Daily Current Affairs- 2nd July 2026

Daily Current Affairs- 2nd July 2026

MECON Achieves Miniratna Category-I Status: A Major Boost for India’s Public Sector

In the News: The Ministry of Steel granted Miniratna Category-I status to MECON Limited on 1 July 2026. MECON is a Schedule ‘A’ Central Public Sector Enterprise under the Ministry of Steel. The recognition came after the company fulfilled the financial criteria prescribed by the Department of Public Enterprises, including continuous profits and positive net worth.

Key Points:

• Status Granted: MECON Limited has been granted Miniratna Category-I status by the Ministry of Steel. The status gives greater financial and operational autonomy to the company’s Board. It allows MECON to take faster decisions on investments, modernisation and business expansion.
• Financial Performance: MECON reported continuous profits during the last three financial years. Its Profit Before Tax stood at ₹77.62 crore in FY 2023-24, ₹32.08 crore in FY 2024-25 and ₹104.53 crore in FY 2025-26. The company also reported a positive net worth of ₹535.42 crore as on 31 March 2026.
• About MECON: MECON Limited was established in 1959 and is headquartered in Ranchi, Jharkhand. It is a major engineering, consultancy, project management and contracting organisation. It has played an important role in India’s steel sector and has also diversified into mining, infrastructure, power, oil and gas.
• Meaning of Miniratna Category-I: Miniratna status is granted to profit-making Central Public Sector Enterprises that meet prescribed performance criteria. Category-I companies receive greater autonomy than ordinary CPSEs in areas such as capital expenditure and project decisions. This helps strong public sector companies function with more flexibility.

What is MANAS?

In the News: MANAS, or Madak Padarth Nishedh Asoochna Kendra, is the National Narcotics Helpline of India. It was launched on 18 July 2024 under the Narcotics Control Bureau, Ministry of Home Affairs, in collaboration with the Digital India Corporation. In July 2026, it was highlighted again as a digital platform supporting drug reporting, counselling and rehabilitation services.

Key Points:

• Full Form and Nodal Agency: MANAS stands for Madak Padarth Nishedh Asoochna Kendra. It functions under the Narcotics Control Bureau, which works under the Ministry of Home Affairs. The platform was developed with support from the Digital India Corporation.
• Purpose of the Platform: MANAS allows citizens to report drug trafficking, peddling, illegal cultivation and other narcotics-related activities. It is designed as a secure and confidential reporting system. It also helps people affected by substance abuse access counselling and rehabilitation support.
• Access Channels: The platform can be accessed through the national helpline number 1933, the MANAS portal, email and the UMANG app. It provides round-the-clock access from anywhere in India. Counselling-related calls can also be transferred to the Ministry of Social Justice and Empowerment helpline 14446.
• Digital Governance Features: MANAS uses digital ticket generation and workflow management to improve coordination. Reports can be logged, registered, tracked and sent to the concerned agencies. The system connects citizens with NCB Zonal Units and Anti-Narcotics Task Forces across States and Union Territories.
• Public Outreach: The platform supports the wider goal of a Nasha Mukt Bharat. It encourages citizen participation in reporting drug-related activities and seeking professional help. Awareness activities through MyGov and digital campaigns are also used to involve youth and the general public.

UN Sustainable Development Report 2026

In the News: The Sustainable Development Report 2026 was released by the UN Sustainable Development Solutions Network. The report assesses countries’ progress towards achieving the 17 Sustainable Development Goals. The 2026 edition noted that global SDG progress remains significantly off track, with only 16 per cent of targets projected to be achieved by the deadline.

Key Points:

• About the Report: The Sustainable Development Report has tracked SDG progress since 2016. It includes the SDG Index and Dashboards, which rank UN Member States on their progress towards the SDGs. The report complements official SDG indicators and voluntary national reviews.
• Global Ranking: Finland topped the 2026 SDG Index with a score of 87.40. Sweden ranked second and Denmark ranked third. The overall score is interpreted as a percentage of progress towards achieving all 17 SDGs.
• India’s Performance: India achieved its highest-ever position in the SDG Index 2026. It ranked 94th out of 169 countries with an SDG Index score of 68.3. India improved from its previous position and was noted among major economies showing strong rank gains since 2015.
• Major Findings: The report found that SDG progress remains slow globally. It highlighted rising geopolitical tensions, global instability and the need to accelerate implementation before 2030. The 2026 edition also included new surveys on government SDG efforts and public views on SDG challenges.

