Suresh Kalmadi passed away as former Union Minister of State for Railways and former President of Indian Olympic Association (IOA).
[Indian Olympic Association (IOA)]
Key Updates:
- Suresh Kalmadi passed away at the age of 81 after prolonged illness at Deenanath Mangeshkar Hospital in Pune.
- He served as Union Minister of State for Railways and as President of the Indian Olympic Association (IOA).
- He represented Pune multiple times in the Lok Sabha.
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- Siddha Day is annually observed on 6 January to commemorate the birth anniversary of Sage Agathiyar, revered as the father of Siddha medicine.
- The 9th Siddha Day celebrations will be held on 3 January 2026 at Kalaivanar Arangam, Chennai.
- The theme of the 9th Siddha Day is 'Siddha for Global Health'.
- The Vice President of India, Shri C. P. Radhakrishnan, will preside over and inaugurate the 9th Siddha Day celebrations.
- Swaraj Kaushal, former Mizoram Governor and husband of the late Sushma Swaraj, passed away on December 4, 2025, at the age of 73.
- He was a senior advocate with a distinguished public and legal career.
- He was born on July 12, 1952, in Solan, Himachal Pradesh.
- He was appointed the Governor of Mizoram in 1990 at the age of 37.
- He is survived by his daughter, Bansuri Swaraj, who is a New Delhi Member of Parliament (MP).
- He was rushed to the All India Institute of Medical Sciences (AIIMS) after complaining of chest pain, where he was declared dead.
- He will be cremated at the Lodhi Road crematorium.
- Shivraj Patil, former Union Home Minister and senior Congress leader, passed away at the age of 90 in Latur, Maharashtra.
- He served as the 10th Speaker of the Lok Sabha between 1991 and 1996.
- Patil held the office of Union Home Minister from 2004 to 2008.
- He was Governor of Punjab and Administrator of Chandigarh from 2010 to 2015.
- He won the Latur Lok Sabha seat seven times.
- Mahantesh Bilagi, IAS, was the Managing Director of Karnataka State Minerals Corporation Ltd (KSMCL).
- He previously served as Chief Executive Officer of Zilla Panchayats and as District Collector in multiple districts.
- He died in a car crash near Gounahalli, Kalaburagi district, Karnataka, along with relatives Shankar Bilagi and Eranna Bilagi.
State Bank of India (SBI) facilitates rupee trade settlement with Israel
[State Bank of India (SBI), Israel]
Key Updates:
- State Bank of India (SBI) is the only Indian bank with a presence in Israel.
- SBI Tel Aviv has all requisite approvals to facilitate settlement of exports and imports in Indian rupees.
- Israel has been identified as a partner country under the RBI mechanism for rupee trade settlement.
- SBI Tel Aviv is working to streamline rupee remittances for over 40,000 Indian workers in Israel.
- SBI opened its Israel branch in 2007 and operates from the Diamond Exchange in Ramat Gan.
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- NPCI International Payments Limited (NIPL) partnered with Bahrain’s BENEFIT to link India’s UPI with Bahrain’s Fawri+ for real-time cross-border remittances.
- The collaboration is established under the guidance of the Reserve Bank of India (RBI) and the Central Bank of Bahrain (CBB).
- NBBL, in collaboration with Clearcorp Dealing Systems (India) Ltd (Clearcorp), introduced the Forex category on Bharat Connect by integrating with Clearcorp’s FX-Retail Platform.
- State Bank of India executed its inaugural gold trade as a special category client (SCC) on the India International Bullion Exchange (IFSC) Ltd.
- SBI was the first bank to become a Trading-cum-Clearing (TCM) Member at India International Bullion Exchange in 2024.
- As a special category client, SBI facilitates seamless bullion transactions for jewellers, bullion dealers, and other stakeholders importing gold through IIBX.
- NPCI International Payments Limited (NIPL) and Bahrain’s BENEFIT signed an agreement to connect India’s Unified Payments Interface (UPI) with Bahrain’s Electronic Fund Transfer System (EFTS) Fawri+ service for real-time cross-border remittances.
- The collaboration is established under the guidance of the Reserve Bank of India (RBI) and the Central Bank of Bahrain (CBB).
- NPCI Bharat BillPay Limited (NBBL) and Clearcorp Dealing Systems (India) Ltd, a wholly owned subsidiary of the Clearing Corporation of India Ltd. (CCIL), launched forex services on Bharat Connect by integrating with CCIL’s FX-Retail Platform.
