The Ministry of Commerce and Industry released the new series of the Wholesale Price Index (WPI) with an updated base year of 2022-23.

• It has also released the first editions of Output Producer Price Index (OPPI), Trial Input Producer Price Index (IPPI), and Service Producer Price Index (Service PPI) of seven services- Banking, Securities Transaction, Insurance, Management of Pension Funds, Railways, Passenger Air, and Telecom.
• Producer Price Index (PPI) will replace the WPI in five years.

About WPI

• It is a measure of the average change of prices of a fixed set of goods at the first point of bulk sale in a commercial transaction in the domestic market over a given period of time.
• The new series also includes new and renewable energy under electricity.
• Composition of Basket: Comprises 957 items categorized into three major groups:
  • Primary Articles 
  • Fuel and Power 
  • Manufactured Products (highest weight). 

Recently, Finance ministry imposed SAED on export of diesel and Aviation turbine fuel (ATF) in the backdrop of West Asian crisis. 

About SAED 

• It is a flexible tax imposed on select products, mainly domestic crude oil and exported petroleum fuels such as petrol, diesel and ATF.
• Aim: to ensure domestic availability of petroleum products by disincentivizing exports
• Statutory backing: Central Excise Act 1944 (Petroleum products like crude oil, petrol, diesel, and ATF are currently kept outside GST)
• Also Known as Windfall tax (a tax imposed by governments on certain industries experiencing above-average profits due to favourable conditions and not because of their efforts.

Union envir­on­ment min­istry’s Expert Appraisal Com­mit­tee deferred a pro­posed 1,000 MW dam on the Siyom River due to concerns related to envir­on­mental flows.

• Environmental Flow is quant­ity, tim­ing and qual­ity of water that must be released down­stream from a dam to main­tain river eco­logy.

About Siyom River 

• Originates near India-China border and flows west to east within Arunachal Pradesh.
• Drainage System: It is a major right-bank tributary of the Siang River (name of Brahmaputra River before it enters Assam).

Recently India launched its First Wind Turbine Supply Chain Management Portal (WT-MARUT) to Boost Domestic Manufacturing and renewable energy ambitions

About the Portal 

• Ministry: Developed by Ministry of New and Renewable Energy with support from Indian Wind Turbine Manufacturers Association
• Aim: Enhance supply-chain transparency, facilitate supplier discovery, strengthen domestic sourcing and boost India's export readiness.
• Function: Facilitate end-to-end tracking of wind energy components, from manufacturing facilities to project sites.

Central Government has notified amendments to the Foreign Exchange Management (Non-Debt Instruments) Rules, 2019.

About Amended Rules

• Expanded Investor Base: Broadened access for overseas individual investors including any Person Resident Outside India (PROI), beyond NRIs and OCIs, to invest directly in listed Indian equities through stock exchanges.
  • Investments leading to ownership or control by entities from countries sharing a land border with India continue to require prior government approval.
• Higher Investment Limits: Also raised investment limits under the portfolio investment route.
  • Now, total holding by an overseas investor shall be less than 10% of total paid-up equity capital. 

US-Israel war in Iran may cut global growth in 2026 as projected by World Bank’s Global Economic Prospects 2026.

Key Findings

• Global Growth Slowdown: Global growth is projected to decline from 2.9% (2025) to 2.5% (2026), the weakest pace since the COVID-19 pandemic.
• Drivers of Slowdown: US-Israel-Iran conflict and Strait of Hormuz disruptions, raising energy prices, fuelling inflation and keeping global borrowing costs elevated.
• South Asia: Remains the fastest-growing region, though growth may moderate from 7.0% to 6.3% in 2026.

The Vice President of India has released the book "Agatthiyar – The Unifier".

Sage Agatthiyar (Agastya, Agathiyar Munivar, and Kumbhaja“born from a pot”)

• Literary and Linguistic Contributions
  • Literature: Composed several philosophical hymns in Rigveda.
    • Tamil Literature: Revered as the father of Tamil grammar; credited with authoring Agattiyam and contributing to the Tamil Sangam tradition.
    • Along with his wife-disciple Lopamudra, composed several Vedic hymns.
  • Epics: Mentioned both in the Ramayana and Mahabharata.
• Cultural Integration: Agastya served as a bridge between North and South India by integrating Vedic and southern traditions through Agatheeswarar temples, the Pothigai Hills, and the Kaveri River.
• Science & Medicine: Founding figure of Siddha system of medicine, one of the 18 Siddhars, and author of seminal works on herbal medicine, minerals, and healing practices.
• Legends: Defeated the demon brothers Vatapi and Ilvala and subdued Vindhya Range, thereby preserving cosmic order.