BharatNotes Time needed: 3–4 hours | High-yield rating: ⭐⭐⭐⭐⭐ (10–15 questions per paper)
Macro Numbers — Verified (May 2026)
| Indicator | Value | Source |
|---|---|---|
| India's nominal GDP rank globally | 6th (IMF WEO April 2026: behind USA, China, Germany, Japan, UK; slipped from 5th due to rupee depreciation + base-year revision; projected 4th by 2027) | IMF WEO Apr 2026 |
| India's nominal GDP | $4.15 trillion | IMF WEO April 2026 |
| GDP growth FY2024-25 (actual) | 6.4% real | NSO / Economic Survey |
| Economic Survey FY26 estimate | 7.4% | Economic Survey 2025-26 |
| Budget FY27 fiscal deficit target | 4.3% of GDP | Union Budget 2026-27 |
| RBI repo rate (May 2026) | 5.25% (125 bps cut total in 2025) | RBI MPC |
| CPI inflation target | 4% ± 2% (2–6% band); renewed for 2026–2031 | RBI Act / Govt. notification |
Prelims trap: India was 4th (IMF WEO April 2025) → 5th (October 2025 WEO, Japan regained 4th) → 6th (IMF WEO April 2026, UK also overtook India due to rupee depreciation + base-year revision to 2022-23). Current order: USA > China > Germany > Japan > UK > India (6th). India projected to regain 4th by 2027.
Union Budget 2026-27 — Key Highlights
- Fiscal deficit target: 4.3% of GDP (down from 4.4% in FY25-26 RE)
- Capital expenditure (Capex): ₹12.22 lakh crore — highest ever; 11.5% rise over FY26's ₹11.21 lakh crore
- Tax slabs — New tax regime: Zero tax up to ₹12 lakh income (with standard deduction of ₹75,000); effectively zero tax up to ₹12.75 lakh for salaried
- Custom duty changes — Reduced on 36 items including EV components, textiles, cancer drugs
- Focus sectors: Agriculture, MSMEs, exports, infrastructure
- 7 new high-speed rail corridors announced; Biopharma SHAKTI (₹10,000 crore over 5 years); India Semiconductor Mission 2.0; Electronics Components Manufacturing Scheme ₹40,000 crore
| Parameter | FY 2025-26 (BE/RE) | FY 2026-27 (BE) |
|---|---|---|
| Fiscal Deficit | 4.4% of GDP | 4.3% of GDP |
| Capex | ₹11.21 lakh crore | ₹12.22 lakh crore (+11.5%) |
| Nominal GDP growth | 10.1% (estimated) | 10% (projected) |
| Real GDP growth | 7.4% (Economic Survey estimate) | 6.8–7.2% (projected) |
RBI & Monetary Policy
| Parameter | Value |
|---|---|
| Repo rate (May 2026) | 5.25% |
| Reverse repo rate | 3.35% (nominal; unchanged since 2020 — effectively replaced as operative floor by SDF: 5.00% since April 2022) |
| CRR (Cash Reserve Ratio) | 3% (cut from 4% → 3.25% Dec 2024 → 3% effective Nov 29, 2025, last of 4 tranches) |
| SLR (Statutory Liquidity Ratio) | 18% |
| Inflation target | 4% (±2%) |
| RBI headquarters | Mumbai (Mint Street) |
| RBI Governor (2025–) | Sanjay Malhotra (took over December 11, 2024 from Shaktikanta Das) |
Rate cut history 2025: Feb 2025 (−25 bps → 6.25%), Apr 2025 (−25 bps → 6.0%), Jun 2025 (−50 bps → 5.50%), Dec 2025 (−25 bps → 5.25%). Held at 5.25% in Feb 2026. Total: 125 bps cut.
Prelims trap: RBI established April 1, 1935 under RBI Act 1934 (on recommendation of Hilton Young Commission 1926); nationalised January 1, 1949 (NOT 1947).
GST — Key Facts
| Fact | Value |
|---|---|
| Implemented | 1 July 2017 |
| Constitutional provision | Article 246A (inserted by 101st Amendment, 2016) |
| GST Council | Article 279A |
| IGST (inter-state) | Article 269A |
| Tax slabs (original) | 0%, 5%, 12%, 18%, 28% |
| GST 2.0 slabs (from Sep 22, 2025) | 5%, 18%, 40% — 12% and 28% slabs abolished; 40% for luxury/sin goods |
| Excluded items | Petroleum products, alcohol for human consumption, electricity |
| GST Council chairperson | Union Finance Minister |
| Voting structure | Centre: 1/3 votes; States: 2/3 votes; 3/4 majority needed for decisions |
GST 2.0 — 56th GST Council (Sep 3, 2025): Major rate rationalisation effective Sep 22, 2025; life insurance premiums (term, ULIP, endowment) made GST-exempt; fertiliser inputs (sulphuric acid, nitric acid, ammonia) reduced 18% → 5%; beauty/wellness services at 5%.
Prelims trap: GST is dual structure (Centre + States both levy GST). The 101st Amendment gave constitutional status. New GST structure = 5%, 18%, and 40% — NOT just 5% and 18%.
Banking & Finance
- Scheduled Commercial Banks: PSBs + Private banks + Foreign banks + RRBs + Small Finance Banks (SFBs) + Payments Banks
- PSBs: 12 public sector banks after mega-merger (announced August 2019; effective April 1, 2020): OBC + United Bank → PNB; Syndicate → Canara Bank; Allahabad Bank → Indian Bank; Andhra Bank + Corporation Bank → Union Bank. PSB count reduced from 27 (2017) to 12 (2020).
- Small Finance Banks (SFBs): First batch licensed by RBI in 2015; serve underserved segments — small businesses, marginal farmers, micro industries, unorganised sector.
- Payments Banks: First batch licensed by RBI in 2015; CANNOT grant loans or issue credit cards; can accept deposits up to ₹2 lakh per customer (raised from ₹1 lakh in April 2021).
- NARCL (Bad Bank): National Asset Reconstruction Company Limited — incorporated July 7, 2021; majority stake held by PSBs (Canara Bank = sponsor bank); works alongside IDRCL (India Debt Resolution Company Ltd) for NPA resolution. Gross NPA ratio fell from 11.18% (Mar 2018) to 2.58% (Mar 2025) — decade low.
- NABARD: National Bank for Agriculture and Rural Development — set up 1982 on recommendation of Shivaraman Committee; refinances credit for agriculture and rural development. NABARD does NOT directly lend to farmers.
- GIFT City: Gujarat International Finance Tec-City; India's first IFSC (International Financial Services Centre) — see GIFT City section.
Prelims trap: NARCL was incorporated in 2021 (NOT 2022). Payments Banks max deposit = ₹2 lakh (raised from ₹1 lakh in April 2021). NABARD refinances institutions, not farmers directly.
