NATIONAL AFFAIRS
Cabinet Approves Rs 33,660 Crore 'BHAVYA Scheme' to Develop 100 Plug-and-Play Industrial Parks
On March 18, 2026, the Union Cabinet chaired by Prime Minister (PM) Narendra Modi approved the Rs 33,660 crore Bharat Audyogik Vikas Yojna (BHAVYA) scheme for developing 100 plug-and-play industrial parks across the country.
This newly approved scheme aims to develop world-class industrial infrastructure, unlocking manufacturing potential and driving India's growth story.
About BHAVYA Scheme:
- Implementation: Structured on the success of Industrial Smart Cities developed under the National Industrial Corridor Development Programme (NICDP) framework, the scheme will be implemented in partnership with states and private sector players.
- Project Selection Process: Projects will be selected through a challenge mode to ensure only high-quality, reform-oriented, and investment-readiness proposals. Industrial parks ranging from 100 to 1000 acres will be undertaken for development.
- Financial Assistance: The Government of India (GoI) will provide up to Rs 1 crore per acre for:
- Core Infrastructure — Internal roads, underground utilities, drainage, common treatment facilities, Information and Communication Technology (ICT) and administrative systems
- Value-Added Infrastructure — Ready-built factory sheds, built-to-suit units, testing labs, warehousing
- Social Infrastructure — Worker housing and support amenities
- External Infrastructure Allocation: GoI has allocated a maximum 25% of the project cost for external infrastructure, ensuring seamless connectivity and integration with existing networks.
Cabinet Approves Rs 2,584.60 Crore 'SHP Development Scheme' to Boost Clean Energy Initiatives
In March 2026, the Union Cabinet chaired by Prime Minister (PM) Narendra Modi approved the 'Small Hydro Power (SHP) Development Scheme' for a period of 5 years (FY27 to FY31), with a total outlay of Rs 2,584.60 crore.
This newly approved scheme is designed to install SHP projects of an approximate capacity of 1,500 MegaWatt (MW) across the country.
About Small Hydro Power Development Scheme:
| Parameter | Details |
|---|---|
| Implementing Agency | Ministry of New & Renewable Energy (MNRE) |
| Capacity Range | Small hydro projects ranging from 1 to 25 MW |
Financial Support:
| Category | Assistance per MW | Cap (% of Project Cost) | Upper Limit per Project |
|---|---|---|---|
| NE States & International Border Districts | Rs 3.6 crore per MW | 30% (whichever is lower) | Rs 30 crore |
| Other States | Rs 2.4 crore per MW | 20% (whichever is lower) | Rs 20 crore |
CCEA Approves Rs 1,718 Crore MSP Support for Cotton & Rs 6,969 Crore NH-927 Project in UP
In March 2026, the Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Narendra Modi approved Minimum Support Price (MSP) funding of Rs 1,718.56 crore for cotton farmers and sanctioned a Rs 6,969.04 crore National Highway (NH)-927 project in Uttar Pradesh (UP).
About MSP Support for Cotton:
- Approval: CCEA approved funding of Rs 1,718.56 crore to the Cotton Corporation of India Limited (CCI) for the 2023–24 cotton season.
- Objective: Provides price support to farmers when market prices fall below MSP, ensuring income security, preventing distress sales, and stabilising cotton prices.
About NH-927 Project Approval:
| Parameter | Details |
|---|---|
| Project | 4-lane access-controlled NH-927 from Barabanki to Bahraich (101.515 km) in UP |
| Total Cost | Rs 6,969.04 crore under Hybrid Annuity Mode (HAM) |
| Civil Cost | Rs 3,485.49 crore |
| Land Acquisition Cost | Rs 1,574.85 crore |
GSI Declares Kalinjar Fort Hill in UP as National Geo-Heritage Site
In March 2026, the Geological Survey of India (GSI) declared the hill area surrounding Kalinjar Fort in Banda district, Uttar Pradesh (UP) as a National Geo-Heritage Site, recognising its unique geological and historical significance.