Project UNICORN: India and Japan's 1st-Ever Joint Defence Co-development Project

In the News: India and Japan advanced their first defence co-development project linked to the UNICORN mast system for Indian Navy ships. The project gained renewed attention during Japanese Prime Minister Sanae Takaichi’s visit to India in July 2026. The cooperation builds on the Memorandum of Implementation signed in Tokyo on 15 November 2024.

Key Points:

• Full Form and Purpose: UNICORN stands for Unified Complex Radio Antenna. It is an integrated mast system with communication equipment for naval platforms. The system helps improve the stealth characteristics of warships by reducing radar visibility.
• India-Japan Agreement: A Memorandum of Implementation was signed between India and Japan at the Embassy of India in Tokyo on 15 November 2024. The agreement provides for co-development of UNICORN masts for fitment on Indian Navy ships. It is regarded as the first case of co-development and co-production of defence equipment between the two countries.
• Role of BEL and Japan: The Indian Navy is pursuing the induction of the advanced system. Bharat Electronics Limited will co-develop the system in India with Japanese collaboration. Japan will contribute advanced design expertise, while India will focus on integration and co-production.
• Technology Features: The UNICORN system integrates multiple antennas into a single mast structure. This reduces the number of exposed antennas and lowers the radar signature of naval platforms. It supports better communication management and improves the stealth profile of ships.

RBI’s New Integrated Ombudsman Scheme Comes into Effect from 1 July

In the News: The Reserve Bank of India’s Reserve Bank Integrated Ombudsman Scheme, 2026 came into effect on 1 July 2026. It replaces the earlier 2021 scheme and provides a single grievance redressal mechanism for customers of covered RBI-regulated entities. The scheme is cost-free, faster in structure, and based on a non-adversarial complaint resolution process.

Key Points:

• Scheme Objective: RB-IOS 2026 aims to resolve customer complaints involving deficiency in service by regulated entities. It follows the “One Nation One Ombudsman” approach, meaning customers do not need to approach a specific Ombudsman office.
• Covered Entities: The scheme covers banks, eligible NBFCs, non-bank Prepaid Payment Instrument issuers, and Credit Information Companies. Certain NBFC categories such as Housing Finance Companies, Core Investment Companies, IDF-NBFCs and Primary Dealers are excluded.
• Complaint Process: A customer must first complain to the concerned regulated entity. If no reply is received within 30 days, or the reply is unsatisfactory, the complaint can be filed with the RBI Ombudsman within 90 days from the relevant date.
• Filing Channels: Complaints can be filed through the RBI Complaint Management System portal, by email to crpc@rbi.org.in, or by sending the complaint form to the Centralised Receipt and Processing Centre in Chandigarh. The complaint status can also be tracked online using the complaint number.
• Compensation and Appeal: There is no limit on the amount involved in a dispute brought before the Ombudsman. Compensation can go up to ₹30 lakh for consequential loss and up to ₹3 lakh for time loss, expenses, harassment or mental anguish. Appeals against an Award may be filed within 30 days.

What is GAGAN? India’s Indigenous GPS Augmentation System Explained

In the News: GAGAN was highlighted in July 2026 as India’s indigenous satellite-based navigation system for safer aviation. The system gained attention after DGCA successfully conducted India’s first satellite-based landing system approach on a commercial jet aircraft using GAGAN in June 2026. It is jointly developed by ISRO and the Airports Authority of India.

Key Points:

• Full Form and Nature: GAGAN stands for GPS Aided GEO Augmented Navigation. It is a Satellite-Based Augmentation System that improves GPS signals by giving real-time correction and integrity information for navigation.
• Developing Agencies: The system has been developed jointly by the Indian Space Research Organisation and the Airports Authority of India. Its main use is civil aviation navigation, especially safe aircraft movement and landing across Indian airspace.
• System Architecture: GAGAN works through 15 Indian Reference Stations, 2 Indian Master Control Centres, 3 Indian Land Uplink Stations, 4 communication networks, and 3 geostationary satellites carrying GAGAN payloads. GSAT-8, GSAT-10 and GSAT-15 are associated with GAGAN payloads.
• GAGAN and NavIC: GAGAN is different from NavIC. NavIC is India’s independent regional navigation satellite system, while GAGAN improves GPS accuracy for aircraft navigation and landing.
• Wider Applications: Though developed mainly for aviation, GAGAN also supports maritime navigation, road transport, railways, disaster management, telecommunications, surveying and mapping. It is also recognised as the first SBAS certified for the equatorial region.