Priority Sector Lending (PSL) — Sub-Targets
Overall target: 40% of Adjusted Net Bank Credit (ANBC) or Credit Equivalent of Off-Balance Sheet Exposures — whichever is higher.
| Category | Sub-target (% of ANBC) | Key Detail |
|---|---|---|
| Agriculture | 18% | Of which: 10% for Small and Marginal Farmers (SMF) — sub-target within the 18% |
| Micro Enterprises | 7.5% | Within the MSME allocation |
| Weaker Sections | 12% | Includes SC/ST, women, small/marginal farmers, minority communities, differently abled, distressed borrowers, SHGs; transgender persons added in 2025 RBI directions |
| Export Credit | Up to 2% of ANBC | For foreign banks with <20 branches |
Shortfall penalty: Banks falling short must deposit shortfall in RIDF (Rural Infrastructure Development Fund, maintained with NABARD) at below-market interest rates.
Prelims trap: The 10% sub-target for SMF is within the 18% agriculture target — does not separately add to 40%. Shortfall → RIDF (NOT to RBI's account directly).
Cooperative Banking — Three-Tier Structure
| Tier | Institution | Level | Count (2025) |
|---|---|---|---|
| Apex (Tier I) | State Cooperative Banks (StCBs) | State | 33 StCBs |
| Middle (Tier II) | District Central Cooperative Banks (DCCBs) | District | 370 DCCBs |
| Base (Tier III) | Primary Agricultural Credit Societies (PACS) | Village/grassroots | ~96,000 PACS |
Regulation: StCBs and DCCBs — dual regulation by RBI (banking) and Registrar of Cooperative Societies (management). NABARD provides refinancing and supervisory oversight.
Urban Cooperative Banks (UCBs): Regulated by RBI + state Registrar; Banking Regulation (Amendment) Act 2020 extended RBI's regulatory powers over UCBs.
Prelims trap: NABARD does NOT directly lend to farmers — it refinances StCBs, DCCBs, RRBs. Banking Regulation Amendment = 2020 (not 2019 or 2021).
SEBI — Capital Markets Regulator
- Established: 1988 (non-statutory); statutory body from 30 January 1992 (SEBI Act, 1992)
- Headquarters: Bandra Kurla Complex (BKC), Mumbai
- Chairperson (2025–): Tuhin Kanta Pandey (IAS 1987 Odisha cadre; took charge March 1, 2025; succeeded Madhabi Puri Buch)
- Powers: Quasi-legislative, quasi-judicial, executive — can frame regulations, adjudicate disputes, conduct investigations
- Regulates: BSE, NSE, mutual funds, FPIs, investment advisers, credit rating agencies
Prelims trap: SEBI set up in 1988 but got statutory powers only in 1992 via the SEBI Act.
IRDAI — Insurance Regulator
- Established: 1999 (IRDAI Act, 1999); began functioning 2000
- Headquarters: Hyderabad (Gachibowli, Financial District) — moved from Delhi in 2001
- Chairperson (2025–): Ajay Seth (took charge September 1, 2025; succeeded Debasish Panda)
- Regulates: Life insurance, general (non-life) insurance, health insurance, reinsurance
- Composition: 10-member body (1 chairperson + 5 full-time + 4 part-time members)
GIFT City & IFSCA — India's Offshore Financial Hub
| Feature | Detail |
|---|---|
| GIFT City | Gujarat International Finance Tec-City; Gandhinagar, Gujarat (~359 hectares) |
| IFSC | India's first International Financial Services Centre; operates within GIFT City's SEZ |
| Regulator | IFSCA — established 27 April 2020 under IFSCA Act 2019; unified regulator for banking + insurance + capital markets + fund management |
| Transactions | Conducted in foreign currencies (NOT Indian Rupees) |
| Regulatory benefits | No STT, CTT, stamp duty; no FEMA restrictions; lower tax rates; Banking Units (IBUs) exempt from CRR/SLR |
Prelims trap: GIFT City is in Gandhinagar (Gujarat) — NOT Ahmedabad. IFSCA established in 2020 (Act was 2019 but IFSCA itself notified April 2020). IFSCA is unified — one regulator for all financial services in IFSC (unlike domestic India with RBI/SEBI/IRDAI/PFRDA separately).
Pension System — NPS, UPS, OPS
| Feature | Old Pension Scheme (OPS) | National Pension System (NPS) | Unified Pension Scheme (UPS) |
|---|---|---|---|
| Type | Defined Benefit | Defined Contribution | Hybrid (Defined Benefit + Contribution) |
| Introduced | Pre-2004 | January 1, 2004 (for central govt employees) | Announced Aug 24, 2024; effective April 1, 2025 |
| Guarantee | 50% of last pay (guaranteed) | Market-linked; no guarantee | 50% of average basic pay (last 12 months) — guaranteed |
| Regulator | N/A | PFRDA (Pension Fund Regulatory and Development Authority) | PFRDA (operationalised via NPS framework) |
| Govt contribution | Not applicable | 14% of basic pay | 18.5% of basic pay |
Key facts: PFRDA established 2003 (statutory via PFRDA Act 2013). UPS is available as an option under NPS — employees can switch. Minimum assured pension under UPS = ₹10,000/month (for 10+ years of service).
Prelims trap: UPS is NOT OPS revival — OPS had no employee contribution and full government guarantee. UPS requires employee contribution (10%); government contributes 18.5%.
