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CURRENT AFFAIRS : BANKING, FINANCE & BUSINESS

Reserve Bank of India Imposes Fine on Mahindra & Mahindra Financial Services for Regulatory Violations

• The Reserve Bank of India (RBI) imposed a monetary penalty of ₹11.50 lakh on Mahindra & Mahindra Financial Services Limited (MMFSL) for regulatory non-compliances observed during its annual inspection with reference to the financial position as on 31 March 2025 (FY25).
• The penalty was imposed under Section 58G(1)(b) read with Section 58B(5)(aa) of the RBI Act, 1934.
• The RBI found that MMFSL violated the Fair Practices Code by charging revised foreclosure fees on certain loan accounts without including the required terms and conditions in the loan agreements.
• The RBI also observed deficiencies in the grievance redressal system, where customer complaints were not escalated to the Internal Ombudsman within the mandated timelines.
• In some cases, final decisions on complaints were communicated to customers later than the period prescribed by RBI regulations.
• These irregularities were detected during the RBI inspection, after which a show-cause notice was issued to MMFSL before imposing the penalty.

About RBI :

• Established : 1 April 1935
• Headquarters : Mumbai, Maharashtra
• Governor : Sanjay Malhotra

Ministry of Statistics and Programme Implementation Releases New GDP Series; FY26 Economic Growth Projected at 7.6%

• The National Statistics Office (NSO) under the Ministry of Statistics and Programme Implementation (MoSPI) released the new series of Annual and Quarterly Gross Domestic Product (GDP) with a new base year 2022-23, replacing the previous base year of 2011-12.
• The NSO released the Second Advanced Estimates (SAE) for Financial Year 2025-26 (FY26) along with quarterly estimates from Q1 of FY23 to Q3 of FY26 and annual estimates for FY23, FY24, and FY25.
• As per the estimates, India’s Real GDP (GDP at Constant Prices) is expected to grow by 6% to reach ₹322.58 lakh crore in FY26, which is higher than the First Advance Estimate (FAE) growth of 7.4% for FY25.
• The Nominal GDP (GDP at Current Prices) is estimated to reach ₹345.47 lakh crore in FY26, compared to ₹318.07 lakh crore in FY25, registering a growth rate of 8.6%.
• The Real Gross Value Added (Real GVA) is estimated at ₹294.40 lakh crore in FY26, against ₹273.36 lakh crore in FY25, showing a growth rate of 7.7%.
• The Nominal Gross Value Added (Nominal GVA) is projected to reach ₹313.61 lakh crore in FY26, up from ₹288.54 lakh crore in FY25, reflecting a growth rate of 8.7%.

Recent News :

• The International Monetary Fund (IMF) released the World Economic Outlook (WEO) titled “Global Economy: Steady amid Divergent Forces”, revising India’s GDP growth for FY26 to 7.3%, up from 6.6% (October 2025 estimate).

Central Board of Indirect Taxes and Customs Rolls Out SWIFT 2.0 and Traveller Facilitation Tools to Boost Customs Efficiency

• The Central Board of Indirect Taxes and Customs (CBIC) launched the upgraded SWIFT 2.0 platform, the revamped Atithi 2.0 app, and the Digital Travellers Guide during International Customs Day 2026 celebrations in New Delhi under the theme “Customs protecting society through vigilance and commitment”.
• The event was inaugurated by Pankaj Chaudhary, Union Minister of State for Finance, along with senior officials from the Department of Revenue.
• The SWIFT 2.0 (Single Window Interface for Facilitating Trade) is a digital customs clearance platform designed to improve export-import trade facilitation, enhance transparency, reduce processing time, and enable end-to-end digital integration among regulatory agencies.
• SWIFT 2.0 is part of broader customs digital governance reforms aimed at strengthening trust-based compliance systems, improving coordination between regulatory authorities, and supporting export growth.
• The revamped Atithi 2.0 mobile application helps international passengers digitally file baggage declarations before arrival in India, reducing paperwork, waiting time, and airport congestion.
• The Digital Travellers Guide provides updated information on baggage rules, personal import regulations, and customs procedures, improving ease of living and passenger convenience at airports.
• The National Symposium on Customs Reforms 2026 was also organised to discuss legal amendments, import procedure reforms, and Customs Integrated System (CIS)
• The symposium also highlighted courier export reforms, fisheries export enablement, and emerging export opportunities to promote trade and industry stakeholder engagement.
• These initiatives aim to modernise India’s customs ecosystem by promoting paperless governance, digital border management, and regulatory efficiency.
• Chairman of CBIC : Vivek Chaturvedi

Agriculture and Allied Gross Value Added Growth Forecast Falls to 2.4% in FY26

• Agriculture and allied sector Gross Value Added (GVA) growth is projected at 2.4% in real terms for FY 2025–26, lower than 4.9% in FY 2024–25, indicating weak agricultural sector momentum.
• In nominal terms, agriculture GVA growth is projected at only 0.3% in FY26, sharply lower than 9.2% in FY25, reflecting weak price realization and lower commodity price gains.
• Under the new GDP base year 2022–23 series, the agriculture sector share in total GVA is expected to rise slightly to 18%, compared to 17% under the old 2011–12 base year series.

