13 October 2026
UN Secretary-General António Guterres presented a $3.3 billion programme budget proposal for 2027 on Tuesday.
The proposal is a cut of $40.8 million and is 1.2 per cent below the 2026 approved level.
He presented it to the General Assembly's Fifth Committee, made up of all 193 Member States, which handles administrative and budgetary matters.
Under the UN80 Initiative he proposed post relocations across 12 entities, the largest to Nairobi, and the downgrading of 14 senior positions.
For the first time the budget includes standard-cost adjustments from the outset, so there will be no separate recosting later.
He said efficiency alone cannot fix the liquidity crisis and that Member States must pay their dues in full and on time.
Proposed 2027 budget:
$3.3 billion
Cut:
$40.8 million (1.2 per cent)
Committee:
Fifth Committee, 193 Member States
Senior posts downgraded:
14
Why it matters for exams: The General Assembly's main committees, UN financing and the UN80 reform drive are common UPSC topics.
Kerala PSCUPSC
In plain words
Fifth Committee Administrative and Budgetary Committee — The General Assembly committee of all Member States that deals with UN administration and budgets.
UN80 Initiative — The Secretary-General's reform drive to make the UN Secretariat more efficient, launched as the UN neared 80 years.
Recosting — Re-calculating a budget later in the year for changes in prices and exchange rates.
13 October 2026
The Kerala Government has sanctioned ₹63.37 crore to clear Supplyco's liability from paddy procurement. The money compensates mill owners who processed paddy procured through Supplyco in the 2022-23 season. Mill owners had asked for the out-turn ratio to be lowered from 68% to 64.5%, but the Centre did not agree. Under the central norm, mills must return 68 kg of rice from every 100 kg of paddy. Civil Supplies Minister Anoop Jacob announced the sanction. The State will again ask the Centre to revise the ratio.
Amount sanctioned:
₹63.37 crore
Central norm (OTR):
68%
Ratio sought by mills:
64.5%
Why it matters for exams: Combines a State sanction, the out-turn ratio and Centre-State financial responsibility.
Kerala PSCUPSC
In plain words
OTR Out Turn Ratio — The quantity of rice a mill must return from each quintal of paddy.
Supplyco Kerala State Civil Supplies Corporation — The State agency that procures paddy and sells subsidised goods.
13 October 2026
The Amir said Qatar supplies approximately one-fifth of the world's liquefied natural gas trade.
The closure of the Strait of Hormuz and direct damage to some energy facilities in Ras Laffan Industrial City disrupted a significant part of exports.
The impact was mainly in the energy sector, while non-hydrocarbon sectors kept growing.
They contribute approximately 80% of real GDP, which he cited as evidence of the economy's resilience.
The state, with the private sector, diversified supply routes and secured essential goods and strategic reserves.
Share of world LNG trade:
approximately one-fifth
Non-hydrocarbon share of real GDP:
approximately 80%
Why it matters for exams: Qatar's LNG share and the weight of non-hydrocarbon output in GDP are core economy facts for Gulf-focused questions.
UPSCSSCBank
In plain words
LNG Liquefied natural gas — Natural gas cooled into liquid form so ships can carry it across oceans.
Real GDP Real gross domestic product — GDP measured after removing the effect of price changes.
13 October 2026
HH the Amir Sheikh Tamim bin Hamad Al-Thani spoke at the opening of the Shura Council's second ordinary session of its second legislative term.
The session coincided with the Council's 55th annual session.
He said the country has projects and investment opportunities valued at approximately QAR 221 billion over the next five years.
The portfolio includes infrastructure projects such as public-private partnerships, and private-sector investment in real estate and hospitality.
He said the direction set out in the Third National Development Strategy is sound.
Projects and opportunities:
QAR 221 billion
Period:
next five years
Framework:
Third National Development Strategy
Why it matters for exams: Qatar's five-year investment pipeline and the Third National Development Strategy are the kind of economy facts asked in Country Focus and Gulf-economy questions.
