Daily Current Affairs & GK Updates

HPCL Commissions World’s First LC-Max Residue Upgradation Facility in Visakhapatnam, APOn January 5, 2026, Hindustan Petroleum Corporation Limited (HPCL), under the Ministry of Petroleum and Natural Gas (MoPNG), successfully commissioned the world’s first and largest Liquid Conversion–Maximum (LC-Max) Residue Upgradation Facility (RUF) at its Refinery in Visakhapatnam (Vizag), Andhra Pradesh (AP).HPCL also introduced a digital optimization system for the LC-Max unit to improve operational stability.About World’s First LC-Max Unit :Framework: The RUF was owned and developed by HPCL as part of its Visakh Refinery Modernization Project (VRMP).With an investment of Rs.31,407 crore, HPCL’s Visakh Refinery has expanded its crude processing capacity from 8.33 million tonnes per annum (MMTPA) to 15 MMTPA.Capacity: The facility includes, India’s first residue hydrocracking unit, has a capacity of 3.55 million tonnes per annum (MTPA) and can convert about 93% of low-value bottom-of-the-barrel oils into higher-value products such as diesel, jet fuel, gasoil, and other middle distillates.It comprises three massive reactors, each weighing about 2,200 tonnes (T), making it among the heaviest refinery modules globally.Distillate Output: The distillate yields such as diesel and kerosene are expected to increase by up to approximately 10% compared to before the upgrade.

08 Jan, 2026

HPCL Commissions World’s First LC-Max Residue Upgradation Facility in Visakhapatnam, APOn January 5, 2026, Hindustan Petroleum Corporation Limited (HPCL), under the Ministry of Petroleum and Natural Gas (MoPNG), successfully commissioned the world’s first and largest Liquid Conversion–Maximum (LC-Max) Residue Upgradation Facility (RUF) at its Refinery in Visakhapatnam (Vizag), Andhra Pradesh (AP).HPCL also introduced a digital optimization system for the LC-Max unit to improve operational stability.About World’s First LC-Max Unit :Framework: The RUF was owned and developed by HPCL as part of its Visakh Refinery Modernization Project (VRMP).With an investment of Rs.31,407 crore, HPCL’s Visakh Refinery has expanded its crude processing capacity from 8.33 million tonnes per annum (MMTPA) to 15 MMTPA.Capacity: The facility includes, India’s first residue hydrocracking unit, has a capacity of 3.55 million tonnes per annum (MTPA) and can convert about 93% of low-value bottom-of-the-barrel oils into higher-value products such as diesel, jet fuel, gasoil, and other middle distillates.It comprises three massive reactors, each weighing about 2,200 tonnes (T), making it among the heaviest refinery modules globally.Distillate Output: The distillate yields such as diesel and kerosene are expected to increase by up to approximately 10% compared to before the upgrade.

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Indian Railways Electrified about 99.2% of its Network by November 2025In January 2026, Indian Railways (IR) under the Ministry of Railways (MoR), electrified about 99.2% i.e. 69, 427 Route Kilometres (RKMs) of its broad-gauge network (70,001 RKMs)by November 2025, emerging as one of the world’s most extensively electrified rail systems. Out of the total area electrified, electrification of 46,900 RKMs was done between 2014 and 2025.This significant milestone achieved by IR is in alignment with the ambitious “Mission 100% Electrification” which aims to transform India’s rail system from diesel-dependent network into a fast, efficient and environmentally sustainable backbone of transport.About IR Electrification in India:Pace of IR Electrification: Electrification expanded from just 1.4 km per day (between 2004-14) to an average of over 15 km per day (between 2019-2025).Also, the share of electrified track increased significantly from just 24% (in 2000) to 40% in 2017, and surpassed 96% by December 31, 2024.State-wise Electrification: At present, 25 States and Union Territories, have been electrified with no remaining routes pending.Only 5 states namely: Rajasthan, Tamil Nadu (TN), Karnataka, Assam, and Goa, have residual sections under electrification. Together, these states account for just 0.8% (574 RKMs)of the total network .RKMs remaining in these 5 states are: Rajasthan (93 RKMs); TN (117 RKMs), Karnataka (151 RKMs), Assam (197 RKMs), and Goa (16 RKMs).Global Position of IR: With 99.2% of its network electrified, IR now ranks among the world’s leading rail networks, surpassing countries like: China, France, the United Kingdom (UK) and Russia.Solar Power Drives IR Electrification: The solar power capacity of IR surged nearly 244 times i.e. from just 3.68 Mega-Watt(MW) (in 2014) to 898 MW (as of November 2025).About Ministry of Railways (MoR):Union Minister- Ashwini Vaishnaw (Rajya Sabha- Odisha)Minister of State (MoS)- V. Somanna (Constituency- Tumkur, Karnataka), and Ravneet Singh Bittu (Rajya Sabha- Rajastha)