Key Highlights :

• Gross Value Added (GVA) measures sectoral production value, calculated as total output minus intermediate consumption costs, representing the economic contribution of sectors.
• Agriculture and allied activities GVA is projected to grow at 2.4% in real terms in FY26, lower than 4.2% in FY25, according to the new national accounts series.
• Analysts stated that slow agricultural growth is mainly due to the base effect and depressed prices of agricultural commodities in the market.
• The Agriculture Ministry has not yet released production estimates for Rabi crops 2025–26, including wheat, pulses, and oilseeds (July–June crop year).
• Under the old 2011–12 base series, agricultural and allied sector growth was 3.1% for the current fiscal and 4.6% for FY25, showing variation between old and new GDP estimation methods.
• As per the new series, agricultural growth was 2.6% in 2023–24, indicating moderate sector performance.
• Agriculture GVA growth in Q3 of the current fiscal was 1.4%, slower than 5.8% growth in the same quarter of FY25.
• The new statistical methodology uses quarterly crop estimates, season-wise livestock production data, and quarterly fisheries production estimates (inland and marine).
• As per new inflation data (base year 2024 series), India’s retail food inflation moved out of deflation after seven months, reaching 2.13% YoY in January 2026 due to higher prices of tomato and coconut.
• During June–December 2025, food inflation (2012 series) remained negative due to the base effect and a fall in vegetable and pulse prices.
• Despite the inflation rise, prices of key commodities declined: garlic (-53%), onion (-29%), potato (-28%), arhar dal (-24%), and peas (-15%).
• These five commodities have a combined weightage of 2.48% in the Consumer Price Index (CPI) basket, influencing retail inflation calculations.

India Records 16.6% Growth in Foreign Direct Investment Equity Inflows in October–December FY26

• Foreign Direct Investment (FDI) equity inflows into India increased by 16.6% year-on-year to $12.69 billion in October–December (Q3) FY 2025–26, compared to $10.88 billion in the same quarter last year.

Key Highlights :

• Total FDI inflows (including equity, reinvested earnings, and other capital) reached $21.52 billion, registering a 13% increase from $18.98 billion in Q3 FY25.
• December 2025 recorded the highest monthly equity inflows of the quarter at $5.48 billion, showing strong end-period investment momentum.
• Singapore remained the largest source of FDI, investing $17.6 billion, followed by the United States with $7.8 billion in investments.
• FDI inflows increased from Singapore, USA, and UAE, while inflows from Mauritius and Netherlands declined compared to previous periods.
• Maharashtra attracted the highest FDI inflows at $15.38 billion, followed by Karnataka ($11.15 billion) and Gujarat ($5 billion), indicating regional concentration of foreign investment.
• The Computer Hardware & Software sector received the highest FDI inflows at $10.7 billion, followed by the Services sector with $8.4 billion, reflecting technology-led investment trends.
• For April–December FY26, FDI equity inflows increased by 18% to $47.8 billion, showing strong long-term investment growth.
• April–December FDI sources: Singapore ($17.6 billion), USA ($7.8 billion), and Mauritius ($4.8 billion) were among the major investors.
• The data was released by the Department for Promotion of Industry and Internal Trade (DPIIT), highlighting India’s improving global investment attractiveness.
• However, Q3 FY26 FDI inflows were slightly lower than $13.5 billion recorded in Q2 (July–September), showing quarterly fluctuation in investment flows.

Recent News :

• In Jan 2026, Foreign Direct Investment (FDI) inflows into India rose sharply by 73% to USD 47 billion in 2025, driven largely by investments in manufacturing, services, digital infrastructure, IT, and R&D.

Reserve Bank of India Allows NUCFDC to Function as Umbrella Organisation for Urban Co-operative Banks

• The Reserve Bank of India (RBI) issued the NBFC–Miscellaneous Amendment Directions, 2026 to support the functioning of the National Urban Co-operative Finance and Development Corporation Ltd. (NUCFDC) as the Umbrella Organisation (UO) for Urban Co-operative Banks (UCBs).
• NUCFDC’s core mandate is to strengthen the UCB sector by providing liquidity support, technology services, capacity building, and other fund-based and non-fund-based services.
• NUCFDC aims to onboard over 1,400 UCBs as members; however, the Companies Act, 2013 limits private placement offers to 200 persons per financial year, creating a regulatory bottleneck.
• Under the new RBI amendment, NUCFDC is now permitted to make private placement of equity shares to more than 200 persons per financial year, specifically targeting UCBs and the National Co-operative Development Corporation (NCDC).
• These special provisions will remain effective until 31 March 2029, unless modified, withdrawn, or extended by the RBI.

CURRENT AFFAIRS : INTERNATIONAL NEWS

India and European Union to Exchange Most Favoured Nation Status for 5 Years

• The Government of India and the European Union agreed to grant Most Favoured Nation (MFN) status to each other for a period of five years starting from the date the India–EU Free Trade Agreement (FTA) comes into force.
• The MFN provision will remain valid for five years from the FTA’s entry into force, subject to a fourth-year Joint Committee review, and will be automatically terminated unless mutually extended by both parties.
• The MFN status excludes benefits arising from Double Taxation Avoidance Agreements (DTAA), recognition and licensing measures under General Agreement on Trade in Services (GATS) rules, and sensitive agricultural products such as soya, beef, sugar, rice, and dairy products.
• The India–EU Free Trade Agreement (FTA) was relaunched in 2022 and was finalised in January 2026, and it will become effective only after ratification by the European Parliament.
• The FTA is expected to eliminate or reduce tariffs on 96.6% of traded goods by value, helping European companies save about €4 billion (≈ USD 4.7 billion) and potentially doubling EU exports to India by 2032.

