Daily Current Affairs (DCA) 22 January, 2026

Daily Current Affairs Quiz
22 January, 2026

International Affairs

1. Spain Joins Indo-Pacific Oceans Initiative (IPOI)

Source: NIE

Why in News?

• Spain has formally joined the Indo-Pacific Oceans Initiative (IPOI).
• Spain’s Foreign Minister handed over the Declaration of Accession to India’s External Affairs Minister S. Jaishankar.

About the Indo-Pacific Oceans Initiative (IPOI)

• The Indo-Pacific Oceans Initiative (IPOI) is a non-treaty, voluntary, and cooperative framework for practical maritime collaboration among like-minded countries in the Indo-Pacific.
• It is not a military alliance, but a platform for functional cooperation.

Launch Details

• Announced in: 2019
• Forum: East Asia Summit, Bangkok
• Initiated by: India

Strategic Foundation

• IPOI builds on India’s SAGAR doctrine (Security and Growth for All in the Region).
• Reflects India’s vision of the Indo-Pacific as:
  • Free
  • Open
  • Inclusive
  • Rules-based

2. Arabian Sea

Why in News?

Unusual boiling or bubbling of seawater has been reported in the Arabian Sea, off the Gujarat coast, triggering concern among fishermen and authorities.

About the Arabian Sea

• The Arabian Sea is a north-western arm of the Indian Ocean.
• It is a critical maritime corridor linking:
  • Europe
  • West Asia
  • Africa
  • South Asia
• One of the world’s busiest sea routes, vital for energy and trade flows.

Bordering Countries

• India
• Pakistan
• Iran
• Oman
• Yemen
• Somalia

Major Basins

• Arabian Basin
• Somali Basin

National Affairs

1. National Legislative Index (NLI)

Source: PIB

Why in News?

At the 86th All India Presiding Officers’ Conference, Lok Sabha Speaker Om Birla announced the initiation of a National Legislative Index (NLI) to objectively assess the performance of legislatures in India.

What is the National Legislative Index (NLI)?

• The National Legislative Index (NLI) is a proposed performance evaluation framework designed to objectively measure and compare the functioning of:
  • Parliament
  • State Legislatures
• It will rely on predefined, quantifiable indicators, rather than subjective or political assessments.

Objectives of NLI

• Promote healthy competition among legislatures.
• Improve efficiency, accountability, and quality of legislative functioning.
• Encourage people-centric, outcome-oriented law-making.
• Strengthen institutional credibility of legislatures.

2. Operation Trashi-I

Why in News?

Operation Trashi-I entered its fourth day in January 2026 as security forces intensified counter-terrorism operations in the forested areas of Kishtwar district, Jammu & Kashmir.

What is Operation Trashi-I?

• Operation Trashi-I is a multi-day counter-terrorism and area-domination operation aimed at:
  • Tracking
  • Neutralising
  • Dismantling terrorist groups
• Focus area:
  • Dense forest belts of the Chatroo region in Kishtwar.

3. Judicial Removal

Source: TH

Why in News?

• In December 2025, 107 Lok Sabha MPs (INDIA bloc) submitted a notice for removal of Justice G.R. Swaminathan, Judge of the Madras High Court.
• The notice was submitted to Om Birla, Speaker of the Lok Sabha.
• Allegations included acting against secular constitutional principles and bias towards a particular community.

