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Type: Prelims Only

  • Capital Markets: Challenges and Developments

    SEBI Revamps Mutual Fund Rulebook

    Prelims Only | Economics | Mains Paper 3: Indian Economy

    Why in the News

    The Securities and Exchange Board of India introduced major reforms for the ₹81 lakh crore mutual fund industry to ensure schemes remain true to their stated objectives.

    Key Changes

    1. Solution-Oriented Schemes Discontinued

    • No fresh inflows allowed in retirement and children funds.
    • Existing schemes to be merged with similar asset allocation schemes.
    • Aim: Remove redundant category and improve clarity.

    2. Introduction of Life Cycle Funds

    • Goal-based, open-ended schemes.
    • Asset allocation shifts automatically over time via glide path.
    • Designed around target maturity dates.

    3. Higher Exposure Limits

    • Up to 35% investment allowed in:
      • Gold
      • Silver
      • Infrastructure Investment Trusts
    • Provides equity funds greater flexibility and diversification.

    4. Restriction on Portfolio Overlap

    • Less than 50% overlap required:
      • Between sectoral and thematic funds
      • Between equity and sectoral or thematic funds
    • Objective: Reduce duplication and ensure differentiated strategies.

    5. Relaxation for Contra and Value Funds

    • Earlier: Only one of the two allowed per fund house.
    • Now: Both can be offered.

    Prelims Pointers

    • SEBI regulates securities market and mutual funds in India.
    • InvITs pool funds for infrastructure projects.
    • Life cycle funds follow glide path asset allocation.
    • Portfolio overlap norms aim to prevent excessive duplication across schemes.
    [2023] Consider the following statements: Statement-I: Interest income from the deposits in Infrastructure Investment Trusts (InvITs) distributed to their investors is exempted from tax, but the dividend is taxable. 

    Statement-II: InvITs are recognized as borrowers under the ‘Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002’. 

    Which one of the following is correct in respect of the above statements? 

    (a) Both Statement-I and Statement-II are correct and Statement-II is the correct explanation for Statement-I 

    (b) Both Statement-I and Statement-II are correct and Statement-II is not the correct explanation for Statement-I 

    (c) Statement-I is correct but Statement-II is incorrect 

    (d) Statement-I is incorrect but Statement-II is correct

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  • Foreign Policy Watch: India-Middle East

    India–Israel Elevate Ties to Special Strategic Partnership

    Prelims Only | International Relations | Mains Paper 2: Bilateral, Regional and Global Groupings and agreements involving India

    Why in the News

    India and Israel elevated bilateral relations to a Special Strategic Partnership for Peace, Innovation and Prosperity during Prime Minister Narendra Modi’s visit to Israel. A total of 17 pacts were signed.

    Key Outcomes

    1. Upgrade of Bilateral Ties

    • Earlier: Strategic Partnership since 2017
    • Now: Special Strategic Partnership
    • Focus on technology, defence, innovation and economic cooperation

    2. Technology Partnership

    • Launch of Critical and Emerging Technologies Partnership
    • Cooperation in:
      • Artificial Intelligence
      • Quantum technologies
      • Cyber security
      • Critical minerals

    3. Defence Cooperation

    • Roadmap for joint development and joint production
    • Emphasis on transfer of technology
    • Defence ties described as expanding in scope and scale

    4. Economic & Trade Measures

    • Bilateral Investment Agreement operationalised
    • FTA negotiations to be finalised soon
    • UPI to be enabled in Israel
    • Financial dialogue mechanism launched

    5. Agriculture & Innovation

    • Target of 100 Centres of Excellence
    • Plan for Villages of Excellence
    • India Israel Innovation Centre for Agriculture to be set up
    • 20 joint agricultural research fellowships

    6. Manpower & People Ties

    • Expansion of labour mobility under 2023 agreement
    • Quota of up to 50,000 Indian workers over five years
    • Launch of India Israel Academic Forum

    7. Regional & Global Issues

    • Strong condemnation of terrorism
    • Support for Gaza peace efforts
    • Focus on IMEEC and I2U2 initiatives

