Daily Current Affairs- 8th July 2025

Daily Current Affairs- 8th July 2025

 Adani Power Buys 600 MW Vidarbha Unit for Rs.4,000 Crore   

In the News: On July 7, 2025, Adani Power Ltd (APL) acquired Vidarbha Industries Power Ltd (VIPL) through the insolvency resolution process for ₹4,000 crore. This acquisition adds a 600 MW coal-fired plant in Butibori, Nagpur district, to Adani Power’s portfolio, increasing its total generation capacity to 18,150 MW and supporting its growth strategy toward 30,670 MW by 2029–30.

Key Points:

• Acquisition Completion: Adani Power completed the full takeover of VIPL (2 × 300 MW) on July 7, 2025, after the Mumbai NCLT approved its resolution plan on June 18, 2025, under the Insolvency and Bankruptcy Code (IBC).
• Buyout Value: Total consideration for the transaction was ₹4,000 crore.
• Capacity Upgrade: With VIPL added, Adani Power’s operational capacity now stands at 18,150 MW, maintaining its position as India’s largest private thermal power generator.
• Strategic Growth Plans: The company aims to expand further to 30,670 MW by FY 2029–30 via a mix of brownfield and greenfield ultra‑supercritical thermal (USCTPP) projects across several states.
• Shift in Plant Role: The VIPL plant at Butibori, Nagpur, which initially aimed to supply local industries as a captive project, later operated as an independent power producer (IPP) supplying to Mumbai before falling into insolvency. ⁠

 Haryana to Build Asia’s Biggest Jungle Safari 

In the News: On July 6, 2025, the Haryana government announced plans to develop Asia’s largest jungle safari park in the Aravalli Hills, across Gurugram and Nuh districts, covering approximately 10,000 acres. The project, supported by both state and central ministries, aims to boost eco‑tourism, wildlife conservation, and regional employment.

Key Points:

• Project Launch: Haryana Chief Minister Nayab Singh Saini, alongside Union and state forest ministers, revealed the initiative on July 6, 2025, describing it as Asia’s biggest jungle safari.
• Scale & Location: The safari will span about 10,000 acres across the Aravalli range in Gurugram and Nuh, making it five times larger than Sharjah's current largest curated safari (≈2,000 acres) .
• Features & Zones: Planned attractions include four big‑cat zones, herbivore areas, exotic animal sections, aviaries, a herpetarium, an underwater world/oceanarium, diverse botanical gardens, nature trails, and themed biomes (equatorial, tropical, desert, etc.).
• Eco‑Friendly Focus: The project emphasizes sustainable tourism, modern infrastructure, biodiversity preservation, and eco-friendly development practices.
• Economic & Social Benefits: It’s expected to generate local employment in hospitality, guiding, home‑stay sectors, and aid in ecological restoration of the Aravalli region.
• Expert Consultation: Officials visited Vantara wildlife facility in Jamnagar, Gujarat to study best practices before initiating construction.
• Environmental Concerns: Some conservationists have raised issues about altering the fragile Aravalli ecosystems; legal objections are reportedly under review. 

2nd Edition of the NER District SDG Index

In the News: On July 7, 2025, NITI Aayog—alongside the Ministry of Development of North Eastern Region (MoDoNER) and with UNDP support—launched the 2nd edition of the North Eastern Region (NER) District SDG Index for 2023–24. This builds upon the first edition released in August 2021 and evaluates district-level progress toward the SDGs across social, economic, and environmental dimensions for 121 districts in the Northeast.

Key Points:

