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CURRENT AFFAIRS : BANKING, FINANCE & BUSINESS

Fitch Ratings Projects India’s Gross Domestic Product Growth at 7.5% for FY26 in Global Economic Outlook – March 2026

• Fitch Ratings released its “Global Economic Outlook – March 2026”, projecting India’s Gross Domestic Product (GDP) growth at 7.5% for FY 2025–26 (FY26).
• The GDP forecast for FY26 was slightly increased to 7.5% from 7.4% estimated in December 2025, mainly due to strong domestic demand and stable economic indicators.
• Domestic demand is expected to remain the main growth driver, with consumer spending projected to rise by 8.6% and investment growth estimated at 6.9% in FY26.
• For FY 2026–27 (FY27), Fitch Ratings revised its GDP growth forecast upward to 6.7%, compared to 6.4% projected earlier in December 2025.
• The agency also expects India’s economic growth to remain around  6.5% in FY 2027–28 (FY28).
• According to Fitch, India’s real economic activity showed tentative signs of slowing in January–February, but the overall economy remains resilient with double-digit credit growth.
• GDP growth slowed to 7.8% year-on-year (YoY) in the December quarter, compared to 8.4% in the September quarter.
• Fitch Ratings expects growth to moderate in the first half of FY27, mainly due to rising inflation affecting real incomes and limiting consumer spending growth.
• In its global outlook, Fitch projected global GDP growth at 2.6% in 2026, slightly lower than 2.7% recorded in 2025.
• The forecast assumes that the Iran conflict does not trigger a sustained spike in global energy prices, keeping oil prices below USD 70 per barrel in 2026.

Department of Economic Affairs Revises Minimum Public Shareholding Rules for Large Companies Listing on Stock Exchanges

• The Department of Economic Affairs (DEA) under the Ministry of Finance (MoF) has revised the rules related to Minimum Public Shareholding (MPS) for large companies planning to list on stock exchanges.
• The amendment introduces a graded framework, allowing companies to offer a smaller proportion of shares to the public during their Initial Public Offering (IPO).
• The reform was implemented through an amendment to the Securities Contracts (Regulation) Rules, 1957.
• Under the new rules, the Minimum Public Shareholding (MPS) at the time of listing has been reduced from 5% to 2.5% for certain large companies.
• The objective of the reform is to facilitate easier listing of large companies while ensuring gradual compliance with public shareholding requirements.
• Earlier, the timeline to achieve the mandatory 25% Minimum Public Shareholding (MPS) was based on three categories of post-issue capital.
• The earlier categories included up to ₹1,600 crore, ₹1,600 crore to ₹4,000 crore, and ₹4,000 crore to ₹1 lakh crore.
• The revised framework expands the categories to six based on post-issue capital size.
• The six categories under the new framework are up to ₹1,600 crore; ₹1,600 crore to ₹4,000 crore; ₹4,000 crore to ₹50,000 crore; ₹50,000 crore to ₹1 lakh crore; ₹1 lakh crore to ₹5 lakh crore; and more than ₹5 lakh crore.
• The graded MPS framework aims to encourage large-scale IPOs while maintaining market liquidity and public participation in listed companies.

Government Boosts Financial Inclusion Through Key Flagship Schemes

• The Government of India launched the National Mission for Financial Inclusion (NMFI) under Pradhan Mantri Jan Dhan Yojana (PMJDY) in August 2014 to provide universal banking services to every unbanked household, following the principles of banking the unbanked, securing the unsecured, and funding the unfunded.

Key Highlights :

• Under PMJDY, as on 02.2026, 57.78 crore Jan-Dhan accounts have been opened with a deposit balance of Rs. 2,94,702 crore, of which 32.21 crore (55.8%) accounts belong to women and 45.17 crore (78.2%) accounts are in rural and semi-urban areas.
• Under Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), as on 02.2026, 26.88 crore cumulative enrolments have been done, providing life insurance cover of Rs. 2 lakh for death due to any reason.
• Under Pradhan Mantri Suraksha Bima Yojana (PMSBY), as on 02.2026, 57.11 crore cumulative enrolments have been done, providing one-year accidental cover of Rs. 2 lakh (death or permanent total disability) and Rs. 1 lakh (permanent partial disability).
• Under Atal Pension Yojana (APY), as on 02.2026, 8.84 crore cumulative enrolments have been done to provide monthly pension to eligible subscribers.
• Under Pradhan Mantri Mudra Yojana (PMMY), as on 02.2026, 57.26 crore loans amounting to Rs. 39.48 lakh crore have been sanctioned to provide collateral-free institutional finance to micro and small business units up to Rs. 20 lakh for income-generating activities in manufacturing, trading, services, and agriculture-related sectors.
• Under the Stand-Up India Scheme (SUPI), as on 03.2025, 2.75 lakh loans amounting to Rs. 62,790 crore have been sanctioned to Scheduled Caste / Scheduled Tribe and Women entrepreneurs for setting up greenfield projects in manufacturing, trading, services, and agriculture-related sectors.
• A robust financial inclusion platform – JAM (Jan-Dhan, Aadhaar, Mobile) has been created, linking Jan-Dhan accounts with Aadhaar and mobile numbers, and is extensively leveraged by various Ministries and Departments for the delivery of welfare benefits such as Direct Benefit Transfer (DBT).
• NMFI and its schemes collectively strengthen financial inclusion, insurance coverage, pension support, collateral-free lending, and women empowerment, contributing to socio-economic upliftment across India.

DCM Shriram Secures USD 90 Million from IFC via Sustainability-Linked Non-Convertible Debentures

• DCM Shriram Limited secured USD 90 million funding from the International Finance Corporation (IFC), the private sector arm of the World Bank Group (WBG), through Sustainability-Linked Non-Convertible Debentures (NCDs).

What are non-convertible debentures?

