CURRENT AFFAIRS

The Union government has recently granted customs duty exemption on around 40 critical petrochemical products till June 30, 2026, as a temporary relief measure to address supply disruptions.

The Ministry of Textiles has extended the Rebate of State and Central Taxes and Levies (RoSCTL) Scheme for exports of apparel/garments and made-ups till 30th September 2026.

Rising geopolitical instability in West Asia, particularly involving Iran, is impacting India’s economy through : 

• Surge in crude oil prices
• Depreciation of the rupee
• Pressure on fiscal and external balances

The Reserve Bank of India (RBI) has extended : 

• The export realisation and repatriation timeline to 15 months
• The export credit period to 450 days (till June 30, 2026)

The ongoing geopolitical tensions in West Asia involving Iran have raised concerns about food inflation in India, particularly through disruptions in fertiliser and agrochemical supply chains.

The government has extended subsidies under the PM e-DRIVE Scheme for: Electric two-wheelers till 31 July 2026, Electric rickshaws and carts till 31 March 2028 The scheme is being implemented by the Ministry of Heavy Industries, highlighting continued policy push toward electric mobility adoption and decarbonisation of transport.

The Reserve Bank of India has directed banks to cap their net foreign currency exposure at $100 million per day to contain the sharp depreciation of the rupee.

Global copper prices have declined due to weakening demand amid geopolitical tensions in West Asia, raising concerns about global economic slowdown and industrial demand.

Disruptions in shipping routes through the Strait of Hormuz due to the ongoing West Asia conflict have significantly impacted India’s energy supplies, with LPG being more severely affected than LNG.

The Periodic Labour Force Survey (PLFS) 2025 highlights that while women’s wages are growing at a faster rate than men’s, a significant gender wage gap continues to persist across sectors in India.