Atmanirbhar Bharat mission, focusing on self-reliance in defence production and services. With a projected ₹20,000 crore MRO market, Maharashtra is positioned as a vital defence hub, leveraging its infrastructure and strategic location to support both domestic forces and international defence exports.

Ladakh hosted its first Astro Tourism Festival in Leh, marking a significant initiative to promote science-based tourism in India. Organized by the Tourism Department of Ladakh in collaboration with the Indian Institute of Astrophysics, the festival aimed to showcase the region's natural advantages for astronomy, such as high altitude, clear skies, and low light pollution. The two-day event featured telescope-guided sky observations, astrophysics lectures by experts from ISRO and academic institutions, and educational activities for tourists. With sites like the Hanle Dark Sky Reserve, Ladakh is uniquely positioned to become a major hub for astro tourism, blending science, sustainability, and travel.

National Chartered Accountants Day is observed annually on July 1 in India to commemorate the founding of the Institute of Chartered Accountants of India (ICAI) in 1949. The establishment of ICAI marked a major shift in the professional regulation of accountancy in India, transitioning from an unregulated system of “Registered Accountants” under British rule to a structured and ethical profession. The ICAI is now one of the largest accounting bodies in the world and plays a vital role in maintaining financial discipline, ensuring transparency, and supporting India's economic development. The day celebrates the contributions of Chartered Accountants to the country's financial ecosystem.

The first-ever ‘At Sea Observer Mission’ was launched by the QUAD grouping, which includes India, Japan, the United States, and Australia. This initiative, conducted aboard the US Coast Guard Cutter Stratton, signifies a major step in strengthening maritime security, coordination, and interoperability among the four nations. The mission involved cross-embarkation of officers, including women, to observe and participate in shipboard operations. It supports the goals outlined in the Wilmington Declaration and the 2024 QUAD Leaders’ Summit, promoting a Free, Open, and Rules-Based Indo-Pacific. The mission also aligns with broader regional strategies like India’s SAGAR and the Indo-Pacific Oceans Initiative.

India hosted the inaugural ASEAN–India Cruise Dialogue on July 1, 2025, in Chennai. This pioneering event brought together over 30 delegates from all 10 ASEAN countries and Timor Leste to explore opportunities in cruise tourism and maritime cooperation. Held aboard the MV Empress at Chennai Port, the dialogue is a strategic initiative aligned with India’s Sagarmala and Act East Policy. It reflects India’s commitment to enhancing regional connectivity, promoting sustainable tourism, and reviving historical maritime linkages in the Indo-Pacific. The event also included sessions on infrastructure investment and cruise circuit development, underscoring India’s role as a regional maritime hub.

National Doctors' Day in India is observed annually on July 1 to recognise and honour the immense contributions made by doctors to society. The day commemorates Dr. Bidhan Chandra Roy, a legendary physician and the former Chief Minister of West Bengal, whose birth and death anniversaries both fall on July 1. The 2025 theme, 'Behind the Mask: Who Heals the Healers?', brings focus to the mental health and emotional well-being of medical professionals. This observance serves as a reminder of the sacrifices and dedication of healthcare workers in safeguarding public health across the nation.

Rear Admiral V Ganapathy, a highly experienced and decorated officer of the Indian Navy, has taken over as the new Commandant of the Military Institute of Technology (MILIT), Pune, on June 30, 2025. His appointment comes at a crucial juncture in India's defence landscape, where integration across the Army, Navy, and Air Force is being emphasized. MILIT, which functions under the Integrated Defence Staff, trains officers in advanced military technologies and joint operations. Rear Admiral Ganapathy brings strategic vision, operational experience, and academic depth to the role, making him well-suited to guide MILIT in the era of AI, cybersecurity, and multi-domain warfare.

The Goods and Services Tax (GST) Council, responsible for making recommendations on various aspects of GST implementation, was constituted under Article 279A of the Indian Constitution. This Article was introduced by the 101st Constitutional Amendment Act, 2016. It provides for the creation of the GST Council, which includes the Union Finance Minister as the Chairperson and state finance ministers as members. The Council plays a pivotal role in determining tax rates, exemptions, and other key aspects of GST. Its formation was a significant step in ensuring cooperative federalism in India's tax administration.

The Synthetic Human Genome Project (SynHG) has been launched by researchers in the United Kingdom, marking a significant advancement in the field of genetic engineering. Unlike the Human Genome Project, which focused on reading and mapping the human genome, SynHG aims to synthetically write large segments of human DNA. This transition from genome reading to genome writing signifies a revolutionary shift toward constructing and engineering human genetic material. The project is expected to span five years and could open new frontiers in medicine, biotechnology, and synthetic biology, allowing scientists to explore gene functions and potentially correct genetic disorders at a foundational level.