Background
The Trade and Economic Partnership Agreement (TEPA) is between India and the EFTA States, which are Iceland, Liechtenstein, Norway and Switzerland. The TEPA between India and the EFTA States was signed on 10 March 2024 in New Delhi and entered into force on 1 October 2025. Together India and the EFTA States represent a combined GDP of about USD 5.4 trillion. The entry into force was marked by a high-level event, the Prosperity Summit, in New Delhi hosted by Shri Piyush Goyal, Minister of Commerce & Industry of India. The dignitaries welcomed the shared objectives to mobilise USD 100 billion of investments in India over fifteen years and to support the creation of one million direct jobs, with an investment facilitation mechanism to monitor delivery. The agreement provides enhanced market access and streamlines customs procedures, making it easier for Indian and EFTA businesses to expand their operations into growing markets. The parties note that trade in goods has increased steadily over time and trade in services has roughly doubled in the last decade.
TEPA signed:
10 March 2024 in New Delhi
TEPA entered into force:
1 October 2025
EFTA States:
Iceland, Liechtenstein, Norway and Switzerland
Combined GDP of India and the EFTA States:
about USD 5.4 trillion
Investment objective:
USD 100 billion in India over fifteen years
Jobs objective:
one million direct jobs
Why it matters for exams: TEPA is the trade agreement that ties India to Switzerland and the three other EFTA states, and the EFTA grouping is routinely confused with the European Union in objective papers.
Kerala PSCUPSCBank
Background
India and Brazil elevated their relationship to Strategic Partnership in 2006. The two countries cooperate in plurilateral fora such as IBSA, BRICS, G20, G-4, International Solar Alliance, Global Biofuel Alliance and Coalition for Disaster Resilience Infrastructure, and in the larger multilateral bodies such as the UN, WTO, UNESCO and WIPO. Diplomatic relations were established in 1948. India opened the first ever Embassy in the Latin American region in Rio de Janeiro, the erstwhile capital of Brazil, and later moved it to Brasilia in 1971. India has a Consulate General in São Paulo while Brazil has one in Mumbai. In 2025 the bilateral trade reached USD 15.21 billion, against USD 12.20 billion in 2024, with Indian exports of USD 8.35 billion and imports from Brazil of USD 6.85 billion. India launched the Brazilian satellite Amazonia-1, the first Earth Observation satellite to be completely designed, integrated, tested and operated by Brazil.
Strategic Partnership since:
2006
Diplomatic relations established:
1948
Bilateral trade in 2025:
USD 15.21 billion
Consulate General in Brazil:
São Paulo
Why it matters for exams: India and Brazil questions turn on the year the partnership was raised, the groupings the two share, and the satellite India launched for Brazil, and all three are asked in current affairs and international relations papers.
Kerala PSCUPSC
Background
India and Japan share a Special Strategic and Global Partnership. After the Second World War India did not attend the San Francisco Conference but concluded a separate Peace Treaty with Japan on 28 April 1952, which marked the beginning of diplomatic relations between the two countries. The relationship was elevated to a Global Partnership in 2000, to a Strategic and Global Partnership in 2006 and to a Special Strategic and Global Partnership in 2014. Annual Summits have been held between India and Japan since 2006. The India-Japan Comprehensive Economic Partnership Agreement, or CEPA, came into effect from 1 August 2011 and covers trade in goods, services, movement of natural persons, investments, intellectual property rights and customs procedures. Japan has been extending bilateral loan and grant assistance to India since 1958 and is the largest bilateral donor to India, supporting priority areas such as power, transportation and environmental projects. India's first High Speed Rail corridor, the Mumbai-Ahmedabad High Speed Rail project, is being built with technical and financial assistance from Japan and uses Japanese Shinkansen technology. The corridor has a length of 508.17 km with 12 stations in the States of Maharashtra and Gujarat and the Union Territory of Dadra and Nagar Haveli. The Japan-India Association, established in 1903, is Japan's oldest international friendship body.
