Current affairs
News for UPSC, SSC and defence exams, with the reason it matters.
WPI inflation eases to 9.78% in July 2026, first fall under the new base year
- WPI inflation eased to 9.78% in July 2026 from 9.87% in June.
- It is the first month-on-month fall under the new 2022-23 base year.
- Fuel and power inflation fell to 20.05% from 27.41%.
Why it matters
[Economy] The West Asia war and the Hormuz blockade pushed up crude and fertiliser prices. WPI tracks producer-level prices. The gap with CPI at 4.45% shows costs not yet passed on to shoppers.
Asked before: CDS II 2023 asked which factors raised Wholesale Price Inflation in 2021-22.
Parliament passes MMDR Amendment Bill limiting State taxes on mineral rights
- The Lok Sabha passed the Bill on 12 August and the Rajya Sabha on 13 August 2026.
- It restricts States' powers to tax mineral rights and mineral-bearing land.
- The Centre says it ensures uniform mineral rates across the country.
Why it matters
[Federalism] The Opposition said the Bill hurts fiscal federalism. The Centre said States now get about 88% of mineral revenue. The debate links to the 2024 Supreme Court ruling that let States tax mineral rights.
Retail inflation rises to a 19-month high of 4.45% in July 2026
- CPI inflation rose to 4.45% in July 2026, up from 4.38% in June.
- It is the highest level in 19 months.
- Food and beverages inflation rose to 5.2%.
Why it matters
[Economy] CPI is the RBI's inflation target measure. The target is 4%, with a band of 2% to 6%. Inflation is still inside the band but rising.
Asked before: UPSC Prelims 2015 asked which body brings out the CPI for Industrial Workers.
Parliament passes NCDC (Amendment) Bill to widen lending to the cooperative sector
- The Lok Sabha passed the Bill on 11 August and the Rajya Sabha on 12 August 2026.
- It amends the National Co-operative Development Corporation Act, 1962.
- NCDC can now give loans and grants directly to cooperative societies.
Why it matters
[Economy] Many agencies that help cooperatives are not registered as cooperatives. NCDC could not fund them before. The change widens credit for the cooperative sector without new budget support.
Government approves one billion polymer banknotes each of ₹10 and ₹20 for field trials
- The government approved polymer banknotes of ₹10 and ₹20 for field trials.
- One billion pieces of each note will be printed for the trial.
- The RBI sent the proposal under Section 25 of the RBI Act, 1934.
Why it matters
[Economy] Polymer notes last longer than paper notes. They are also harder to fake. Section 25 of the RBI Act lets the Centre approve a note's design, form and material.
Asked before: NDA II 2017 asked which waves are used to detect forgery in currency notes.
Road Ministry revises Model Concession Agreement for BOT (Toll) highway projects
- The Road Transport Ministry revised the Model Concession Agreement for BOT (Toll) projects.
- NHAI will give revenue support if traffic falls over 10% below target.
- This support applies at the first seven target dates.
Why it matters
[Policy] BOT means Build, Operate and Transfer. A private firm builds the road and collects tolls. It hands the road back when the concession ends. The changes aim to bring private money back into highways.
Government notifies 11 more international ports for e-Visa entry, taking the total to 88
- The Home Ministry notified 11 more ports for foreigners holding an e-Visa.
- The new ports are 9 land ports and 2 airports, Bhopal and Tirupati.
- New land ports include Attari (Road), Moreh, Dawki, Agartala and Gede.
Why it matters
[Policy] More land ports help visitors from neighbouring countries. India now issues about 78% of its visas as e-Visas. The facility began in 2014 for 43 countries.
Cabinet approves ₹8,970 crore four-lane Guwahati-Tezpur corridor on NH-15 with emergency landing strip
- The CCEA approved a 135.87 km four-lane corridor from Baihata Chariali to Tezpur in Assam.
- The project costs ₹8,970.20 crore and uses the BOT (Toll) model.
- A 4.9 km Emergency Landing Facility will come up on the Tezpur bypass.
Why it matters
[Policy] An Emergency Landing Facility is a highway stretch where Air Force jets can land. The corridor runs north of the Brahmaputra. NH-27, the East-West Corridor, runs south of it.
India operationalises inventory-based cross-border e-commerce export framework
- The DGFT's inventory-based e-commerce export framework went live on 5 August 2026.
- Foreign-funded e-commerce firms can now own stock, but only for export.
- An Exporter-on-Record buys goods from Indian Sellers-on-Record.
Why it matters
[Policy] Since 2016, foreign-funded firms could use only the marketplace model in India. This export-only route is a narrow exception. India's e-commerce exports are about $5 billion a year.
RBI keeps repo rate unchanged at 5.25%, raises FY27 growth forecast to 6.7%
- The RBI's Monetary Policy Committee kept the repo rate at 5.25% on 5 August 2026.
- The vote was unanimous, and the stance stayed neutral.
- The SDF rate stays at 5.00%, and the MSF and Bank Rate at 5.50%.
Why it matters
[Economy] The repo rate is the rate at which the RBI lends to banks. The six-member MPC sets it. The inflation target is 4%, with a band of 2% to 6%.
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.