Current Affairs is the most important area in all competitive exams. But the difficulty level is very high. That’s why many aspirants get confused, how to select Current Affairs for Preparation of Competitive Examination? In this Post, Daily Current Affairs 2 July 2025, we have tried to cover each and every point and also included all important facts from National/ International news that are useful for upcoming competitive examinations such as UPSC, SSC, Railway, State Govt. etc.

Daily Current Affairs – 2 July 2025

Goods and Services Tax Day 2025

India honors Goods and Services Tax (GST) Day on July 1 every year to celebrate one of India’s most significant economic reforms. The Goods and Services Tax, effective on July 1, 2017, rolled multiple indirect taxes into one, and established a single market under one tax regime. The celebrations began in 2018 to celebrate GST’s first anniversary.

What is GST?

The Goods and Service Tax (GST) is an indirect tax based on the destination of the goods supplied and services provided. It is a comprehensive single tax that applies to the whole supply chain of goods and services, setting out input tax credit options for each level of supply.

This effectively means GST is a tax only on a value-added basis, as companies can claim credits for taxes paid on items purchased. Only the final consumer is taxed by the last seller in the supply chain. Since the GST is consumption-based, the tax is applied to the final good or service consumed in the state, and tax revenues accumulate to that state.

Top 10 States by GST Revenue (April 2025)

India’s GST collections have seen consistent growth. In April 2025, GST revenues reached an all-time high of ₹2.37 lakh crore, marking a 12.6% growth from the previous year.

Cabinet Approves Employment Linked Incentive (ELI) Scheme to create 3.5 cr jobs

In a landmark employment-centred reform, the Union Cabinet headed by Prime Minister Narendra Modi has approved the almost ₹ 1 lakh crore  Employment Linked Incentive (ELI) Scheme, which aims to create more than 3.5 crore jobs across sectors, especially in manufacturing.  The ELI Scheme aims to encourage new employment on the first-time employee level and on employers, support new job creation and better social security without the risks; to Indias young workforce.

Why in News?

The ELI Scheme was announced during the Union Budget 2024-25 and approved by the Cabinet on July 1, 2025.  The ELI Scheme will be know as package or plan part of a wider employment and skilling related package, a sum of ₹ 2 lakh crore worth of employment initiative designed to address the challenges of unemployment, formalisation of employment, and accessment of new employability for youth, mostly in a whole new post-pandemic world!  The planned job creation from this program is from August 1, 2025 to July 31, 2027.

Aim & Objectives

• Formal job creation of 3.5 crores in over 2 years.

• Encouraging every type employment, especially, manufacturing.

• Create value for first-time employees and employers.

• Create more social security registered relatives through EPFO.

• Improvement of youth in finilal literacy and savings culture.

Structure of the ELI Scheme

Part A- Incentives to First-Time Employees

• Beneficiaries: 1.92 crore new workers registered with EPFO.
• Benefit: One-month wage up to ₹15,000 in two parts:
• First part after 6 months of service.
• Second part after 12 months of service + completion of financial literacy training.
• Eligibility: Salary up to ₹1 lakh/month.
• Percentage of incentive will be locked into savings instruments and leave the balance for future who withdraw.

Part B- Assistance to Employers

• All sectors covered but with extra benefits for manufacturing.
• Incentives to employers who hire additional employees and with sustained employment of 6 months.
• Available only for employers registered with EPFO.

Minimum new hires are as follows:

• 2 employees for (<50 employee) firms
• 5 employees for (≥50 employee) firms

Employer Incentives,

• Employee’s EPF Wage Slab Employers Incentive/Month
• Up to ₹10,000 Up to ₹1,000
• ₹10,001 – ₹20,000 ₹2,000
• ₹20,001 – ₹1,00,000 ₹3,000
• Incentives for employers and extended employment period in the 3rd and 4th years for employees in manufacturing.

Payment Mechanism

• Part A: Payments via DBT through Aadhar Bridge Payment System.
• Part B: Payments made into employers PAN linked accounts.

