Current affairs
News for UPSC, SSC and defence exams, with the reason it matters.
July 2026
Cabinet approves Samudra Manthan, an ₹84,084 crore national offshore oil and gas exploration scheme
- The Union Cabinet approved Samudra Manthan on 31 July 2026.
- It is a Central Sector Scheme with ₹84,084 crore up to 2030-31.
- About ₹43,200 crore goes to drilling 60 deepwater wells.
Why it matters
[Economy] India imports most of the crude oil it uses. Its offshore basins are still largely unexplored. The scheme is run by the Ministry of Petroleum and Natural Gas.
Cabinet extends PM-KISAN till 2030-31 with an outlay of about ₹3.15 lakh crore
- The Cabinet approved PM-KISAN for five more years, from 2026-27 to 2030-31.
- The total outlay is ₹3,15,614 crore.
- Eligible farmer families get ₹6,000 a year in three equal instalments.
Why it matters
[Policy] PM-KISAN began in February 2019. It is a Central Sector Scheme, so the Centre pays the full cost. The money goes straight to bank accounts through Direct Benefit Transfer.
India issues its first sovereign-backed P&I marine insurance policy under the Bharat Maritime Insurance Pool
- The first Protection and Indemnity (P&I) policy under the pool was issued on 30 July 2026.
- New India Assurance designed the policy and issued it to the Shipping Corporation of India.
- It covers third-party risks like crew and cargo claims, pollution and wreck removal.
Why it matters
[First] Indian ships have relied mostly on foreign P&I clubs for this cover. A domestic pool keeps premiums at home. It also protects shipping if foreign insurers pull out during sanctions or war.
MSME Development (Amendment) Bill, 2026 introduced in Rajya Sabha to tackle delayed payments
- The Bill was introduced in the Rajya Sabha on 28 July 2026.
- It amends the MSME Development Act, 2006.
- Central public sector firms must settle MSME invoices through the TReDS platform.
Why it matters
[Economy] Late payment by big buyers is a major problem for small firms. TReDS lets an MSME sell its unpaid invoices to banks and get cash quickly. The Bill later passed both Houses in August 2026.
NSE launches India’s first natural gas futures based on a domestic price benchmark
- NSE launched the contracts on 27 July 2026 after SEBI approval.
- They trade under the symbol NATGASIND.
- The price is based on the Indian Gas Exchange's Gujarat hub price.
Why it matters
[First] Earlier gas futures in India tracked the US Henry Hub price. A local benchmark reflects Indian supply and demand. Gas users can now hedge price risk without relying on foreign prices.
Cabinet approves ₹3,030 crore BHAVYA Rasayan scheme to build three chemical parks
- The Union Cabinet approved the scheme on 24 July 2026.
- BHAVYA stands for Bharat Audyogik Vikas Yojana.
- Its outlay is ₹3,030 crore, from 2026-27 to 2030-31.
Why it matters
[Economy] The parks will offer ready shared facilities, like effluent treatment plants and pipelines. Firms can set up quickly without building these themselves. This should cut costs and pollution in the chemical sector.
Cabinet approves ₹62,500 crore Mobile Phone Manufacturing Scheme to succeed PLI
- The Union Cabinet approved the Mobile Phone Manufacturing Scheme (MPMS) on 15 July 2026.
- It has an outlay of ₹62,500 crore. It runs for five years, from 2026-27 to 2030-31.
- Firms get 2.25% to 5% incentive on eligible sales. Extra incentives reward local components and Indian brands.
Why it matters
[Economy] PLI mainly helped phone assembly in India. MPMS shifts the focus to making components and doing design and research at home. This raises domestic value addition.
CCEA approves National Investment Policy for Urea-2026 to attract new gas-based plants
- The Cabinet Committee on Economic Affairs approved NIPU-2026 on 15 July 2026.
- It covers all new gas-based urea plants proposed in India.
- It offers a return on equity band of 12% to 16%.
Why it matters
[Economy] India still imports a large share of its urea. NIP-2012 led to six new plants. A new policy aims to cut imports and improve fertiliser security.
Railways unveils eight more freight reforms under ‘Reform Express’, taking the total to 17
- Railway Minister Ashwini Vaishnaw announced eight new reforms on 14 July 2026. The total under 'Reform Express' is now 17.
- The plan is 52 reforms in 52 weeks.
- Fly ash will move in containers instead of open wagons. This cuts dust pollution.
Why it matters
[Economy] Rail freight is cheaper and cleaner than road freight. Railways wants to win back cargo lost to trucks. Simpler tariffs and more private participation are meant to lower logistics costs.
India’s defence exports cross a record ₹38,000 crore, a 57-fold rise since 2013-14
- Rajnath Singh said India's defence exports reached a record of over ₹38,000 crore.
- Exports were only ₹686 crore in 2013-14, so this is an almost 57-fold rise.
- Annual defence production touched an all-time high of over ₹1.78 lakh crore in 2025-26.
Why it matters
[Economy] Defence exports show that buyers abroad trust Indian-made weapons. The government's target is ₹50,000 crore of exports by 2029. Production nearly tripled from the 2014-15 level.
VB-G RAM G Act comes into force, replacing MGNREGA with a 125-day work guarantee
- The Viksit Bharat-Guarantee for Rozgar and Ajeevika Mission (Gramin) Act, 2025, or VB-G RAM G, came into force on 1 July 2026.
- It replaces MGNREGA, the rural job law of 2005.
- Rural families now have a legal right to 125 days of paid work a year, up from 100.
Why it matters
[Indian Economy] This is the biggest change to India's rural job guarantee since 2005. Exams will test the new name, the 125-day limit and the law it replaced.
EPFO notifies 8.25% interest on EPF deposits for 2025-26
- The Employees' Provident Fund Organisation (EPFO) notified an 8.25% interest rate on EPF deposits for 2025-26.
- The rate was approved by the Ministry of Labour and Employment under the EPF Scheme, 1952.
- EPFO told its regional and zonal offices to credit the interest to members' accounts.
Why it matters
[Indian Economy] The EPF rate is set by EPFO's Central Board of Trustees and needs the Finance Ministry's nod before the Labour Ministry notifies it. The rate is a common banking and SSC question.