Daily Current Affairs 28th August Daily News Headlines (Daily GK Update)

State News

Onam 2025 Begins with a Grand Athachamayam Procession in Kerala

• Kerala’s Onam celebrations began with the vibrant Athachamayam procession in Tripunithura, drawing thousands of spectators under sunny skies.
• The parade featured 59 traditional art forms like theyyam, kathakali, and pulikali, alongside floats on social themes, movie character imitations, and a stunning 60-feet Athapookkalam made with 1,500 kg of flowers.
• The event highlighted religious and communal harmony, with tight security, lively performances, and enthusiastic participation from artists, students, and tourists alike.

Delhi’s GSDP Grows 5.8% Annually Over Last Decade

• Delhi’s economy has shown robust growth over the past decade, with an annual GSDP growth rate of 5.8% and a 7% increase in per capita income.
• While Delhi’s contribution to India’s GDP slightly declined from 3.94% in 2011-12 to 3.79% in 2024-25, the overall economic activity has rebounded beyond pre-pandemic levels.
• Delhi’s per capita income in 2024-25 is Rs 4,93,024, which is 2.4 times higher than the national average, reflecting strong economic performance and recovery.

International News

South Korea Bans Mobile Phones in Classrooms from March 2026

• South Korea has passed a bill to ban mobile phones and digital devices in school classrooms starting March 2026, aiming to tackle social media addiction among youth.
• With 99% internet penetration and 98% smartphone ownership, the ban reflects growing concerns about students’ mental health and focus. The law, supported across parties, exempts use for students with disabilities and educational purposes. Critics warn it may infringe on children’s rights.

India-Africa Trade Crosses USD 100 Billion in 2024–25

• India-Africa trade has surpassed USD 100 billion in 2024-25, marking significant growth from USD 56 billion in 2019-20, with India emerging as one of the top-five investors in Africa. I
• ndia has extended over USD 12 billion in concessional loans and USD 700 million in grants for African projects, along with offering 50,000 scholarships to African youth.
• The partnership theme has evolved to “Co-creating a Shared Future”, emphasizing mutual trust and collaboration.

Banking News

J&K Bank Appoints S Krishnan as New Chairman

• J&K Bank has appointed veteran banker S Krishnan as its non-executive chairman for a term until March 26, 2028, subject to RBI approval.
• Currently an independent director, Krishnan brings over 40 years of banking experience, having served as MD & CEO of Punjab & Sind Bank and Tamilnad Mercantile Bank. He is a postgraduate in Commerce and a qualified Cost Accountant.

Economy News

Personal Income Tax Collection Crosses Corporate Tax for the First Time in India

• India’s personal income tax collections have surpassed corporate tax for the first time, driven by increased formalisation, digitisation, and stronger compliance.
• The number of individual taxpayers has more than doubled, with TDS and advance tax payments rising sharply.
• The introduction of GST has further improved tax transparency.
• Despite this growth, only 6.9% of the population pays income tax, indicating room for further expansion.

India Set to Become Second-Largest Economy in PPP Terms by 2038: EY Report

• According to an EY report based on IMF projections, India is set to become the world’s second-largest economy by 2038 in purchasing power parity (PPP) terms, with a projected GDP of USD 34.2 trillion.
• India’s advantages include a young median age of 28.8 years (2025), high savings rate, and a declining government debt-to-GDP ratio (from 81.3% in 2024 to 75.8% by 2030).
• Unlike other major economies facing challenges like ageing populations and rising debt, India’s youthful demographics, structural reforms (GST, IBC, UPI), and investments in technology and infrastructure support a strong growth trajectory.

RBI Pledges Support Amid US Tariff Impact on Key Indian Sectors

• RBI Governor Sanjay Malhotra stated that the Reserve Bank of India is ready to take necessary policy measures to support economic growth, especially for sectors impacted by the new 50% US tariffs effective Wednesday.
• Speaking at the FICCI-IBA banking conclave, he assured that the RBI has maintained ample liquidity and will act decisively if growth is threatened.
• Textiles, footwear, leather, MSMEs, and gems & jewellery are expected to be hit hardest, prompting possible fiscal support from the government.

Appointments News

Justice Alok Aradhe and Justice Vipul Pancholi Elevated to Supreme Court By President

• Justice Alok Aradhe and Justice Vipul Pancholi have been appointed to the Supreme Court of India by the President, bringing the Court to its full strength of 34 judges.
• While Justice Aradhe’s elevation has been widely accepted, Justice Pancholi’s appointment has sparked dissent within the Collegium, drawing criticism over seniority, regional representation, and the transparency of the selection process.

Defense News

Defence Ministry, QCI Sign MoU to Support 63 Lakh Veterans

• The Defence Ministry has signed an MoU with the Quality Council of India (QCI) to improve pension, healthcare, resettlement, and welfare services for over 63 lakh veterans and their families.
• Under the agreement, QCI will assist the Department of Ex-Servicemen Welfare (DESW) with digital evaluations, impact assessments, and evidence-based policy recommendations.
• The initiative aims to enhance healthcare delivery, boost employment and entrepreneurship opportunities, and strengthen State and District Sainik Boards.

India Sends 700 Troops for Exercise Bright Star 2025

• India will send over 700 soldiers to participate in Exercise Bright Star 2025, a major tri-service military exercise held in Egypt from August 28 to September 10.
• The exercise involves live firing, command post exercises, and expert interactions, showcasing the capabilities of the Indian Army, Navy, and Air Force.
• This participation emphasizes India’s commitment to regional peace, military cooperation, and improving jointness and interoperability with allied nations.

Sports News

Cabinet Greenlights Bid for Hosting Commonwealth Games 2030

• The Union Cabinet has approved India’s bid submission for the 2030 Commonwealth Games, with Ahmedabad proposed as the host city.
• The plan includes signing a Host Collaboration Agreement (HCA) and providing grant-in-aid to the Gujarat Government if the bid is successful.
• Hosting the Games will bring together athletes from 72 countries, boost tourism, generate jobs, and promote sports participation.
• The Narendra Modi Stadium, which hosted the 2023 Cricket World Cup Final, strengthens India’s case as a capable host for this prestigious global event.

Schemes News

Union Cabinet Restructures PM SVANidhi Scheme, Extends Till 2030

• The Union Cabinet has approved the restructuring of the PM SVANidhi Scheme, extending the lending period to 31st March 2030 with a total outlay of ₹7,332 crore.
• Key updates include increased loan amounts (₹15,000 in the first tranche, ₹25,000 in the second), UPI-linked RuPay Credit Cards, and digital cashback incentives.
• The scheme now targets 1.15 crore beneficiaries, including 50 lakh new vendors, and expands coverage to census towns and peri-urban areas, aiming to boost financial inclusion and digital adoption among street vendors.

PM Jan Dhan Yojana: Eleven Years of Financial Inclusion and Direct Benefit Empowerment

• The Pradhan Mantri Jan Dhan Yojana (PMJDY), launched in 2014, has become the world’s largest financial inclusion programme, ensuring universal access to banking.
• In 11 years, bank account ownership surged to almost 100% of households and over 90% of adults, eliminating intermediaries and enabling direct benefit transfers (DBT).
• Over 56.2 crore accounts have been opened, with 56% held by women, and Rs 2.68 lakh crore in total deposits.
• The scheme promotes digital transactions, financial literacy, and access to insurance and investment products, supporting rural outreach via 16.2 lakh bank mitras and banking outlets in 99.9% of villages.

Science & Technology News