Recent News :

• In Jan 2026, India agreed to allow European Union (EU) banks to open up to 15 branches over a four-year period under the India–EU Free Trade Agreement (FTA).

CURRENT AFFAIRS: NATIONAL AND STATE NEWS

Chhattisgarh Finance Minister O. P. Chaudhary Presents ₹1.72 Lakh Crore Budget for Financial Year 2026–27

• Chhattisgarh Finance Minister Om Prakash Chaudhary presented the ₹1,72,000 crore annual Budget for the Financial Year 2026–27 in the State Legislative Assembly at Raipur, Chhattisgarh.
• The Budget outlay is 4.2 percent higher than the previous year’s Budget of ₹1,65,000 crore.
• The Budget is centred around the theme ‘SANKALP’ (Samaveshi Vikas, Adhosanrachna, Nivesh, Kushal Manav Sansadhan, Antyoday, Livelihood and Policy se Parinam tak).
• Total Revenue Receipts are estimated at ₹1,43,000 crore for Financial Year 2026–27.
• Capital Expenditure is estimated at ₹26,500 crore, accounting for 15.4 percent of the total Budget.
• The Fiscal Deficit is projected at ₹20,400 crore, which is 2.87 percent of Gross State Domestic Product.
• Sector-wise allocation shows 40 percent of the Budget earmarked for the social sector, 36 percent for economic development, and 24 percent for administrative and general services.
• Major sectoral allocations include Public Health (₹8,050 crore), Women and Child Development (₹11,000 crore) and Agriculture (₹13,507 crore).
• Key scheme allocations include Krishak Unnati Yojana (₹10,000 crore), Mahatari Vandan Yojana (₹8,200 crore) and National Health Mission (₹2,000 crore).

RECENT NEWS

• The Government of India has taken a major step to strengthen agricultural exports from Chhattisgarh. The Agricultural and Processed Food Products Export Development Authority has inaugurated its Regional Office in Raipur.

About Chhattisgarh:
• Chief Minister: Vishnu Deo Sai
• Governor: Ramen Deka
• Capital: Raipur
• National Parks: Indravati National Park, Kanger Valley National Park, Guru Ghasidas (Sanjay) National Park
• Wildlife Sanctuaries: Achanakmar Wildlife Sanctuary, Badalkhol Wildlife Sanctuary, Udanti Wildlife Sanctuary, Sitanadi Wildlife Sanctuary

Union Minister Nitin Gadkari Launches Upgraded Rajmarg Pravesh Version 2.0 Web Portal

• Union Minister Nitin Gadkari, Ministry of Road Transport and Highways, launched the upgraded Rajmarg Pravesh Version 2.0 web portal to facilitate easy issuance of No Objection Certificates for facilities and utilities along National Highways.
• The portal enables online applications for permissions related to fuel stations, wayside amenities, private properties, rest area complexes, connecting roads and other facilities along National Highways.
• It also allows applicants to seek approval for laying water pipelines, gas pipelines, optical fibre cables, electrical lines and other utility services along or across National Highways.
• The upgraded system aims to ensure a simpler, faster, transparent and time-bound approval process, supporting the Government of India’s objective of improving ease of doing business.
• The portal is accessible to citizens, entrepreneurs, shop owners, infrastructure companies, telecom firms, utility providers and state or central government agencies.

RECENT NEWS

• In a significant step toward promoting green transportation and reducing carbon emissions, Union Minister for Road Transport and Highways Nitin Gadkari inaugurated India’s first commercial electric truck battery swapping and charging station in Sonipat, Haryana.

Tamil Nadu Inaugurates First Dark Sky Park at Kolli Hills

• Tamil Nadu Forest Minister R S Rajakannappan inaugurated the State’s first Dark Sky Park at Ariyur Shola Reserve Forest, Kolli Hills, in Namakkal district, positioning Tamil Nadu as an emerging astro-tourism destination.
• The park has been established at a cost of ₹1 crore with three advanced telescopes and solar-powered infrastructure.
• It facilitates night-time observation of stars, planets, the Milky Way and the Moon, while promoting scientific literacy and astronomy awareness among students, researchers and the general public.
• The location experiences minimal artificial light within a 1.5 kilometre radius, and its natural terrain provides optimal dark-sky conditions.
• The park will remain operational from 15 January to 15 June and will be closed during the monsoon season.
• India’s first officially designated Dark Sky Park is the Pench Tiger Reserve in Madhya Pradesh, recognised in 2024 under the International Dark-Sky Places programme, and it is also Asia’s fifth internationally recognised Dark Sky Park.