Indian Railways Launches RailOne App

In a move that will significantly accelerate the digital transformation of the railway sector, Railway Minister Ashwini Vaishnaw launched the ‘RailOne’ mobile application on July 2, 2025. This all-in-one platform gives passengers a definitive way of accessing its services including ticket booking, PNR enquiry, journey planning, meal booking, and freight enquiries all on the same platform. This change will ensure a better digital experience for over a million users.

Why is this on your radar?

The RailOne app was launched as a reorganized passenger experience application in the 40 year Foundation Day celebration of the Centre for Railway Information Systems (CRIS). This launch moves towards a recognized need to improve accessibility and the passenger experience, and efficiency within the operational environment in the Indian Railways.

RailOne Main Features

• One Stop Passenger and Freight Service Accessibility Solution

Services available,

• Ticket booking (reserved, unreserved, platform tickets)

• Train and PNR enquiry

• Journey planning

• Rail help services

• Meal booking in Trains

• Available to download in Android Play Store and iOS App Store

User experience durability and interface

• User-friendly interface offering simplicity in goods and services.

Single Sign-on

• Directly sign-in using existing credentials from RailConnect or UTSonMobile apps

• Integrated services, and no need to log-in via separate apps.

Saves storage in device and improve search and navigation.

Additional App Features

• R-Wallet (Railway e-wallet) integration for smooth transactions.
• Biometric login and numeric mPIN for enhanced security.
• Easy and fast registration with minimal input.
• Guest login via mobile number and OTP for non-registered users making basic enquiries.

Global Unicorn Index 2025

The Hurun Research Institute has released the Hurun Global Unicorn Index 2025, which is an important report for the global startup ecosystem. In 2023, there were a record 1,523 privately held businesses that had achieved valuations over $1 billion, which are called unicorns. Together, they are worth $5.6 trillion and they are leading the way, in terms of global innovation and entrepreneurship.

Global Growth of Unicorns

Since 2019, the number of countries with unicorns has grown by 120%, now at 52 countries. Likewise, unicorns are now in 307 cities, representing a year-on-year increase of 160%, showing a diversity in geography. The startup ecosystem is spreading beyond traditional tech hubs.

Key Points:

• The United States and China together host over 72 percent of the world’s unicorns.
• India is number three, which reflects India’s increasing importance in the global technology environment.
• Europe – mainly the German market, France and the UK – has an increasing number of unicorns.
• Singapore’s position shows Southeast Asia as an important region of the innovation economy.
• Unicorns are showing up in fintech, healthcare, green energy, education and gaming industries beyond normal tech sectors.

Top 10 Countries by Number of Unicorns (2025)

RBI’s Financial Stability Report June 2025

According to the Reserve Bank of India (RBI), gross non-performing assets (GNPAs) in the banking sector have decreased to a multi-decade low of 2.3% as of March 2025, down from 2.6% as of September 2024. However, the RBI warns that GNPAs could increase to 2.6% as of March 2027, according to its biannual Financial Stability Report (FSR). The reduction in bad loans is a result of ongoing improvement in asset quality, particularly in the post-AQR banking environment.

The June 2025 Financial Stability Report from the RBI indicates a major decline in gross NPAs to multi-decade low. The warning is of a moderated rise in GNPAs over the next two years. It reflects the long-term and sustained improvement in banking sector asset quality particularly following AQR and capital infusion to banks. It has significant policy implications for both banking health, credit growth, and resilience of the financial system.

Current Status of GNPAs (as of March 2025)

• GNPA ratio of Scheduled Commercial Banks (SCBs) dated 2.3%
• Percentage as of September 2024 2.6%
• GNPAs projected as of March 2027 2.6%

Key Factors Leading to the GNPA Reduction

• Private and foreign banks have aggressively written-off loan, so GNPAs continue to decrease.
• The rate of new asset slippages remains low: slippage ratio stable at 0.7%.
• Asset quality has improved, largely in the post-2015 AQR period.
• None of the top-100 borrowers have been classified as NPAs.

Sector-Wise GNPA Insights

• Agricultural sector: Highest GNPA at 6.1%.
• Personal loans: Stable GNPA at 1.2%.