Current Affairs - July 10, 2026 Current Affairs

The AUSTRAHIND 2024 joint military exercise between India and Australia was conducted in Pune from November 8 to 21, 2024. The exercise forms an important part of the growing defence cooperation under the India-Australia Comprehensive Strategic Partnership. It aims to strengthen interoperability, improve operational coordination, and enhance mutual understanding between the armed forces of both countries. Along with other bilateral and multilateral exercises such as AUSINDEX, Tarang Shakti, Pitch Black, and Talisman Sabre, AUSTRAHIND reflects the commitment of India and Australia to deepen defence collaboration and promote security and stability in the Indo-Pacific region.

Silvana Tenreyro has been appointed as the new Chief Economist and Director of the Research Department of the International Monetary Fund (IMF). She will also serve as the IMF's Economic Counsellor, leading the preparation of key global economic assessments and providing guidance on the global economic outlook. She succeeds Pierre-Olivier Gourinchas, who is returning to academia. Tenreyro brings extensive experience from her tenure on the Bank of England's Monetary Policy Committee and her work at the Federal Reserve Bank of Boston, making her well-qualified for this important international leadership role.

Mahesh Pai has been approved by the Reserve Bank of India (RBI) as the Managing Director and Chief Executive Officer (MD & CEO) of South Indian Bank for a three-year term. He is currently serving as the Chief General Manager at Canara Bank, where he leads the Digital Banking and Innovation vertical. With nearly three decades of banking experience, he has worked across digital banking, treasury, corporate strategy, retail banking, MSME credit, and overseas banking operations. He will succeed P. R. Seshadri as the head of South Indian Bank after completing the required approval process.

Under the new EPFO 3.0 reforms, eligible online PF advance claims linked with Aadhaar and verified KYC are processed much faster than before. The claim settlement period has been reduced from the earlier 7–20 working days to just 3 working days, making the withdrawal process quicker and more efficient. This digital initiative also includes a higher auto-settlement limit of ₹5 lakh, simplified withdrawal categories, and mandatory retention of 25% of the EPF balance while an employee remains in service. The reforms aim to improve convenience while protecting long-term retirement savings.

The International Monetary Fund (IMF) revised India's GDP growth forecast for FY27 to 6.4%, lowering it from the earlier estimate of 6.5%. The revision reflects concerns over rising global energy prices, including higher crude oil, natural gas, and fertilizer costs, which are expected to increase inflationary pressures and impact economic growth. Despite the downgrade, India's economy continues to be supported by strong domestic consumption and a resilient services sector. The IMF also expects growth to improve in FY28 as energy-related pressures ease, keeping India among the world's fastest-growing major economies.

The Embassy of India launched a dedicated online appointment portal to simplify access to Passport, Visa, and Attestation services for applicants across the UAE. The portal enables users to book appointments for services provided at the Embassy of India in Abu Dhabi and the Consulate General of India in Dubai. This initiative improves the efficiency, accessibility, and convenience of consular services for applicants.

Geneva has been selected as the host city for the Global AI Summit, which will be held alongside the ITU AI for Good Global Summit. The event aims to bring together world leaders, policymakers, researchers, technology companies, and international organisations to discuss artificial intelligence governance, innovation, ethics, and responsible development. Geneva was chosen because of its long-standing role as a global diplomatic hub and its concentration of United Nations agencies, humanitarian organisations, research institutions, and international conferences. The summit is expected to strengthen global cooperation and promote the responsible use of AI technologies worldwide.

Awiqli, developed by Novo Nordisk, is the world's first once-weekly basal insulin introduced in India for the treatment of adult diabetes. The medicine is designed to reduce the burden of daily insulin injections by requiring only one injection every week, reducing the annual number of injections from 365 to 52. It is administered through a pre-filled pen device and works by binding to the blood protein albumin, which creates a reservoir that releases insulin steadily over seven days. This helps maintain stable blood glucose levels and improves treatment convenience. Awiqli can be used by eligible patients with Type 2 diabetes either alone or with other medicines, while patients with Type 1 diabetes must use it together with short-acting insulin during mealtimes.

India and Australia elevated their bilateral strategic partnership by launching the Australia-India Partnership on Cyber, Critical Technologies and Supply Chains (PACTS), which officially replaces the 2020 Framework Arrangement on Cyber and Cyber-Enabled Critical Technology Cooperation. This comprehensive framework focuses on five pillars: supply chain resilience, critical technology research, cybersecurity cooperation, digital resilience through India's Digital Public Infrastructure, and defence research collaboration between DRDO and Australia's Defence Science and Technology Group. The partnership is chaired by the Indian Deputy National Security Advisor and the Australian Deputy Secretary, with nodal lead agencies including the National Security Council Secretariat, Ministry of External Affairs, and Ministry of Defence overseeing specific pillars.

JAXA (Japan Aerospace Exploration Agency) is Japan's national space agency and the organisation responsible for the Hayabusa2 mission. The spacecraft successfully carried out a high-precision flyby of the near-Earth asteroid Torifune as part of efforts to test planetary defence technologies. Hayabusa2 was originally launched in 2014, successfully collected samples from asteroid Ryugu, and returned them to Earth in 2020. The agency continues to play a significant role in space exploration, asteroid research, and the development of technologies to better understand and respond to potential threats from near-Earth objects.

Jaipur secured the 6th position globally in the Happy City Index 2026, making it the only Indian city to feature in the world's top 10 happiest cities. The city earned this recognition for its high quality of life, effective governance, rich cultural heritage, strong tourism sector, and continuous urban development. Improvements in infrastructure, public services, smart city initiatives, sustainability, and citizen engagement have further enhanced the living standards of residents. Jaipur's successful balance between preserving its historical identity and embracing modern development played a key role in achieving this prestigious global ranking.