About Tamil Nadu:

• Capital: Chennai
• Chief Minister: M. K. Stalin
• Governor: R. N. Ravi
• National Parks: Mudumalai National Park, Mukurthi National Park, Gulf of Mannar Marine National Park, Indira Gandhi (Anamalai) National Park, Guindy National Park
• Wildlife Sanctuaries: Vedanthangal Bird Sanctuary, Vettangudi Bird Sanctuary, Kalakad Wildlife Sanctuary, Sathyamangalam Wildlife Sanctuary, Vallanadu Wildlife Sanctuary, Megamalai Wildlife Sanctuary, Point Calimere Wildlife Sanctuary

President Droupadi Murmu Launches Four Women-Centric Welfare Schemes under ‘Sashakt Nari, Samriddh Delhi’ Programme

• The Hon’ble President of India, Droupadi Murmu, launched four women- centric welfare schemes of the Delhi Government at the “Sashakt Nari, Samriddh Delhi” programme held in New Delhi.
• The initiatives focus on women’s mobility, safety, financial empowerment and welfare support in the national capital.

Pink National Common Mobility Card

• The Pink National Common Mobility Card was launched to provide seamless and integrated access to public transport for women.
• It supports free bus travel for women and enhances connectivity across Delhi’s transport network.
• The card promotes cashless and digital ticketing across buses and other transit systems.
• It aims to improve safety, convenience and independence of women commuters in urban areas.

Free LPG Cylinders Scheme

• The Delhi Government announced provision of two free Liquefied Petroleum Gas cylinders annually to ration card-holding families.
• The cylinders will be distributed during Holi and Diwali every year.
• The scheme aims to reduce household financial burden and promote use of clean cooking fuel.
• It is expected to benefit economically weaker sections and encourage cleaner energy adoption.

Delhi Lakhpati Bitiya Yojana

• Under the Delhi Lakhpati Bitiya Yojana, an amount of ₹56,000 will be deposited in instalments in the name of a girl child.
• The amount is expected to grow to over ₹1 lakh with interest by the age of 21 years.
• The maturity amount will be transferred to the Aadhaar-linked bank account, subject to fulfilment of educational criteria.
• Eligibility conditions include:
  Annual family income up to ₹1.20 lakh.
  Minimum three years of residence in Delhi.
  Girl child must be born in Delhi.
  Limited to two living girl children per family.
  Applicable to girls pursuing graduate or professional diploma courses from recognised institutions.
• The scheme aims to promote girl child education and long-term financial security.

Meri Punji Mera Adhikaar

• The Meri Punji Mera Adhikaar initiative focuses on clearing pending financial dues and ensuring citizens’ financial rights are addressed transparently.
• It aims to strengthen accountability and time-bound delivery of government financial commitments.
• The programme “Sashakt Nari, Samriddh Delhi” reflects the broader vision of social and economic empowerment of women, promoting inclusive and progressive urban development.

RECENT NEWS

• President Droupadi Murmu inaugurated the centenary celebrations of the Ol Chiki script in New Delhi on February 16, 2026. The event was organised by the Ministry of Culture to mark 100 years of the Ol Chiki script, created in 1925 for the Santhali language.

CURRENT AFFAIRS: MOUS AND AGREEMENT

Ministry of Culture Signs MoU with FICCI to Develop National Strategy for Cultural and Creative Economy; UIDAI Partners with Google for Aadhaar Centre Visibility

• The Ministry of Culture signed a Memorandum of Understanding with the Federation of Indian Chambers of Commerce and Industry to formulate a comprehensive national strategy for India’s Cultural and Creative Economy.
• The announcement was made by Union Minister Gajendra Singh Shekhawat, who described the initiative as a step towards positioning culture as a foundation for economic prosperity and ensuring a secure future for artists and artisans.
• The MoU aims to develop a structured roadmap integrating culture with economic policy, expand domestic and international market access, promote entrepreneurship and innovation, and generate employment opportunities in cultural sectors.
• The collaboration will focus on framing supportive policies, engaging industry stakeholders, strengthening skill development and entrepreneurship, expanding global outreach, and improving data systems for cultural and creative industries.
• The Cultural and Creative Economy covers sectors such as visual and performing arts, traditional crafts and handlooms, film, television and digital media, music and publishing, design and fashion, cultural tourism, heritage conservation and museums, gaming and animation.
• Separately,the Unique Identification Authority of India, under the Ministry of Electronics and Information Technology, announced a collaboration with Google to display authorised Aadhaar Centres on Google Maps to improve accessibility and transparency in Aadhaar services.
• The facility will be rolled out in phases and will cover more than 60,000 Aadhaar Centres, including Aadhaar Seva Kendras across India.
• Under the collaboration, Google Maps will display only authorised Aadhaar Centres along with service details, operating hours, accessibility features and parking information to ensure authenticity and convenience.
• In the next phase, UIDAI will utilise Google Business Profile to manage centre information, respond to public feedback and enable future direct appointment booking through Google Maps.

About UIDAI

• The Unique Identification Authority of India was established on 12 January 2009 and is headquartered in New Delhi.
• It is responsible for issuing Aadhaar, a 12-digit unique identity number, and providing digital identity authentication for government and private services.