• Non-Convertible Debentures (NCDs) are long-term debt instruments issued by companies to raise funds from investors in the market.
• NCDs carry a fixed rate of interest and a specified maturity period, providing stable and predictable returns to investors.
• A Non-Convertible Debenture represents a loan taken by a company from investors, with an obligation to pay periodic interest and repay the principal at maturity.
• NCDs are widely used for medium- to long-term financing needs, including business expansion, refinancing of existing debt, working capital requirements, and infrastructure development.
• The issuance and trading of NCDs in India are regulated by the Securities and Exchange Board of India (SEBI) to ensure investor protection, transparency, and proper disclosure norms.
• The Reserve Bank of India (RBI) also influences prudential exposure norms and investment guidelines, particularly for banks and financial institutions investing in NCDs.

Key Highlights :

• The investment aims to support the company’s strategic initiatives and long-term growth, particularly the expansion of its downstream chemicals business.
• The funds will also be used to finance capital expenditure in agri-business operations, helping to create rural employment through direct engagement with farmers at the grassroots level.
• The financing structure follows global sustainability financing standards, including the International Capital Market Association (ICMA)’s Sustainability-Linked Bond Principles and the Loan Market Association (LMA)’s Sustainability-Linked Loan Principles.
• The company’s Sustainability-Linked Framework was independently validated by CareEdge ESG, a specialized Environmental, Social, and Governance (ESG) subsidiary of CARE Ratings, ensuring transparency and credibility.
• The sustainability-linked financing model connects financial terms with environmental and operational improvement targets, which are independently reviewed.
• The IFC investment aligns with the World Bank Group’s Country Partnership Framework for India.
• The initiative also supports the Government of India’s Make in India and Atmanirbhar Bharat initiatives aimed at industrial growth and self-reliance.
• DCM Shriram Ltd, headquartered in New Delhi, operates across chemicals, agricultural products, and building materials

Government, Reserve Bank of India and National Payments Corporation of India Drive Rapid Growth in Digital Payments

• Digital payment transactions in India have grown exponentially due to coordinated efforts of the Government, Reserve Bank of India (RBI), and National Payments Corporation of India (NPCI).

Key Highlights :

• The total retail digital payment transactions and growth rate over the last four financial years are:
• FY 2021-22: 7,176.90 crore transactions, ₹457.44 lakh crore
• FY 2022-23: 11,369.56 crore transactions, ₹587.39 lakh crore value; growth Volume 58.42%, Value 28.41%.
• FY 2023-24: 16,416.02 crore transactions, ₹719.37 lakh crore value; growth Volume 44.39%, Value 22.47%.
• FY 2024-25: 22,167.90 crore transactions, ₹849.12 lakh crore value; growth Volume 35.04%, Value 18.04%.
• The Unified Payments Interface (UPI) accounted for 81% of total retail digital payments in FY2024-25, making it the largest real-time retail payment system in the world.
• Factors driving digital payment growth include smartphone penetration, Aadhaar-enabled authentication, e-KYC, financial inclusion, and expansion of merchant acceptance infrastructure in both urban and rural areas.
• Digital public infrastructure has supported interoperability and simplified onboarding processes, contributing to wider adoption across user groups.
• Government initiatives like the Incentive Scheme for Promotion of Digital Payments and Payment Infrastructure Development Fund (PIDF) have facilitated the expansion of digital payments.
• Challenges in digital payments include cybersecurity risks, digital adoption, literacy and awareness, and network issues, though no specific challenges were reported in Maharashtra and Andhra Pradesh.
• Measures to prevent digital financial frauds include device binding, two-factor authentication (PIN), daily transaction limits, and transaction restrictions for certain use cases.
• NPCI provides AI/ML-based fraud-monitoring solutions to all banks for generating alerts and declining suspicious transactions.
• RBI and banks conduct awareness campaigns using SMS, radio, and other publicity materials to prevent cybercrime.
• The Ministry of Home Affairs (MHA) launched the National Cybercrime Reporting Portal (cybercrime.gov.in) and the National Cybercrime Helpline 1930 to facilitate reporting of cyber incidents.
• The Department of Telecommunications (DoT) launched the Digital Intelligence Platform (DIP) and “Chakshu” facility for reporting suspected fraudulent communication through calls, SMS, or WhatsApp.
• Payment infrastructure in rural areas is supported under PIDF, with approximately 80 crore digital touchpoints and 56.86 crore QR codes deployed.
• UPI 123PAY and Hello UPI enable payments for feature-phone users and low-connectivity areas through IVR, sound-based proximity payments, and conversational payments.
• Financial literacy initiatives include 2,421 Centres for Financial Literacy (CFLs), each covering three blocks, and annual Financial Literacy Week conducted since 2016.

World Bank Sanctions $300 Million Loan for Uttar Pradesh Clean Air Programme

• The World Bank approved a loan of USD 300 million to support Uttar Pradesh’s efforts to improve air quality through a Clean Air Transition Programme.
• The funding supports the Uttar Pradesh Clean Air Management Program (UP CAMP), targeting pollution in transport, agriculture, and industry sectors.
• The initiative aims to strengthen environmental sustainability and generate employment opportunities for youth and women in the state.
• The programme focuses on integrated interventions across sectors:
• Transport: adoption of electric buses and three-wheelers to reduce vehicular emissions.
• Industry: use of emissions monitoring systems and adoption of cleaner technologies.
• Agriculture: adoption of efficient fertiliser use to improve crop productivity.
• Nearly 200 new air quality monitoring stations will be installed across Uttar Pradesh to strengthen air quality management and policy decisions.
• The programme will benefit about 9 million households by providing access to clean cooking solutions.
• More than 700 brick kilns will transition to resource-efficient technology under the programme.
• The initiative will leverage USD 150 million in private capital in transport and MSME sectors to boost economic growth and employment.
• The UP Clean Air Management Program is part of the World Bank’s Regional Air Quality Management Program in the Indo-Gangetic Plains and Himalayan Foothills (IGP-HF), a global air pollution hotspot.
• The programme has a maturity of 10 years, including a 2-year grace period, and receives support from the multi-donor Energy Sector Management Assistance Program.
• Uttar Pradesh Chief Minister Yogi Adityanath stated the programme links economic growth, productivity, and ecological balance, aiming for clean skies, healthier citizens, and sustainable environment.
• The programme will enhance firm productivity and growth, while creating greater access to jobs for young men and women.