UPSCSSCBank
In plain words
PPP Public-private partnership — A way of building infrastructure in which the state and private firms share the work and risk.
13 October 2026
The US Treasury announced enforcement actions imposing more than $1.21 billion in penalties against Bank of America, the second-largest bank in the United States.
The Financial Crimes Enforcement Network (FinCEN) assessed a $1.2 billion penalty, which includes credit for the OCC fine, for failing to mitigate and report risks including Chinese Money Laundering Networks and illicit finance along the southwest border.
The Office of the Comptroller of the Currency (OCC) assessed a $750 million penalty, the largest in its history.
The Office of Foreign Assets Control (OFAC) announced an $11.6 million settlement over apparent violations of sanctions programmes including those on Iran and Russia.
Treasury called the package the third-largest penalty in its history.
Total penalties:
More than $1.21 billion
FinCEN penalty:
$1.2 billion
OCC penalty:
$750 million
OFAC settlement:
$11.6 million
Why it matters for exams: Anti-money laundering rules, sanctions compliance and regulators such as FinCEN are common in banking and economy papers.
UPSCBank
In plain words
FinCEN Financial Crimes Enforcement Network — The US Treasury bureau that fights money laundering and other financial crime.
OFAC Office of Foreign Assets Control — The Treasury office that administers and enforces US sanctions.
OCC Office of the Comptroller of the Currency — The regulator of national banks in the United States.
13 October 2026
The National Institute of Food Technology Entrepreneurship and Management, Kundli (NIFTEM-K), under the Ministry of Food Processing Industries, held a roundtable on "Pulse Protein Innovation, Value Addition and Strategic Partnerships" on 13 October 2026.
Ken Cheveldayoff, Minister of Advanced Education in the Government of Saskatchewan, Canada, attended along with a University of Saskatchewan delegation.
Pulse Canada, Saskatchewan Pulse Growers and Alberta Pulse Growers took part, with Indian participants including ICAR-Indian Institute of Pulses Research, Kanpur, ICRISAT and IIT Delhi.
NIFTEM-K Director Dr Harinder Singh Oberoi said the Memorandum of Understanding between NIFTEM-K and the University of Saskatchewan should be turned into a clear, time-bound plan of action that benefits both countries.
Event date:
13 October 2026
Host institute:
NIFTEM-K, Kundli
Canadian minister:
Ken Cheveldayoff
Why it matters for exams: India-Canada links in pulses and food processing connect agriculture, trade and institutions in one exam-friendly fact.
UPSCSSC
In plain words
NIFTEM-K National Institute of Food Technology Entrepreneurship and Management, Kundli — An Institute of National Importance under the Ministry of Food Processing Industries.
ICRISAT International Crops Research Institute for the Semi-Arid Tropics — A research body that works on crops grown in dry regions.
13 October 2026
The US State Department said Secretary of State Marco Rubio will travel to India and Uzbekistan from 17 to 22 October 2026.
In Uzbekistan he will join the C5+1 Ministerial in Samarkand, which brings the United States together with five Central Asian countries.
He will then visit Mumbai and Jamnagar, meet senior government officials and discuss enhanced energy cooperation.
Jamnagar is home to Reliance Industries' refinery, the world's largest single-site refining complex, which can process 1.4 million barrels of crude oil a day.
Mr Rubio will also meet business leaders to promote commercial investment and economic cooperation.
Visit dates (India and Uzbekistan):
17 to 22 October 2026
Indian cities:
Mumbai and Jamnagar
Jamnagar refinery capacity:
1.4 million barrels a day
Why it matters for exams: Visits by senior US officials and India's energy partnerships feed directly into international-relations and economy questions.
UPSCSSCBank
In plain words
C5+1 US plus five Central Asian states — A diplomatic platform that brings the United States together with the five Central Asian countries.