India Artificial Intelligence Mission Signs Statement of Intent with Business Sweden; DigiLocker Pilot Launched in Kenya

• The India Artificial Intelligence Mission, under the Ministry of Electronics and Information Technology, signed a Statement of Intent with Business Sweden at the India Artificial Intelligence Impact Summit 2026 held in New Delhi, Delhi, to strengthen India–Sweden cooperation in Artificial Intelligence and digital technologies.
• The Statement of Intent aims to establish a structured framework for collaboration in the development, deployment and responsible use of Artificial Intelligence solutions, focusing on practical industrial applications and societal benefits.
• Under this partnership, both countries will launch the Sweden–India Technology and Artificial Intelligence Corridor, which will serve as the primary platform connecting governments, industries, startups, investors, researchers and academic institutions to enhance bilateral cooperation in Artificial Intelligence.
• On the sidelines of the Summit, the National e-Governance Division, under the Ministry of Electronics and Information Technology, signed an Implementation Framework Agreement with the Ministry of Information, Communications and the Digital Economy of Kenya to launch a pilot project of DigiLocker in Kenya.
• The DigiLocker system will enable digital storage and real-time verification of official documents for citizens and organizations in Kenya, strengthening digital governance and cross-border digital cooperation.

Gujarat Receives ₹1,600 Crore Investment Boost to Strengthen Semiconductor Ecosystem

• Gujarat’s semiconductor ecosystem received fresh investment proposals worth over ₹1,600 crore from companies based in Japan, South Korea and Malaysia, announced during the Gujarat Semiconnect Conference held in Gandhinagar.
• The investments aim to build an end-to-end semiconductor value chain, covering manufacturing units, semiconductor-grade chemicals, advanced instrumentation, integrated circuit packaging, testing solutions, research and development centres and high-technology startups.
• Japan-based Horiba Group, through its Indian arm Horiba India Private Limited, signed a Memorandum of Understanding with the Government of Gujarat to establish a dedicated Research and Development centre in Ahmedabad focusing on semiconductor-grade mass flow controllers and advanced instrumentation technologies.
• Malaysia-based Hotayi Electronic will invest ₹250 crore to set up an electronics manufacturing facility at Sanand Gujarat Industrial Development Corporation, focusing on Solid State Drive and memory module production, with employment generation of around 1,000 people.
• Hi-Spec Limited proposed a ₹750 crore facility to manufacture semiconductor-grade hydrofluoric acid, a critical chemical used in wafer processing, strengthening upstream supply chain resilience.
• Kiansh International Technologies, in collaboration with a South Korean partner, will invest ₹25 crore to manufacture gas abatement systems and scrubbers for semiconductor and solar industries.
• Japan-based Rohm Semiconductor partnered with Gujarat-based Suchi Semicon to introduce integrated circuit packaging capabilities and testing solutions for domestic and global markets.
• Kaynes Semicon, a subsidiary of Kaynes Technology India Limited, committed ₹500 crore investment in Ahmedabad-based startup SpectraGaze Systems to advance semiconductor technologies, outer space imaging and deep-technology innovation.
• The investment wave complements existing semiconductor projects in Sanand and Dholera and reinforces Gujarat’s position as a major hub under India’s semiconductor manufacturing expansion strategy, reducing import dependence and strengthening participation in the global semiconductor value chain.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Ayatollah Alireza Arafi Appointed as Iran’s Interim Supreme Leader After Khamenei’s Death

• Alireza Arafi, a senior Iranian cleric, was appointed as Interim Supreme Leader of Iran following the death of Ali Khamenei in a reported USA–Israel airstrike.
• Ayatollah Alireza Arafi currently serves as Deputy Chairman of the Assembly of Experts (AoE), the constitutional body responsible for appointing and supervising the Supreme Leader.
• He has been a member of the Guardian Council (GC) since 2019, which oversees candidate vetting, legislative review, and constitutional supervision.
• Under Article 111 of the Constitution of the Islamic Republic of Iran, a three-member Interim Leadership Council is activated in case of the Supreme Leader’s death, dismissal, or incapacity.
• The Interim Leadership Council temporarily exercises the powers of the Supreme Leader until the Assembly of Experts appoints a permanent successor.
• The Council comprises:
• Masoud Pezeshkian, President of Iran
• Gholam-Hossein Mohseni-Ejei, Chief Justice of Iran
• Ayatollah Alireza Arafi, as the jurist member from the Guardian Council
• The jurist member of the Interim Council is selected by the Expediency Discernment Council (EDC).
• The Assembly of Experts holds the constitutional authority to formally elect the next Supreme Leader of Iran.
• The development marks a significant constitutional transition in Iran’s theocratic governance structure.

CURRENT AFFAIRS : DEFENCE NEWS

Ministry of Defence Signs ₹5,083 Crore Contracts for Advanced Light Helicopters Mk-II and Shtil Missiles

