The Union government reduced the special additional excise duty on petrol and diesel by ₹10 a litre each, bringing diesel duty to zero and petrol to ₹3 a litre. However, this cut will not lower fuel prices for consumers. Instead, it aims to ease the fiscal hit on oil marketing companies (OMCs) due to high and rising oil prices. The move is expected to cost the exchequer ₹7,000 crore over 15 days. The government also hiked export duties on diesel to ₹1.5 a litre and ATF to ₹9.5 a litre, expecting to add ₹1,500 crore to the exchequer, mitigating some impact. OMCs face significant under-recoveries daily.
The Union government reduced the special additional excise duty on petrol and diesel by ₹10 per litre.
This duty cut will not result in lower fuel prices for consumers but is intended to reduce losses for Oil Marketing Companies (OMCs).
The duty on diesel is now zero, and on petrol, it is ₹3 per litre after the reduction.
Exam Points
Excise duty cut: ₹10 per litre on both petrol and diesel.
New duty on diesel: ₹0 per litre; New duty on petrol: ₹3 per litre.
Estimated cost to exchequer: ₹7,000 crore over 15 days.
The Ministry of Petroleum and Natural Gas has increased the allocation of commercial LPG by an additional 20%. This raises the total allocation of commercial LPG to 70% of pre-crisis levels. This move aims to offer respite to various entities and address potential supply concerns, ensuring better availability of the hydrocarbon gas for commercial use.
The Ministry of Petroleum and Natural Gas increased commercial LPG allocation.
The allocation was increased by an additional 20%.
This brings the total commercial LPG allocation to 70% of pre-crisis levels.
U.S. President Donald Trump announced a pause on any strikes on Iran's power plants until April 6. He stated that "talks" with the Islamic Republic are progressing "very well." This indicates a diplomatic effort to de-escalate tensions, at least temporarily, between the U.S. and Iran, focusing on ongoing negotiations rather than military action. The statement was made in a social media post, highlighting a potential shift towards dialogue in the ongoing geopolitical situation.
U.S. President Donald Trump paused strikes on Iran's power plants.
The pause is extended until April 6.
Trump indicated that "talks" with Iran are progressing well.
The Transgender Persons (Protection of Rights) Amendment Bill, 2026, was passed amidst public outcry and protests from LGBTQIA+ communities, raising concerns about the democratic process. Critics argue the Bill applies a heteronormative lens, failing to address complex gender identity issues comprehensively. It shifts focus to mandatory biological markers instead of self-identification, potentially limiting existing protections and conflating sex and gender. Stakeholders suggest the government should adopt a collaborative, rights-based approach with transparent consultation to ensure equality and dignity for all, rather than creating new problems.
The Transgender Persons (Protection of Rights) Amendment Bill, 2026, was passed despite significant protests and concerns from LGBTQIA+ communities.
Critics argue the Bill uses a heteronormative lens and fails to adequately address the complexities of gender identity and human dignity.
The Bill shifts the focus from self-identification to mandatory biological markers, potentially limiting rights established by previous judicial precedents like NALSA vs Union of India.
Exam Points
Bill name: Transgender Persons (Protection of Rights) Amendment Bill, 2026.
Key judicial precedent mentioned: NALSA vs Union of India judgment.
The article questions the reliability of India's GDP growth estimates, citing a study suggesting overestimation by 1.5-2 percentage points post-2011. It highlights that official narratives of high growth often don't align with the lived experiences of ordinary citizens, particularly concerning jobs, wages, and small businesses. The reliance on formal-sector data for growth estimates risks missing distress in the large informal sector, which was disproportionately affected by demonetisation, GST, and COVID-19. The author argues for restoring independent statistical authority and transparent data to reflect the realities of the informal workforce and the poor, rather than flattering official narratives.
A study by Abhishek Anand, Josh Felman, and Arvind Subramanian suggests India's GDP growth may have been overestimated by 1.5-2 percentage points since 2011.
The official high-growth narrative often contrasts with the ground realities of subdued private investment, low wage growth, and persistent job anxiety.
The reliance on formal-sector data for growth estimates can obscure the impact of economic shocks on the informal economy, which employs most Indians.
Exam Points
Study authors: Abhishek Anand, Josh Felman, Arvind Subramanian.
Estimated GDP overestimation: 1.5 to 2 percentage points (post-2011).
The Ministry of Defence signed two contracts worth ₹858 crore to bolster India's defence capabilities and partnerships. A ₹445 crore deal was signed with Russian agency JSC Rosoboronexport for the Tunguska Air Defence Missile System for the Army, enhancing multi-layered air defence against aerial threats. Concurrently, a ₹413 crore contract was signed with U.S. firm Boeing India Defense Private Limited for depot-level inspection of the Navy's P-8I Long-Range Maritime Reconnaissance Aircraft. This U.S. deal falls under the 'Buy Indian' category with 100% indigenous content, promoting in-country MRO and Aatmanirbhar Bharat initiative.
India's Ministry of Defence signed two significant defence contracts totaling ₹858 crore.
A ₹445 crore contract was signed with Russia's JSC Rosoboronexport for the Tunguska Air Defence Missile System for the Army.
A ₹413 crore contract was signed with U.S. firm Boeing India Defense Private Limited for maintenance of the Navy's P-8I Long-Range Maritime Reconnaissance Aircraft.
Exam Points
Total deal value: ₹858 crore.
Russian deal value: ₹445 crore for Tunguska Air Defence Missile System.
U.S. deal value: ₹413 crore for P-8I Long-Range Maritime Reconnaissance Aircraft maintenance.
As the current Chair of BRICS, India is proceeding with plans to host key meetings this year, including the Foreign Ministers' Meeting in May and the 18th BRICS Summit in September. Invitations have been sent to all 10-nation grouping members, including Iran and UAE, despite difficulties in forging a consensus on the West Asia conflict due to differing opinions among members. Diplomats acknowledge the challenges in drafting a joint statement agreeable to all parties. The initiative underscores India's role in facilitating dialogue and cooperation within BRICS amidst complex international issues.
India, as the current BRICS Chair, is planning to host the Foreign Ministers' Meeting in May and the 18th BRICS Summit in September.
Invitations have been extended to all 10 BRICS member nations, including new members like Iran and UAE.
There are acknowledged difficulties in achieving a consensus on the West Asia conflict among BRICS members due to differing opinions.
Exam Points
Current BRICS Chair: India.
BRICS Foreign Ministers' Meeting: Scheduled for May.
18th BRICS Summit: Scheduled for September 9-10.
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