Current Affairs One - Liner : 5th June 2025

National:

• On June 2, 2025, the Ministry of Heavy Industries (MIH) released guidelines for the SPMEPCI scheme, promoting domestic EV passenger car manufacturing. The scheme offers 15% import duty concessions on premium EVs, requiring a ₹4,150 crore investment within three years. Companies must achieve 25% localisation in three years and 50% within five years, assessed under the PLI Auto Scheme.

• On June 3, 2025, Union Minister Dr. Mansukh Mandaviya inaugurated Urban Adda 2025 at the India Habitat Centre, New Delhi. The event focused on climate resilience, mobility, clean air, waste management, and inclusive transport.
• On June 4, 2025, NITI Aayog held the Second National Consultative Meeting on Ease of Doing R&D at CSIR-IIP, Dehradun. The event focused on reducing bureaucratic hurdles, improving funding efficiency, and strengthening industry-academia collaboration. Chaired by Dr. V.K. Saraswat, the discussions emphasized decentralized decision-making and accountability for research productivity.

International:

• On June 3, 2025, India was elected President of the International Institute of Administrative Sciences (IIAS) for the 2025–2028 term. India’s V. Srinivas won with 61.7% of votes, defeating Austria, marking a historic first in IIAS’s 100-year history. The presidency will focus on next-gen administrative reforms, digital empowerment, and bridging the North-South divide.
• On June 2, 2025, Nicaragua became the 101st WTO member to accept the Agreement on Fisheries Subsidies. The treaty bans subsidies contributing to illegal fishing, overfishing, and harmful marine practices. Nicaragua’s acceptance brings the WTO just 10 members away from the threshold for the agreement’s formal enactment.
• On June 1, 2025, Bangladesh Bank launched new currency notes of Taka 1,000, Taka 50, and Taka 20, excluding Sheikh Mujibur Rahman’s portrait. The new designs feature temples, cultural landmarks, and national artwork, reflecting a shift in representation.
• In 2024, Germany surpassed Japan as the world’s largest creditor nation, ending Japan’s 34-year reign. Germany’s net external assets reached ¥569.7 trillion ($3.98 trillion), while Japan’s stood at ¥533.05 trillion ($3.73 trillion). The shift was driven by Germany’s strong trade surplus, while Japan faced declining investment returns. China ranked third, with net external assets totaling ¥516.3 trillion ($3.3 trillion).

Banking:

• On June 1, 2025, the RBI imposed fines totaling ₹54.78 crore on 353 financial entities for regulatory violations. The penalties targeted cooperative banks, NBFCs, housing finance firms, public and private banks, and foreign banks. Major violations included cybersecurity lapses, KYC breaches, fraud classification errors, and exposure norm violations.
• On June 2, 2025, Indian Bank launched new NRE Savings Accounts and premium debit cards for Non-Resident Indians (NRIs). The new debit cards—IND D’Elite, IND Premium, and IND Plus—offer airport lounge access, accident cover, and loyalty rewards.
• On June 2, 2025, the Reserve Bank of India (RBI) reported that India’s bank deposit growth slowed to 10.6% in FY25, down from 13% in FY24. Term deposits made up 59.5% of total deposits, with 72.7% offering interest rates of 7% or above. Savings deposits declined to 29.1% in March 2025, compared to 30.8% in March 2024. Metropolitan areas recorded 11.7% growth, while rural areas saw 10.1% growth.

Economy:

• The OECD’s latest report, released on June 3, 2025, forecasts India’s GDP growth slowing to 6.3% in FY26, down from 6.5% in FY25. Private consumption remains strong, but higher U.S. tariffs on Indian exports may impact trade, affecting textiles and pharmaceuticals.
• Nomura forecasts India’s GDP growth to decline to 6.2% in FY26, down from 6.5% in FY25. The slowdown is linked to weak GST collections, auto sales, and bank credit growth. Despite this, Nomura raised its Nifty target for March 2026 to 26,140, citing strong domestic macro trends.

