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July 24, 2026 • 10 Key Topics

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01
Economy

Income Tax Department Observes 166th Income Tax Day (Aaykar Diwas)

On July 24, 2026, the CBDT and Income Tax Department observed the 166th Income Tax Day across India, marking the introduction of income tax by Sir James Wilson in 1860.

  • The Central Board of Direct Taxes (CBDT) and Income Tax Department observed the 166th Income Tax Day (Aaykar Diwas) on July 24, 2026.
  • Income tax was first introduced in India on July 24, 1860, by Sir James Wilson to cover losses sustained during the Freedom Struggle of 1857.
  • The Income Tax Department officially began celebrating July 24 as 'Aaykar Diwas' in 2010 to mark 150 years of direct taxation in India.
  • CBDT operates as a statutory authority under the Central Boards of Revenue Act, 1963, under the Department of Revenue, Ministry of Finance.

Exam Context: GS-3 (Economy/Taxation). CBDT is a statutory authority under Central Boards of Revenue Act, 1963. Sir James Wilson introduced the first income tax in 1860. Aaykar Diwas started in 2010 (150th year).

02
Polity

Defence Acquisition Council Approves AoN for ₹45,000 Crore Defense Projects

The Rajnath Singh-led Defence Acquisition Council (DAC) accorded Acceptance of Necessity (AoN) for capital procurement proposals worth ₹45,000 Crore, with over 90% allocated under 'Make in India'.

  • DAC, chaired by Defence Minister Rajnath Singh, approved Acceptance of Necessity (AoN) for proposals worth ₹45,000 Crore.
  • Procurement includes Next-Generation Corvettes (NGCs) for the Indian Navy, electronic warfare suites, and modernized armored vehicle systems for the Army.
  • Over 90% of the total approved value will be sourced from domestic defense manufacturers under the Buy (IDDM) category.
  • DAC is the highest decision-making body in the Ministry of Defence for capital procurements, established in 2001.

Exam Context: GS-3 (Defense & Security). DAC established in 2001 based on Group of Ministers recommendations. Buy (IDDM) = Indigenously Designed, Developed, and Manufactured (highest priority in DAP 2020).

03
Economy

RBI Issues Enhanced Security Framework for Digital Lending Apps

The Reserve Bank of India (RBI) issued an updated regulatory framework requiring all banks and NBFCs to publish a public directory of authorized Digital Lending Apps (DLAs).

  • RBI issued an updated security and regulatory framework to curb illegal digital lending apps and protect consumer data.
  • Regulated Entities (REs)—banks and NBFCs—must publish an updated public registry of all authorized DLAs acting on their behalf.
  • DLAs must undergo mandatory third-party cybersecurity and algorithmic transparency audits to prevent predatory practices.
  • Digital lending in India is regulated under the RBI Act, 1934 and Banking Regulation Act, 1949.

Exam Context: GS-3 (Economy/Banking & Cyber Security). RBI Act 1934, Banking Regulation Act 1949. Digital Lending Guidelines framed following the RBI Working Group report.

04
Economy

Gujarat, Karnataka & Tamil Nadu Lead NITI Aayog's Clean Energy Transition Report

NITI Aayog released its State Clean Energy Transition Progress Report, with Gujarat, Karnataka, and Tamil Nadu leading in renewable energy integration and clean transport.

  • NITI Aayog published its evaluation report tracking Indian states' progress in renewable energy integration and clean transport transition.
  • Gujarat, Karnataka, and Tamil Nadu emerged as top performers due to grid modernization and high solar-wind installation rates.
  • Report highlighted the urgent need for Battery Energy Storage Systems (BESS) and EV charging infrastructure.
  • Supports India's target of achieving 500 GW of non-fossil energy capacity by 2030.

Exam Context: GS-3 (Environment & Energy). India's Panchamrit targets: 500 GW non-fossil capacity by 2030, 50% energy from renewables. NITI Aayog established Jan 1, 2015 (replaced Planning Commission).

05
International

India and ASEAN Fast-Track Review of Trade in Goods Agreement (AITIGA)

India and 10-member ASEAN met in New Delhi to review the 2009 ASEAN-India Trade in Goods Agreement (AITIGA) to address trade asymmetry and simplify customs rules.

  • Senior trade officials from India and ASEAN met in New Delhi to review the AITIGA agreement.
  • India urged making the 2009 agreement more balanced and transparent for Indian exporters in agriculture, chemicals, and manufacturing.
  • Both sides agreed to streamline rules of origin and eliminate non-tariff barriers to boost bilateral trade.
  • ASEAN was founded in 1967 (Bangkok Declaration) with 10 member states in Southeast Asia.

Exam Context: GS-2 (International Relations). ASEAN established 1967 via Bangkok Declaration. 10 members: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam. AITIGA signed 2009.

06
Polity

Parliament Reviews Enforcement of Public Examinations Act, 2024

Ministry of Personnel provided a status update in Parliament on the Public Examinations Act 2024, outlining security protocols and penalties up to 10 years prison and ₹1 Cr fine.