Constitutional Provisions Involved

• Article 124(4) & 124(5) – Removal of Supreme Court judges
• Articles 217(1)(b) & 218 – Removal of High Court judges
• Term used: “Removal”, not impeachment
• Impeachment term is used only for the President of India (Article 61)

Statutory Framework

• Judges (Inquiry) Act, 1968
• Judges Inquiry Rules
• Parliament empowered to:
  • Regulate procedure
  • Provide for investigation and proof of misbehaviour/incapacity

Grounds for Removal

• Proved misbehaviour or incapacity
• Judicial interpretation:
  • Misbehaviour includes:
    • Corruption
    • Wilful abuse of office
    • Lack of integrity
    • Moral turpitude
• Key Supreme Court judgments:
  • K. Veeraswami v. Union of India (1991) – Absolute standards of judicial honesty
  • M. Krishna Swamy v. Union of India (1992) – Not every error amounts to misbehaviour; mens rea required

Procedure for Removal of a Judge

1. Notice of motion
   • Lok Sabha: Minimum 100 MPs
   • Rajya Sabha: Minimum 50 MPs
2. Submitted to:
   • Speaker (Lok Sabha) / Chairman (Rajya Sabha)
3. Admission of motion by Speaker/Chairman
4. Formation of 3-member Inquiry Committee:
   • Supreme Court Judge
   • Chief Justice of a High Court
   • Distinguished Jurist
5. Committee submits report
6. Special majority in both Houses
7. Address to the President → Removal order

4. First ‘Made in India’ C-295 Aircraft

Source: IE

Why in News?

India’s first fully Made-in-India C-295 military transport aircraft will roll out before September 2026, marking a major milestone in indigenous defence manufacturing. The announcement was made by External Affairs Minister S. Jaishankar.

About the C-295 Programme

• Aircraft type: Medium-range tactical transport aircraft
• Purpose: Replace ageing HS-748 Avro aircraft in the Indian Air Force
• Manufacturing model: Public–private partnership
• Key partners:
  • Airbus Defence and Space
  • Tata Advanced Systems Limited

Production & Indigenisation

• Final Assembly Line (FAL): Vadodara, Gujarat
• Total aircraft ordered: 56
  • 16 manufactured in Spain
  • 40 to be built in India
• Represents India’s first private-sector-led military aircraft assembly line.

5. Chief Economists Outlook: World Economic Forum (WEF)

Source: BS

Why in News?

South Asia has emerged as the most optimistic region globally in terms of economic growth outlook, according to the latest Chief Economists Outlook released by the WEF.

Key Findings: South Asia

Growth Expectations

• 66% economists bullish on South Asia:
  • 6% expect very strong growth
  • 60% expect strong growth
• Sharp turnaround from September survey:
  • Only 31% were optimistic earlier
• India is identified as the anchor of regional growth, despite rising global trade headwinds.

Inflation Outlook

• 69% expect moderate inflation (up from 64% in September)
• 18% expect low inflation
• Only 3% expect high inflation (down sharply from 18% earlier)

Role of Artificial Intelligence (AI)

• 50% of economists expect AI-driven productivity gains in South Asia within 1–2 years.
• Comparable with East Asia & Pacific (60%).
• South Asia better positioned than Europe, where gains may take up to 3 years.
• India seen as the primary driver of AI-led productivity growth.

Comparative Regional Sentiment (Growth Expectations)

Region	Strong / Very Strong Growth (%)
South Asia	66
East Asia & Pacific	45
China	24
United States	11
Europe	3

6. Cabinet Approves Continuation of Atal Pension Yojana (APY) till 2030–31

Source: PIB

Context:

The Union Cabinet, chaired by Narendra Modi, has approved the continuation of the Atal Pension Yojana (APY) up to 2030–31, along with extended funding for outreach, development, and gap funding.

About Atal Pension Yojana (APY)

• Atal Pension Yojana (APY) is a voluntary, government-backed pension scheme that provides a guaranteed monthly pension after the age of 60.
• It primarily targets workers in the unorganised sector, who lack formal social security coverage.

Launch Details

• Launched on: 9 May 2015

Implementing Authority

• Administered by: Pension Fund Regulatory and Development Authority (PFRDA)
• Implemented through:
  • Banks
  • Post Offices

Objectives

• Ensure old-age income security for poor, underprivileged, and unorganised workers.
• Promote financial inclusion and long-term retirement savings.
• Reduce dependence on family and state support in old age.