08 Jan, 2026

Indian Railways Electrified about 99.2% of its Network by November 2025In January 2026, Indian Railways (IR) under the Ministry of Railways (MoR), electrified about 99.2% i.e. 69, 427 Route Kilometres (RKMs) of its broad-gauge network (70,001 RKMs)by November 2025, emerging as one of the world’s most extensively electrified rail systems. Out of the total area electrified, electrification of 46,900 RKMs was done between 2014 and 2025.This significant milestone achieved by IR is in alignment with the ambitious “Mission 100% Electrification” which aims to transform India’s rail system from diesel-dependent network into a fast, efficient and environmentally sustainable backbone of transport.About IR Electrification in India:Pace of IR Electrification: Electrification expanded from just 1.4 km per day (between 2004-14) to an average of over 15 km per day (between 2019-2025).Also, the share of electrified track increased significantly from just 24% (in 2000) to 40% in 2017, and surpassed 96% by December 31, 2024.State-wise Electrification: At present, 25 States and Union Territories, have been electrified with no remaining routes pending.Only 5 states namely: Rajasthan, Tamil Nadu (TN), Karnataka, Assam, and Goa, have residual sections under electrification. Together, these states account for just 0.8% (574 RKMs)of the total network .RKMs remaining in these 5 states are: Rajasthan (93 RKMs); TN (117 RKMs), Karnataka (151 RKMs), Assam (197 RKMs), and Goa (16 RKMs).Global Position of IR: With 99.2% of its network electrified, IR now ranks among the world’s leading rail networks, surpassing countries like: China, France, the United Kingdom (UK) and Russia.Solar Power Drives IR Electrification: The solar power capacity of IR surged nearly 244 times i.e. from just 3.68 Mega-Watt(MW) (in 2014) to 898 MW (as of November 2025).About Ministry of Railways (MoR):Union Minister- Ashwini Vaishnaw (Rajya Sabha- Odisha)Minister of State (MoS)- V. Somanna (Constituency- Tumkur, Karnataka), and Ravneet Singh Bittu (Rajya Sabha- Rajastha)

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Union Minister Dharmendra Pradhan Releases 55 Literary Works in Classical Indian LanguagesOn 6th January 2026, Union Minister Dharmendra Pradhan, Ministry of Education (MoE), released 55 scholarly literary works in classical Indian languages at an event held in New Delhi, Delhi, to promote India’s linguistic heritage and inclusive access to classical knowledge.This compilation includes literary works in Kannada, Telugu, Malayalam, Odia, and Tamil, along with an Indian Sign Language (ISL) interpretation of the Tirukkural.About Literary Works: Publications: A total of 41 books were developed by the Centres of Excellence(CoE) for Classical Languages under the CIIL, Mysuru(Karnataka), an autonomous body under the MoE for research, promotion, and documentation of Indian languages.These works cover Classical Kannada, Telugu, Malayalam, and Odia.English and Hindi translations of ‘Madalapanji’ by JK Nayak and Surendra Panigrahi, the English translation of ‘Rudrasudhanidhi’ by Gangadhar Panda and Pramodini Panda, ‘Shilpa Shabdabali’ by Debi Prasanna Nanda, and ‘Charyapada’ by Santosh Kumar Mohapatra were also released.Tamil Works: The Central Institute of Classical Tamil (CICT), Chennai, Tamil Nadu (TN), an autonomous institution under the MoE dedicated to classical Tamil language and literature, released 13 books and a Tirukkural Sign Language series.Tirukkural Sign Language series: A 45-episode Sign Language interpretation series of the classical Tamil text Tirukkural, authored by Thiruvalluvar and containing couplets on ethics, governance, economy, and love, was launched to promote inclusive education and ensure access to classical wisdom for persons with hearing disabilities.

08 Jan, 2026

Union Minister Dharmendra Pradhan Releases 55 Literary Works in Classical Indian LanguagesOn 6th January 2026, Union Minister Dharmendra Pradhan, Ministry of Education (MoE), released 55 scholarly literary works in classical Indian languages at an event held in New Delhi, Delhi, to promote India’s linguistic heritage and inclusive access to classical knowledge.This compilation includes literary works in Kannada, Telugu, Malayalam, Odia, and Tamil, along with an Indian Sign Language (ISL) interpretation of the Tirukkural.About Literary Works: Publications: A total of 41 books were developed by the Centres of Excellence(CoE) for Classical Languages under the CIIL, Mysuru(Karnataka), an autonomous body under the MoE for research, promotion, and documentation of Indian languages.These works cover Classical Kannada, Telugu, Malayalam, and Odia.English and Hindi translations of ‘Madalapanji’ by JK Nayak and Surendra Panigrahi, the English translation of ‘Rudrasudhanidhi’ by Gangadhar Panda and Pramodini Panda, ‘Shilpa Shabdabali’ by Debi Prasanna Nanda, and ‘Charyapada’ by Santosh Kumar Mohapatra were also released.Tamil Works: The Central Institute of Classical Tamil (CICT), Chennai, Tamil Nadu (TN), an autonomous institution under the MoE dedicated to classical Tamil language and literature, released 13 books and a Tirukkural Sign Language series.Tirukkural Sign Language series: A 45-episode Sign Language interpretation series of the classical Tamil text Tirukkural, authored by Thiruvalluvar and containing couplets on ethics, governance, economy, and love, was launched to promote inclusive education and ensure access to classical wisdom for persons with hearing disabilities.

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Goa CM Pramod Sawant Launches New Edition of Book ‘History That India Ignored’In January 2026, Goa Chief Minister (CM) Pramod Sawant launched the second edition of the book titled ‘History That India Ignored’, authored by Prem Prakash, a veteran journalist and the Chairman of Asian News International (ANI), in Panaji, Goa.The book was first published in April 2025 by Vitasta Publishing Private Limited.What? Launch of book ‘History That India Ignored’ (new edition)Launched by: Goa CM Pramod SawantAuthor: Prem Prakash, Chairman, Asian News International (ANI)First Published: April 2025 by Vitasta Publishing Private LimitedObjective: Highlight neglected aspects of India’s freedom struggle and ensure the truth reaches the younger generationAbout Book ‘History That India Ignored’:Focus: The book revisits India’s freedom struggle from lesser-known angles.Content: It highlights unsung heroes, revolutionary movements, the Indian National Army (INA), and overlooked uprisings like the Vellore Mutiny (1806) and the Battle of Imphal.Perspective: The book challenges mainstream narratives, showing that independence was shaped not just by popular non-violent movements but also by revolutionary resistance and marginalized contributors.Significance: Reinforces the responsibility to preserve and teach overlooked historical events to students and history enthusiasts.

07 Jan, 2026

Goa CM Pramod Sawant Launches New Edition of Book ‘History That India Ignored’In January 2026, Goa Chief Minister (CM) Pramod Sawant launched the second edition of the book titled ‘History That India Ignored’, authored by Prem Prakash, a veteran journalist and the Chairman of Asian News International (ANI), in Panaji, Goa.The book was first published in April 2025 by Vitasta Publishing Private Limited.What? Launch of book ‘History That India Ignored’ (new edition)Launched by: Goa CM Pramod SawantAuthor: Prem Prakash, Chairman, Asian News International (ANI)First Published: April 2025 by Vitasta Publishing Private LimitedObjective: Highlight neglected aspects of India’s freedom struggle and ensure the truth reaches the younger generationAbout Book ‘History That India Ignored’:Focus: The book revisits India’s freedom struggle from lesser-known angles.Content: It highlights unsung heroes, revolutionary movements, the Indian National Army (INA), and overlooked uprisings like the Vellore Mutiny (1806) and the Battle of Imphal.Perspective: The book challenges mainstream narratives, showing that independence was shaped not just by popular non-violent movements but also by revolutionary resistance and marginalized contributors.Significance: Reinforces the responsibility to preserve and teach overlooked historical events to students and history enthusiasts.

