6 August 2025 Current Affairs (With PDF)

Stay updated with 6 August 2025 Current Affairs on this page! We bring you the most relevant and important news updates from around the world and India, specially curated for competitive exams and different entrance exams. Today's Current Affairs cover all significant national and international headlines, legal updates, economic news, and environmental highlights to boost your preparation. With our crisp, to-the-point coverage, you can confidently tackle current affairs questions in your exams. 

Parliamentary Panel Recommends Legal Framework for ESG Standards

Background on ESG

Environmental, Social, and Governance (ESG) criteria serve as performance benchmarks for companies to evaluate their environmental impact, social responsibility, and governance standards. While ESG is not explicitly defined under Indian law, several provisions indirectly support ESG principles.

Existing Legal Support

Companies Act, 2013: Implied ESG elements include:

• Energy conservation provisions
• POSH Act (Prevention of Sexual Harassment)
• Maternity Benefit provisions
• Corporate Social Responsibility (CSR) obligations

Key Concerns Identified

• Greenwashing (misleading environmental claims)
• Lack of standardised ESG implementation
• Challenges for MSMEs in adopting ESG frameworks

Major Recommendations by the Standing Committee on Finance

• Establish ESG Oversight Body: Under the Ministry of Corporate Affairs (MCA) to regulate disclosures, enforce compliance, and penalize violations like greenwashing.
• Amend the Companies Act, 2013: Introduce explicit ESG provisions, enabling legal clarity and stronger business alignment.
• Sector-Specific ESG Guidelines: Create tailored frameworks and support mechanisms for MSMEs, addressing scalability and affordability of ESG adoption.
• Creation of Independent ESG Committees: Mandate internal ESG monitoring committees, akin to statutory audit committees, for better accountability.
• ESG in Annual Reports: Begin documenting ESG developments in the MCA's Annual Report from FY 2025-26.

Complementary National ESG Initiatives

• BRSR (Business Responsibility and Sustainability Reporting): Mandatory for top 1000 listed companies, requiring ESG disclosures.
• BRSR Core (by SEBI): A focused tool to monitor and prevent greenwashing.
• National Guidelines on Responsible Business Conduct (NGRBCs): Issued by MCA to promote ethical and sustainable business practices.
• CSR Mandate: Under Section 135 of the Companies Act, 2013, qualifying companies must allocate 2% of their average net profit over the past three years to CSR initiatives.

NITI Aayog Launches $200 Billion EV Opportunity Report and Electric Mobility Index

NITI Aayog, in collaboration with the World Resources Institute (WRI) India, has released a significant report highlighting a $200 billion opportunity in India’s electric vehicle (EV) sector. The report also unveils the first edition of the India Electric Mobility Index (IEMI) to track state-wise progress in EV adoption and infrastructure readiness.

Key Highlights of the Report

Identified Challenges in EV Transition

• Financing Gaps: High upfront cost of electric buses and trucks, and difficulty in accessing affordable credit.
• Infrastructure Deficiency: Inadequate public charging infrastructure, coupled with low utilization of existing facilities.
• Awareness Deficit: Limited understanding of EV benefits and performance among key stakeholders.
• Regulatory and Data Limitations: Insufficient evidence-based policymaking due to data unavailability and regulatory ambiguities.

Strategic Recommendations for EV Ecosystem

1. Policy Realignment:

• Shift focus from subsidies to clear mandates and regulatory targets for zero-emission vehicle adoption.
• Discourage Internal Combustion Engine (ICE) vehicles through stricter emission norms and Corporate Average Fuel Efficiency (CAFÉ) standards.

2. Financial Innovations:

• Provide low-interest financing options for electric buses and trucks.
• Promote battery leasing and vehicle leasing models to convert capital-intensive purchases into operational expenditures.

3. Geographical Saturation Strategy:

• Prioritize complete electrification of transport systems in select urban areas, followed by a phased expansion.

4. Additional Measures:

• Strengthen EV Research & Development (R&D) capabilities.
• Identify strategic locations for charging hubs.
• Facilitate growth of private Charge Point Operators (CPOs).

About India Electric Mobility Index (IEMI)

1. Purpose:

• A performance benchmarking tool for states and Union Territories on EV adoption and readiness.

2. Developed By:

• NITI Aayog in partnership with World Resources Institute India (WRI India).

3. Structure of the Index:

The IEMI evaluates states based on 16 indicators under three key pillars, with cumulative scoring out of 100:

• Transport Electrification Progress (50%): Focuses on EV penetration across public and private transport sectors.
• Charging Infrastructure Readiness (30%): Assesses the availability, accessibility, and utilization of EV charging stations.
• EV Research & Innovation Status (20%): Measures local technological innovation, research activity, and policy ecosystem.