    Prelims Pointers

    • India Israel ties established in 1992
    • Strategic Partnership declared in 2017
    • Now elevated to Special Strategic Partnership in 2026
    • Cooperation spans defence, agriculture, AI, cyber security and innovation
    • IMEEC: India Middle East Europe Economic Corridor
    • I2U2: India Israel UAE USA grouping
    [2018] The term “two-state solution” is sometimes mentioned in the news in the context of the affairs of (a) China  

    (b) Israel 

    (c) Iraq  

    (d) Yemen

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  • Economic Indicators and Various Reports On It- GDP, FD, EODB, WIR etc

    New GDP Series to Better Capture Economy

    Prelims Only | Economics | Mains Paper 3: Indian Economy

    Why in the News

    The Ministry of Statistics and Programme Implementation will release a new GDP series on February 27, 2026, updating the base year to 2022-23 and introducing major data and methodological improvements.

    Key Changes

    1. Base Year Updated

    • From 2011-12 to 2022-23
    • Reflects current economic structure including digitalisation and formalisation

    2. Better Corporate & Government Data

    • Sector-wise allocation based on actual activity share
    • Inclusion of government housing services
    • Expanded coverage of autonomous and local bodies

    3. Stronger Household & Informal Sector Estimates

    • Annual use of ASUSE and PLFS data
    • More granular measurement of private consumption

    4. New Data Sources

    • Wider use of GST data for output estimation
    • Banking data from Reserve Bank of India
    • Actual NBFC data instead of proxy estimates

    5. Technical Upgrade

    • Use of double deflator method for better real GDP estimation

    Prelims Takeaway

    • GDP and GVA series now aligned to 2022-23 base year
    • GST integrated more deeply in estimation
    • Informal and unincorporated sector measurement improved
    • Double deflation enhances accuracy of real growth calculation
    [2013] The national income of a country for a given period is equal to the (a) total value of goods and services produced by the nationals 

    (b) sum of total consumption and investment expenditure 

    (c) sum of personal income of all individuals 

    (d) money value of final goods and services produced

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  • Civil Aviation Sector – CA Policy 2016, UDAN, Open Skies, etc.

    DGCA Revises Airfare Refund and Cancellation Rules

    Prelims Only | Economics | Mains Paper 3: Effects Of Liberalization On The Economy, Changes In Industrial Policy and their effects on Industrial Growth

    Why in the News

    The Directorate General of Civil Aviation has revised airfare refund and cancellation rules to address rising passenger grievances. The new rules will come into effect from March 26, 2026.

    Why the Changes Were Introduced

    • DGCA stated that refund related complaints have become a major source of grievance, including:
      • Delayed refunds
      • Airlines adjusting refunds against future travel
      • Disputes over refund value

    Key Changes in the New Rules

    1. Faster Refunds for Agent Bookings

    • Earlier: 30 working days
    • Now: 14 working days
    • Applies to tickets booked through travel agents and online portals.

    2. Extended “Look-In” Period

    • The “look-in” period allows cancellation or amendment without charge.
    • Earlier: 24 hours
    • Now: 48 hours
    • However, conditions changed:
    • Must be booked at least:
      • 7 days before departure for domestic flights
      • 15 days before departure for international flights
    • Applies only to tickets booked directly via airline websites.
    • Not automatically applicable for bookings via agents or portals.

    3. Name Correction Window

    • Free correction allowed within 24 hours.
    • Now applies only if ticket is booked directly through airline website.
    • Bookings via agents may attract charges even within 24 hours.

    4. New Medical Emergency Clause

    • Refund or credit shell allowed in case of:
      • Hospitalisation of passenger
      • Hospitalisation of family member on same PNR
    • For other medical cases:
      • Refund subject to medical fitness certification from an airline aerospace medicine specialist or DGCA empanelled expert.

    What Remains Unchanged

    • Most other refund provisions remain the same.
    • Government maintains non interference in airline commercial pricing.
    • Benchmarks fixed to protect consumer interest.

