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CURRENT AFFAIRS : BANKING, FINANCE & BUSINESS

Government Approves Strategic Disinvestment and Restructuring of IDBI Bank Limited

• The Cabinet Committee on Economic Affairs (CCEA) approved the strategic disinvestment of IDBI Bank Limited on 14 October 2026, selecting M/s 10955230 Canada Inc., whose parent entity is Fairfax Financial Holdings Ltd., as the strategic buyer.
• The transaction involves the sale of 72% equity stake in IDBI Bank, comprising 30.48% held by the Government of India (GoI) and 30.24% held by Life Insurance Corporation of India (LIC).
• The approved purchase consideration for the 72% stake is ₹52,878.08 crore.

Key Highlights :

• Following the transaction, the Government of India will retain 15% and LIC will retain 19% of IDBI Bank’s shareholding.
• The winning bidder offered ₹81 per share, exceeding the benchmark fair value of ₹75.99 per share determined by two independent valuation agencies.
• The fair valuation was based on two methods: the Market Multiple Method for relative valuation and the Asset Valuation Method, which considers tangible and intangible assets, including land, properties and liabilities.
• The strategic disinvestment followed a two-stage competitive bidding process involving eligibility checks, RBI Fit and Proper assessment, security clearance by the Ministry of Home Affairs (MHA) and evaluation by government-level committees.
• The decision-making process involved the Inter-Ministerial Group (IMG), the Core Group of Secretaries on Disinvestment (CGD) and the Alternative Mechanism (AM).
• The Preliminary Information Memorandum (PIM) inviting Expressions of Interest (EoI) was issued on 7 October 2022; of the five initial applicants, four qualified and two ultimately submitted techno-financial bids.
• RBI placed IDBI Bank under the Prompt Corrective Action (PCA) Framework on 5 May 2017 because of its poor financial health, high non-performing assets (NPAs) and losses.
• The RBI lifted the PCA restrictions on 10 March 2021, following improvements in IDBI Bank’s financial condition, subject to certain conditions and continued monitoring.
• The CCEA delegated powers to the Alternative Mechanism to undertake the sale of the Government of India’s remaining 15% stake through the open market, in accordance with the standard operating procedure.
• LIC is permitted to manage its remaining 19% stake according to its internal procedures while complying with applicable regulatory directions.
• Upon completion, the transaction is expected to become the largest foreign direct investment (FDI) in India’s financial sector to date, as stated in the announcement.

Rising Food and Fuel Prices Drive Wholesale Inflation to a Record 11.4% in September 2026

• India’s Wholesale Price Index (WPI)-based inflation rose to a series-high of 39% in September 2026, compared with 9.92% in August 2026, driven by rising prices of food articles, manufactured products, and fuel and power.
• The WPI base year is 2022–23, and the new series provides data from April 2024; under the older series with the 2011–12 base year, September 2026 inflation was reported as a 49-month high.

Key Highlights :

• The Wholesale Price Index (WPI) increased to 5 in September 2026 from 110.8 in August 2026.
• Food articles inflation increased to 14% in September 2026 from 5.67% in August 2026, partly reflecting a low base effect from the previous year.
• The WPI Food Index inflation rose to 66% in September 2026 from 7.05% in August 2026; this index combines food articles under primary articles and manufactured food products.
• Fuel and power inflation accelerated to 85% in September 2026 from 22.93% in August 2026, reflecting higher energy-related commodity prices.
• Inflation in crude petroleum and natural gas surged to 32% in September 2026 from 34.41% in August 2026, while mineral oils inflation rose to 40.02% from 38.48%.
• Coal and lignite inflation increased to 31% in September 2026 from 1.57% in August 2026, while electricity prices continued to decline year-on-year, recording inflation of –0.43%.
• Manufactured products inflation reached a series-high of 76% in September 2026, compared with 8.37% in August 2026, reflecting higher prices across several industrial categories.
• Inflation in basic metals rose to 96% from 10.88%, while inflation in chemicals and chemical products increased to 16.74% from 14.30%.
• Textile inflation increased to 85% from 12.63%, while inflation in rubber and plastic products rose to 13.47% from 11.18%.
• Inflation in electrical equipment increased to 93% from 11.11%, while computer, electronic and optical products recorded positive inflation of 4%, compared with a contraction of 0.47% in August.
• Inflation in primary articles increased to 67% in September 2026 from 7.76% in August 2026, while non-food articles inflation eased to 10.28% from 14.79%.
• Cumulative WPI inflation during April–September 2026 stood at 85%, compared with a contraction of 0.20% during April–September 2025.
• During April–September 2026, cumulative inflation stood at 31% for fuel and power, 8.08% for manufactured products, and 6.10% for the WPI Food Index, compared with a contraction of 1.26% in the Food Index during the corresponding period of the previous financial year.
• The rise in wholesale inflation was linked to the West Asia conflict and the resulting disruption around the Strait of Hormuz, which increased global crude oil and fertiliser costs, with spillover effects on food and commodity prices.
• India’s retail inflation, measured by the Consumer Price Index (CPI), rose to a 23-month high of 54% in September 2026 from 4.83% in August 2026, driven by higher food prices.
• The Reserve Bank of India’s Monetary Policy Committee (MPC) raised the benchmark policy rate by 25 basis points (bps) to 5.50%, according to the provided report.
• The Output Producer Price Index (PPI) for all commodities increased to 5 in September 2026 from 110.8 in August 2026.
• The Output PPI for agriculture, forestry and fishing rose to 7 from 116.5, while the index for mining and quarrying increased to 129.2 from 122.0.
• The Output PPI for manufactured products increased to 0 from 109.7, while the trial Input PPI for manufacturing rose to 106.1 from 104.2, indicating higher input costs for manufacturers.
• The provisional WPI estimates for September 2026 were compiled with a weighted response rate of 4%.
• The next release of WPI, Output PPI and trial Input PPI data for October 2026 is scheduled for 16 November 2026 by the Government of India.

Reserve Bank of India Introduces Strict Forex Measures to Support the Rupee and Curb Speculation

• The Reserve Bank of India (RBI) announced stricter foreign exchange (forex) derivative regulations on 10 October 2026 to curb excessive speculation, prevent duplicate hedging and ensure orderly functioning of the forex market amid pressure on the Indian rupee.
• The RBI prohibited Authorised Dealer (AD) banks from allowing users to rebook cancelled forex derivative contracts involving the Indian rupee after the issuance of the directions.
• The RBI reduced the threshold for undertaking forex derivative transactions without establishing underlying exposure from USD 100 million to USD 5 million across all Authorised Dealers.
• The threshold for exchange-traded INR currency derivatives was also reduced from USD 100 million to USD 5 million, collectively across all recognised stock exchanges.
• The RBI introduced the Foreign Exchange Risk Reserve (FERR) to curb speculation and contain volatility in the foreign exchange market.
• Under the FERR requirement, Authorised Dealers must maintain a cash reserve with the RBI equal to 20% of the INR equivalent of the notional amount of each INR-involving forex derivative contract with a notional value exceeding USD 2 million equivalent.
• The FERR is a first-of-its-kind measure, creating new operational requirements for banks beyond their familiar Cash Reserve Ratio (CRR)
• Banks have sought RBI clarification on the calculation methodology, the procedures for setting aside and remitting FERR, the treatment of costs passed on to importers and exporters, and whether reserve-related costs should be uniform across banks or determined individually.
• The RBI introduced additional documentation requirements to verify the underlying exposure of forex derivative transactions.
• The RBI opened a special US dollar supply window to meet the entire daily dollar requirements of three public sector oil marketing companies (OMCs): Indian Oil Corporation (IOC), Hindustan Petroleum Corporation (HPCL) and Bharat Petroleum Corporation (BPCL).
• Under the special facility, the RBI will sell US dollars to the three OMCs through designated banks to meet their daily foreign exchange requirements.
• The RBI sought feedback from four leading banks on the impact of the newly announced forex market measures.