About World Bank:

• The World Bank is an international financial institution that provides loans and grants to the governments of low and middle-income countries for the purpose of pursuing capital projects.
• The World Bank consists of 5 institutions: The International Bank for Reconstruction and Development (IBRD), The International Development Association (IDA), The International Finance Corporation (IFC), The Multilateral Investment Guarantee Agency (MIGA), and The International Centre for Settlement of Investment Disputes (ICSID).
• Founded Year: 1944
• Headquarters: Washington, D.C., United States
• President: Ajay Banga
• Members:189 countries

 CURRENT AFFAIRS: NATIONAL AND STATE NEWS

Government Approves Perpetual Validity for Food Safety and Standards Authority of India Licences to Ease Business Compliance

• The Ministry of Health and Family Welfare has approved perpetual validity for registrations and licences issued by the Food Safety and Standards Authority of India to improve the ease of doing business in India.
• The reform has been implemented based on recommendations of the NITI Aayog to simplify regulatory compliance and reduce administrative burden for food businesses.
• Earlier, Food Business Operators had to periodically renew their Food Safety and Standards Authority of India registrations or licences, involving documentation, fees, and regulatory procedures.
• Under the new framework, Food Safety and Standards Authority of India licences and registrations will now have perpetual validity, meaning the licence will remain valid indefinitely unless suspended or cancelled due to violations.
• This reform will allow regulators to focus more on monitoring, enforcement, and improving food safety standards instead of handling routine licence renewals.
• The government has also revised the turnover thresholds for Food Safety and Standards Authority of India registration and licensing, effective from April 1, 2026.
• Revised turnover limits:
  – Basic Registration: Increased from ₹12 lakh to ₹1.5 crore.
  – State Licence: Applicable for businesses with turnover up to ₹50 crore.
  – Central Licence: Required for businesses with turnover above ₹50 crore.
• The rationalisation of turnover limits will strengthen the role of State authorities and simplify regulatory oversight.
• These measures will particularly benefit small and medium food businesses, enabling them to operate more efficiently.
• The government has also addressed the issue of dual registrations faced by street food vendors.
• Street vendors already registered with Municipal Corporations or Town Vending Committees under the Street Vendors (Protection of Livelihood and Regulation of Street Vending) Act, 2014 will now be considered automatically registered under the Food Safety and Standards Authority of India.
• The system will ensure targeted inspections for high-risk businesses, while compliant businesses will face fewer unnecessary inspections.

RECENT NEWS

• The Union Budget 2026-27 has placed healthcare at the centre of India’s development agenda. With a record ₹1,06,530.42 crore allocation for the Ministry of Health and Family Welfare, the government has signalled a long-term commitment to affordable, accessible and quality healthcare.

National Highways Authority of India Revises FASTag Annual Pass Fee from April 1, 2026

• The National Highways Authority of India announced a revision in the FASTag Annual Pass fee for private non-commercial vehicles.
• The revised fee will come into effect from April 1, 2026, as per the official order issued on March 12, 2026.
• Vehicle owners will now pay ₹3,075 for the FASTag Annual Pass, compared to the earlier fee of ₹3,000.
• The FASTag Annual Pass scheme was introduced to simplify toll payments for frequent highway travellers.
• The scheme was officially launched on Independence Day in 2025 to promote digital toll collection across India’s national highways.
• It was designed mainly for commuters who frequently travel on highways and make repeated toll payments.
• After purchasing the FASTag Annual Pass, regular commuters can avoid multiple toll deductions during frequent trips.
• The FASTag Annual Pass is available only for non-commercial vehicles, including private cars, jeeps, and vans equipped with a valid FASTag account.
• Once activated, the pass allows a vehicle to cross toll plazas on national highways up to 200 times within one year.
• The pass remains valid for either 200 toll crossings or one year from the activation date, whichever occurs earlier.
• The FASTag digital toll collection system was introduced nationwide in 2016 and has become the primary method of toll payment in India.
• According to government data, around 11.86 crore FASTags have been issued across the country, of which nearly 5.9 crore remain active.
• The FASTag Annual Pass scheme has gained significant popularity among motorists since its introduction in 2025.
• According to the Ministry of Road Transport and Highways, more than 50 lakh users across India are currently using the FASTag Annual Pass.
• Nearly 28 percent of toll transactions made by private cars on national highways are now processed through the annual pass.
• The rising adoption reflects the government’s push toward smart and digital transport infrastructure in India.

RECENT NEWS

• National Highways Authority of India (NHAI) has announced a first-of-its-kind BeeCorridors initiative along National Highways. The decision was shared on 17 February 2026. Under this eco-friendly plan, NHAI will develop pollinator or bee-friendly corridors with flowering trees and plants.

SATHEE Application Launched by Ministry of Education and Indian Institute of Technology Kanpur for Competitive Exam Preparation

• The SATHEE Application has been developed by the Ministry of Education in collaboration with Indian Institute of Technology Kanpur to support students preparing for major competitive examinations.
• It is a free digital learning platform that provides high-quality educational resources such as video lectures, mock tests, study materials, and previous years’ question papers.
• The platform is especially designed to support students who cannot afford expensive coaching for competitive examinations.
• SATHEE stands for “Self Assessment Test and Help for Entrance Examinations.”
• The educational content available on the platform has been developed by experts from Indian Institutes of Technology and other reputed institutions.
• The SATHEE Application supports preparation for several national-level competitive examinations, including:
  – Joint Entrance Examination
  – National Eligibility cum Entrance Test
  – Common University Entrance Test
  – Common Law Admission Test
  – Staff Selection Commission examinations
  – Railway Recruitment Board examinations
  – Institute of Banking Personnel Selection examinations
  – Indian Council of Agricultural Research entrance examinations
• Through this wide coverage of examinations, the SATHEE Application has become a multi-purpose learning platform for competitive exam preparation in India.
• The SATHEE platform was recently featured in the “Real World Impact of Artificial Intelligence in Education” Casebook unveiled at the India AI Impact Summit 2026.
• During the event, an Artificial Intelligence-enabled version of the SATHEE platform was introduced to enhance digital learning experiences.
• The upgraded version is expected to use Artificial Intelligence for personalised learning support and performance tracking.