13 October 2026
The Ministry of Mines issued a Notice Inviting Tender dated 1 October 2026 for two offshore blocks in the Andaman Sea, Sewell Rise-01 and West Sewell Ridge-01.
Sewell Rise-01 covers 632 square kilometres and West Sewell Ridge-01 covers 1,000 square kilometres, a total of 1,632 square kilometres.
Both blocks contain polymetallic nodules and crusts, which hold minerals such as nickel, cobalt, copper and manganese.
The blocks are offered for a Composite Licence under the Offshore Areas Mineral (Development and Regulation) Act, 2002, as amended in 2023.
The pre-bid conference is on 4 November 2026 and the last date for submission of bids is 28 December 2026.
The Ministry briefed prospective bidders at an outreach programme in New Delhi on 13 October 2026.
Total area offered:
1,632 square kilometres
Sewell Rise-01:
632 square kilometres
West Sewell Ridge-01:
1,000 square kilometres
Pre-bid conference:
4 November 2026
Last date for bids:
28 December 2026
Why it matters for exams: Offshore and critical minerals link resources, the blue economy and the energy transition, a recurring exam theme.
Kerala PSCUPSCSSC
In plain words
Polymetallic nodules Lumps of metal-rich rock lying on the seabed — Nodules formed from several metals such as nickel, cobalt, copper and manganese, found on the seabed.
Composite Licence Single licence covering exploration and production — A licence under which a bidder can explore a block and then mine it if minerals are found.
NIT Notice Inviting Tender — The official notice that opens a tender and sets its conditions.
Background
The National Food Security Act, 2013 (NFSA) turns subsidised foodgrains from a welfare benefit into a legal entitlement. Antyodaya Anna Yojana (AAY) households, which the Act treats as the poorest of the poor, are legally entitled to receive 35 kg of foodgrains per family per month. Priority households are entitled to 5 kg of foodgrains per person per month. The Act provides for coverage of up to 75 per cent of the rural population and up to 50 per cent of the urban population for highly subsidised foodgrains through the Targeted Public Distribution System. On the population figures of Census 2011, that coverage works out to about 81.35 crore persons. The Government has stated that there is no change in the entitlement of foodgrains of beneficiaries under the Act, and that no proposal for universalisation of the coverage is under consideration. The identification of eligible households within the coverage limits is done by the State Governments and Union Territory administrations.
Antyodaya household entitlement:
35 kg of foodgrains per family per month
Priority household entitlement:
5 kg of foodgrains per person per month
Coverage:
Up to 75% of the rural and up to 50% of the urban population
Persons covered:
About 81.35 crore at Census 2011
Why it matters for exams: The two entitlement figures and the coverage ceilings of the food security law are among the most frequently asked scheme facts in both State and central examinations.
Kerala PSCUPSCSSCBank
In plain words
NFSA National Food Security Act — The law that makes subsidised foodgrains a legal entitlement for identified households.
AAY Antyodaya Anna Yojana — The category of the poorest households, entitled to a fixed quantity per family.
TPDS Targeted Public Distribution System — The ration shop network through which the entitlement is delivered.
Background
Kudumbashree was launched in 1998 as a community network that would work in tandem with local self-governments for poverty eradication and woman empowerment.
Its origins lie in a community-led Poverty Identification Format developed in the early nineties as part of the Alappuzha Urban Basic Services for the Poor Programme.
By that time Self Help Groups promoted by NABARD and linkage banking had established themselves as a viable microfinance model.
In 1994 the Community Based Nutrition project of Malappuram tried to assimilate these experiences and develop a woman-based community structure for the delivery of government programmes.
The 73rd and 74th amendments to the Constitution strengthened Panchayati Raj institutions and urban local bodies.
The People's Plan Campaign for decentralised governance created strong local self-governments, panchayats and municipalities, in the State shortly before Kudumbashree was launched.
The Local Self Government Department of Kerala lists Kudumbashree among its allied institutions.
