🇮🇳 National News
India entered Financial Year 2026-27 (FY27) on 1 April 2026, with the Income Tax Act, 2025 formally replacing the Income Tax Act, 1961 — ending over six decades of the old law. The new Act is administered by the Central Board of Direct Taxes (CBDT), Ministry of Finance.
- Slimmer legislation – Reduced from 819 sections / 47 chapters to 536 sections / 23 chapters; rules trimmed from 500+ to 333 rules (Income Tax Rules, 2026)
- Unified ‘Tax Year’ – The old Financial Year / Assessment Year distinction is abolished; a single Tax Year 2026-27 covers 1 April 2026 to 31 March 2027
- No slab changes – Tax rates unchanged; new regime remains default; zero tax up to Rs 12 lakh (Section 87A rebate)
- Filing deadlines – ITR-3 & ITR-4 (non-audit) shifted to 31 August; ITR-1 & ITR-2 remain 31 July
- HRA expansion – 50% HRA exemption extended to 8 metros: Delhi, Mumbai, Chennai, Kolkata, Bengaluru, Hyderabad, Pune, Ahmedabad
- STT hike – Futures: 0.02% → 0.05%; Options: 0.1% → 0.15%
- TCS relief – Overseas tour packages: flat 2% (from 5%/20%); LRS education/medical: 2% (from 5%)
- Crypto/VDA – 60% levy on detected undisclosed Virtual Digital Asset gains; mandatory Schedule VDA disclosure
- MAT reduced – Minimum Alternate Tax: 15% → 14%
- Digital Rupee – Officially included as a prescribed mode of electronic payment for the first time
Key facts to remember: Income Tax Act, 1961 replaced by Act, 2025 (not 2026) — enacted in 2025, effective FY27. New unified term: “Tax Year”. HRA 50% cities increased from 4 to 8. Mnemonic for 4 new cities: BPHA — Bengaluru, Pune, Hyderabad, Ahmedabad. MAT: 14%. VDA penalty: 60%.
The Central Government retained the retail inflation target at 4% (with a tolerance band of 2%–6%) for the five-year period 1 April 2026 to 31 March 2031. The notification was issued by the Department of Economic Affairs (DEA), Ministry of Finance, under Section 45ZA of the RBI Act, 1934.
- Mandate governs: RBI’s Monetary Policy Committee (MPC) — a six-member body headed by the RBI Governor
- Framework origin: India adopted formal inflation-targeting in 2016; renewed every five years
- Significance: Guides repo rate decisions; impacts loans, EMIs, and savings rates
Inflation target: 4% ± 2% (band: 2–6%). Legal basis: Section 45ZA, RBI Act 1934. Issued by: DEA, MoF (not RBI). Framework adopted: 2016. Current period: 2026–2031. MPC has 6 members — 3 from RBI (including Governor) + 3 external.
The National Statistics Office (NSO) under MoSPI released the 33rd edition of Energy Statistics India 2026, a comprehensive dataset on India’s energy reserves, production, consumption, and trade.
- Total Primary Energy Supply (TPES): 9,32,816 KToE in FY 2024-25; growth of 2.95% over previous year
- Total RE Potential: 47,04,043 MW as of March 2025
- Solar Energy: Highest share at ~71% (33,43,378 MW); followed by Wind Power (11,63,856 MW) and Large Hydro (1,33,410 MW)
- Credit Flow: Energy sector credit increased 6× — Rs 1,688 crore (2021) → Rs 10,325 crore (2025)
Over 70% of RE potential concentrated in six states:
| State | RE Potential Share |
|---|---|
| Rajasthan | 23.70% |
| Maharashtra | 14.26% |
| Gujarat | 9.10% |
| Andhra Pradesh | 9.10% |
| Karnataka | 8.59% |
| Madhya Pradesh | 8.09% |
Released by: NSO, MoSPI. Edition: 33rd. Solar = 71% of India’s RE potential. Top RE state: Rajasthan (23.7%). Mnemonic for top 6 states: RMGAKM — Rajasthan, Maharashtra, Gujarat, Andhra, Karnataka, MP.
MeitY (Ministry of Electronics and Information Technology) approved 29 new project proposals under the 4th tranche of the Electronics Components Manufacturing Scheme (ECMS), with projected investment of Rs 7,104 crore, projected production of Rs 85,415 crore, and 14,246 direct jobs.
