31 January 2026 Current Affairs (With PDF)

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Economic Survey 2025–26 

Why in News 

The Union Ministry of Finance presented the Economic Survey 2025–26 in Parliament, outlining India’s macroeconomic performance and policy outlook amid a volatile global environment marked by geopolitical tensions, supply-chain disruptions, and uneven growth and inflation across major economies. 

Assessment of the Indian Economy 

Overall Growth Performance 

• Fastest-Growing Major Economy: 
• As per First Advance Estimates, India’s real GDP growth for FY26 is projected at 7.4%, while Gross Value Added (GVA) growth stands at 7.3%. 
• Growth momentum is primarily domestically driven, reducing vulnerability to external shocks. 

Key Growth Drivers 

1. Supply-Side Dynamics 

• Services Sector Leadership: 
• The services sector continues to anchor growth, with an estimated expansion of 9.1% during the fiscal year. 
• Strong performance in trade, transport, finance, and digital services supported overall output. 

2. Demand-Side Factors 

• Domestic Consumption as the Main Engine: 
• Private Final Consumption Expenditure (PFCE) reached 61.5% of GDP, the highest level since 2012. 
• Indicates resilience of household demand and improving consumer confidence. 

3. Investment Trends 

• Capital Formation: 
• Gross Fixed Capital Formation (GFCF) grew by 7.8%. 
• Investment share remained stable at around 30% of GDP, reflecting sustained public and private capital expenditure. 

4. Fiscal Position of States 

• Rising Fiscal Stress: 
• The combined fiscal deficit of State Governments increased to 3.2% of GDP in FY25, compared to around 2.8% in the immediate post-pandemic period. 
• Reflects pressures from welfare spending, infrastructure investment, and revenue constraints. 

5. Public Debt Dynamics 

• Improved Debt Sustainability: 
• India has reduced its general government debt-to-GDP ratio by approximately 7.1 percentage points since 2020. 
• Signals fiscal consolidation efforts and improved macroeconomic stability. 

6. External Sector Performance 

• Remittances Leadership: 
• India retained its position as the largest recipient of global remittances, receiving USD 135.4 billion in FY25. 
• Foreign Exchange Reserves: 
• Forex reserves rose to USD 701.4 billion by mid-January, strengthening external sector resilience and import cover. 

Economic Survey highlights India’s structural resilience, driven by domestic demand, a robust services sector, stable investment levels, and a strengthened external position, even as global economic uncertainty persists. 

Coking Coal Declared a Critical and Strategic Mineral 

Why in News 

The Union Government has notified coking coal as a Critical and Strategic Mineral by including it in Part D of the First Schedule of the Mines and Minerals (Development and Regulation) Act, 1957, recognising its strategic importance for India’s steel sector and mineral security. 

Significance of the Notification 

1. Strategic Importance 

• Coking coal is indispensable for steel production via the blast furnace route, making it a backbone of infrastructure, manufacturing, and economic growth. 
• Its classification acknowledges the mineral’s role in national industrial and economic security. 

2. Import Dependence Concerns 

• Nearly 95% of India’s coking coal requirement is currently met through imports. 
• This results in substantial foreign exchange outflow and exposes the steel sector to global supply disruptions and price volatility. 

3. Expected Outcomes 

• Faster regulatory clearances for exploration and mining. 
• Improved ease of doing business in the coal and mining sector. 
• Acceleration of exploration of deep-seated and untapped reserves. 
• Enhanced domestic availability, reducing long-term import dependence. 

About Coking Coal 

1. Nature and Uses 

• A high-grade coal essential for producing coke, which acts as both a fuel and reducing agent in steelmaking. 
• Also used in Cement manufacturing & Chemical and petrochemical industries 

2. Reserves in India 

• Estimated reserves of about 37.37 billion tonnes. 
• Major deposits located in Jharkhand (largest share), Madhya Pradesh, West Bengal, Chhattisgarh 

Challenges in Domestic Coking Coal Production 

1. Production Constraints 

• Insufficient indigenous output compared to demand. 
• High ash content, affecting efficiency and quality. 

2. Legacy and Geological Issues 

• Underground mine fires and land subsidence in older coalfields. 
• Limited availability of reliable geological and exploration data. 
• Technical challenges in deep-seated mining. 

3. Operational Bottlenecks 

• Land acquisition hurdles. 
• Environmental clearances and rehabilitation concerns. 

Government Initiatives to Boost Coking Coal Availability 

1. Policy and Investment Measures 

• Mission Coking Coal to enhance domestic production. 
• 100% Foreign Direct Investment (FDI) permitted in commercial coal mining. 
• Revenue-sharing auction model to attract private participation. 

2. Infrastructure and Logistics 

• Implementation of First Mile Connectivity (FMC) Projects (39 projects) to improve coal evacuation and reduce logistics costs. 