What is the India, Malaysia and Singapore Submarine Cable Project?

In the News: A new submarine cable system named India-Southeast Asia or I-2SEA was announced in July 2026 to connect India, Malaysia and Singapore. The consortium includes Lightstorm, Microsoft, Singtel and Tata Communications, with NEC Corporation as the system supplier. It is expected to strengthen data connectivity between India and Southeast Asia.

Key Points:

• Project Name and Route: The project is called I-2SEA, short for India-Southeast Asia submarine cable system. It will connect India with Malaysia and Singapore through a high-capacity undersea fibre-optic cable.
• Length and Landing Points: The cable system will extend for about 3,600 km. It will connect India’s growing data centre locations such as Hyderabad and Chennai with Singapore and Kuala Lumpur, with Indian landings including Machilipatnam and South Chennai.
• Consortium and Supplier: The project is being built by a consortium comprising Lightstorm, Microsoft, Singtel and Tata Communications. NEC Corporation has signed the supply contract for the submarine fibre-optic cable system.
• Operational Timeline: The system is scheduled to begin operations in 2029, with several reports identifying Q4 2029 as the targeted service-readiness period. This timeline is important because submarine cable projects require route planning, marine surveys, manufacturing and seabed installation.

What is Skyroot’s Vikram-1 Mission?

In the News: Skyroot Aerospace announced the launch window for Vikram-1 from 12 July to 4 August 2026. The mission is named Mission Aagaman and is planned from the Satish Dhawan Space Centre, Sriharikota. It is set to become India’s first privately built orbital rocket mission.

Key Points:

• Developer and Mission Name: Vikram-1 has been developed by Hyderabad-based Skyroot Aerospace. The first test flight has been named Mission Aagaman, marking the company’s move from suborbital demonstration to an orbital launch attempt.
• Launch Vehicle Features: Vikram-1 is a seven-storey, multi-stage launch vehicle. It uses a carbon-composite structure and is designed to carry payloads of up to 350 kg to low Earth orbit.
• Launch Site: The mission will lift off from the Satish Dhawan Space Centre at Sriharikota, India’s main spaceport. The rocket was reported to be stacked and ready at the launch site, with the final launch date depending on weather, safety conditions and range clearance.
• Mission Objective: The main objective is to collect in-flight performance data from propulsion, guidance and stage separation systems. The flight will help validate design parameters for future Vikram launch vehicles.
• Earlier Milestone: Skyroot earlier launched Vikram-S in November 2022, which was a suborbital mission. Vikram-1 is more significant because it is intended to place payloads into orbit, making it a major step for India’s private space industry.

Sunil Bharti Mittal Honoured with 2026 USISPF Leadership Award

In the News: Sunil Bharti Mittal, Founder and Chairman of Bharti Enterprises, was honoured with the 2026 Leadership Award by the US-India Strategic Partnership Forum. The award was presented at the IX USISPF Leadership Summit in Washington, DC. He was recognised for transforming India’s telecom sector and strengthening economic ties between India and North America.

Key Points:

• Awarding Organisation: USISPF stands for the US-India Strategic Partnership Forum. It works to deepen commercial, strategic and policy engagement between India and the United States.
• Reason for Honour: Mittal was recognised for his role in building Bharti Enterprises and transforming India’s telecommunications landscape. His contribution to India-US and India-North America economic engagement was also highlighted.
• Other Awardees: The 2026 Leadership Awards were also presented to Christopher T. Calio, Chairman and CEO of RTX, and V. Prem Watsa, Chairman and CEO of Fairfax Financial Holdings. The awards recognised business leadership connected with the India-US economic corridor.
• Summit Context: The award was given during the IX USISPF Leadership Summit, held in Washington, DC. The summit focused on strengthening the US-India strategic partnership, including trade, technology, defence and investment cooperation.
• About Sunil Bharti Mittal: Sunil Bharti Mittal is the Founder and Chairman of Bharti Enterprises, the group behind Bharti Airtel. His work is closely associated with India’s telecom expansion, mobile connectivity growth and the emergence of Indian companies in global communication markets.