Major Government Schemes — Quick Reference
| Scheme | Ministry | Key Fact |
|---|---|---|
| PM-KISAN | Agriculture | ₹6,000/year in 3 instalments of ₹2,000; ~9.32 crore farmers/instalment; 22nd instalment: March 13, 2026 |
| MGNREGS | Rural Development | 100 days guaranteed wage employment/rural household/year; MGNREGA 2005 |
| PMJDY (Jan Dhan) | Finance | 56+ crore accounts (Aug 2025); 56% women account holders |
| Ayushman Bharat PM-JAY | Health | ₹5 lakh/family/year; ~55 crore beneficiaries; extended to 70+ seniors (Oct 29, 2024) — ₹5 lakh top-up |
| PM Awas Yojana | Rural Development (G) / Housing (U) | Housing for All; PMAY-G (rural pucca houses); PMAY-U (urban slum rehab) |
| PMFBY | Agriculture | Pradhan Mantri Fasal Bima Yojana; crop insurance; premium capped for farmers |
| PM-MUDRA | Finance | Shishu (≤₹50K), Kishore (₹50K–5L), Tarun (₹5L–10L); Tarun+ added (up to ₹20L) |
| Stand Up India | Finance | Loans to SC/ST and women entrepreneurs; 1 SC/ST + 1 woman per bank branch |
| Startup India | Commerce | 80% tax exemption for 3 years; DPIIT recognition; Fund of Funds (SIDBI) |
| PLI Scheme | Various | Production Linked Incentive; 14 sectors; ₹1.97 lakh crore total outlay |
| PM SVANidhi | Housing & Urban Affairs | Street vendors; ₹10K → ₹20K → ₹50K collateral-free loans |
| PMGSY | Rural Development | All-weather road connectivity to unconnected rural habitations |
| PMGKAY | Food & PD | Free foodgrain to 81.35 crore NFSA beneficiaries; extended till Dec 2028; world's largest food security programme |
| NFSA 2013 | Food & PD | 67% of population covered; AAY + PHH; 5 kg/person/month |
| Jal Jeevan Mission | Jal Shakti | Tap water to every rural household; launched Aug 15, 2019; 15.5+ crore connections (Oct 2025); extended to 2028 |
| Mission Indradhanush | Health | Universal immunisation under 2 years + pregnant women; IMI 4.0 ran 2022–2024 |
| Svamitva Scheme | Panchayati Raj | Drone survey of rural abadi areas; issues property cards (Adhikar Abhilekh); 2.42 crore cards (Apr 2025); launched April 24, 2021 |
Agriculture — MSP, CACP, Schemes & Production Data
- MSP crops: Announced for 23 crops (14 Kharif + 6 Rabi + 2 commercial crops — Copra and Raw Jute; plus FRP for sugarcane)
- CACP: Commission for Agricultural Costs and Prices — recommends MSP to CCEA; does NOT procure
- C2+50% formula (Swaminathan): National Commission on Farmers (2006); MSP = C2 cost (comprehensive cost including imputed rent of owned land) + 50% profit
- PM-AASHA (Pradhan Mantri Annadata Aay Sanrakshan Abhiyan): Launched Sep 2018; 3 components — PSS (Price Support Scheme, government procures at MSP), PDPS (Price Deficiency Payment Scheme, pays MSP-market gap to farmer), PPSS (Private Procurement & Stockist Scheme)
- Kisan Credit Card (KCC): Loan limit enhanced from ₹3 lakh to ₹5 lakh (Budget 2025-26); Modified Interest Subvention Scheme; applicable to farmers, dairy operators, and fishermen
e-NAM (Electronic National Agriculture Market):
- Launched: April 14, 2016 (by PM Modi) — same as Ambedkar Jayanti (prelims trap)
- Operated by: SFAC (Small Farmers' Agribusiness Consortium) under Ministry of Agriculture
- Current reach (2025): 1,473+ mandis; 1.79 crore+ farmers registered; 247 commodities listed
Record Food Grain Production (FY2024-25): 357.73 million tonnes — all-time record (8% jump over FY23-24's 332.30 MT). Rice: 150.18 MT (record); Wheat: 117.94 MT; Oilseeds: 42.99 MT (record).
India's Global Agricultural Rank:
| Commodity | India's Rank |
|---|---|
| Milk | 1st — 248 MT in FY2024-25 |
| Pulses | 1st — ~25% of global production |
| Spices | 1st — largest producer and exporter |
| Jute | 1st |
| Bananas, Mangoes | 1st |
| Rice, Wheat | 2nd (after China) |
| Sugarcane | 2nd (after Brazil) |
| Cotton | 2nd (after China) |
| Tea | 2nd (after China — common trap: India is NOT the largest tea producer) |
Agriculture's share: GVA from Agriculture & Allied sectors ≈ 15–17% of India's GVA (Economic Survey 2024-25 cited ~15.4%); ~55% of total workforce depends on agriculture.
Prelims trap: CACP only recommends MSP — final decision made by CCEA. MSP covers 23 crops (not all crops). e-NAM launched April 14, 2016 — also Ambedkar Jayanti.
Poverty Measurement — Committees, MPI & Welfare Data
Poverty Line Committees
| Committee | Year | Head | BPL % (2011-12) | Rural (₹/capita/month) | Urban (₹/capita/month) |
|---|---|---|---|---|---|
| Tendulkar Committee | 2009 | Prof. Suresh D. Tendulkar | 21.9% | ₹816 | ₹1,000 |
| Rangarajan Committee | 2014 | Dr. C. Rangarajan | 29.5% | ₹972 | ₹1,407 |
SECC 2011 (Socio-Economic and Caste Census) — data for identifying BPL beneficiaries for government schemes.
Prelims trap: Rangarajan Committee gave HIGHER estimates (29.5%) vs Tendulkar (21.9%) at the same 2011-12 prices. Rangarajan methodology was NOT formally adopted by the government.
Multidimensional Poverty Index (MPI)
National MPI (NITI Aayog, 2023 — based on NFHS-5):
- Headcount ratio: 14.96% (down from 24.85% in NFHS-4); MPI value: 0.066 (down from 0.117)
- ~135 million people lifted out of MPI poverty in 2015-21
- 12 indicators across 3 dimensions: Health, Education, Living Standards
India's MPI improvement from 29.17% (2013-14) to 11.28% (2022-23) per NITI Aayog.
NFHS-5 (National Family Health Survey — 5th Round)
- Period: 2019-21 | Conducted by: IIPS, Mumbai (under MoHFW)
- TFR: 2.0 (replacement level) | Institutional births: 88.6% | Child stunting: 35.5% | Households with sanitation: 70.2%
PLFS (Periodic Labour Force Survey)
- Launched: April 2017 by NSSO (now MoSPI)
- Key 2023-24 findings: Rural LFPR = 63.7%; Urban LFPR = 52.0%; Female LFPR = 41.7% (up from 23.3% in 2017-18)
Key Human Development Indices
| Index | India's Rank | Score | Published by |
|---|---|---|---|
| HDI | 130 / 193 | 0.685 (HDR 2025) | UNDP |
| GHI | 102 / 123 | 25.8 ("Serious") (GHI 2025) | Welthungerhilfe + Concern Worldwide |
| National MPI | Score-based | 0.066 (NITI Aayog 2023) | NITI Aayog + UNDP + OPHI |
Prelims trap: GHI is published by Welthungerhilfe and Concern Worldwide — NOT UNDP or FAO. India's child wasting rate (18.7%) is the second highest globally. NFHS is NOT PLFS — NFHS covers health/nutrition/demography; PLFS covers employment.
Foreign Trade — Key Facts
| Category | Details |
|---|---|
| Top export destination | USA (largest), UAE (2nd), Netherlands (3rd) |
| Top import source (overall) | China (India's largest import source by value) |
| Top import source (crude oil) | Russia (largest since 2022-23), Iraq, Saudi Arabia |
| Top export commodity | Petroleum products (refined; India is major refining hub) |
| Top import commodity | Crude oil (India imports 85%+ of oil needs) |
| Services trade | India has a services trade surplus (IT, BPO, financial services) |
Prelims trap: China is India's top import source overall but NOT for crude oil (Russia > Iraq > Saudi Arabia post-2022).
