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Indian Economy Current Affairs

Union cabinet approves Bharat Maritime Insurance Pool 2026

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In response to disruptions in global shipping due to the West Asia conflict, the Union Cabinet has approved the Bharat Maritime Insurance Pool (BMI Pool). This initiative ensures uninterrupted insurance coverage for maritime operations involving India.

bharat maritime insurance pool

What is Bharat Maritime Insurance Pool?

The Bharat Maritime Insurance Pool is a government-backed insurance mechanism designed to provide coverage for various maritime risks. It aims to reduce dependence on foreign insurers and strengthen India’s shipping resilience.

Key Features of the Scheme

  • Sovereign Guarantee: Backed by a government guarantee of β‚Ή12,980 crore
  • Duration
    • Initial period: 10 years
    • Extendable by 5 more years
  • Management
    • Managed by GIC Re
    • Supervised by a Governing Body

Why Was This Scheme Introduced?

  • Disruptions in global shipping routes due to West Asia geopolitical tensions
  • Rising war risk premiums in maritime insurance
  • Need to ensure continuous insurance availability for Indian shipping
  • Reduce reliance on foreign insurance providers

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PMGSY-III Extended Till 2028:

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Why in News?

The Union Cabinet has approved the continuation of Pradhan Mantri Gram Sadak Yojana Phase III (PMGSY-III) beyond March 2025 up to March 2028. This extension aims to strengthen rural infrastructure by upgrading existing road networks and improving connectivity to essential services.

pmgsy iii

Objectives of PMGSY-III

  • Upgrade 1,25,000 km of rural roads
  • Improve connectivity to:
    • Gramin Agricultural Markets (GrAMs)
    • Higher Secondary Schools
    • Hospitals
  • Boost rural economy and accessibility

Background of PMGSY

  • Launched in 2000
  • Implemented by the Ministry of Rural Development
  • A centrally sponsored scheme

Funding Pattern

  • 60:40 (Centre : State)
  • 90:10 for North-East & Himalayan States
  • Core Objective: Provide all-weather road connectivity to unconnected rural habitations to improve socio-economic conditions.

Target Population Criteria (2011 Census)

  • 500+ population in plain areas
  • 250+ population in NE, Himalayan, tribal & desert areas
  • 100+ population in Left Wing Extremism (LWE) affected districts

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Borrowers’ Platform Launched by Developing Countries

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Why in News?

In a major step towards reforming the global financial system, developing countries launched the Borrowers’ Platform during the IMF-World Bank Spring Meetings 2026. This is the first-ever collective initiative aimed at strengthening the voice of borrowing nations in global debt discussions.

borrowers platform psc chronicles

What is the Borrowers’ Platform?

  • A collaborative forum for developing countries.
  • Focuses on sovereign debt issues and financial challenges.
  • Helps countries coordinate strategies and share knowledge.
  • Aims to rebalance global financial governance, which is currently dominated by lenders.
  • Secretariat: TheΒ United Nations Conference on Trade and Development (UNCTAD)Β serves as the permanent secretariat, providing technical and administrative support.
  • Member-Led Structure: It is governed by the finance ministers of participating nations.
  • Working Group: A seven-country group currently guides implementation, chaired byΒ EgyptΒ withΒ PakistanΒ as vice-chair. Other founding members include Colombia, Honduras, Maldives, Nepal, and Zambia.

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PM MUDRA Yojana 2026: 11 Years completed

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Why in News?