- The Reserve Bank of India stated that the process of interlinking UPI with the Eurosystem’s TARGET Instant Payment Settlement (TIPS) platform has entered the realisation phase.
- The proposed link is expected to facilitate cross-border remittances between India and the Euro Area and benefit users across both jurisdictions.
- The RBI noted that it will continue working with the European Central Bank alongside NPCI International Payments Limited on technical integration, risk management, and settlement mechanisms required to operationalise the link.
Financial Software and Systems (FSS) becomes first payments company in India, Middle East, APAC and South Africa to achieve ISO IEC 42001 Certification.
[Financial Software and Systems (FSS), Middle East, South Africa]
Key Updates:
- Financial Software and Systems (FSS) is the first payments company in India, the Middle East, APAC and South Africa to be certified as an ISO IEC 42001 Certification Lead.
- ISO IEC 42001 establishes clear ownership of AI systems, defined governance structures and ongoing performance monitoring.
- FSS AI governance framework has been independently assessed by TUV SUD.
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- Tripura State Load Dispatch Centre (SLDC) has achieved ISO/IEC 27001:2022 certification, making it the first in the northeast to do so.
- The certification is designed to safeguard critical computerised systems from escalating cyber threats, ensuring the security of the national power grid.
- Power minister Ratan Lal Nath announced the certification during the 22nd foundation day celebration of the Tripura State Electricity Corporation Limited (TSECL).
- Sebi requires the Compliance Officer of Manager of an AIF to obtain certification from the National Institute of Securities Market by passing the NISM Series-III-C: Securities Intermediaries Compliance (Fund) Certification Examination.
- From January 1, 2027, only certified persons can be appointed or continue as compliance officers of managers of AIFs.
- Trustee/sponsor/managers of AIFs must reflect compliance with this requirement in the 'Compliance Test Report' prepared by the manager.
- Hub71, Abu Dhabi's global tech ecosystem, has entered into a strategic partnership with the UAE-India CEPA Council.
- The agreement was signed on November 21 on the sidelines of the Abu Dhabi Investment Forum (ADIF) in Mumbai.
- Hub71 will onboard the five winning startups selected through the Series into the Hub71 Immersion Programme.
- From the five winning startups, Hub71 will select one startup to be onboarded into the Access programme.
- The UAE-India Startup Series has already received more than 10,000 applications from across India.
- The Reserve Bank of India has recognised the Self-Regulated PSO Association (SRPA) as the first Self-Regulatory Organisation for Payment System Operators.
- In October 2025, the RBI recognised the Finance Industry Development Council (FIDC) as the SRO for NBFCs.
- The RBI granted SRO status to the FinTech Association for Consumer Empowerment (FACE) in August 2024.
- The recognition follows the RBI’s Framework for Recognition of a Self-Regulatory Organisation (SRO) for Payment System Operators, issued in October 2020.
- The recognition also follows the Omnibus Framework for Recognition of SROs for Regulated Entities of the Reserve Bank released in March 2024.
- According to the 2020 framework, an SRO must be a not-for-profit entity comprising only regulated payment system participants, both banks and non-banks.
- Once recognised, an SRO like SRPA is tasked with setting behavioural and professional standards for its members, resolving inter-PSO disputes, and acting as the collective voice of the payments industry in consultations with the RBI and other authorities.
- An SRO will also monitor member compliance and report violations of RBI guidelines or the Payment and Settlement Systems Act, 2007.
Oil and Natural Gas Corporation Limited (ONGC) and Mitsui O.S.K. Lines (MOL) form joint venture to enter ethane shipping segment.
[Oil and Natural Gas Corporation Limited (ONGC), Mitsui O.S.K. Lines (MOL)]
Key Updates:
- ONGC subscribes to 2,00,000 equity shares of ₹100 each in Bharat Ethane One IFSC Private Limited and Bharat Ethane Two IFSC Private Limited.
- Each joint venture company will own and operate one Very Large Ethane Carrier (VLEC) under the Indian flag.
- The vessels will transport ethane from the United States to ONGC Petro additions Limited (OPaL), a subsidiary of ONGC.
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- The Cochin Port Authority and Bharat Petroleum Corporation Limited have signed a Memorandum of Understanding.
- The MoU is to establish LNG bunkering facilities for LNG-powered and dual-fuel vessels.
- The proposed project involves an estimated investment of ₹500 crore.
- The MoU was signed during the India Maritime Week 2025 held in Mumbai.
- The collaboration aims to position Kochi as a leading LNG bunkering hub on the South Indian coast.
