Daily current affairs: 1 April 2026

Long Description : Mandated under Article 280 of the Constitution, the 16th Finance Commission (FC) has officially started its tenure for the period 2026-27 to 2030-31. Key highlights include the retention of the vertical devolution of taxes to states at 41%, a figure consistent with the 15th FC's recommendations. However, the commission introduced new horizontal devolution criteria, including a 10% weightage for a state’s contribution to the national GDP and 10% for forest cover. The commission also set a target to reduce the Centre's fiscal deficit to 3.5% of GDP by the end of its term in 2031.

Long Description : The Income Tax Act, 2025, officially replaces the six-decade-old Income Tax Act, 1961. This landmark legislation introduces the concept of a unified "Tax Year" to replace the confusing distinction between "Financial Year" and "Assessment Year." Under the new tax regime, individuals with an annual income up to ₹12 lakh will now enjoy zero tax liability due to an enhanced rebate under Section 87A. Furthermore, the standard deduction for salaried employees has been maintained at ₹75,000, effectively making income up to ₹12.75 lakh tax-free for the salaried class in FY 2026-27.

Long Description : Starting April 1, 2026, the implementation of the new Labour Codes significantly alters salary structures across India. Companies are now legally required to ensure that the basic salary component constitutes at least 50% of the total remuneration. While this move aims to provide better social security benefits—as PF contributions and gratuity are calculated on the basic pay—it will lead to a temporary reduction in the "take-home" or net monthly salary for many employees. This structural shift is part of the government’s broader effort to formalize the workforce and enhance post-retirement financial security for private-sector workers.

Long Description : Shachi', the lead ship of the highly anticipated Next-Generation Offshore Patrol Vessel (NGOPV) series, was officially launched today. indigenously designed and constructed by Goa Shipyard Limited (GSL), the vessel is equipped with advanced AI-driven surveillance systems and long-range sensors. 'Shachi' is intended to strengthen the Indian Coast Guard's capabilities in Exclusive Economic Zone (EEZ) surveillance, search and rescue operations, and anti-piracy missions. This induction is a significant step under the 'Atmanirbhar Bharat' initiative, showcasing India's growing prowess in building sophisticated maritime platforms for coastal defense and regional maritime stability.

Long Description : In a major boost to India's Blue Economy and marine biodiversity conservation, the 'Bhavasagara' Referral Centre has been officially designated as the National Repository for Deep-Sea Fauna. This designation, made under the Biological Diversity Act, 2002, mandates the centre to catalogue and preserve unique marine species discovered during deep-sea explorations. The facility will serve as a central hub for researchers participating in the 'Samudrayaan' mission, providing critical data on undiscovered species and mineral-rich ecosystems at depths of 6,000 meters. This move ensures that India maintains a sovereign biological record of its deep-ocean resources.

Long Description : Founded on April 1, 1935, based on the Hilton Young Commission's recommendations, the Reserve Bank of India (RBI) entered its 91st year of operations today. To commemorate the day, the Governor announced the full-scale interoperability of the Central Bank Digital Currency (e-Rupee) with the Unified Payments Interface (UPI) across all scheduled commercial banks. This update is designed to accelerate the adoption of digital sovereignty in transactions. The RBI also highlighted its success in maintaining the Consumer Price Index (CPI) within the target range of 4% (+/- 2%) despite global economic volatility, reinforcing India’s fiscal stability.

Long Description : Transitioning away from the previous multi-capital model, the Andhra Pradesh government has officially declared Amaravati as the state's sole administrative, legislative, and judicial capital effective today. This move aims to centralize governance and expedite pending infrastructure projects in the capital region. To support this transition, the state government launched the "Amaravati 2.0" vision, which includes the development of a world-class High Court complex and a digital secretariat. This administrative clarity is expected to attract significant private investment and resolve long-standing legal uncertainties regarding the state’s urban development and decentralization policy.

Long Description : Under the National Quantum Mission (NQM), India’s first fully functional 100-qubit Quantum Computer was launched today at the newly established "Quantum Park" in Amaravati. Developed by a consortium of research institutes including IITs and the Centre for Development of Advanced Computing (C-DAC), this system is designed for complex calculations in cryptography, drug discovery, and climate modeling. The government noted that this achievement positions India among a select group of nations with sovereign quantum computing capabilities. The facility will be available for use by startups and academic researchers to foster a localized "Quantum-as-a-Service" (QaaS) ecosystem.

