Daily Current Affairs - 30th & 31st March 2026
- Kaushal
- 5 days ago
- 9 min read
Comprehensive UPSC Current Affairs Summary | Fertiliser Sector Status in India, Ind AS Framework for Insurance Sector, Insolvency & Bankruptcy Code Amendment Bill 2025, Energy Statistics India 2026, Ultraluminous X-ray Source (ULX) Discovery, Radiative Forcing-based Accounting Framework, Open Acreage Licensing Policy (OALP-XI), Solid Waste Management Rules 2026, Bio-Bitumen Technology by CSIR, Bhavasagara Deep-Sea Fauna Repository and more.
Table of Content
India’s fertiliser sector plays a crucial role in agricultural productivity, yet the country remains one of the largest importers of fertilisers globally, indicating a significant dependence on external sources.
Specifically, India relies on imports for about 13–20% of its urea (nitrogen-based fertiliser essential for plant growth) and nearly 60% of its DAP (Diammonium Phosphate) (a phosphorus-rich fertiliser critical for root development).
The Gulf region remains a key supplier, accounting for 20–30% of India’s urea imports and around 30% of DAP imports, while also supplying nearly 50% of India’s LNG (Liquefied Natural Gas) (a primary feedstock used in urea production).
To reduce dependence, India is diversifying its import sources across countries such as Russia, Morocco, Australia, Indonesia, Malaysia, Jordan, Canada, Algeria, Egypt, Finland, and Togo, enhancing supply security.
Despite import dependence, India is the second-largest consumer and third-largest producer of fertilisers globally, reflecting both high demand and growing domestic capacity.
In terms of domestic production, around 73% of the country’s total fertiliser requirement was met through domestic sources in 2025, indicating substantial self-reliance.
The total domestic production of fertilisers, including urea, DAP, NPK (Nitrogen, Phosphorus, Potassium fertilisers—balanced nutrient mix) and SSP (Single Super Phosphate—a phosphorus fertiliser), reached 524.62 lakh tonnes in 2025, highlighting steady growth in production capacity.
The Insurance Regulatory and Development Authority of India has introduced an Ind AS-based Financial Reporting Framework (accounting system based on standardised rules) for the insurance sector, aiming to align it with globally accepted financial reporting practices.
This framework will be applicable to all categories of insurers, including life insurers, general insurers, standalone health insurers, and reinsurers (companies that insure other insurance companies), ensuring uniformity across the sector.
About Ind AS Framework
Ind AS (Indian Accounting Standards) are a set of financial reporting standards designed to harmonise India’s accounting practices with the International Financial Reporting Standards (globally accepted accounting norms).
The primary goal of Ind AS is to enhance global accessibility, transparency, and reliability of financial statements (documents showing a company’s financial performance), thereby improving investor confidence and comparability.
These standards are implemented by the Ministry of Corporate Affairs (MCA), which oversees corporate regulation and accounting frameworks in India.
The Lok Sabha has passed the Insolvency & Bankruptcy Code (Amendment) Bill, 2025, which seeks to amend the Insolvency and Bankruptcy Code, 2016 (IBC) to improve the efficiency of insolvency resolution.
The Bill, which was earlier referred to a Select Committee (a parliamentary body for detailed examination), aims to reduce delays, maximise value for stakeholders, and align India’s insolvency framework with global best practices.
Need for Amendments
A major concern is the rescue time, where the average resolution duration is 619 days, significantly exceeding the stipulated 330 days, indicating systemic delays.
The recovery rate remains low at 31.6%, meaning creditors recover only a limited portion of their dues.
Additionally, delays lead to erosion of asset value, as stressed assets (financially distressed company assets) lose worth over time, reducing overall recovery.
Key Highlights of the Bill
The Bill introduces a Creditor-Initiated Insolvency Resolution Process (CIIRP) (an out-of-court mechanism where creditors initiate resolution), replacing the underutilised fast-track process to make insolvency initiation more efficient.
It proposes a Group Insolvency Framework, allowing a voluntary joint resolution of interconnected companies within a corporate group, recognising their financial interdependence.
A Cross-Border Insolvency Framework is introduced to enable creditors to access overseas assets of stressed companies, aligning India with international insolvency practices.
The Bill reinforces the “clean slate principle” (once a resolution plan is approved, all prior claims are extinguished unless specified), ensuring clarity and certainty for new management.
