Current Affairs 29 July 2026

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NATIONAL AFFAIRS

Maharashtra Becomes First State To Qualify For Second RKVY Installment
In July 2026, Maharashtra became the first state in India to qualify for the release of the second installment under the Rashtriya Krishi Vikas Yojana (RKVY) after achieving  the prescribed fund utilisation benchmark set by the Government of India (GoI).

• The decision was taken during the virtual review meeting, chaired by Union Minister Shivraj Singh Chouhan, Ministry of Agriculture and Farmers Welfare (MoA&FW), conducted to review  the utilisation of funds released under RKVY.

Key Details:
First Installment: Previously, the Government of India (GoI) released Rs 335 crore as the 1st installment under RKVY to the Government of Maharashtra.
Funds Utilized: Of the total amount released as 1st installment of the scheme, the state government has utilised  nearly Rs 260 crore, which is more than prescribed 75% utilisation benchmark, thereby making the state eligible for the 2nd installment.
2nd Installment: Following the approval, the GoI will release the second installment of Rs 335 crore to the state government.
About  RKVY: Launched in 2007-2008, RKVY is a Centrally Sponsored Scheme (CSS)of the  Department of Agriculture & Co-operation (DAC), MoA&FW, designed to ensure holistic development of agriculture and allied sectors by allowing states to choose their own agriculture and allied sector development activities as per the district or state agriculture plan.

• Initially, the scheme was launched as a Central Sector Scheme i.e. 100% funding by the GoI. But, since 2015-16, the funding pattern for the scheme changed into the Centrally Sponsored Scheme i.e. financial assistance provided by the GoI and respective state governments.
• Funding Ratio for States: 60:40 (GoI: States); for North Eastern (NE) states and Himalayan states (90:10); and, 100% funding by the GoI for all UTs.

MoES Celebrates 20th Foundation Day in New Delhi; Launches New Weather and Ocean Science Initiatives
On July 27 2026, the Ministry of Earth Sciences (MoES) celebrated its 20th Foundation Day at Prithvi Bhawan in New Delhi, Delhi, marking 20 years of contributions to weather forecasting, earth systems science, oceanography, seismology and polar research.

• The event was presided over by Dr. N. Kalaiselvi, Secretary, MoES.

Key Initiatives Launched:

IMD-led Key Initiatives: The India Meteorological Department (IMD) established 13 Centres of Excellence (CoEs) for specialised meteorological research, upgraded the Thiruvananthapuram Cyclone Warning Centre into an Area Cyclone Warning Centre (ACWC), launched IMD NOVA for thunderstorm nowcast monitoring, and signed an MoU with the Indian Council of Agricultural Research–National Institute of Veterinary Epidemiology and Disease Informatics (ICAR-NIVEDI) to establish the Weather Driven Animal Disease Risk Forecasting Unit (WAADRU) for district-level livestock disease forecasting.
NCMRWF-led Initiatives: The National Centre for Medium Range Weather Forecasting (NCMRWF) introduced the WINGS mobile application (app) for numerical weather prediction, and real-time weather analysis.

• It also launched the National Doppler Weather Radar Reflectivity Mosaic to monitor severe weather systems, along with an upgraded Open Data Portal, designed to expand weather and ocean datasets.

NCS-led Initiatives: The National Centre for Seismology (NCS) released the Compendium of Monthly Seismological Bulletins for 2023 and 2024, providing validated earthquake catalogues and seismic data, along with the Strong Motion Atlas of India (2010–2020), a compilation of strong ground-motion records to support earthquake engineering and hazard assessment.
CMLRE-led Initiatives: The Centre for Marine Living Resources and Ecology (CMLRE) released taxonomic manuals covering 100 Tintinnid ciliate species and 225 seamount-associated species, and issued Standard Operating Procedures (SOPs) for the collection, preservation, and analysis of marine biological samples.

MoPR Launches Atmanirbhar Panchayat Programme, SAMARTH Portal & Model OSR Rules to Strengthen PRIs
In July 2026, Union Minister Rajiv Ranjan Singh, Ministry of Panchayati Raj (MoPR) and Ministry of Fisheries, Animal Husbandry and Dairying (MoFAHD) launched the Atmanirbhar Panchayat Programme, SAMARTH Panchayat Portal, and released the Model Own Source of Revenue (OSR) Rules at Krishi Bhawan, New Delhi, Delhi.

• The initiative aims to strengthen the financial autonomy, digital governance and revenue generation capacity of Panchayati Raj Institutions (PRIs) in line with Viksit Bharat @2047.