Key Features

• Guaranteed Monthly Pension (after 60 years):
  • ₹1,000 / ₹2,000 / ₹3,000 / ₹4,000 / ₹5,000
• Eligibility:
  • Indian citizens aged 18–40 years
  • Must have a savings bank or post office account
• Contribution Mechanism:
  • Contribution-based
  • Auto-debit (monthly / quarterly / half-yearly) until age 60
• Family Security:
  • Same pension payable to spouse after subscriber’s death
  • Accumulated corpus returned to nominee thereafter
• Tax Rule:
  • Income-tax payers are not eligible for new enrolment after 1 October 2022
• Investment:
  • Funds invested as per PFRDA guidelines through approved pension funds

7. Section 17A of the Prevention of Corruption Act, 1988

Source: The Hindu

Why in News?

A two-judge Bench of the Supreme Court of India delivered a split verdict (2026) on the constitutional validity of Section 17A of the Prevention of Corruption Act, 1988, which mandates prior approval before investigating public servants.

What is Section 17A?

• Section 17A was inserted by the Prevention of Corruption (Amendment) Act, 2018.
• It bars any police officer from conducting an enquiry, inquiry, or investigation into offences under the Act without prior approval, where:
  • The alleged offence relates to a decision or recommendation made in official duty.

Key Features of Section 17A

• Mandatory prior approval at the investigation stage for acts linked to official decisions.
• Competent authority:
  • Union Government / State Government / Authority competent to remove the official from service.
• Exception – Trap cases:
  • No prior approval required if a public servant is caught red-handed accepting a bribe.
• Time-bound approval:
  • Decision within 3 months
  • Extendable by 1 month with recorded reasons.
• Distinct from Section 19:
  • Section 19 requires sanction only at the prosecution stage, not investigation.

8. DIBD–Survey of India MoU for Toponymic Data Digitisation

Source: PIB

Context:

The Digital India BHASHINI Division (DIBD) under MeitY signed an MoU with the Survey of India (SoI) to digitise, transcribe, and standardise geographical place names (toponyms) across India using AI-based language technologies.

Participating Institutions

• DIBD (MeitY)
• Survey of India (SoI) – under Department of Science & Technology (DST), Ministry of Science & Technology

Objective

• Creation of accurate, multilingual, and standardised toponymic datasets for India.
• Digitisation and validation of over 16 lakh (1.6 million) geographical locations.

SoI–BHASHINI Collaboration

Role of Survey of India (SoI)

• National nodal agency for standardisation and maintenance of geographical names.
• Conducts large-scale toponymic field surveys in local vernacular languages.
• Leads the National Geographical Name Information System (NGNIS).

Role of DIBD / BHASHINI

• Deployment of indigenous AI-powered language tools.
• Conversion of vernacular audio recordings into validated digital text.
• Creation of a comprehensive Toponymy Database.

About BHASHINI (BHASHa INterface for India)

• Ministry: Ministry of Electronics and Information Technology (MeitY)
• Established: 2022
• Objective: Enable multilingual digital access and translation across Indian languages.
• CEO: Amitabh Nag

Banking/Finance

1. Small Industries Development Bank of India (SIDBI)

Source: ET

Context:

The Union Cabinet, chaired by Narendra Modi, approved an equity infusion of ₹5,000 crore into the Small Industries Development Bank of India (SIDBI) to expand credit availability for MSMEs and strengthen its balance sheet.

About SIDBI

• SIDBI is the principal financial institution for:
  • Promotion
  • Financing
  • Development of the Micro, Small and Medium Enterprises (MSME) sector in India.
• It also coordinates institutions engaged in MSME financing.

Establishment & Legal Status

• Established: April 1990
• Mode: Act of Parliament
• Headquarters: Lucknow

Key Functions of SIDBI

1. Refinance Support

• Provides bulk, low-cost refinance to:
  • Banks
  • Small Finance Banks (SFBs)
  • Non-Banking Financial Companies (NBFCs)
• Helps scale MSME lending without stressing lenders’ balance sheets.