• On March 03, 2026, the Ministry of Defence, India signed contracts worth a total of ₹5,083 crore for the acquisition of six Advanced Light Helicopters (ALH) Mk-III (Maritime Role) for the Indian Coast Guard and Surface-to-Air Vertical Launch - Shtil missiles for the Indian Navy, in the presence of Defence Secretary Shri Rajesh Kumar Singh at South Block, New Delhi.
• The contract for ALH Mk-III (MR), along with operational role equipment, engineering support package, and performance-based logistics support, is valued at ₹2,901 crore and has been signed with Hindustan Aeronautics Limited under the Buy (Indian-Indigenously Designed Developed and Manufactured)
• These twin-engine helicopters feature state-of-the-art capabilities, superior to current airborne platforms, and can undertake maritime security missions from shore-based airfields and ships at sea, enhancing the Indian Coast Guard’s operational capability for safety, protection of artificial islands, offshore installations, fishermen, and marine environment.
• The ALH Mk-III project involves supply from 200+ MSMEs, generating approximately 65 lakh man-hours of employment, reinforcing Aatmanirbhar Bharat and the Make-in-India initiative, while strengthening India’s maritime security architecture.
• The contract for Surface-to-Air Vertical Launch - Shtil missiles, valued at ₹2,182 crore, has been signed with JSC Rosoboronexport to enhance the air defence capabilities of frontline Indian Navy warships against aerial threats.
• The Shtil missile system will support layered air defence, providing rapid-reaction, all-weather engagement and improved survivability in contested maritime environments.
• This defence deal further underscores the longstanding India-Russia defence partnership, based on mutual trust and strategic alignment.
• Overall, these contracts strengthen India’s indigenous defence manufacturing, maritime security capabilities, and support employment generation in the defence and allied sectors.

About Ministry of Defence:

• Cabinet Minister: Rajnath Singh
• Minister of State (MoS): Sanjay Seth

Indian Navy Signs Contract for 04 Self-Propelled Fuel Barges with Shoft Shipyard

• A contract for construction of 04 × 500T Self Propelled Fuel Barges was signed on 02 March 2026 with Shoft Shipyard Private Limited, a MSME shipyard located in Thane, Maharashtra.
• The project supports the Indian Navy and promotes the “Make in India” and “Aatmanirbhar Bharat” initiatives of the Government of India.
• These barges will be constructed under the Classification Rules of the Indian Register of Shipping (IRS) to ensure quality, safety, and operational standards in shipbuilding.
• The primary role of these barges is fuel replenishment of ships and submarines in harbour areas and anchorage locations, improving naval operational logistics support.
• This contract encourages the growth of MSME shipyards and strengthens the domestic shipbuilding ecosystem in line with Maritime India Vision 2030, supporting self-reliant defence manufacturing and maritime logistics capability.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Dr Jitendra Singh Inaugurates Recombinant Cells and Sensors Facility at BRIC-RGCB, Kerala

• Jitendra Singh, Union Minister of State (Independent Charge), Ministry of Science and Technology (MoS&T) and Ministry of Earth Sciences (MoES), inaugurated the Central Facility for Recombinant Cells and Sensors at Rajiv Gandhi Centre for Biotechnology (BRIC-RGCB), Akkulam campus, Thiruvananthapuram, Kerala, during National Science Day 2026 celebrations (28 February 2026).
• The Central Facility for Recombinant Cells and Sensors is an advanced biotechnology research infrastructure aimed at strengthening drug discovery, Medical Genomics (MG), and Agri-Genomics (AG) research, while accelerating target-specific drug discovery and high-throughput screening technologies.
• The facility was developed with an approximate capital outlay of ₹60 crore funded by the Department of Biotechnology (DBT) to enhance biotechnology innovation and research capacity in India.
• The Union Minister also laid the foundation stone for a state-of-the-art Current Good Manufacturing Practice (cGMP) facility at the BRIC-RGCB Akkulam campus, which will support pharmaceutical and biomedical manufacturing quality standards.
• The cGMP facility is being implemented in two phases with a total investment of ₹80 crore by the Department of Biotechnology (DBT) to support high-quality biomedical production and research translation.
• He also released the book titled “Quantum Physics: One Hundred Magical Years” authored by V. P. N. Nampoori, highlighting developments in quantum physics research and history.

Recent News :

• In Feb 2026, Union Minister of State (Independent Charge) Dr. Jitendra Singh of the Ministry of Science and Technology launched India’s 1st State Innovation Mission (SIM) at the Hapania International Exhibition Center, Agartala, Tripura.

Bharti Airtel and Google Collaborate to Introduce Secure RCS Messaging Services in India

• Bharti Airtel,a leading Indian telecommunications service provider partnered with Google to deliver a secure and interactive messaging experience for users in India.
• The collaboration marks a world-first partnership between a Telecom Service Provider (TSP) and a global technology platform to apply telecom-grade accountability to Over-the-Top (OTT) messaging.
• The initiative integrates Airtel’s network intelligence with Google’s Rich Communications Services (RCS) platform, enhancing communication quality and digital safety.
• The platform uses Artificial Intelligence (AI)-powered spam filters for real-time identity verification of business senders.
• It strengthens digital fraud prevention by implementing multi-layered threat detection systems and filtering malicious domains.
• The system can throttle suspicious message traffic, reducing risks of spam, phishing, and fraudulent activities.
• Users can access the RCS messaging service through the Google Messages application on Android smartphones.
• The service enables high-quality media sharing, message reactions, and interactive messaging features, offering an enhanced user experience.
• Overall, the partnership strengthens secure digital communication, AI-driven cyber protection, and next-generation messaging services in India.

