26th August Daily Current Affairs

National News

GeM Achieves ₹15 Lakh Crore Procurement Milestone

• The Government e Marketplace (GeM) has surpassed a ₹15 Lakh Crore cumulative GMV milestone since its inception in 2016, showcasing its transformation into a transparent, efficient, and inclusive digital platform for public procurement.
• GeM has empowered Micro and Small Enterprises (MSEs), startups, women-led businesses, SC/ST enterprises, and Self-Help Groups (SHGs) by reducing entry barriers, encouraging digital adoption, and fostering entrepreneurship.
• This aligns with the vision of Digital India and Viksit Bharat, reaffirming GeM’s role in building a digitally empowered and accountable procurement ecosystem.

• India has released its first national guidelines for veterinary blood transfusion services, addressing a long-standing gap in animal healthcare.
• The guidelines, issued by the Department of Animal Husbandry and Dairying, set a scientific framework for animal blood donation, storage, and transfusion, ensuring donor screening, blood typing, and biosafety compliance.
• Key provisions include state-regulated blood banks, a Donor Rights Charter, and a National Veterinary Blood Bank Network with digital tracking and emergency helpline.

State News

• Prime Minister Narendra Modi launched and dedicated development projects worth over ₹5,400 crore in Gujarat, covering railways, roads, power, housing, and urban infrastructure.
• Key railway projects include doubling and gauge conversion of important rail lines to improve connectivity and freight movement.
• Modi flagged off new passenger and freight train services to boost local access and industrial logistics.
• Road projects like six-lane underpasses and overbridges aim to reduce congestion and support trade.
• Power initiatives under UGVCL focus on modernizing electricity distribution to enhance reliability.
• He also inaugurated a PMAY (Urban) slum rehabilitation project, laid the foundation for urban infrastructure upgrades, and launched governance reforms with new citizen service and data management facilities.

International News

India–Fiji Sign Strategic Agreements During Visit 2025

Fitch Retains India’s ‘BBB-’ Rating with Stable Outlook

• Fitch Ratings has affirmed India’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘BBB-’ with a stable outlook, citing the country’s robust economic growth and strong external finances.
• Projected GDP growth remains strong at 6.5% for 2025-26, well above peers, supported by solid domestic demand, public capex, and steady private consumption.
• While US tariff risks pose moderate downside concerns, Fitch expects limited direct impact on GDP but notes potential effects on business sentiment.

India’s Crude Oil Imports Hit 18-Month Low in July

• India’s crude oil imports fell by 8.7% in July to 18.56 million tons, marking an 18-month low since February 2024, amid a 4.3% drop in fuel demand and U.S. tariff threats over India’s purchase of Russian oil.
• Year-on-year, crude imports declined by 4.3% and product imports by 12.8%, while India plans to engage the U.S. with an open mind on trade ties despite ongoing discounted Russian oil buys by state refiners.

India’s Coal Imports Rise Slightly in Q1 FY26

• India’s coal imports rose marginally by 1.5% to 76.40 million tonnes in the April-June quarter of 2025 compared to last year, despite government efforts to boost domestic production.
• June imports increased to 23.91 million tonnes, while state-owned Coal India Limited’s (CIL) production dropped 8.5% due to monsoon-related challenges.
• The government assures adequate coal supply for the monsoon season, emphasizing sustainable growth and reduced import dependence.

India to See $9.5 Trillion in Financial Inflows by 2035: Goldman Sachs

• Goldman Sachs projects India’s household savings will generate $9.5 trillion inflows into financial assets over the next decade, driven by a shift from physical assets like real estate and gold to long-term savings products, equities, and bank deposits.
• This rise in financial savings (around 13% of GDP) will support corporate investments, long-duration bond markets, and expand retail participation in capital markets, marking a significant deepening of India’s financialization trend.

