2 September 2026 Current Affairs: Headlines, GK & MCQs

The backgrounder states that the updated series of annual and quarterly GDP estimates, released on 31 August 2026, takes 2022-23 as its base year.

Double deflation is a production-side technique: gross output is deflated with one price index and intermediate consumption with another, and real Gross Value Added is what remains after subtracting the second from the first.

The release says the first quarter of 2026-27 should be compared with the earlier first-quarter figure from the same series, and in doing so it names the current-price estimate for the quarter.

Constant-price estimates for mining are built from the Index of Industrial Production, which grew -3.8 per cent in April, -1.4 per cent in May and 1.6 per cent in June, broadly matching real GVA growth of -2.4 per cent.

The agency moved both the long-term foreign currency issuer rating and the long-term local currency issuer rating up by exactly one notch, from BBB+ to A-, and kept the outlook at stable.

JCR noted that the Centre's fiscal deficit came down from 4.7 per cent in FY25 to 4.4 per cent in FY26, and that this happened while capital spending was kept high, with infrastructure investment given particular weight.

It is a multilateral development bank that lends to its member countries; it is not a credit rating agency and assigns no sovereign ratings, so it cannot appear in this list.

JCR pointed to three things behind the better asset quality of Indian banks: the establishment of this Code, the capital the Government infused into banks, and stronger supervision by the Reserve Bank of India.

That is the figure twenty IFSC Banking Units had sanctioned under the Reserve Bank's special swap facility for FCNR(B) deposits as on 31 August 2026, and about USD 52.82 billion of it had already been disbursed.

The release describes IFSCA as the unified regulatory authority set up by the Government of India under an Act of Parliament for the development and regulation of financial products, financial services and financial institutions in India's International Financial Services Centres.

Indian banks raised that amount through bond listings on IFSC exchanges over the five months from April to August 2026.

He is quoted in the release saying that the rapid scale-up of banking activity at GIFT-IFSC shows the depth and growing international orientation of India's International Financial Services Centre, and that the centre is serving as an effective bridge between global pools of capital and India's financing needs.

The Rules were notified by the Department of Consumer Affairs on 27 August 2026 and published in the Official Gazette on 29 August 2026, and the release states that they take effect 180 days from the date of that publication.

It is India's National Metrology Institute, mandated to set up primary national standards and to disseminate them.

CSIR-NPL, ISRO and the Legal Metrology Department jointly established secondary timescales at Regional Reference Standard Laboratories in Ahmedabad, Bengaluru, Bhubaneswar, Faridabad and Guwahati.

CSIR-NPL provides traceability of Indian Standard Time to ISRO for the NavIC system, which allows the time to be spread by satellite and strengthens both the availability and the resilience of national timing services.

The release states that every awardee receives three things: a statuette, a certificate and award money of Rs 15 lakh.

The award has exactly four categories and that is not one of them. Three of the four are defined by where the feat takes place, namely Land Adventure, Water Adventure and Air Adventure, and the fourth is Lifetime Achievement, which recognises a career rather than a single exploit.

The list approved by the Government places Shiv Prasad Chamoli in that category, which honours a sustained record in adventure rather than one outstanding feat.

The release says the adventure awards will be conferred by the President of India at Rashtrapati Bhavan along with those sports awards, and that the date of the ceremony will be announced separately.

The 16th edition of Aero India is scheduled there from 8 to 12 February 2027, in the state of Karnataka, and is organised by the Department of Defence Production under the Ministry of Defence.

It organises Aero India under the Ministry of Defence, which fits the show's purpose of displaying India's capability in aerospace and defence manufacturing and drawing in partnerships, investment and exports.

The release says exhibitor registration was scheduled to commence on that date through the dedicated portal www.aeroindia.gov.in, which was built to handle registration and the booking of exhibition space for both exhibitors and visitors.

The show is scheduled from 8 to 12 February 2027, which is a span of five days, and the release calls it the 16th edition of Aero India.

The three-day meeting was held there from 1 to 3 September 2026, hosted by the Office of the Controller General of Patents, Designs and Trade Marks, which functions under the Department for Promotion of Industry and Internal Trade in the Ministry of Commerce and Industry.

The release names their adoption as a major outcome of the deliberations, and explains their purpose: to guide result-oriented cooperation among the member offices, to promote cross-border innovation, and to strengthen joint efforts in shaping global intellectual property standards.

The release states that about that many delegates took part in the meeting, through a mix of virtual and physical formats.

The new projects on which deliberations concluded were the BRICS Intellectual Property Awareness Series, the IP BRICS FinTech Innovation Monitor, the BRICS Industrial Property Commercialisation Forum and Best Practices Repository, initiatives on intellectual property policies for public health and development, research on the design systems of BRICS countries, and a…

The two formalised their partnership through an MoU at the event, marking a step towards stronger collaboration in landscape conservation, sustainable development, capacity building, knowledge exchange and nature-positive financing initiatives.

He opened the two-day workshop and delivered the inaugural address, in which he said that conservation with harmony and human-nature coexistence should be the foundation of ecological conservation.

The release describes IBCA as a global platform for cooperation among countries and institutions working for the conservation of the seven big cat species, and notes its growing role under the vision of the Prime Minister.

Mia Oka, the Asian Development Bank's Country Director for India, said while welcoming the partnership with IBCA that 2026 marks the completion of forty years of ADB's partnership with India.