    Prelims Pointers

    • DGCA functions under Ministry of Civil Aviation.
    • It regulates safety, licensing and consumer standards in aviation.
    • “Look-in” period allows free cancellation within a limited time after booking.
    • Refund timelines are now 14 working days for agent bookings.
    • Medical emergency clause newly introduced in 2026 revision.
    [2025] With reference to the Government of India, consider the following information: Organization : Some of its functions : It works under I. Directorate of Enforcement : Enforcement of the Fugitive Economic Offenders Act, 2018 : Internal Security Division–I, Ministry of Home Affairs 

    II. Directorate of Revenue Intelligence : Enforces the provisions of the Customs Act, 1962 : Department of Revenue, Ministry of Finance 

    III. Directorate General of Systems and Data Management : Carrying out big data analytics to assist tax officers for better policy and nabbing tax evaders : Department of Revenue, Ministry of Finance 

    In how many of the above rows is the information correctly matched?

    (a) Only one (b) Only two (c) All three (d) None

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  • Foreign Policy Watch: India-Middle East

    India–France Sign Amending Protocol to Update DTAC

    Prelims Only | International Relations | Mains Paper 2: Bilateral, Regional and Global Groupings and agreements involving India

    Why in the News

    • India and France have signed an Amending Protocol to update the India–France Double Taxation Avoidance Convention (DTAC) of 1992, aligning it with current international tax standards and strengthening bilateral economic cooperation.
    • The Protocol was signed by the Chairperson of the Central Board of Direct Taxes and the French Ambassador to India.

    What is DTAC?

    • A Double Taxation Avoidance Convention is an agreement between two countries to:
      • Avoid taxing the same income twice
      • Prevent tax evasion
      • Promote cross border trade and investment
    • India has DTAA or DTAC agreements with over 90 countries.

    Key Changes in the Amending Protocol

    • Capital Gains Taxation: Full taxing rights on capital gains from sale of shares now lie with the country where the company is resident.
    • Removal of MFN Clause: The Most Favoured Nation clause has been deleted. This resolves long standing interpretational disputes regarding treaty benefits.
    • Dividend Taxation: Earlier: Single 10 percent rate
    • Now:
      • 5 percent for shareholders holding at least 10 percent capital
      • 15 percent for others
    • Fees for Technical Services: Definition aligned with the India US Double Taxation Avoidance Agreement. Introduces greater clarity in taxation of cross border services.
    • Expansion of Permanent Establishment: Introduces Service Permanent Establishment concept. Expands tax jurisdiction where services are provided in another country.
    • Exchange of Information
      • Updated as per international standards.
      • Introduces Article on Assistance in Collection of Taxes.
      • Enhances mutual tax cooperation.
    • Exchange of Information: Integrates provisions of the Base Erosion and Profit Shifting Multilateral Instrument. Strengthens anti tax avoidance framework.
    [2016] The term ‘Base Erosion and Profit Shifting’ is sometimes seen in the news in the context of (a) mining operation by multinational companies in resource-rich but backward areas 

    (b) curbing of the tax evasion by multinational companies 

    (c) exploitation of genetic resources of a country by multinational companies 

    (d) lack of consideration of environmental costs in the planning and implementation of developmental projects.

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  • Defence Sector – DPP, Missions, Schemes, Security Forces, etc.

    India Conducts VAJRA PRAHAR with US and DHARMA GUARDIAN with Japan

    Prelims Only | International Relations | Mains Paper 2: Bilateral, Regional and Global Groupings and agreements involving India

    Why in the News

    • India is simultaneously hosting two major bilateral military exercises:
      • The 16th edition of Exercise VAJRA PRAHAR with the United States in Himachal Pradesh.
      • The 7th edition of Exercise DHARMA GUARDIAN with Japan in Uttarakhand.
    • Both drills aim to enhance interoperability and strengthen defence cooperation.

    1. Exercise VAJRA PRAHAR (India–US)

    Participants

    • Indian Army Special Forces, 45 personnel
    • United States Army Special Forces, 12 personnel

    Venue and Duration

    • Special Forces Training School, Bakloh, Himachal Pradesh
    • February 24 to March 16, 2026
    • Previous edition held in Idaho, USA in November 2024

    2. Exercise DHARMA GUARDIAN (India–Japan)

    • Participants

        • Indian Army
        • Japan Ground Self-Defence Force

    • Units Involved

      • India: Ladakh Scouts
      • Japan: 32nd Infantry Regiment
    [2024] Which of the following statements about ‘Exercise Mitra Shakti-2023’ are correct? 