2. Direct Lending to MSMEs

• Extends direct loans for:
  • Fixed capital
  • Working capital
• Targets MSMEs with limited or no access to bank credit.

3. Collateral-Free & Digital Credit

• Promotes collateral-free MSME lending.
• Uses:
  • Digital data
  • Alternative credit assessment tools
• Lowers entry barriers for small and first-time entrepreneurs.

4. Venture Debt & Startup Financing

• Provides non-equity funding to:
  • Startups
  • Growth-stage MSMEs
• Supports:
  • Innovation
  • Technology adoption
  • Scale-up of enterprises

5. Developmental & Handholding Role

• Initiatives such as Udyami Mitra:
  • Act as facilitation platforms
  • Connect MSMEs with:
    • Banks
    • Credit products
    • Advisory and mentoring support

6. Support to Microfinance Institutions

• Channels funds and institutional support to Microfinance Institutions (MFIs).
• Enables credit flow to micro-enterprises and grassroots entrepreneurs.

2. PhonePe receives SEBI approval for IPO

Source: ET

Context:

Fintech major PhonePe has received SEBI’s approval to proceed with its Initial Public Offering (IPO) and is expected to file an Updated Draft Red Herring Prospectus (UDRHP) shortly. The move clears the way for one of India’s most anticipated fintech IPOs in the near future.

IPO (Initial Public Offering)

IPO (Initial Public Offering) refers to the process by which a private company offers its shares to the public for the first time and gets listed on a stock exchange (in India, mainly BSE and NSE).

Objectives of an IPO

• Raise funds for expansion, debt repayment, R&D, or working capital
• Provide exit/partial exit to promoters and early investors
• Enhance brand visibility and credibility
• Enable future fundraising through capital markets

IPO Process in India

• Appointment of merchant bankers (lead managers)
• Filing of Draft Red Herring Prospectus (DRHP) with SEBI
• SEBI scrutiny and approval
• Price discovery (via book building or fixed price)
• Opening and closing of the issue
• Allotment of shares and listing on stock exchanges

Types of IPO

• Fixed Price Issue: Price is fixed in advance
• Book Building Issue: Price band is given; final price discovered through bids

About PhonePe

• Market leader in India’s digital payments ecosystem
• Commands over 45% market share in UPI transactions
• Core offerings:
  • UPI payments
  • Digital wallets
  • Financial services (insurance, investments, lending)
• Key player in India’s fintech-led financial inclusion story

3. Monthly State of the Economy Report: RBI Report

Source: BS

Why in News?

The Reserve Bank of India (RBI), in its Monthly State of the Economy Report, highlighted a sharp increase in credit flow to the commercial sector.

Key Findings of the RBI Report

Credit Growth

• Credit flow from banks and non-financial sources to the commercial sector:
  • Increased by 44%
  • During April–December 2025–26 (M9FY26)
• Indicates buoyant demand conditions in the economy.

Drivers of Credit Expansion

1. Rural Demand Revival

• Improved rural consumption has supported:
  • Credit demand
  • Overall economic momentum

2. Gradual Recovery in Urban Demand

• Urban consumption and investment showing signs of recovery.
• Contributing to sustained credit uptake.

GDP Outlook (FY26)

• First Advance Estimates of GDP for FY26 reflect:
  • Resilience of the Indian economy
• Growth drivers:
  • Private Final Consumption Expenditure (PFCE)
  • Fixed Investment
• Growth largely supported by domestic factors, despite:
  • A challenging external environment

Role of Non-Bank Financial Sources

• Non-bank channels (such as NBFCs, capital markets, and other financial institutions):
  • Complement bank lending
  • Improve credit availability to the commercial sector
• Reduce excessive dependence on banks alone.

