Daily GK Update- 2nd July, 2025

 

NATIONAL UPDATES:

 

1. Maharashtra Launches Hedging Desk in Pune to Protect Farmers from Price Fluctuations: Maharashtra CM Devendra Fadnavis inaugurated a dedicated Hedging Desk in Pune under the Balasaheb Thackeray Agribusiness and Rural Transformation Project to help farmers protect themselves against market price fluctuations.The desk will initially cover cotton, turmeric, and maize crops, with plans to expand to more crops, and is supported by the National Commodity and Derivatives Exchange (NCDEX) and its research wing, NICR.The initiative prioritises key agricultural districts like Yavatmal, Sangli, Akola, and Chhatrapati Sambhajinagar, aiming to modernize agriculture and provide price security to farmers in Maharashtra.

 

2. Ladakh’s First Astro Tourism Festival Concludes in Leh: The first Ladakh Astro Tourism Festival was held in Leh to promote Ladakh as a top astro tourism destination, thanks to its high altitude, dry weather, and low light pollution ideal for stargazing.The festival featured expert talks from ISRO, Indian Institute of Astrophysics, and Kashmir University, offering learning sessions for tourists and astronomy enthusiasts at Leh and Hanle Dark Sky Reserve.Night Sky Observation at Ladakh University’s Leh campus allowed participants to view constellations, planets, and deep-sky objects through guided telescope sessions.

 

3. Cabinet Approves ₹1 Lakh Crore RDI Scheme to Boost Private Sector Research and Innovation: The Union Cabinet approved the Research Development and Innovation (RDI) Scheme with an outlay of ₹1 lakh crore to boost India’s research and innovation ecosystem by encouraging private sector participation, especially in strategic and sunrise sectors.The scheme offers long-term financing or refinancing at low or nil interest rates to address funding challenges faced by private companies in undertaking research projects, aiming to accelerate technological adoption, enhance competitiveness, and support economic self-reliance. RDI Scheme will fund projects at higher Technology Readiness Levels (TRL) and support acquisition of critical technologies; it will also establish a Deep-Tech Fund of Funds to promote technology-driven ventures and startups.The scheme will follow a two-tier funding model with a Special Purpose Fund (SPF) under ANRF allocating funds to second-level managers; oversight will be provided by Anusandhan National Research Foundation (ANRF)’s Governing Board chaired by the Prime Minister, supported by its Executive Council and an Empowered Group of Secretaries led by the Cabinet Secretary.

 

4. Cabinet Approves ₹99,446 Crore Employment Linked Incentive Scheme: The Union Cabinet, chaired by Prime Minister Narendra Modi, approved the Employment Linked Incentive (ELI) Scheme with an outlay of ₹99,446 crore, aiming to create over 3.5 crore jobs in two years, focusing especially on manufacturing and providing social security coverage to new employees.

Under Part A, first-time employees registered with EPFO and earning up to ₹1 lakh monthly salary will receive incentives equivalent to one month’s EPF wage (up to ₹15,000), paid in two installments after 6 and 12 months of service, with a portion kept in a savings account to encourage financial discipline.Part B will incentivise employers hiring additional employees with salaries up to ₹1 lakh; they will receive monthly incentives of ₹1,000–₹3,000 per additional employee for two years, with extended benefits up to four years for the manufacturing sector.The ELI Scheme benefits apply to jobs created between August 1, 2025, and July 31, 2027, and requires establishments to hire at least two additional employees (if fewer than 50 staff) or five additional employees (if 50 or more staff), retained for at least six months to qualify for incentives.

 

5. Railways Minister launches ‘RailOne’ app as one-stop platform for all passenger services: Railways Minister Ashwini Vaishnaw has launched the RailOne app, which is a one-stop solution for all passenger services. The App offers ease of access for services like ticketing, enquiries of trains, PNR, Journey Planning, Rail Madad Services and Food on Train.The passengers can also book the unreserved ticket through the RailOne app. The app not only combines all services in one place but also has several integrations between services to give the user a complete package of Indian Railway services.