HCLTech–IIT Kanpur Collaboration to Boost Deep Tech Innovation for Global Capability Centers

• HCL Technologies and Indian Institute of Technology Kanpur signed a Memorandum of Understanding (MoU) to translate Artificial Intelligence (AI) and intelligent systems research into enterprise-ready solutions for Global Capability Centers (GCCs).
• The MoU was signed during the ‘GCC 4.0: Co-Creating India’s Innovation Powerhouse’ summit held in Hyderabad, Telangana.
• The collaboration focuses on AI, robotics, advanced engineering, and next-generation technologies.
• The partnership combines HCLTech’s GCC solutions with IIT Kanpur’s research and startup ecosystem, providing researchers access to real-world challenges, research funding, and industry mentorship.
• Separately, IIT Kharagpur signed an MoU with the Telecommunication Engineering Centre (TEC) under the Department of Telecommunications (DoT), Ministry of Communication, to strengthen indigenous 6G, AI, and next-generation telecom technologies.
• The IIT Kharagpur–TEC collaboration focuses on 6G architecture, satellite and Non-Terrestrial Networks (NTNs), advanced antenna systems and MIMO technologies, AI-enabled EMF monitoring, and telecom standardisation.

International Solar Alliance–Indian Institute of Technology Delhi Partner to Advance Solar Energy Skills and Training Globally

• International Solar Alliance (ISA) and Indian Institute of Technology (IIT) Delhi formalised a Framework for Action (FFA) in New Delhi to strengthen cooperation in renewable energy advancement, capacity building, academic collaboration, and human resource development across ISA Member Countries.
• The agreement was signed by Ashish Khanna (Director General, ISA) and Professor Rangan Banerjee (Director, IIT Delhi).
• The Framework aims to strengthen collaboration between ISA and IIT Delhi’s Department of Energy Science and Engineering to enhance global clean energy capacity development.
• Earlier collaboration supported an Tech programme in Renewable Energy Technologies and Management (RETM) for professionals from 18 developing countries across Africa and Asia-Pacific regions.
• The partnership focuses on four core areas of cooperation including Capacity Building, Academic Development, Research Innovation, and Knowledge Sharing.
• Under Capacity Building, global solar talent will be developed through Solar Technology Application Resource-Centre (STAR-C) trainer programmes and a one-year Post Graduate Diploma (PGD) based on a Train-the-Trainers (ToT)
• Under Academic Cooperation, programmes will expand beyond M.Tech to include Master’s in Public Policy (MPP) and Doctor of Philosophy (Ph.D.) in Solar Energy, leveraging INES (Institut National de l’Énergie Solaire), France, to build a global clean energy education framework.
• Under Research Collaboration, solar energy research will integrate Artificial Intelligence (AI), Machine Learning (ML), and Blockchain technologies for advanced renewable energy solutions.
• Under Knowledge Sharing, joint workshops, training programmes, and outreach activities will be conducted to strengthen global solar energy knowledge dissemination.

CURRENT AFFAIRS: RANKING AND REPORTS

Sapien Labs Releases ‘Global Mind Health in 2025’ Report; India’s Youth Rank 60th Globally

• The American Non-Government Organisation Sapien Labs released its global report titled Global Mind Health in 2025: Mind Health – The Ability to Navigate Life’s Challenges and Function Productively.
• As per the report, India’s youth aged 18 to 34 years ranked 60th out of 84 countries, with a Mind Health Quotient score of 33.
• In contrast, Indians aged 55 years and above ranked 49th globally, recording a significantly higher Mind Health Quotient score of 96.
• The ranking is based on the Mind Health Quotient score, which assesses emotional, social, cognitive and physical capacities of participants across countries.
• The global average Mind Health Quotient score stands at 66, while adults aged 55 years and above have a global score of 101, with nearly 10 percent experiencing clinically major mental health challenges.
• The global average Mind Health Quotient score for youth aged 18 to 34 years is 36, with 41 percent experiencing clinically major mental health issues.
• Among youth aged 18 to 34 years, the top-ranked countries are Ghana (1st), Nigeria (2nd), and Kenya and Zimbabwe (3rd).
• For the 55 years and above category, the leading countries are Indonesia (1st), El Salvador (2nd), and Ghana and Mexico (3rd).

 CURRENT AFFAIRS: IMPORTANT DAYS

March 4th is observed as National Safety Day every year

• National Safety Day is celebrated on March 4th, 2026.
• National Safety Day is a national event observed all over India to make people understand the importance of safety, and we all want ourselves and our family members to remain safe. 
• The theme for the 55th National Safety Day (celebrating the National Safety Council's Diamond Jubilee) is “Engage, Educate & Empower People to Enhance Safety”.
• In 1965, a decision was taken to set up national and state-level Safety Councils by the Ministry of Labour and Employment and the Standing Labour Committee’s session approved this in February 1966.
• On March 4, 1966, the National Safety Council of India (NSC) was registered by the Ministry of Labour and Employment.
• Then the council was registered under the Society Registration Act of 1860 and the idea behind this council was to create the SHE campaign.
• The SHE campaigns stands for the safety, health, and environmental movement.
• The foundation day of the National Safety Council was decided to observe as National Safety Day in 1972.
• It was also decided to celebrate it as a National Safety Week (NSW) Campaign that will last for one week.

