Daily Current Affairs

World Water Day is observed globally on 22 March every year. It was established by the United Nations General Assembly on 22 December 1992 (Resolution A/RES/47/193) following the United Nations Conference on Environment and Development (UNCED) — the Earth Summit — held at Rio de Janeiro. First observed on 22 March 1993.

The 2026 global theme is ‘Water and Gender: Where Water Flows, Equality Grows’ — focusing on inclusive and equitable water governance with women’s leadership at the centre.

• UN-Water — The UN-wide mechanism responsible for all UN system freshwater and sanitation programmes; coordinates World Water Day globally since 1993; publishes the UN World Water Development Report (WWDR) annually on this day.
• Crisis scale — Over 2 billion people lack safely managed drinking water; 3.6 billion face water scarcity at least one month per year; diarrhoea from dirty water kills a child under five nearly every 2 minutes; 447 million children in schools without reliable clean water (WEF Global Risks Report 2026).
• Water & Gender nexus — Women and girls bear ~200 million hours of water collection burden daily in rural areas globally; gender-inclusive governance improves water management outcomes.
• WEF Global Risks Report 2026 — Lists ‘natural resource shortages’ as the 6th biggest risk over the next decade; 2026 called a ‘Year of Water’, concluding with the UN Water Conference (2–4 December, UAE).
• India NDC target — Create additional carbon sink of 2.5–3 billion tonnes CO₂ equivalent through forests/tree cover by 2030; 100% household tap water connection target under Jal Jeevan Mission (extended to 2028).

Bihar Diwas (Bihar Foundation Day) is observed on 22 March every year, marking the formation of Bihar as a separate province on 22 March 1912 — when it was carved out of the Bengal Presidency by the British colonial administration. In 2026, Bihar celebrates its 114th Foundation Day.

• Historical significance — Bihar is home to the ancient Magadha Empire and Maurya Dynasty; site of Nalanda University (world’s first residential university).
• Religious connections — Associated with the birth of Buddhism (Bodh Gaya — where Gautama Buddha attained enlightenment) and Sikhism (birthplace of Guru Gobind Singh at Patna).
• Capital: Patna | Chief Minister: Nitish Kumar (resigned to contest Rajya Sabha elections in 2026).

The UN designated 21 March as World Day for Glaciers and proclaimed 2025 as the International Year of Glaciers’ Preservation (IYGP), implemented by WMO and UNESCO. This theme ties directly to World Water Day 2026 as glacier melt is a critical freshwater security issue.

• Cryosphere — Stores ~70% of Earth’s freshwater; glaciers losing mass every year; Arctic sea ice declined by ~40% since 1979.
• Decade of Action for Cryospheric Sciences (2025–2034) — Shifts focus from awareness to coordinated scientific action.
• India’s glaciers — The Himalayas hold the world’s third-largest store of freshwater ice (after Arctic and Antarctic); feed rivers including Ganga, Yamuna, Brahmaputra; ~680 million people depend on Himalayan glacier meltwater.
• WMO — World Meteorological Organization; HQ: Geneva; established 1950 under UN system; World Meteorological Day: 23 March.

World Meteorological Day is formally observed on 23 March every year to commemorate the entry into force of the World Meteorological Organization (WMO) Convention on 23 March 1950. WMO is a specialised UN agency for weather, climate, and water.

• 2026 Theme: ‘Closing the Early Warning Gap’ — emphasising universal coverage of early warning systems for extreme weather events.
• India’s IMD — India Meteorological Department has significantly expanded its disaster early warning infrastructure; achieved 100% coverage of coastal cyclone warnings.
• WMO: HQ Geneva; established 1950; World Meteorological Day has been observed since 1961.

Jal Mahotsav 2026 — the nationwide water awareness campaign by the Ministry of Jal Shakti under Union Minister C.R. Patil — concludes on 22 March 2026 (World Water Day). It was launched on 8 March 2026 (International Women’s Day) at Navsari, Gujarat, commencing with Jal Arpan Diwas — symbolising the handover of rural drinking water infrastructure to Gram Panchayats (GPs) under Jal Jeevan Mission (JJM).

• Tagline: ‘गाँव का उत्सव, देश का महोत्सव’
• Objective: Strengthen Jan Bhagidari (community participation) and ensure long-term sustainability of JJM water infrastructure.
• Structure: Implemented across 4 levels — National, State, District, and Gram Panchayat.
• Sujalam Shakti Divas: Observed on 8 March, highlighting women’s role in water conservation; Women SHGs involved in water testing, operation, and maintenance.
• JJM 2.0: Extended to 2028 with increased allocation (~Rs 8.69 lakh crore over phase); Sujalam Bharat Portal for online monitoring.
• President Murmu: Graced the Jal Mahotsav event on 11 March 2026; highlighted JJM’s transformation of women’s and children’s daily lives.

The Ministry of Jal Shakti is hosting the World Water Day Conclave 2026 on 23 March at Dr. Ambedkar International Centre, New Delhi under the theme ‘Industry for Water’, presided over by Union Minister C.R. Patil.

