Current Affairs 03 June 2025

China asks Nepal to join its new international mediation organisation.

• China asks Nepal to join its new International mediation organisation.
• It is a China-led global initiative, formally launched on May 30, 2025, in Hong Kong.
• It is positioned as an alternative dispute resolution forum aimed at resolving international conflicts through mediation, rather than arbitration or litigation.

India seeks financial details of pharmaceutical marketing practices.

• The Centre has asked pharma companies for details of expenditure on marketing in the last one year.
• The Uniform Code for Pharmaceutical Marketing Practices (UCPMP) is being implemented to check unethical marketing practices.
• The details sought by the Department of Pharmaceuticals (DoP) have to be submitted by 31 July, failing which action will be taken against them.

India’s GST collections in May'25 surge over 16% to ₹2.01 lakh crore.

• India’s gross Goods and Services Tax, or GST, collection crossed the 2 lakh crore rupees mark for the second consecutive month in May 2025.
• According to data released by the Union Ministry of Finance, gross GST collection in May 2025 stood at 2.01 lakh crore rupees, which is 16.4 per cent higher in comparison to 1.72 lakh crore rupees collected in May 2024.

Germany Tops Global Creditor Rankings, Ending Japan’s 34-Year Lead.

• Japan’s 34-year reign ends, marking a major shift in global financial rankings.
• Key drivers: Strong German current account surpluses and favorable currency movements.
• Underlying factors: Structural economic trends and shifts in global trade and investment.
• Result: Germany now leads in global net external asset rankings.

Centre Rolls Out Policies to Promote EV Manufacturing in India.

• Centre issues guidelines for SPMEPCI (Scheme to Promote Manufacturing of Electric Passenger Cars in India).
• Aim: Boost domestic EV manufacturing and attract global players.
• Incentives: Concessional import/customs duties offered.
• Support covers: Both greenfield (new) and brownfield (existing) manufacturing projects.
• Goal: Encourage international EV makers to set up production in India.