1. World Bank Projects India GDP Growth at 6.6% for FY 2026-27

Why in News?

The World Bank released its Global Economic Prospects report on 11 June 2026, projecting India's GDP growth at 6.6% for FY 2026-27, down from an estimated 7.7% in FY 2025-26. India remains the fastest-growing major economy globally.

Key Points

• India GDP Projections: FY 2026-27: 6.6% | FY 2027-28: 7.2% | FY 2028-29: 7.0%
• The moderation in FY27 growth is attributed to higher energy prices and rising input costs dampening private demand.
• Global growth was lowered to 2.5% for 2026 — the weakest since the COVID-19 pandemic; driven by Middle East conflict and energy price volatility.
• Domestic demand in India remained robust, supported by rural consumption and a recovering urban demand cycle.
• Measures such as fuel tax reductions and rationalised GST rates are expected to cushion inflationary pressures.
• The World Bank publishes the Global Economic Prospects report twice annually.

Static Knowledge

• India's fiscal year runs from 1 April to 31 March.
• GDP (Gross Domestic Product) measures the total monetary value of goods and services produced within a country in a specific period.
• World Bank headquarters: Washington D.C., USA; established in 1944 at Bretton Woods Conference.
• India is the 5th largest economy by nominal GDP globally (2025 data).
• The World Bank Group comprises five institutions: IBRD, IDA, IFC, MIGA, and ICSID.

2. UPI–NPI Cross-Border Payment Corridor Launched Between India and Nepal

Why in News?

India's Unified Payments Interface (UPI) was integrated with Nepal's National Payments Interface (NPI) to create a live cross-border peer-to-peer (P2P) remittance corridor, operational from 6 June 2026. The announcement was made by India's Ministry of Finance on 11 June 2026.

Key Points

• Implementing entities: NPCI International Payments Ltd (NIPL) partnered with Nepal Clearing House Ltd (NCHL).
• Transfers are enabled through mobile banking apps, UPI apps, and digital wallets.
• Indian users can send money to Nepal using mobile numbers or Virtual Payment Addresses (VPAs); Indian users in Nepal can send funds to India using UPI IDs.
• Nepal is the second country after Singapore to achieve payment-system-level P2P connectivity with UPI.
• UPI's international footprint now covers nine countries: Bhutan, Singapore, UAE, France, Mauritius, Qatar, Sri Lanka, Cambodia, and Nepal.
• Banks enabled for sending (Nepal): Everest Bank, Global IME Bank, Machhapuchchhre Bank, Nabil Bank, Nepal SBI Bank.
• Banks enabled for receiving (Nepal): Himalayan Bank, NMB Bank, Siddhartha Bank.

Static Knowledge

• UPI was developed by the National Payments Corporation of India (NPCI), established under RBI and Indian Banks' Association.
• NPCI International Payments Ltd (NIPL) is the international arm of NPCI.
• India is Nepal's largest trade partner and primary source of remittances.
• India and Nepal share an open border under the 1950 Treaty of Peace and Friendship.
• UPI processes over 14 billion transactions per month (2025 data).

3. France Identifies India as Top Strategic Priority Ahead of G7 Summit

Why in News?

France formally designated India as its top strategic priority on 11 June 2026, ahead of the G7 Summit. PM Narendra Modi is scheduled to visit Nice (13–14 June) for bilateral talks with French President Emmanuel Macron, and subsequently attend the G7 Summit at Évian (16–17 June 2026).

Key Points

• France holds the G7 Presidency in 2026; the 2026 summit is being hosted at Évian-les-Bains.
• The G7 comprises: Canada, France, Germany, Italy, Japan, United Kingdom, and the United States (+ European Union as a non-enumerated participant).
• 2026 G7 Agenda: Structural destabilisation factors, economic and geopolitical imbalances, society resilience, critical mineral supply chains, and West Asia crisis.
• India is participating in all G7 tracks as an invited partner nation.
• Bilateral talks are expected to advance Rafale fighter jet cooperation (Dassault Aviation), Make in India defence deals, civil nuclear energy, and space collaboration.
• India-France Strategic Partnership was established in 1998.
• Areas of cooperation: defence, civil nuclear, innovation, maritime security, counter-terrorism, and space.

Static Knowledge

• G7 (Group of Seven) is an intergovernmental political forum of advanced economies; not a formal international organisation.
• India is not a G7 member but has been regularly invited as a guest nation.
• The Rafale is a twin-engine, multirole combat aircraft manufactured by Dassault Aviation, France.
• France is India's 6th largest bilateral trade partner in Europe.
• India and France cooperate under the Indo-Pacific Oceans Initiative (IPOI) framework.

4. Government Nominates Sanjay Lohiya to RBI Central Board

Why in News?

