International Day of Cooperatives 2025: Empowering Community Economies
The International Day of Cooperatives (CoopsDay) is being observed on Saturday, July 5, 2025, celebrating the vital role cooperatives play in promoting economic democracy, sustainability, and social inclusion. This year’s theme focuses on empowering local communities through cooperative business models that prioritize people over profit. Recognized by the United Nations, CoopsDay highlights how cooperatives across sectors—agriculture, finance, retail, housing—support jobs, equality, and shared growth. Events worldwide include seminars, fairs, and awareness campaigns to encourage cooperative participation and global solidarity. It’s a reminder that collaborative economics can build a more equitable and resilient future for all.
EU Announces 2040 Climate Goals with Room for Adjustment
The European Union unveiled its new 2040 climate strategy, aiming to cut greenhouse gas emissions by 90% compared to 1990 levels. The ambitious target aligns with the EU’s broader goal of becoming climate-neutral by 2050. The plan also incorporates a degree of flexibility, allowing for review mechanisms based on scientific advancements and global developments. Member states will receive support to adapt industries, invest in green energy, and ensure a just transition for workers. The strategy reflects Europe’s commitment to climate leadership while balancing environmental responsibility with economic and social considerations.
Mashreq Becomes First UAE Bank to Enter India’s GIFT City
Mashreq Bank, one of the oldest financial institutions in the UAE, has become the first UAE bank to gain in-principle approval to operate in GIFT City—India’s International Financial Services Centre in Gujarat. This strategic move strengthens UAE–India economic ties and marks Mashreq’s growing interest in South Asia’s financial markets. With this expansion, Mashreq aims to offer trade finance, treasury services, and cross-border banking solutions. GIFT City is emerging as a global financial hub, and Mashreq’s entry enhances its appeal to international banks. This move signals confidence in India’s regulatory environment and the potential of its fintech ecosystem.
SBI’s Impact: India Adds $297 Billion to Global Economy
According to SBI Research, India contributed $297 billion to the global GDP in 2024–25, with State Bank of India (SBI) alone accounting for $44 billion of that growth. The report attributes SBI’s impact to its robust credit expansion, digital banking innovations, and support for infrastructure and MSME sectors. As India cements its role as a key global growth engine, SBI’s contribution reflects the critical role of public sector banks in national development. With rising foreign investment, resilient consumption, and a tech-driven financial ecosystem, India’s banking sector is driving inclusive growth on the world stage.
Government Slashes Toll Rates by 50% on Key Highway Structures
The government announced a major revision to highway toll charges, cutting rates by up to 50% on stretches that include bridges, tunnels, flyovers, or elevated roads. Earlier, users were charged up to ten times the standard toll rate on these sections. The new rule caps it at five times, providing relief to commuters and especially to commercial transporters. The change comes under an amendment to the National Highways Fee Rules (2008) and aims to ease the burden on highway users while maintaining fairness in infrastructure cost recovery across the country.