- The Technology Development Board (TDB) under the Department of Science and Technology (DST), Ministry of Science & Technology (MoS&T), signed an agreement with Vijai Marine Services Private Limited (VMSPL), Goa for the 'Smart Sea Project by Vijai Autonomous Craft for Environment (VACE)'.
- The project will develop and demonstrate a 20-passenger electric boat with IRS-certified FRP hull, electric propulsion and battery systems supplied by Canadian partner ACEL Power Inc.
- Aimed at reducing emissions and noise, the initiative supports India’s goals of clean waterways and sustainable tourism under the Indo-Canada Collaborative Industrial Research and Development Programme (IC-CIR&D).
- The Letter of Intent covers six IMO Type II chemical tankers, each of 18,000 DWT capacity, valued at approximately $220 million.
- The vessels will be built at SDHI’s facility in Pipavav, Gujarat.
- Each ship will be built to Ice Class 1A standards and feature an advanced hybrid propulsion system.
- Indian public sector oil companies have signed a one-year deal to import liquefied petroleum gas (LPG) from the United States.
- The deal is for imports of around 2.2 million tonnes per annum (MTPA) of LPG for the contract year 2026.
- This volume represents close to 10 per cent of India's annual LPG imports and will be sourced from the US Gulf Coast.
- The purchase has been benchmarked to Mount Belvieu, a key pricing point for global LPG trade.
- Teams from Indian Oil Corporation Limited (IOCL), Bharat Petroleum Corporation Limited (BPCL), and Hindustan Petroleum Corporation Limited (HPCL) held discussions with major American producers.
- The Government of India absorbed a burden of over Rs 40,000 crore to shield consumers from international price shocks, ensuring Ujjwala consumers paid Rs 500-550 per cylinder against an actual cost of over Rs 1,100.
India Ratings and Research (Ind-Ra) projects India GDP growth at 6.9% for FY27
[India Ratings and Research (Ind-Ra)]
Key Updates:
- India Ratings and Research (Ind-Ra) forecasts real GDP growth of 6.9% in FY27.
- Ind-Ra expects retail inflation to average 3.8% in FY27.
- Union government debt as a percentage of GDP is projected to decline to 55.5% in FY27 from an estimated 56.3% in FY26.
- Ind-Ra anticipates the Indian Rupee to average 92.26 against the US dollar in FY27, compared with 88.64 in FY26.
- Ind-Ra estimates total budget size to rise to Rs 52 lakh crore in FY27 from the budgeted Rs 50 lakh crore in FY26.
- Tax revenue is expected to fall short by Rs 2 lakh crore in FY26, to be offset through higher non-tax revenue and slightly lower capex.
- Fiscal deficit for FY26 is retained at the budgeted 4.4% of GDP, amounting to Rs 15.69 lakh crore in absolute terms.
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- Goldman Sachs projects India’s real GDP growth at around 6.7 per cent in 2026 and 6.8 per cent in 2027.
- Global growth is expected at 2.8 per cent in 2026, above the consensus estimate of 2.5 per cent.
- Emerging markets, including India, are expected to outperform developed peers amid stronger domestic demand and favourable structural trends.
- India’s growth benefits from strong domestic consumption, public infrastructure spending and limited exposure to global trade disruptions.
- Goldman Sachs estimates China to grow at 4.8 per cent in 2026 and 4.7 per cent in 2027.
- Inflation pressures are expected to ease across most economies by end-2026, supporting accommodative monetary stances in several emerging markets.
- India’s real GDP expanded 8.2% in Q2 FY26, according to the Ministry of Statistics and Programme Implementation (MoSPI).
- MoSPI estimates India’s first-half (H1) FY26 real GDP growth at 8.0%.
- Real Gross Value Added (GVA) increased 8.1% in Q2 FY26.
- The secondary sector grew 8.1% and the tertiary sector grew 9.2% in Q2 FY26.
- Manufacturing output rose 9.1% in Q2 FY26.
- Financial, real estate, and professional services grew 10.2% in Q2 FY26.
- Real Private Final Consumption Expenditure (PFCE) grew 7.9% in Q2 FY26.
- Government consumption (GFCE) contracted 2.7% in Q2 FY26.
- Gross Fixed Capital Formation (GFCF) rose 7.3% in Q2 FY26.
- Exports grew 5.6% and imports increased 12.8% in Q2 FY26.
- The Reserve Bank of India (RBI) revised India’s GDP forecast for FY2025-26 upwards to 7.3% from the earlier 6.8%.
- RBI raised Q3 FY26 growth estimate to 7.0% from 6.4%.
- RBI raised Q4 FY26 growth estimate to 6.5% from 6.2%.