Life Insurance Corporation of India Introduces Three New Insurance Plans Covering Retirement Income, Health Protection and Cancer Risks

• Life Insurance Corporation of India (LIC) launched three new insurance plans: New Jeevan Dhara-II (Plan 892), Health Shield (Plan 907), and New Cancer Cover (Plan 908).
• The three plans were launched by Doraiswamy, CEO and Managing Director of LIC, and will be available for purchase from 19 October 2026.
• All three plans are non-participating, non-linked and individual insurance plans, designed to provide retirement income, health protection and financial support against cancer-related risks.
• New Jeevan Dhara-II (Plan 892) is a savings-based deferred annuity plan that provides guaranteed income after retirement.
• New Jeevan Dhara-II offers guaranteed annuity rates at the time of policy inception, helping policyholders plan their retirement income.
• Health Shield (Plan 907) is a pure-risk health insurance plan that provides fixed-benefit coverage for the entire family against specified health risks.
• Health Shield offers a Daily Hospital Cash Benefit during hospitalisation and lump-sum payouts for major surgeries and critical illnesses.
• New Cancer Cover (Plan 908) is a pure-risk health insurance plan that provides fixed financial benefits upon diagnosis of specified early-stage and major-stage cancers, irrespective of the actual treatment expenses.
• Under New Cancer Cover, a monthly income benefit equal to 1% of the applicable sum assured for 10 years is payable in the event of major-stage cancer.
• If the policyholder dies during the applicable major-stage cancer income-benefit period, the monthly income benefit is payable to the nominee, as specified under the plan.

About LIC :

• Established : 1 September 1956
• Headquarters : Mumbai, Maharashtra
• MD & CEO : R. Doraiswamy

Karnataka Bank Introduces Trade Konnect Digital Platform for Foreign Exchange and Cross-Border Remittance Services

• Karnataka Bank Limited launched Trade Konnect, a digital platform that enables customers to submit import, export and outward cross-border remittance requests online without visiting a physical bank branch.
• Raghavendra S. Bhat, Managing Director (MD) and Chief Executive Officer (CEO) of Karnataka Bank, formally inaugurated the Trade Konnect
• Trade Konnect was developed in partnership with Kyzer Software (India) Private Limited, which provided technology support for the platform.
• Jai Shah, Co-Founder and Director of Sales of Kyzer Software (India) Private Limited, attended the launch event.
• The platform aims to support Karnataka Bank’s digital transformation strategy by improving customer convenience, foreign exchange (forex) processes and ease of doing business.
• Trade Konnect provides a seamless, secure and efficient digital channel for submitting forex-related requests anytime and anywhere.
• The platform serves businesses engaged in international trade and individuals undertaking foreign remittances, simplifying cross-border financial transactions.
• The launch of Trade Konnect reduces the need for physical branch visits for the covered import, export and outward remittance services.

About Karnataka Bank:

• Founded: 1924
• Headquarters: Mangaluru, Karnataka, India
• Managing Director & CEO: Raghavendra Srinivas Bhat
• Tagline: "Your Family Bank, Across India"

Fitch’s Business Monitor International Revises India’s Financial Year 2026–27 gross domestic product Growth Forecast Upward to 7.5%

• Business Monitor International (BMI), a unit of Fitch Solutions, raised India’s gross domestic product (GDP) growth forecast for FY 2026–27 (FY27) to 5% from its earlier estimate of 6.8%.
• BMI lowered India’s GDP growth forecast for FY 2027–28 (FY28) to 3% from 6.5%, citing concerns over household consumption and external economic risks.
• India’s GDP grew by 8% in Q1 FY27 (April–June 2026), while BMI’s GDP tracker indicated approximately 8.3% growth in Q2 FY27 (July–September 2026).
• The upward revision for FY27 was supported by strong economic momentum, industrial expansion and sustained investment in Artificial Intelligence (AI).
• India’s industrial production growth accelerated from 2% in Q1 FY27 to 7.7% during July–August 2026.
• Vehicle registration growth increased from 16% in Q1 FY27 to 26% in Q2 FY27, indicating stronger economic and consumption activity.
• Planned AI-related investments by Reliance, Adani, Amazon Web Services (AWS) and Microsoft are expected to support India’s economic growth through increased spending on technology infrastructure.
• BMI warned of downside risks to India’s growth outlook from higher crude oil prices, possible policy rate increases due to inflationary concerns, and El Niño-related disruptions.
• The Reserve Bank of India (RBI) revised India’s FY27 GDP growth forecast upward to 1% from 6.7%.
• The World Bank raised India’s FY27 GDP growth projection to 1% from 6.6%.

Karur Vysya Bank Partners with Zurich Kotak General Insurance to Distribute General Insurance Products

• Karur Vysya Bank (KVB) entered into an agreement with Zurich Kotak General Insurance Company (India) to distribute general insurance products through the bank’s existing banking channels.
• The agreement was disclosed on 12 October 2026 under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
• The partnership aims to expand customer access to non-life insurance solutions and strengthen the bank’s bancassurance activities.
• Through this partnership, KVB will offer insurance services via its existing banking network and customer service channels, serving both retail and commercial customers.
• The specific insurance products covered under the agreement and the revenue targets have not been disclosed.
• General insurance typically covers motor, health, travel, property and other non-life insurance products, although the exact coverage under this agreement remains undisclosed.
• The agreement involves insurance product distribution only and does not include any equity investment or acquisition.
• The partnership may help KVB generate commission-based income, diversifying its revenue beyond traditional lending interest and deposit-related activities.

About Karur Vysya Bank:

• Founded: 1916
• Headquarters: Karur, Tamil Nadu, India
• Managing Director & CEO: B. Ramesh Babu
• Tagline: "Smart Way to Bank"

About Zurich Kotak General Insurance Company :

• It is a 70:30 joint venture between Zurich Insurance Group and Kotak Mahindra Bank.
• The company was renamed Zurich Kotak General Insurance in August 2024, following Zurich Insurance Group’s acquisition of a 70% stake in the company.

Securities Transaction Tax Revenue Rises 53% to ₹40,214 Crore in FY27 Following Tax Rate Increase

• Securities Transaction Tax (STT) collections rose by nearly 53% to ₹40,214.36 crore in FY 2026–27 up to 17 September 2026, compared with ₹26,305.72 crore during the corresponding period of the previous year.
• The increase in STT collections followed a hike in STT rates effective from 1 April 2026, announced in the Union Budget 2026–27.
• STT on futures increased from 02% to 0.05% of the traded value.
• STT on options premium turnover increased from 1% to 0.15%, while STT on exercised options rose from 0.125% to 0.15% of the intrinsic value.
• The government projected ₹73,700 crore in STT collections for FY 2026–27 in the Union Budget.
• Total STT collections stood at ₹57,522 crore in FY 2025–26, compared with ₹53,296 crore in FY 2024–25.
• The 2026 rate increase was the second STT hike since 2024.
• Securities Transaction Tax (STT) is a direct tax levied on securities transactions conducted through recognised stock exchanges, including equities, futures, options and equity-oriented mutual funds.
• STT is generally levied on sell transactions in futures and options; futures are valued at the actual traded price, while options are valued at the premium.
• For the exercise of an in-the-money option contract, STT is levied on the intrinsic value of the option.
• In March 2026, the Income Tax Department asked stockbrokers to remit outstanding STT collected from clients for FY 2023–24 and earlier years, along with applicable interest, if the amounts had not been deposited with the government.
• Derivatives trading volumes faced pressure from regulatory changes, including the introduction of a closing auction session and a 100% collateral requirement.