- Cumulative under ECMS: 75 applications approved; expected investments: Rs 61,671 crore; direct employment: 65,040
- Coverage: 16 products across mobile, telecom, consumer electronics, automotive, strategic electronics, and IT hardware — including Display Modules, Li-ion Cells, Rare Earth Permanent Magnets, Flexible PCB, Capacitors, Resistors
- Major investments: Rs 1,683 crore (capital goods, 6 proposals); Rs 1,350 crore (display modules, 2 proposals)
- Scheme objective: Develop domestic electronics supply chain under Aatmanirbhar Bharat
ECMS = Electronics Components Manufacturing Scheme. Nodal ministry: MeitY. 4th tranche: 29 projects / Rs 7,104 crore. Cumulative: 75 approvals. Part of Aatmanirbhar Bharat electronics self-reliance push.
The Ministry of Heavy Industries (MHI) extended the demand subsidy for electric two-wheelers (e-2Ws) under the PM E-DRIVE Scheme by four additional months, till 31 July 2026 (originally 31 March 2026).
- Full form: Prime Minister’s Electric Drive Revolution in Innovative Vehicle Enhancement
- Total outlay: Rs 10,900 crore (Rs 3,679 crore — demand incentives; Rs 7,171 crore — e-buses, charging infra, testing)
- Incentive structure: Rs 2,500 per kWh, capped at Rs 5,000/vehicle; model price cap: Rs 1.5 lakh
- Portal: Processed through VAHAN (National Vehicle Registration) portal
- Overall scheme: e-2W subsidies continue till 31 March 2028; e-3Ws supported throughout
- Sales data: 24.79 lakh e-2Ws sold; 22.12 lakh total EVs as of January 2026
PM E-DRIVE — nodal ministry: MHI. Total outlay: Rs 10,900 crore. Extension: 4 months to 31 July 2026 (e-2W demand subsidy). Incentive: Rs 2,500/kWh, max Rs 5,000. Vehicle price cap: Rs 1.5 lakh. Portal: VAHAN.
The Central Council for Research in Ayurvedic Sciences (CCRAS), under the Ministry of AYUSH, signed an MoU with Anuvadini AI — an AI-powered voice-to-voice translation platform — to translate evidence-based Ayurveda research into 13 regional languages, including Hindi.
- Signatories: Prof. Vaidya Rabinarayan Acharya, DG of CCRAS; Dr. Buddha Chandrasekhar, CEO, Anuvadini AI
- Technology platform: Anuvadini AI is built on the AICTE platform (All India Council for Technical Education), under Ministry of Education
- Scope: CCRAS — apex Ayurveda research body with 30 institutes across 25 states — will translate research outputs, CCRAS Bulletin, and IEC materials
- Objective: Expand access to Ayurveda knowledge; overcome language barriers across India
CCRAS — under Ministry of AYUSH; apex Ayurveda research body; 30 institutes / 25 states. Partner: Anuvadini AI (AICTE platform, MoE). Languages: 13. Type: AI voice-to-voice translation. Key for: AI in traditional knowledge + Ministry of AYUSH questions.
The Directorate General of Civil Aviation (DGCA), Ministry of Civil Aviation, signed an MoU with Gati Shakti Vishwavidyalaya (GSV), Ministry of Railways, to enhance skill development in the aviation sector, covering Aviation Engineering and Aviation Management.
- Signatories: DG Faiz Ahmed Kidwai, DGCA; VC Prof. Manoj Choudhury, GSV; in presence of Union Minister Kinjarapu Rammohan Naidu
- New programme: 3-year B.Sc. in Aviation Maintenance Engineering (AME), launching August 2026; aligned with CAR-66 and CAR-147 frameworks
- Sector demand: 240+ MRO units; ~1,700 aircraft orders; fleet projected at 3,000 by 2036; demand for 10,000–12,000 pilots
- GSV: Established under Ministry of Railways to support the PM Gati Shakti National Master Plan
DGCA — under Ministry of Civil Aviation. GSV — under Ministry of Railways (not Education/Transport). New course: B.Sc. AME, starting Aug 2026. MRO = Maintenance, Repair & Overhaul. India’s projected aviation fleet: 3,000 aircraft by 2036.
The Ministry of Defence (MoD) signed a contract worth Rs 1,950 crore with Bharat Electronics Limited (BEL) for procurement of two Mountain Radar systems for the Indian Air Force (IAF), under the Buy (Indian–IDDM) category.
