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Author Archives: NEXT IAS Current Affairs Team

India’s 2025 Economic Reforms

Context

  • Economic reforms in 2025 reflect a maturing phase of India’s governance, where the emphasis shifted decisively from “expanding regulatory frameworks” to “delivering measurable outcomes”.

    • Income Tax Reforms

  • The Union Budget 2025-26 exempted the annual incomes up to ₹12 lakh from income tax under the new regime, with the effective exemption rising to ₹12.75 lakh for salaried taxpayers on account of the standard deduction.
  • The Government announced a comprehensive overhaul of the Income-tax Act, 1961, resulting in the New Income Tax Act, 2025. 
  • The Act strengthens digital-first enforcement, faceless tax administration, consolidates compliance provisions such as Tax Deducted at Source (TDS) under a single section etc.

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    A Multipolar World with Bipolar Characteristics

    Published on: 31th December, 2025

    The world is no longer led by a single superpower but is increasingly shaped by a renewed bipolar dynamic between the United States and China, even as it moves toward greater multipolarity, underscoring the need for deeper multilateralism.

    भारत के 2025 के आर्थिक सुधार

    संदर्भ

  • 2025 में आर्थिक सुधार भारत की शासन व्यवस्था के परिपक्व चरण को दर्शाते हैं, जहाँ प्राथमिकता “नियामक ढाँचे का विस्तार” से हटकर “मापने योग्य परिणाम देने” पर दृढ़ता से स्थानांतरित हुई।

    •  आयकर सुधार

  • सरकार ने आयकर अधिनियम, 1961 का व्यापक पुनर्गठन कर नया आयकर अधिनियम, 2025 लागू किया।
  • यह अधिनियम डिजिटल-प्रथम प्रवर्तन, फेसलेस कर प्रशासन को सुदृढ़ करता है, अनुपालन प्रावधानों जैसे स्रोत पर कर कटौती (TDS) को एक ही धारा में समेकित करता है आदि।

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    News In Short 30-12-2025

    Context

  • The Sabarimala Ayyappa temple will reopen on 30 December for the Makaravilakku festival, marking the second phase of the annual pilgrimage season.

    • About Makaravilakku Festival

  • Makara Vilakku is one of Kerala’s most sacred festivals, celebrated annually at the Sabarimala Ayyappa Temple.
  • It is observed on the first day of Makara Masam in the Malayalam calendar, coinciding with Makara Sankranti. 
  • On this divine day, devotees gather to witness two powerful events:

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    Countries Raise Concern About ‘Fake Rabies Vaccine’ in India

    Context

  • Recently countries like the UK, US, and Australia have issued an advisory about the counterfeit batch of Abhayrab, a rabies vaccine manufactured by government-owned Indian Immunologicals Limited (IIL). 

    • About Abhayrab Counterfeit Controversy

  • Abhayrab is a cell‑culture rabies vaccine manufactured by Indian Immunologicals Limited (IIL), in use since 2000 in India and over 40 countries.
  • It reportedly holds around 40% of India’s human rabies vaccine market and is widely used in government programmes, private hospitals, and for travellers.
  • Indian Immunologicals Limited (IIL) stated that in January 2025, it detected one counterfeit batch with altered packaging.

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    Banking Fraud Amount Jumps 30% in April–September 2025

    Context

  • The RBI’s Trend and Progress of Banking in India 2024–25 shows that even as the incidence of banking frauds has declined, the value of losses has increased significantly, pointing to deep-seated structural and supervisory weaknesses in the banking system.

    • Key Findings from the RBI Report

  • Nature of Frauds: During 2024-25, Card and internet frauds accounted for 66.8% of total cases, highlighting persistent vulnerabilities in digital banking. In terms of amount, the share of advances-related frauds was 33.1 percent.
  • Bank-wise Distribution: In 2024-25, private banks accounted for 59.3 percent of the total number of frauds reported, while PSBs accounted for 70.7 percent of the amount involved.

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    India Poised to Become $26 Trillion Economy By 2047–48

    In News

  • India is projected to become a $26 trillion economy by 2047–48, with per capita income exceeding $15,000, maintaining an average growth rate of ~6% per annum according to a report by Ernst & Young (EY).

    • Current Status

  • Growth Momentum :  India’s real GDP grew 8.2% in Q2 FY 2025-26, up from 7.8% in the previous quarter and 7.4% in Q4 of 2024-25, led by resilient domestic demand amidst global trade and policy uncertainties.
  • Real gross value added (GVA) expanded by 8.1%, catalysed by buoyant industrial and services sectors.
  • India’s services exports have grown by 14 per cent over the past two decades and stood at $254.5 billion in 2021–22.

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    The US Push to Redefine the WTO

    Context

  • The US recently articulated its vision for reforming the World Trade Organization (WTO). 

    • Major Highlights of the US Suggested Reforms

  • Decision-Making (Plurilateralism): The US argues consensus among 166 members is unrealistic for new trade rules.
  • It supports plurilateral agreements among willing members as the future of WTO rule-making.
  • Plurilateral describes agreements, or initiatives involving a limited group of countries that share specific interests, often focusing on particular sectors or issues, offering a flexible way to advance cooperation.

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    Water Guardians: A Local Fight Against Desertification

    Context

  • A group of local farmers and volunteers, called water guardians, are attempting grassroots water restoration in the semi-arid Homokhátság region in Hungary.

    • The ‘Water Guardians’ Initiative

  • Parts of Central Europe, particularly Hungary’s Great Hungarian Plain (Homokhátság), are witnessing rapid desertification, driven by climate change, falling groundwater levels, and unsustainable land and water management.
  • The initiative aims to retain and redistribute water locally, rather than allowing it to drain away unused.

    • Read More

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