CURRENT AFFAIRS: NATIONAL AND STATE NEWS

PM-SETU Approves ₹440 Crore to Upgrade Nine Government Industrial Training Institutes in Gujarat and Andhra Pradesh

• Under the Pradhan Mantri Skilling and Employability Transformation through Upgraded ITIs (PM-SETU) initiative, ₹440 crore has been approved to upgrade nine Government Industrial Training Institutes (ITIs) across the Surat and Visakhapatnam clusters.
• The initiative covers five Government ITIs in Surat, Gujarat, and four Government ITIs in Visakhapatnam, Andhra Pradesh.

Key Highlights

• Shareholders’ Agreements were signed by the Directorate General of Training (DGT), the Ministry of Skill Development and Entrepreneurship (MSDE), the Governments of Gujarat and Andhra Pradesh, and ArcelorMittal Nippon Steel India (AM/NS India).
• Dedicated Special Purpose Vehicles (SPVs) will manage the upgradation and operations of the two ITI clusters. The equity structure of each SPV is:
• ArcelorMittal Nippon Steel India – 51%.
• Government of India – 24.5%.
• Respective State Government – 24.5%.
• New Age Makers’ Institute of Technology (NAMTECH) will serve as the academic and technical partner to AM/NS India, supporting curriculum reforms and faculty development.
• The planned upgrades include modernising training infrastructure, workshops and laboratories; introducing trades aligned with industry requirements and emerging technologies; and revising curricula to improve the relevance of vocational training.
• Industrial Training Institutes provide vocational education and practical training through workshops and laboratories to prepare trainees for skilled employment. The Directorate General of Training, functioning under the MSDE, is associated with vocational training programmes, including the Craftsmen Training Scheme.
• The partnership brings together the Central Government, the Governments of Gujarat and Andhra Pradesh, and a private-sector industry partner to strengthen vocational training infrastructure and align skill development with industry needs.

About Andhra Pradesh:

• Chief Minister: Chandrababu Naidu
• Governor: S. Abdul Nazeer
• Capital: Amaravati
• National Parks: Papikonda National Park, Sri Venkateswara National Park, Rajiv Gandhi (Rameswaram) National Park
• Wildlife Sanctuaries: Coringa, Kolleru, Krishna, Kambalakonda, Rollapadu Wildlife Sanctuaries

About Gujarat:

• Chief Minister: Bhupendra Patel
• Governor: Acharya Dev Vrat
• Capital: Gandhinagar
• National Parks: Gir, Blackbuck, Gulf of Kutch (Marine), Vansda National Parks
• Wildlife Sanctuaries: Nal Sarovar Bird, Wild Ass, Kutch Desert, Barda, Purna Wildlife Sanctuaries

Department of Animal Husbandry and Dairying Launches Digital Brand Identity Manual-Compliant Website

• The Department of Animal Husbandry and Dairying (DAHD), under the Government of India, launched its website compliant with Digital Brand Identity Manual (DBIM) Version 3.0, introduced by the Ministry of Electronics and Information Technology (MeitY).
• Rajiv Ranjan Singh alias Lalan Singh, Union Minister for Fisheries, Animal Husbandry and Dairying and Panchayati Raj, launched the revamped website.

Key Highlights

• The revamped website improves accessibility, consistency and ease of navigation through features such as:
• Advanced search functionality.
• Multilingual support through Bhashini.
• Persona-based navigation.
• Centralised content management.
• The website serves as a one-stop digital platform for information on the department's flagship schemes and initiatives, including:
• Animal Husbandry Infrastructure Development Fund (AHIDF).
• Rashtriya Gokul Mission (RGM).
• National Livestock Mission (NLM).
• Livestock Health and Disease Control Programme (LHDCP).
• The portal provides access to scheme information, guidelines, resources and related digital platforms, helping stakeholders obtain information about departmental initiatives and their implementation.

National Biodiversity Authority Disburses ₹2.02 Crore in Access and Benefit-Sharing Funds to 27 States and 3 Union Territories

• The National Biodiversity Authority (NBA) disbursed ₹2.02 crore in Access and Benefit-Sharing (ABS) funds to 27 States and 3 Union Territories to support biodiversity conservation, sustainable use of biological resources and local community livelihoods.
• With this release, the NBA's cumulative ABS disbursement has reached ₹202 crore.
• The contributions cover varieties and hybrids of rice, eggplant, cauliflower, cucumber, hot pepper, bottle gourd, bitter gourd, tomato and okra.
• The contributions were received from East West Seeds India Private Limited, Syngenta India Limited, Devgen Seeds and Crop Technology Private Limited, Limagrain India Private Limited, Bayer Science & Innovation Private Limited, Nunhems India Private Limited and Enza Zaden India Private Limited.

Key Highlights

• The funds were allocated to State Biodiversity Boards and Union Territory Biodiversity Councils according to the cultivation area of the respective biological resources, using agricultural statistics published by the Ministry of Agriculture and Farmers Welfare.
• The top 10 recipient States received approximately ₹1.43 crore. Their allocations were:
• Madhya Pradesh – ₹23,81,072.
• West Bengal – ₹23,32,913.
• Odisha – ₹19,75,559.
• Bihar – ₹17,28,852.
• Gujarat – ₹13,29,870.
• Chhattisgarh – ₹11,37,521.
• Uttar Pradesh – ₹9,80,038.
• Andhra Pradesh – ₹9,34,864.
• Karnataka – ₹7,87,392.
• Maharashtra – ₹7,16,971.
• The remaining States and Union Territories collectively received ₹58,94,948.
• The ABS mechanism aims to mobilise financial resources for biodiversity conservation and local development while ensuring the fair and equitable sharing of benefits arising from the use of biological resources.
• ABS funds support activities such as strengthening Biodiversity Management Committees (BMCs), updating People's Biodiversity Registers (PBRs), conserving traditional crop varieties and medicinal plants, restoring habitats and promoting sustainable management of biological resources at the grassroots level.
• The funded activities can strengthen local institutions and increase the participation of farmers, communities and other stakeholders in biodiversity governance.
• They can also complement tribal welfare, livelihood and natural-resource-based enterprise programmes, including the Pradhan Mantri Janjati Adivasi Nyaya Maha Abhiyan, Pradhan Mantri Janjatiya Vikas Mission and Pradhan Mantri Van Dhan Yojana.
• India's ABS framework supports implementation of the Biological Diversity Act, 2002, and the National Biodiversity Strategy and Action Plan 2024–2030.
• The framework also contributes to Target 13 of the Kunming–Montreal Global Biodiversity Framework, which addresses fair and equitable benefit-sharing from genetic resources and associated traditional knowledge, and Target 19, which concerns resource mobilisation.
• It supports the United Nations Sustainable Development Goals relating to Zero Hunger, Decent Work and Economic Growth, Responsible Consumption and Production, Life on Land, and Partnerships for the Goals.
• The disbursement comes as India prepares to participate in the 17th Conference of the Parties to the Convention on Biological Diversity, scheduled to begin on 19 October in Yerevan, Armenia.

Ayush Services Economy Valued at US$36.92 Billion in FY2024–25, Projects Research and Information System Study

• According to a study by the Research and Information System for Developing Countries (RIS), India's Ayush services economy was valued at US$36.92 billion in Financial Year 2024–25, recording a compound annual growth rate (CAGR) of 16.91% since Financial Year 2022–23.
• The study projects that the sector could expand to US$216–318 billion by 2047, contributing to the Viksit Bharat @2047 vision.
• The report was released during the 11th Ayurveda Day celebrations in Nagpur on 23 September 2026.

