3 January 2026 Current Affairs (With PDF)

Stay updated with 3 January 2026 Current Affairs on this page! We bring you the most relevant and important news updates from around the world and India, specially curated for competitive exams and different entrance exams. Today's Current Affairs cover all significant national and international headlines, legal updates, economic news, and environmental highlights to boost your preparation. With our crisp, to-the-point coverage, you can confidently tackle current affairs questions in your exams.

Task Force Report on Capacity Building of Sports Administrators

A Task Force chaired by Olympic medallist Abhinav Bindra has submitted a report outlining a roadmap to professionalise and reform India’s sports governance, making it accountable, transparent, and athlete-centric.

Key Systemic Gaps Identified

1. Lack of Professionalism:

• Sports administration dominated by generalist civil servants/contractual staff.
• Limited domain expertise → ad-hoc, non-strategic decision-making.

2. Fragmented & Outdated Training:

• Sporadic capacity-building programmes.
• No system of continuous professional development (CPD).

3. Athlete Transition Barriers:

• Absence of structured Dual Career Pathways for athletes to move into governance/administration roles.

4. Governance Deficits in Federations:

• No clear separation between governing boards and executive operations.
• Results in over-centralisation, low transparency, and conflicts of interest.

Proposed Multi-Level Reform Framework

1. Civil Service Integration:

• Introduce sports governance modules in IAS training at LBSNAA.
• Objective: Sensitise future bureaucrats to sport as a tool of nation-building and social capital.

2. Performance Monitoring:

• Establish a National Performance Management & Monitoring System.
• Link Key Performance Indicators (KPIs) of sports administrators to: Promotions, Postings, Career progression

3. Apex Institutional Mechanism:

• National Council for Sports Education & Capacity Building (NCSECB)
• Regulate, accredit, and certify sports administration training.
• Ensure uniform standards and professional benchmarks.

4. Operational Arm:

• National Training & Development Cell
• Functions as NCSECB’s executive wing.
• Responsible for Curriculum delivery, Inter-institutional coordination, Outcome-based monitoring

5. India-Specific Curriculum:

• Contextualised training aligned with Indian sports ecosystem, Federal structure, Grassroots-to-elite pathways

Link with Ongoing Sports Governance Reforms

• National Sports Governance Act, 2025: Independent National Sports Board, National Sports Tribunal, National Sports Election Panel
• Khelo Bharat Niti-2025: Rural & tribal talent identification, District/block-level infrastructure strengthening
• Khelo India Programme: Grassroots sports revival, Youth and school-level talent development

Telecom, Food Delivery, Aviation: Duopolies Dominating the Indian Market

The IndiGo operational crisis in the aviation sector has renewed debate on the risks of duopolies in essential services such as telecom, food delivery, aviation, and cab aggregation.

What is a Duopoly?

A duopoly is a market structure where two firms dominate supply, together controlling most market share and influencing prices, quality, and access.

Indian Examples

• Telecom: Jio – Airtel
• Food Delivery: Zomato – Swiggy
• Aviation: IndiGo – Air India Group
• Cab Services: Ola – Uber

Why Are Duopolies Rising in India?

1. High Capital Requirements:

• Sectors like aviation and telecom require massive upfront investment and sustained losses.
• Smaller firms cannot survive prolonged price wars.

2. Network Effects:

• Early movers gain users rapidly, making platforms more valuable as they grow.
• New entrants struggle to attract customers (e.g., telecom, food delivery).

3. Regulatory Gaps:

• Ex-post regulation reacts after dominance is established.
• Limited ex-ante powers to prevent market concentration early.

Challenges Posed by Duopolies

1. Inflated Pricing & Reduced Affordability:

• Weak competitive pressure allows price hikes and surge pricing.
• Example: Food delivery commissions and platform fees.

2. Limited Consumer Choice:

• Exit of smaller players leaves consumers with few alternatives.
• Reduces bargaining power and service diversity.

3. Stagnation in Innovation:

• Firms innovate only to stay ahead of one rival, not to disrupt markets.
• Example: Telecom innovation slowdown post-consolidation.

4. Excessive Lobbying & Regulatory Capture:

• Duopolistic firms influence policy, delaying entry of new technologies or competitors.
• Example: E-commerce and platform regulation debates.

5. Systemic Vulnerability:

• Failure or disruption of one firm can paralyse entire sectors.
• Example: IndiGo crisis affecting national air connectivity.

