Nobel Prize in Economics Sciences

Indian Economy

Context

The Royal Swedish Academy of Sciences has awarded the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2026.

Nobel Prize in Economics

Official Name: Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.
Prize Money: 12 million Swedish kronor, shared equally by the laureates.
Recognition: Work on the microeconomic foundations of macroeconomic stabilisation.

Key Contributions

Robert E. Hall: Studied household consumption and the role of current disposable income, particularly for hand-to-mouth households whose spending is constrained by current income.
Michael Woodford: Explained how firms’ price-setting decisions and expectations influence inflation; highlighted the role of transparent and credible monetary policy.

Macroeconomic Stabilisation

Meaning: Fiscal and monetary measures used to reduce fluctuations in economic growth, output, inflation and unemployment.
During a slowdown: Lower interest rates, tax relief and increased public expenditure can stimulate demand.
During overheating: Higher interest rates and tighter fiscal policies can help control inflation.

Five Years of PM GatiShakti

Government Scheme

Context

PM GatiShakti National Master Plan (PMGS-NMP) has completed five years.

PM GatiShakti National Master Plan (PMGS-NMP)

Launched: 13 October 2021.
Nodal Department: Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry.
Objective: Integrate multimodal infrastructure planning, improve last-mile connectivity and reduce logistics costs and travel time.

Key Features

Seven Infrastructure Engines: Roads, Railways, Ports, Waterways, Airports, Mass Transport and Logistics Infrastructure.
Integrated Planning: Integrates infrastructure schemes such as Bharatmala, Sagarmala, inland waterways and UDAN.
Whole-of-Government Approach: Covers 58 Central Ministries/Departments and all 36 States and Union Territories.
GIS-Based Platform: Integrates geospatial and infrastructure data for coordinated planning and decision-making.
Public Platform: Provides access to approved datasets for connectivity mapping, site suitability and project planning.

Gati Shakti Vishwavidyalaya (GSV)

Established: 2022; a specialised university focused on transport and logistics.
Role: Provides education, training and research to support PM GatiShakti and the National Logistics Policy, 2022.
Training: As of July 2026, had trained over 2.4 lakh officers through PM GatiShakti-related courses.

Aatmanirbharta in Pulses

Economy

Context

India is the world’s largest producer of pulses, yet it remains a major importer.

Mission for Aatmanirbharta in Pulses

The Mission was launched for 2025–26 to 2030–31 with a budgetary allocation of ₹11,440 crore.
Objective – It aims to make India self-sufficient in pulses production, reducing dependence on imports in light of rising domestic demand.
It aims to ensure 100 percent procurement of Tur, Urad, and Masoor at MSP for four years.

Additional Information- Pulses Production and Consumption in India

Global Leader: India is the largest global producer (25%), consumer (27%), & importer (14%) of pulses.
Seasonal Production: Pulses are grown in Kharif and Rabi seasons

Madhya Pradesh, Maharashtra and Rajasthan are the top three pulses producing states in the country.

Government Initiatives for Achieving Self-Sufficiency in Pulse Production

National Food Security Mission (NFSM-Pulses): Boosts area, production, and productivity through HYV seeds, improved agronomy, and demonstrations.
Minimum Support Price (MSP) for Pulses: Regularly revised MSPs (E.g., Tur ₹7000/qtl in 2023-24) ensure price security and encourage pulse cultivation.
Seed Hub Program by ICAR-IIPR: Expands availability of certified, short-duration, and high-yielding pulse seeds at the grassroots level.
PM-AASHA Scheme: Ensures MSP realisation via Price Deficiency Payment (PDP) and targeted procurement by private and public agencies.
Climate-Resilient Varieties Development (ICAR): Develops varieties resistant to drought, pests, and diseases suited to changing climates.
e-NAM Integration for Pulses: Enhances market access, reduces middlemen, and enables transparent price discovery through online pulse trading.

World’s First Nuclear Clock

Science and Technology

Context

Scientists in Vienna and Beijing have independently developed the world’s first two operating nuclear clocks.