Launched:
1998
Twin objectives:
Poverty eradication and woman empowerment
Origin programme:
Alappuzha Urban Basic Services for the Poor Programme
Constitutional amendments cited:
73rd and 74th
Why it matters for exams: Kudumbashree's launch year and its link to decentralised local government are asked in Kerala PSC, UPSC and banking papers alike.
Kerala PSCUPSCBank
In plain words
NABARD National Bank for Agriculture and Rural Development — The national development bank whose Self Help Group and linkage banking work made microfinance a working model in India.
13 October 2026
Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, said the total value of active projects in Dubai has reached Dh2.1 trillion. He spoke after meeting 1,000 government and private sector leaders at the Mohammed bin Rashid Leadership Forum, held at the Dubai World Trade Centre on Tuesday. Real estate projects through 2030 account for Dh1.1 trillion. Dh128 billion goes to Al Maktoum International Airport, which is being built to handle up to 260 million passengers a year, and Dh328 billion to expanding the Emirates and flydubai fleets. More than Dh100 billion is planned for the Dubai International Financial Centre and Dh100 billion for Roads and Transport Authority projects, with Dh151 billion for new electricity and water grid networks. Mattar Al Tayer told the forum that Dubai records more than 11 million journeys a day, or over 7,000 a minute, and that the RTA is targeting one in four journeys to be autonomous by 2030, with a Dh34 billion Metro Gold Line among its plans.
Active projects in Dubai:
Dh2.1 trillion
Real estate projects through 2030:
Dh1.1 trillion
Al Maktoum International Airport:
Dh128 billion, up to 260 million passengers a year
Metro Gold Line:
Dh34 billion
Daily journeys in Dubai:
more than 11 million
Why it matters for exams: Dubai's airport, metro and financial centre figures are frequently asked in Gulf-focused current affairs sections.
Kerala PSCUPSC
In plain words
RTA Roads and Transport Authority — The Dubai government body that runs the emirate's roads, metro, buses and taxis.
DIFC Dubai International Financial Centre — A financial free zone in Dubai with its own civil and commercial courts.
Dh Dirham — The UAE currency; one trillion dirhams is a hundred thousand crore dirhams.
13 October 2026
The International Monetary Fund projects that the UAE economy will contract by 3.9 per cent in 2026 and rebound by 7.7 per cent in 2027. The projection is in the Fund's October 2026 World Economic Outlook, titled Resilience Under Strain, Urgent Choices, presented at the IMF and World Bank Annual Meetings in Bangkok. Gulf News reports that the rebound is conditional on shipping routes normalising and the Strait of Hormuz reopening. The UAE grew 6.2 per cent in 2025, the fastest pace among the six Gulf Cooperation Council economies. The Fund expects Saudi Arabia to contract 3.3 per cent in 2026 and grow 7.9 per cent in 2027. For the wider Middle East and Central Asia region it forecasts a contraction of 0.3 per cent in 2026 followed by growth of 6.3 per cent in 2027. Global growth is put at 3.1 per cent in 2026 and 3.4 per cent in 2027.
UAE growth projected for 2026:
-3.9 per cent
UAE growth projected for 2027:
7.7 per cent
UAE growth in 2025:
6.2 per cent
Middle East and Central Asia in 2027:
6.3 per cent
Why it matters for exams: IMF growth projections for Gulf economies are standard material for economy and current affairs sections.
Kerala PSCUPSCBank
In plain words
IMF International Monetary Fund — A United Nations family institution of 191 member countries that lends to members in balance of payments difficulty.
World Economic Outlook — The IMF's twice-yearly report of growth and inflation forecasts for the world and for individual countries.
GCC Gulf Cooperation Council — The six-member grouping of the UAE, Saudi Arabia, Kuwait, Qatar, Bahrain and Oman.
Strait of Hormuz — The narrow sea passage between Oman and Iran through which much of the Gulf's oil is shipped.