Indira Gandhi Memorial Tulip Garden Opens for Visitors in Srinagar

• The Indira Gandhi Memorial Tulip Garden in Srinagar, known as Asia’s largest tulip garden, was opened to visitors.
• The garden was inaugurated by Omar Abdullah, Chief Minister of Jammu and Kashmir.
• The opening of the garden marks the official beginning of the spring tourism season in Kashmir.
• The garden is located at the foothills of the Zabarwan Range overlooking the Dal Lake.
• Every year, the blooming of tulip flowers transforms the Kashmir Valley into a colourful landscape, attracting tourists from across India and abroad.
• The Indira Gandhi Memorial Tulip Garden is recognised as the largest tulip garden in Asia.
• The garden spreads across 74 acres and features terraced patterns filled with colourful tulip varieties.
• In 2026, the garden showcases more than 1.8 million tulips, making it one of the most vibrant floral displays in the region.
• The garden includes around 70 to 75 varieties of tulips, many of which have been imported from the Netherlands.
• Apart from tulips, the garden also features other seasonal spring flowers that enhance the beauty of the landscape.
• These include Hyacinth, Daffodil, Muscari, and Ranunculus.
• The annual opening of the tulip garden has become one of the most important seasonal attractions in Kashmir, drawing large numbers of tourists and local visitors every year.

RECENT NEWS

• The Border Roads Organisation (BRO) once again demonstrated its operational excellence by successfully conducting a high-altitude rescue and road restoration operation at Chatergala Pass in the Union Territory of Jammu and Kashmir.

About Jammu & Kashmir:

• Chief Minister: Omar Abdullah

• Lieutenant Governor: Manoj Sinha
• Capital: Srinagar (Summer), Jammu (Winter)
• National Parks: Dachigam National Park, Hemis National Park, Kishtwar National Park
• Wildlife Sanctuaries: Overa-Aru Wildlife Sanctuary, Gulmarg Wildlife Sanctuary, Nandini Wildlife Sanctuary, Surinsar-Mansar Wildlife Sanctuary

Gujarat Launches Statewide Foot and Mouth Disease Vaccination Drive

• The Gujarat Government launched a statewide vaccination drive against Foot and Mouth Disease to protect livestock and prevent the spread of the disease.
• The vaccination campaign began on March 1, 2026 and will continue until April 15, 2026 across the state.
• The drive is being implemented under the National Animal Disease Control Programme, a major initiative aimed at eliminating major animal diseases in India.
• The vaccination campaign targets livestock such as cattle, buffaloes, sheep, and goats, which are particularly vulnerable to Foot and Mouth Disease.
• Veterinary teams are visiting villages and dairy farms across Gujarat to vaccinate animals and monitor their health conditions.
• Foot and Mouth Disease is a highly contagious viral infection that mainly affects cloven-hoofed animals, including cattle, buffaloes, sheep, and goats.
• Animals infected with the disease often develop fever, mouth ulcers, excessive salivation, and reduced appetite.
• One of the major economic impacts of the disease is a significant decline in milk production, which directly affects dairy farmers and livestock owners.
• The National Animal Disease Control Programme, launched by the Government of India, aims to control and eventually eliminate Foot and Mouth Disease and Brucellosis among livestock through large-scale vaccination campaigns.
• As part of the vaccination drive, animals are identified through ear tagging and their details are uploaded to the Information Network for Animal Productivity and Health portal.
• The Information Network for Animal Productivity and Health portal helps authorities track vaccination coverage and maintain digital records of livestock health.

RECENT NEWS

• The Gujarat state government has launched the ‘Lake and Air Watch’ initiative to monitor and improve air quality and lake health across urban areas in the state. This project will be implemented by the Gujarat Urban Development Mission (GUDM) under the Urban Development and Urban Housing Department.

About Gujarat:

• Chief Minister: Bhupendra Patel
• Governor: Acharya Devvrat
• Capital: Gandhinagar
• National Parks: Gir National Park, Blackbuck National Park, Vansda National Park, Marine National Park
• Wildlife Sanctuaries: Nal Sarovar Bird Sanctuary, Velavadar Blackbuck Sanctuary, Kutch Desert Wildlife Sanctuary, Barda Wildlife Sanctuary, Purna Wildlife Sanctuary

CURRENT AFFAIRS: AWARDS AND HONOURS

Vairamuthu Awarded Jnanpith Award 2025

• Renowned Tamil poet and lyricist Vairamuthu has been awarded the Jnanpith Award for 2025, India’s highest literary honour.
• The award recognises his decades-long contribution to Tamil literature, poetry, and film lyrics.
• The Jnanpith Award is presented annually to authors for exceptional work in Indian languages.
• Vairamuthu is widely known for his powerful poetry, literary writings, and thousands of song lyrics in Tamil cinema.
• His writings are known for combining classical Tamil literary elements with contemporary themes, making them accessible to readers across generations.
• Many of his works have also been translated into other languages, expanding their reach beyond the Tamil-speaking audience.
• Apart from literature, Vairamuthu is one of the most celebrated lyricists in Tamil cinema, having written thousands of songs in collaboration with leading composers and filmmakers.