 

6. 1 July – National Postal Worker Day: National Postal Worker Day is observed on 1st July every year to recognise and celebrate the dedication, hard work, and vital role of postal workers in ensuring the timely delivery of mail and essential services across the country.The day was established in 1997 by the Seattle-area postal carriers in the United States, but over the years, it has gained recognition globally as a way to appreciate postal workers’ efforts.

 

7. 1 July – Chartered Accountants Day: Chartered Accountants Day is celebrated every year on 1st July in India to commemorate the foundation of the Institute of Chartered Accountants of India (ICAI), the country’s premier accounting body.The ICAI was established on 1st July 1949 under the Chartered Accountants Act, 1949, making this day significant for the accounting profession and marking the birth of one of the largest accounting bodies in the world.

 

INTERNATIONAL UPDATES:

 

1. FM Sitharaman embarks on official visit to Spain, Portugal, Brazil for FFD4, BRICS, NDB meets: Finance Minister Nirmala Sitharaman will visit Spain, Portugal, and Brazil from 30 June to 5 July 2025 to attend key international meetings, including the 4th International Conference on Financing for Development (FFD4), the 10th Annual Meeting of the New Development Bank (NDB), and the BRICS Finance Ministers and Central Bank Governors Meeting.In Seville, Spain, Sitharaman will address the United Nations 4th FFD4, a global conference focused on innovative strategies for resource mobilisation and supporting development in emerging and developing countries. During her stop in Lisbon, Portugal, Sitharaman will hold a bilateral meeting with Portugal’s Finance Minister Fernando Medina to discuss economic cooperation and strengthen financial ties.In Rio de Janeiro, Brazil, she will represent India at the 10th Annual Meeting of the New Development Bank’s Board of Governors, the highest decision-making body of the NDB, established by BRICS nations in 2015, which now includes nine member countries.

 

1. 2 July – World UFO Day: World UFO Day is celebrated every year on July 2nd.The day aims to raise awareness about Unidentified Flying Objects (UFOs) and encourages people to think about, discuss, and share information on the topic.The date marks the anniversary of the famous Roswell incident on July 2, 1947, when reports emerged of a UFO crash near Roswell, New Mexico, USA. This event sparked worldwide interest and debates about UFOs and extraterrestrial life.

 

2. ASEAN-India Cruise Dialogue: The inaugural ASEAN-India Cruise Dialogue took place in Chennai, in 2025. This event marks step towards enhancing maritime cooperation between India and ASEAN member nations. The dialogue aims to improve cruise connectivity and promote sustainable tourism across the Indo-Pacific region. It was attended by delegates from all ASEAN nations, including Brunei, Cambodia, Indonesia, and Vietnam, among others. The event is hosted aboard the MV Empress at Chennai Port and will continue in Mamallapuram, a UNESCO World Heritage Site. The primary objective is to strengthen maritime cooperation among ASEAN nations and India. The dialogue seeks to enhance cruise connectivity and promote sustainable tourism. It aims to develop an integrated cruise network linking Indian ports with ASEAN destinations. The dialogue also focuses on regulatory alignment and the identification of cruise routes that connect cultural and commercial centres.

 

OTHER UPDATES:

DEFENCE

 

1. Air Marshal S Sivakumar assumes charge as Air Officer-in-Charge Administration: Air Marshal S Sivakumar VSM assumed the appointment of Air Officer-in-Charge Administration (AOA) at Air Headquarters, New Delhi, taking charge of key administrative responsibilities in the Indian Air Force.Commissioned into the Administration branch of the IAF in June 1990, he brings over 35 years of experience in various important command and staff roles within the service.

 

2. Quad Nations Launch First-Ever “Quad-at-Sea” Mission to Boost Indo-Pacific Maritime Security: The coast guards of India, the US, Australia, and Japan have launched the first-ever Quad-at-Sea Ship Observer Mission under the 2024 Wilmington Declaration to enhance maritime security, operational coordination, and interoperability across the Indo-Pacific region.This cross-embarkation mission marks an unprecedented step in Quad Coast Guard cooperation, deepening joint readiness and domain awareness while promoting a free, open, inclusive, and rules-based maritime order.The mission reflects the vision set at the Quad Leaders’ Summit in September 2024, demonstrating stronger operational ties among the Indian Coast Guard, Japan Coast Guard, US Coast Guard, and Australian Border Force.India’s participation aligns with its SAGAR (Security and Growth for All in the Region) doctrine and the Indo-Pacific Oceans Initiative (IPOI), reaffirming its commitment to maritime capacity-building, humanitarian outreach, and respect for international maritime laws.