It mandates strict timelines for adjudication, requiring the National Company Law Tribunal (NCLT) to admit Corporate Insolvency Resolution Process (CIRP) cases within 14 days upon proof of default, and the National Company Law Appellate Tribunal (NCLAT) to dispose of appeals within 3 months.
Additional provisions include setting a 180-day timeline for liquidation (extendable by 90 days), removing the automatic appointment of a Resolution Professional (insolvency expert managing the process), and enhancing the role of the Committee of Creditors (CoC) (group of financial creditors making key decisions).
National Statistics Office (NSO) under the Ministry of Statistics and Programme Implementation (MoSPI) has released Energy Statistics India 2026.
Key highlights of Energy Statistics India 2026
Total Primary Energy Supply (TPES) grew by 2.95% in FY 2024-25 to reach ≈ 9.3 lakh kilo tonnes of oil equivalent (KToE).
Renewable energy: generation stands at ~ 47 lakh Megawatt as on 31-Mar-2025.
Top 3 States: Rajasthan (23.70%), Maharashtra and Gujarat.
Largest components: Solar energy (~ 71%) followed by wind and large hydro projects.
Coal remains the dominant source.
Scientists from the Raman Research Institute (RRI) have studied rare, repeating bursts of energy from a distant Ultraluminous X-ray Source (ULX), providing new insights into extreme cosmic phenomena.
About Ultraluminous X-ray Sources (ULX)
ULXs are astronomical systems in which a compact object (extremely dense object such as a black hole or neutron star) pulls in matter from a companion star (a nearby star in a binary system).
This process is known as accretion (the accumulation of matter due to gravitational attraction), during which the infalling material releases enormous amounts of energy in the form of X-rays.
In certain cases, ULXs emit radiation that exceeds the Eddington limit (the theoretical maximum luminosity at which outward radiation pressure balances gravitational pull) by more than 100 times, making them some of the most luminous X-ray sources in the universe.
A recent study has proposed a new framework called Radiative Forcing-based Accounting (RFA), which offers an alternative approach to equivalence metrics used in carbon offset crediting (system for assigning credits based on emission reductions).
Currently, climate policy uses “carbon dioxide equivalent (CO₂e)” (a standard unit to compare different greenhouse gases based on their warming impact), which relies on the Global Warming Potential over 100 years (GWP100) (a metric that estimates the warming effect of gases over a fixed 100-year period).
About Radiative Forcing Framework
The concept of radiative forcing refers to the net difference between incoming solar energy absorbed by Earth and outgoing energy radiated back into space, determining whether the planet warms or cools.
Unlike traditional methods using a fixed 100-year multiplier, the RFA framework calculates the climate impact of greenhouse gases based on time-resolved radiative forcing (tracking how warming effects change over time) relative to a chosen policy horizon (specific time frame considered for climate policy decisions).
A key advantage of this approach is greater accuracy for short-lived greenhouse gases like methane, as the RFA framework can yield 36% to 40% more carbon credits compared to legacy methods, better reflecting their actual climate impact.
Government launched the 11th exploration licensing round offering 21 blocks under the OALP.
About OALP
Introduced: in 2016 as part of the Hydrocarbon Exploration and Licensing Policy (HELP).
Objective: allows investors looking to explore hydrocarbons to select blocks after studying the data available through NDR (National Data Repository) without waiting for a formal bid round from the Government.
Salient Features of OALP–XI under HELP: Revenue Sharing Model; Reduced Royalty Rates; No Oil Cess; Single Licence for all hydrocarbon (Conventional and Unconventional); Marketing and Pricing freedom, etc.
The Solid Waste Management (SWM) Rules, 2026, notified by the **Ministry of Environment, Forest and Climate Change under the Environment (Protection) Act, 1986, will come into effect from 1st April 2026, replacing the earlier SWM Rules, 2016, to strengthen waste management practices in India.
Key Provisions of SWM Rules 2026
The rules mandate four-stream segregation of waste at source, including wet waste (organic/kitchen waste), dry waste (plastic, paper, metal), sanitary waste (diapers, tampons), and special care waste (paints, medicines, bulbs), ensuring better processing and recycling.
Under Extended Bulk Waste Generator Responsibility (EBWGR) (accountability framework for large waste producers), Bulk Waste Generators (BWGs) must obtain certification where on-site processing is not feasible, and BWGs are defined as entities with ≥20,000 sq. m area, ≥40,000 litres/day water use, or ≥100 kg/day waste generation.