About Kalinjar Fort Hill:
- Inauguration: The site was inaugurated by Rajinder Kumar, Additional Director General (DG) and Head of GSI's Northern Region.
- Geological Significance: The site is home to a rare geological phenomenon known as the Eparchaean Unconformity, representing a massive temporal gap of approximately 1.3 billion years in the Earth's geological record.
- Rock Formation: The hill exposes Bundelkhand granite (~2.5 billion years old), directly overlain by Kaimur sandstone (~1.2 billion years old). This sequence offers critical insights into the crustal evolution of the Vindhya Mountain range.
- Historical Significance: Kalinjar Fort is known for temples from the Gupta period, including the Neelkanth Mahadev Temple.
Metropolis by Reliance MET City Becomes India's First Project to Get LEED Platinum Pre-Certification
In March 2026, Metropolis, the flagship commercial project of Reliance MET City in Jhajjar (Haryana), became the first project in India to receive Leadership in Energy and Environmental Design (LEED) Platinum Pre-Certification under the LEED for Cities: Plan and Design rating system — the highest rating — awarded by Green Business Certification Inc. (GBCI).
About LEED Certification:
| Parameter | Details |
|---|---|
| Significance | Places the project among globally recognised sustainable urban developments |
| Framework | Developed by the United States of America (U.S.A) Green Building Council (USGBC) |
| Evaluation Areas | Ecology, transport, energy, water, resources, and quality of life |
| Objective | LEED for Cities: Plan and Design (LEED-Cities P&D) integrates sustainability and climate resilience at the planning stage |
MoCA Launches 'Fare Se Fursat' Scheme with Rewa–Raipur Inaugural Flight
On 18 March 2026, Union Minister Kinjarapu Rammohan Naidu, Ministry of Civil Aviation (MoCA) and Mohan Yadav, Chief Minister (CM) of Madhya Pradesh (MP), jointly launched the 'Fare Se Fursat – One Route One Fare' Scheme with the inauguration of the first Rewa (MP) – Raipur (Chhattisgarh) flight to promote affordable and predictable air travel.
About Fare Se Fursat Scheme:
- Overview: The scheme aims to provide fixed and affordable airfares on select regional routes, allowing passengers to book tickets at a uniform price irrespective of booking time.
- Implementing Agency: Alliance Air, the government-owned regional carrier, on six selected routes.
- Pilot Phase: Initially launched as a pilot under the Ude Desh ka Aam Nagrik (UDAN) Scheme from October to December 2025 to assess feasibility and passenger response before expansion.
6 Routes Covered:
| Route | States |
|---|---|
| Delhi – Rewa | Delhi – Madhya Pradesh |
| Rewa – Raipur | Madhya Pradesh – Chhattisgarh |
| Delhi – Jaipur | Delhi – Rajasthan |
| Kolkata – Guwahati | West Bengal – Assam |
| Tirupati – Rajahmundry | Andhra Pradesh – Andhra Pradesh |
| Chennai – Hyderabad | Tamil Nadu – Telangana |
INTERNATIONAL AFFAIRS
Argentina Formally Withdraws from WHO Effective from March 2026
In March 2026, Argentina formally withdrew from the World Health Organization (WHO), completing the process one year after notifying United Nations (UN) Secretary-General António Guterres, as confirmed by its Foreign Affairs Minister Pablo Quirno.
The decision to withdraw was announced in February 2025 by Argentina President Javier Milei.
About Argentina's WHO Withdrawal:
- Legal Framework: The withdrawal was carried out under the Vienna Convention on the Law of Treaties (VCLT), which permits exit after a one-year notice period.
- Global Trend: The move reflects a broader shift toward decentralised governance, following the United States of America (USA), which exited the WHO in January 2026.