International Economic Organisations
| Organisation | HQ | Key Leadership | India's Role |
|---|---|---|---|
| IMF | Washington D.C. | MD: Kristalina Georgieva (Bulgaria; since Oct 2019; 2nd term Oct 2024) | ~2.76% quota share; 190 members |
| World Bank Group | Washington D.C. | President: Ajay Banga (Indian-American; since June 2023) | 5 institutions: IBRD, IDA, IFC, MIGA, ICSID |
| WTO | Geneva | DG: Ngozi Okonjo-Iweala (Nigeria; since March 2021; 2nd term Sept 2025) | Member since 1995; 166 members (2024); replaced GATT |
| ADB | Manila | President: Masato Kanda (Japan; since Feb 24, 2025) | Japan + USA = largest shareholders (15.6% each); India = 4th (6.3%) |
| NDB (BRICS Bank) | Shanghai | President: Dilma Rousseff (Brazil; 2023; re-elected July 2025–2030) | India provided 1st President (K.V. Kamath); 11 members (5 founders + 6 new) |
| AIIB | Beijing | President: Zou Jiayi (China; since Jan 16, 2026; succeeded Jin Liqun) | India = 2nd largest shareholder (after China); 111 members (2025–26) |
Prelims trap: NDB HQ = Shanghai (not Beijing). AIIB HQ = Beijing. WTO DG Ngozi = first woman and first African as WTO head. Ajay Banga = first person of Indian origin to lead World Bank.
Planning & Policy Bodies
- NITI Aayog — replaced Planning Commission (dissolved Jan 2015); PM is chairperson; CEO is ex-officio; no financial powers (unlike Planning Commission which allocated funds)
- Economic Advisory Council to PM (EAC-PM) — advisory body; chaired by Dr. V. Anantha Nageswaran (also Chief Economic Adviser)
- 15th Finance Commission — N.K. Singh; 2021-26 award period; 41% devolution to states
- 16th Finance Commission — Dr. Arvind Panagariya (Chairman); 2026-31; 41% devolution retained; new criterion: "Contribution to National GDP" (10% weight) (submitted Nov 17, 2025)
Finance Commission devolution history: 14th FC = 42% (historic high); 15th FC = 41%; 16th FC = 41% retained.
Key Economic Concepts for Prelims
| Concept | Key Point |
|---|---|
| GDP vs GNP | GDP = within borders; GNP = GDP + Net factor income from abroad |
| GVA vs GDP | GDP = GVA + Taxes on products − Subsidies on products |
| Repo rate | Rate at which RBI lends to commercial banks (short-term, against govt securities) |
| Reverse repo | Rate at which banks park excess funds with RBI |
| MSP | Minimum Support Price — CACP recommends; CCEA decides; for 23 crops |
| CAD | Current Account Deficit — India typically runs a CAD (imports > exports) |
| FDI vs FPI | FDI = 10%+ stake (long-term); FPI = portfolio (equity/bonds, SEBI-registered) |
| FEMA | Foreign Exchange Management Act, 1999 — civil offence; replaced FERA (criminal) |
Budget Terminology — Deficit Concepts
| Term | Definition |
|---|---|
| Revenue Deficit | Revenue Expenditure minus Revenue Receipts |
| Fiscal Deficit | Total Expenditure minus Total Receipts excluding borrowings — government's borrowing requirement |
| Primary Deficit | Fiscal Deficit minus Interest Payments — current year's borrowing need excluding past debt burden |
| Effective Revenue Deficit | Revenue Deficit minus grants for capital asset creation |
Prelims trap: Primary Deficit = Fiscal Deficit − Interest Payments (NOT Revenue Deficit − Interest Payments). A zero primary deficit means the government borrows ONLY to service past debt.
Tax Structure — Direct vs Indirect
| Feature | Direct Taxes | Indirect Taxes |
|---|---|---|
| Examples | Income Tax, Corporate Tax, Capital Gains Tax | GST, Customs Duty, Excise Duty |
| Administering body | CBDT (Central Board of Direct Taxes) | CBIC (Central Board of Indirect Taxes and Customs) |
| Key feature | Burden cannot be shifted | Burden can be shifted to consumer |
| Nature | Progressive | Regressive |
Index Base Years — Quick Reference
CRITICAL 2026 UPDATE: MoSPI revised base years for three major series in early 2026. CPI moved to 2024=100 (effective Feb 12, 2026); GDP moved to 2022-23 (effective Feb 27, 2026); IIP moved to 2022-23 (effective May 2026). WPI remains on 2011-12.
| Index | Current Base Year | Compiled by | Ministry |
|---|---|---|---|
| WPI | 2011-12 (unchanged) | OEA (Office of Economic Adviser) | Commerce & Industry (DPIIT) |
| CPI-Combined (headline) | 2024=100 (from Feb 12, 2026; prev: 2012=100) | NSO / MoSPI | Statistics & PI (MoSPI) |
| CPI-IW (Industrial Workers) | 2016=100 (from Sep 2020) | Labour Bureau | Labour & Employment |
| CPI-AL (Agricultural Labourers) | 2019=100 (from June 2025) | Labour Bureau | Labour & Employment |
| CPI-RL (Rural Labourers) | 2019=100 (from June 2025) | Labour Bureau | Labour & Employment |
| IIP | 2022-23 (from May 2026; prev: 2011-12) | NSO / MoSPI | Statistics & PI (MoSPI) |
| GDP / National Accounts | 2022-23 (from Feb 27, 2026; prev: 2011-12) | NSO / MoSPI | Statistics & PI (MoSPI) |
| SENSEX | 1978-79=100 (base date: 1 April 1979) | BSE Ltd | SEBI regulated |
| NIFTY 50 | 1000 (base date: 3 November 1995) | NSE Ltd | SEBI regulated |
CPI uses: CPI-Combined = RBI monetary policy anchor; CPI-IW = DA/HRA for central govt employees; CPI-AL = MGNREGA wages; CPI-RL = rural non-farm minimum wages.