India celebrates 11 years of the Pradhan Mantri MUDRA Yojana (PMMY), launched on 8 April 2015. The scheme aims to provide collateral-free loans to micro and small businesses, promoting entrepreneurship and financial inclusion.

pm mudra yojana

Pradhan Mantri MUDRA Yojana (PMMY)

  • Launch Date: 8 April 2015
  • Type: Flagship Central Government Scheme
  • Objective: β€œFund the Unfunded”
  • Ministry: Department of Financial Services, Ministry of Finance

Loan Categories under PMMY

Shishu

  • Loan up to β‚Ή50,000
  • For new or early-stage entrepreneurs

Kishore

  • Loan from β‚Ή50,001 to β‚Ή5 lakh
  • For growing businesses

Tarun

  • Loan from β‚Ή5 lakh to β‚Ή10 lakh
  • For established enterprises

Tarun Plus (New Category)

  • Loan from β‚Ή10 lakh to β‚Ή20 lakh
  • For entrepreneurs who successfully repaid Tarun loan

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Government e-Marketplace (GeM) – Key facts for UPSC and State PSC exams

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What is Government e-Marketplace (GeM)?

The Government e-Marketplace (GeM) is an online procurement platform launched by the Government of India to facilitate transparent and efficient purchasing of goods and services by government departments.

  • Launched: 2016
  • Nodal Ministry: Ministry of Commerce and Industry
gem portal
  • It actsΒ an online portal to facilitate the end-to-end procurement of common-use goods and services by various Government Departments, Organizations, and Public Sector Undertakings (PSUs).
  • The GeM portal is built on three fundamental pillars:Β Inclusion,Β Efficiency, andΒ Transparency

Major Initiatives under GeM

  • SWAYATT:Β PromotesΒ Startups,Β Women andΒ YouthΒ AdvantageΒ ThroughΒ e–Transactions.
  • Womaniya:Β A dedicated initiative to enable women entrepreneurs and Self-Help Groups (SHGs) to sell handicrafts and other products.
  • Start-up Runway:Β Provides a platform for startups to showcase unique, innovative products to government buyers.

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GeM Womaniya Initiative: 2 Lakh Women Entrepreneurs Registered

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Why in News?

The GeM Womaniya Initiative has achieved a major milestone, with over 2 lakh women-led Micro and Small Enterprises (MSEs) registered on the platform. In FY 2025–26, these entrepreneurs secured 13.7 lakh orders, highlighting the growing role of women in public procurement.

gem portal

What is GeM Womaniya Initiative?

  • GeM Womaniya is a flagship initiative under the Government e-Marketplace (GeM).
  • It aims to empower women entrepreneurs and Self-Help Groups (SHGs).
  • Focus: Integrating women-led businesses into government procurement systems.

Key Features:

  • Direct access to government buyers (ministries, departments, PSUs)
  • No intermediaries β†’ better profit margins
  • Fully digital & transparent platform
  • Promotes inclusive economic growth

About Government e-Marketplace (GeM)

  • Launched by: Ministry of Commerce and Industry
  • Type: National Public Procurement Portal
  • Main function: Dedicated online portal for the procurement of common-use goods and services required by various government departments, ministries, and public sector undertakings (PSUs).

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New CPI Series 2024 Explained:

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Why in News?

The Ministry of Statistics and Programme Implementation (MoSPI) has introduced a new Consumer Price Index (CPI) series with base year 2024=100. According to the latest data, India’s retail inflation stood at 2.75% in January 2026 (year-on-year), reflecting changes in consumption patterns and economic structure.

cpi inflation

What is CPI?

  • Consumer Price Index (CPI) measures the average change in prices of goods and services consumed by households.
  • It is the most important indicator of inflation in India.
  • Used by the Reserve Bank of India (RBI) for monetary policy decisions.

Key Changes in New CPI Series (Base Year 2024)

1. Change in Base Year

  • Updated from 2012 β†’ 2024
  • Reflects latest consumption patterns of households.

2. Weight Realignment

  • Reduced weight: Food & beverages
  • Increased weight: Services, Housing

3. Expanded Consumption Basket

  • Total items increased:
    • From 299 β†’ 358 items
      • 308 goods
      • 50 services

4. New Items Added

  • Online streaming services , Rural housing , Value-added dairy products, Babysitting services, Fitness equipment
5. Inclusion of Rural House Rent
  • First-time inclusion
  • Improves representation of rural consumption patterns
6. Updated Classification System
  • Now follows COICOP 2018 classification
  • Shift:
    • From 6 groups β†’ 12 divisions

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RBI Keeps Repo Rate at 5.25% – MPC Maintains Neutral Stance

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Why in News?