• Joint Industry Declaration: Reaffirms industry commitment to sustainable water stewardship.
• Key releases: National Water Census Reports; Compendium of Good Practices on Industrial Water Use Efficiency.
• Glacier focus: Thematic session on Himalayan glaciers as critical water towers — covers climate resilience, snowmelt, and downstream water security.
• Jal Shakti Hackathon winners: Felicitated for innovative water-sector solutions.

The Central Board of Direct Taxes (CBDT) notified the Income-tax Rules, 2026 (Notification No. G.S.R. 198(E), dated 20 March 2026) under Section 533 of the Income-tax Act, 2025. The new rules come into force from 1 April 2026, replacing the decades-old rules framed under the Income-tax Act, 1961 (the 64-year-old Act).

• No change in tax rates or slabs under the new rules.
• 190 new forms — 54 live from 1 April 2026; 136 to be rolled out in FY27.
• Language reform: Plain English replaces dense legalese; digital-first architecture.
• Tax Year: Terms ‘Financial Year’ and ‘Assessment Year’ replaced by a single unified ‘Tax Year’.
• HRA retained: Up to 50% salary exemption for metro cities — Mumbai, Delhi, Chennai, Kolkata, Bengaluru, Hyderabad, Pune, Ahmedabad.
• Education Allowance: Increased to Rs 3,000/month/child (from Rs 100); Hostel Allowance: Rs 9,000/month/child (from Rs 300).
• 31 March 2026: CBDT directed all IT offices to remain open (Mahavir Jayanti holiday) for smooth year-end tax completion.

The Ministry of Education organised the ‘Bharat Innovates Deep-Tech Pre-Summit’ at IIT Bombay Research Park — a 2-day national innovation and selection launchpad (21–22 March 2026). Union Minister of Education Dharmendra Pradhan addressed a special session.

• Origin: Announced by PM Modi during the inauguration of the India-France Year of Innovation.
• Objective: Global accelerator for Indian deep-tech; bridges gap between higher education research (IITs, IISc) and global stakeholders (corporates, investors, VCs).
• 13 Technology Domains: Healthcare & MedTech, Biotechnology, Space & Defence, Advanced Materials, Semiconductors, Advanced Computing, Energy & Sustainability, Smart Cities & Mobility, Agri & Food Technologies, Manufacturing & Industry 4.0, Blue Economy, Next-Gen Communications, Disaster Management.
• Market readiness: Accelerates startups from TRL 3–9 to global deployment; aligns with NEP 2020.

India has been officially awarded the hosting rights for the World Indoor Athletics Championships 2028, with Bhubaneswar (Kalinga Stadium Complex) selected as the host city. The decision was approved by the World Athletics Council during a meeting in Toruń, Poland — the venue of the World Indoor Athletics Championships 2026.

• Historical context: India will be only the 4th Asian nation to host this event — after Japan (1999), Qatar (2010), and China (2025).
• Edition: This will be the 22nd edition of the biennial competition; first held in Paris in 1985.
• AFI: Athletics Federation of India submitted the bid; a two-member World Athletics inspection team visited Kalinga Stadium in January 2026.
• Kalinga Stadium: World-class multi-sport complex in Bhubaneswar, Odisha; previously hosted Hockey World Cup 2018 and World Para Athletics GP 2026.

The US Federal Reserve (Fed) held its federal funds rate unchanged in the 3.50%–3.75% target range at its March 18–19, 2026 FOMC meeting — the 2nd consecutive hold — citing elevated uncertainty from the Iran conflict and its impact on energy prices and inflation.

• Inflation projections revised up: Median PCE inflation for 2026 raised to 2.7% (from 2.4% in December); Core PCE raised to 2.7% (from 2.5%).
• Growth upgraded: 2026 GDP growth forecast raised to 2.4% (from 2.3%); 2027 growth also upgraded.
• Dot plot: Most participants expect rate to remain 3.25%–3.75% through 2026; still project one rate cut in 2026 (timing unclear).
• Powell statement: ‘Too soon to know’ impact of Iran war; described Strait of Hormuz energy shock as uncertain in size and duration.
• Chair transition: Powell’s term as Chair expires May 2026; Kevin Warsh expected to be nominated as new Fed Chair.
• Impact on India: Stable US rates support India’s external sector; RBI repo rate: 5.25% (unchanged since February 2026); India’s FY26 GDP growth: 7.4%.

The Stockholm Water Prize 2026 was awarded on World Water Day to recognise outstanding contributions to the sustainable use and protection of global water resources. The prize was established by the Stockholm Water Foundation (est. 1991) in cooperation with the Royal Swedish Academy of Sciences.

• Prize: Includes a cash prize of 1 million SEK and a distinctive crystal sculpture.
• Formal presentation: By H.M. King Carl XVI Gustaf of Sweden during World Water Week in Stockholm in August 2026.

As the Income-tax Rules, 2026 take effect from 1 April 2026, here is a consolidated view of the key economic and tax-policy parameters relevant for exam aspirants: