GK One-Liners

What: The Insolvency and Bankruptcy Code (IBC), 2016 completed a decade as of 2026. As of March 2026, 1,419 resolution plans have been approved, with creditors realising over Rs 4 lakh crore — equivalent to 95% of fair value and 167% of liquidation value. Of 7,102 closed cases, 58% were successfully resolved. The IBC (Amendment) Act 2026, notified on 25 May 2026, is described as its biggest overhaul.

How: The IBC is governed by the IBBI (Insolvency and Bankruptcy Board of India) and adjudicated through the NCLT (National Company Law Tribunal). Licensed Insolvency Professionals (IPs) run the CIRP (Corporate Insolvency Resolution Process), while Information Utilities (IUs) store verified financial data. A waterfall mechanism determines the priority order for creditor repayments — secured financial creditors rank highest.

Why: IBC is among the most tested economy topics in UPSC GS Paper III and State PCS exams. Key facts: enactment year (2016), regulatory body (IBBI), adjudicator (NCLT), and the landmark recovery statistics (Rs 4 lakh crore; 167% of liquidation value). The 2026 Amendment signals continued reform and is likely to appear in Mains questions on bankruptcy law and ease of doing business.

What: The World Bank’s Global Economic Prospects (GEP) report for June 2026 raised India’s GDP growth forecast for FY2026–27 by 10 basis points (bps) to 6.6%, up from the January 2026 estimate of 5.6%. India’s FY26 growth is pegged at 7.7% and FY28 at 7.2%, making India the fastest-growing major economy in the world. The World Bank is headquartered in Washington D.C.

How: The upward revision reflects resilient domestic consumption, government capital expenditure, and a recovering private investment cycle. However, global growth is projected at just 2.5% for 2026 — the lowest since COVID-19 — down from 2.9% in 2025, with a worst-case scenario of 1.3%. South Asia’s relative outperformance is anchored almost entirely by India’s growth trajectory.

Why: GDP forecasts from multilateral institutions (World Bank, IMF, ADB) are standard Prelims material. Key facts: India FY27 forecast (6.6%), India’s status (fastest-growing major economy), report name (Global Economic Prospects), and global growth (2.5% in 2026, lowest since COVID). The contrast between India’s growth and the global slowdown is a strong Mains GS3 angle.

What: Gujarat’s Industrial Policy 2026 was launched on 15 June 2026 at Mahatma Mandir, Gandhinagar, by Chief Minister Bhupendra Patel and Deputy Chief Minister Harsh Sanghavi. The policy expands thrust sectors from 9 to 16, adding high-growth areas such as semiconductors, nuclear power equipment, drones and robotics, and recycling. A new “Ultra Mega” category has been introduced for large-scale industrial projects.

How: The expanded thrust sector list signals Gujarat’s intent to position itself as a hub for emerging and deep-tech industries, building on existing strengths in chemicals, pharmaceuticals, and textiles. The “Ultra Mega” category is designed to attract anchor investments that create large industrial ecosystems. The policy aligns with national priorities like the semiconductor PLI and the Drones Rules framework under the Ministry of Civil Aviation.

Why: State industrial policies are increasingly relevant for UPSC GS2 (Federalism, Centre-State relations) and GS3 (Industrial policy, investment). Gujarat’s industrial policy is high-yield given the state’s economic weight. Key facts: launch date (15 June 2026), venue (Mahatma Mandir, Gandhinagar), total thrust sectors (16, up from 9), and the new “Ultra Mega” category. Semiconductor and drone sectors link directly to national mission programmes.

What: President Droupadi Murmu approved the merger of REC Ltd (Rural Electrification Corporation) into Power Finance Corporation (PFC), India’s largest infrastructure Non-Banking Financial Company (NBFC). Under the merger, all assets and liabilities of REC will transfer to PFC. The Ministry of Power (MoP) issued approval via letter, and the merger will be executed under Sections 230–232 of the Companies Act. PFC is headquartered in New Delhi, with CMD Parminder Chopra.

How: PFC had already acquired a controlling 52.63% stake in REC in March 2019 for Rs 14,500 crore — making REC a subsidiary of PFC. The current merger is the logical consolidation step, combining the two entities into a single large power-sector lender. Both PFC and REC are Navratna Central Public Sector Enterprises (CPSEs) focused on financing power generation, transmission, and distribution projects across India.

Why: PSU mergers approved by the President are high-yield for UPSC Prelims, especially when they involve Navratna companies in strategic sectors. Key facts: entities involved (REC into PFC), approving authority (President Murmu), legal basis (Companies Act Sections 230–232), PFC’s prior stake in REC (52.63%, March 2019, Rs 14,500 crore), and PFC’s CMD (Parminder Chopra). The merger also raises questions on NBFC regulation and power sector financing.

What: The World Economic Forum (WEF) named 100 companies from 23 countries as Technology Pioneers for 2026. India secured 9 spots in the 2026 cohort (down from 10 in 2025), bringing its cumulative total to 28 Indian firms. Notable past Indian awardees include Agnikul Cosmos (space tech), Cropin (agri-tech), and Digantara (space situational awareness). The USA led with 43 startups, followed by China (10) and the UK (8). WEF is headquartered in Geneva/Davos and was founded in 1971.

How: The WEF Technology Pioneers programme identifies early-stage companies that use cutting-edge technology and are poised to have a significant global impact. Selected companies gain access to WEF’s Annual Meeting in Davos, global media visibility, and integration into WEF’s innovation networks. India’s consistent presence in the cohort reflects the depth of its deep-tech startup ecosystem across space, agri, fintech, and climate sectors.

Why: WEF-related rankings and indices appear regularly in UPSC Prelims and State PCS exams. Key facts: total companies (100 from 23 countries), India’s 2026 tally (9), cumulative Indian firms (28), top country (USA with 43), WEF founding year (1971), and HQ (Geneva/Davos). Named Indian firms like Agnikul Cosmos also link to ISRO’s IN-SPACe framework and India’s growing private space sector — a Mains-worthy theme.

What: Prime Minister Narendra Modi visited Bratislava, Slovakia from 14–16 June 2026 — the first-ever visit by an Indian Prime Minister since Slovakia gained independence in 1993. He met PM Robert Fico and President Peter Pellegrini. The visit covered sectors including trade, investment, automobile and railway manufacturing, Artificial Intelligence (AI), quantum technology, and medical research. The visit formed part of a larger Europe tour: Nice (France, 13 Jun) → Bratislava (Slovakia, 14–16 Jun) → G7 Evian (16–17 Jun) → VivaTech Paris (18 Jun).

How: Slovakia is a key Central European economy and EU member with a strong automobile manufacturing base (home to Volkswagen, Stellantis, and Kia plants). Bilateral engagement in AI and quantum technology aligns with India’s National Quantum Mission and its ambitions as a global tech hub. India’s participation in the G7 summit at Evian marks its 8th consecutive invitation as a guest nation, underlining its growing strategic importance.

Why: “First visits” by Indian heads of government are high-probability Prelims questions — especially to countries that rarely appear in India’s bilateral calendar. Key facts: historic nature (first Indian PM visit since Slovakia’s independence in 1993), leaders met (PM Fico, President Pellegrini), sectors discussed (auto, rail, AI, quantum, medical), and G7 context (8th consecutive invitation). India’s largest national pavilion at VivaTech 2026 is also a data point worth noting.