About the Initiatives:
Atmanirbhar Panchayat Programme: It is an initiative of the MoPR designed to enable Gram Panchayats (GPs) and Block Panchayats to identify local assets and convert them into sustainable, revenue-generating projects, thereby strengthening their OSR and promoting financial self-reliance.
SAMARTH Panchayat Portal: It is India’s first unified digital platform developed by MoPR for end-to-end management of Panchayat OSR.
Model OSR Rules: It provides an advisory framework for States and Union Territories (UTs) to strengthen the assessment, collection and management of Panchayat revenues, including property tax, user charges, fees and other non-tax revenues.

India to Use Producer Price Index (PPI) for GDP Deflation 
In July 2026, the Ministry of Statistics and Programme Implementation (MoSPI) announced plans to use the output Producer Price Index (PPI) as a deflator for quarterly and annual Gross Domestic Product (GDP) estimates, replacing the Wholesale Price Index (WPI) wherever applicable.

• The  PPI series was released by the Department for Promotion of Industry and Internal Trade (DPIIT) in June 2026 to support improved GDP measurement and align India’s national accounts with international standards.

Highlights of PPI Adoption: 
GDP Deflation:  The output PPI will be used for GDP deflation to improve the accuracy of real growth measurement and reduce distortions in GDP estimates.

• In June 2026, WPI inflation rose to 9.87% from 9.68% in May 2026, while output PPI inflation increased to 9.57% from 9.38%.

Methodology Change:  The revised GDP series updated the base year to 2022–23 from 2011–12 and adopted double deflation, which separately adjusts output and input prices.
Replacement of WPI:  The WPI will be phased out as a GDP deflator, while the  CPI will continue for specific granular items; the earlier single deflation method using WPI for output and input prices was replaced due to growth estimation distortions.
Implementation:  MoSPI plans to introduce the new PPI-based methodology with GDP estimates for the April–June quarter of 2026–27. The back series data under the revised GDP series will also be released.
About PPI:  PPI measures price changes received by producers for goods and services and is used for accurate GDP deflation.

Union Minister Piyush Goyal Announces Task Force to Support Toy Sector, Targets 5% Global Market Share by 2032  
In July 2026, Union Minister, Piyush Goyal, Ministry of Commerce & Industry(MoC&I), announced the formation of a Task Force to support India’s toy sector during the stakeholder meet “Team Up for Toys: Driving Steering Committee for Advancing Local Value Add and Employment (SCALE), Innovation and Exports” organised by Department for Promotion of Industry and Internal Trade (DPIIT) at Vanijya Bhawan, New Delhi, Delhi.

• The task force aims to strengthen the toy sector and achieve a 5% share in the global toy market by 2032.

Highlights of Toy Sector Initiative: 
Six Key Focus Areas: The Task Force will focus on integrating India’s toy industry with global value chains, strengthening domestic manufacturing capabilities, addressing value chain bottlenecks, creating a skilled workforce and generating employment, promoting design and innovation, and enhancing the ease of doing business to improve the sector’s global competitiveness.
Launch of Toy Sector Playbook: A roadmap for manufacturers, startups, Micro, Small and Medium Enterprises (MSMEs) and investors covering standards, skills, innovation, intellectual property and exports.
Growth:  India’s toy ecosystem includes 21,000+ MSMEs, 770+ DPIIT recognised startups, 50 toy clusters and 1,800+ Bureau of Indian Standards (BIS) licensees.
About Department for Promotion of Industry and Internal Trade (DPIIT): The DPIIT, established in 1995 (renamed from DIPP in 2019), functions under the MoC&I. Headquartered in New Delhi, it is headed by Secretary Amardeep Singh Bhatia.

MoA&FW Allows Use of Anhydrous Ammonia Fertilizer to Reduce Urea Import Dependence
In July 2026, the Ministry of Agriculture and Farmers Welfare (MoA&FW) permitted the manufacture and agricultural use of Anhydrous Ammonia fertilizer under the Clause 20A of the Fertiliser (Inorganic, Organic or Mixed) (Control) Order, 1985, for a three-year period, allowing fertilizer with a minimum nitrogen content of 82% to reduce India’s dependence on imported urea.

• The move aims to promote an alternative nitrogen fertilizer, improve fertilizer-use efficiency, and reduce India’s dependence on imported urea.

About the Approval of Anhydrous Ammonia Fertilizer:
Background: India produces nearly 300 lakh tonnes (LT) of urea annually but still imports around 100 LT to meet rising domestic demand, highlighting the need to strengthen fertilizer security and reduce import dependence.
Green Urea: A 150 TPD Green Urea pilot plant will be developed at Pudimadaka, Andhra Pradesh (AP), by NTPC Energy Technology Research Alliance (NETRA), the research and development arm of NTPC Limited, integrating Carbon Capture and Utilisation (CCUS) with water electrolysis.

MoT Signs MoU with Air India to Promote India as Global Tourism Destination 
In July 2026, the Ministry of Tourism (MoT) signed a Memorandum of Understanding (MoU) with Air India Limited in New Delhi, Delhi to promote India as a preferred global tourism destination under the Incredible India brand.

• The MoU was signed in the presence of Union Minister Gajendra Singh Shekhawat, Ministry of Tourism and Ministry of Culture.

MoU Highlights:
Objective: The partnership aims to boost inbound tourism and position India as a global travel and transit hub by leveraging Air India’s network.
Key Provisions: The MoU, valid for 2 years, provides for co-branded global marketing campaigns across digital, social media, inflight, and other customer-facing platforms, while expanding ‘Incredible India’ branding across Air India’s customer touchpoints.
Joint Promotion: The partnership includes joint promotional campaigns with tour operators, travel trade partners, and industry stakeholders through tourism exhibitions, roadshows, familiarisation trips, and other initiatives to boost inbound tourism.
About Air India:  Established as Tata Airlines in 1932, Air India is India’s national airline, founded by J. R. D. Tata, headquartered in New Delhi, and has been owned by the Tata Group since 2022.

BANKING & FINANCE

GoI Approves RBI Field Trials of Rs 10 and Rs 20 Polymer Currency Notes
In July 2026, the Government of India (GoI) approved the Reserve Bank of India’s (RBI) proposal to conduct field trials of one billion (Bn) polymer banknotes each in the Rs. 10 and Rs. 20 denominations, marking a significant step towards evaluating more durable currency notes in India.
About Polymer Notes Initiative:
Section: The RBI, with the recommendation of its Central Board, had sent a proposal to the government in terms of Section 25 of the RBI Act, 1934, for the introduction of Rs 10 and Rs 20 polymer banknotes, worth Rs 3000 crores (Cr) for field trials.
Field Trials: The RBI has been authorised to conduct field trials of polymer banknotes under different climatic and usage conditions to evaluate their durability, security features, and public acceptance.

• Regular issuance of the polymer banknotes will begin only after the successful completion and evaluation of the field trials.

Polymer Notes: RBI polymer notes are printed on a non-fibrous and non-porous polymer substrate rather than conventional banknote paper.
Additional Option: The Central Government also confirmed that the polymer notes are being tested as an additional option, and there is no proposal to replace the existing paper substrate-based banknotes.

Axis Finance Launches ‘Drishti’ Digital Platform to Strengthen Retail and MSME Lending 
In July 2026, Axis Finance Limited (AFL) launched ‘Axis Finance Drishti’, an in-house Business Rules Engine (BRE) and configurable digital platform to strengthen credit decision-making and risk management across retail and Micro, Small and Medium Enterprise (MSME) lending.

• The platform aims to enable faster, data-driven and scalable credit assessments while improving customer experience and lending efficiency.

About Axis Finance Drishti: 
Overview: It is an in-house BRE developed by AFL to automate and standardise credit decision-making using advanced analytics, underwriting workflows, and statistical scorecards.
Phase-I: In its first phase, the platform has been deployed across Personal Loans, Business Loans, Loan Against Property (LAP), and Disha Home Loans to enable faster, consistent, and data-driven credit assessments.
Key Features: Drishti is a configurable digital platform that enables automated, policy-driven credit assessments, real-time decision-making, and Straight-Through Processing (STP) by integrating underwriting workflows, advanced analytics, statistical scorecards, and multiple data sources.
About AFL: It is a non-deposit-taking Non-Banking Financial Company (NBFC) and a wholly owned subsidiary of Axis Bank. It was incorporated in India in 1995 and is headquartered in Mumbai, Maharashtra.

OmniCard Launches India’s First Flexi Benefits Basket on UPI for Tax-Efficient Employee Benefits 
In July 2026, OmniCard Platform, developed by Eroute Technologies Private Limited, launched India’s first Flexi Benefits Basket on the Unified Payments Interface (UPI), offering a single employee-controlled digital wallet for tax-efficient spending across multiple benefit categories.

• Built on its Reserve Bank of India (RBI)-licensed Prepaid Payment Instrument (PPI) platform, the wallet can be used at around 60 million  UPI-accepting merchants.