- RBI raised Q1 FY27 growth projection to 6.7% from 6.4%.
- RBI projected Q2 FY27 growth at 6.8%.
- RBI’s Monetary Policy Committee (MPC) cut the policy repo rate by 25 basis points to 5.25%.
- India’s economy grew 8.2% in Q2 FY25, 7.8% in Q1 FY25, and 6.5% for full-year FY25.
- RBI announced Rs 1 lakh crore OMO purchases and a 3-year USD/INR swap of USD 5 billion.
- IMF projects India to become the world’s fourth-largest economy by end of 2025.
- India Ratings and Research (Ind-Ra) expects GDP in FY26 to grow 7 per cent year-on-year.
- Ind-Ra revised forecast 70 basis points higher than earlier 6.3 per cent projected in July 2025.
- Reserve Bank of India (RBI) projected India's GDP growth in current fiscal at 6.8 per cent.
- India's real GDP grew 7.8 per cent in April-June period of FY26.
- India's GDP expanded 6.5 per cent in last fiscal year.
- Ind-Ra expects private final consumption expenditure to grow 7.4 per cent YoY in FY26.
- Private final consumption expenditure grew 7.2 per cent in FY25.
- Indian exports to US fell 11.9 per cent YoY in September 2025.
- Indian exports to US fell 8.9 per cent YoY in October 2025.
- Indian exports to US averaged USD 7.2 billion per month in FY25.
- Indian exports to US averaged USD 7.4 billion from April to October 2025.
- Indian exports to US dropped to USD 5.9 billion during September-October 2025.
CSIR-National Physical Laboratory (CSIR-NPL) opens National Environmental Standard Laboratory to certify air-pollution gear
[CSIR-National Physical Laboratory (CSIR-NPL)]
Key Updates:
- Union Science and Technology Minister Jitendra Singh inaugurated the National Environmental Standard Laboratory at the CSIR-National Physical Laboratory (CSIR-NPL) premises.
- The facility will test and calibrate equipment that monitors air pollution, including Online Continuous Emission Monitoring Equipment (OCEMS) and Continuous Ambient Air Quality Monitoring System (CAAQMS).
- The Environment Ministry has designated CSIR-NPL as the verification and certification agency for emission and ambient air pollution monitoring equipment in India.
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- India has launched the first of its kind R&D roadmap to enable the country's net-zero emission targets of 2070 through Carbon Capture, Utilization and Storage (CCUS).
- The roadmap will leverage the government's Rs 1 lakh crore Research, Development and Innovation (RDI) funding pathways to accelerate CCUS development and deployment.
- It will guide coordinated action, foster collaboration, and enable investments that accelerate technology deployment for reducing carbon footprints across hard-to-abate sectors such as cement, power and steel.
- India early this year unveiled a pioneering national initiative of creating five Carbon Capture and Utilisation (CCU) testbeds in the cement sector, forming a first of its kind research and innovation cluster to combat industrial carbon emissions.
- The World Bank has approved $599.66 million in financing for two major clean air programs in Uttar Pradesh and Haryana.
- These initiatives aim to improve air quality, reduce health impacts, and strengthen both states as attractive business destinations.
- The programs will invest in clean cooking, electric mobility, and cleaner industrial practices.
- Paul Procee, Acting Country Director, World Bank India, stated that 'Air pollution is causing severe health impacts, loss of productivity and reduced quality of life across South Asia.'
- The operations mark the first airshed-based, multi-sectoral programs taken up by Indian state governments to address air pollution.
- The Uttar Pradesh Clean Air Management Program (UPCAMP), backed by $299.66 million, will expand the state’s Clean Air Plan with investments across transport, agriculture and industry.
- UPCAMP aims to provide clean cooking access to 3.9 million households and promote clean mobility by deploying 15,000 electric three-wheelers and 500 electric buses in Lucknow, Kanpur, Varanasi and Gorakhpur.
- Haryana’s Clean Air Project for Sustainable Development Operation, supported by $300 million, will invest in air quality and emissions monitoring and expand clean transport options such as electric buses and electric three-wheelers in Gurugram, Sonipat and Faridabad.
- In November, Haryana slipped into the red zone of India’s air quality map, with no district meeting the national annual PM2.5 standard.
- The Centre for Research on Energy and Clean Air (CREA) has identified Haryana as a significant pollution hotspot in the Indo-Gangetic Plain.
- Gurugram is among seven districts in Haryana that rank within India’s 50 most polluted, with PM2.5 levels at least twice—and in some cases nearly three times—above the annual national safety limit.