The Central Government nominated Sanjay Lohiya, Secretary of the Department of Financial Services (DFS), Ministry of Finance, as a Government Director on the RBI Central Board of Directors on 11 June 2026.

Key Points

• The RBI Central Board has 21 directors as provided under Section 8 of the RBI Act, 1934.
• Government directors are nominated under Section 8(1)(b) of the RBI Act; they represent the Central Government's interest on the Board.
• DFS (Department of Financial Services) under the Ministry of Finance oversees banking regulation policy, insurance, pension reforms, and financial inclusion.
• The RBI Central Board typically meets at least six times a year.
• The current RBI Governor is Sanjay Malhotra (appointed December 2024).
• The nomination represents continuity of government–RBI coordination on financial sector regulation.

Static Knowledge

• RBI was established on 1 April 1935 under the RBI Act, 1934; nationalised in 1949.
• RBI's headquarters is in Mumbai (Fort area); central office was originally in Calcutta.
• The RBI Central Board consists of a Governor, up to 4 Deputy Governors, 4 Directors from Local Boards, 10 Directors (nominated by Central Govt.), and 2 Government Officials.
• RBI is India's central bank and monetary authority, tasked with monetary policy, currency issuance, and banking regulation.
• Section 7 of RBI Act allows the Central Government to issue directions to RBI in public interest, in consultation with the Governor.

5. NLC India Signs MoU with CSIR-CECRI for Critical Mineral Studies

Why in News?

NLC India Limited entered into a Memorandum of Understanding with CSIR-Central Electrochemical Research Institute (CECRI) on 10 June 2026 at Neyveli, Tamil Nadu, to jointly study critical and strategic mineral beneficiation from mining waste generated at Neyveli Mines.

Key Points

• The MoU covers critical and strategic mineral beneficiation, extraction technologies, and analysis of overburden and tailings from NLC India's Neyveli Lignite Mines.
• Overburden = surface material removed to access ore bodies; Tailings = fine residual waste after mineral processing — both can contain recoverable Rare Earth Elements (REEs).
• NLC India's CMD Prasanna Kumar Motupalli is a member of the NITI Aayog committee on recovery of critical and strategic minerals from secondary sources.
• The collaboration is aligned with the National Critical Mineral Mission (NCMM) of the Government of India.
• CSIR-CECRI is a premier electrochemical research laboratory under the Council of Scientific and Industrial Research, located at Karaikudi, Tamil Nadu.
• Critical minerals are essential for clean energy technologies: EVs, batteries, solar panels, and semiconductors.

Static Knowledge

• India has identified 30 critical minerals as per the National Critical Minerals Mission (2023).
• Rare Earth Elements (REEs) = 17 elements: 15 Lanthanides + Scandium + Yttrium.
• China controls approximately 60% of global REE production — a strategic concern for India.
• NLC India (formerly Neyveli Lignite Corporation) is a Navratna PSU under the Ministry of Coal.
• CSIR (Council of Scientific and Industrial Research) operates 37 laboratories across India.

6. Supreme Court Recognises Homemaker's Domestic Work as Compensable Loss

Why in News?

The Supreme Court of India on 11 June 2026 held that loss of domestic care services provided by a homemaker constitutes a separate and legally compensable head of damages in motor accident claims, fixing a minimum valuation of ₹30,000 per month.

Key Points

• The ruling was delivered by a bench of Justice Sanjay Karol and Justice N. Kotiswar Singh.
• The court ruled that the contribution of a homemaker — including childcare, elderly care, cooking, and household management — carries measurable economic value.
• "Loss of domestic care" is now a distinct compensation head, in addition to heads recognised in the landmark National Insurance Co. Ltd. v. Pranay Sethi (2017) judgment.
• Motor accident compensation in India is governed by the Motor Vehicles Act, 1988 and adjudicated by Motor Accident Claims Tribunals (MACTs).
• The case arose from an appeal against a December 2024 Punjab and Haryana High Court order related to a November 2001 fatal accident.
• The Supreme Court also directed High Courts to monitor the disposal of pending motor accident claims.

Static Knowledge

• The Motor Vehicles Act, 1988 governs road transport and compensation for road accident victims.
• Motor Accident Claims Tribunals (MACTs) are quasi-judicial bodies set up under Section 165 of the MV Act.
• The Supreme Court in Pranay Sethi (2017) laid down guidelines for computing compensation under various heads.
• India has the highest number of road fatalities in the world (WHO Report 2023).
• Article 21 of the Constitution (Right to Life) has been interpreted to include the right to compensation for wrongful deaths.

7. UN's First Article 6.4 Carbon Credits Face Scrutiny – Paris Agreement

Why in News?

