Raghuram Rajan Joins US Federal Reserve Task Force

1. Former RBI Governor Raghuram Rajan appointed to US Federal Reserve Task Force

US Federal Bank

From 2003 to 2006, Raghuram Rajan was also Chief Economist at IMF and Director of Research Department.

National

2. Approval for 2 Elevated Corridors in Varanasi

• On July 15, the Central Government approved two road projects costing ₹25,445.96 crores.
• Under these projects, two elevated corridors with a total length of 89.26 kilometers will be constructed in Varanasi city.
• One corridor will be built along the Varuna River, with a length of 43.21 km.
• This project will be developed on the Hybrid Annuity Model (HAM) and its estimated cost will be 10,998.32 crores rupees.
• The new corridor will provide direct and fast connectivity between NH-31 and Kashi Railway Station.
• A 46 km greenfield corridor will be built from NH-19 to Ring Road by the Cabinet.

Ganga Elevated Corridor

• The Ganga Elevated Corridor will be a six-lane elevated road built parallel to the Ganga River.
• It will connect National Highway-19 (NH-19) to the Varanasi Ring Road.
• Through this corridor, access to Assi Ghat, Manikarnika Ghat, Namo Ghat, and Kashi Vishwanath Dham will become easier.

This project will be developed on the Hybrid Annuity Model (HAM).

SPORTS

3. Aman Sehrawat wins Budapest Ranking Series 2026

• On July 16, Indian wrestler Aman Sehrawat won the gold medal at the Budapest Ranking Series 2026.
• Aman won this medal in the 57 kilogram freestyle category.
• Aman won the title by defeating Georgia’s Roberti Dingashvili 13-3 on the basis of technical superiority in the final.
• Along with this, Deepak also won the bronze medal in 61 kg freestyle after a tough competition.
• Deepak defeated Azerbaijan’s Nuraddin Novruzov 9-8 in the playoff.
• Aman started fighting training at Chhatrasal Stadium in Delhi in 2013-14.
• Won gold medal in 57 kg freestyle category at UWW Under-23 World Wrestling Championship in 2022.
• Won gold medal in 57 kg category at Asian Wrestling Championship in 2023.
• Became the youngest wrestler to win bronze in 57 kg freestyle category at Paris Olympic Games in 2023.
• Aman won silver medal at Asian Wrestling Championship in April 2026.

Budapest Ranking Series 2026

• The Budapest Ranking Series 2026 is also called the Polyak Imre, Varga Janos and Kozma Istvan Memorial.
• This series is being organized in Hungary from 15 to 19 July.

Aman won this medal in the 57 kilogram freestyle category.

4. ICC changed the format of ODI World Cup, T-20

• On July 15, the International Cricket Council (ICC) approved changes to cricket formats.
• Now the 2027 ODI World Cup and 2028 T20 World Cup will be held in the new format.
• Now the ODI World Cup will implement a new three-stage format with 14 teams, in which semi-finalists will be selected from the Super-7 round. Until now they were selected from Super-6.
• Meanwhile, in the T20 World Cup, a Super-10 stage will be played instead of Super-8. Two new eliminator matches have also been added to reach the semi-finals.
• The top-3 teams from both groups used to reach the Super Six. In Super Six, two groups of 3-3 teams were formed, where a total of 9 matches were played.
• After this, the top-2 teams from both groups would reach the semifinals and then the finals.
• Apart from this, a new qualification structure has been created for the 2028 T-20 World Cup. This was announced in Edinburgh.

Miscellaneous

5. National Investment Policy for Urea-2026 approved

• On July 15, the Central Government approved the National Investment Policy for Urea-2026 (NIPU-2026).
• This approval was given by the Cabinet Committee (CCEA) chaired by PM Narendra Modi.
• Its objective is to promote investment in new gas-based urea plants in the country, increase domestic production and reduce dependence on imports.
• Currently there are 33 urea production units in the country, with a total capacity of approximately 269.42 lakh metric tons (LMT).
• Under the new Investment Policy, all new gas-based urea manufacturing units to be set up in the country will be included.
• The government has provided for a Return on Equity (ROE) between 12 to 16 percent for investors.
• Additionally, fixed and variable costs will be kept separate, which will make cost determination more transparent.
• The government estimates that these changes will result in savings of more than 250 crore rupees per urea plant established under the new policy compared to the old policy.
• Earlier, six new urea units were established under the National Investment Policy implemented in 2012.
• Of these, four units were set up by the public sector and two by the private sector. The new policy will increase the number of gas-based urea plants in the country and also boost domestic production.
• Under this policy, 8 to 9 new urea plants will be established in the country, which are expected to add a total additional production capacity of 10 million tons (1 crore metric tons).

6. Central Government Approves ‘Namaste’ Scheme

• On July 15, the Government of India approved the ‘NAMASTE’ (National Action for Mechanized Sanitation Ecosystem) scheme.
• The main objective of this scheme is to completely eliminate the hazardous manual cleaning of sewers and septic tanks in the country.
• Under this scheme, Personal Protective Equipment (PPE kits) will be provided to sanitation workers who clean sewers and septic tanks.
• The objective of this scheme is to eliminate manual scavenging and ensure the safety of sanitation workers.
• Along with this, the cleaning of sewers and septic tanks will be completely mechanized under this scheme.
• In 2023, under the Namaste Scheme, PPE kits included helmets, goggles, face shields, gloves, gas detectors, oxygen monitors, safety shoes, reflective jackets, and respirators/masks.
• Its objective is to train sanitation workers and provide dignity and safety to their work.

Today in History

• In 1489, Nizam Khan was declared Sultan of Delhi under the name Sikandar Shah Lodhi II.
• In 1850, Harvard Observatory took the first photograph of a star.
• In 1948, women in India became eligible for recruitment in all public services including the Indian Administrative Service and Indian Police Service.