Existing Regulatory Framework

• Competition Act, 2002: Prohibits anti-competitive agreements and abuse of dominance.
• Competition Commission of India (CCI): Enforces competition law.
• Sectoral Regulators: TRAI (Telecom), DGCA (Aviation), FSSAI (Food delivery safety aspects).

Limitation: Primarily ex-post, fragmented oversight, slow enforcement.

Nationwide Gig Workers’ Strike on New Year’s Eve

On New Year’s Eve, delivery partners associated with Swiggy, Zomato, Blinkit, and Zepto organised coordinated nationwide strikes, demanding a prohibition on ultra-fast (10-minute) deliveries, citing safety risks, income stress, and lack of social protection.

Gig Economy in India:

1. An Overview:

Legal Definition (Code on Social Security, 2020): A gig worker is an individual who undertakes work or earns income outside a conventional employer–employee relationship.

2. Classification:

• Platform-based Gig Workers: Work mediated through digital platforms or apps.
• Examples: Food delivery riders, ride-hailing drivers.
• Non-platform Gig Workers: Informal or casual workers in traditional sectors, part-time or full-time.
• Examples: Domestic help, construction casual labour.

Key Drivers of Gig Economy Expansion

1. Demand-side Factors:

• Rapid urban consumption growth.
• Expansion of quick-commerce and app-based services.

2. Supply-side Factors:

• Preference for flexible work arrangements.
• Perceived short-term earning opportunities, especially for youth and migrants.

Core Challenges Faced by Gig Workers

1. Income Insecurity:

• Falling per-order payouts and low guaranteed base pay.
• High dependence on incentives, leading to volatile earnings.

2. Occupational Risks:

• Tight delivery deadlines, especially 10-minute delivery models, heighten accident risk and mental stress.

3. Social Protection Deficit:

• Lack of assured health insurance, accident coverage, paid leave, and pensions.

4. Gaps in Social Security Coverage:

• Eligibility norms such as the 90-day engagement rule are viewed as exclusionary by worker groups.

5. Algorithmic Control and Power Asymmetry:

• Opaque algorithms decide order allocation and incentives.
• Risks of sudden de-platforming with limited grievance redressal.
• Weak scope for collective bargaining.

Measures for Gig Workers’ Welfare

1. Code on Social Security, 2020:

• Recognises gig and platform workers as a distinct category.
• Enables formulation of targeted welfare schemes.

2. Inclusion through e-Shram Portal:

• Eligibility: Minimum 90 days of work in a year on a single platform, or
• 120 days across multiple platforms.
• Benefits include access to health and accident insurance, linked with schemes like Ayushman Bharat.

3. Pradhan Mantri Suraksha Bima Yojana (PMSBY):

• Provides ₹2 lakh accidental insurance cover annually to eligible registered unorganised and gig workers.

4. State-Level Legal Initiatives:

• Rajasthan Platform-Based Gig Workers Act, 2023: Introduces worker registration, welfare boards, and platform contributions for social security.

RBI Releases Financial Stability Report (FSR)

The Reserve Bank of India (RBI) has published its latest Financial Stability Report (FSR), a biannual assessment (June & December) that evaluates existing and emerging risks to the stability of India’s financial system, drawing inputs from the Financial Stability and Development Council (FSDC) Sub-Committee.

About the Financial Stability Report (FSR)

• A flagship RBI publication assessing systemic risks, resilience, and vulnerabilities in financial sector.
• Serves as an early-warning tool for policymakers and regulators.
• Incorporates macro-financial analysis, stress tests, and regulatory perspectives.

Key Highlights of the Latest FSR

1. Fiscal and Sovereign Position:

• Public debt remains manageable, aided by: Recent S&P sovereign rating upgrade to ‘BBB’; Favourable interest rate–growth differential; Low exposure to foreign currency-denominated liabilities, limiting external vulnerability.

2. Artificial Intelligence and Market Sentiment:

• Financial markets exhibit strong optimism around AI-driven growth.
• RBI cautions that such exuberance may conceal structural weaknesses and heighten exposure to global financial shocks.

3. Fintech and Digital Lending Risks:

• Fintech credit expanded by over 36%, reflecting rapid digitalisation of finance.
• Concern flagged over higher impairment rates among borrowers: Particularly those holding multiple unsecured loans from five or more lenders, raising over-leverage risks.

4. Stablecoins and Monetary Sovereignty:

• The report warns against large-scale adoption of foreign currency-backed stablecoins.
• Potential risks include Erosion of monetary sovereignty, Weakening of monetary policy transmission, Increased scope for money laundering and illicit capital flows.