The first-ever carbon credits issued under Article 6.4 of the Paris Agreement — a UN-supervised global carbon market mechanism — have come under scrutiny due to alleged linkages with Myanmar's military junta, governance failures, and questions over actual climate impact data.

Key Points

• The project involves improved cookstoves distributed in Myanmar, coordinated by South Korean NGO Climate Change Center in partnership with Myanmar's Ministry of Natural Resources and Environmental Conservation.
• In February 2026, this became the first project globally to issue credits under Article 6.4.
• The Article 6.4 Supervisory Body (under UNFCCC) approved approximately 60,000 credits for the project.
• A portion of credits is authorised for transfer to South Korea for use in its Emissions Trading System (ETS) and towards its Nationally Determined Contribution (NDC).
• The remaining credits contribute to Myanmar's NDC.
• Concerns were raised in a 10 June 2026 report by Myanmar Policy Institute, Global Forest Coalition, and Plan 1.5 — citing human rights violations, governance failures, and unverifiable emission data.
• Article 6.4 is intended to replace the Clean Development Mechanism (CDM) of the Kyoto Protocol.

Static Knowledge

• Paris Agreement was adopted in December 2015 at COP21 in Paris; entered into force in November 2016.
• Article 6 of the Paris Agreement deals with cooperative mechanisms including carbon markets.
• Article 6.2 = bilateral carbon trading between countries; Article 6.4 = UN-administered multilateral carbon market.
• The Clean Development Mechanism (CDM) under the Kyoto Protocol was its predecessor.
• Nationally Determined Contributions (NDCs) are climate pledges submitted by each country under the Paris Agreement.
• UNFCCC's COP (Conference of Parties) meets annually; COP30 is scheduled in Belém, Brazil, 2025.

8. Oxford Study: Bengaluru, Mumbai, Hyderabad, Chennai in Global Top 50 Heat-Risk Cities

Why in News?

A University of Oxford study released on 10 June 2026 ranked four major Indian cities — Bengaluru, Mumbai, Hyderabad, and Chennai — among the world's 50 most heat-vulnerable urban centres, citing growing heat hazards, large vulnerable populations, and limited adaptive capacity.

Key Points

• The study assessed heat risk across three parameters: Hazard (temperature intensity), Exposure (population density in affected zones), and Vulnerability (adaptive capacity of populations).
• Indian cities ranked high due to a combination of urban heat island effects, dense low-income populations, and inadequate green cover.
• The study underscores the need for India to accelerate Heat Action Plans (HAPs) at city and district levels.
• India's National Disaster Management Authority (NDMA) and state governments issue heat wave advisories and implement HAPs.
• The India Meteorological Department (IMD) defines a heat wave as a condition when the maximum temperature is at least 40°C for plains and 30°C for hilly regions, with a departure of 4.5°C or more from normal.
• Heat stress is increasingly linked to outdoor worker mortality, agricultural losses, and public health crises in India.

Static Knowledge

• Urban Heat Island (UHI) Effect: Urban areas are significantly warmer than surrounding rural areas due to human activities and altered land cover.
• India recorded its highest heat-related mortality in recent years in states like Rajasthan, Uttar Pradesh, and Odisha.
• Heat Action Plans were first introduced in Ahmedabad after the 2010 heat wave, serving as a global model.
• IMD (India Meteorological Department) is under the Ministry of Earth Sciences, established in 1875.
• The 2030 Agenda (SDG 11) calls for making cities inclusive, safe, resilient, and sustainable.

9. India Retains No. 1 Rank in ICC Men's ODI Team Rankings

Why in News?

Following the ICC Men's ODI Team Rankings annual update on 11 June 2026, India retained the top position with a rating of 118 points.

Key Points

• ICC ODI Rankings (post-annual update – June 2026):
  • Rank 1: India — 118 points
  • Rank 2: New Zealand
  • Rank 3: Australia
• Annual updates in ICC Rankings recalibrate based on a weighted rolling window of match results — recent matches carry more weight.
• India's consistent ODI performance over 2024-26 cycle has solidified its top ranking.
• The ICC (International Cricket Council) is the global governing body for cricket, headquartered in Dubai, UAE.

Static Knowledge

• ICC was founded in 1909 as the Imperial Cricket Conference; renamed International Cricket Council in 1989.
• ICC has 108 member nations (12 full members, rest associate/affiliate).
• ICC Men's Cricket World Cup 2027 is scheduled to be hosted by South Africa, Zimbabwe, and Namibia.
• India won the ICC ODI World Cup in 1983 and 2011.
• India won the ICC T20 World Cup 2024 hosted by USA and West Indies.

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Prelims Practice MCQs – Today's Current Affairs India (12 June 2026)