MoUs:

• On June 1, 2025, IndiGo signed an MoU with Delta Air Lines, Air France-KLM, and Virgin Atlantic in New Delhi to strengthen India-Europe-North America air connectivity. The agreement allows IndiGo passengers to book seamless intercontinental travel via select partner airline routes. IndiGo plans to launch flights to 10 overseas cities by March 2026, including Manchester, Amsterdam, London, and Copenhagen.

Science & Technology:

• On June 1, 2025, scientists from ZSI discovered a new frog species, Amolops Shillong, in Shillong, Meghalaya. It thrives in fast-flowing streams within urban forest patches, showcasing Shillong’s rich urban biodiversity. Researchers confirmed its unique identity through DNA analysis, distinguishing it from other Amolops species.

Sports:

• Singapore Open 2025 (Badminton) took place from May 27 to June 1, 2025, at the Singapore Indoor Stadium. Chen Yufei (China) won the Women’s Singles title, defeating Wang Zhiyi in straight games (21-11, 21-11). Kunlavut Vitidsarn (Thailand) claimed the Men’s Singles title, beating Lu Guangzu (China) 21-6, 21-10.

Govt. Schemes:

• On June 2, 2025, Himachal CM Sukhvinder Singh Sukhu launched the Rajiv Gandhi Van Samvardhan Yojana and the Green Adoption Scheme in Hamirpur. Van Samvardhan Yojana aims to plant fruit-bearing trees in degraded forests, creating jobs for Mahila Mandals and self-help groups. Green Adoption Scheme encourages corporate houses and NGOs to adopt barren forest land for afforestation.

Important Days:

• The International Day of Innocent Children Victims of Aggression is observed on June 4, 2025, to highlight the impact of violence, war, and abuse on children. The UN established the day in 1982, reaffirming its commitment to protect children’s rights under the Convention on the Rights of the Child (CRC).
• The International Level Crossing Awareness Day (ILCAD) 2025 was observed on June 5, 2025, to promote railway crossing safety. Organized by the International Union of Railways (UIC), the campaign's theme was "Helping People Make Good Decisions", with the slogan "Safe Decisions – Every Time".
  

Appointments:

• On June 4, 2025, Ashwani Lohani was appointed Director of the Prime Ministers Museum and Library (PMML), New Delhi, for a three-year tenure. A 1980-batch IRSME officer, Lohani has previously led Air India, the Railway Board, and Madhya Pradesh Tourism Development Corporation.
• On June 3, 2025, Lee Jae-myung was elected President of South Korea, securing 49.4% of the vote against Kim Moon-soo. The election followed the impeachment of former President Yoon Suk Yeol, leading to a historic 79.4% voter turnout.
• On June 2, 2025, the Appointments Committee of the Cabinet (ACC) extended Swarup Kumar Saha’s tenure as MD & CEO of Punjab & Sind Bank (PSB) until February 28, 2027. The extension follows PSB’s strong financial performance, including a 125% rise in Q4 FY25 net profit to ₹313 crore.
• On June 2, 2025, Deutsche Bank appointed Stefan Schaffer as CEO of Deutsche India and Global CIO for Corporate Functions. Previously, he was Head of Shared Applications and Services, leading tech initiatives. Schaffer will also oversee Global Technology Centres, strengthening Deutsche Bank’s global operations.

Questions:

Q.1 Which country became the 101st member to accept the WTO Agreement on Fisheries Subsidies in June 2025?
a) Maldives
b) Ecuador
c) Nicaragua
d) Sri Lanka

Answer: c) Nicaragua accepted the WTO Agreement on Fisheries Subsidies, bringing the total to 101 members, just 10 short of the threshold for enactment.

Q.2 Which nation became the world’s largest creditor in 2024, surpassing Japan?
a) Germany
b) China
c) United States
d) Switzerland

Answer: a) Germany surpassed Japan as the largest creditor nation, with net external assets of $3.98 trillion due to strong trade surpluses.