About the MMDR Act, 1957 

1. Core Objectives 

• Empowers the Union Government to regulate mining and ensure scientific development of mineral resources. 
• Provides the legal framework for mineral concessions and governance. 

2. Institutional Mechanisms 

• District Mineral Foundation (DMF): Welfare of mining-affected communities and regions. 
• National Mineral Exploration Trust (NMET): Promotion of mineral exploration and reduction of illegal mining. 

3. Key Amendments (2023) 

• Removal of six minerals from the atomic minerals list. 
• Empowered the Centre to exclusively auction critical mineral concessions. 
• Introduction of Exploration Licences for deep-seated and critical minerals. 

Expert Group Report on Comprehensive Revision of Consumer Price Index (CPI) 

Why in News 

The Ministry of Statistics and Programme Implementation (MoSPI) has released the Report of the Expert Group tasked with the comprehensive updation and base revision of the Consumer Price Index (CPI). The report details the key improvements and methodological refinements incorporated in the new CPI series (CPI 2024) to better reflect current consumption patterns. 

About Consumer Price Index (CPI) 

1. What CPI Measures 

• CPI measures changes over time in retail prices of a representative basket of goods and services consumed by households. 
• It reflects the cost of living and inflationary trends faced by consumers. 

2. Compilation Authority 

• Compiled monthly by MoSPI. 
• Published separately for Rural, Urban, Combined (All India) sectors. 

3. Methodology 

• Uses the Laspeyres Index Formula, which is based on Base-year prices, Base-year weights, Current period prices 

Purpose of CPI Base Revision (CPI 2024) 

• To align the index with changing consumption habits and expenditure patterns. 
• To incorporate new goods and services that have become significant in household spending. 
• To improve accuracy, relevance, and representativeness of inflation measurement. 

Uses and Significance of CPI 

• Macroeconomic Policy: Serves as the primary inflation indicator for the Reserve Bank of India (RBI) in monetary policy formulation. 
• National Accounting: Used as a deflator to convert nominal GDP into real GDP. 
• Wages and Social Protection: Basis for Wage indexation, Revision of contracts, Adjustment of pensions and social security benefits 

World Nuclear Outlook Report 2026 

The World Nuclear Association (WNA) released the World Nuclear Outlook Report, providing a comprehensive assessment of global nuclear energy trends, growth projections, and its role in decarbonization. The report highlights the potential for nuclear energy to expand significantly by 2050 and its importance in achieving energy security and climate targets. 

1. Surge in Global Nuclear Capacity 

• Global nuclear power capacity could reach 1,446 GWe by 2050, exceeding the 1,200 GWe target set under the “Declaration to Triple Nuclear Energy”. 
• The declaration was launched at COP28 in Dubai (2023) to accelerate nuclear energy deployment worldwide. 

2. Leading Contributors 

• Five countries—China, France, India, Russia, and the United States—are expected to account for 980 GWe (≈68%) of total global nuclear capacity by 2050. 

3. Policy Recommendations 

• Integration into Decarbonization Planning: Nuclear energy should be included in long-term national energy and climate strategies to achieve net-zero goals. 
• Energy Security: Nuclear energy offers a stable, low-carbon power source to enhance energy independence. 
• Electricity Market Reforms: Market structures should be reformed to ensure equitable treatment for nuclear energy, recognizing its unique reliability and low-carbon characteristics. 

Hanle Dark Sky Reserve (HDSR) – Blood-Red Aurora Captured 

The Indian Astronomical Observatory in Hanle, Ladakh, recently captured rare blood-red auroral activity, highlighting the unique astronomical potential of the region. 

• First Dark Sky Reserve in India: Recognized for its pristine night skies. 
• Location: Situated within the Changthang Wildlife Sanctuary, Ladakh. 
• Primary Benefit: 
• Minimal light pollution and high-altitude conditions enable exceptional clarity for deep-space observations. 
• Ideal for telescopes and astronomical research. 
• Key Facility: Houses the Indian Astronomical Observatory, which includes the Himalayan Chandra Telescope, enabling advanced astrophysical studies. 

About Red Aurora 

• Phenomenon: Occurs when solar particles collide with atmospheric gases at altitudes above 200 km, where the atmosphere is extremely thin. 
• Visual Impact: Appears as blood-red auroral lights, rare at low latitudes like Ladakh. 

Islamic Revolutionary Guard Corps (IRGC) – EU Designation as Terrorist Organization 

The European Union (EU) recently added the Islamic Revolutionary Guard Corps (IRGC) to its terrorist list following Iran’s violent crackdown on protesters, signaling heightened international scrutiny of the organization’s domestic and regional activities. 

About the IRGC 

• Full Name: Islamic Revolutionary Guard Corps 
• Origin: Established shortly after the 1979 Islamic Revolution in Iran to protect the Islamic system and the revolution’s ideals. 
• Significance: Considered Iran’s most powerful armed force, with influence extending beyond conventional military operations. 

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