Parliamentary Panel Advocates Expansion of GIFT City Model to Major Metro Hubs

The Standing Committee on Finance has recommended replicating the Gujarat International Finance Tec-City (GIFT City) model by developing similar international financial services centres (IFSCs) in major Indian metropolitan cities to bolster economic growth and global competitiveness.

About GIFT City IFSC (Gandhinagar, Gujarat)

1. Foundation & Status:

• Established in 2015 as India’s first IFSC within a Special Economic Zone (SEZ).
• Declared a non-resident financial jurisdiction under the Foreign Exchange Management Act (FEMA).

2. Core Purpose:

• Facilitates provision of both offshore and onshore financial services to global and domestic institutions, primarily in foreign currencies.

3. Key Functional Advantages:

• Favorable Tax Regime: Designed to enable efficient cross-border financial activities with tax incentives.
• Global-Standard Ecosystem: Offers a blend of Indian expertise with international regulatory and technological frameworks.
• Ease of Doing Business: Provides an operational environment aligned with global practices to attract foreign investment.

4. Regulatory Framework:

• Governed by the International Financial Services Centres Authority (IFSCA), established under the IFSCA Act, 2019.
• IFSCA oversees financial products, services, and institutions within the IFSCs.

5. Global Standing:

• Recently ranked 46th in the Global Financial Centres Index and 45th in the Global FinTech rankings, reflecting rising global recognition.

Recommendations by Standing Committee

1. Establish Regional Financial Innovation Zones:

• Proposes setting up satellite IFSCs or FinTech clusters in cities like Mumbai, Bengaluru, Hyderabad, etc.
• Aims to promote regional inclusion, tap into urban talent pools, and attract diverse global investors.

2. Learning from Global Peers:

• Notes that nations like China have developed 10+ financial hubs, strengthening domestic and international capital flows.

3. Policy-Level Interventions:

• Streamlining Regulatory Approaches: Enhance transparency and ease regulatory compliance.
• Promoting Financial Literacy: Encourage public awareness and participation in financial markets.
• Boosting Digital Infrastructure: Prioritize smart infrastructure and digital-first policy frameworks.

4. Other Suggestions:

• Simplify taxation systems and lower compliance burden for investors and enterprises.
• Expand regulatory sandboxes to foster innovation and support fintech experimentation.

AGNISHODH: Defence Innovation Centre Launched at IIT Madras

The Indian Army, in collaboration with IIT Madras, has inaugurated the ‘AGNISHODH’ research centre to strengthen defence self-reliance by converting lab-level innovations into deployable military technologies.

About AGNISHODH

• Objective: Facilitate the transition of indigenous research into practical, deployable defence technologies.
• Theme: "Swadeshikaran Se Sashaktikaran" – From indigenisation to empowerment.
• Hosted at: Indian Institute of Technology (IIT) Madras.
• Focus: Aligns with India’s broader defence modernisation and technology infusion goals.

Foundation Based on Five Strategic Pillars

• Technology Absorption: Promotes internalisation of emerging innovations.
• Structural Transformation: Encourages institutional readiness and agility.
• Human Resource Development: Upskilling talent for modern warfare demands.
• Inter-Service Cohesion: Fosters synergy among the Army, Navy, and Air Force.
• Deployment-Oriented Research: Converts innovations into field-ready solutions.

Why Defence Modernisation is Crucial

• Rising Global Military Spending: Global defence expenditure reached US$2,718 billion in 2024, a 9.4% rise from 2023 (SIPRI).
• Addressing Emerging Threats: Border tensions, especially with Pakistan, highlight the need for non-kinetic warfare capabilities.
• Technological Evolution in Warfare: Domains like Cyber, Space, AI, Robotics, and Hypersonic systems require strategic adaptation.
• Global Trends: Recent global conflicts show increasing reliance on technology-driven defence systems, especially among developing nations.

Key Government Initiatives for Defence Innovation

1. Innovations for Defence Excellence (iDEX) (Launched: 2018):

• Promotes collaboration with MSMEs, startups, academic institutions, R&D bodies.
• Sub-scheme: ADITI – Acing Development of Innovative Technologies with iDEX.

2. SRIJAN Platform:

• Stands for Self-Reliant Initiatives through Joint Action.
• Facilitates:
  - Indigenisation of imported items,
  - Collaboration for manufacturing under ToT (Transfer of Technology).