- Both state programs form part of the World Bank's Regional Air Quality Management Program in the Indo-Gangetic Plains and Himalayan Foothills.
- India has 65 commercial-scale clean industrial projects worth over USD 150 billion, making it the world’s third-largest pipeline behind China and the United States.
- Only six of these projects have reached the Final Investment Decision (FID) stage, according to the Industrial Transition Accelerator (ITA) report.
- The projects are concentrated in Odisha, Andhra Pradesh, Karnataka, Gujarat, Rajasthan, Maharashtra and Tamil Nadu.
- The chemicals sector accounts for nearly 80% of the pipeline, with 50 clean ammonia and methanol projects totaling 30–35 million tonnes per annum capacity.
- The report estimates these projects could abate 160–175 million tonnes of CO₂ annually and create more than two lakh direct and indirect jobs.
- Scheme Name: National Aviation Safety Centre – "the first of its kind institution in the region to train investigators and aviation professionals modelled on global best practices"
- Objective: "to train aircraft accident investigators and aviation professionals" and "build world-class safety infrastructure and human capital"
- Implementing Authority: Civil Aviation Ministry (announced by Civil Aviation Secretary Samir Kumar Sinha)
- Key Provision: Government is "doubling" the number of professionals in regulatory and investigation roles
- Institutional Support: Aircraft Accident Investigation Bureau (AAIB) will continue to classify occurrences and conduct detailed accident investigations
CSIR-National Physical Laboratory inaugurates world-class environmental and solar calibration facilities
[CSIR-National Physical Laboratory]
Key Updates:
- Union Minister Dr Jitendra Singh inaugurated the world’s second National Environmental Standard Laboratory and the world’s fifth National Primary Standard Facility for Solar Cell Calibration at CSIR-NPL.
- The National Environmental Standard Laboratory will provide India-specific calibration and certification of air pollution monitoring systems under Indian climatic conditions.
- The National Primary Standard Facility for Solar Cell Calibration, developed with PTB Germany, achieves the lowest global uncertainty of 0.35% (k=2) for reference solar cell calibration.
- CSIR-NPL houses atomic clocks that established Indian Standard Time (IST), with the Minister noting “half the nation synchronised its watches with the atomic clock housed at NPL.”
- NPL’s new solar facility reduces India’s dependence on foreign certification, saves foreign exchange, and boosts investor confidence in the domestic solar sector.
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- S Jaishankar launched the IITM Global Research Foundation, positioning Indian Institute of Technology Madras (IIT Madras) as the world’s first multinational university.
- He inaugurated the IITM Festival Fortnight, including the Open House, Shaastra technical festival, and Saarang cultural festival.
- IIT Madras signed memoranda of understanding with partners in the United States (US), United Kingdom (UK), Germany, Dubai, Asia-Pacific, and under the India-for-Global initiative.
- Prime Minister Narendra Modi decides to upgrade SCL Mohali and establish a high-quality semiconductor training centre, strong commercial production unit, and world-class R&D facility under India Semiconductor Mission.
- SCL Mohali upgrade includes process modernisation, new tools, and production level increased 100 times.
- Modernisation of SCL addresses strategic requirements, student needs, researcher requirements, chips, and fabrication.
- Large-scale training facility to be built at SCL Mohali.
- SCL to remain a government organisation and major R&D organisation.
- India Semiconductor Mission launched in 2021.
- 1 Bio has been established by the Telangana government through Telangana Lifesciences and Telangana Industrial Infrastructure Corporation (TGIIC) in partnership with the Department of Biotechnology (DBT) and Thermo Fisher Scientific.
- The public-private partnership project saw the Telangana government facilitate an investment of Rs 150 crore in infrastructure, while Thermo Fisher Scientific contributed Rs 90 crore for the bioprocess design centre and its co-located customer experience centre.
- The 1 Bio hub is expected to attract another Rs 500 crore in private investment from its tenant companies and generate over 500 highly skilled jobs.
- These facilities will provide end-to-end process development and pilot scale validation, enabling startups and established companies to cut down on capital investment and accelerate development.
- Ministry of Science and Technology announced four Quantum Fabrication and Central Facilities under the National Quantum Mission (NQM).
- Total outlay for the facilities is Rs 720 crore.
- Facilities to be set up at IIT-Bombay, IISc-Bengaluru, IIT-Kanpur, and IIT-Delhi.
- Facilities will support quantum sensing, quantum computing, and quantum materials development.
- Access open to NQM investigators, academia, industry, start-ups, and strategic sectors.