    1. This was a joint military exercise between India and Bangladesh. It commenced in Aundh (Pune). 
    2. Joint response during counter-terrorism operations was a goal of this operation. 
    3. Indian Air Force was a part of this exercise. 

    Select the answer using the code given below: 

    (a) 1, 2 and 3 (b) 1 and 4 (c) 1 and 4 (d) 2, 3 and 4

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  • Foreign Policy Watch: India-Middle East

    India and GCC Sign Joint Statement Launching FTA Negotiations

    Prelims Only | International Relations | Mains Paper 2: Bilateral, Regional and Global Groupings and agreements involving India

    Why in the News

    India and the Gulf Cooperation Council signed a Joint Statement on February 24, 2026 in New Delhi, formally launching negotiations for an India–GCC Free Trade Agreement. The statement was signed by Piyush Goyal and GCC Secretary General Jasem Mohamed Albudaiwi.

    About the Gulf Cooperation Council

    The GCC is a regional bloc comprising:

    • Saudi Arabia
    • United Arab Emirates
    • Qatar
    • Kuwait
    • Oman
    • Bahrain
    • Established in 1981
    • Combined GDP about 2.3 trillion dollars
    • Population about 61.5 million

    Trade Significance

    • GCC is India’s largest trading partner bloc.
    • Bilateral trade in FY 2024-25: 178.56 billion dollars
      • Exports: 56.87 billion dollars
      • Imports: 121.68 billion dollars
    • Accounts for about 15.42 percent of India’s global trade.
    • Average annual trade growth over last five years: 15.3 percent.

    Key Trade Items

    • India’s Exports to GCC: Engineering goods, Rice, Textiles, Machinery, Gems and jewellery
    • India’s Imports from GCC: Crude oil, LNG, Petrochemicals and Gold

    Investment and Diaspora Linkages

    • GCC investments in India exceed 31.14 billion dollars.
    • Nearly 10 million Indians live and work in GCC countries.
    • Strong people to people ties support economic cooperation.

    Expected Benefits of the FTA

    • Greater trade predictability and certainty.
    • Diversification of exports.
    • Stronger energy security cooperation.
    • Enhanced market access for goods and services.
    • Deeper economic integration amid global uncertainty.
    [2016] Which of the following is not a member of ‘Gulf Cooperation Council’? (a) Iran 

    (b) Saudi Arabia 

    (c) Oman 

    (d) Kuwait

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  • Women empowerment issues – Jobs,Reservation and education

    Women’s Economic Opportunity Laws Only Half Enforced Globally

    Prelims Only | Indian Society | Mains Paper 1: Role Of Women & Women Organization

    Why in the News

    The latest Women, Business and the Law report by the World Bank Group finds that laws ensuring women’s economic equality are only about half enforced globally, creating large gaps between legal rights and real world outcomes.

    Key Findings

    • Enforcement Gap

      • Average legal equality score on paper: 67 out of 100
      • Enforcement score: 53 out of 100
      • Implementation systems score: 47 out of 100
      • Even if laws were fully enforced, women would enjoy only about two thirds of men’s legal rights.
    • Limited Full Equality: Only 4 percent of women globally live in economies with near full legal equality.
    • Major Areas of Concern: The report evaluates 10 areas of women’s economic participation:
      • Safety from violence
      • Employment protections
      • Entrepreneurship
      • Access to credit
      • Asset ownership
      • Childcare
      • Retirement security
    • Safety: Only about one third of required safety laws exist, and enforcement fails around 80 percent of the time.
    [2017] Which of the following gives ‘Global Gender Gap Index’ ranking to the countries of the world? (a) World Economic Forum (b) UN Human Rights Council 

    (c) UN Women 

    (d) World Health Organization

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  • SC Registers Suo Motu Case Over NCERT Textbook Reference

    Prelims Only | Polity | Mains Paper 2: Executive & Judiciary

    Why in the News

    The Supreme Court of India has registered a suo motu case over a reference to “corruption in the judiciary” in a Class 8 Social Science textbook published by the National Council of Educational Research and Training.