 

SPORTS

 

1. Cabinet approves National Sports Policy 2025: The Union Cabinet, chaired by Prime Minister Narendra Modi, approved the National Sports Policy (NSP) 2025, a landmark initiative aimed at reshaping the country’s sporting landscape and empowering citizens through sports.The new policy supersedes the existing National Sports Policy, 2001, and lays out a visionary and strategic roadmap to establish India as a global sporting powerhouse and a strong contender for excellence at international sporting events, including the 2036 Olympic Games.The NSP 2025 is the outcome of extensive consultations involving Central Ministries, NITI Aayog, State Governments, National Sports Federations (NSFs), athletes, domain experts, and public stakeholders. The policy is anchored on six key pillars.Excellence on the Global StageSports for Economic Development Sports for Social Development Sports as a People’s Movement Integration with Education (NEP 2020) Strategic Framework

 

SCIENCE AND TECHNOLOGY

 

1. Jyotiraditya Scindia Inaugurates Ericsson’s First India-Made Antenna Facility at VVDN Innovation Park: Union Minister Jyotiraditya M. Scindia has inaugurated Ericsson’s state-of-the-art antenna manufacturing facility at VVDN’s Global Innovation Park in Manesar, marking Ericsson’s first India-made antenna facility. Developed through collaboration between Ericsson and VVDN Technologies, the facility will begin shipments of passive antennas for global markets starting July 2025, highlighting India’s role in global telecom supply chains.More than 50% of passive antenna production for the domestic market will be localized at this facility, meeting rigorous standards and strengthening India’s position as a trusted global manufacturing and innovation hub.Ericsson’s Head of Antenna Systems- Mikael Eriksson.

 

2. Japan Launches Climate Satellite on Final H-2A Rocket Flight, Paves Way for Next-Gen H3: Japan successfully launched the GOSAT-GW climate monitoring satellite aboard the H-2A rocket’s 50th and final flight; the satellite will monitor greenhouse gases like carbon and methane, providing high-resolution climate data globally within a year.The H-2A rocket, which began service in 2001 with a 98% success rate, retires after this mission and will be replaced by Japan’s new flagship H3 rocket, developed with Mitsubishi Heavy Industries to offer larger payload capacity at roughly half the launch cost, boosting global competitiveness.

 

BANKING AND FINANCE

 

1. Govt Keeps Small Savings Rates Unchanged for 6th Straight Quarter to Shield Savers Amid Falling Market Rates: Ministry of Finance has decided to keep interest rates on small savings schemes unchanged for the July–September 2025 quarter, marking the sixth consecutive quarter without any change, despite a sharp decline in market interest rates driven by RBI’s recent repo rate cuts and liquidity infusions.The central government’s decision comes even as the RBI has reduced the repo rate by 100 basis points in 2025 to 5.5%, alongside injecting liquidity to help banks transmit lower lending rates; the unchanged small savings rates aim to protect savers, especially senior citizens who rely on guaranteed returns.Small savings are crucial for government financing; as per the 2025-26 Union Budget, the government plans to mobilize ₹3.43 lakh crore through small savings to partly fund its fiscal deficit, though this is lower than the ₹4.12 lakh crore raised in the previous fiscal year.

 

2. June GST Collection Rises 6.2% YoY to ₹1.85 Lakh Crore: India’s gross GST collection for June 2025 stood at ₹85 lakh crore, reflecting a 6.2% increase compared to June last year, although it showed a decline from April’s record ₹2.37 lakh crore and May’s ₹2.01 lakh crore.Collections of Central-GST, State-GST, Integrated-GST, and cess all registered year-on-year growth in June, indicating a broad-based increase in tax compliance and economic activity.As GST completes 8 years since its rollout in July 2017, the government reported that GST collections doubled over the past five years, reaching a record ₹22.08 lakh crore in FY25 — a 9.4% rise from ₹20.18 lakh crore in FY24, marking the highest-ever annual GST revenue.