🇮🇳National

• FCRA 2.0 and e-OCI Card Launched: The Union Home Ministry has launched the digital FCRA 2.0 portal to streamline the monitoring of foreign contributions. Alongside it, the e-OCI card system was introduced to provide digital services to nearly 50 lakh Overseas Citizen of India cardholders, removing the requirement to re-issue booklets after the age of 20.
• Top Leadership Transitions in Indian Armed Forces: Significant command changes took effect on 1 July 2026. General Dhiraj Seth officially assumed charge as the Chief of the Army Staff. Concurrently, Air Marshal Ashutosh Dixit took over as the Vice Chief of the Air Staff, and Air Marshal Tejinder Singh assumed charge as the Chief of Integrated Defence Staff (CISC).
• Corporate Mitra Scheme: The Government of India signed a Memorandum of Understanding (MoU) with IIT Madras to roll out the 'Corporate Mitra' initiative. This scheme will train professional institutions to assist MSMEs in fulfilling complex corporate compliances affordably, particularly in Tier-II and Tier-III towns.

🌍International

• India-US Bilateral Trade Talks: Strategic high-level discussions continue between India and the United States regarding a bilateral trade agreement aimed at optimizing tariff lines, fostering technological exchanges, and expanding economic cooperation in critical sectors.
• Diplomatic Delegation to Iran: Governor of Bihar, Syed Ata Hasnain, and Minister of State for External Affairs, Pabitra Margherita, represented the Government of India at the state funeral ceremonies in Iran, reinforcing bilateral and diplomatic ties in the West Asian region.

💰Economy

• Nine Years of GST: On 1 July 2026, the Goods and Services Tax (GST) completed nine years since its implementation under the 101st Constitutional Amendment. Registered taxpayers have climbed to 1.65 crore as of mid-2026, while gross revenue expanded significantly to ₹22.27 lakh crore in the 2025–26 fiscal year.
• India Semiconductor Mission 2.0: The Expenditure Finance Committee under the Finance Ministry is set to clear a budget allocation of ₹1.25 lakh crore for the India Semiconductor Mission 2.0 (ISM 2.0) to advance global chip-making investments in the country.
• Adani Vizhinjam Port Stake Acquisition: The global transport and logistics giant, MSC Group, announced the strategic acquisition of a 49% stake in Adani Vizhinjam Port Private Limited (AVPPL), India’s landmark container transshipment hub in Kerala.

🗓️Date’s importance

• National Doctors' Day & Chartered Accountants' Day (1 July): Widely observed across India to honour the contributions of medical professionals (commemorating Dr. Bidhan Chandra Roy) and financial architects.
• World UFO Day (2 July): Celebrated globally to raise awareness about Unidentified Flying Objects and to gather together to watch the skies for unidentified objects.

👱\u200d♂️👩\u200d🦳Person of the day

• Ravi Agrawal: The Government of India has reappointed the 1988-batch IRS officer as the Chairman of the Central Board of Direct Taxes (CBDT) for an extended period of six months, stretching from 1 July to 31 December 2026.

🏅Sports

• F1 Austrian Grand Prix: George Russell secured a phenomenal victory at the Austrian Formula One Grand Prix driving for Mercedes, capitalising on late-race incidents at the Red Bull Ring.
• Ben Stokes Retires: Legendary England cricket captain and all-rounder Ben Stokes officially announced his complete retirement from international cricket, concluding an illustrious career.

🏆Awards

• Param Vishisht Seva Medal (PVSM) Acknowledgements: Newly appointed top defence administrators, including Air Marshal Tejinder Singh and Air Marshal Ashutosh Dixit, were officially highlighted for their distinguished services through their previously conferred PVSM accolades during their formal assumption of higher commands.

⭐️Other important significance

• NITI Aayog's Tourism Report: NITI Aayog released a critical report aimed at boosting the "Viksit Bharat 2047" vision, recommending a single-window licensing hub for hospitality, relaxing Floor Area Ratio rules, and introducing comprehensive Visa-on-Arrival changes.
• 10 Years of PMKSY: The Pradhan Mantri Krishi Sinchayee Yojana (PMKSY) successfully achieved over a decade of expanding sustainable irrigation, driving the core targets of 'Har Khet Ko Pani' and 'Per Drop More Crop'.

📚Word of the day

• Fiscal (Adjective): Relating to government revenues, especially taxes, public debt, and financial management.
  • Usage: The newly introduced economic policy focuses heavily on correcting the structural fiscal imbalance between the Union and state boundaries.