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Former World Billiards Champion Manoj Kothari Passed AwayIn January 2026, Former World Billiards Champion Manoj Kothari, a pioneering figure in Indian cue sports and current chief national coach passed away at the age of 67 in Tirunelveli, Tamil Nadu(TN).In 2005, Kothari was honoured with Major Dhyan Chand Award, India’s highest lifetime achievement award in sports, by the Government of India (GoI), in recognition of his exceptional contributions in sports specifically in billiards.What? Passing away of former World Billiards ChampionWho? Manoj KothariWon IBSF World Tiles: 2-times (1st in 1990) and (World Doubles Billiards Championship in 1997)Sports Honour: Major Dhyan Chand Award (in 2005)About Manoj Kothari:Two-time World Champion: Kothari won his career’s maiden International Billiards & Snooker Federation. (IBSF) World Billiards Championship title in 1990 that placed him firmly among the elite of the sport.Later, he won the World Doubles Billiards Championship title in 1997 with Ian Williamson (England),which reflected both his longevity and versatility at the highest level.National Coach: Post his retirement, Kothari served as the national coach of the Indian billiards team from 2011, a position held for more than a decade and a half.Awards/Accolades: During his long career, Kothari won the State Champion title 16 times.He also received a Lifetime Achievement Award from the IBSF in 2025.In addition to these, he was honoured by the West Bengal (WB) with Kriraguru Samman and also the Calcutta Sports Journalists Club conferred him with a Lifetime Achievement award.

07 Jan, 2026

Former World Billiards Champion Manoj Kothari Passed AwayIn January 2026, Former World Billiards Champion Manoj Kothari, a pioneering figure in Indian cue sports and current chief national coach passed away at the age of 67 in Tirunelveli, Tamil Nadu(TN).In 2005, Kothari was honoured with Major Dhyan Chand Award, India’s highest lifetime achievement award in sports, by the Government of India (GoI), in recognition of his exceptional contributions in sports specifically in billiards.What? Passing away of former World Billiards ChampionWho? Manoj KothariWon IBSF World Tiles: 2-times (1st in 1990) and (World Doubles Billiards Championship in 1997)Sports Honour: Major Dhyan Chand Award (in 2005)About Manoj Kothari:Two-time World Champion: Kothari won his career’s maiden International Billiards & Snooker Federation. (IBSF) World Billiards Championship title in 1990 that placed him firmly among the elite of the sport.Later, he won the World Doubles Billiards Championship title in 1997 with Ian Williamson (England),which reflected both his longevity and versatility at the highest level.National Coach: Post his retirement, Kothari served as the national coach of the Indian billiards team from 2011, a position held for more than a decade and a half.Awards/Accolades: During his long career, Kothari won the State Champion title 16 times.He also received a Lifetime Achievement Award from the IBSF in 2025.In addition to these, he was honoured by the West Bengal (WB) with Kriraguru Samman and also the Calcutta Sports Journalists Club conferred him with a Lifetime Achievement award.

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Former Union Minister Suresh Kalmadi Passed AwayOn 6th January 2026, senior Indian National Congress (INC) leader and former Union Minister of State (MoS) Suresh Kalmadi, Ministry of Railways (MoR), passed away at the age of 81 in Pune, Maharashtra. He was born in Madras, Madras Province, British India (now in Chennai, Tamil Nadu (TN)).What? Former Union Minister Suresh Kalmadi Passed AwayWhere? Pune, MaharashtraKnown for: Former Union MoS for Railways; Former President of Indian Olympic Association (IOA)About Suresh Kalmadi:Early Career: He served as a pilot in the Indian Air Force (IAF) from 1964 to 1974, before transitioning into public life and politics.Political Career: He began his political career in 1977 as President of the Pune based Indian Youth Congress (IYC).Parliamentary Career: In 1982, he became a member of the Rajya Sabha and went on to serve three additional terms in the Upper House.In 1996, he was elected to the Lok Sabha, represented the Pune constituency several times as a Member of Parliament(MP). He also served as MoS, for the Ministry of Railways from 1995 to 1996.IOA Leadership: Served as President of the Indian Olympic Association (IOA) from 1996 to 2012 and was appointed Life President in 2016.Sports Administration: Played a key role in Indian athletics administration, including overseeing the selection trials for the 1980 Moscow Olympics as President of the Maharashtra Athletics Association (MAA).Served as Chairman of the Organising Committee (OC) for the 2010 Commonwealth Games (CWG) and as President of the Asian Athletics Association (AAA) from 2000 to 2013, later becoming its Life President.