    The matter is titled In Re: Social Science Textbook for Grade 8 (Part 2) published by NCERT and ancillary issues.

    What Triggered the Case?

    • The chapter titled “The Role of the Judiciary in Our Society” mentioned:
      • Corruption
      • Backlog of cases
      • Shortage of judges
    • The Chief Justice described the content as a “calculated attempt” to denigrate the judiciary.
    • Even after reports that the portion was withdrawn, the Court proceeded with registration of the case.

    What is Suo Motu Cognisance?

    • Suo motu means “on its own motion.” It refers to the power of a constitutional court to take up a matter: Without a formal petition
      • Based on information from media reports, letters, or public knowledge
    • The Supreme Court derives this power from: Article 32 (writ jurisdiction) and Article 142 (complete justice powers)

    About NCERT

    • Autonomous organisation under Ministry of Education.
    • Develops school textbooks and curricular frameworks.
    • Its books are widely used across CBSE schools.
    [2019] With reference to the Constitution of India, prohibitions or limitations or provisions contained in ordinary laws cannot act as prohibitions or limitations on the constitutional powers under Article 142. It could mean which one of the following? (a) The decisions taken by the Election Commission of India while discharging its duties cannot be challenged in any court of law. 

    (b) The Supreme Court of India is not constrained in the exercise of its powers by laws made by the Parliament. 

    (c) In the event of grave financial crisis in the country, the President of India can declare Financial Emergency without the counsel from the Cabinet. 

    (d) State Legislatures cannot make laws on certain matters without the concurrence of Union Legislature.

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  • Wildlife Conservation Efforts

    Land Use Change Reshaping Spider Communities in the Himalayas

    Prelims Only | Enviro & Biodiversity | Mains Paper 3: Conservation, Environmental Pollution & Degradation, Eia

    Why in the News

    A new study published in Insect Conservation and Diversity by researchers from the Wildlife Institute of India finds that land use change and elevation are significantly reshaping spider communities in the north western Indian Himalayas, potentially reducing ecosystem resilience.

    What Did the Study Examine?

    • Surveyed spiders along an elevational gradient of 1,500 to 4,500 metres in Himachal Pradesh.
    • Compared three land use types:
      • Forests
      • Agricultural lands
      • Human dominated regions
    • Recorded:
      • 2,936 individuals
      • 126 species
      • 65 genera
      • 26 families

    What is Functional Diversity?

      • Functional diversity refers to the ecological roles species perform, rather than just counting the number of species.
    • Examples of spider traits studied:
        • Circadian activity
        • Hunting strata
        • Ballooning ability
        • Hunting guild
        • Prey range
    • Higher functional diversity means:
      • Greater ecological stability
      • Better pest control
      • More resilience against disturbances

    Key Findings

    • Decline with Elevation: Species richness and functional redundancy decrease with altitude, with a critical threshold around 3,000 to 3,500 metres near the Himalayan treeline, increasing ecosystem vulnerability.
    • Agricultural Homogenisation: Functional diversity remains stable across elevations in agricultural areas, indicating trait homogenisation due to intensification, with dominance of ground dwelling spiders like Lycosidae.
    • Forest Elevational Gradients: Forest ecosystems show clear trait shifts with altitude, with communities largely dominated by cathemeral species.
    • Human Dominated Landscapes: Greater trait richness at lower elevations supports the intermediate disturbance hypothesis, with presence of synanthropic species adapted to human environments.

    Ecological Importance of Spiders

    • Among the most voracious arthropod predators.
    • Consume over 600 million tonnes of insects annually.
    • Help regulate pest populations and disease vectors.
    • Act as bioindicators of habitat disturbance.
    [2011] The Himalayan Range is very rich in species diversity. Which one among the following is the most appropriate reason for this phenomenon? (a) It has a high rainfall that supports luxuriant vegetative growth. 

    (b) It is a confluence of different biogeographical zones. 

    (c) Exotic and invasive species have not been introduced in this region. 

    (d) It has less human interference.

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