BANKING & FINANCE
Edelweiss AMC Launches India's 1st Hybrid Passive Index Fund
In March 2026, Edelweiss Asset Management Company (EAMC) launched India's 1st hybrid passive index fund named 'Edelweiss Nifty LargeMidcap250 Plus 8-13 yr G-sec 70:30 Index Fund', integrating equities and Government-Securities (G-Secs) within a unified index-based structure.
NFO Period: Open for subscription from March 18 to April 01, 2026.
About the Fund:
| Parameter | Details |
|---|---|
| Strategy | Rule-based investment with automatic monthly rebalancing to maintain 70:30 equity-debt allocation |
| Benchmark | Tracks the Nifty LargeMidcap250 Plus 8–13 Year G-Sec 70:30 Index |
| Equity Component (70%) | Invested in securities of the Nifty LargeMidcap250 Plus 8-13 yr G-Sec 70:30 Index |
| Debt Component (30%) | Invested in G-Secs via Nifty 8-13 year G-Sec Index |
| Minimum Investment | Rs 100 and in multiples of Re 1 thereafter |
| Exit Load | Applicable |
Fund Managers:
- Equity: Bhavesh Jain and Bharat Lahoti
- Debt: Dhawal Dalal and Hetul Raval
ECONOMY & BUSINESS
Shipping Corporation of India Signs Contract with Mazagon Dock for Green Methanol Vessel
In March 2026, Shipping Corporation of India Limited (SCI) signed a shipbuilding contract with Mazagon Dock Shipbuilders Limited (MDL) to build a green methanol dual-fuel vessel, marking a key step towards sustainable shipping.
This is the first alternative-fuel vessel in SCI's fleet and India's first methanol dual-fuel Platform Supply Vessel (PSV).
Key Details of Green Vessel Contract:
| Parameter | Details |
|---|---|
| Contract | Signed for one vessel; disclosed under SEBI (LODR) Regulations, 2015 |
| Vessel Type | Platform Supply Vessel (PSV) with 3,000 Deadweight Tonnage (DWT) |
| Usage | Offshore oil and gas operations |
| Technology | Methanol dual-fuel technology — operates on conventional marine fuel and green methanol to reduce emissions |
| Alignment | Supports the National Green Hydrogen Mission (NGHM) and GoI's net-zero and green shipping goals |
AWARDS & RECOGNITIONS
Former Indian Ambassador Jawed Ashraf Conferred France's Legion d'honneur Rank of 'Commandeur'
On March 18, 2026, Jawed Ashraf, former Ambassador of India to France, was conferred France's Legion of Honour (Commandeur rank) for his contribution to strengthening the India–France Strategic Partnership, becoming the first Indian Ambassador to receive this honour.
Award Presentation: Presented in New Delhi, Delhi, by French Ambassador Thierry Mathou in the presence of National Security Advisor (NSA) Ajit Doval.
Notable Indian Recipients of Legion of Honour (Commandeur rank):
- Jehangir Ratanji Dadabhoy (JRD) Tata
- Ratan Tata
- Amartya Sen
- Pandit Ravi Shankar
- Satyajit Ray
- Syed Haider (S.H.) Raza
- Manna Dey
Note: Prime Minister Narendra Modi was awarded the Grand Cross (highest level) in July 2023.
APPOINTMENTS & RESIGNATIONS
HDFC Bank Appoints Keki Mistry as Interim Part-time Chairman after Resignation of Atanu Chakraborty
On 19 March 2026, the Reserve Bank of India (RBI) approved the appointment of Keki Mistry as the interim Part-time Chairman of HDFC Bank Limited for a period of three months with immediate effect.
This follows the resignation of Atanu Chakraborty, who had been serving as Part-time Chairman and Independent Director since May 2021.
