Why did the World Bank lower India's GDP growth forecast for FY26?

The World Bank lowered its GDP growth forecast for FY26 to 6.3% due to a combination of global economic weakness and domestic policy uncertainty. External challenges, like the slowing global economy and an uncertain investment climate, are expected to offset positive domestic measures.

Daily Current Affairs 24th April 2025, Important News Headlines (Daily GK Update) |

National News

India’s 5-Point Action Plan Against Pakistan After Pahalgam Terror Attack

In response to the Pahalgam terror attack that killed 26 people, including a foreign national, the Indian government has implemented a 5-point action plan targeting Pakistan.
Key measures include the suspension of the Indus Waters Treaty, closure of the Attari-Wagah border, cancellation of the SAARC Visa Exemption Scheme for Pakistani nationals, expulsion of Pakistani military advisors, and a reduction in diplomatic staff at the Indian High Commission in Islamabad.
These steps aim to isolate Pakistan diplomatically and curb cross-border terrorism. The attack, executed by Pakistani nationals, is under investigation, with a massive manhunt launched for the perpetrators.

International News

Klaus Schwab Resigns as Chairman of World Economic Forum After Five Decades

Klaus Schwab, the 87-year-old founder of the World Economic Forum (WEF), has resigned as Chairman after leading the institution since 1971.
Known as the face of the Davos Summit, Schwab’s departure on April 21, 2025, marks the end of an era as WEF faces criticism of elitism, internal workplace issues, and a broader globalisation backlash.
Peter Brabeck-Letmathe has taken over as interim Chair. Despite controversies, Schwab’s legacy includes early warnings (as in his 1996 op-ed) about the rise of populism and the destabilizing effects of unchecked global trends.

UNESCO Names 16 New Global Geoparks

On April 17, 2025, UNESCO added 16 new Global Geoparks, bringing the total to 229 across 50 countries, covering 855,000 km².
These geoparks span Asia, Europe, Africa, and Latin America, showcasing exceptional geological heritage—from volcanic formations and fossil sites to glacial landscapes.
Notable new entries include Mt Paektu (North Korea), Kanbula (China), Arran (UK), and Tungurahua Volcano (Ecuador).
While India has no UNESCO Global Geoparks yet, these sites support conservation, education, and sustainable development, under the Global Geoparks Network (GGN) launched in 2015 by UNESCO. (Click here to read article)

Banking News

PNB Celebrates 131st Foundation Day with Launch of 34 New Initiatives

On its 131st Foundation Day (April 12, 2025), Punjab National Bank (PNB) launched 34 new products and services to enhance financial inclusion, digital banking, and cybersecurity awareness.
Key highlights include 12 deposit schemes for diverse groups like women, farmers, NRIs, and pensioners, and 10 digital tools such as the AI-powered assistant “Pihu” and QR-based feedback system.
The “Cyber Run” Half Marathon promoted safe digital practices under the theme “Empowering a Secure Digital India.” Founded in 1895 in Lahore, PNB’s first account holder was Lala Lajpat Rai, and it declared its first 4% dividend within 7 months.

Economy News

IMF Cuts India’s Growth Forecast to 6.2% in FY26 Amid Tariff Uncertainty

The IMF has revised India’s FY26 GDP growth forecast down to 6.2% (from 6.5%) and FY27 to 6.3%, citing US-imposed 26% tariffs and trade tensions as key factors.
Despite the downgrade, India remains the fastest-growing major economy, outperforming China (4%) and the US (1.8%).
The global growth forecast for 2025 was also lowered to 2.8% (from 3.3%), with tariffs contributing to rising inflation and slowing economies worldwide.
Strong domestic consumption, especially in rural India, is expected to cushion India against global headwinds.

Life Insurance Premium Mobilisation Rises by 5.13% in FY25

The Indian life insurance industry recorded a 5.13% growth in new business premium for FY25, collecting ₹3,97,336 crore, up from ₹3,77,960 crore in FY24.
The individual new business premium rose sharply by 11.17% to ₹1,66,590.81 crore, driven by increased first-time policyholder participation.
LIC led the sector with ₹2,26,669 crore in total new business premium and a record ₹62,404 crore in individual premium, capturing a 57.05% market share.

Why World Bank slashed India’s growth forecast to 6.3% for FY26?

The World Bank has revised India’s GDP growth forecast for FY26 down to 6.3%, a reduction of 0.4 percentage points from its previous estimate of 6.7%. This follows the IMF’s similar move, lowering its forecast for FY26 to 6.2%.
The revisions are due to global economic weakness and domestic policy uncertainty, despite supportive measures like monetary easing and regulatory streamlining.
The RBI also adjusted its growth projection to 6.5% for FY26, with quarterly growth expected to taper throughout the year.

Appointments News

Jitendra Mishra Elected President of CIFEJ

Jitendra Mishra, Festival Director of the Smile International Film Festival for Children and Youth (SIFFCY), has been unanimously elected as the President of CIFEJ (International Centre of Films for Children and Young People) for the 2025–2027 term.
CIFEJ, supported by UNESCO and headquartered in Athens, focuses on promoting educational and culturally diverse films for young audiences globally.
Under Mishra’s leadership, the organization aims to empower youth through cinema, highlight cultural diversity, and foster social impact.
His vision includes expanding CIFEJ’s global presence and using films as tools for learning and social change.

Books & Authors News

MeitY Launches ‘I Am Circular’ Coffee Table Book

The Ministry of Electronics and IT (MeitY), in collaboration with the International Council for Circular Economy (ICCE), launched the ‘I Am Circular’ Coffee Table Book on 23 April 2025, showcasing 30 groundbreaking Indian innovations in the circular economy.
Curated around core themes—Design to Last, Work with Nature, and Use Existing Resources—the book highlights innovations like e-waste recycling, IoT-enabled circular systems, and biodegradable packaging.
The initiative promotes sustainable innovation, supports policy and startup ecosystems, and aligns with India’s green development goals, as emphasized by Shri Abhishek Singh, Additional Secretary, MeitY.