Agreements News

India, WFP Join Hands to Combat Global Hunger

• India and the World Food Programme (WFP) signed a Letter of Intent (LoI) to combat global hunger, with India offering to supply fortified rice to vulnerable populations in crisis zones.
• The partnership highlights India’s role as an agricultural surplus nation and reflects its commitment to Vasudhaiva Kutumbakam (the world is one family).
• The collaboration follows discussions held in Rome (Feb 2025) and will ensure a dependable food supply for humanitarian aid.

Appointments News

SC Collegium Recommends Aradhe, Pancholi for Elevation In Top Court

• The Supreme Court Collegium, led by CJI BR Gavai, has recommended the elevation of Justice Alok Aradhe (Chief Justice of Bombay High Court) and Justice Vipul Manubhai Pancholi (Chief Justice of Patna High Court) to the Supreme Court.
• With these appointments, the top court will regain its full sanctioned strength of 34 judges.
• Justice Pancholi, originally from the Gujarat High Court, is also in line to become Chief Justice of India in 2031, while Justice Aradhe began his career in the Madhya Pradesh High Court and has held key positions in J&K and Karnataka before Bombay.

Rajiv Ranjan Appointed VP, Chief Risk Officer at NDB

• Rajiv Ranjan, a veteran central banker with over 35 years of experience at the Reserve Bank of India, including roles as Executive Director and Monetary Policy Committee (MPC) member, has been appointed Vice-President and Chief Risk Officer of the New Development Bank (NDB) for a five-year term starting August 2025.
• He holds advanced degrees in economics and has held key positions in monetary policy, economic research, and international banking.

Defense News

Indian Navy to Commission Udaygiri and Himgiri

• The Indian Navy will commission two advanced Project 17A stealth frigates, Udaygiri and Himgiri, on 26 August 2025 at Visakhapatnam, presided over by Raksha Mantri Rajnath Singh.
• These frigates, built by Mazagon Dock Shipbuilders Ltd. (MDL) and Garden Reach Shipbuilders & Engineers (GRSE), feature significant improvements in design, stealth, weapons, and sensors, with around 75% indigenous content, supporting the Aatmanirbhar Bharat vision.
• Notably, Udaygiri is the 100th ship designed by the Navy’s Warship Design Bureau.

Sports News

Khelo India Water Sports Festival 2025 Concludes Here Are Winners

• The Khelo India Water Sports Festival 2025, held at Dal Lake, Srinagar, marked a historic national-level competition in kayaking, rowing, and canoeing, boosting India’s aspirations for the Los Angeles Olympics 2028.
• Top performers from Madhya Pradesh, Odisha, and Kerala showcased exceptional talent, supported by the Sports Authority of India and government schemes like TOPS.
• With 24 Olympic event gold medals contested, this festival is seen as a crucial step towards India’s global success in water sports, inspiring athletes and coaches alike to aim for international glory.

• The Mumbai Cricket Association (MCA) honoured cricket legend Sunil Gavaskar with a life-size statue at Wankhede Stadium, and inaugurated the MCA Sharad Pawar Cricket Museum, named after the former MCA and BCCI president.
• Gavaskar, overwhelmed by the tribute, recalled emotional moments from his cricketing journey and shared anecdotes, including his superstitious use of his Dadar Union cap during India’s 1981 Melbourne Test win.
• The museum showcases cricketing memorabilia from Bapu Nadkarni’s blazer to Rohit Sharma’s World Cup jersey, and features local elements like a BEST and Train section, reflecting Mumbai’s cricketing roots.

Summits & Conferences News

Lok Sabha Speaker to Lead India at 68th CPC in Barbados

• Lok Sabha Speaker Om Birla will lead the Indian delegation to the 68th Commonwealth Parliamentary Conference (CPC) in Barbados from October 5-12, 2025.
• The delegation, including Rajya Sabha Deputy Chairman Harivansh and other parliamentary leaders, will engage in discussions on themes like democratic institutions, technology in governance, climate change, financial transparency, and multilateralism.
• Birla will address the General Assembly on “The Commonwealth: A Global Partner,” while Indian delegates participate in workshops and a youth roundtable focused on empowering young people against challenges like cyber-bullying and gang violence.