About Jnanpith Award

• The Jnanpith Award was established by the Bharatiya Jnanpith in 1961 to honour outstanding contributions to literature in Indian languages listed in the Eighth Schedule of the Constitution.
• The award includes a citation, a cash prize, and a bronze statue of Goddess Saraswati, the symbol of knowledge and learning.
• Winning the Jnanpith Award is considered one of the most prestigious achievements in the Indian literary world.

98th Academy Awards (Oscars 2026) Held in Los Angeles

• The 98th edition of the Academy Awards (Oscars 2026) was held at the Dolby Theatre in Hollywood, Los Angeles, United States.
• The ceremony honoured the best films released in 2025 across 24 award categories.
• The event was hosted by Conan O’Brien.
• The film One Battle After Another dominated the awards ceremony by winning six Oscars, including Best Picture and Best Director.
• The film Sinners received the highest number of nominations (16) at the ceremony and secured four awards.
• Best Picture: One Battle After Another.
• Best Actor: Michael B. Jordan for the film Sinners.
• Best Actress: Jessie Buckley for the film Hamnet.
• Best Director: Paul Thomas Anderson for the film One Battle After Another.
• Best Supporting Actor: Sean Penn for the film One Battle After Another, marking his third Academy Award.
• Best Supporting Actress: Amy Madigan for the film Weapons.
• Best Original Screenplay: Ryan Coogler for the film Sinners.
• Best Adapted Screenplay: Paul Thomas Anderson for the film One Battle After Another.
• Other Major Winners:
  – Best Animated Feature: KPop Demon Hunters
  – Best International Feature: Sentimental Value
  – Best Documentary Feature: Nobody Against Putin
  – Best Visual Effects: Avatar: Fire and Ash
  – Best Sound: F1
  – Best Original Score: Sinners
• The Norwegian film Sentimental Value won the Best International Feature Film award.
• A tie occurred in the Best Live Action Short Film category during the ceremony.
• Autumn Durald Arkapaw became the first woman to win the Best Cinematography award in the history of the Academy Awards.
• The Academy introduced a new award category for Best Casting during the ceremony.
• The Academy of Motion Picture Arts and Sciences, which organises the Academy Awards, recognises excellence in acting, directing, screenwriting, and filmmaking, making the Oscars the most prestigious honours in the global film industry.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Election Commission of India Appoints Retired 1988-Batch IAS Officer Manjeet Singh as Assam Special Observer

• The Election Commission of India (ECI) appointed Manjeet Singh, a retired IAS officer (1988 batch, Rajasthan cadre), as Special Observer for the 2026 General Election to the Legislative Assembly of Assam.
• The Special Observer will visit Assam regularly to monitor poll preparedness and the conduct of elections, providing inputs to the Commission for necessary action.
• The appointment of the Special Observer is under Article 324 of the Constitution of India, which empowers the ECI to ensure free, fair, and transparent elections.
• The General Election in Assam is scheduled for 9th April 2026, with vote counting on 4th May 2026.
• Chief Election Commissioner Shri Gyanesh Kumar emphasized that elections in Assam and other states/UTs will be peaceful and impartial.
• The role of the Special Observer includes acting as the eyes and ears of the Commission, helping to strengthen election integrity and ensure transparent electoral processes.
• The Special Observer will coordinate with the Chief Electoral Officer (CEO) of Assam during visits to the state.

CURRENT AFFAIRS : DEFENCE NEWS

World’s First Autonomous Maritime Shipbuilding Centre Laid by Sagar Defence in Andhra Pradesh

• Sagar Defence Engineering Private Limited laid the foundation stone for the world’s first Autonomous Maritime Shipbuilding and Systems Centre at Juvvaladinne Fishing Harbour, Nellore district, Andhra Pradesh (AP).
• The proposed centre will function as an advanced shipyard, integrating Robotics and Artificial Intelligence (AI) into key production processes to enhance shipbuilding efficiency, workforce productivity, and sustainability.
• The centre will have autonomous shipbuilding units, testing infrastructure, an R&D centre, Maintenance, Repair and Overhaul (MRO) facilities, and a specialised training hub within a single integrated campus.
• The shipyard will adopt smart manufacturing technologies, including robotic fabrication systems for welding, cutting, painting, and assembly, automated guided vehicles, and additive manufacturing (3D printing) for rapid production of specialised components.
• The foundation stone was laid by AP IT and Education Minister Nara Lokesh in the presence of senior government officials and defence industry leaders.
• The facility’s location along the Bay of Bengal will leverage proximity to key maritime routes on India’s eastern coast.
• The centre will boost India’s capabilities in autonomous maritime technologies, shipbuilding, and unmanned systems development.
• Phase 1 will cover 58 acres, including 7.58 acres of waterfront land and 22 acres of harbour land, housing autonomous shipbuilding facilities, R&D centre, MRO facility, training hub, and testing infrastructure.
• The centre will develop Unmanned Surface Vessels (USVs) for maritime surveillance, coastal security, logistics support, and environmental monitoring.
• It will also work on Autonomous Underwater Vehicles (AUVs) for underwater reconnaissance, seabed mapping, and scientific research, and employ digital twin technology, joining facilities like V.O. Chidambaranar Port, Tuticorin.
• The project is expected to generate around 300 local jobs, along with indirect employment for many more, while reducing downtime for naval and local vessel repairs.

CURRENT AFFAIRS : ENVIRONMENT

Newly Identified Plant Species Osbeckia zubeengargiana in Assam Named After Singer Zubeen Garg

• Researchers from Gauhati University discovered a new plant species, Osbeckia zubeengargiana, in the grassland ecosystems of Manas National Park, a United Nations Educational, Scientific and Cultural Organization (UNESCO) World Heritage Site in Assam.
• The species was named after Assamese music icon Zubeen Garg, and the discovery was published in the scientific journal Phytotaxa.
• The species was documented during floristic surveys conducted between 2021 and 2025 in Baksa district, Assam.
• Osbeckia zubeengargiana belongs to the Melastomataceae family and the genus Osbeckia.
• The new species shows similarities with Osbeckia rostrata but differs in leaf structure, flower arrangement, hypanthium shape, and seed size.
• The plant is described as a perennial erect shrub that can grow up to 3.xvccfffffdd5 metres in height and produces distinctive pink tetramerous flowers.
• The plant flowers and bears fruit between mid-September and January.
• The discovery enriches the botanical diversity of Assam and adds to scientific knowledge of the Osbeckia genus, which is widely distributed across Southeast Asia, including endemic species in the Eastern Himalayas and Western Ghats.