Present designation of the relationship:
Special Strategic and Global Partnership
Start of diplomatic relations:
Peace Treaty of 28 April 1952
CEPA in effect from:
1 August 2011
Japanese assistance to India since:
1958
Mumbai-Ahmedabad High Speed Rail corridor length:
508.17 km
Stations on the corridor:
12
Why it matters for exams: The name of the partnership, the year diplomatic relations began and the Japanese role in the Mumbai-Ahmedabad High Speed Rail project are standard one-mark facts, and the ODA link explains why Japan appears in questions on India's external assistance.
Kerala PSCUPSC
Background
The Government of Japan gives the country's capital as Tokyo and its currency as the Japanese Yen, which is issued by the Bank of Japan. Japan is located west of the Pacific Ocean in the Northern Hemisphere, and its neighbors include the Republic of Korea, China and Russia. Its land area is 377,974.87 square kilometers as recorded by the Geospatial Information Authority of Japan, and the country is divided into 47 prefectures. The administration comprises the Prime Minister's Office of Japan, the Cabinet Secretariat and 14 ministries and agencies. The judiciary consists of the Supreme Court, High Courts, District Courts, Summary Courts, and Family Courts. The national flag is the Nisshoki, also known as the Hinomaru, and the national anthem is Kimi ga Yo. The main industries are automobiles, consumer electronics, computers and other electronics.
Capital:
Tokyo
Currency:
Japanese Yen
Currency issued by:
Bank of Japan
Land area:
377,974.87 square kilometers
Number of prefectures:
47
Neighbors:
Republic of Korea, China and Russia
National flag and anthem:
Nisshoki, also known as Hinomaru; Kimi ga Yo
Why it matters for exams: Capital, currency, land area and neighbours are the first facts asked about any country in general knowledge papers, and the issuing authority of the Japanese Yen is a standard banking-exam question.
Kerala PSCUPSCSSCBank
Background
The Strait of Hormuz, located between Oman and Iran, connects the Persian Gulf with the Gulf of Oman and the Arabian Sea. Chokepoints are narrow channels along widely used global sea routes that are critical to global energy security, and the inability of oil to transit a major chokepoint, even temporarily, can create supply delays, raise shipping costs and increase world energy prices. In 2022, oil flow through the Strait of Hormuz averaged 21 million barrels per day (b/d), or the equivalent of about 21% of global petroleum liquids consumption. Flows through the strait in 2022 and the first half of 2023 made up more than one-quarter of total global seaborne traded oil, and around one-fifth of global liquefied natural gas trade also transited the Strait of Hormuz in 2022. Only Saudi Arabia and the United Arab Emirates (UAE) have operating pipelines that can circumvent the Strait of Hormuz: Saudi Aramco operates the 5-million-b/d East-West crude oil pipeline, and the UAE links its onshore oil fields to the Fujairah export terminal on the Gulf of Oman with a 1.5 million b/d pipeline. The U.S. Energy Information Administration estimates that around 3.5 million b/d of effective unused capacity from these pipelines could be available to bypass the strait in the event of a supply disruption. The U.S. Energy Information Administration also estimates that 82% of the crude oil and condensate that moved through the Strait of Hormuz went to Asian markets in 2022. China, India, Japan, and South Korea were the top destinations for crude oil moving through the Strait of Hormuz to Asia.
Location:
between Oman and Iran, connecting the Persian Gulf with the Gulf of Oman and the Arabian Sea
Oil flow:
21 million barrels per day (b/d) in 2022
Share of world consumption:
about 21% of global petroleum liquids consumption
Bypass pipelines:
Saudi Arabia and the United Arab Emirates (UAE) only; an estimated 3.5 million b/d of effective unused capacity
Destination of crude:
an estimated 82% went to Asian markets in 2022
Why it matters for exams: Maritime chokepoints are a repeated map-and-economy question, and the Strait of Hormuz links physical geography to oil prices, shipping routes and Asian energy security.
