🇮🇳 National News
The Government of India (GoI), in consultation with the Reserve Bank of India (RBI), finalised its market borrowing programme for the first half (H1) of Financial Year 2026-27 (FY27). Gross market borrowing for FY27 was originally budgeted at Rs 17.20 lakh crore but revised down to Rs 16.09 lakh crore following G-Sec switching operations after the Budget.
- H1 FY27 Borrowing: Rs 8.20 lakh crore — 51% of revised gross borrowing — to be raised through 26 weekly auctions of dated securities; lower than the usual 60%+ raised in H1.
- Sovereign Green Bonds (SGrBs): Rs 15,000 crore included within the plan; reflects India’s commitment to green/sustainable finance.
- WMA Limit: RBI set the Ways and Means Advances (WMA) limit for H1 FY27 at Rs 2.50 lakh crore to address temporary cash-flow mismatches.
- Greenshoe option: Government retains flexibility to accept additional subscriptions of up to Rs 2,000 crore per security during auctions.
- Treasury Bills (T-Bills): Q1 FY27 weekly borrowing estimated at Rs 24,000 crore over 12 weeks — Rs 12,000 crore (91-day); Rs 6,000 crore (182-day); Rs 6,000 crore (364-day).
| Maturity | Share of Borrowing |
|---|---|
| 3-year | 8.1% |
| 5-year | 15.4% |
| 7-year | 8.1% |
| 10-year | 29.0% |
| 15-year | 14.5% |
| 30-year | 7.3% |
| 40-year | 8.0% |
| 50-year | 9.6% |
SGrBs are government bonds where proceeds are earmarked exclusively for green/climate-related projects — renewable energy, clean transportation, sustainable water management. India first issued SGrBs in January 2023. Their inclusion signals continued fiscal commitment to the green transition under India’s NDC (Nationally Determined Contributions) under the Paris Agreement.
GoI finalised Rs 8.20 lakh crore borrowing for H1 FY27 — 51% of revised gross borrowing of Rs 16.09 lakh crore via 26 weekly auctions. Includes Rs 15,000 crore Sovereign Green Bonds (SGrBs). WMA limit set at Rs 2.50 lakh crore. 10-year bonds have the largest share (29%). Borrowing done in consultation with RBI. Greenshoe option: up to Rs 2,000 crore extra per auction. Link to: Fiscal deficit financing, G-Sec market, green finance, RBI’s role in debt management.
The Ministry of Finance (MoF) announced that interest rates on all Small Savings Schemes (SSS) will remain unchanged for Q1 FY 2026-27 (1 April – 30 June 2026) — marking the eighth consecutive quarter of no rate change. Rates are linked to yields on Government Securities (G-Secs) and revised quarterly.
| Scheme | Interest Rate (Q1 FY27) |
|---|---|
| Sukanya Samriddhi Yojana (SSY) | 8.2% |
| Senior Citizens Savings Scheme (SCSS) | 8.2% |
| National Savings Certificate (NSC) | 7.7% |
| Kisan Vikas Patra (KVP) | 7.5% (matures in 115 months) |
| Public Provident Fund (PPF) | 7.1% |
| 3-year Time Deposit | 7.1% |
| Monthly Income Scheme (MIS) | 7.4% |
| Post Office Savings Account | 4.0% |
- Rate-setting mechanism: Rates revised quarterly; linked to G-Sec yields; typically remain above bank FD rates to incentivise small savers.
- NSSF: Collections from all schemes are credited to the National Small Savings Fund (NSSF) — part of the Public Account of India; used for government borrowing.
- Significance: 8 consecutive unchanged quarters signals alignment with RBI’s broader monetary policy stance amid declining G-Sec yields.
Small Savings rates kept unchanged for Q1 FY27 (April–June 2026) — 8th consecutive quarter. Announced by Ministry of Finance. Highest rates: SSY and SCSS at 8.2%. PPF at 7.1%. KVP at 7.5%, matures in 115 months. Rates linked to G-Sec yields, revised quarterly. Collections go to NSSF under Public Account of India. Link to: monetary policy, RBI, fiscal policy, savings instruments for competitive exams.
The Department of Pharmaceuticals (DoP), Ministry of Chemicals & Fertilizers, Government of India, in association with FICCI and the Indian Pharmaceutical Alliance (IPA), will host the 9th Edition of India Pharma 2026 on 13–14 April 2026 at Federation House, New Delhi.
- Theme: ‘Discover in India: Leapfrogging Life-Sciences Innovation’ — reflects India’s shift from a volume-based pharmaceutical producer to a value- and innovation-led global hub.