New Estuarine Fish Species Butis bargabhimae Discovered in West Bengal

• Scientists in West Bengal have discovered a new estuarine fish species named “Butis bargabhimae”, enhancing India’s aquatic biodiversity.
• The species was found in the Rupnarayan River, a tributary of the Hooghly River, in an estuarine ecosystem near Tamluk, West Bengal.
• Estuarine environments, where freshwater meets seawater, serve as dynamic habitats supporting diverse aquatic life.
• “Butis bargabhimae” belongs to the butid family, commonly called gudgeon gobies, which are adapted to brackish water and fluctuating salinity levels.
• Unique morphological features of this species include:
• Interorbital scales between the eyes (absent in most butid fishes)
• Auxiliary scales across the body
• Distinctive light and dark bands on pectoral fins
• The species name “bargabhimae” is derived from the Hindu deity Bargabhima, reflecting cultural significance in the Tamluk region.
• The discovery highlights the importance of estuarine ecosystems as hotspots for unique and unexplored species.
• This addition contributes to scientific knowledge, biodiversity records, and the intersection of science with local culture.

CURRENT AFFAIRS : PERSON IN NEWS

Indian Institute of Science Professor Arpita Patra Becomes Second Indian Woman to Climb Nevado Ojos del Salado, World’s Tallest Volcano

• Arpita Patra, Professor at the Indian Institute of Science (IISc), Bengaluru, successfully summited Nevado Ojos del Salado, the world’s highest volcanic peak and tallest mountain in Chile.
• She became the second Indian woman to scale Nevado Ojos del Salado, after Arunima Sinha in 2019.
• The summit altitude was 6,893 metres, nearly 7,000 metres, marking the highest elevation she has ever reached.
• Previous mountaineering achievements include:
• Mount Kilimanjaro (5,895 m, Africa)
• Mount Elbrus (5,642 m, Europe)
• Mount Giluwe (4,367 m, Oceania) – she was the first Indian woman to summit.
• Pico de Orizaba (5,636 m, North America) – she was the second Indian woman to summit.
• Nevado Ojos del Salado is located in the Atacama Desert, on the Chile–Argentina border, and is known as the highest volcano in the world.
• The climb involved harsh weather conditions, extreme cold, strong winds, high altitude, and technical rock-climbing challenges.
• Arpita Patra balanced her academic career as a full professor in Computer Science and Automation at IISc with high-altitude mountaineering.
• She trained under renowned Indian mountaineer Satyarup Siddhanta, who holds multiple records including Guinness World Records.
• The expedition is part of her global volcanic peaks challenge, having climbed the highest volcanic peaks on four continents.
• The achievement highlights the growing participation of Indian women in global mountaineering and demonstrates that scientific careers and extreme adventure can coexist.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

India Approves Quantum Teaching Labs in 23 Institutions, 100 More Planned for Advanced Research and Training

• The National Quantum Mission has approved the establishment of quantum teaching laboratories in 23 academic institutions across India, with 100 more under consideration, to support advanced research and training in emerging quantum technologies.
• The approval and updates were disclosed during the joint monthly meeting of Secretaries of Science Ministries and Departments, chaired by Union MoS Dr. Jitendra Singh.
• The meeting included Principal Scientific Adviser Prof. Ajay Kumar Sood, DST Secretary Prof. Abhay Karandikar, DBT Secretary Dr. Rajesh S. Gokhale, DSIR Secretary Dr. N. Kalaiselvi, MoES Secretary Dr. M. Ravichandran, and ISRO Chairman Dr. V. Narayanan.
• Preparations for the India International Science Festival (IISF) 2026 were reviewed, with Pune proposed as the venue and the Department of Biotechnology working on the event framework, themes, programme structure, and logistics.
• The meeting reviewed the 5th RISE Conclave held in Chennai, which showcased researchers, startups, industry leaders, and academic institutions to strengthen innovation and technology commercialization.
• The RISE Conclave featured panel discussions, industry interactions, and a startup expo with 140+ technology stalls from CSIR laboratories and institutions associated with DST, DBT, MoES, BIRAC, ISRO, and universities.
• Plans for National Technology Day 2026 on 11 May 2026 were discussed, including a technology showcase at Bharat Mandapam, New Delhi, featuring 3000+ stakeholders and 500+ technologies and innovations.
• Discussions emphasized strengthening inter-ministerial and intra-ministerial coordination to promote collaborative research initiatives and joint projects across multiple scientific departments.
• Updates on major scientific missions included PSLV satellite launches and the upcoming launch of a navigation satellite for the Indian Navy, enhancing space-based navigation and strategic capabilities.
• The meeting discussed revising manpower guidelines for project staff in scientific research programmes to align with the Anusandhan National Research Foundation (ANRF) framework, ensuring uniformity across departments.
• Discussions concluded with plans to strengthen communication and outreach to ensure national scientific achievements and innovations receive greater public visibility and engagement with industry, academia, and society.