13 October 2026
Telangana Deputy Chief Minister and Finance Minister Mallu Bhatti Vikramarka announced the Dasara profit-sharing bonus for workers of Singareni Collieries Company Limited (SCCL) in Hyderabad on 13 October 2026.
Each of the 38,737 permanent employees will get an average profit-sharing amount of ₹1,53,912.
In addition, 29,717 contract workers will receive ₹5,500 each.
The government has decided to distribute 34% of Singareni's profits among the workers, continuing the practice of earlier years.
The company's net profit this year is ₹1,754 crore, of which ₹596 crore goes to the workers as their share.
The Deputy Chief Minister said formalities for about 250 to 300 pending dependent employment orders would be completed within 15 days.
Officials were told to identify Singareni land where mining has not been taken up and to prepare housing layouts there for workers.
Total bonus pool:
₹596 crore
Average per permanent employee:
₹1,53,912
Permanent employees covered:
38,737
Contract workers' bonus:
₹5,500 each (29,717 workers)
Share of profits distributed:
34%
SCCL net profit for the year:
₹1,754 crore
Why it matters for exams: The profit-sharing figures of a State public sector undertaking and the scale of its workforce are standard questions on Telangana's economy.
Kerala PSCUPSCSSC
In plain words
SCCL Singareni Collieries Company Limited — The coal company that works the Godavari valley coalfield in Telangana.
Profit-sharing bonus — A bonus paid out of a company's profits rather than as a fixed amount.
Dependent employment — A job given to a dependant of a worker who died in service or was medically invalidated.
13 October 2026
The Kerala Hotel and Restaurant Association said on Tuesday that its members will stop accepting UPI payments above ₹2,000 from 15 October.
The announcement came over a 0.4% merchant discount rate set for person-to-merchant UPI transactions above ₹2,000 at medium and large merchant establishments, which was to take effect on 15 October; small vendors are exempt.
Association president G. Jayapal said customers will have to pay in cash for transactions above that amount, and that the charge adds to a cost burden on small establishments.
In a joint statement, Mr. Jayapal and general secretary N. Abdul Razak asked that the charge be scrapped, or that the threshold be raised from ₹2,000 to ₹10,000.
Later the same day the National Payments Corporation of India said the charge would be implemented immediately after Diwali, on a date to be notified separately, putting off the 15 October rollout.
Traders in Tamil Nadu, under the Vanigar Sangangalin Peramaippu, had called a one-day UPI boycott on 12 October, with a mixed response in Chennai.
Body:
Kerala Hotel and Restaurant Association
Effective from:
October 15
Transaction threshold:
₹2,000
Merchant discount rate:
0.4% on person-to-merchant transactions above ₹2,000 at medium and large merchants
Threshold the association wants:
₹10,000
Rollout of the charge:
Put off by NPCI from 15 October to immediately after Diwali
Why it matters for exams: MDR on UPI is a live banking and economy topic, and this gives the exact rate, threshold and the trade body involved.
Kerala PSCUPSCBank
In plain words
MDR Merchant Discount Rate — The fee a merchant pays, as a share of the bill, for accepting a digital payment.
UPI Unified Payments Interface — India's instant bank-to-bank payment system worked through mobile applications.
Person-to-merchant — A payment made by a customer to a shop or business, as against one person paying another.
13 October 2026
BBC Verify, using figures from the shipping data company Kpler, says global diesel exports fell from around 6.8 million barrels per day in 2025 to around 5.8 million barrels per day in September 2026.
Exports from the Gulf states - Saudi Arabia, the UAE, Kuwait, Bahrain and Oman - fell from around 1.4 million barrels per day in 2025 to around 670,000 barrels per day in September 2026.
BBC Verify says this decline has been driven by the impact of the United States-Iran war on flows of refined diesel from the Gulf states through the Strait of Hormuz, where traffic has been disrupted by Iranian strikes on tankers and the United States blockade of Iran's ports.