About Keki Mistry:
| Parameter | Details |
|---|---|
| Experience | Over four decades in housing finance, banking, and financial services |
| HDFC Career | Joined Housing Development Finance Corporation Limited (HDFC Ltd) in 1981; held key positions including ED, MD, and later Vice Chairman & CEO |
| Current Roles | Non-Executive Director at HDFC Bank; Chairman of HDFC Life Insurance Company Limited; Independent Operating Advisor at Kedaara Capital |
ACQUISITIONS & MERGERS
RBI Approves Bain Capital Investment in MFL and its Subsidiaries
In March 2026, the Reserve Bank of India (RBI) approved the proposed investment of around Rs 4,385 crore by Bain Capital, along with granting joint management control in Manappuram Finance Limited (MFL) and its subsidiaries: Asirvad Micro Finance Limited (AMFL) and Manappuram Home Finance Limited (MHFL).
The transaction includes a mandatory open offer under SEBI's Substantial Acquisition of Shares and Takeovers Regulations, 2011, with capital infusion targeted for completion by March 31, 2026.
Key Details of Acquisition:
| Parameter | Details |
|---|---|
| Acquirers | Bain Capital through affiliates — BC Asia Investments XXV Limited and BC Asia Investments XIV Limited |
| Bain Capital's Expected Stake | Between 18% and 41.66% in MFL (on fully diluted basis) |
| Existing Promoters' Stake | 28.9% (down from current 35.25%) |
| Board Reconstitution | Bain Capital to be classified as promoter; boards to include nominee directors from Bain Capital |
IMPORTANT DAYS AT A GLANCE
Ordnance Factory Day – March 18
Ordnance Factory Day is observed annually on 18 March across India by the Ordnance Factory Board (OFB) to mark the establishment of India's first Ordnance Factory at Cossipore near Kolkata, West Bengal (WB), in 1801.
About Indian Ordnance Factories (IOFs):
| Parameter | Details |
|---|---|
| Structure | 41 factories, 9 training institutes, 3 regional marketing centres, and 4 safety controllers under the Department of Defence Production (DDP), Ministry of Defence (MoD) |
| Key Role | Oldest and largest defence manufacturing entity; produces arms, ammunition, and equipment for Armed Forces |
| 2021 Reform | 41 factories reorganised into seven specialised Defence Public Sector Undertakings (DPSUs) in June 2021 |
| Coordination Body | Directorate of Ordnance (Coordination & Services) (DOO(C&S)) set up on 1 October 2021, replacing OFB |
Global Recycling Day – March 18
Global Recycling Day is observed annually across the globe on 18 March to promote the importance of recycling in conserving natural resources and ensuring environmental sustainability. 18 March 2026 marks the 9th observance.
2026 Theme: "Don't Think Waste – Think Opportunity"
| Parameter | Details |
|---|---|
| Origin | Established by the Bureau of International Recycling (BIR), founded on 18 March 1948 |
| Idea Introduced By | Ranjit Baxi, Founder of the Global Recycling Foundation (GRF), during his 2015 Dubai Convention speech as BIR President |
| First Observance | 18 March 2018, marking the 70th anniversary of BIR |
STATE NEWS
Punjab Government Collaborates with World Bank to Launch 'Punjab Sikhya Kranti 2.0' School Programme
In March 2026, the Government of Punjab in collaboration with the World Bank (WB) launched 'Punjab Sikhya Kranti 2.0', an ambitious second phase of educational reform, with an investment of Rs 3,500 crore for a period of 6 years.
About Punjab Sikhya Kranti 2.0:
| Parameter | Details |
|---|---|
| World Bank Loan | Rs 2,500 crore |
| Punjab Govt Contribution | Rs 1,000 crore |
| Total Investment | Rs 3,500 crore |
| Duration | 6 years |
3 Main Pillars of Foundational Learning:
- Implementing structured assessments and enhanced pedagogy to ensure basic literacy and numeracy
- Increasing access to high-demand academic streams and upgrading vocational training
- Introduction of a digital Career Guidance portal — offering personalised guidance and aptitude assessments to help students make informed academic decisions
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