4. NITI Aayog Suggests ₹13,000 crore Schemes for MSME Decarbonisation

Source: BS

Why in News?

NITI Aayog has recommended ₹13,000 crore worth of schemes to support decarbonisation of MSMEs, addressing rising energy costs and tightening global environmental norms.

Background

• MSMEs:
  • Contribute ~30% to India’s GDP
  • Employ 250+ million people
  • Account for ~46% of exports
• Energy is among the highest input costs for MSMEs.
• Failure to decarbonise could:
  • Reduce export competitiveness
  • Expose firms to carbon-related trade barriers

Key Recommendations by NITI Aayog

1. Viability Gap Funding (VGF) Scheme

• Proposed outlay: ₹6,000 crore
• Objective:
  • Promote adoption of energy-efficient technologies
• Key features:
  • VGF capped at 15% of total project cost
  • Funds credited directly to Original Equipment Manufacturers (OEMs)
  • Projects selected through competitive bidding
  • Supports projects that are economically viable but marginally unviable financially

2. PM-Suryaghar–like Solar Rooftop Scheme for MSMEs

• Proposed Phase-1 allocation: ₹7,000 crore
• Objective:
  • Provide capital subsidies for green electricity adoption
• Key features:
  • Rooftop solar installations up to 3 kW
  • Target coverage: ~8 lakh micro enterprises
  • Capital subsidy provided directly to enterprises
• Long-term outlook:
  • Total projected outlay: ₹28,672 crore over 20 years
  • Projected capex: ₹21,109 crore

5. RBI Guidelines on Interest Subvention for Export Credit under NIRYAT PROTSAHAN

Source: News on Air

Context:

In January 2026, the Reserve Bank of India (RBI) issued operational guidelines for extending interest subvention on pre- and post-shipment export credit under the Export Promotion Mission (EPM) – NIRYAT PROTSAHAN (Component-I).

NIRYAT PROTSAHAN – Interest Subvention Component

Objective

• To reduce the cost of export credit and improve access to pre- and post-shipment rupee credit for MSME exporters, thereby enhancing export competitiveness.

Eligibility Framework

Eligible Lending Institutions

• All Scheduled Commercial Banks (SCBs) (excluding RRBs)
• Primary (Urban) Co-operative Banks (UCBs)
• State Co-operative Banks (StCBs)
• All-India Financial Institutions (AIFIs)

Eligible Exporters

• MSME manufacturer exporters
• MSME merchant exporters
• Mandatory requirements:
  • Valid and active Importer-Exporter Code (IEC)
  • Valid MSME Udyam Registration Number (URN)

Scope of Coverage

• Interest subvention applicable only to exports covered under a notified “positive list”.
• The list is defined at the HSN six-digit tariff line level, ensuring targeted and product-specific support.

6. RBI Grants In-Principle Approval to Payoneer India as PA-CB

Context:

RBI granted in-principle approval to Payoneer India Pvt. Ltd. to operate as a Payment Aggregator – Cross Border (PA-CB).

Purpose

• Facilitate inward (exports) and outward (imports) cross-border payments.

About Payoneer PA-CB Approval

Operations

• Enables end-to-end cross-border payment solutions:
  • Indian exporters receiving overseas funds
  • Indian importers making international payments

Target Beneficiaries

• MSMEs
• Startups
• Export-oriented businesses integrating into global value chains

Regulatory Conditions for Non-Bank PA-CBs

• RBI authorisation mandatory
• Net worth requirements:
  • ₹15 crore initially
  • ₹25 crore by end of third year
• Transaction cap: ₹25 lakh per transaction
• Operational rules:
  • Separate accounts for imports and exports
  • No netting of flows permitted

Facts To Remember

1. Himachal CM Inaugurates Helicopter Services in Shimla

The initiative aims to boost air connectivity and tourism in the hill State. Sukhvinder Singh Sukhu, Chief Minister of Himachal Pradesh, inaugurated helicopter services from Sanjauli heliport, Shimla.