Average United States retail diesel prices were $6.20 per gallon on 5 October 2026, against a record $6.50 per gallon on 21 September and around $3.50 before the war, according to the US Energy Information Administration.
UK diesel cost 199p a litre on 5 October 2026, according to the Department for Energy Security and Net Zero.
Al Jazeera notes that before the war about 27 percent of global seaborne oil trade and almost 20 percent of liquefied natural gas trade transited through the Strait of Hormuz.
Gulf diesel exports, 2025:
around 1.4 million barrels per day
Gulf diesel exports, September 2026:
around 670,000 barrels per day
Global diesel exports, September 2026:
5.8 million barrels per day
Share of global seaborne oil trade through Hormuz before the war:
about 27 percent
Why it matters for exams: The share of world oil and LNG trade passing through the Strait of Hormuz is a standard fact, and these export figures show why it matters.
UPSCBank
In plain words
EIA US Energy Information Administration — The United States government agency that collects and publishes official energy statistics.
13 October 2026
The UK Maritime Trade Operations said on Wednesday 7 October 2026 that a tanker sailing off the north coast of Qatar reported being struck "by multiple projectiles". The vessel was in the Gulf, about 500km (300 miles) west of the Strait of Hormuz.
The same day Tehran said transit routes in the strait that Iran deems illegal would soon be closed, in reference to a southern pathway hugging Oman's coast.
Mohammadreza Naqdi, an adviser to the Revolutionary Guards' Commander, said: "The strait of Hormuz is closed, and the armed forces of the Islamic Republic of Iran have full control over it."
The United States secretary of state, Marco Rubio, said the same day that Iran had "lost complete control" of the strait, adding: "There's almost as much oil flowing out now as there was before this conflict began."
In the week to 5 October 2026 there were at least 12 attacks on oil, liquefied natural gas and liquefied petroleum gas tankers around the strait, and the price of Brent crude topped $100 per barrel.
Iran's security chief Mohsen Rezaei said on the night of 11 October 2026 that a shuttle system moving oil out of the strait in smaller vessels was an explicit target, saying: "the strait is under Iran's control, and we manage it."
The strait has been largely closed to shipping since 28 February 2026.
Brent crude price:
above $100 per barrel
Tanker attacks, week to 5 October:
at least 12
Strait largely closed since:
28 February 2026
Why it matters for exams: The Strait of Hormuz, its neighbouring Gulf states and the bodies that report shipping incidents are frequent map and current-affairs questions.
Kerala PSCUPSCSSC
In plain words
UKMTO UK Maritime Trade Operations — A British naval body that collects and publishes reports of incidents involving merchant ships.
IRGC Islamic Revolutionary Guard Corps — A branch of Iran's armed forces with its own naval force in the Persian Gulf.
13 October 2026
The World Bank's country page for the Islamic Republic of Iran says GDP is estimated to have contracted by 2.7 per cent in 2025/26, the Iranian year ending March 20, 2026.
The Bank attributes the contraction to military escalation in June 2025, widespread protests and strikes, a country-wide internet and telecommunications blackout, and trade disruptions in March 2026 amid growing tensions in the Strait of Hormuz.
It says oil sector performance is expected to be constrained by disruptions to shipping through the Strait of Hormuz, at least in the near term, while non-oil growth is projected to be limited by damaged infrastructure, persistent water and energy shortages, and weakened investment sentiment.
The Bank says high inflation and declining real incomes are projected to suppress domestic demand, and that poverty is expected to increase, driven by high food inflation and import shortages.
It adds that international trade is likely to remain constrained by financial sanctions and by challenges in securing international transport and insurance services.
The World Bank has produced the Iran Economic Monitor, its economic report on the country, since April 2016.
GDP change, 2025/26:
contracted by 2.7 percent
Iranian year end:
March 20, 2026
Iran Economic Monitor produced since:
April 2016
Why it matters for exams: Growth and contraction figures from the World Bank's country assessments are asked directly, and the Iranian year's end date is a useful detail.