Prelims traps on indices:
- WPI compiled by OEA under DPIIT (Commerce Ministry) — NOT by MoSPI
- CPI-IW base = 2016 (NOT 2012 or 2001); used for DA, not monetary policy
- CPI-AL/RL base changed to 2019 from June 2025 (after 38 years on 1986-87 series)
- SENSEX base = 1978-79, value = 100; NIFTY base date = 3 Nov 1995, value = 1000
Inflation Indices — Detailed Facts
CPI (Consumer Price Index)
- Base year: 2024=100 (from Feb 12, 2026; previous: 2012=100)
- Compiled by: MoSPI / NSO
- Sub-indices: CPI-Rural, CPI-Urban, CPI-Combined (headline), CPI-IW
- RBI's anchor: CPI-Combined for monetary policy / inflation targeting
- IIP components (2011-12 series, 839 items): Mining 14.37% | Manufacturing 77.63% | Electricity 7.99%
WPI (Wholesale Price Index)
- Base year: 2011-12 | Compiled by: OEA, DPIIT
| Component | Weight |
|---|---|
| Primary Articles | 22.62% |
| Fuel & Power | 13.15% |
| Manufactured Products | 64.23% |
Other Inflation Measures
- Core Inflation: CPI excluding food and fuel; reflects structural/demand-driven inflation
- GDP Deflator: Broadest measure; ratio of Nominal GDP to Real GDP × 100; no fixed base year
Prelims trap: RBI uses CPI-Combined (NOT WPI) for inflation targeting. GDP deflator has no fixed base year — distinguishes it from CPI and WPI.
MSME Classification (Revised April 1, 2025)
Manufacturing and services distinction removed in 2020; both sectors share same composite criteria (investment AND turnover must BOTH be within limits).
| Category | Investment in Plant & Machinery | Annual Turnover |
|---|---|---|
| Micro | Up to ₹2.5 crore | Up to ₹10 crore |
| Small | Up to ₹25 crore | Up to ₹100 crore |
| Medium | Up to ₹125 crore | Up to ₹500 crore |
Previous limits (2020–March 2025): Micro: ₹1 cr / ₹5 cr; Small: ₹10 cr / ₹50 cr; Medium: ₹50 cr / ₹250 cr.
Registration portal: Udyam Registration (replaced Udyog Aadhaar in 2020). Exports excluded from turnover calculation.
Prelims trap: 2020 revision removed manufacturing vs services distinction. April 2025 only changed the numbers.
PLI (Production Linked Incentive) Schemes
- Number of sectors: 14 strategic sectors
- Total outlay: ₹1.97 lakh crore (~US$24 billion)
- Key sectors: Mobile phones & electronics, pharmaceuticals, medical devices, automobiles, advanced chemistry cells, textile products, food processing, telecom, white goods, specialty steel, solar PV modules, drones, animation/VFX/gaming, semiconductors
- Performance (2026): Investment > ₹2.16 lakh crore; production > ₹20.41 lakh crore; exports ₹8.3 lakh crore; 14.39 lakh+ jobs
Prelims trap: PLI is output-linked (NOT input-linked) — incentives = % of incremental sales above base year threshold; not a subsidy on inputs.
Infrastructure — Key Projects & Data
National Highways
- Total length: ~1,46,560 km (MoRTH Year-End Review 2025); up from 91,287 km in 2014 — 55,000+ km added in one decade
- FY2024-25 construction: 10,660 km built; average ~29 km/day
- Bharatmala Pariyojana (Phase-I): 34,800 km of economic corridors, inter-corridors, ring roads
- Administered by: NHAI + NHIDCL (both under MoRTH)
Indian Railways
| Parameter | Data |
|---|---|
| Route length | ~69,181 km |
| Number of zones | 18 functional zones; 19th zone (South Coast Railway — SCoR, HQ Visakhapatnam) notified 2019; becomes operational June 2026 |
| Vande Bharat trains | 82 pairs (164 trains) operational as of Nov 2025 |
Dedicated Freight Corridors (DFCs):
| Corridor | Route | Status (2025-26) |
|---|---|---|
| EDFC (Eastern DFC) | Ludhiana → Dankuni — 1,337 km | Fully operational (Sep 2025) |
| WDFC (Western DFC) | Dadri/JNPT → Jawaharlal Nehru Port — ~1,506 km | Fully commissioned March 31, 2026 |
Both corridors: ~2,843 km total.
Major Ports
- India has 13 major ports (under Major Port Authorities Act, 2021)
- Largest by total cargo: Deendayal Port (Kandla, Gujarat) — 160+ MT in FY2025-26
- Largest container port (TEUs): JNPA (Jawaharlal Nehru Port Authority, Navi Mumbai) — 8.17 million TEUs (FY2025-26)
- 13 major ports handled record 855 MT cargo in FY2024-25
- Vadhavan Port (Maharashtra): 14th major port — under development
- Sagarmala Programme: Port-led development; 839 projects worth ₹5.48 lakh crore
Prelims trap: India's major ports = 13 under Major Port Authorities Act 2021 (Vadhavan will be 14th when complete). JNPA = largest container port by TEUs; Deendayal = largest by total cargo tonnage.
UDAN Scheme — Regional Air Connectivity
- Full name: Ude Desh Ka Aam Naagrik (UDAN); launched April 2016; under MoCA
- Current status (Oct 2025): 93 aerodromes operationalised; 649 routes inaugurated; 1.56 crore passengers flown
- Airport expansion: India's airports grew from 74 (2014) to 159 (2024)
- Budget 2025-26: Revised UDAN — 120 new destinations over next decade; 4th generation
Metro Rail
- India's metro network crossed 1,000 km milestone in 2025 — world's 3rd largest metro network
- Operational: ~1,090 km across 23+ cities (2025); Kolkata Metro = oldest (1984)
PM Gati Shakti — National Master Plan
- Full name: PM GatiShakti — National Master Plan for Multi-modal Connectivity
- Launched: 13 October 2021 (announced August 15, 2021)
- Platform: GIS-based digital master planning tool integrating 16 Ministries/Departments
- 7 engines: Railways, Roads, Ports, Waterways, Airports, Mass Transport, Logistics Infrastructure
- Purpose: Eliminate siloed planning; reduce logistics cost; connect economic zones, ports, industrial clusters
- Administered by: DPIIT under Ministry of Commerce
Prelims trap: PM Gati Shakti is a digital planning platform (NOT a funding scheme). NIP provides funding targets — these are different. Integrates 16 ministries — not 7 (those are the 7 "engines").
National Infrastructure Pipeline (NIP)
- Period: FY 2019-20 to FY 2024-25 (6 years)
- Total investment target: ₹111 lakh crore (~US$1.4 trillion)
- Top sectors: Energy 24% | Roads 18% | Urban 17% | Railways 12% (these 4 = ~71%)
- Funding: Centre ~39% | States ~40% | Private sector ~21%
BharatNet — Rural Broadband
| Feature | Detail |
|---|---|
| Earlier name | National Optical Fibre Network (NOFN) |
| Ministry | Ministry of Communications (DoT) |
| Implementing agency | BSNL as nodal agency; funded by USOF (Universal Service Obligation Fund) |
| Objective | Connect all ~2.5 lakh Gram Panchayats with high-speed OFC broadband |
| Status (2025-26) | 2.15 lakh GPs connected; OFC length = 42.13 lakh route km (Mar 2025) |
Prelims trap: BharatNet funded by USOF (5% of telecom operators' AGR) — NOT by general Budget. Connects Gram Panchayats (NOT individual households).