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Lila Global Acquires 298,997 deadweight tonne Very Large Crude Carrier Lila Jamnagar, First Indian-Flagged VLCC Through GIFT City IFSC

• Lila Global has acquired Lila Jamnagar, a 298,997 deadweight tonne (DWT) Very Large Crude Carrier (VLCC), marking the first Indian-flagged VLCC structured through GIFT City International Financial Services Centre (IFSC).
• The vessel is registered under RFK Shipping IFSC Private Limited and will be operated through the Lila Global platform, reflecting the growing role of GIFT City in maritime finance and ship leasing.
• Lila Jamnagar has completed dry docking and started its maiden voyage under the Indian flag, sailing from the Far East to western markets for crude transportation.
• Lila Global is the ship-owning arm of GMS Inc., led by Founder and CEO Anil Sharma.
• The VLCC, placing it among the world’s largest crude carriers, used for long-haul crude oil transportation between major energy-producing and consuming regions.
• The acquisition strengthens India-linked shipping capabilities, supporting timely energy transportation amid the current geopolitical environment.
• The VLCC is expected to enhance engagement with India’s PSU chartering market, where large tankers transport crude oil for domestic refiners.
• The transaction highlights the emergence of GIFT City as a hub for ship leasing and maritime finance, enabling Indian vessel ownership and access to tax incentives, global capital, and tailored regulatory frameworks.
• As of December 2025, GIFT IFSC hosted 29 ship lessors, collectively leasing 34 vessels, with $71.1 million in financing extended by banking units operating in the centre.

CURRENT AFFAIRS: MOUS AND AGREEMENT

Himachal Pradesh Signs Memorandum of Understanding with National Dairy Development Board to Strengthen Dairy Sector

• The Himachal Pradesh Government signed a Memorandum of Understanding with the National Dairy Development Board to strengthen the dairy sector in the state.
• The agreement aims to enhance milk processing capacity, improve dairy infrastructure, and generate employment opportunities for farmers.
• The Memorandum of Understanding is expected to support dairy-based industries and promote dairy products under the ‘HIM’ brand.
• The agreement focuses on improving the overall infrastructure of the dairy sector in Himachal Pradesh and modernising milk processing facilities across the state.
• It also aims to strengthen the dairy supply chain and improve efficiency in milk collection, processing, and distribution.
• The National Dairy Development Board will assist in introducing world-class technology in milk processing and dairy-related bio-products.
• The initiative will help farmers access better processing facilities, reduce wastage, and increase the value of milk and dairy products.
• A key focus of the Memorandum of Understanding is the development and operation of the Dagwar Dairy Project, which is expected to emerge as a major dairy processing hub in the state.
• The new agreement focuses on operationalising the Dagwar dairy plant and strengthening milk processing units across the state.
• Another major objective of the Memorandum of Understanding is the promotion and marketing of dairy products under the ‘HIM’ brand to strengthen the identity of the state’s dairy sector.
• The HIM brand will be used to market locally produced dairy products, which are expected to attract consumers seeking high-quality and naturally produced dairy goods.

CURRENT AFFAIRS: SPORTS NEWS

BCCI Naman Awards 2026 Honours Top Performers in Indian Cricket

• The BCCI Naman Awards 2026 were held in New Delhi, celebrating achievements and contributions to Indian cricket.
• The awards are presented annually by the Board of Control for Cricket in India to recognise outstanding performances in international cricket, domestic tournaments, and lifetime contributions to the sport.
• The ceremony also honours players, administrators, umpires, and emerging talents in Indian cricket.
• Shubman Gill won the Polly Umrigar Award for Best International Cricketer (Men) for his consistent performances for India in international cricket.
• Smriti Mandhana received the Best International Cricketer (Women) award, marking the fifth time she has won the honour.
• Best International Debut (Men): Harshit Rana.
• Best International Debut (Women): N Sree Charani.
• The C. K. Nayudu Lifetime Achievement Award, the highest individual honour presented by the Board of Control for Cricket in India, was awarded to Roger Binny and Rahul Dravid.
• Mithali Raj received the Board of Control for Cricket in India Lifetime Achievement Award (Women) for her remarkable international career.
• Domestic Cricket Awards:
  – Lala Amarnath Award for Best All-Rounder in Domestic Limited Overs Cricket: Ayush Mhatre (Mumbai).
  – Best All-Rounder in Ranji Trophy: Harsh Dubey (Vidarbha).
• Ranji Trophy Performances:
  – Highest Wickets (Elite): Harsh Dubey (Vidarbha).
  – Highest Wickets (Plate): Suchith J (Nagaland).
  – Highest Runs (Elite): Y V Rathod (Vidarbha).
  – Highest Runs (Plate): Snehal Kauthankar (Goa).
• Under-23 Col. C. K. Nayudu Trophy:
  – Highest Wickets (Elite): Vicky Ostwal (Maharashtra).
  – Highest Wickets (Plate): Dipjyoti Saikia (Assam).
  – Highest Runs (Elite): Macneil H N (Karnataka).
  – Highest Runs (Plate): R Jashwanth Shreeram (Pondicherry).
• Under-19 Cooch Behar Trophy:
  – Highest Wickets (Elite): Hemchudeshan J (Tamil Nadu).
  – Highest Wickets (Plate): Arkajit Roy (Tripura).
  – Highest Runs (Elite): Nitya J Pandya (Baroda).
  – Highest Runs (Plate): Ragavan Ramamoorthy (Pondicherry).
• Under-16 Vijay Merchant Trophy:
  – Highest Wickets (Elite): Yashbardhan Singh Chauhan (Madhya Pradesh).
  – Highest Wickets (Plate): Kishan Sarkar (Tripura).
  – Highest Runs (Elite): Shanthanu Singh (Uttar Pradesh).
  – Highest Runs (Plate): Pritam Raj (Bihar).
• Women’s Domestic Cricket Awards:
  – Jagmohan Dalmiya Trophy – Best Junior Woman Cricketer: Ira Jadhav (Mumbai).
  – Jagmohan Dalmiya Trophy – Best Senior Woman Cricketer: Shafali Verma (Haryana).
• Women’s International Performance Awards:
  – Highest Wickets in Women’s One Day International: Deepti Sharma.
  – Highest Runs in Women’s One Day International: Smriti Mandhana.
• Other Honours:
  – Best Performance in Board of Control for Cricket in India Domestic Tournaments: Mumbai Cricket Association.
  – Best Umpire in Domestic Cricket: Ulhas Gandhe.