5. External Sector and Currency Trends:

• The Indian rupee depreciated against the US dollar, driven by Deterioration in terms of trade, Higher tariff barriers relative to key trading partners, Moderation in capital inflows.

6. Banking Sector Soundness:

• Scheduled Commercial Banks (SCBs) continue to show strong balance sheets.
• Key indicators: Adequate capital buffers across banks & Gross Non-Performing Asset (GNPA) ratio declined to a multi-decade low of 2.2% (September 2025).

Financial Stability and Development Council (FSDC)

1. Nature and Status:

• An apex, non-statutory body set up in 2010 under the Ministry of Finance.
• Aims to reinforce India’s financial stability architecture.

2. Composition:

• Chairperson: Union Finance Minister.
• Members: RBI Governor; Heads of SEBI, IRDAI, PFRDA, IBBI; Senior government officials and the Chief Economic Adviser.

3. Core Functions:

• Macro-prudential supervision of the financial system.
• Enhancing inter-regulatory coordination.
• Promoting financial sector development, inclusion, and literacy.

4. FSDC Sub-Committee:

• Chaired by the RBI Governor.
• Focuses on identifying systemic risks and provides analytical inputs for the Financial Stability Report.

India’s RCEP Advantage without the ‘China Risk’

With the India–New Zealand FTA set to come into force, India will have bilateral trade agreements with all RCEP member countries except China, effectively securing RCEP-like market access without joining the bloc.

About RCEP (Regional Comprehensive Economic Partnership)

1. Nature:

• World’s largest mega free trade agreement.

2. Members (15):

• ASEAN (10): Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam
• ASEAN FTA Partners (5): China, Japan, South Korea, Australia, New Zealand

3. India:

• Participated in negotiations but withdrew in 2019.

Why India Opted Out of RCEP

1. China Risk & Trade Imbalance:

• RCEP would have enabled near duty-free access for Chinese goods.
• Risk of surge in competitive Chinese manufactured imports, worsening India’s already high trade deficit with China.

2. Protection of Domestic Sectors:

• Concerns over dairy, agriculture, MSMEs, and labour-intensive manufacturing.
• Fear of rural distress and industrial displacement.

3. Unresolved Technical & Legal Issues:

• Concerns over Tariff base year, Weak safeguards, MFN obligations
• Lack of recognition of India’s federal structure in investment rules

4. Strategic Autonomy & Self-Reliance:

• RCEP seen as inconsistent with Atmanirbhar Bharat, Make in India, and Vocal for Local initiatives.

How India Secured RCEP Advantages without Joining

1. “RCEP minus China” Strategy:

• By 2025, India concluded FTAs with: ASEAN, Japan, South Korea, Australia, New Zealand
• Result: Trade access to 14 of 15 RCEP members, excluding China.

2. Selective Liberalisation:

• Bilateral FTAs allow India to Protect sensitive sectors (dairy, agriculture). include country-specific safeguard clauses.

3. Preventing Indirect Chinese Entry:

• Staying outside RCEP avoids:
• Rules of Origin loopholes
• Backdoor entry of Chinese goods via ASEAN or other partners.

Strategic Significance

• Combines market access + strategic caution.
• Reflects India’s shift from mega-bloc multilateralism to calibrated bilateralism.
• Strengthens India’s role in the Indo-Pacific economic architecture without compromising industrial policy space.

Carbon Border Adjustment Mechanism (CBAM)

The European Union implemented the world’s first carbon border tax (CBAM) from 1 January 2026, moving from the transitional reporting phase to full enforcement.

About CBAM

• Definition: CBAM is an EU policy that imposes a carbon price on imports of selected goods from countries with less stringent climate regulations.
• Legal Basis: Part of the EU’s Fit for 55 climate package aligned with its net-zero targets.

1. Objectives:

• Prevent Carbon Leakage: Discourage companies from relocating production to countries with weaker emission norms.
• Level Playing Field: Ensure imported goods face a carbon cost comparable to EU-made products under the EU Emissions Trading System (ETS).
• Climate Integrity: Avoid undermining EU’s domestic decarbonisation efforts.

2. Timeline:

• 2023–2025: Transitional phase (mandatory emissions reporting, no financial levy).
• From 1 January 2026: Full implementation with carbon levy payable on imports.