Key Highlights

• The research was based on a nationally scaled survey of 15,914 establishments covering all six Ayush systems.
• Clinics and day-care centres account for more than 71% of total sector revenue. Standalone clinics generated an estimated US$16.21 billion, while day-care centres contributed US$10.13 billion.
• Ayurveda was the largest individual Ayush system, generating approximately US$17.73 billion, or nearly 48% of total sector revenue.
• The Ayush wellness segment, including yoga centres, spas and resorts, recorded a CAGR of 21.29%.
• Revenue from yoga centres increased by approximately 75% over two years, reflecting growing demand for preventive healthcare, wellness and holistic services.
• The sector directly supports approximately 1.76 million livelihoods, with more than one million jobs concentrated in local and standalone clinics. Women account for 43% of the overall Ayush services workforce, with their participation exceeding 50% in several organised segments:
• Spas and resorts: More than 60%.
• Educational institutions: 58%.
• Day-care centres: 57%.
• Hospitals: 53%.
• The study estimated that Ayush generated US$1.77 billion in Medical Value Travel (MVT) revenue in FY2024–25. International patients account for around 5% of patient volumes but contribute an estimated 15–25% of hospital-segment revenue.
• Ayush therapeutic programmes, including Panchakarma and residential Yoga, are associated with longer patient stays, with the average length of stay ranging from 5 to 11 days.
• Ayush establishments with a dedicated, functional website had 3.6 times higher odds of attracting international patients. Recognised quality accreditation, including that provided by the National Accreditation Board for Hospitals and Healthcare Providers (NABH) or the International Organization for Standardization (ISO), was associated with twice the odds of attracting international patients.
• To achieve the projected growth, the report recommends strengthening infrastructure, quality systems, workforce skills, digital capabilities and access to international markets. Its strategic roadmap is based on four pillars:
• Ayush knowledge value chain.
• Enterprise and institutional capabilities.
• Global competitiveness and Medical Value Travel.
• Innovation through digital technologies and Artificial Intelligence (AI).

Prime Minister Narendra Modi to Inaugurate Five Development Projects Worth ₹3,350 Crore in Ladakh

• Prime Minister Narendra Modi will inaugurate and dedicate five major development projects worth approximately ₹3,350 crore in Ladakh through video conferencing. He will also address the gathering.
• The projects focus on connectivity, energy infrastructure, cultural heritage conservation and water security.

Key Highlights

• The Prime Minister will inaugurate the New Passenger Terminal Building at Kushok Bakula Rimpochee Airport, Leh, constructed at a cost of ₹640 crore. Spread across 23,800 square metres, the terminal is designed to handle 35 lakh passengers annually.
• He will dedicate the 298-kilometre Nimmu–Padum–Darcha Road to the nation. Constructed by the Border Roads Organisation (BRO), it connects Nimmu in Leh with Darcha in Himachal Pradesh through the remote Zanskar Valley.
• The road provides an alternative connectivity route to Ladakh, supplementing the Srinagar–Leh and Manali–Leh highways, and crosses challenging Himalayan terrain, including the high-altitude Shinkun La Pass.
• To strengthen energy security and utilise Ladakh's renewable energy potential, the Prime Minister will inaugurate the 9-megawatt Hanu Small Hydroelectric Project and the 66-kilovolt Double-Circuit Dah–Hanu–Khaltsi Transmission Line.
• The Prime Minister will inaugurate India's first Petroglyph Conservation Park at Sindhu Ghat, Leh, to protect Ladakh's ancient archaeological heritage.
• Under Project Him Sarovar, the Prime Minister will inaugurate 40 water bodies developed across 40 villages.
• The initiative addresses Ladakh's geographical and climatic challenges and aligns with the objectives of Mission Amrit Sarovar.

About Ladakh:

• Lieutenant Governor: Vinai Kumar Saxena
• Capital: Leh
• National Parks: Hemis National Park
• Wildlife Sanctuaries: Changthang Wildlife Sanctuary, Karakoram Wildlife Sanctuary

Union Cabinet Approves Continuation of National Social Assistance Programme with ₹53,428 Crore Outlay

• The Union Cabinet approved the continuation of the National Social Assistance Programme (NSAP) for five years, from 2026–27 to 2030–31, with a total outlay of ₹53,428 crore.
• The programme has been renamed Pradhan Mantri Samajik Sahayata Yojana.
• The approval also provides for revised eligibility criteria, coverage and assistance rates under the disability pension scheme, while the old-age pension, widow pension and family benefit schemes will continue in their existing form.

Key Highlights

• The following schemes have been renamed:
• Indira Gandhi National Old Age Pension Scheme – Pradhan Mantri Vridhavastha Pension Yojana.
• Indira Gandhi National Widow Pension Scheme – Pradhan Mantri Vidhawa Pension Yojana.
• Indira Gandhi National Disability Pension Scheme – Pradhan Mantri Divyangjan Pension Yojana.
• National Family Benefit Scheme – Pradhan Mantri Parivar Labh Yojana.
• Ashwini Vaishnaw, Union Minister for Information and Broadcasting, announced the revised assistance under the disability pension scheme:
• ₹375 for beneficiaries up to 79 years of age.
• ₹625 for beneficiaries aged 80 years and above.
• The benchmark disability eligibility threshold has been reduced from 80% to 40%. The minimum age criterion for disability pension has also been revised to include eligible persons from birth, according to the announcement.
• The approval is expected to benefit approximately 3.2 crore beneficiaries across all 36 States and Union Territories.
• The pension schemes for senior citizens and widows, along with the family benefit scheme, will continue under their existing provisions.
• Revised guidelines covering eligibility criteria, beneficiary coverage and assistance rates under the disability pension scheme will be issued and implemented within three months.

President Droupadi Murmu to Inaugurate National SARAS Livelihoods Mela 2026 in Vijayawada

• President Droupadi Murmu will inaugurate the National SARAS Livelihoods Mela 2026 at Punnami Ghat in Vijayawada, Andhra Pradesh.
• For the first time, the national-level fair is being organised outside the Delhi–National Capital Region (Delhi-NCR).
• The mela is organised by the Union Ministry of Rural Development in association with the Government of Andhra Pradesh.

Key Highlights

• The event provides a platform for rural women associated with Self-Help Groups (SHGs) across India to showcase their products, access wider markets and strengthen their livelihoods.
• Around 1,500 women entrepreneurs and artisans are participating, with more than 650 stalls showcasing traditional handloom products, handicrafts, organic goods and household items.
• The mela also features regional food, live demonstrations of traditional crafts, and training in packaging, branding and online marketing to help women entrepreneurs improve their market reach.
• The event highlights the Lakhpati Didi initiative, which aims to help rural women achieve sustainable incomes and greater financial independence.

India Approves Accession to Southern Indian Ocean Fisheries Agreement

• The Central Government of India has approved the country's accession to the Southern Indian Ocean Fisheries Agreement (SIOFA) to strengthen India's presence in high-seas fisheries, expand access to valuable marine resources and enhance its participation in global fisheries governance.
• The decision aligns with the Guidelines for High Seas Fisheries, issued by the Government in December 2025, and is expected to provide a regional framework for expanding India's fishing operations into international waters, safeguarding strategic interests, creating economic opportunities and promoting sustainable harvesting of marine resources.

Key Highlights

• Following accession, Indian-flagged fishing vessels and enterprises will be eligible to undertake authorised fishing of species such as squid, toothfish and alfonsino, along with other non-highly migratory fish stocks within the SIOFA area, subject to applicable conservation measures and fishing authorisations.
• India's membership will strengthen cooperation with participating countries in scientific research, marine-resource assessments and sustainable management of high-seas fisheries. It will also support efforts to prevent Illegal, Unreported and Unregulated (IUU) fishing and encourage responsible fishing practices.
• India is expected to strengthen regional maritime cooperation and coastal security through active participation in SIOFA's High Seas Boarding and Inspection (HSBI) Scheme.
• India has been a Cooperating Non-Contracting Party (CNCP) to SIOFA since 2022. This status has limited its participation in decision-making, including the organisation's Scientific Committee and Compliance Committee.
• The high seas account for approximately 65% of the global ocean and are an important source of marine resources. The Indian Ocean has two major Regional Fisheries Management Organisations (RFMOs): the Indian Ocean Tuna Commission (IOTC) and SIOFA.
• India has been a Contracting Party to the Indian Ocean Tuna Commission since 1996.
• The IOTC manages highly migratory tuna and tuna-like species, whereas SIOFA manages other fisheries resources within its area of competence, including fish, molluscs, crustaceans and certain sedentary species, subject to exclusions under the Agreement and the United Nations Convention on the Law of the Sea (UNCLOS).
• Indian fishing vessels currently operate largely within 60–80 nautical miles of India's coast. Expanding fishing capacity into suitable high-seas areas, alongside access arrangements in other countries' Exclusive Economic Zones (EEZs), forms part of India's broader strategy to develop the fisheries sector and increase its contribution to the national economy.