Long Description : The Appointments Committee of the Cabinet (ACC) has appointed Vir Vikram Yadav as the head of the Directorate General of Civil Aviation (DGCA). A 1994-batch officer, Yadav takes the helm at a critical juncture as India expands its regional connectivity through the UDAN scheme and manages a record number of aircraft orders by domestic carriers. His primary mandate includes overseeing the rigorous implementation of the new Aviation Safety Management System (ASMS) and addressing the shortage of Air Traffic Controllers (ATCs). Yadav is expected to prioritize the digital transformation of pilot licensing and aircraft certification processes.

Long Description : IndiGo, which commands over 60% of India’s domestic aviation market, has appointed William Walsh as its new CEO. Walsh, formerly the Director General of the International Air Transport Association (IATA), brings decades of global experience to the low-cost carrier. His appointment comes as IndiGo prepares to launch long-haul flights to Europe and East Asia using its newly inducted Airbus A321XLR fleet. Walsh's strategy is expected to focus on optimizing operational efficiency and enhancing the airline's loyalty program to compete with full-service carriers on international routes, marking a new chapter in the airline's growth.

Long Description : To enhance the protection of tiger corridors and manage the growing tiger population, the Navegaon-Nagzira Tiger Reserve (NNTR) in Maharashtra has officially expanded its buffer area by over 150 square kilometers today. This expansion integrates 15 peripheral villages under the reserve's management plan, focusing on community-led conservation and eco-tourism. The move is designed to provide a safer habitat for the "source" tiger population and mitigate human-animal conflict in the Gondia and Bhandara districts. The expansion was approved by the National Tiger Conservation Authority (NTCA) and follows the recent success of the state's tiger translocation programs.

Long Description : In line with global energy price fluctuations, the prices for 19-kg commercial LPG cylinders have been increased by ₹35 per unit across major metros today. Domestic LPG (14.2 kg) prices remain unchanged to provide relief to households. Simultaneously, the price of Aviation Turbine Fuel (ATF) has seen a marginal hike of 2.5%, which may lead to a slight increase in airfares during the upcoming summer travel season. These monthly revisions are based on the average international price of petroleum products and foreign exchange rates, reflecting the government’s commitment to market-linked pricing for commercial energy consumption.

Long Description : To manage the costs associated with the Interoperable Cardless Cash Withdrawal (ICCW) facility, HDFC Bank has introduced a new charge for UPI-based ATM withdrawals. Customers will continue to receive five free transactions per month; however, every subsequent transaction will now attract a fee of ₹23 plus GST. This move is part of a broader trend among private lenders to rationalize the costs of digital-to-physical cash services. Banking analysts suggest this may encourage users to stick to digital-only payments, though it may impact rural and semi-urban customers who rely on the UPI-ATM feature for emergency cash.

Long Description : Under the newly implemented Income Tax Act, 2025, the central government has significantly revised the tax-free limits for age-old allowances. The Children’s Education Allowance limit has been raised from the symbolic ₹100 per month to ₹3,000 per month per child. Similarly, the Hostel Allowance exemption has jumped from ₹300 per month to ₹9,000 per month per child (up to two children). These revisions, the first in over two decades, acknowledge the rising cost of education and aim to increase the disposable income of middle-class salaried taxpayers who opt for the new tax regime.

Long Description : The Indian Space Research Organisation (ISRO) has announced that all critical systems for the Gaganyaan mission have successfully cleared the high-altitude escape motor tests. The mission's next major milestone—an uncrewed orbital flight carrying the female-looking humanoid 'Vyommitra'—is scheduled for the fourth quarter of 2026. This test flight is essential to validate the Life Support System and the Crew Module's structural integrity before the manned mission. ISRO also confirmed the selection of the second batch of 'Gaganauts' who will begin their advanced survival training in Russia and India later this year, solidifying India's path toward human spaceflight.

Long Description : Starting the new financial year, NHAI has updated the fee structure for FASTag annual passes. For residents living within 20 km of a toll plaza, the monthly concessional pass rate has been revised to ₹340 (up from ₹330). Additionally, the NHAI has launched the 'One Vehicle, One FASTag 2.0' initiative, which uses GPS-based tolling on select stretches of the Delhi-Mumbai Expressway. This system eliminates physical toll booths, charging users based on the exact distance traveled. This move is part of the government's target to transition all national highways to a barrier-less, GPS-enabled tolling system by 2028.