CURRENT AFFAIRS

India’s Strategic Petroleum Reserves (SPRs) are currently operating at only 64% capacity, holding about 3.37 million tonnes out of a total 5.33 million tonnes, raising concerns over the country’s preparedness against global supply shocks amid ongoing geopolitical tensions.

Amid escalating geopolitical tensions in West Asia, India’s external sector has come under pressure.

Recent data on life insurance claims in India has highlighted a paradox—while claim settlement ratios remain high, the actual financial support provided to households is relatively limited. This has triggered a debate on shifting focus from insurance penetration to adequacy of coverage.

The Government of India has expanded domestic sourcing norms in the solar sector to include wafers and ingots, effective from June 2028, as part of efforts to reduce dependence on imports, particularly from China, and strengthen domestic manufacturing.

India has initiated an anti-dumping investigation into imports of Ethyl Chloroformate from China, following allegations by domestic producers that the chemical is being sold at unfairly low prices in the Indian market.

The Government of India has expanded domestic sourcing norms in the solar sector to include wafers and ingots, effective from June 2028, as part of efforts to reduce dependence on imports, particularly from China, and strengthen domestic manufacturing.

The Cabinet Committee on Economic Affairs (CCEA) has approved Minimum Support Price (MSP) funding for the Cotton Corporation of India (CCI) for the cotton season 2023–24 to support farmers and stabilise market prices.

Rising global energy shocks—triggered by geopolitical conflicts and potential disruptions such as the closure of the Strait of Hormuz—are exerting pressure on India’s inflation, rupee stability, and economic growth.

The Prime Minister of India recently inaugurated the Lower Kopili Hydroelectric Project, marking a significant step toward enhancing renewable energy capacity in Northeast India.

India is increasingly exploring electric cooking solutions as a viable alternative to LPG due to rising import dependence and costs. The country spends nearly $26.4 billion annually on LPG imports, much of which passes through the Strait of Hormuz.