The rules enforce the “Polluter Pays Principle” (those generating waste bear the cost of managing it) for non-compliance and improper waste management practices.
A centralised online portal will track the entire waste lifecycle from generation to disposal, improving transparency and monitoring.
Urban local bodies are assigned clear duties for collection, segregation, and transportation of waste, in coordination with Material Recovery Facilities (MRFs) (centres for sorting and recovering recyclable materials).
The rules promote industrial use of Refuse Derived Fuel (RDF) (fuel made by processing municipal solid waste), mandating industries like cement plants to substitute conventional fuels with RDF, enhancing waste-to-energy utilisation.
Landfills are restricted only to non-recyclable, non-energy recoverable, and inert waste (inactive waste that does not undergo physical or chemical changes), reducing landfill burden.
Special provisions are included for hilly areas and islands, such as levying user fees on tourists and regulating tourist inflow, to manage waste sustainably in fragile ecosystems.
Related Post | Four-Stream Segregation of Waste Made Mandatory
Solid Waste Generation in India
As per the Central Pollution Control Board (CPCB), India generated about 1.85 lakh tonnes per day (TPD) of solid waste in 2023–24, indicating the scale of the challenge.
Of this, only around 61% is processed or treated, while the remaining waste is disposed of in landfills, contributing to environmental degradation.
Challenges in Waste Management
Major challenges include lack of proper collection and segregation at source, limited land availability for waste processing, indiscriminate dumping of e-waste (electronic waste), and financial constraints faced by local bodies.
Environmental and Health Issues
Improper waste management leads to methane emissions (a highly potent greenhouse gas), contributing to global warming, along with landfill fires and explosions.
It also results in leachate formation (toxic liquid runoff from waste), which contaminates groundwater, posing serious environmental risks.
Additionally, open burning of waste releases fine particulate matter (PM) (tiny harmful particles in air), causing smog and severe respiratory diseases.
The Ministry of Environment, Forest and Climate Change (MoEFCC) has officially designated Bhavasagara Referral Centre as a National Repository for Deep-Sea Fauna.
Recognition is conferred under the provisions of the Biological Diversity Act, 2002.
About Bhavasagara
It is located at the Center for Marine Living Resources & Ecology (CMLRE) in Kochi, Kerala.
CMLRE works under the Ministry of Earth Sciences.
Objective: It will serve as a critical national facility for preserving, studying, and documenting India's deep-sea biological heritage.
Significance: It strengthens India's "blue economy" and marine biodiversity framework.
Key Responsibilities:
Secure Custody: Preserving biological samples and DNA sequences for future scientific reference.
Holding Type Specimens: Acting as the official custodian for any newly discovered deep-sea species in Indian waters.
Capacity Building: Fostering expertise in deep-sea taxonomy to align with the UN Decade of Ocean Science (2021–2030).
Status of Deep Sea Fauna: As of 2021, India is home to 4,371 species of deep-sea fauna, including 1,032 species under the kingdom Protista and 3,339 species under the kingdom Animalia (Zoological Survey of India).
The Council of Scientific and Industrial Research (CSIR) has transferred an indigenous bio-bitumen technology (locally developed sustainable road material technology) for large-scale industrial adoption, marking progress in green infrastructure.
This technology has been jointly developed by the CSIR-Central Road Research Institute (CSIR-CRRI) and the CSIR-Indian Institute of Petroleum (CSIR-IIP), combining expertise in road engineering and petroleum research.
It has been specifically designed for adoption by the Ministry of Road Transport and Highways (MoRTH), enabling its use in road construction projects across India.
About Bio-Bitumen
Bio-bitumen is produced using a process that utilises agricultural biomass and crop residues (organic waste from farming) as feedstock (raw material), creating a renewable and environmentally friendly alternative to conventional bitumen.
In contrast, bitumen is a highly viscous, black, sticky, and waterproof hydrocarbon material derived from crude oil refining or natural deposits, commonly used in road construction.
Significance of Bio-Bitumen
The technology offers cost reduction and import substitution, as it reduces dependence on petroleum-based bitumen imports.
It contributes to reduction in carbon emissions, supporting climate-friendly infrastructure development.
Additionally, it promotes rural and agricultural waste utilisation, converting crop residues into valuable industrial inputs, thereby supporting sustainability and circular economy practices.
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