Nuclear Clock

Definition: A precision timekeeping device that measures time using energy transitions within an atomic nucleus.
Working Principle: Uses lasers to induce transitions between nuclear energy levels in thorium-229.
Key Feature: Thorium-229 has a low-energy nuclear transition that can be stimulated using laser light.
Materials: Thorium-229 embedded in calcium fluoride crystals has been used in experimental research.
Clarification: It does not use nuclear fission or fusion.

Nuclear Clock vs Atomic Clock

Nuclear Clock: Uses energy transitions within the atomic nucleus.
Atomic Clock: Uses energy transitions involving electrons in an atom.
Reference: The definition of the SI second is based on a specific transition in the caesium-133 atom.
Potential Advantage: Nuclear transitions may be less sensitive to certain external disturbances, potentially enabling greater precision and stability.

Potential Applications

Navigation: Improve GPS positioning through more precise timing.
Communication: Enhance time synchronisation in mobile networks and fibre-optic systems.
Financial Networks: Improve timestamp accuracy and transaction sequencing.
Fundamental Physics: Help investigate ultralight dark matter and test whether fundamental constants vary over time.

Loknayak Jayaprakash Narayan

Personality in News

Context

The Prime Minister has remembered Loknayak Jayaprakash Narayan on his birth anniversary.

Jayaprakash Narayan (1902–1979)

Popular Name: Lok Nayak (“People’s Leader”).
Freedom Struggle: Participated in the Quit India Movement (1942) and escaped from Hazaribagh Jail.
Congress Socialist Party: Prominent founder in 1934.
Bhoodan Movement: Associated with Vinoba Bhave’s movement for voluntary land donation.
Total Revolution (1974): Called for political, social and economic reforms; launched at Gandhi Maidan, Patna, on 5 June 1974.
Key Ideas: Decentralisation, participatory democracy, anti-corruption and non-violent social change.
Awards: Ramon Magsaysay Award (1965); Bharat Ratna posthumously (1998).

Kulsi River

Geography

Context

Villagers living along the Kulsi River in Assam and Meghalaya are protesting for a proposed 55-MW hydropower-cum-irrigation project citing concerns over displacement, indigenous rights and ecological damage.

Kulsi River

Tributary: Brahmaputra River.
Origin: West Khasi Hills, Meghalaya; upper course is known as the Khir River.
Course: Flows through Meghalaya and Assam’s Kamrup district.
Confluence: Joins the Brahmaputra near Nagarbera, Assam.
Ecological Significance: Habitat of the endangered Gangetic river dolphin (Platanista gangetica).
Fact: The Gangetic river dolphin was declared India’s National Aquatic Animal in 2009.

WHO Prequalifies HPV vaccine CERVAVAC

Health

Context

The Serum Institute of India’s indigenously developed quadrivalent human papillomavirus (HPV) vaccine, CERVAVAC, has received prequalification from the World Health Organization (WHO).

CERVAVAC

Significance: India’s first indigenously developed quadrivalent HPV vaccine; gender-neutral.
Targets: HPV types 6, 11, 16 and 18.
Eligibility: Licensed in India for girls and boys aged 9–26 years.
Global Significance: WHO prequalification enables procurement by UN agencies for HPV immunisation programmes.

Cervical Cancer

Definition: Cancer originating in the cervix, the lower part of the uterus connecting it to the vagina.
Cause: Nearly 99% of cases are linked to high-risk HPV infection, mainly transmitted through sexual contact.
Global Burden: Approximately 604,000 new cases and 342,000 deaths worldwide in 2020.
Prevention: HPV vaccination, screening and treatment of precancerous lesions.
India: Cervical cancer is the second most common cancer among women after breast cancer.

HPV Vaccination in India

National Programme: Launched on 28 February 2026, targeting approximately 1.2 crore girls aged 14 years.
Vaccines Available: Indigenous CERVAVAC; Gardasil 9 and Cervarix are also available in the private market.