- Design & Development: Indigenously designed by LRDE (Electronics and Radar Development Establishment) under DRDO; manufactured by BEL
- IDDM: Indigenously Designed, Developed and Manufactured — highest priority category in defence procurement
- Capabilities: High-altitude terrain operations; detects fighter aircraft, drones, and cruise missiles; overcomes line-of-sight and harsh weather challenges
- Strategic role: Border surveillance, early warning, and situational awareness within the integrated air defence network
- Policy alignment: Aatmanirbhar Bharat in defence; promotes domestic manufacturing for MSMEs
Contract value: Rs 1,950 crore. Manufacturer: BEL. Designer: LRDE-DRDO. Category: Buy (Indian–IDDM). End user: IAF. Quantity: 2 Mountain Radars. BEL HQ: Bengaluru (a Navratna Defence PSU).
The Ministry of New and Renewable Energy (MNRE) extended the commissioning deadline for certain projects under the PM KUSUM scheme from 31 March 2026 to 31 March 2027.
- Full name: Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan
- Eligibility for extension: Projects where PPAs or LoIs were signed on or before 31 December 2025
- Scheme target: Add 34,800 MW of solar capacity; central financial assistance: Rs 34,422 crore
- Launch year: 2019; promotes solar energy in agriculture; replaces diesel/grid electricity
- Subsidy split: Central Govt — 30%; State Govt — 30%; Farmer — 40% (bank loan available)
PM KUSUM — nodal ministry: MNRE. Launched: 2019. Target: 34,800 MW solar. Subsidy: Centre 30% + State 30% + Farmer 40%. New deadline: 31 March 2027. Beneficiaries: farmers (agricultural solar).
The Punjab Cabinet, led by Chief Minister Bhagwant Singh Mann, approved the Mukh Mantri Mawan Dheeyan Satkar Yojana (MMMDSY), a women-centric direct benefit scheme providing monthly financial support to eligible women across Punjab.
- Budget: Rs 9,300 crore sanctioned in State Budget FY 2026-27
- Transfer mechanism: DBT (Direct Benefit Transfer) directly into bank accounts
- Eligibility: Women aged 18 years or above; registered voter in Punjab; covers ~97% of adult women in the state
- Financial assistance: Rs 1,000/month for all eligible women; Rs 1,500/month for Scheduled Caste (SC) women
Scheme: MMMDSY (Mukh Mantri Mawan Dheeyan Satkar Yojana). State: Punjab. CM: Bhagwant Singh Mann. Budget: Rs 9,300 crore. DBT: Rs 1,000/month (general); Rs 1,500/month (SC women). Coverage: ~97% adult women.
💼 Business & Economy
The Department of Economic Affairs (DEA-Budget Division), Ministry of Finance, retained interest rates on all Small Savings Schemes (SSS) unchanged for Q1FY27 (1 April – 30 June 2026).
| Scheme | Rate | Key Feature |
|---|---|---|
| SSY (Sukanya Samriddhi Yojana) | 8.2% | Girl child below 10; EEE tax status |
| SCSS (Senior Citizen Savings Scheme) | 8.2% | For retirees; high safety |
| NSC (National Savings Certificate) | 7.7% | 5-year lock-in; 80C deduction |
| KVP (Kisan Vikas Patra) | 7.5% | Doubles in 115 months; no max limit |
| PPF (Public Provident Fund) | 7.1% | Rs 1.5 lakh limit; 15-year lock-in |
Highest rate: SSY & SCSS at 8.2%. PPF: 7.1%. KVP doubles in 115 months. NSC: Section 80C deduction. SSY: for girl child below 10; EEE = Exempt-Exempt-Exempt (deposit, interest, maturity). Rates reviewed quarterly by DEA, MoF.
The Reserve Bank of India (RBI) extended implementation of its revised Capital Market Exposure (CME) framework by 3 months to 1 July 2026 (originally 1 April 2026). The revised framework was issued in February 2026.
- Purpose: Enable banks to finance acquisitions by Indian corporates; rationalize lending against shares, REITs, InvITs; introduce principle-based framework for lending to Capital Market Intermediaries (CMIs)
- Acquisition Finance: Modified definition now covers mergers and amalgamations
- New limits: Rs 1 crore per individual against eligible securities; Rs 25 lakh for IPO/FPO/ESOP loans
CME = Capital Market Exposure (framework by RBI). Extended to: 1 July 2026. Key new limit: Rs 1 crore (against securities); Rs 25 lakh (IPO/FPO/ESOP). Covers: REITs, InvITs, CMIs. Relevant for: RBI regulatory framework questions.
The Insurance Regulatory and Development Authority of India (IRDAI) mandated all insurers to prepare financial statements in accordance with Indian Accounting Standards (Ind AS) effective from 1 April 2026.