• Launch & Partnership: The report was officially released by NITI Aayog Vice‑Chairman Suman Bery, CEO B.V.R. Subrahmanyam, MoDoNER Secretary Chanchal Kumar, and UNDP Representative Dr. Angela Lusigi on July 7, 2025. It’s a collaborative effort by NITI Aayog, MoDoNER, and UNDP.
• Coverage & Methodology: Covers 121 districts across eight states—Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, Tripura, and Sikkim—using NITI Aayog’s SDG India Index methodology across multiple indicators.
• Performance Improvement: The proportion of districts categorized as ‘Front Runners’ (scores 65–99) rose from 62% in the first edition (2021) to 85% in 2023–24.
• Top & Bottom Districts: Hnahthial (Mizoram) topped the index with a composite score of 81.43. Longding (Arunachal Pradesh) recorded the lowest score at 58.71.
• State Highlights:All districts in Mizoram, Sikkim, and Tripura achieved ‘Front Runner’ status, with none in the ‘Aspirant’ or ‘Achiever’ categories. Nagaland had three districts featured in the top 10.  Sikkim showed the most consistent district-level performance (narrowest score range of 5.5 points); Tripura followed closely. S
• Sectoral Gains: Notable improvements in Good Health & Well-Being across 93 districts. Assam showed marked progress in Zero Hunger, Quality Education, Clean Water & Sanitation, and Decent Work & Economic Growth indicators.
• Policy Utility: The index acts as a steering tool for evidence-based planning, identifying gaps, and allocating resources effectively. It supports SDG localisation and aligns with national goals such as Viksit Bharat @2047. 

⁠UAE Introduces Nomination-Based Golden Visa For Indians

In the News: On July 7, 2025, the United Arab Emirates announced a new nomination-based Golden Visa specifically for Indian nationals. This pilot initiative allows eligible Indians to obtain lifetime UAE residency for a one-time fee of AED 100,000 (about ₹23.3 lakh), without needing property or business investments.

Key Points:

• New Pilot Scheme: India (along with Bangladesh) is part of the first phase of this nomination-based Golden Visa, reflecting deepening India–UAE ties, including under CEPA.
• Lifetime Residency Fee: Applicants must pay a one-time AED 100,000 (≈₹23.3 lakh) fee to receive lifetime residency.
• Nomination & Eligibility: Applicants require nomination from approved UAE agencies—like Rayad Group with VFS and One Vasco—and must clear extensive background checks, including criminal, anti-money laundering, and even social media review.
• Who Qualifies: Eligible candidates include professionals (teachers, nurses, tech specialists), researchers, creators (e.g., YouTubers), and outstanding students—all showcasing contributions to key UAE sectors.
• Shift from Investment-Based Model: This marks a departure from the conventional investor model (AED 2 million property stakes), signaling a shift toward talent acquisition over capital investment .
• Process & Access: Applications can be processed remotely from India via authorised channels—no need to visit the UAE in person.
• Projected Demand: More than 5,000 Indian applicants are expected within the first three months,underscoringstronginterest.

⁠RBI Financial Stability Report, June 2025

In the News:  On June 30, 2025, the Reserve Bank of India released its semi-annual Financial Stability Report (FSR), presenting the collective evaluation of the Financial Stability and Development Council (FSDC) Sub‑Committee. The report assesses the resilience and risks facing India's financial system amid both global and domestic headwinds .

Key Points:

• Global and Domestic Risks: Elevated global economic and trade policy uncertainties, volatile bond markets, and geopolitical tensions pose potential risks, with high public debt and elevated asset valuations acting as amplifiers.
• Bank Asset Quality: Gross NPAs for scheduled commercial banks stood at a multi-decade low of around 2.3% as of March 2025. Under baseline stress scenarios, they could marginally rise to 2.5% by March 2027; in extreme conditions, they may climb to 5.3–5.6%.
• Capital Buffers & Stress Tests: SCBs maintain strong capital adequacy (~17–18%), above regulatory thresholds. Macro-stress tests confirm banks, mutual funds, and clearing corporations could withstand severe scenarios.
• NBFC & Insurance Stability: NBFCs show healthy capital buffers (>22%), strong earnings, and improving asset quality. The insurance sector also remains solvent with solvency margins above regulatory levels .
• Liquidity Conditions: Thanks to accommodative policy and prior rate cuts, banking liquidity remains comfortable; liquidity coverage ratios are well above 100%, even under stress .
• Growth & Inflation Outlook: India’s GDP is projected to grow at ~6.5% in FY 2025–26, driven by robust domestic demand. Retail inflation has softened, with CPI at ~2.8–2.9% in May, and the RBI revised FY 2025–26 inflation forecast down to ~3.7%.
• Market Valuation Risks: The FSR warns of overvaluation in mid- and small-cap equities, where earnings growth lags market pricing; a correction may follow absent stronger earnings . 