Daily CA One- Liner: 4^th March

• Chhattisgarh Finance Minister Om Prakash Chaudhary presented the ₹1,72,000 crore annual Budget for the Financial Year 2026–27 in the State Legislative Assembly at Raipur, Chhattisgarh
• Union Minister Nitin Gadkari, Ministry of Road Transport and Highways, launched the upgraded Rajmarg Pravesh Version 2.0 web portal to facilitate easy issuance of No Objection Certificates for facilities and utilities along National Highways
• Tamil Nadu Forest Minister R S Rajakannappan inaugurated the State’s first Dark Sky Park at Ariyur Shola Reserve Forest, Kolli Hills, in Namakkal district, positioning Tamil Nadu as an emerging astro-tourism destination
• The Hon’ble President of India, Droupadi Murmu, launched four women- centric welfare schemes of the Delhi Government at the “Sashakt Nari, Samriddh Delhi” programme held in New Delhi.

• The Reserve Bank of India (RBI) imposed a monetary penalty of ₹11.50 lakh on Mahindra & Mahindra Financial Services Limited (MMFSL) for regulatory non-compliances observed during its annual inspection with reference to the financial position as on 31 March 2025 (FY25).
• The National Statistics Office (NSO) under the Ministry of Statistics and Programme Implementation (MoSPI) released the new series of Annual and Quarterly Gross Domestic Product (GDP) with a new base year 2022-23, replacing the previous base year of 2011-12.
• The Central Board of Indirect Taxes and Customs (CBIC) launched the upgraded SWIFT 2.0 platform, the revamped Atithi 2.0 app, and the Digital Travellers Guide during International Customs Day 2026 celebrations in New Delhi under the theme “Customs protecting society through vigilance and commitment”.
• Agriculture and allied sector Gross Value Added (GVA) growth is projected at 2.4% in real terms for FY 2025–26, lower than 4.9% in FY 2024–25, indicating weak agricultural sector momentum.
• Foreign Direct Investment (FDI) equity inflows into India increased by 16.6% year-on-year to $12.69 billion in October–December (Q3) FY 2025–26, compared to $10.88 billion in the same quarter last year.
• The Reserve Bank of India (RBI) issued the NBFC–Miscellaneous Amendment Directions, 2026 to support the functioning of the National Urban Co-operative Finance and Development Corporation Ltd. (NUCFDC) as the Umbrella Organisation (UO) for Urban Co-operative Banks (UCBs).
• The Government of India and the European Union agreed to grant Most Favoured Nation (MFN) status to each other for a period of five years starting from the date the India–EU Free Trade Agreement (FTA) comes into force.
• Alireza Arafi, a senior Iranian cleric, was appointed as Interim Supreme Leader of Iran following the death of Ali Khamenei in a reported USA–Israel airstrike.
• On March 03, 2026, the Ministry of Defence, India signed contracts worth a total of ₹5,083 crore for the acquisition of six Advanced Light Helicopters (ALH) Mk-III (Maritime Role) for the Indian Coast Guard and Surface-to-Air Vertical Launch - Shtil missiles for the Indian Navy, in the presence of Defence Secretary Shri Rajesh Kumar Singh at South Block, New Delhi.
• A contract for construction of 04 × 500T Self Propelled Fuel Barges was signed on 02 March 2026 with Shoft Shipyard Private Limited, a MSME shipyard located in Thane, Maharashtra.
• Jitendra Singh, Union Minister of State (Independent Charge), Ministry of Science and Technology (MoS&T) and Ministry of Earth Sciences (MoES), inaugurated the Central Facility for Recombinant Cells and Sensors at Rajiv Gandhi Centre for Biotechnology (BRIC-RGCB), Akkulam campus, Thiruvananthapuram, Kerala, during National Science Day 2026 celebrations (28 February 2026).
• Bharti Airtel,a leading Indian telecommunications service provider partnered with Google to deliver a secure and interactive messaging experience for users in India.
• HCL Technologies and Indian Institute of Technology Kanpur signed a Memorandum of Understanding (MoU) to translate Artificial Intelligence (AI) and intelligent systems research into enterprise-ready solutions for Global Capability Centers (GCCs).

• International Solar Alliance (ISA) and Indian Institute of Technology (IIT) Delhi formalised a Framework for Action (FFA) in New Delhi to strengthen cooperation in renewable energy advancement, capacity building, academic collaboration, and human resource development across ISA Member Countries.
• The Ministry of Culture signed a Memorandum of Understanding with the Federation of Indian Chambers of Commerce and Industry to formulate a comprehensive national strategy for India’s Cultural and Creative Economy
• The India Artificial Intelligence Mission, under the Ministry of Electronics and Information Technology, signed a Statement of Intent with Business Sweden at the India Artificial Intelligence Impact Summit 2026 held in New Delhi, Delhi, to strengthen India–Sweden cooperation in Artificial Intelligence and digital technologies
• Gujarat’s semiconductor ecosystem received fresh investment proposals worth over ₹1,600 crore from companies based in Japan, South Korea and Malaysia, announced during the Gujarat Semiconnect Conference held in Gandhinagar
• The American Non-Government Organisation Sapien Labs released its global report titled Global Mind Health in 2025: Mind Health – The Ability to Navigate Life’s Challenges and Function Productively.
• National Safety Day is celebrated on March 4th, 2026.