Social Sector Schemes — Key Details
PM Vishwakarma Scheme
- Launched: September 17, 2023 (Vishwakarma Jayanti)
- Covers: 18 traditional trades — carpenter, boat maker, blacksmith, goldsmith, potter, sculptor, stone carver, cobbler, mason, basket/mat/broom maker, doll & toy maker, barber, garland maker, washerman, tailor, fishing net maker, armourer, locksmith
- Ministry: MoMSME + MSDE + DFS | Outlay: ₹13,000 crore (2023-24 to 2027-28)
- Benefits: Toolkit ₹15,000; Credit: Tranche 1 — ₹1 lakh at 5%; Tranche 2 — ₹2 lakh at 5%
Agnipath Scheme (Agniveer)
- Launched: June 14, 2022 | Service period: 4 years
- Retention: 25% retained for regular service; 75% released
- Seva Nidhi corpus: ~₹10.04 lakh (tax-exempt) — NOT ₹11.71 lakh (misquoted figure)
One Nation One Subscription (ONOS)
- Cabinet approval: November 25, 2024 | Operational: January 1, 2025
- Scope: ~13,000 journals from 30 international publishers (Elsevier, Springer-Nature, etc.)
- Beneficiaries: 6,300+ institutions; ~1.8 crore students/faculty/researchers
- Budget: ₹6,000 crore for 3 years (2025–2027)
- Implementing agency: INFLIBNET Centre (under UGC, Ministry of Education)
Prelims trap: PM Vishwakarma is for traditional artisans — NOT farmers. ONOS = research journal access; implemented through INFLIBNET under UGC/MoE.
Jan Vishwas Act 2023
- Full name: Jan Vishwas (Amendment of Provisions) Act, 2023
- Decriminalised: 183 provisions across 42 Central Laws (19 Ministries)
- What it does: Converts criminal penalties (imprisonment) into civil/compoundable penalties (fines)
- Jan Vishwas 2.0 (2026): Proposes to decriminalise 288 more provisions across 16 Central Acts
1991 Economic Reforms — LPG
| Aspect | Detail |
|---|---|
| Trigger | 1991 BoP crisis; foreign reserves ~$1.2 billion (3 weeks of imports); India pledged 67 tonnes of gold to Bank of England + Union Bank of Switzerland |
| Prime Minister | P.V. Narasimha Rao (Congress minority government, June 1991) |
| Finance Minister | Dr. Manmohan Singh — presented "New Economic Policy" budget on 24 July 1991 |
| LPG reform | L — Liberalisation (Licence Raj abolished for most sectors); P — Privatisation (disinvestment began); G — Globalisation (FDI opened; rupee convertible on current account 1994) |
| External sector | Rupee devalued ~18–19% in two steps (July 1991); FERA replaced by FEMA (1999) |
Prelims trap: Manmohan Singh was Finance Minister (not PM) in 1991 — became PM in 2004. Gold pledge was to Bank of England and Union Bank of Switzerland (NOT the IMF directly). India pledged 67 tonnes — a precision fact directly asked in Prelims.
Five Year Plans — Priority at a Glance
| Plan | Period | Priority / Key Focus | Key Model/Figure |
|---|---|---|---|
| 1st Plan | 1951–56 | Agriculture & irrigation (Bhakra Nangal, Damodar Valley, Hirakud) | K.N. Raj (Harrod-Domar model) |
| 2nd Plan | 1956–61 | Heavy industry (steel, coal, power; Bhilai, Rourkela, Durgapur) | Nehru-Mahalanobis Model — P.C. Mahalanobis |
| 3rd Plan | 1961–66 | Self-sufficiency in food + industrial expansion; disrupted by 1962 & 1965 wars | Gadgil formula |
| Plan Holiday | 1966–69 | Annual Plans — drought, wars, devaluation | |
| 4th Plan | 1969–74 | Growth with stability; bank nationalisation 1969; Green Revolution gains | D.R. Gadgil |
| 5th Plan | 1974–79 | Poverty alleviation + self-reliance; Emergency (1975); terminated early by Janata govt 1977 | D.P. Dhar |
| 6th Plan | 1980–85 | Economic liberalisation beginnings; IRDP | |
| 7th Plan | 1985–90 | "Food, work, productivity"; growth acceleration | |
| 8th Plan | 1992–97 | Post-LPG reforms; human development focus | |
| 12th Plan | 2012–17 | "Faster, More Inclusive and Sustainable Growth"; last Five Year Plan |
Prelims trap: 1st Plan = agriculture (NOT industry). 2nd Plan = heavy industry (Nehru-Mahalanobis). Green Revolution = 3rd and 4th Plan periods (1960s–70s), NOT 1st Plan.
FRBM Act 2003 — Fiscal Responsibility Framework
| Feature | Detail |
|---|---|
| Original target | Eliminate revenue deficit; reduce fiscal deficit to 3% of GDP by 2008–09 |
| NK Singh Committee (2017) | Recommended: (1) debt-to-GDP ratio of 60% (Centre 40% + States 20%) as primary anchor; (2) 3% fiscal deficit retained; (3) Escape clause for deviation of 0.5% of GDP in exceptional circumstances |
| FRBM Amendment | Finance Act 2018 — incorporated escape clause; retained 3% target |
| Current status | Escape clause used during COVID (FY21 fiscal deficit = 9.2%); FY26 target = 4.4%; FY27 target = 4.3% |
Prelims trap: NK Singh Committee recommended debt (not fiscal deficit) as the primary anchor — 60% debt-to-GDP (40% Centre + 20% States). FRBM Act 2003 does NOT apply directly to states — states have their own FRBM Acts.
Types of Unemployment — Definitions for Prelims
| Type | Definition | India Context |
|---|---|---|
| Frictional | Workers between jobs — voluntary, short-term | All economies |
| Structural | Skills mismatch due to technological change / industry decline | IT automation, textile workers |
| Cyclical | Caused by downturn in aggregate demand; varies with business cycle | Rises in recessions; COVID-19 surge |
| Seasonal | Work available only certain seasons | Agriculture (lean season), tourism, construction |
| Disguised | More workers than necessary; marginal productivity = zero | Predominant in Indian agriculture; also called hidden unemployment |
| Technological | Job loss due to machines/automation | AI and robotics |
UPSC measures of unemployment:
- Usual Principal Status (UPS): Majority of reference year — gives lowest unemployment rate
- Current Weekly Status (CWS): Work status in reference week
- Current Daily Status (CDS): Each day of reference week — gives highest unemployment rate
Prelims trap: CDS gives highest unemployment rate (captures seasonal and partial unemployment). PLFS is conducted by MoSPI — NOT by Labour Ministry or RBI.