Kerala PSCUPSCBank
Background
Settling disputes is the responsibility of the Dispute Settlement Body, which is the General Council in another guise and consists of all WTO members. The Dispute Settlement Body alone can establish panels of experts, accept or reject their findings, monitor implementation of rulings and authorize retaliation. A dispute begins with consultation between the governments concerned, for which up to 60 days is allowed before a panel can be requested. Panels consist of three, and possibly five, experts from different countries, and the panel's final report should normally reach the parties within six months. A panel report becomes the Dispute Settlement Body's ruling within 60 days unless there is a consensus to reject it, so the losing side cannot block adoption on its own. Under these rules appeals go to a permanent seven-member Appellate Body whose members hold four-year terms, and each appeal is heard by three of them. An appeal must rest on points of law and cannot re-examine existing evidence; it should normally take no more than 60 days and at most 90 days. The procedure is set out in the Understanding on Rules and Procedures Governing the Settlement of Disputes, agreed in the Uruguay Round, which replaced a GATT procedure with no fixed timetables and rulings that were easier to block. The WTO notes, however, that the Appellate Body is currently unable to review appeals because of ongoing vacancies; the term of the last sitting Appellate Body member expired on 30 November 2020.
Dispute Settlement Body:
The General Council in another guise; consists of all WTO members
Appellate Body:
permanent seven-member body; four-year terms; three members hear each appeal; currently unable to review appeals owing to ongoing vacancies, the last sitting member's term having expired on 30 November 2020
Panel size:
three (possibly five) experts from different countries
Consultation stage:
up to 60 days
Governing agreement:
Understanding on Rules and Procedures Governing the Settlement of Disputes
Why it matters for exams: Examiners regularly ask which WTO body does what, and the negative-consensus rule that makes a ruling almost automatic is the single most tested feature of the system.
Kerala PSCUPSCSSC
Background
The President of India has given assent to the Viksit Bharat-Guarantee for Rozgar and Ajeevika Mission (Gramin) (VB-G RAM G) Bill, 2025. The resulting Act represents a comprehensive statutory overhaul of MGNREGA, the Mahatma Gandhi National Rural Employment Guarantee Act enacted in 2005, which had guaranteed at least 100 days of guaranteed wage employment each year to rural households willing to undertake unskilled manual work. The Act guarantees 125 days of wage employment per rural household in each financial year to such rural households whose adult members volunteer to undertake unskilled manual work, with an aggregated 60-day no-work period to ensure the availability of agricultural labour during peak sowing and harvesting season, so that the 125 guaranteed days fall within the remaining 305 days. The disbursement of daily wages shall be made on a weekly basis or, in any case, not later than a fortnight after the date on which such work was done. Employment creation is integrated with infrastructure development through four priority verticals: water security through water-related works, core-rural infrastructure, livelihood-related infrastructure, and special works to mitigate extreme weather events. Assets created are aggregated into the Viksit Bharat National Rural Infrastructure Stack, and planning is decentralised through Viksit Gram Panchayat Plans spatially integrated with PM Gati Shakti. The programme shifts from a central sector scheme to a centrally sponsored framework, with a standard cost-sharing ratio of 60:40 between the Centre and states, 90:10 for North Eastern and Himalayan states, and 100 per cent central funding for Union Territories without legislatures. Where work is not provided, a daily unemployment allowance becomes payable after 15 days, with liability resting on the States, and the administrative expenditure ceiling rises from 6 per cent to 9 per cent, with social audits mandated at least once every six months.