2. NASA astronaut Sunita Williams retires after 27-year stellar career

NASA astronaut Sunita Williams has retired from the space agency, capping a stellar 27-year career during which she completed three missions aboard the International Space Station and set various human spaceflight records. 

3. Deepinder Goyal Resigns as CEO of Eternal Group

Deepinder Goyal resigned as Director, Managing Director (MD) and CEO of Eternal Limited.

4. Tata Communications Appoints Ganesh Lakshminarayanan as MD & CEO

Tata Communications Limited appointed Ganesh Lakshminarayanan as Managing Director & CEO.

5. Odisha–Meghalaya MoU to Strengthen ECCED

Odisha and Meghalaya governments signed an MoU to enhance cooperation in Early Childhood Care, Education and Development (ECCED).

6. Assam Govt Launches ‘Atal Vichal Agragami Assam Scheme’

Assam CM Himanta Biswa Sarma announced the Atal Vichal Agragami Assam Scheme to support research scholars.

7. IIT Delhi Launches CoE for Regulatory Affairs in Power Sector

Union Power Minister Manohar Lal inaugurated a Centre of Excellence at IIT Delhi to strengthen regulatory research, capacity building, and advisory support in the power sector in collaboration with CERC and Grid India.

8. Union Environment Minister Chairs 88th SC-NBWL Meeting

Environment Minister Bhupender Yadav chaired the 88th Standing Committee of the National Board for Wildlife meeting to review infrastructure and development proposals in protected and eco-sensitive areas.

9. India–UAE Set $200 Billion Trade Target by 2032

India and the UAE agreed to double bilateral trade to $200 billion by 2032 and expand cooperation in nuclear energy, LNG supply, infrastructure, and financial services.

10. Wikimedia Foundation Partners Big Tech for Paid AI Access

The Wikimedia Foundation partnered with firms like Amazon, Meta, Microsoft, Mistral AI, and Perplexity to provide paid access to Wikipedia content for AI model training.

11. PM Modi Addresses Bagurumba Dwhou 2026 in Assam

Prime Minister Narendra Modi addressed the Bagurumba Dwhou 2026 cultural festival in Guwahati, celebrating the heritage and folk traditions of the Bodo community.

12. Tamil Nadu Announces Semmozhi Illakiya Virudhu

Tamil Nadu launched the Semmozhi Illakiya Virudhu, a ₹5-lakh annual award to honour literary excellence in major Indian languages other than Hindi.

13. Madrid to Host Laureus World Sports Awards Again

Madrid will host the Laureus World Sports Awards for the third consecutive year at Cibeles Palace on 20 April 2026.

14. 6th ASEAN–India Digital Ministers’ Meeting Held

The 6th ASEAN–India Digital Ministers Meeting approved the Digital Work Plan 2026, focusing on inclusive, secure, and connected digital ecosystems.

15. Vidarbha Wins Maiden Vijay Hazare Trophy

Vidarbha clinched their first Vijay Hazare Trophy by defeating Saurashtra in the final held at Bengaluru.

16. C-DOT Wins SKOCH Award 2025

C-DOT received the SKOCH Award 2025 for its indigenous Cell Broadcast Solution enabling real-time, multi-language disaster alerts.

17. INS Sudarshini to Sail on Lokayan-26 Voyage

INS Sudarshini will undertake a 10-month Lokayan-26 expedition across 13 countries to promote maritime heritage and naval diplomacy.

18. India Flags Off Guided Pinaka Rockets to Armenia

India dispatched the first batch of guided Pinaka rocket systems to Armenia, highlighting India’s growing defence export capability.

19. 21 January Observed as Foundation Day of Three States

Tripura, Manipur, and Meghalaya observe their Foundation Day on 21 January, marking their statehood in 1972.