  • Ministry of Personnel updated Parliament on the operationalization of the Public Examinations (Prevention of Unfair Means) Act, 2024.
  • National Technical Committees have institutionalized security protocols in CBT centers against screen-sharing and paper leaks.
  • Act prescribes 3 to 5 years imprisonment (up to 10 years for organized syndicates) and fines up to ₹1 Crore.
  • Applies to exams by central bodies including UPSC, SSC, RRBs, IBPS, and NTA.

Exam Context: GS-2 (Governance/Polity). Public Examinations (Prevention of Unfair Means) Act, 2024 enacted to curb paper leaks in central competitive exams (UPSC, SSC, RRB, NTA, IBPS).

07
Economy

ISRO & NASA Complete Final Environmental Tests for NISAR Satellite

ISRO and NASA successfully completed thermal vacuum and electromagnetic tests for the joint NISAR satellite mission, set to map Earth's land and ice surfaces every 12 days.

  • ISRO and NASA completed pre-launch thermal vacuum and electromagnetic compatibility tests for NISAR.
  • NISAR is the first satellite mission to feature dual-frequency Synthetic Aperture Radar (L-band by NASA, S-band by ISRO).
  • Will map Earth's land and ice surfaces every 12 days to monitor glacier movements, land subsidence, and natural hazards.
  • Scheduled for launch aboard ISRO's GSLV Mk II rocket from Satish Dhawan Space Centre, Sriharikota.

Exam Context: GS-3 (Science & Tech/Space). NISAR = NASA-ISRO Synthetic Aperture Radar. Dual frequency: L-band (NASA) and S-band (ISRO). Launch vehicle: GSLV Mk II.

08
Economy

PM Surya Ghar: Muft Bijli Yojana Crosses 25 Lakh Rooftop Solar Benchmark

The MNRE announced that PM Surya Ghar: Muft Bijli Yojana has surpassed 25 lakh rooftop solar installations, providing up to 300 units of free monthly electricity.

  • Ministry of New and Renewable Energy (MNRE) announced PM Surya Ghar: Muft Bijli Yojana crossed 25 lakh rooftop solar installations.
  • Launched by PM Modi in February 2024 with a total outlay of ₹75,021 Crore.
  • Aims to provide up to 300 units of free electricity per month to 1 Crore households.
  • Offers Central Financial Assistance (CFA) subsidizing up to 60% of system cost for 2 kW solar units.

Exam Context: GS-3 (Government Schemes/Energy). PM Surya Ghar launched Feb 2024 (Outlay ₹75,021 Cr). Target: 1 Crore households, 300 free units/month. Administered by MNRE.

09
Economy

ADB Retains India's FY27 GDP Growth Forecast at 7.0%

The Asian Development Bank (ADB) maintained India's GDP growth forecast at 7.0% for FY27, citing resilient domestic consumption and robust government infrastructure spending.

  • ADB retained India's GDP growth projection at 7.0% for FY27 in its Asian Development Outlook update.
  • Growth is driven by private consumption recovery in rural areas and steady urban employment.
  • Public capital expenditure in railways, highways, and renewable grids remains a key catalyst.
  • ADB is a regional development bank established in 1966, headquartered in Manila, Philippines.

Exam Context: GS-3 (Economy/Global Institutions). ADB established 1966, HQ in Manila (Philippines). Largest shareholders: Japan and United States. Current India growth forecast: 7.0%.

10
Sports

Indian Shooters Earn Top Podium Finishes at ISSF World Cup Stage

Indian shooters delivered an impressive performance at the ISSF World Cup stage, bagging gold and silver medals in 10m Air Rifle and 25m Rapid Fire Pistol events.

  • Indian shooting contingent finished among top three nations at the ISSF World Cup stage.
  • Secured gold and silver medals in 10m Air Rifle and 25m Rapid Fire Pistol events.
  • International Shooting Sport Federation (ISSF) is the governing body for Olympic shooting sports, headquartered in Munich, Germany.

Exam Context: Sports GK. ISSF HQ: Munich, Germany (established 1907). 10m Air Rifle & 25m Rapid Fire Pistol are Olympic shooting disciplines.

Prelims Quick-Revision Facts

Income Tax Day
Economy

166th Income Tax Day celebrated on July 24; income tax was first introduced in India in 1860 by Sir James Wilson.

DAC Defense Approval
Polity

Defence Acquisition Council approved ₹45,000 Cr proposals, over 90% under Make in India Buy (IDDM).

RBI Digital Lending
Economy

Banks/NBFCs must publish public registries of authorized Digital Lending Apps (DLAs) and conduct cybersecurity audits.

NITI Clean Energy
Economy

Gujarat, Karnataka, and Tamil Nadu lead state transition readiness in NITI Aayog's clean energy report.

India-ASEAN AITIGA
International

India and ASEAN fast-track review of 2009 Trade in Goods Agreement to resolve trade imbalance.

Public Exams Act 2024
Polity

Prescribes 3-10 years prison and up to ₹1 Cr fine for organized paper leaks in UPSC, SSC, RRB, NTA exams.

NISAR Satellite
Economy

Joint NASA-ISRO dual-frequency (L & S band) radar mapping Earth's surfaces every 12 days.

PM Surya Ghar Scheme
Economy

Crossed 25 lakh rooftop solar benchmark; provides 300 units free power/month to 1 Cr homes.

Test Yourself on Today's Affairs

Attempt 9 MCQs based on the July 24, 2026 edition.

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