The Reserve Bank of India (RBI), in its first monetary policy meeting of FY 2026–27, decided to keep the repo rate unchanged at 5.25%. The decision was taken unanimously by the Monetary Policy Committee (MPC) under Governor Sanjay Malhotra. The RBI also retained its β€˜neutral’ policy stance, indicating flexibility in future actions

monetary policy meeting

Key Highlights of Monetary Policy (FY27)

  • Repo Rate: 5.25%
  • Standing Deposit Facility (SDF): 5.00%
  • Marginal Standing Facility (MSF): 5.50%
  • Bank Rate: 5.50%

These rates are crucial tools used by RBI to regulate liquidity and inflation in the economy.

What is Monetary Policy Committee (MPC)?

  • Established under the RBI Act, 1934 (amended in 2016)
  • Composition: 6 Members
    • 3 from RBI
    • 3 nominated by Government of India
  • Chairperson: RBI Governor
  • Meetings: At least 4 times a year

Objective:

  • Maintain price stability
  • Achieve inflation target of 4% (Β±2%)
  • Support economic growth

What is Neutral Policy Stance?

  • A neutral stance means RBI is not biased toward increasing or decreasing interest rates.

Key Features:

  • Equal focus on inflation control and growth
  • Decisions depend on future economic data
  • Provides policy flexibility

Important Policy Rates

Repo Rate

  • Repo (Repurchase Option) Rate is the rate at which RBI lends money to commercial banks.
Impact:
  • Increase in Repo Rate:
    • Loans become expensive
    • Reduces money supply
    • Controls inflation
  • Decrease in Repo Rate:
    • Loans become cheaper
    • Boosts investment & consumption
    • Promotes economic growth

SDF (Standing Deposit Facility):

  • Rate at which banks deposit surplus funds with RBI (without collateral)

MSF (Marginal Standing Facility):

  • Emergency borrowing window for banks from RBI

Bank Rate:

  • Long-term lending rate of RBI

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PLFS 2025: Key Highlights of India’s Labour Data

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Why in News:

Ministry of Statistics and Programme Implementation (MoSPI) has released the Periodic Labour Force Survey (PLFS) Annual Report 2025, providing crucial insights into employment trends in India

periodic labour force survey

Key Findings of PLFS 2025

  • Unemployment Rate (UR): Remained stable at 3.1%
  • Labour Force Participation Rate (LFPR): Stood at 59.3%
    • Indicates proportion of people working or seeking work
  • Worker Population Ratio (WPR): Recorded at 57.4%
    • Shows percentage of employed population

What is PLFS?

  • Periodic Labour Force Survey (PLFS) is India’s main survey for employment and unemployment data.
  • Launched in 2017.
  • Conducted by the National Statistical Office (NSO) under MoSPI.

Frequency of PLFS

  • Quarterly Reports:
    • For urban areas
    • Based on Current Weekly Status (CWS)
  • Annual Reports:
    • For both rural and urban areas
    • Based on Usual Status

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Iran War and Stagflation Risks

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Why in News?

The ongoing Iran War (2026) has created disruptions in global energy supplies, especially oil. This has raised concerns among economists about a possible stagflation scenario, which combines inflation with economic slowdown.

stagflation

What is Stagflation?

  • Stagflation is a rare economic condition where:
    • Economic growth is slow or stagnant
    • Unemployment is high
    • Inflation is high simultaneously

Impact of Iran War on Global Economy

  • The conflict has affected oil supply routes and production.
  • Leads to increase in global crude oil prices.
  • Causes higher fuel and transportation costs worldwide.
  • Triggers inflationary pressures in many countries.
  • May slow down global economic growth due to rising costs.

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