WTO — India's Position: Peace Clause & Food Security
| Concept | Detail |
|---|---|
| WTO founded | January 1, 1995 (replaced GATT); 166 members (2024) |
| AMS de minimis | Developing countries allowed up to 10% of value of agricultural production for trade-distorting support |
| Public Stockholding (PSH) | India's MSP procurement + PDS distribution; counted against AMS using outdated 1986-88 reference prices |
| Peace Clause (Bali MC9, 2013) | 9th WTO Ministerial Conference, Bali, December 2013 — PSH programmes will NOT be challenged even if AMS limits breached; extended "in perpetuity" by Nov 2014 General Council decision |
| TRIPS | Agreement on Trade-Related Intellectual Property Rights; India fought for TRIPS flexibilities for generic medicines (Doha Declaration 2001) |
Prelims trap: Peace Clause was adopted at Bali (2013) MC9 — NOT Doha or Cancun. Doha Round (launched 2001) remains stalled — distinct from Bali Ministerial, which produced Trade Facilitation Agreement (the only full multilateral WTO agreement since 1995).
Insolvency and Bankruptcy Code (IBC) 2016
| Feature | Detail |
|---|---|
| Enacted | May 28, 2016 |
| Adjudicating Authority | NCLT (companies); DRT (individuals and partnerships) |
| Regulator | IBBI (Insolvency and Bankruptcy Board of India) |
| CIRP timeline | 180 days + 90-day extension = 270 days for resolution; total with litigation = 330 days (maximum) |
| Committee of Creditors (CoC) | Financial creditors have voting rights; operational creditors do NOT |
| Liquidation waterfall | Insolvency costs → Workmen dues (24 months) → Secured creditors → Employee dues → Unsecured creditors → Govt dues → Shareholders |
| PPIRP (2021) | Pre-packaged insolvency for MSMEs — 120-day timeline; out-of-court process |
| IBC Amendment Bill 2025 | Passed Lok Sabha March 2026; introduces CIIRP (Creditor-Initiated Insolvency Resolution Process) — mandatory 14-day NCLT admission; group insolvency framework |
Impact: IBC recovered over ₹3.5 lakh crore for creditors. Gross NPA ratio fell from 11.18% (Mar 2018) to 2.58% (Mar 2025).
Prelims trap: CIRP maximum = 330 days (base = 180 days; the 330-day cap inserted by 2019 amendment). Adjudicating authority for companies = NCLT (not High Court or RBI). Financial creditors have CoC voting rights; operational creditors do NOT.
RBI Lending Rate Timeline
| Rate | Period | Key Fact |
|---|---|---|
| BPLR (Benchmark Prime Lending Rate) | Pre-2010 | Opaque; individual banks set it |
| Base Rate | Jul 2010 – Mar 2016 | Minimum lending rate; RBI guidelines |
| MCLR (Marginal Cost of Funds based Lending Rate) | April 1, 2016 onwards | Replaced Base Rate; monthly reset |
| EBLR (External Benchmark Lending Rate) | October 2019 onwards | Repo-linked; mandatory for home/auto/personal loans |
Prelims trap: MCLR replaced Base Rate from April 1, 2016 — NOT the repo rate. EBLR (repo-linked) is mandatory for retail loans (came October 2019).
Economic Reforms Chronology — UPSC "Arrange in Order" Type
| Year | Reform/Event |
|---|---|
| 1969 | Bank nationalisation — 14 major banks; social control of banking |
| 1980 | 6 more banks nationalised (total 20) |
| 1991 | LPG reforms — New Economic Policy; Industrial licensing abolished; FDI opened |
| 1992 | SEBI given statutory powers (SEBI Act 1992); NSE established |
| 1994 | Rupee made fully convertible on current account |
| 1999 | FEMA enacted (civil law, replaced criminal FERA); IRDAI Act 1999 |
| 2003 | FRBM Act 2003; Electricity Act 2003 |
| 2004 | NPS introduced for new central govt employees (January 1, 2004) |
| 2014 | Jan Dhan Yojana (August 2014) |
| 2016 | GST (101st Amendment, 2016); IBC 2016 |
| 2017 | GST implemented (July 1, 2017) |
Prelims trap: Bank nationalisation = two tranches — 14 banks in 1969 and 6 more in 1980 (total 20). FERA (1973/74) = criminal law; FEMA (1999) = civil law. Rupee is convertible on current account (since 1994) — India does NOT have capital account convertibility (CAC).
Index & Report — Publisher Quick Reference
| Index/Report | Publisher | India's Rank |
|---|---|---|
| HDI (Human Development Index) | UNDP | 130th (HDR 2025, /193), HDI 0.685; Medium Human Development |
| GHI (Global Hunger Index) | Welthungerhilfe + Concern Worldwide | 102nd /123 (GHI 2025); 25.8 score ("Serious") |
| Ease of Doing Business | World Bank (discontinued 2021; replaced by B-READY from 2024) | India was 63rd (2019) |
| Global Competitiveness Report | World Economic Forum (WEF) | 12 pillars: institutions, infrastructure, macroeconomic stability, etc. |
| Global Innovation Index (GII) | WIPO + Cornell + INSEAD | 38th (GII 2025); up from 81st in 2015 |
| Corruption Perceptions Index (CPI) | Transparency International | 96th (CPI 2024) |
| Press Freedom Index | Reporters Without Borders (RSF) | 159th (2024) |
| Financial Stability Report | RBI (half-yearly) | Health of India's banking system; NPAs, stress tests |
| India State of Forest Report | FSI (Forest Survey of India, MoEF&CC) | Forest and tree cover; every 2 years |
| World Economic Outlook (WEO) | IMF | Global growth projections; April and October editions |
Prelims trap: GHI published by Welthungerhilfe and Concern Worldwide — NOT UNDP/FAO/WFP. GII published by WIPO — NOT WEF. WEF publishes Global Competitiveness Report and Global Risks Report.
