Current Affairs: July 31, 2025

India-US Relations & Trade

Tensions between India and the US rose on July 31, 2025, after the US President announced a 25% tariff on Indian imports, citing concerns over India's trade policies and ties with Russia. Proposed US legislation could also penalize nations trading oil with Russia. Despite challenges, India maintains its stance on strategic autonomy while managing US pressure. These tariffs could negatively impact Indian exports and bilateral relations.

Economy & Finance

The Indian rupee dropped significantly on July 31, 2025, influenced by concerns over proposed US tariffs and potential sanctions related to trade with Russia. New RBI rules cap bank and NBFC exposure in AIFs to prevent loan evergreening. India's digital payments have grown substantially, indicating reduced cash reliance and increased formal economic activity. The IMF raised India's GDP growth forecast for FY26 and FY27 to 6.4%. Crisil forecasts revenue growth for India's top 18 states in FY26. The thermal power sector is set to attract significant private investment by FY28. India's concert economy is projected for substantial job creation and industry growth by 2032.

Science & Technology

India successfully launched the NISAR satellite, a joint ISRO-NASA Earth-observation mission, from Sriharikota. The mission utilizes dual-frequency SAR for land and ice monitoring and aims for real-time global Earth system monitoring and disaster forecasting. Sindhu B Rupesh was appointed Director of the Department of Space.

Environment & Wildlife

India's proposal on sustainable wetland use was adopted at Ramsar CoP15. A report highlighted the ecological importance of small wild cats and the biodiversity protection offered by tiger habitats. New rules on contaminated sites are in effect. A study found India has the highest number of slum dwellers in floodplains globally, especially vulnerable areas like the Ganga Delta. The frequency of flash floods in India is increasing due to changes in hydrology, encroachment, and climate change.

Governance & Legal

The Banking Laws (Amendment) Act, 2025, introduced reforms in bank governance and regulation. It modernized rules and enhanced cooperative bank accountability. The Act also increased the limit for 'substantial interest' in banks. The Vice President election is scheduled for September 9, 2025. Voting and counting will occur on the same day.

Other Key Developments

  • Odisha signed MoUs in the textile and apparel sector at the Odisha-TEX 2025 Summit.
  • RIL remained the highest-ranked Indian company on the Fortune Global 500 list for 2025.
  • Economist Lord Meghnad Desai passed away.
  • Goa Shipyard Limited launched ICGS ATAL for the Indian Coast Guard. This is the sixth in a series, boosting maritime capabilities.
  • In sports, the India vs Pakistan semi-final at the World Championship of Legends was cancelled due to a forfeiture.