VRRR Auction to Absorb Excess Liquidity    

In the News: On July 4, 2025, the Reserve Bank of India conducted a 7-day Variable Rate Reverse Repo (VRRR) auction of ₹1 lakh crore to absorb surplus liquidity from the banking system, which had surged to ₹3.75 lakh crore. The operation is part of RBI’s liquidity management under the Liquidity Adjustment Facility (LAF) framework .

Key Points:

• Auction Details: The RBI opened the VRRR auction on July 4, accepting ₹1 lakh crore at a weighted average rate of ~5.44%, with funds being returned on July 11.
• High Surplus Liquidity: Prior to the auction, system liquidity hit ₹3.75 lakh crore—its highest level since July 2022 .
• Strong Participation: Bids totaled ₹1.70 lakh crore, well above the notified amount, indicating robust demand to park surplus funds securely .
• Monetary Impact: The operation raises the cost of overnight liquidity, pushing the Treasury Repo (TREPS) and call rates closer to the LAF floor (5.25%) and ceiling (5.75%)
• Strategic Rationale: RBI aims to manage elevated liquidity—notably from government spending and past policy measures—and ensure effective transmission of its policy rate following a 50 bps repo rate cut. 

Operational License for Indigenous 700 MWe PHWRs    

In the News: On July 3, 2025, the Atomic Energy Regulatory Board (AERB) granted a five-year operational license to the Nuclear Power Corporation of India Limited (NPCIL) for KAPS‑3 and KAPS‑4, the country’s first indigenously developed 700 MWe Pressurised Heavy Water Reactors (PHWRs), located at the Kakrapar Atomic Power Station in Gujarat .

Key Points:

• Licensing Completion: AERB concluded extensive design and commissioning safety reviews and formally handed over the license on July 3, 2025 .
• Commissioning Background: KAPS‑3 reached full-power operation in August 2023, followed by KAPS‑4 in August 2024 .
• Rigorous Safety Process: The license followed 15 years of multi-tiered safety reviews, covering lifecycle stages from siting and design to commissioning .
• Strategic Fleet Expansion: This milestone supports NPCIL’s plan to build 10 more 700 MWe PHWRs in a fleet mode .
• India's Nuclear Landscape: Prior to these units, India operated 15 PHWRs of 220 MWe and 2 of 540 MWe, plus a 700 MWe unit at Rawatbhata, Rajasthan .
• Technical Advancement: The 700 MWe PHWR design was an upgrade from the earlier 540 MWe variant, reflecting enhanced domestic capability . 

  ⁠India Opposes Amendments to Plant Treaty over Sovereignty Concerns 

In the News: During an Ad Hoc Working Group meeting in Lima (preparing for the November 2025 Governing Body session), India strongly opposed proposed amendments to the International Treaty on Plant Genetic Resources for Food and Agriculture (Plant Treaty). The amendments could expand the Multilateral System (MLS) from Annex I’s 64 crops to cover all plant genetic resources, raising serious concerns about seed sovereignty and national authority .

Key Points:

• Proposed Amendment: Expand Annex I to include all Plant Genetic Resources for Food and Agriculture (PGRFA), making India legally bound to share germplasm under a global Standard Material Transfer Agreement (SMTA), overriding national rules.
• Sovereignty Threat: The move threatens India’s sovereign rights over seeds and may sideline State Biodiversity Boards, despite agriculture being a state subject—Kerala and other state heads have objected.
• Farmers’ Rights at Risk: Civil society groups like Bharath Beej Swaraj Manch and Rashtriya Kisan Mahasangh warn the amendments could erode farmers’ rights to save, use, exchange, and sell traditional seeds .
• Digital Biopiracy Alarm: Experts caution that expanding MLS without benefit-sharing for Digital Sequence Information (DSI) could open the door to “digital biopiracy,” allowing companies to exploit India’s genetic data without compensating farmers or biodiversity frameworks.
• Strong Indian Representation: India’s delegation in Peru is co-chaired by Sunil Archak (ICAR–NBPGR), signaling Delhi’s commitment to defending national and farmers’ interests .
• Call for Domestic Consultations: Stakeholders urge that any amendment move must involve nationwide consultation with farmers and state governments—without it, decisions are considered unilateral and undemocratic .