Current Affairs - July 6, 2025 Current Affairs

The 4th International Conference on Financing for Development (FFD4) took place in Seville, Spain. At this global event, India’s Finance Minister stressed the importance of reforming sovereign credit rating systems and multilateral development banks (MDBs). The aim of these reforms is to create a more equitable and inclusive financial system that supports sustainable development for all nations. By highlighting these issues on an international platform, India is advocating for fairer evaluation standards that can help developing countries access funding and investment more easily, thereby reducing reliance on outdated and often biased financial metrics established by Western institutions.

Microsoft, a major global tech company, officially shut down its operations in Pakistan on July 3, 2025, ending a 25-year presence in the country. The closure was part of a broader global strategy to focus more on cloud services and streamline operations, including cutting approximately 9,100 jobs worldwide. Microsoft had only maintained liaison offices in Pakistan, with most functions already transitioned to local partners and handled from regional hubs like Ireland. This decision raised concerns among business and political leaders, who view the exit as a signal of Pakistan’s increasingly difficult environment for foreign tech firms.

India hosted the 23rd Regional Meeting of National Authorities of States Parties in Asia under the Chemical Weapons Convention (CWC), reaffirming its commitment to chemical disarmament and non-proliferation. India is not only an original signatory to the CWC but also implements it through its National Authority Chemical Weapons Convention (NACWC), as per the Chemical Weapons Convention Act of 2000. India’s leadership role is further reflected in the recognition of the Indian Chemical Council (ICC), which became the first industry body in the world to receive the prestigious OPCW-The Hague Award in 2024. This demonstrates India's proactive role in global chemical safety governance.

A web crawler is an automated bot that systematically browses the internet to collect data for training AI models (like OpenAI's GPTBot) or powering real-time information retrieval in AI assistants. These crawlers operate without universal consent frameworks, raising copyright concerns as they ingest news articles, blogs and educational content. Unlike general search engine crawlers, AI-specific variants focus on harvesting training datasets for Large Language Models, creating ethical dilemmas around unlicensed content usage. India currently lacks regulations to govern such data scraping, highlighting the need for consent-based digital ecosystems and technical safeguards for content creators.

Mashreq, one of the leading banks in the United Arab Emirates, has become the first UAE-based bank to receive in-principle approval from the International Financial Services Centres Authority (IFSCA) to establish a banking unit in GIFT City, Gujarat, India. This strategic move aims to support international and cross-border banking, including foreign currency loans, trade finance, and risk management. Scheduled to begin operations by the end of 2025, the new branch will function as an International Financial Services Centre Banking Unit (IBU). This development strengthens financial ties between India and the UAE and positions GIFT City as a rising global financial hub.

Ananth Technologies, a Hyderabad-based company, has received approval from IN-SPACe to launch India’s first private satellite internet service, marking a historic move in the country’s space and telecommunications sectors. Scheduled to begin operations in 2028, the service will utilise Indian-made satellites placed in geostationary orbit, enabling consistent internet delivery, especially in rural and underserved regions. With a planned investment of ₹3,000 crore, the project positions Ananth Tech as India’s domestic alternative to global players like Starlink and OneWeb. This move also reflects India’s push to open its space sector to private firms, aiming for faster innovation and broader digital access.

On July 5, 2025, Chief Minister Mohan Charan Majhi announced that Puri will be upgraded to a municipal corporation, making it the sixth such entity in the state of Odisha. The move is aimed at strengthening civic infrastructure in the historic city, which sees a heavy influx of tourists and pilgrims throughout the year. Puri will now join Bhubaneswar, Cuttack, Sambalpur, Berhampur, and Rourkela as one of the state’s municipal corporations. The government’s decision reflects its commitment to improving urban services, especially in cities of religious and cultural significance, and is part of a broader vision to develop Puri by 2036.

World Zoonoses Day is observed every year on July 6 to promote awareness about zoonotic diseases—illnesses that can be transmitted from animals to humans. The day also commemorates the scientific milestone achieved by Louis Pasteur, who administered the first rabies vaccine on July 6, 1885. It serves as a reminder of the serious risks posed by animal-to-human infections and highlights the importance of the One Health model, which calls for cooperation among healthcare providers, veterinarians, scientists, and environmental experts. This coordinated approach is critical in preventing future outbreaks and improving global health standards, especially in a world of increasing disease transmission risks.

On July 2, 2025, the Ministry of Road Transport and Highways (MoRTH) implemented a major change by reducing toll charges by up to 50% on specific highway stretches that include expensive infrastructure such as bridges, tunnels, flyovers, and elevated roads. Previously, tolls were calculated at ten times the rate per kilometre for such structures, making travel costly. Under the new system, toll will be calculated based on the lesser of two formulas—either ten times the structure length plus the rest of the highway or five times the total stretch—effectively slashing the toll by half in many cases. This reform aims to ease financial pressure on travellers and improve highway usage.

INS Tamal, a Talwar-class frigate commissioned from Russia's Yantar Shipyard, represents the final Indian Navy warship to be acquired from a foreign shipyard. As part of Project 1135.6, it features BrahMos missiles and stealth capabilities. Its commissioning underscores India's transition to indigenous naval construction, with future Talwar-class ships being built at Goa Shipyard Limited. This aligns with the 'Atmanirbhar Bharat' initiative, ending decades of foreign dependence for naval platforms. The 4,035-tonne frigate combines Russian design (Krivak-class) with Indian weapon systems, symbolising strategic autonomy in defence manufacturing.

The State Bank of India (SBI), the country’s largest public sector bank, contributed a substantial $44 billion to the global economy in the financial year 2024–25. This alone accounted for 1.1% of the world’s GDP growth and 16% of India’s total GDP increase for the year. In addition to its global contribution, SBI also added 8.7% to India’s Gross Value Added (GVA) in the financial services sector, with its GVA rising to ₹1,38,533 crore. This performance not only highlights SBI’s critical role in India's economic expansion but also demonstrates its influence in driving international economic progress.