CURRENT AFFAIRS: IMPORTANT DAYS

Ordnance Factories Day 2026 – March 18

• Ordnance Factories Day is observed across India on March 18 every year to commemorate the establishment of the first ordnance factory in colonial India.
• The day marks the foundation of the first ordnance factory set up in 1801 at Cossipore near Kolkata.
• The ordnance factories operate under the Ministry of Defence, and the day highlights their role in strengthening India’s defence manufacturing capabilities.
• Ordnance Factories Day provides an opportunity to showcase the research, development, production, and marketing logistics of a wide range of arms and ammunition manufactured in the country.
• Historically, the East India Company considered the manufacturing of military hardware essential to strengthen its economic and political control in India.
• In 1775, the British authorities established the Board of Ordnance at Fort William, marking the official beginning of the Army Ordnance system in India.
• Later, a gunpowder factory was established in 1787 at Ishapore, and production started in 1791.
• In 1801, the British established a Gun Carriage Agency at Cossipore in Kolkata, and production began on March 18, 1802, marking the beginning of industrial ordnance production in India.

World Social Work Day 2026 Observed on 17 March

• World Social Work Day 2026 was observed globally on March 17, 2026.
• The day recognises the contributions of social workers in building stronger, inclusive, and sustainable communities.
• World Social Work Day is observed annually on the third Tuesday of March to honour the dedication and work of social workers across the world.
• The theme for 2026 is “Co-Building Hope and Harmony: A Harambee Call to Unite a Divided Society.”
• The theme highlights the importance of collective action and cooperation among people across cultural, political, and social differences to build harmonious societies.
• The observance of World Social Work Day is led by the International Federation of Social Workers.
• The concept of celebrating a global day dedicated to the social work profession was formally approved during the International Federation of Social Workers General Meeting held in 2004 in Adelaide, Australia.
• During the meeting, member organisations agreed to establish a dedicated day to recognise the contributions of the social work profession worldwide.

Daily CA One- Liner: March 18

• The Ministry of Health and Family Welfare has approved perpetual validity for registrations and licences issued by the Food Safety and Standards Authority of India to improve the ease of doing business in India
• The National Highways Authority of India announced a revision in the FASTag Annual Pass fee for private non-commercial vehicles
• The SATHEE Application has been developed by the Ministry of Education in collaboration with Indian Institute of Technology Kanpur to support students preparing for major competitive examinations
• The Indira Gandhi Memorial Tulip Garden in Srinagar, known as Asia’s largest tulip garden, was opened to visitors
• The Gujarat Government launched a statewide vaccination drive against Foot and Mouth Disease to protect livestock and prevent the spread of the disease
• Renowned Tamil poet and lyricist Vairamuthu has been awarded the Jnanpith Award for 2025, India’s highest literary honour
• The 98th edition of the Academy Awards (Oscars 2026) was held at the Dolby Theatre in Hollywood, Los Angeles, United States
• The Himachal Pradesh Government signed a Memorandum of Understanding with the National Dairy Development Board to strengthen the dairy sector in the state
• The BCCI Naman Awards 2026 were held in New Delhi, celebrating achievements and contributions to Indian cricket.
• Fitch Ratings released its “Global Economic Outlook – March 2026”, projecting India’s Gross Domestic Product (GDP) growth at 7.5% for FY 2025–26 (FY26).
• The Department of Economic Affairs (DEA) under the Ministry of Finance (MoF) has revised the rules related to Minimum Public Shareholding (MPS) for large companies planning to list on stock exchanges.
• The Government of India launched the National Mission for Financial Inclusion (NMFI) under Pradhan Mantri Jan Dhan Yojana (PMJDY) in August 2014 to provide universal banking services to every unbanked household, following the principles of banking the unbanked, securing the unsecured, and funding the unfunded.
• DCM Shriram Limited secured USD 90 million funding from the International Finance Corporation (IFC), the private sector arm of the World Bank Group (WBG), through Sustainability-Linked Non-Convertible Debentures (NCDs).
• Digital payment transactions in India have grown exponentially due to coordinated efforts of the Government, Reserve Bank of India (RBI), and National Payments Corporation of India (NPCI).
• The World Bank approved a loan of USD 300 million to support Uttar Pradesh’s efforts to improve air quality through a Clean Air Transition Programme.
• The Election Commission of India (ECI) appointed Manjeet Singh, a retired IAS officer (1988 batch, Rajasthan cadre), as Special Observer for the 2026 General Election to the Legislative Assembly of Assam.
• Sagar Defence Engineering Private Limited laid the foundation stone for the world’s first Autonomous Maritime Shipbuilding and Systems Centre at Juvvaladinne Fishing Harbour, Nellore district, Andhra Pradesh (AP).
• Researchers from Gauhati University discovered a new plant species, Osbeckia zubeengargiana, in the grassland ecosystems of Manas National Park, a United Nations Educational, Scientific and Cultural Organization (UNESCO) World Heritage Site in Assam.
• Scientists in West Bengal have discovered a new estuarine fish species named “Butis bargabhimae”, enhancing India’s aquatic biodiversity.
• Arpita Patra, Professor at the Indian Institute of Science (IISc), Bengaluru, successfully summited Nevado Ojos del Salado, the world’s highest volcanic peak and tallest mountain in Chile.
• The National Quantum Mission has approved the establishment of quantum teaching laboratories in 23 academic institutions across India, with 100 more under consideration, to support advanced research and training in emerging quantum technologies.
• Lila Global has acquired Lila Jamnagar, a 298,997 deadweight tonne (DWT) Very Large Crude Carrier (VLCC), marking the first Indian-flagged VLCC structured through GIFT City International Financial Services Centre (IFSC).
• Ordnance Factories Day is observed across India on March 18 every year to commemorate the establishment of the first ordnance factory in colonial India
• World Social Work Day 2026 was observed globally on March 17, 2026