Employment guaranteed:
125 days of wage employment per rural household in each financial year
Statute overhauled:
MGNREGA, the Mahatma Gandhi National Rural Employment Guarantee Act, and its earlier 100-day entitlement
No-work period:
an aggregated 60-day no-work period, leaving 305 days
Priority verticals:
four — water security, core-rural infrastructure, livelihood-related infrastructure, special works for extreme weather events
Cost sharing:
60:40 Centre and states; 90:10 for North Eastern and Himalayan states; 100 per cent for Union Territories without legislatures
Unemployment allowance:
payable after 15 days, liability resting on the States
Why it matters for exams: A change of statute in the rural employment guarantee resets every number an aspirant had memorised, so the days guaranteed, the no-work period, the cost-sharing ratios and who pays the unemployment allowance are all fresh question material.
Kerala PSCUPSCSSC
Background
The Goods and Services Tax Council was made possible by the 101st Constitution Amendment Act, 2016, which received assent on 8th of September, 2016. As per Article 279A(1) of the Constitution, the Council had to be constituted by the President within 60 days of the commencement of the Constitution (One Hundred and First) Amendment Act, 2016. The notification bringing Article 279A into force with effect from 12th September, 2016 was issued on 10th September, 2016. As per Article 279A(2), the Council consists of the Union Finance Minister, the Union Minister of State in charge of Revenue or Finance, and the Minister in charge of Finance or Taxation or any other Minister nominated by each State Government. The Secretary (Revenue) is the Ex-officio Secretary to the GST Council, and the Chairperson, Central Board of Indirect Taxes and Customs, is a permanent invitee (non-voting) to all proceedings. Where a proposal is put to vote, the vote of the Central Government has a weightage of one-third of the total votes cast and the votes of all the State Governments taken together have a weightage of two-thirds, and the proposal is carried only if the total weighted votes in favour are equal to or greater than three-fourths. The GST Council Secretariat has its office in New Delhi and is manned by officers taken on deputation from both the Central and State Governments. The first meeting of the GST Council was held on 22nd and 23rd September, 2016.
Constitutional provision:
Article 279A
Enabling amendment:
101st Constitution Amendment Act, 2016
Weightage of the Central Government's vote:
one-third of the total votes cast
Weightage of all State Governments together:
two-thirds of the total votes cast
Majority needed to carry a proposal:
three-fourths of the weighted votes
Why it matters for exams: The Council's article, its composition and the one-third / two-thirds / three-fourths voting arithmetic are standard fiscal-federalism questions.
Kerala PSCUPSCBank
Background
The Securities and Exchange Board of India was constituted as a non-statutory body on April 12, 1988 through a resolution of the Government of India. It was established as a statutory body in the year 1992, and the provisions of the Securities and Exchange Board of India Act, 1992 (15 of 1992) came into force on January 30, 1992. The Preamble describes its basic functions as to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.
Constituted as non-statutory body:
April 12, 1988
Statute:
Securities and Exchange Board of India Act, 1992 (15 of 1992)
Act came into force:
January 30, 1992
Why it matters for exams: Origin, statute and Preamble of the capital-market regulator are recurring questions in bank and civil services exams.
Kerala PSCUPSCSSCBank
Background
The Reserve Bank of India was established on April 1, 1935 in accordance with the provisions of the Reserve Bank of India Act, 1934. The Central Office was initially established in Kolkata but was permanently moved to Mumbai in 1937. Though originally privately owned, since nationalisation in 1949 the Reserve Bank is fully owned by the Government of India. As the monetary authority it formulates, implements and monitors monetary policy, with the objective of maintaining price stability while keeping in mind the objective of growth.
Established:
April 1, 1935
Founding Act:
Reserve Bank of India Act, 1934
Central Office moved permanently to Mumbai:
1937
Nationalised:
1949
Why it matters for exams: Founding Act, headquarters shift and nationalisation of the central bank are staple questions in bank, SSC and UPSC papers.
Kerala PSCUPSCSSCBank
Background
Paradip Port is one of the Major Ports of India, on Odisha's east coast along the Bay of Bengal, 210 nautical miles south of Kolkata and 260 nautical miles north of Visakhapatnam. The Paradip Port Authority credits the late Biju Patnaik, then Chief Minister of Odisha, with founding it. It has a rated capacity of 289 MMTPA and, under a Ministry of Ports, Shipping and Waterways notification of 25 September 2026, was classified as a 'Mega Port'. It has 18 berths, 3 Single Point Moorings and 1 Ro-Ro jetty.
Cargo capacity:
289 MMTPA
Berths and terminals:
18 berths, 3 SPMs, 1 Ro-Ro jetty
Status:
Major Port, Mega Port
Why it matters for exams: Major ports and their locations are regular economy and geography questions.
Kerala PSCUPSCSSCBank
Background
Sweden's capital is Stockholm and its official EU language is Swedish.
It has been an EU Member State since 1 January 1995.
Its currency is the Swedish krona (SEK); Sweden has committed to adopt the euro once it fulfils the necessary conditions.
It has been a member of the Schengen area since 25 March 2001.
There are 21 representatives from Sweden in the European Parliament.
Capital:
Stockholm
EU member since:
1 January 1995
Currency:
Swedish krona (SEK)
Schengen member since:
25 March 2001
Why it matters for exams: Capital, currency and EU accession year are standard country-profile questions; Sweden uses the krona, not the euro.
Kerala PSCUPSCSSCBank
Background
In 1968, Sveriges Riksbank (Sweden's central bank) established the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.
It is based on a donation to the Nobel Foundation from the Riksbank on the occasion of the Bank's 300th anniversary.
The prize amount is the same as for the Nobel Prizes and is paid by the Riksbank.
The first prize was awarded in 1969 to Ragnar Frisch and Jan Tinbergen.
It is awarded by the Royal Swedish Academy of Sciences, Stockholm, according to the same principles as the Nobel Prizes awarded since 1901.
Established by:
Sveriges Riksbank, 1968
Awarded by:
Royal Swedish Academy of Sciences
First winners (1969):
Ragnar Frisch and Jan Tinbergen
Why it matters for exams: The economics prize is technically not one of Alfred Nobel's original prizes; its founder, first winners and awarding body are classic questions.
Kerala PSCUPSCSSCBank
29 September 2026
The Riksbank's Executive Board decided to leave the policy rate unchanged at 1.75 per cent (press release published 24 September 2026).
It said economic activity is stronger and the supply shocks from the war in the Middle East are continuing.
The Board assesses that the policy rate should be raised more than projected in the June forecast, for inflation to stabilise around 2 per cent.
If the outlook for inflation and economic activity remains unchanged, the increases in the policy rate are expected to begin this year.
The Riksbank said the krona has continued to weaken.
Policy rate:
1.75 per cent
Inflation goal:
around 2 per cent
Decision published:
24 September 2026
Why it matters for exams: Central-bank rate decisions and the inflation target are staple economy questions; the Riksbank also funds the Nobel economics prize.
Kerala PSCUPSCBank
29 September 2026
Commerce and Industry Minister Piyush Goyal is visiting the United States from 29 September to 5 October 2026. He will attend the G20 Trade Ministers' meeting in Milwaukee, Wisconsin on 30 September and 1 October 2026 on an invitation from the US Trade Representative. He will hold talks to advance a balanced India-US Bilateral Trade Agreement and finalise an interim deal in line with the Joint Statement of 7 February 2026. He will also travel to Chicago and New York and meet American business leaders. India says it will engage constructively with all G20 members and back a rules-based multilateral trading system.
Visit:
29 September to 5 October 2026
G20 Trade Ministers' meeting:
Milwaukee, 30 September to 1 October 2026
Joint Statement:
7 February 2026
Why it matters for exams: India-US trade ties and the G20 are frequent topics in economy and international relations.
