Daily Current Affairs

The Government of India has invoked provisions of the Essential Commodities Act, 1955, to safeguard domestic LPG (cooking gas) availability amid geopolitical tensions around the Strait of Hormuz. The crisis was triggered by the 2026 US-Israel-Iran conflict (Operation Epic Fury, launched 28 February 2026), which disrupted global energy supply chains after Iran closed the Strait to Western shipping.

• India’s Vulnerability – Approximately 60–70% of India’s LPG imports and 54% of crude oil imports transit the Strait of Hormuz; India imports ~60% of its total LPG requirement.
• Government Actions – Refineries directed to maximise LPG output; a Natural Gas Control Order issued on 9 March 2026; over 12,000 raids conducted against hoarders; more than 15,000 LPG cylinders seized.
• Indian Navy – Operation Sankalp (originally launched 2019) was reactivated; two SCI-owned LPG tankers — Shivalik (22,000 tonnes) and Nanda Devi — transited the Strait under Navy escort.
• IEA Response – On 11 March 2026, IEA member countries agreed to release 400 million barrels of emergency reserves to global markets.
• Petroleum Minister – Hardeep Singh Puri stated that ~70% of India’s energy sourcing is now via non-Hormuz routes.

India’s stock markets faced significant downward pressure on 23 March 2026, with GIFT Nifty signals indicating that the Nifty50 index was likely to open over 300 points lower. The primary driver was investor concern over energy supply disruptions from the West Asia crisis and its cascading effect on global markets.

• Bond Yields – Ten-year bond yields rose 11 basis points to 4.39%, extending an increase of 44 basis points since the conflict began.
• Gold Price – 22-carat gold declined by Rs 10 per gram, trading at approximately Rs 1,33,790 per 10 grams on 23 March 2026.

India’s net direct tax collection for FY 2025–26 (as of 17 March 2026) grew by 7.19% to reach Rs 22.80 trillion. Growth was driven by stronger performance in both corporate taxes and non-corporate tax revenues, reflecting improved compliance and a broadening economic base.

The European Union has indicated November 2026 as the target timeline for ratifying a trade pact with India, with full implementation expected before year-end. This marks significant progress in EU–India trade negotiations that have been ongoing for several years.

The geopolitical crisis stemming from the 28 February 2026 US-Israeli coordinated airstrikes on Iran (Operation Epic Fury) continues to reshape global affairs. Iran’s retaliatory closure of the Strait of Hormuz has triggered the largest disruption to global energy supply since the 1970s oil crisis.

• Operation Epic Fury – US-Israeli airstrikes on 28 February 2026 targeted Iran’s military installations, nuclear sites, and leadership.
• Hormuz Closure – Iran’s IRGC officially confirmed closure on 2 March 2026; Chinese-owned and Muslim-operated vessels permitted to transit; US, Israeli, and Western allied vessels blocked.
• Brent Crude – Surpassed USD 100 per barrel on 8 March 2026 — first time in four years.
• Global Commodities – Besides oil and LNG, affected items include aluminium, fertilizers (30% of global urea trade via Hormuz), ammonia, and helium.
• India’s Stance – Strategic autonomy maintained; diplomatic engagement with Iran, UAE, and Oman; no formal military alignment with the US or NATO.

South Indian Bank Limited announced a board-level leadership transition effective 23 March 2026. Non-Executive Part Time Chairman V.J. Kurian retired upon completion of his term on 22 March 2026. The board has approved the appointment of Jose Joseph Kattoor — former Executive Director of the RBI — as the new Non-Executive Part Time Chairman & Independent Director for a three-year term.

• Jose Joseph Kattoor – Former Executive Director, Reserve Bank of India (RBI); brings deep central banking and regulatory expertise.
• Disclosure – Appointment formally communicated to stock exchanges under SEBI disclosure norms.

Scientists have identified an unusual iron sulfate mineral — Ferric Hydroxysulfate — in layered deposits near the Valles Marineris canyon system on Mars, using a combination of laboratory experiments and orbital data. The discovery has significant implications for understanding Mars’ ancient climate and potential past habitability.

• Ferric Hydroxysulfate – An iron sulfate mineral that forms in the presence of water and acidic conditions; its presence on Mars suggests liquid water and chemical activity once existed in the Valles Marineris region.
• Valles Marineris – The ‘Grand Canyon of Mars’; stretches over 4,000 km and reaches depths of up to 7 km — the largest canyon in the solar system.
• Significance – Provides evidence of ancient water activity on Mars; informs the search for conditions that may have supported life billions of years ago.

India observed Shaheed Diwas on 23 March 2026 to honour the supreme sacrifice of revolutionary freedom fighters Bhagat Singh, Shivaram Rajguru, and Sukhdev Thapar, who were executed by the British colonial government at Lahore Central Jail on 23 March 1931. The nation marked their 95th martyrdom anniversary in 2026.

• Organization – All three were members of the Hindustan Socialist Republican Association (HSRA).
• Lahore Conspiracy Case – They were convicted following the 1928 killing of British police officer J.P. Saunders.
• Execution Details – Carried out on the night of 23 March 1931 — a day earlier than scheduled — to pre-empt public protests; bodies secretly cremated at Hussainiwala, Punjab (near the India-Pakistan border).
• Ages at Execution – Bhagat Singh (23), Rajguru (22), Sukhdev (25).
• PM’s Tribute – Prime Minister Narendra Modi paid homage on social media, highlighting their ideals of justice, patriotism, and fearless resistance.
• National Martyrs’ Memorial – Located at Hussainiwala, Punjab — the site of their cremation after execution.

World Meteorological Day is observed annually on 23 March to commemorate the establishment of the World Meteorological Organization (WMO) on this date in 1950. The day highlights the critical role of weather, climate, and water observation in protecting lives and livelihoods worldwide.

• 2026 Theme – ‘Observing Today, Protecting Tomorrow’ — emphasising the importance of accurate meteorological, climate, and water data for a safer, more resilient future.
• WMO Established – 23 March 1950; became a UN specialised agency on the same date.
• First World Meteorological Day – Observed in 1961; celebrated annually since.
• WMO Secretary-General – Prof. Celeste Saulo (released an official statement for World Meteorological Day 2026).
• Key Observation Tools – Satellites, weather radars, ocean buoys, weather balloons, and surface weather stations.

World TB Day is observed on 24 March every year, commemorating 24 March 1882 — when Dr. Robert Koch announced his discovery of Mycobacterium tuberculosis, the bacterium that causes tuberculosis. The day raises global awareness about TB’s public health burden and efforts to eliminate the disease.

• Dr. Robert Koch’s Discovery – Announced on 24 March 1882; Koch later received the Nobel Prize in Physiology or Medicine (1905) for his work on TB.
• India’s TB Elimination Target – India aims to eliminate TB by 2025 (under Pradhan Mantri TB Mukt Bharat Abhiyaan / NTEP) — five years ahead of the global SDG target of 2030.
• Nodal Programme – National TB Elimination Programme (NTEP), implemented by the Ministry of Health and Family Welfare.
• Global Burden – India carries one of the world’s highest TB burdens by case count.