Kigali Amendment Completes 10 Years, Highlighting India’s Need for Energy-Efficient Cooling

• The Kigali Amendment to the Montreal Protocol completed 10 years on 15 October 2026. Adopted in Kigali, Rwanda, on 15 October 2016, it aims to phase down the production and consumption of hydrofluorocarbons (HFCs), powerful greenhouse gases widely used in refrigeration and air- conditioning.
• The Montreal Protocol, adopted in 1987, originally aimed to phase out chlorofluorocarbons (CFCs) and other ozone-depleting substances.
• Countries have eliminated nearly 99% of controlled ozone-depleting substances, contributing to the recovery of the ozone layer.

Key Highlights

• HFCs became common alternatives to CFCs because they do not deplete the ozone layer. However, many HFCs have a global warming impact hundreds to thousands of times greater than carbon dioxide, measured over a 100-year period for an equivalent mass released into the atmosphere.
• The Federated States of Micronesia and Mauritius proposed bringing HFCs under the Montreal Protocol in 2009. The Kigali Amendment entered into force in January 2019. It establishes binding phase-down schedules rather than a complete ban on HFCs.
• Full implementation of the amendment could prevent approximately 0.3°C to 0.5°C of global warming by 2100, according to United Nations-backed scientific assessments. This would support the Paris Agreement’s objective of keeping global warming well below 2°C while pursuing efforts to limit it to 1.5°C.
• Cooling contributes to climate change in two major ways: refrigerant leakage releases greenhouse gases directly into the atmosphere, while electricity consumption by cooling equipment generates emissions when power comes from fossil fuels.
• Switching to lower-impact refrigerants addresses the first problem, while improving appliance energy efficiency addresses the second.
• The United Nations Environment Programme (UNEP) and the International Energy Agency (IEA) estimate that combining the HFC transition with energy-efficiency improvements could roughly double the climate benefits.
• India faces a significant cooling challenge, as cooling already accounts for more than 10% of the country’s annual electricity demand. On hot summer nights, air-conditioners can account for up to one-third of electricity consumption. Under current policies, India’s cooling demand is projected to more than double by 2035.
• India ratified the Kigali Amendment in 2021 and has the following HFC phase-down schedule:
• 2028 – Freeze HFC production and consumption at the agreed baseline.
• 2032 – Reduce HFC production and consumption by 10% below the baseline.
• 2047 – Reach an 85% reduction.
• The Friends of the Kigali Amendment coalition was recently revived in New York, with support from the Climate and Clean Air Coalition, to encourage wider participation, increased financing and improved refrigerant recovery.
• The Multilateral Fund, established in 1990 and operational since 1991, helps developing countries meet the additional costs of complying with the Montreal Protocol and is funded by developed countries.
• Its work helped avoid emissions equivalent to approximately 50 billion tonnes of carbon dioxide between 1995 and 2021, at an estimated cost of around US$0.07 per tonne. The same financing mechanism supports the HFC phase-down and assists Indian manufacturers in managing the transition.

India Chem 2026 to Be Held in Mumbai from October 22 to 24

• Shri Anupriya Patel, Union Minister of State for Chemicals and Fertilizers and Health and Family Welfare, launched the 14th edition of India Chem 2026, the biennial flagship event of India's chemicals and petrochemicals industry. It will be held in Mumbai from 22 to 24 October 2026.
• The event is organised by the Department of Chemicals and Petrochemicals (DCPC) in partnership with the Federation of Indian Chambers of Commerce and Industry (FICCI). Its theme is “Advantage Bharat: An Emerging Global Hub.”

Key Highlights

• The Minister emphasised aligning national initiatives such as the Critical Mineral Mission, Rare Earth Corridor, India Semiconductor Mission 2.0, National Manufacturing Mission and Foreign Direct Investment (FDI) reforms to position India as a global hub for battery chemicals, speciality chemicals and semiconductor chemicals by 2040.
• The Minister called on the industry to increase research and development (R&D) expenditure and adopt newer technologies.
• The Department is pursuing the Department of Science and Technology to designate chemicals and petrochemicals as a priority sector for coverage under the Research, Development and Innovation (RDI) Scheme, which has an outlay of approximately ₹1 lakh crore.
• These initiatives are intended to support the vision of developing India's chemical sector into a USD 1 trillion industry by 2040.
• India Chem 2026 will feature an international exhibition and conference, bringing together industry leaders, policymakers, investors, researchers and international participants. Sector-specific conclaves will cover agrochemicals, petrochemicals and speciality chemicals, along with infrastructure, environmental issues, and process, plant and machinery.
• The event will also host region-specific forums covering India–United States, India–European Union, India–Russia and India–Japan cooperation.
• India Chem 2026 aims to highlight India's growing capabilities and expanding opportunities in the global chemicals and petrochemicals industry while promoting investment, technological development, partnerships and domestic manufacturing.

Ministry of Skill Development and Entrepreneurship Conducts Orientation for NAVYA 2.0 Rollout

• The Ministry of Skill Development and Entrepreneurship (MSDE), in collaboration with the Ministry of Women and Child Development  (MoWCD), organised a one-day orientation session at Kaushal Bhawan, New Delhi, to prepare for the formal launch and rollout of Nurturing Aspirations Through Vocational Training for Young Women and Adolescent Girls 2.0 (NAVYA 2.0).
• The initiative aims to provide vocational training and create pathways to entrepreneurship, apprenticeships and sustainable livelihood opportunities for young women and adolescent girls aged 16–25 years across 100 Aspirational Districts in 24 States and Union Territories.

Key Highlights

• The orientation session was chaired by Debashree Mukherjee, Secretary of the Ministry of Skill Development and Entrepreneurship, and Anil Malik, Secretary of the Ministry of Women and Child Development.
• The session also saw the release of the Standard Operating Procedure (SOP) for coordinated implementation of NAVYA 2.0 at the district level.
• Participants included District Collectors and District Magistrates, Regional Directors of Regional Directorates of Skill Development and Entrepreneurship, Principals of Industrial Training Institutes, Child Development Project Officers and other stakeholders from participating districts.
• NAVYA 2.0 builds on the experience of the NAVYA pilot project, launched on 24 June 2025 at Sonbhadra, Uttar Pradesh, by Jayant Chaudhary, Minister of State (Independent Charge) for Skill Development and Entrepreneurship and Minister of State for Education, and Savitri Thakur, Minister of State for Women and Child Development.
• The pilot project covered 27 districts across 19 States and Union Territories. Based on its learnings, NAVYA 2.0 has been expanded to 100 Aspirational Districts across 24 States and Union Territories.
• The orientation covered stakeholder roles and responsibilities, the Skill India Digital Hub (SIDH), the National Apprenticeship Promotion Scheme (NAPS), entrepreneurship awareness and available opportunities. A dedicated entrepreneurship session was conducted by the National Institute for Entrepreneurship and Small Business Development (NIESBUD).

Department of Commerce Establishes Free Trade Agreement Utilisation Cell to Boost Indian Exports

• The Department of Commerce has established a Free Trade Agreement (FTA) Utilisation Cell to explain the benefits and opportunities available under free trade agreements and help Indian businesses maximise their use. Commerce Secretary Rajesh Agarwal announced the initiative.
• The cell will work with industry associations, Export Promotion Councils (EPCs) and State Governments to improve FTA utilisation, identify new market opportunities and help Indian businesses benefit from the market access provided by these agreements.

Key Highlights

• The announcement was made at the second India–European Free Trade Association (EFTA) Prosperity Summit, organised to mark the first anniversary of the India–EFTA Trade and Economic Partnership Agreement (TEPA).
• India has concluded trade agreements covering 32 countries, including the four EFTA member countries, the 27-member European Union and the United Kingdom.
• The India–United Kingdom trade agreement came into force on 15 July, while the agreement with the European Union is expected to become operational in 2027, according to the statement.
• More than 99% of India's trade value with EFTA countries now enters at zero tariff. However, the Commerce Secretary highlighted that FTAs also provide businesses with greater certainty for investment planning, supply-chain development and selection of reliable business partners at lower risk.
• The 32 countries covered by India's trade agreements represent high-income and high-consumption markets with strong demand for quality products.
• Several Indian exporters already receive higher prices in these markets than in other destinations.
• Agriculture presents significant export opportunities, particularly because European markets import agricultural products worth trillions of dollars.
• Although tariffs have not been eliminated for every agricultural product, several products in which India has strengths have received zero-duty or preferential market access.
• Indian exports currently account for only a small share of the European trade bloc's approximately United States Dollar 500 billion import basket.
• The Commerce Secretary urged every Export Promotion Council to develop market-specific strategies to increase India's share.
• Every Export Promotion Council has been asked to prepare a five-year action plan for each trade agreement, addressing non-tariff barriers, quality standards and potential anchor companies in each market.

CURRENT AFFAIRS : DEFENCE NEWS

INS Tarkash to Participate in IBSAMAR IX 2026, Strengthening India’s Commitment to Maritime Cooperation

• The Indian Navy deployed INS Tarkash, a frontline guided-missile stealth frigate, to South Africa to participate in the 9th edition of the India-Brazil-South Africa Maritime Exercise (IBSAMAR IX) 2026.
• IBSAMAR is a trilateral multinational maritime exercise involving the Indian Navy, Brazilian Navy and South African Navy.
• The IBSAMAR exercise has been conducted biennially since 2008 under the India-Brazil-South Africa (IBSA)
• The theme of IBSAMAR IX 2026 is “Stronger Together Towards a Shared Future in the Maritime Domain.”
• The exercise aims to strengthen maritime cooperation, improve interoperability, promote mutual understanding and enhance collective maritime security, particularly in the Indian Ocean Region (IOR).
• India is participating with INS Tarkash and its integral Chetak helicopter.
• Brazil is participating with BNS Barroso, equipped with an integral Lynx helicopter.
• South Africa is participating with SAS Amatola, SAS King Sekhukhune I, SAS Adam Kok III and the SAS Manthatisi submarine.
• IBSAMAR IX includes training in surface warfare, anti-air warfare, anti-submarine warfare, naval air operations, maritime interdiction, anti-piracy operations, search and rescue, damage control and firefighting.
• The exercise also includes Visit, Board, Search and Seizure (VBSS) operations and professional interactions to exchange operational best practices among the participating navies.
• INS Tarkash is the second of three Talwar-class guided-missile frigates of the Indian Navy.
• INS Tarkash was designed and built in Russia by the Yantar Shipyard in Kaliningrad and was commissioned into the Indian Navy in 2012.

Indian Navy Concludes Its First-Ever Command of Combined Maritime Forces Task Force 154

• The Indian Navy successfully completed its maiden command of a Combined Maritime Forces (CMF) Task Force by relinquishing command of Combined Task Force 154 (CTF 154) on 14 October 2026 in Manama, Bahrain.
• The Indian Navy assumed command of CTF 154 on 11 February 2026, marking the first time the Indian Navy led a CMF Task Force.
• CTF 154, established in May 2023, is CMF’s dedicated multinational maritime training task force, responsible for strengthening maritime training, interoperability and capacity building among partner nations.
• Commodore Milind M. Mokashi relinquished command to Commander Melissa Desjardins, Deputy Commander of CTF 154, who received command on behalf of CMF Headquarters.

Key Highlights :

• During its eight-month tenure, the Indian Navy-led CTF 154 conducted 20 Staff Enhancement Training engagements, two major multinational training exercises and the inaugural Subject Matter Expert Exchange on Piracy and Armed Robbery (SPAR 2026).
• CTF 154 activities generated more than 7,800 training hours, with personnel from 39 countries
• Operation Compass Rose 26-1 was conducted from 20–22 April 2026 in a fully virtual format due to the regional security environment, involving 137 participants, 11 observers and 21 facilitators from 25 partner nations and 13 organisations.
• Operation Southern Readiness 26-2, conducted at the Southern Naval Command, Kochi, from 20–23 July 2026, was the first major CMF training exercise hosted by India.
• Operation Southern Readiness 26-2 involved 276 personnel from 27 countries and generated approximately 3,800 training hours, making it CTF 154’s largest Maritime Domain Enhancement Training engagement since its establishment.
• The inaugural SPAR 2026 was conducted on 5–6 October 2026, bringing together 135 participants, including facilitators, from 25 countries, with contributions from 19 organisations and specialist teams.
• The 20 Staff Enhancement Training engagements covered Maritime Domain Awareness, counter-piracy, maritime law enforcement, cyber resilience, maritime crime investigation, information sharing, emerging technologies, multinational operational planning, leadership and personnel resilience.
• The tenure included the first dedicated Training of Trainers engagement within the CMF training framework and CMF’s first professional engagement with a Judge of the International Tribunal for the Law of the Sea (ITLOS).
• The Indian Navy also participated in the Fifth Regional Maritime Law Enforcement Dialogue in Nairobi and engaged with the Royal Bahrain Naval Force to strengthen regional maritime cooperation.
• India joined the Combined Maritime Forces as an Associate Partner in 2022 and became a full member in 2023.
• The successful command strengthened India’s role as a Preferred Security and Training Partner and demonstrated the Indian Navy’s contribution to a secure, stable and rules-based maritime environment.

Indian Coast Guard Inducts Homegrown Advanced Light Helicopter MK-III Helicopter at Ratnagiri, Maharashtra

• The Indian Coast Guard (ICG), under the Ministry of Defence (MoD), inducted an indigenous Advanced Light Helicopter (ALH) MK-III, designated CG 875, into Coast Guard Region (West) at Coast Guard Air Station (ICGAS), Ratnagiri, Maharashtra.
• The helicopter was manufactured by Hindustan Aeronautics Limited (HAL) and received a traditional water cannon salute at its induction ceremony.
• CG 875 is the first of five allotted ALH MK-III helicopters to be positioned with 831 Squadron (CG) at Ratnagiri.
• The helicopter is equipped with advanced radar, an Electro-Optical (EO) Pod for long-range imaging and identification, and an Automatic Identification System (AIS).
• The ALH MK-III carries a cabin-mounted 7 mm Heavy Machine Gun (HMG) for target neutralisation.
• The helicopter enhances the ICG’s capabilities in maritime surveillance, detection, identification, search and rescue (SAR), pollution response and other operational tasks.
• The induction strengthens the Indian Coast Guard’s ability to protect India’s maritime interests and Exclusive Economic Zone (EEZ), particularly along the strategically important Maharashtra coast.
• The progressive induction of the remaining four ALH MK-III helicopters is expected to strengthen the operational capabilities of 831 Squadron (CG) and support sustained aerial surveillance and response along India’s western coast.

