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IIM Bangalore to open its first overseas campus in Indonesia; PM Modi gets Bintang Adipurna
- During PM Modi's visit to Indonesia, IIM Bangalore announced its first overseas campus.
- It will be set up in the Singhasari Special Economic Zone in East Java.
- The campus is meant to serve students across the ASEAN region.
Why it matters
[International Relations] Indonesia is India's maritime neighbour and a key ASEAN partner under the Act East Policy.
16th India-Japan Annual Summit: first defence co-development pact and 1,000 biogas plants
- PM Modi and Japan's PM Sanae Takaichi held the 16th India-Japan Annual Summit in New Delhi on 2 July 2026.
- It was Takaichi's first official visit to India.
- The two sides signed their first defence co-development project agreement.
Why it matters
[International Relations] India and Japan hold an annual summit, alternating between the two capitals. Their ties are a 'Special Strategic and Global Partnership'.
VB-G RAM G Act comes into force, replacing MGNREGA with a 125-day work guarantee
- The Viksit Bharat-Guarantee for Rozgar and Ajeevika Mission (Gramin) Act, 2025, or VB-G RAM G, came into force on 1 July 2026.
- It replaces MGNREGA, the rural job law of 2005.
- Rural families now have a legal right to 125 days of paid work a year, up from 100.
Why it matters
[Indian Economy] This is the biggest change to India's rural job guarantee since 2005. Exams will test the new name, the 125-day limit and the law it replaced.
EPFO notifies 8.25% interest on EPF deposits for 2025-26
- The Employees' Provident Fund Organisation (EPFO) notified an 8.25% interest rate on EPF deposits for 2025-26.
- The rate was approved by the Ministry of Labour and Employment under the EPF Scheme, 1952.
- EPFO told its regional and zonal offices to credit the interest to members' accounts.
Why it matters
[Indian Economy] The EPF rate is set by EPFO's Central Board of Trustees and needs the Finance Ministry's nod before the Labour Ministry notifies it. The rate is a common banking and SSC question.