About OmniCard Flexi Benefits Basket on UPI:
Features: Enables efficient benefit administration and tax compliance, allowing employees to allocate benefits across meals, fuel, telecom, books, periodicals, gadgets, and other eligible categories, with Merchant Category Code (MCC)-based spending controls.
About OmniCard: It was launched in July 2021 as an Artificial Intelligence (AI)-powered corporate spend management platform and payment ecosystem in India.

ECONOMY & BUSINESS

Edelweiss Mutual Fund Launches India’s First REIT-Oriented Index Fund
In July 2026, Edelweiss Mutual Fund (MF) launched the Edelweiss Nifty REITs & Realty Index Fund, India’s first Real Estate Investment Trusts (REITs)-oriented open-ended passive index fund, which tracks the Nifty REITs & Realty Total Return Index (TRI).

• The fund seeks to provide low-cost, long-term capital appreciation by offering diversified exposure to India’s listed REITs and real estate companies through a single investment.

About Edelweiss Nifty REITs & Realty Index Fund:
Benchmark: It tracks the Nifty REITs & Realty TRI, which currently allocates about 60% to listed REITs and 40% to listed real estate companies, with REIT allocation expected to increase as more REITs are listed.
Regulations: Under Securities and Exchange Board of India (SEBI) regulations, Real Estate Investment Trusts (REITs) were reclassified as equity instruments from January 1, 2026 and became eligible for equity indices from July 1, 2026, while Infrastructure Investment Trusts (InvITs) remain hybrid instruments and cannot be combined with REITs in a single passive index fund.

SCIENCE & TECHNOLOGY

NASA Plans AI-powered ‘PRAXIS’ Mission to Collect and Analyze Saturn Ring Particles Directly
In July 2026, National Aeronautics and Space Administration (NASA) researchers proposed an AI (Artificial Intelligence) mission concept called PRAXIS (Planetary Rings Autonomous EXploration with In-situ Sampling) under Phase I of the NASA Innovative Advanced Concepts (NIAC) 2026 program to enable the first-ever direct collection and analysis of particles from Saturn’s rings.

• The project will be led by Dr B. Marco Quadrelli, a Principal and Group Supervisor of the Robotics Modelling and Simulation Group at the Jet Propulsion Laboratory (JPL), California, United States of America (USA).

Key Details of PRAXIS Mission:
Objective: PRAXIS is designed to deliver the first direct observations of millimetre- to centimetre-sized (mm–cm scale) ring particles, addressing a key priority identified in planetary science decadal surveys.
Significance: Direct study of raw ring particles will provide critical insights into the age, origin, and evolutionary processes of planetary ring systems
Applications: Technologies validated by PRAXIS could enable future exploration of fainter ring systems around Uranus, Neptune and minor bodies such as Centaurs Chariklo and Chiron.

IMPORTANT DAYS

CRPF Foundation Day 2026 – 27 July 
The Central Reserve Police Force (CRPF) Foundation Day, also known as CRPF Raising Day, is observed annually across India on 27th July to commemorate the establishment of the CRPF in 1939 and honour its contributions to national security, disaster response, and nation-building.

• 27th July 2026 marks the 88th observance of the CRPF Foundation Day.

Background:
Origin: CRPF was established as the Crown Representative’s Police (CRP) on 27th July 1939 at Neemuch, Madhya Pradesh (MP), to assist princely states in maintaining law and order during British rule.
Influence: The formation of the CRPF was influenced by the Madras Resolution (1936) passed by the All India Congress Committee (AICC), which advocated the establishment of a strong internal security mechanism in India.
Reorganisation: After India’s independence, the force was renamed the CRPF on 28th December 1949 under the Central Reserve Police Force Act, 1949, following the vision of Sardar Vallabhbhai Patel, the first Home Minister of independent India.

World Hepatitis Day 2026 – July 28 
World Hepatitis Day (WHD) is observed every year on 28 July across the globe to raise awareness about viral hepatitis, promote prevention and treatment, and accelerate global efforts to eliminate it as a public health threat by 2030.

• 2026 Theme:  “Hepatitis: Let’s Break It Down”

Background:
Origin: The first global WHD was observed on 19 May 2008 by the World Hepatitis Alliance in collaboration with patient groups.
WHO Recognition:  In 2010, the 63rd World Health Assembly (WHA) adopted Resolution WHA63.18, officially designating 28 July as WHD, with the first WHO-recognised observance held in 2011. 
Why 28 July:  The date commemorates the birth anniversary of Dr Baruch Samuel Blumberg, who discovered the Hepatitis B Virus (HBV) in 1967.

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