07 Jan, 2026

Former Union Minister Suresh Kalmadi Passed AwayOn 6th January 2026, senior Indian National Congress (INC) leader and former Union Minister of State (MoS) Suresh Kalmadi, Ministry of Railways (MoR), passed away at the age of 81 in Pune, Maharashtra. He was born in Madras, Madras Province, British India (now in Chennai, Tamil Nadu (TN)).What? Former Union Minister Suresh Kalmadi Passed AwayWhere? Pune, MaharashtraKnown for: Former Union MoS for Railways; Former President of Indian Olympic Association (IOA)About Suresh Kalmadi:Early Career: He served as a pilot in the Indian Air Force (IAF) from 1964 to 1974, before transitioning into public life and politics.Political Career: He began his political career in 1977 as President of the Pune based Indian Youth Congress (IYC).Parliamentary Career: In 1982, he became a member of the Rajya Sabha and went on to serve three additional terms in the Upper House.In 1996, he was elected to the Lok Sabha, represented the Pune constituency several times as a Member of Parliament(MP). He also served as MoS, for the Ministry of Railways from 1995 to 1996.IOA Leadership: Served as President of the Indian Olympic Association (IOA) from 1996 to 2012 and was appointed Life President in 2016.Sports Administration: Played a key role in Indian athletics administration, including overseeing the selection trials for the 1980 Moscow Olympics as President of the Maharashtra Athletics Association (MAA).Served as Chairman of the Organising Committee (OC) for the 2010 Commonwealth Games (CWG) and as President of the Asian Athletics Association (AAA) from 2000 to 2013, later becoming its Life President.

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New Reed Snake Species ‘Calamaria mizoramensis’ Discovered in MizoramIn January 2026, Scientists from Mizoram University, in collaboration with researchers from Russia, Germany, and Vietnam, discovered a new reed snake species, named ‘Calamaria mizoramensis’, in Mizoram. The findings were published in the international scientific journal ‘Zootaxa’.The discovery adds a new species to India’s reptiles, brings the global Calamaria count to 70, and updates Mizoram’s herpetofauna to 169 species.What? New reed snake species discoveredScientific Name: Calamaria mizoramensisWhere? MizoramPublished In: Zootaxa (International scientific journal)Conservation Status: Least Concern (IUCN – tentative)About Calamaria mizoramensis:Identification: The species was identified by correcting a long-standing taxonomic misidentification of specimens first collected in 2008, confirming the Mizoram population as a distinct evolutionary lineage.Characteristics: The snake is small, dark brown to blackish with faint stripes and a yellow underside, and is non-venomous, nocturnal, and semi-fossorial.Habitat: It inhabits humid, forested hill regions at elevations between 670 and 1,295 metres (m) above sea level.The species is confirmed in several Mizoram locations: Aizawl, Reiek, Sihphir, Sawlêng, Mamit, and Kolasib.Conservation: It is tentatively assessed as ‘Least Concern’ under International Union for Conservation of Nature (IUCN) criteria due to its occurrence across multiple localities.

07 Jan, 2026

New Reed Snake Species ‘Calamaria mizoramensis’ Discovered in MizoramIn January 2026, Scientists from Mizoram University, in collaboration with researchers from Russia, Germany, and Vietnam, discovered a new reed snake species, named ‘Calamaria mizoramensis’, in Mizoram. The findings were published in the international scientific journal ‘Zootaxa’.The discovery adds a new species to India’s reptiles, brings the global Calamaria count to 70, and updates Mizoram’s herpetofauna to 169 species.What? New reed snake species discoveredScientific Name: Calamaria mizoramensisWhere? MizoramPublished In: Zootaxa (International scientific journal)Conservation Status: Least Concern (IUCN – tentative)About Calamaria mizoramensis:Identification: The species was identified by correcting a long-standing taxonomic misidentification of specimens first collected in 2008, confirming the Mizoram population as a distinct evolutionary lineage.Characteristics: The snake is small, dark brown to blackish with faint stripes and a yellow underside, and is non-venomous, nocturnal, and semi-fossorial.Habitat: It inhabits humid, forested hill regions at elevations between 670 and 1,295 metres (m) above sea level.The species is confirmed in several Mizoram locations: Aizawl, Reiek, Sihphir, Sawlêng, Mamit, and Kolasib.Conservation: It is tentatively assessed as ‘Least Concern’ under International Union for Conservation of Nature (IUCN) criteria due to its occurrence across multiple localities.