3. Sectors Covered:

• Cement, Aluminium, Fertilisers, Iron and Steel, Hydrogen, Electricity

4. Mechanism:

• Importers must purchase CBAM certificates corresponding to the embedded carbon emissions in goods.
• Price of certificates linked to the EU ETS carbon price.
• Credits allowed if carbon tax already paid in exporting country.

Impact on India

• Trade Impact: Indian exports of steel, aluminium and cement may become costlier in the EU market.
• Policy Pressure: Pushes India towards carbon accounting, cleaner production and carbon pricing mechanisms.
• Strategic Response Needed: Adoption of green technologies, sectoral decarbonisation, and negotiations on recognition of domestic climate actions.

Pradhan Mantri Matru Vandana Yojana (PMMVY)

PMMVY has completed nine years since its launch in 2017, marking a key milestone in India’s maternal and child welfare initiatives.

About PMMVY

• Launch Year: 2017
• Objective: Conditional cash transfer scheme for Pregnant Women & Lactating Mothers (PW&LM) to improve maternal health and nutrition.
• Type: Centrally Sponsored Scheme
• Ministry: Ministry of Women and Child Development
• Target Beneficiaries: Pregnant women and lactating mothers aged 19 years and above
• Specifically those in informal and unorganized sectors
• In 2022, PMMVY was incorporated into Mission Shakti, an umbrella scheme aimed at safety, security, and empowerment of women.

Land Stack

Land Stack and the Glossary of Revenue Terms were launched under Digital India Land Record Modernisation Programme (DILRMP) to digitise and integrate land records.

About Land Stack

• Nature: Integrated GIS-based digital platform for land and property records.
• Inspiration: Modeled on global best practices from Singapore, UK, and Finland.
• Objective: Modernise land record management and improve public access and governance.

Dhruv-NG Helicopters

Dhruv-NG (New Generation) helicopter successfully carried out its maiden flight in Bengaluru, marking a key milestone in India’s civil helicopter development programme.

About Dhruv-NG Helicopter

1. Base Platform:

• Developed from ALH Dhruv, India’s indigenously designed and manufactured twin-engine, multi-role helicopter by Hindustan Aeronautics Limited (HAL).

2. New-Generation Variant:

• Dhruv-NG is the civilian, next-generation version, incorporating upgraded avionics, flight control systems and safety features aligned with global civil aviation standards.

3. Design Focus:

• Enhanced reliability and passenger comfort
• Improved maintainability and operational efficiency
• Optimised for diverse civil applications

Pralay Missiles

DRDO successfully conducted the launch of two Pralay missiles from the Odisha coast, demonstrating indigenous missile readiness and tactical capabilities.

About Pralay Missile

• Type: Short-range, surface-to-surface quasi-ballistic missile.
• Purpose: Designed for tactical battlefield strikes, capable of engaging multiple target profiles.
• Warhead Capability: Can carry conventional or specialized warheads.
• Range: 150 km to 500 km, filling the gap between artillery and long-range missiles in the Indian Armed Forces arsenal.
• Developer: Defence Research and Development Organisation (DRDO), India.
• Users: Indian Army, for rapid-response tactical operations.

Stingless Bees (Meliponini)

Amazon’s stingless bees have become the first insect species to be granted legal rights, marking a landmark step in rights-of-nature jurisprudence and biodiversity protection.

About Stingless Bees (Meliponini)

• Taxonomy: Tribe Meliponini under the family Apidae.
• Ancient Origin: Among the oldest bee lineages, evolving nearly 80 million years ago.
• Anatomy: Possess highly reduced, non-functional stingers, making them harmless to humans.
• Diversity: 500 species globally.Over 170 species in Peru, reflecting exceptional Amazonian biodiversity.

Skilling for AI Readiness (SOAR)

President of India to grace the SOAR programme and confer AI skill certificates to students and educators.

About SOAR

• Full Form: Skilling for AI Readiness
• Launch: July 2025
• Ministry: Ministry of Skill Development and Entrepreneurship (MSDE)
• Nature: National skilling initiative focusing on Artificial Intelligence (AI)
• Objective: Integrate AI competencies into India’s education and skilling ecosystem.
• Target Groups: School Students (Classes 6 to 12), Educators (From government and private schools)

Place in News: Bulgaria

Bulgaria has adopted the euro as its official currency, becoming the 21st member of the Eurozone.

• Capital: Sofia
• Region: Southeast Europe
• Sub-region: Balkan Peninsula
• Political Entity: Member of the European Union
• Neighbouring Countries -> North: Romania; South: Greece, Turkey; West: Serbia, North Macedonia; East: Black Sea (maritime boundary)

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