- Focus areas: Drug discovery, biosimilars, complex generics, supply chain strengthening, healthcare accessibility, and life sciences innovation.
- India’s Pharma Position: Called the ‘Pharmacy of the World’ — supplies affordable generic medicines to 200+ countries; 3rd-largest pharma producer globally by volume.
- DoP: Department of Pharmaceuticals; under Ministry of Chemicals & Fertilizers; responsible for policy formulation and regulation of India’s pharma sector.
- FICCI: Federation of Indian Chambers of Commerce and Industry; established 1927; India’s oldest and largest apex business organisation; HQ: New Delhi.
- IPA: Indian Pharmaceutical Alliance; represents India’s research-based pharmaceutical industry.
India is the world’s largest supplier of generic medicines, accounting for approximately 20% of global generic exports by volume. The sector employs over 3 million people and exports to 200+ countries. India is also a leading supplier of vaccines globally — supplying over 60% of WHO’s vaccine requirements.
9th India Pharma 2026 scheduled for 13–14 April 2026, New Delhi. Theme: ‘Discover in India: Leapfrogging Life-Sciences Innovation’. Organised by Department of Pharmaceuticals (DoP) under Ministry of Chemicals & Fertilizers, with FICCI (est. 1927) and IPA. India = ‘Pharmacy of the World’; 3rd-largest pharma producer by volume; exports to 200+ countries. Link to: Make in India, PLI scheme for pharma, biosimilars, generic medicines, India’s export profile.
The Ministry of Defence (MoD) signed a capital acquisition contract with Bharat Electronics Limited (BEL) for the procurement of two Mountain Radars along with associated equipment and infrastructure for the Indian Air Force (IAF). The contract is valued at approximately Rs 1,950 crore and falls under the highest-priority Buy (Indian – Indigenously Designed, Developed and Manufactured) [Buy (IDDM)] category under India’s Defence Acquisition Procedure (DAP).
- Developer: Indigenously designed and developed by Electronics & Radar Development Establishment (LRDE), a premier laboratory under DRDO; manufactured by BEL.
- Capability: Ground-based radars to detect low-flying aircraft, UAVs, and cruise missiles in mountainous terrain; detection/tracking range: 300–400 km for small aerial objects.
- Deployment: Strategically important mountainous regions — reports indicate Jammu & Kashmir and Nagaland — addressing high-altitude surveillance gaps.
- Buy (IDDM): Highest priority procurement category under DAP; mandates equipment must be indigenously designed, developed, and manufactured — maximum indigenous value addition; directly supports Atmanirbhar Bharat and Make in India in Defence.
- BEL: Bharat Electronics Limited; Navratna DPSU under MoD; HQ: Bengaluru, Karnataka; established 1954; specialises in advanced electronics, radars, C4I systems.
- DRDO-LRDE: Electronics and Radar Development Establishment, Bengaluru — India’s leading radar R&D lab; previous radars developed include Ashwini (AESA LLTR), Rohini (AFAR), and Indra.
India’s Defence Acquisition Procedure (DAP) categorises procurement in priority order: Buy (IDDM) [highest] → Buy (Indian) → Buy & Make (Indian) → Buy & Make → Buy (Global). Buy (IDDM) mandates at least 50% indigenous content on cost basis for the equipment procured.
MoD signed Rs 1,950 crore contract with BEL (Navratna DPSU, est. 1954, Bengaluru) for 2 Mountain Radars for IAF. Developed by DRDO-LRDE, Bengaluru. Category: Buy (IDDM) — highest priority under DAP. Detection range: 300–400 km. Targets UAVs, cruise missiles, low-flying aircraft in mountainous terrain. Deployment: J&K and Nagaland. Link to: Atmanirbhar Bharat, Make in India in Defence, DRDO, Navratna PSUs, DAP categories.
💼 Business & Economy
The Reserve Bank of India (RBI) issued a circular dated 1 April 2026 prohibiting Authorised Dealers (ADs) from offering Non-Deliverable Derivative (NDD) contracts in the Indian Rupee (INR) to both resident and non-resident users — effective immediately. The move aims to curb speculative trading in the offshore rupee market and stabilise the INR amid escalating volatility.
- Outright NDD ban: ADs barred from entering NDD contracts in INR with any user (resident or non-resident).
- No rebooking: Cancelled forex derivative contracts (deliverable or non-deliverable) cannot be rebooked after 1 April 2026.
- Related party restriction: ADs barred from INR derivative transactions with related parties (as defined under Ind AS 24).