Defence Accounts Department Conducts Nationwide Cleanliness Drive Under ‘Swachhata Hi Seva’ Campaign

• The Defence Accounts Department (DAD) organised a nationwide Shramdaan under the Swachhata Hi Seva 2026
• Field offices participated in the two-week-long Swachhata Pakhwada and planted over 25,000 trees under the ‘Ek Ped Maa Ke Naam’
• The campaign concluded with a cleanliness drive at MCD Primary School, Bagdola, Dwarka, New Delhi, led by Controller General of Defence Accounts (CGDA) Smt Alka Nangia Arora, in association with the Municipal Corporation of Delhi (MCD).
• The CGDA Headquarters conducted a tree plantation drive on 12 October 2026 under Special Swachhata Campaign 6.0.
• The department initiated the identification of physical files for weeding out, e-files for closure, scrap and e-waste for disposal.
• The initiatives promote cleanliness, environmental conservation, responsible waste management and the Reduce, Reuse and Recycle (3Rs) principle through Jan Bhagidari (people’s participation).

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Technology Development Board Provides ₹151 Crore Research Development and Innovation Funding to ideaForge for Developing YETI Heavy-Lift Autonomous Logistics Unmanned Aerial Vehicle

• The Technology Development Board (TDB), under the Department of Science and Technology (DST), Government of India, signed an agreement with ideaForge Technology Limited, based in Mumbai, Maharashtra, to provide financial support of ₹151 crore under the Research Development and Innovation (RDI) Fund.
• The project has a total cost of ₹302 crore, with the TDB providing support through debt financing.
• The project focuses on developing YETI, a heavy-lift, long-range autonomous aerial logistics vehicle, to advance its Technology Readiness Level (TRL) from 4 to 9.

Key Highlights :

• YETI is a Vertical Take-Off and Landing, Fixed-Wing Hybrid Unmanned Aerial Vehicle (VTOL-FW UAV) designed to transport heavy payloads over long distances.
• YETI is designed to carry a maximum payload of 200 kg, achieve a target range of 200 km, and operate at altitudes of up to 6,500 metres above mean sea level.
• The vehicle is designed to operate in challenging environments, including high-altitude regions, deserts and marine conditions, through its weather-resistant design.
• YETI combines vertical take-off and landing (VTOL) capability with a fixed-wing configuration, enabling operations from small landing areas while supporting long-range flights.
• The UAV is designed to take off and land in relatively small, unprepared areas measuring approximately 15 metres × 15 metres, reducing dependence on conventional ground infrastructure.
• YETI incorporates distributed and redundant propulsion and power architecture to improve fault tolerance and operational reliability.
• Its proposed technological capabilities include GNSS-denied navigation, a communication link of up to 200 km, swarm operations and containerised transportation for rapid deployment.
• The RDI-supported programme will facilitate technology development, engineering, integration, testing and validation to progress YETI towards TRL-9, subject to applicable technical, safety and regulatory requirements.
• The project falls under the Deep Technology sector, with Intelligent Systems and Robotics as its sub-sector.
• The project aims to strengthen indigenous autonomous aerial systems and improve logistics capabilities in geographically challenging areas where conventional transportation is difficult, time-consuming or operationally constrained.

Union Minister Dr. Jitendra Singh Honours 62 Young Innovators at 12th NLEPC as Students Turn Ideas into Marketable Products and Start-ups

• INSPIRE-MANAK stands for Million Minds Augmenting National Aspirations and Knowledge and is a flagship initiative of the Department of Science and Technology (DST), Government of India, implemented in collaboration with the National Innovation Foundation–India (NIF).
• Jitendra Singh, Union Minister of State (Independent Charge) for Science and Technology and Earth Sciences, felicitated 62 young innovators at the 12th National Level Exhibition and Project Competition (NLEPC) held in New Delhi.
• A total of 729 students participated in the 12th NLEPC, and the INSPIRE-MANAK 2026 Compendium was released at the event.
• Young innovators had generated around 250 Intellectual Property Rights (IPRs), and 25 students had already taken their products to market.
• Since its inception in 2017, 18,27,580 students have been selected under INSPIRE-MANAK up to 2025–26.
• Before the 12th edition, 11 National Level Exhibition and Project Competitions had been organised, showcasing projects by 7,444 students.
• Student selections under the scheme totalled 46,926 in 2023–24 and 50,009 in 2024–25.
• INSPIRE-MANAK encourages students from Classes VI to XII to develop original, science-based innovations addressing societal problems and everyday challenges.
• Selected students receive support to develop ideas into models and proof-of-concept prototypes, along with expert mentorship, workshops and technical guidance.
• Projects showcased included an AI-based alcohol detection system, a water-saving ultrasonic washing machine, a vibration-based stray-dog deterrent, assistive technology for visually impaired students and a tracking walking stick.
• India’s start-up ecosystem grew from around 350–400 start-ups in 2014 to approximately 5 lakh, with nearly 60% located in Tier-II and Tier-III cities, according to the Minister.
• The Minister cited the removal of the three-year existence requirement for deep-tech start-ups supported by the Council of Scientific and Industrial Research (CSIR) as an example of policy support for innovation.

Adani Enterprises and United States-Based Jabil Sign Non-Binding Agreement to Establish a 50:50 Joint Venture for Artificial Intelligence and Data Centre Equipment Manufacturing in India

• Adani Enterprises Limited (AEL), part of the Adani Group, signed a non-binding agreement with United States (US)-based manufacturing company Jabil Inc. to establish a 50:50 Joint Venture (JV) for manufacturing Artificial Intelligence (AI) and data centre equipment in India.
• The proposed 50:50 JV will manufacture and assemble AI racks, servers, storage and networking equipment, along with Power Distribution Systems (PDSs), liquid-cooling equipment and transformers.
• The proposed JV’s Made-in-India infrastructure will serve both domestic and international markets, targeting hyperscalers, neocloud providers, data centre operators and large enterprises.
• India’s data centre capacity is expected to reach 5–8 gigawatts (GW) by 2030, driven by the expansion of cloud computing, AI adoption and data localisation.
• More than USD 50 billion in planned hyperscaler spending is expected across India’s data centre, cloud and AI ecosystems.
• The global AI compute infrastructure market could exceed USD 3 trillion over the next seven years.
• The proposed JV aligns with the Adani Group’s USD 100 billion investment commitment to develop 5 GW of green-energy-powered, AI-ready data centre capacity by 2035.
• Adani Enterprises Limited (AEL) was founded in 1993 and is headquartered in Ahmedabad, Gujarat.
• AEL is recognised as India’s largest listed business incubator and focuses on four core sectors: energy and utilities, transportation and logistics, consumer goods, and primary industry.

CURRENT AFFAIRS : OBITUARIES

Nagarjuna Construction Company Founder and Padma Shri Recipient Dr. A.V.S. Raju Passed away at 89

• Alluri Venkata Satyanarayana Raju, popularly known as Dr. AVS Raju, founder and Chairman Emeritus of Nagarjuna Construction Company (NCC) Limited, passed away in Hyderabad, Telangana, on 13 October 2026, at the age of 89.
• He was born on 18 April 1937 in Antarvedipalem village, in the erstwhile East Godavari district of Andhra Pradesh.
• He began his business journey in 1956 and founded Nagarjuna Construction Company (NCC) Limited in 1978.
• NCC Limited became a public limited company in 1990 and grew into one of India’s leading listed construction companies.
• He received the Padma Shri in 2010 in the Trade and Industry category for his contributions to India’s infrastructure, construction and housing sectors.
• AVS Raju was a prolific poet who wrote over 25,000 poems, including more than 24,000 verses dedicated to Sri Sathya Sai Baba, compiled across 42 volumes.
• In 2008, he entered the Guinness World Records for the largest single-volume book of poems on Sri Sathya Sai Baba.
• Acharya Nagarjuna University awarded him an honorary Doctor of Letters (D.Litt.) degree in 2008 for his contributions to learning and the promotion of human values.
• He received the Lifetime Achievement Award from the Builders’ Association of India in 2006 for his contributions to the construction industry.
• The Lifetime Achievement Award was presented by Vayalar Ravi, the then Union Minister for Overseas Indian Affairs, at a function in Kochi, Kerala.