UPSCBank
In plain words
Iran Economic Monitor Iran Economic Monitor — The World Bank's periodic report on key economic developments and policies in Iran.
13 October 2026
The International Monetary Fund published its twice-yearly World Economic Outlook on Tuesday in Bangkok, where the IMF and the World Bank are holding their annual meetings.
The Fund said global growth had withstood the Middle East conflict better than feared over the past six months, and that the rerouting of oil supplies away from the Strait of Hormuz and the release of strategic energy stocks had helped to contain the impact on oil prices from the United States-Iran war.
It warned that emergency stocks are now depleted, and that high debt levels and deficits in many countries could leave governments with little capacity to protect consumers from any future jump in prices.
"Without shoring up supply capacity and replenishing policy buffers, the global economy could soon test the limits of resilience," the report said.
The IMF revised its forecast for global growth this year up to 3.1 per cent, against 3 per cent in its July update, and left next year's forecast unchanged at 3.4 per cent.
Launching the report, the IMF's economic counsellor Silvana Tenreyro said "the global economy has been resilient, but that resilience is reaching its limits".
The IMF also said the economic fallout from the conflict remained "highly uncertain".
Global growth forecast, this year:
3.1 per cent
Global growth forecast, next year:
3.4 per cent
Place of release:
Bangkok, Thailand
Why it matters for exams: The World Economic Outlook's growth numbers and its reading of the Hormuz disruption are standard economy questions.
Kerala PSCUPSCBank
In plain words
WEO World Economic Outlook — The IMF's twice-yearly survey of the world economy with growth forecasts for each country.
13 October 2026
Chief Minister Dr. Manik Saha announced a 3 per cent hike in Dearness Allowance for State government employees and in Dearness Relief for pensioners, at a press conference at the Secretariat.
With the hike, employees and pensioners will receive 44 per cent DA in total.
The revised rate is effective from 1 October 2026.
The Chief Minister said the decision would mean an additional annual expenditure of around 300 crore rupees for the State government.
After the revision, the gap in DA between State and Central government employees stands at 16 percentage points.
In a second decision, House Rent Allowance for regular government employees was raised from 8 per cent to 10 per cent.
Finance Minister Pranajit Singha Roy was present at the press conference.
Total Dearness Allowance:
44 per cent
Effective from:
1 October 2026
Additional annual expenditure:
around 300 crore rupees
House Rent Allowance:
8 per cent to 10 per cent
Why it matters for exams: State pay allowances, their effective dates and the State-Centre DA gap are routine questions in State service papers.
Kerala PSCSSCBank
In plain words
DA Dearness Allowance — A cost-of-living allowance paid to serving government employees.
DR Dearness Relief — The corresponding cost-of-living payment made to pensioners.
13 October 2026
The Royal Swedish Academy of Sciences awarded the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2026 to Robert E. Hall of Stanford University and Michael Woodford of Columbia University.
The citation reads “for microeconomic foundations of macroeconomic stabilisation”.
The Academy said the two built macroeconomic models on a microeconomic foundation instead of on statistical links between macroeconomic variables such as inflation, production and consumption.
A central component of these models is that households and businesses are forward looking when they decide on savings or on product prices.
John Hassler, Chair of the Committee for the Prize in Economic Sciences, said the models are now used by central banks and governments around the world.
The prize amount is 12 million Swedish kronor, to be shared equally between the laureates.
Hall was born in 1943 in Palo Alto and Woodford in 1955 in Chicopee; both took their doctorates at the Massachusetts Institute of Technology.
Citation:
for microeconomic foundations of macroeconomic stabilisation
Prize amount:
12 million Swedish kronor
Institutions:
Stanford University and Columbia University
Why it matters for exams: The economics prize is the last of the year's Nobel announcements, and its citation, laureates and awarding body are standard one-mark questions.
Kerala PSCUPSCSSCBank