- Deliverable contracts continue: ADs may still offer deliverable forex derivative contracts for genuine hedging — but users must not hold any offsetting NDD positions.
- Net Open Position cap: RBI separately capped banks’ daily net open positions in onshore deliverable rupee at USD 100 million, effective 10 April 2026 — replacing earlier 25% of Tier-I capital framework.
An NDD is a financial contract where parties agree on a future INR exchange rate but settle the difference in cash (typically USD) without physically exchanging rupees. Widely used in offshore markets (Singapore, London, Hong Kong, Dubai) due to India’s capital controls. NDD markets can distort domestic price discovery and amplify rupee volatility — as seen during geopolitical crises in West Asia. The INR fell ~10% in FY26 — its worst performance since 2011-12.
RBI banned Non-Deliverable Derivative (NDD) contracts in INR, effective 1 April 2026. Applied to Authorised Dealers (ADs) — both resident and non-resident users. Also banned: rebooking of cancelled forex derivative contracts. Net open position of banks capped at USD 100 million (effective 10 April 2026). NDDs are settled in USD without actual INR exchange; popular in offshore hubs — Singapore, London, Hong Kong, Dubai. INR fell ~10% in FY26 (worst since 2011-12). Impact: Rupee recovered from below Rs 95 to ~Rs 93/USD after the announcement. Link to: RBI regulatory powers, forex market, currency stabilisation, capital controls, INR exchange rate.
📅 Important Days
Prevention of Blindness Week is observed every year from 1 to 7 April to raise awareness about eye care, the prevention of avoidable blindness, and the importance of regular eye checkups. It is organised by the National Programme for Control of Blindness and Visual Impairment (NPCB&VI) under the Ministry of Health and Family Welfare (MoHFW).
- Objective: Promote eye health, reduce avoidable blindness, and encourage early diagnosis and treatment of eye diseases across India.
- Key Eye Conditions: Cataracts (leading cause of blindness in India), glaucoma, diabetic retinopathy, corneal diseases, and refractive errors.
- National Blindness Data: India has reduced blindness prevalence from 8.9% (1990) to 1.99% (NPCB&VI survey 2019); target: eliminate avoidable blindness by 2030.
- World Sight Day: Observed on the second Thursday of October; organised by the International Agency for the Prevention of Blindness (IAPB) — the global observance for eye health.
Prevention of Blindness Week: 1–7 April annually. Organised by NPCB&VI under Ministry of Health and Family Welfare (MoHFW). Leading cause of blindness in India: Cataracts. Blindness prevalence reduced from 8.9% (1990) → 1.99% (2019); target by 2030. World Sight Day: second Thursday of October, by IAPB. Link to: National Health Mission, MoHFW, SDG 3 (Good Health), avoidable blindness targets.
World Health Day is observed globally on 7 April every year — the anniversary of the founding of the World Health Organization (WHO) — to draw attention to pressing global health issues. The 2026 theme is ‘Healthy Beginnings, Hopeful Futures’, focusing on maternal and newborn health and reducing preventable deaths globally.
- WHO Founded: 7 April 1948; HQ: Geneva, Switzerland; Director-General: Dr. Tedros Adhanom Ghebreyesus (since 2017, re-elected 2022; Ethiopia).
- 2026 Focus: Ending preventable maternal and newborn deaths; improving access to quality healthcare during pregnancy and childbirth; addressing health equity and universal health coverage.
- India’s MMR Progress: Maternal Mortality Ratio (MMR) reduced from 254 (2004-06) to 97 (2018-20) per 1,00,000 live births; SDG target: below 70 per 1,00,000 by 2030 (SDG 3.1).
- Previous themes: 2025 — ‘My Health, My Right’; 2024 — ‘My Health, My Right’.
WHO is a specialised agency of the United Nations, established on 7 April 1948. It has 194 member states and is headquartered in Geneva, Switzerland. The DG is elected by the World Health Assembly (WHA) for a 5-year term. India is a founding member of WHO.
World Health Day: 7 April annually (WHO founding anniversary, 7 April 1948). 2026 Theme: ‘Healthy Beginnings, Hopeful Futures’ — focus on maternal & newborn health. WHO HQ: Geneva, Switzerland; DG: Dr. Tedros Adhanom Ghebreyesus (Ethiopia, since 2017). India MMR: 97 (2018-20), target: <70 by 2030 (SDG 3.1). Previous theme (2024 & 2025): ‘My Health, My Right’. WHO member states: 194. Link to: SDG 3, Universal Health Coverage, NHM, maternal health, UN specialised agencies.
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