Ranks & Reports News

IISc Tops Times Higher Education Asia Rankings 2025

The Times Higher Education (THE) Asia University Rankings 2025 revealed that the Indian Institute of Science (IISc) remains the highest-ranked Indian university at 38th place, despite a drop from 32nd last year.
Other notable Indian institutions include Anna University (111th), IIT Indore (131st), and Mahatma Gandhi University (140th). The rankings highlight China’s dominance, with Tsinghua University and Peking University securing the top two spots.
Indian universities, including Shoolini University, Saveetha Institute, and Jamia Millia Islamia, feature prominently but saw slight declines in their rankings. Singapore, Japan, and Hong Kong also maintain strong positions in the top 10.
The rankings introduced new entrants from Uzbekistan, Bahrain, Mongolia, and Syria.

Schemes News

Pink E-Rickshaw Initiative: Empowering Women through Green Mobility

The Pink E-Rickshaw Initiative, launched by Maharashtra Deputy CM Ajit Pawar, empowers women (aged 20–50)—especially widows, divorcees, and low-income groups—by providing 10,000 electric rickshaws across 8 districts, following a successful pilot in Pune.
With ₹1 lakh in subsidies (₹25,000 Central + ₹75,000 State), 10% down payment, and 70% low-interest bank loans, the scheme ensures affordable ownership.
Supported by Kinetic Green, it offers free driving training, license assistance, and a 5-year warranty with AMC.
The rickshaws, equipped with GPS and advanced safety features, also integrate with platforms like Ola and Uber, promoting green mobility and women’s self-reliance.

Sports News

India Shines at 2025 ISSF World Cup Lima with 7 Medals, Finishes Third Overall

India delivered a stellar performance at the 2025 ISSF World Cup in Lima, Peru (April 13–22), clinching 7 medals—2 Gold, 4 Silver, and 1 Bronze—to finish third in the overall medal tally behind China and the USA.
Standout shooters like Suruchi Singh (Women’s 10m Air Pistol, Mixed Team with Saurabh Chaudhary) and Manu Bhaker helped secure spots for the ISSF World Cup Final 2025 in Doha.
With over 400 shooters from 43 nations, India’s 42-member squad was one of the largest and most successful at the event.

South Asian (SAAF) Senior Athletics Championships 2025 Postponed Again

The South Asian Senior Athletics Championships 2025, set for May 3–5 in Ranchi, has been postponed again due to visa clearance issues for Pakistani athletes, including Olympic javelin champion Arshad Nadeem.
Originally scheduled for October 2024, the event is now tentatively moved to mid-June 2025, pending resolution.
Hosted at the Birsa Munda Athletics Stadium, top athletes from India, Pakistan, Sri Lanka, and other South Asian nations were expected, including sprinter Yupun Abeykoon and 400m medallist Aruna Darshana of Sri Lanka.

Science & Technology News

India’s First Quantum Computing Village in Amaravati

India is set to establish its first Quantum Computing Village in Amaravati, Andhra Pradesh, led by the Real-Time Governance Society (RTGS) with key collaborators IBM, TCS, and L&T.
Spanning 50 acres, the facility will feature the IBM Quantum System Two, a cutting-edge quantum computer, housed in an iconic building designed by L&T and conceptualized by IBM.
The initiative aims to build a global hub for quantum research, foster academic-industry collaboration, and support AI and HPC systems, positioning India at the forefront of next-gen computational technologies.

Don Pettit Oldest Serving US Astronaut Returns to Earth on His 70th Birthday

Don Pettit, the oldest serving U.S. astronaut, returned to Earth on April 21, 2025, marking his 70th birthday. His spacecraft, Soyuz MS-26, landed in Kazakhstan after completing a 220-day mission aboard the International Space Station (ISS).
Pettit, a chemical engineer, has now logged 590 days in space over four missions, reinforcing his legacy as one of NASA’s most seasoned astronauts. This milestone adds to his impressive space career, with 3,520 orbits around Earth.
Known for engaging the public with microgravity experiments, Pettit’s dedication to space exploration continues to inspire.

Important Days News

National Panchayati Raj Day 2025 and PM Modi’s Bihar Visit

On 24 April 2025, National Panchayati Raj Day was celebrated to honor grassroots democracy, marking the enforcement of the 73rd Constitutional Amendment Act, 1993.
Declared in 2010 by PM Manmohan Singh, the day emphasizes local self-governance and rural development. Prime Minister Narendra Modi visited Madhubani, Bihar, launching projects worth over ₹13,480 crore, including an LPG plant in Gopalganj, power infrastructure, and rail connectivity like the Amrit Bharat Express and Namo Bharat Rapid Rail.
Key schemes highlighted were PMAY-G, PMAY-U, and DAY-NRLM, alongside Panchayat awards and a push for digital governance through initiatives like e-Panchayat and SVAMITVA.

World Book and Copyright Day 2025, observed on April 23, celebrates literature, authors, and the protection of intellectual property. Established by UNESCO in 1995, the day honors literary legends like Shakespeare and Cervantes, and promotes reading, literacy, and cultural diversity.
The 2025 theme, “The Role of Literature in Achieving the Sustainable Development Goals (SDGs)”, underscores how storytelling can drive awareness and action on issues like poverty, hunger, and inequality.
Global events—book fairs, readings, and copyright discussions—engage communities in celebrating the transformative power of books.