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HSBC Private Bank Appoints Ida Liu as its CEO In January 2026, HSBC Private Bank appointed Ida Liu as its new Chief Executive Officer (CEO), effective from January 05, 2026.She succeeds Gabriel Castello, who has been serving as interim CEO of the bank since December 2024.What? Appointment of new CEO of HSBC Private BankWho? Ida LiuEffective From: January 05, 2026Predecessor: Gabriel Castello, Interim CEOPrevious Role: Global Head of Citi Private BankAbout Ida Liu:Experience: She has over 25 years of global experience across various business verticals including wealth management, strategic advisory and business transformation and advised Ultra-High-Net-Worth (UHNW) clients on their investment, liquidity and legacy needs.Previous Role: Prior to her appointment to HSBC, she served as the Global Head of Citi Private Bank since 2007.During her tenure at Citi Bank, she held several senior positions, including Head of Citi Private Bank North America, Head of Citi Private Bank New York(the United States of America, USA) and Head of the Asian Clients Group.

07 Jan, 2026

HSBC Private Bank Appoints Ida Liu as its CEO In January 2026, HSBC Private Bank appointed Ida Liu as its new Chief Executive Officer (CEO), effective from January 05, 2026.She succeeds Gabriel Castello, who has been serving as interim CEO of the bank since December 2024.What? Appointment of new CEO of HSBC Private BankWho? Ida LiuEffective From: January 05, 2026Predecessor: Gabriel Castello, Interim CEOPrevious Role: Global Head of Citi Private BankAbout Ida Liu:Experience: She has over 25 years of global experience across various business verticals including wealth management, strategic advisory and business transformation and advised Ultra-High-Net-Worth (UHNW) clients on their investment, liquidity and legacy needs.Previous Role: Prior to her appointment to HSBC, she served as the Global Head of Citi Private Bank since 2007.During her tenure at Citi Bank, she held several senior positions, including Head of Citi Private Bank North America, Head of Citi Private Bank New York(the United States of America, USA) and Head of the Asian Clients Group.

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Ind-Ra Projects Indian Economy to Grow 6.9% in FY27 Amid Global HeadwindsIn January 2026, India Ratings and Research (Ind-Ra), a wholly-owned subsidiary of Fitch Group, projected India’s Gross Domestic Product (GDP) growth rate at 6.9% for Financial Year 2026-27(FY27), lower than the estimated 7.4% growth rate for current financial year (FY26).What? India’s GDP projection for FY27By Whom? Ind-RaIndia’s GDP: 6.9% (FY27) and 7.4% (FY26)Major Headwinds for FY27: El Nino pattern from mid-2026; weak current due to weak investments, sluggish global trade growth; AI, among othersPFCE: 7.6% (FY27)Key Projections:Risks Factors for FY27: The agency outlined some of the major headwinds that may pose risks to FY27 growth include: the El Nino pattern from mid-2026; weak current due to weak investments, sluggish global trade growth;Base effect (change of base year for both GDP and Consumer Price Index (CPI) to 2022-23 and 2024 from 2011-12 and 2012, respectively in next months);Consumption Demand: Ind-Ra observed that Private Financial Consumption Expenditure (PFCE), an indicator used to measure household demand, remained subdued at 5.6% in FY24, surged to 7.2% in FY25 and improved further to 7.5% in 1st Half (H1: April-September) of FY26.It has also projected that PFCE, which accounts for nearly 55.9% of GDP (Q2FY26) from the demand side, will grow at 7.6% Year-on-Year (Y-o-Y) in FY27.Inflation Outlook: As per the agency, India’s overall inflation outlook for the Q4 (January-March) of FY26 and FY27 is benign.About India Ratings and Research (Ind-Ra):Chairman and Managing Director (CMD)- Rohit Karan SawhneyHeadquarters- Mumbai, MaharashtraEstablished- 1995

