CURRENT AFFAIRS

The Ministry of Cooperation recently informed Parliament about the financial assistance released to cooperative societies and beneficiaries under the Yuva Sahakar Scheme during the period 2022–2025, highlighting the scheme’s role in promoting youth entrepreneurship in the cooperative sector.

Recently, the Union Finance Minister announced the launch of a new initiative called "Biopharma Shakti" during Budget 2026–27. It aims to empower India's biopharmaceutical sector.

India has committed to importing goods worth $100 billion annually from the United States for five years as part of a broader trade understanding that also involves significant tariff reductions by the U.S. The move comes after a phase of escalating trade tensions, particularly the U.S. decision in August 2025 to raise tariffs on Indian goods to 50%, and marks a major recalibration of bilateral economic relations.

In the Union Budget 2026–27, the Union Minister for Finance announced the launch of the Biopharma SHAKTI initiative to strengthen India’s position in the global biopharmaceutical value chain and expand domestic capabilities in advanced therapies.

The Union Budget 2026–27 has proposed a complete exemption from Basic Customs Duty (BCD) on 17 cancer-related drugs and medicines, providing immediate financial relief to patients suffering from cancer and rare diseases and signalling a policy shift towards healthcare affordability.

The Finance Minister has proposed a sharp increase—by up to 150%—in the Securities Transaction Tax (STT) on both futures and options (F&O) trading. This move is aimed at curbing excessive speculation, improving market stability, and boosting government revenues from capital market activity.

The Union Budget 2026 has reduced central allocations for urban development by 11.6%, triggering debate over the government’s commitment to India’s cities at a time of rapid urbanisation, infrastructure stress, and climate vulnerability.

As the Finance Minister prepares to present her ninth consecutive Union Budget, India’s fiscal framework is set for a structural shift. From FY 2026–27, the Centre will transition its fiscal consolidation anchor from the annual fiscal deficit to the debt-to-GDP ratio, aligning India’s fiscal strategy with global best practices.

Assam Petrochemicals Limited (APL) signed a Memorandum of Understanding (MoU) with the Deendayal Port Authority (DPA) to establish a 150-tonne-per-day (TPD) e-methanol plant at Kandla Port in Gujarat, marking a significant step towards India's transition to clean energy and green transformation.

According to documents released by the Ministry of Statistics and Programme Implementation (MoSPI), India’s revised Consumer Price Index (CPI) series with 2024 as the base year will significantly reduce the weight of food and beverages from 45.86% to 36.75%.