Pulitzer Prize-Winning Writer Annie Dillard Passed Away at 81

• Annie Dillard, the Pulitzer Prize-winning American author and essayist, died at the age of 81.
• Her famous book Pilgrim at Tinker Creek, published in 1974, won the Pulitzer Prize for General Nonfiction.
• Pilgrim at Tinker Creek explores nature, spirituality and human observation, drawing on Dillard’s experiences around her home in Roanoke, Virginia.
• In 2015, former US President Barack Obama presented Annie Dillard with the National Humanities Medal for her profound reflections on human life and nature.
• Dillard was born Meta Ann Doak in Pittsburgh, Pennsylvania, USA.
• Her memoir An American Childhood was published in 1987 and reflects on her early life and intellectual curiosity.
• Her novel The Maytrees was a finalist for the PEN/Faulkner Award in 2008.
• Her other works included Tickets for a Prayer Wheel, a poetry collection, and Encounters with Chinese Writers, a work of literary journalism.
• Annie Dillard taught at Wesleyan University for more than 20 years and retired in 2002.
• Dillard was often regarded as a literary successor to Henry David Thoreau for her distinctive observations of the natural world.

Daily CA One- Liner: October 16

• Under the Pradhan Mantri Skilling and Employability Transformation through Upgraded ITIs (PM-SETU) initiative, ₹440 crore has been approved to upgrade nine Government Industrial Training Institutes (ITIs) across the Surat and Visakhapatnam clusters
• The Department of Animal Husbandry and Dairying (DAHD), under the Government of India, launched its website compliant with Digital Brand Identity Manual (DBIM) Version 3.0, introduced by the Ministry of Electronics and Information Technology
• The National Biodiversity Authority (NBA) disbursed ₹2.02 crore in Access and Benefit-Sharing (ABS) funds to 27 States and 3 Union Territories to support biodiversity conservation, sustainable use of biological resources and local community livelihoods
• According to a study by the Research and Information System for Developing Countries (RIS), India's Ayush services economy was valued at US$36.92 billion in Financial Year 2024–25, recording a compound annual growth rate (CAGR) of 91% since Financial Year 2022–23
• Prime Minister Narendra Modi will inaugurate and dedicate five major development projects worth approximately ₹3,350 crore in Ladakh through video conferencing. He will also address the gathering
• The Union Cabinet approved the continuation of the National Social Assistance Programme (NSAP) for five years, from 2026–27 to 2030–31, with a total outlay of ₹53,428 crore
• President Droupadi Murmu will inaugurate the National SARAS Livelihoods Mela 2026 at Punnami Ghat in Vijayawada, Andhra Pradesh
• The Central Government of India has approved the country's accession to the Southern Indian Ocean Fisheries Agreement (SIOFA) to strengthen India's presence in high-seas fisheries, expand access to valuable marine resources and enhance its participation in global fisheries governance
• The Kigali Amendment to the Montreal Protocol completed 10 years on 15 October 2026. Adopted in Kigali, Rwanda, on 15 October 2016, it aims to phase down the production and consumption of hydrofluorocarbons (HFCs), powerful greenhouse gases widely used in refrigeration and air- conditioning
• Shri Anupriya Patel, Union Minister of State for Chemicals and Fertilizers and Health and Family Welfare, launched the 14th edition of India Chem 2026, the biennial flagship event of India's chemicals and petrochemicals industry. It will be held in Mumbai from 22 to 24 October 2026
• The Ministry of Skill Development and Entrepreneurship (MSDE), in collaboration with the Ministry of Women and Child Development (MoWCD), organised a one-day orientation session at Kaushal Bhawan, New Delhi, to prepare for the formal launch and rollout of Nurturing Aspirations Through Vocational Training for Young Women and Adolescent Girls 2.0
• The Department of Commerce has established a Free Trade Agreement (FTA) Utilisation Cell to explain the benefits and opportunities available under free trade agreements and help Indian businesses maximise their use. Commerce Secretary Rajesh Agarwal announced the initiative
• The Cabinet Committee on Economic Affairs (CCEA) approved the strategic disinvestment of IDBI Bank Limited on 14 October 2026, selecting M/s 10955230 Canada Inc., whose parent entity is Fairfax Financial Holdings Ltd., as the strategic buyer.
• India’s Wholesale Price Index (WPI)-based inflation rose to a series-high of 39% in September 2026, compared with 9.92% in August 2026, driven by rising prices of food articles, manufactured products, and fuel and power.
• The Reserve Bank of India (RBI) announced stricter foreign exchange (forex) derivative regulations on 10 October 2026 to curb excessive speculation, prevent duplicate hedging and ensure orderly functioning of the forex market amid pressure on the Indian rupee.
• Life Insurance Corporation of India (LIC) launched three new insurance plans: New Jeevan Dhara-II (Plan 892), Health Shield (Plan 907), and New Cancer Cover (Plan 908).
• Karnataka Bank Limited launched Trade Konnect, a digital platform that enables customers to submit import, export and outward cross-border remittance requests online without visiting a physical bank branch.
• Business Monitor International (BMI), a unit of Fitch Solutions, raised India’s gross domestic product (GDP) growth forecast for FY 2026–27 (FY27) to 5% from its earlier estimate of 6.8%.
• Karur Vysya Bank (KVB) entered into an agreement with Zurich Kotak General Insurance Company (India) to distribute general insurance products through the bank’s existing banking channels.
• Securities Transaction Tax (STT) collections rose by nearly 53% to ₹40,214.36 crore in FY 2026–27 up to 17 September 2026, compared with ₹26,305.72 crore during the corresponding period of the previous year.
• The Indian Navy deployed INS Tarkash, a frontline guided-missile stealth frigate, to South Africa to participate in the 9th edition of the India-Brazil-South Africa Maritime Exercise (IBSAMAR IX) 2026.
• The Indian Navy successfully completed its maiden command of a Combined Maritime Forces (CMF) Task Force by relinquishing command of Combined Task Force 154 (CTF 154) on 14 October 2026 in Manama, Bahrain.
• The Indian Coast Guard (ICG), under the Ministry of Defence (MoD), inducted an indigenous Advanced Light Helicopter (ALH) MK-III, designated CG 875, into Coast Guard Region (West) at Coast Guard Air Station (ICGAS), Ratnagiri, Maharashtra.
• The Defence Accounts Department (DAD) organised a nationwide Shramdaan under the Swachhata Hi Seva 2026
• The Technology Development Board (TDB), under the Department of Science and Technology (DST), Government of India, signed an agreement with ideaForge Technology Limited, based in Mumbai, Maharashtra, to provide financial support of ₹151 crore under the Research Development and Innovation (RDI) Fund.
• INSPIRE-MANAK stands for Million Minds Augmenting National Aspirations and Knowledge and is a flagship initiative of the Department of Science and Technology (DST), Government of India, implemented in collaboration with the National Innovation Foundation–India (NIF).
• Adani Enterprises Limited (AEL), part of the Adani Group, signed a non-binding agreement with United States (US)-based manufacturing company Jabil Inc. to establish a 50:50 Joint Venture (JV) for manufacturing Artificial Intelligence (AI) and data centre equipment in India.
• Alluri Venkata Satyanarayana Raju, popularly known as Dr. AVS Raju, founder and Chairman Emeritus of Nagarjuna Construction Company (NCC) Limited, passed away in Hyderabad, Telangana, on 13 October 2026, at the age of 89.
• Annie Dillard, the Pulitzer Prize-winning American author and essayist, died at the age of 81.