07 Jan, 2026

Ind-Ra Projects Indian Economy to Grow 6.9% in FY27 Amid Global HeadwindsIn January 2026, India Ratings and Research (Ind-Ra), a wholly-owned subsidiary of Fitch Group, projected India’s Gross Domestic Product (GDP) growth rate at 6.9% for Financial Year 2026-27(FY27), lower than the estimated 7.4% growth rate for current financial year (FY26).What? India’s GDP projection for FY27By Whom? Ind-RaIndia’s GDP: 6.9% (FY27) and 7.4% (FY26)Major Headwinds for FY27: El Nino pattern from mid-2026; weak current due to weak investments, sluggish global trade growth; AI, among othersPFCE: 7.6% (FY27)Key Projections:Risks Factors for FY27: The agency outlined some of the major headwinds that may pose risks to FY27 growth include: the El Nino pattern from mid-2026; weak current due to weak investments, sluggish global trade growth;Base effect (change of base year for both GDP and Consumer Price Index (CPI) to 2022-23 and 2024 from 2011-12 and 2012, respectively in next months);Consumption Demand: Ind-Ra observed that Private Financial Consumption Expenditure (PFCE), an indicator used to measure household demand, remained subdued at 5.6% in FY24, surged to 7.2% in FY25 and improved further to 7.5% in 1st Half (H1: April-September) of FY26.It has also projected that PFCE, which accounts for nearly 55.9% of GDP (Q2FY26) from the demand side, will grow at 7.6% Year-on-Year (Y-o-Y) in FY27.Inflation Outlook: As per the agency, India’s overall inflation outlook for the Q4 (January-March) of FY26 and FY27 is benign.About India Ratings and Research (Ind-Ra):Chairman and Managing Director (CMD)- Rohit Karan SawhneyHeadquarters- Mumbai, MaharashtraEstablished- 1995

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ONGC Partners with MOL to Establish Two JVs in Ethane Shipping BusinessOn January 5, 2026, The Oil and Natural Gas Corporation (ONGC), under the Ministry of Petroleum and Natural Gas (MoPNG), partnered with Mitsui OSK Lines (MOL), a Japanese Shipping Company, to establish two Joint Ventures (JVs) to enter the ethane shipping business.The project has been undertaken with the backing of the MoPNG and the Department of Investment and Public Asset Management (DIPAM) under the Ministry of Finance(MoF).What? Partnership announcedEntities: ONGC and MOLPurpose: To establish two JVs in ethane shipping sectorTwo JVs: Bharat Ethane One IFSC Private Limited, Bharat Ethane Two IFSC Private Limited.Key Details of JVs:New Two Joint Ventures: Two JVs include Bharat Ethane One International Financial Services Centre (IFSC) Private Limited and Bharat Ethane Two IFSC Private Limited, registered in Gujarat International Finance Tec (GIFT)-City, Gandhinagar (Gujarat).VLECs: Each JV will own one Very Large Ethane Carrier (VLEC), specialized ships designed for transporting ethane safely and efficiently.Ownership Structure: Under this partnership, ONGC will hold a 50% stake in each JV and MOL will hold the remaining 50% in each.Purpose: The VLECs will transport ethane from the United States of America (USA) to India. Ethane will help meet the feedstock requirements of ONGC Petro Additions Limited (OPaL), a petrochemical arm of ONGC.Alignment: The initiative aligns with the Government of India (GOI)’s vision of Maritime Amrit Kaal Vision (MAKV) 2047.

07 Jan, 2026

ONGC Partners with MOL to Establish Two JVs in Ethane Shipping BusinessOn January 5, 2026, The Oil and Natural Gas Corporation (ONGC), under the Ministry of Petroleum and Natural Gas (MoPNG), partnered with Mitsui OSK Lines (MOL), a Japanese Shipping Company, to establish two Joint Ventures (JVs) to enter the ethane shipping business.The project has been undertaken with the backing of the MoPNG and the Department of Investment and Public Asset Management (DIPAM) under the Ministry of Finance(MoF).What? Partnership announcedEntities: ONGC and MOLPurpose: To establish two JVs in ethane shipping sectorTwo JVs: Bharat Ethane One IFSC Private Limited, Bharat Ethane Two IFSC Private Limited.Key Details of JVs:New Two Joint Ventures: Two JVs include Bharat Ethane One International Financial Services Centre (IFSC) Private Limited and Bharat Ethane Two IFSC Private Limited, registered in Gujarat International Finance Tec (GIFT)-City, Gandhinagar (Gujarat).VLECs: Each JV will own one Very Large Ethane Carrier (VLEC), specialized ships designed for transporting ethane safely and efficiently.Ownership Structure: Under this partnership, ONGC will hold a 50% stake in each JV and MOL will hold the remaining 50% in each.Purpose: The VLECs will transport ethane from the United States of America (USA) to India. Ethane will help meet the feedstock requirements of ONGC Petro Additions Limited (OPaL), a petrochemical arm of ONGC.Alignment: The initiative aligns with the Government of India (GOI)’s vision of Maritime Amrit Kaal Vision (MAKV) 2047.

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