- Decision taken at: IRDAI’s 135th meeting
- Regulation amended: IRDAI (Actuarial, Finance, and Investment Functions of Insurers) (Amendment) Regulations, 2026
- Applicability: All categories — life, general, standalone health insurers, and reinsurers
- Transition: Parallel reporting for 2 years — Ind AS alongside existing framework
IRDAI — regulator for insurance in India. Ind AS adoption: effective 1 April 2026. Parallel reporting: 2 years. Covers: life, general, health, reinsurers. Decision: 135th IRDAI meeting. Ind AS aligns Indian accounting with international IFRS standards.
The Reserve Bank of India (RBI) imposed a monetary penalty of Rs 31.80 lakh on Airtel Payments Bank Limited for non-compliance with regulatory directions related to Disclosure in Financial Statements for FY 2024-25.
- Legal basis: Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949
- Trigger: RBI conducted Statutory Inspection for Supervisory Evaluation (ISE 2025) based on financial position as of 31 March 2025
- Clarification: Pertains only to regulatory compliance deficiencies; does not affect validity of customer transactions
Penalised entity: Airtel Payments Bank (a Payments Bank — not a scheduled commercial bank). Penalty: Rs 31.80 lakh. Reason: Financial statement disclosure non-compliance. Legal basis: Banking Regulation Act, 1949, Sections 47A & 46. RBI is regulator of Payments Banks in India.
🔬 Science & Technology
Garden Reach Shipbuilders and Engineers Ltd (GRSE), a Defence PSU based in Kolkata (est. 1884), delivered three frontline naval platforms to the Indian Navy, taking its cumulative warship tally to 118 (including 80 for the Indian Navy). All three ships were designed by the Indian Navy’s Warship Design Bureau (WDB).
- INS Dunagiri (Yard 3023) — 2nd Nilgiri-Class stealth frigate built at GRSE under Project 17A; reincarnation of erstwhile INS Dunagiri (Leander-class, 1977–2010); named after Dunagiri peak in Uttarakhand
- INS Sanshodhak (Yard 3028) — 4th and final Survey Vessel Large (SVL); bolsters hydrographic and survey capabilities; charts India’s coastline, ports, and maritime limits
- Agray (ASW-SWC) — Anti-Submarine Warfare Shallow Watercraft; 4th of 8 ASW-SWCs; designed for coastal defence; launched 13 March 2024
GRSE: Defence PSU, Kolkata, est. 1884. Cumulative tally: 118 warships (80 for IN). Dunagiri: Project 17A, Nilgiri Class. INS Sanshodhak: Survey Vessel (SVL). Agray: ASW-SWC. Designer: Warship Design Bureau (WDB). Key keyword for exam: Aatmanirbhar Bharat in defence shipbuilding.
The Science City of Andhra Pradesh (SCAP), under the Department of Infrastructure and Investment (DII) of the AP Government, signed an MoU with CSIR-NIScPR (National Institute of Science Communication and Policy Research), New Delhi, to strengthen science communication and support evidence-based policymaking in Science, Technology and Innovation (STI).
- Nodal officers: Dr. Geetha Vani Rayasam, Director, CSIR-NIScPR; Dr. Yogesh Suman & Dr. NK Prasanna (SCAP)
- CSIR-NIScPR origin: Formed on 1 April 2021 through merger of CSIR-NISCAIR and CSIR-NISTADS; constituent lab under CSIR, Ministry of Science and Technology
- Scope: Research collaboration, science communication, evidence-based STI policymaking
CSIR-NIScPR: Formed 1 April 2021 (merger of NISCAIR + NISTADS). Under: CSIR, MoST. Partner: SCAP (Andhra Pradesh). Focus: Science communication + STI policy. Note: CSIR-NIScPR anniversary coincides with 1 April 2026 (5th year).
🕊️ Obituaries
Chandrikapersad ‘Chan’ Santokhi, former President of Suriname, passed away in March 2026 at the age of 67. He served as President of Suriname from 2020 to 2025, a period marked by significant economic reforms and deepening ties with India.
- Pravasi Bharatiya Samman: Awarded India’s highest honour for overseas Indians by the Ministry of External Affairs (MEA) on 9 January 2021 during Pravasi Bharatiya Divas
- Historic distinction: Became the first Surinamese President to take oath in Sanskrit, symbolising the cultural links with India
- Suriname context: One of the highest proportions of Indian diaspora globally; strong Indo-Suriname economic and cultural ties
Chandrikapersad Santokhi: President of Suriname, 2020–2025. Age at death: 67. Key distinction: First Surinamese President to take oath in Sanskrit. Award: Pravasi Bharatiya Samman (2021). Pravasi Bharatiya Divas: 9 January (annual). Suriname capital: Paramaribo.
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