Key Economic Survey & Budget Dates — UPSC Quick Reference
| Event | Date | Key Detail |
|---|---|---|
| Planning Commission dissolved | August 15, 2014 (announced) | PM Modi announced from Red Fort |
| NITI Aayog established | January 1, 2015 | Cabinet Resolution; PM as Chairperson; no financial powers |
| 14th Finance Commission | 2015-20 | Chairman: Y.V. Reddy; 42% devolution |
| 15th Finance Commission | 2021-26 | Chairman: N.K. Singh; 41% devolution |
| 16th Finance Commission | 2026-31 | Chairman: Arvind Panagariya; 41% devolution (retained); submitted Nov 17, 2025 |
| GST — 101st Amendment | Presidential assent: Sep 8, 2016; GST live: July 1, 2017 | Inserted Articles 246A, 269A, 279A; created GST Council |
| IBC enacted | May 2016 | NCLT as adjudicating authority; max 330 days for resolution |
| MCLR replaces Base Rate | April 1, 2016 | EBLR (repo-linked) introduced Oct 2019 |
| Demonetisation | November 8, 2016 | ₹500 and ₹1000 demonetised; new ₹500 and ₹2000 issued |
| GST 2.0 (56th GST Council) | September 3, 2025 | Rate rationalisation; effective Sep 22, 2025 |
| GSTAT launched | September 24, 2025 | GST Appellate Tribunal operational — resolves gap in GST dispute chain |
| UPS effective | April 1, 2025 | Unified Pension Scheme for central govt employees |
| CPI new base 2024=100 | February 12, 2026 | MoSPI; replaces 2012=100 |
| GDP new base 2022-23 | February 27, 2026 | MoSPI; replaces 2011-12 series |
| IIP new base 2022-23 | May 2026 | MoSPI; replaces 2011-12 series |
Recent UPSC Economy PYQ Patterns (Prelims 2023–2024)
- Which ministry compiles WPI vs CPI: WPI = DPIIT (Commerce); CPI = MoSPI — tested multiple times
- CPI sub-types and uses: CPI-IW for DA; CPI-Combined for RBI monetary policy
- RBI rate transitions: BPLR → Base Rate → MCLR → EBLR timeline
- FRBM concepts: Fiscal deficit definition, escape clause, NK Singh committee
- PLI scheme sector count (14) and output-linked nature
- MSME classification thresholds — 2020 composite criteria; 2025 revised limits
- NITI Aayog vs Planning Commission: Think tank vs statutory body; PM chairs NITI Aayog
- Finance Commission: Vertical devolution %; current chairman; 14th FC = 42%, 15th/16th = 41%
- Poverty line methodology: Tendulkar vs Rangarajan — which is higher
- MPI dimensions and indicators: 3 dimensions, 12 indicators
- Agriculture ranks: India = 1st in milk, pulses, spices; 2nd in rice, wheat, sugarcane
2025–26 Current Affairs: Economy
| Development | Date | Key Details | Prelims Angle |
|---|---|---|---|
| Union Budget 2026-27 presented | 1 Feb 2026 | FM Nirmala Sitharaman; fiscal deficit target 4.3% of GDP; Capex ₹12.22 lakh crore (+11.5%); 7 new high-speed rail corridors; Biopharma SHAKTI (₹10,000 crore); India Semiconductor Mission 2.0 | Budget before Prelims 2026; Capex ₹12.22 lakh crore; deficit 4.3% |
| Economic Survey 2025-26 released | 29 Jan 2026 | CEA V. Anantha Nageswaran; FY26 GDP = 7.4%; FY27 projection = 6.8–7.2%; CPI inflation = 1.7% (Apr–Dec 2025) — "Goldilocks moment"; Gross NPAs = 2.2% (Sep 2025); services exports all-time high $387.5 bn (FY25) | FY26 GDP 7.4%; FY27 6.8–7.2%; inflation 1.7%; NPA 2.2% |
| India's GDP rank | Oct 2025 | India slipped to 5th (IMF WEO Oct 2025) due to rupee depreciation; was 4th in April 2025 WEO; projected to regain 4th by 2027 | Ranking fluctuates with exchange rates; current order: USA > China > Germany > Japan > India (5th) |
| GST 2.0 — 56th GST Council | 3 Sep 2025 | Major rate rationalisation: 4-slab → 5%, 18%, 40%; 12% and 28% abolished; effective 22 Sep 2025; life insurance premiums made GST-exempt; fertiliser inputs 18% → 5% | New structure: 5%, 18%, 40%; insurance GST-free; 40% = sin/luxury |
| GSTAT launched | 24 Sep 2025 | GST Appellate Tribunal became operational; 7 years after GST launch; 4 lakh+ pending orders; 10% pre-deposit for appeals | Fills gap between First Appellate Authority and High Court |
| 16th Finance Commission Report | 17 Nov 2025 | Chairman Arvind Panagariya submitted report; 2026–31; 41% vertical devolution (retained); new parameter: "Contribution to National GDP" (10% weight) | 16th FC: Panagariya; 41%; introduced GDP contribution criterion |
| RBI repo rate cuts — 2025 | Multiple | Feb (−25 bps → 6.25%), Apr (−25 bps → 6.0%), Jun (−50 bps → 5.50%), Dec (−25 bps → 5.25%); held Feb 2026; CRR → 3% (Nov 29, 2025) | Total 125 bps cut; current repo = 5.25%; CRR = 3%; SDF replaces reverse repo as operative floor |
| Unified Pension Scheme (UPS) | 1 Apr 2025 | Effective for central govt employees; assured 50% of average basic pay (last 12 months); minimum ₹10,000/month; govt contributes 18.5%; operated by PFRDA | Announced Aug 24, 2024; hybrid scheme; not OPS revival; PFRDA regulates |
| Ayushman Bharat extended to 70+ seniors | 29 Oct 2024 | All senior citizens aged 70+ regardless of income; additional ₹5 lakh/year top-up; ~6 crore senior citizens (4.5 crore families) benefited | Income-neutral for 70+; world's largest govt health insurance |
| IBC Amendment Bill, 2025 | 30 Mar 2026 | Passed Lok Sabha; introduces CIIRP (Creditor-Initiated Insolvency Resolution Process); mandatory 14-day NCLT admission; group insolvency framework | IBC 2016 original; CIIRP = out-of-court creditor-initiated process; biggest overhaul since 2016 |
| Gross NPA ratio — record low | Mar 2025 | PSB gross NPAs = 2.58% (Mar 2025); NARCL recovered ₹4,364 crore in FY2025-26 | NARCL = National Asset Reconstruction Company Ltd; NPA at decade low |
| PM-KISAN 22nd instalment | 13 Mar 2026 | ₹18,640 crore via DBT to 9.32 crore farmers; e-KYC mandatory | PM-KISAN: ₹6,000/year in 3 instalments |
| SEBI Chairperson changed | 1 Mar 2025 | Tuhin Kanta Pandey succeeded Madhabi Puri Buch | SEBI: statutory 1992; HQ Mumbai (BKC) |
| DPDP Rules 2025 notified | 2025 | Digital Personal Data Protection Rules 2025 under DPDP Act 2023; Data Protection Board of India to adjudicate | DPDP Act 2023 = India's first data protection law; penalty max ₹250 crore |
| Kisan Credit Card limit enhanced | Budget 2025-26 | Limit enhanced from ₹3 lakh to ₹5 lakh; Modified Interest Subvention Scheme | Applicable to farmers, dairy operators, fishermen |
| PM-DevINE Scheme | 2022-26 | Prime Minister's Development Initiative for North East Region; ₹6,600 crore; 100% Central funding; 2022-23 to 2025-26 | Central Sector Scheme (100% Central; no state share) — contrast with Centrally Sponsored Schemes |