Kerala PSCUPSC
29 September 2026
A Bench of Justice Vikram Nath and Justice Sandeep Mehta ruled in Bihar State Ardh Sarkari Arajpati Karamchari Maha Sangh v. State of Bihar (2026 INSC 1061). Workers of five corporations affected by the Bihar Reorganisation Act, 2000 had waited for dues for decades. The Court directed ₹1,00,000 to each daily-wage worker, with 12% annual interest on delayed EPF dues and 6% on other dues. Of 2,274 verified employees, 2,074 had received payments. The States must publish details within four weeks and pay within three months, and untraced workers get 12 months to claim.
Compensation per worker:
₹1,00,000
Interest on delayed EPF dues:
12% per annum
Verified employees:
2,274
Why it matters for exams: Labour rights and State reorganisation disputes link polity, economy and law.
Kerala PSCUPSC
Background
Article 61 of the UN Charter provides that the Economic and Social Council consists of fifty-four Members of the United Nations elected by the General Assembly. Eighteen members are elected each year for a term of three years, and a retiring member is eligible for immediate re-election. The Council was originally smaller: amendments enlarged it from eighteen to twenty-seven and then to fifty-four. It is the principal body for coordination, policy review and policy dialogue on economic, social and environmental issues.
Members:
54
Elected each year:
18
Term:
three years
Why it matters for exams: Council size, election by the General Assembly and the three-year rotation are stock questions on the UN's economic and social arm.
Kerala PSCUPSCSSC
Background
IRDAI is a statutory body set up to protect the interests of policyholders and to regulate, promote and ensure the orderly growth of the insurance industry in India.
Its mission is to protect the interest of, and secure fair treatment to, policyholders.
It aims to bring about speedy and orderly growth of the insurance industry for the benefit of the common man and to provide long term funds for accelerating growth of the economy.
It sets, promotes, monitors and enforces high standards of integrity, financial soundness, fair dealing and competence of those it regulates.
It works to ensure speedy settlement of genuine claims, prevent insurance frauds and put in place effective grievance redressal machinery.
Nature:
Statutory body
Sector regulated:
Insurance industry
First mission point:
Protect the interest of and secure fair treatment to policyholders
Claims:
Ensure speedy settlement of genuine claims
Why it matters for exams: Regulators and their mandates (IRDAI, RBI, SEBI) are a standard economy and banking-exam topic.
Kerala PSCUPSCSSCBank
Background
The Netherlands is India's 10th largest merchandise trading partner and the 2nd largest in the European Union after Germany, according to the Indian Embassy in The Hague. Total merchandise trade stood at USD 23.287 billion in F.Y. 2025-2026. It is India's third largest merchandise export destination in the world, after the USA and the UAE, with Indian exports of USD 17.501 billion. On investment, the Netherlands is the fourth largest source of FDI into India, after Mauritius, Singapore and the USA, with a cumulative FDI equity inflow of USD 56.676 billion from April 2000 to March 2026, or 7% of the total. There are over 300 Dutch companies in India and over 300 Indian companies in the Netherlands.
Rank as India's merchandise trading partner:
10th
Total merchandise trade:
USD 23.287 billion
Cumulative FDI equity inflow into India:
USD 56.676 billion
Why it matters for exams: Trade ranks, partner countries and FDI sources are recurring questions in economy and international relations papers.
Kerala PSCUPSCSSC
29 September 2026
Gujarat Chief Minister Bhupendra Patel and Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal laid the foundation stone on 26 September 2026 for a 150 Tonnes Per Day capacity E-Methanol plant at Deendayal Port Authority in Kutch district. Mr Sonowal said the plant will create numerous employment opportunities across the country. He noted Gujarat's historic role in India's maritime sector spanning over five thousand years and said Kandla ranks as the seventh-largest port globally. Mr Patel said Deendayal Port is a crucial maritime gateway for the nation and is rapidly being developed into a Green Hydrogen hub.
Plant capacity:
150 Tonnes Per Day
Location:
Deendayal Port Authority, Kutch district
Kandla's global rank (as stated):
Seventh-largest port
Why it matters for exams: Green-fuel projects at major ports and the ministers and locations involved are typical economy and infrastructure current-affairs questions.
UPSCSSC