3. MAKE Projects:

Three Categories:

• Government Funded,
• Industry Funded,
• Manufactured in India under ToT arrangements.

4. Policy Reforms:

• FDI in Defence liberalised:
  - Up to 74% via automatic route,
  - Beyond 74% via government approval.
• Year 2025 designated as the ‘Year of Reforms’ by the Ministry of Defence.

Supreme Court Upholds Power of Pollution Control Boards to Impose Environmental Compensation

The Supreme Court, in the case Delhi Pollution Control Committee v. Lodhi Property Co. Ltd., overturned a previous ruling by the Delhi High Court which had stated that only courts were empowered to impose environmental compensation (EC). This landmark decision reaffirms the regulatory authority of Pollution Control Boards (PCBs) under existing environmental laws.

Key Takeaways from the Supreme Court Ruling

1. Statutory Authority of PCBs:

a. PCBs can impose environmental compensation under:

• Section 33A of the Water (Prevention and Control of Pollution) Act, 1974.
• Section 31A of the Air (Prevention and Control of Pollution) Act, 1981.

b. These sections empower the boards to issue directions including the imposition of penalties for environmental violations.

2. Applicability of Polluter Pays Principle (PPP):

• The imposition of EC must be linked to actual environmental harm, not just procedural violations.
• Based on SC precedents (e.g., Indian Council for Enviro-Legal Action v. Union of India), industries causing environmental degradation must bear the cost of repair and restoration.
• The principle includes both compensatory and remedial responsibilities.

3. Discretionary Power of PCBs:

a. The boards can determine:

• Whether to impose monetary penalties.
• Whether to direct restoration measures by the polluter.
• Or apply both, depending on the extent and nature of the damage.

b. Recognition of Preventive Measures:

• The judgment highlights the role of PCBs in taking pre-emptive action (ex ante) to avert environmental damage.

Pollution Control Boards (PCBs): Structure and Functions

1. Central Pollution Control Board (CPCB):

a. Constitution & Legal Backing:

• Statutory body under the Ministry of Environment, Forest and Climate Change (MoEFCC).
• Established under the Water Act, 1974, and later empowered under the Air Act, 1981.

b. Functions:

• Formulate and implement air and water pollution control measures.
• Advise the central government on environmental policy and technical issues.
• Coordinate activities among State Pollution Control Boards.

2. State Pollution Control Boards (SPCBs):

Jurisdiction & Role:

• Constituted under the same Water and Air Acts.
• Enforce pollution control measures within respective states.
• Support CPCB in environmental monitoring and regulation.

This verdict strengthens the regulatory framework for environmental protection in India by validating the proactive role of Pollution Control Boards. It ensures that violators of environmental norms can be held accountable promptly and effectively, thereby reinforcing the Polluter Pays Principle as a foundational pillar of environmental justice.

PAN 2.0 Project: Towards a Digitally Secure and Unified Tax Identity System

The Income Tax Department has recently awarded a major technology contract to initiate the PAN 2.0 Project, aimed at overhauling and digitising the management of PAN and TAN systems in India.

About PAN 2.0 Project (2024)

Objective: To modernise and streamline the procedures involved in issuing and managing:

• PAN (Permanent Account Number)
• TAN (Tax Deduction and Collection Account Number)

Key Highlights of PAN 2.0

1. Unified Digital Platform:

• Creation of a single-window digital portal for PAN and TAN services.
• Seamless integration with other income tax systems to enhance user convenience.

2. Paperless Processing:

• Complete elimination of physical paperwork for issuance and updates.
• Enables faster turnaround time for PAN/TAN generation.

3. Strengthened Security Framework:

• Introduction of PAN Data Vault, a secure repository to safeguard sensitive financial identity information.
• Enhanced protocols for data encryption, access control, and audit trails.

Understanding PAN and TAN

1. Permanent Account Number (PAN):

• Introduced in 1972, PAN is a 10-digit alphanumeric identifier issued by the Income Tax Department.
• Links an individual’s or entity’s financial and tax-related transactions to the IT database.
• Essential for:
  - Filing income tax returns
  - High-value financial transactions
  - KYC for banking and financial services

2. Tax Deduction and Collection Account Number (TAN):

• A 10-digit alphanumeric code issued to entities responsible for deducting or collecting tax at source (TDS/TCS).
• Mandatory for:
  - Employers and companies deducting income tax
  - Entities collecting tax under TCS rules

Expected Benefits of PAN 2.0

• Improved efficiency and transparency in tax administration
• Better compliance monitoring and fraud prevention
• Enhanced user experience through digital ease of access
• Strengthening of India’s digital public infrastructure in financial governance

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