Current Affairs 02 September 2026
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National Current Affairs
Bihar and Jharkhand Sign Sone River Water-Sharing Agreement
Bihar and Jharkhand signed a Memorandum of Understanding (MoU) on 31 August 2026 for sharing the waters of the Sone River, resolving a water dispute that had remained pending for nearly 25 years. The agreement was signed in the presence of Union Home Minister Amit Shah and is being presented as an example of cooperative federalism.
The Sone agreement is the fourth major inter-State water-related agreement reached in 2026 through dialogue facilitated by the Centre. Earlier agreements concerned the Kishau Multipurpose Dam Project, the Rajasthan–Haryana Yamuna Water Project, and settlement of outstanding payments among the Narmada Award beneficiary States.
Earlier Inter-State Water Agreements in 2026
| Date | Agreement / Project | States Involved | Key Outcome |
|---|---|---|---|
| 16 June 2026 | Kishau Multipurpose Dam Project | Himachal Pradesh, Uttarakhand, Delhi, Uttar Pradesh, Haryana and Rajasthan | The six States reached consensus on an MoU for implementation of the project. The Centre will provide 90% of the funding for the water component, while the States will bear the remaining 10%. |
| 29 June 2026 | Rajasthan–Haryana Yamuna Water Project | Rajasthan and Haryana | Agreement to convey about 580 MCM of Yamuna water to Rajasthan through three underground pipelines from the Western Yamuna Canal, enabling Rajasthan to utilise its share under the 1994 Upper Yamuna Basin water-sharing agreement. |
| 7 July 2026 | Settlement among Narmada Award Beneficiary States | Maharashtra, Gujarat, Rajasthan and Madhya Pradesh | Agreement to resolve long-pending cost-sharing and outstanding payment issues related to the Sardar Sarovar Project through a one-time settlement. |
Economy
MoSPI Releases National Accounts Statistics 2026 with Base Year 2022–23
The Ministry of Statistics and Programme Implementation (MoSPI) released the National Accounts Statistics (NAS) – 2026 publication on 31 August 2026. The publication uses 2022–23 as the base year and provides updated estimates of national income, production, expenditure and other major macroeconomic aggregates of the Indian economy.
The publication incorporates the new series of the Producer Price Index (PPI), Index of Industrial Production (IIP) and Banking Services Price Index (BkSPI), all with 2022–23 as the base year. These updated indicators have wider coverage and revised methodology, resulting in revisions to annual and quarterly GDP estimates from 2022–23 onwards.
According to the updated estimates, India’s real GDP growth at constant prices for 2025–26 was revised upward from 7.7% to 7.8%. At current prices, GDP growth for 2025–26 was revised from 8.9% to 8.6%. The updated constant-price GDP for 2025–26 stands at ₹3,24,70,100 crore.
| Financial Year | Updated GDP at Current Prices (₹ crore) | Updated GDP Growth at Current Prices | Updated GDP at Constant Prices (₹ crore) | Updated Real GDP Growth |
|---|---|---|---|---|
| 2022–23 | 2,61,77,001 | — | 2,61,77,001 | — |
| 2023–24 | 2,90,73,287 | 11.1% | 2,80,94,358 | 7.3% |
| 2024–25 (FRE) | 3,17,98,524 | 9.4% | 3,01,15,428 | 7.2% |
| 2025–26 (PE) | 3,45,36,796 | 8.6% | 3,24,70,100 | 7.8% |
FRE: First Revised Estimates
PE: Provisional Estimates
GDP at Constant Prices: Measures GDP using the prices of a fixed base year. This removes the effect of inflation and helps measure the actual change in the volume of economic activity.
Real GDP Growth: The percentage increase in GDP measured at constant prices. It indicates the actual growth of the economy after removing the effect of price changes or inflation.
Nominal GDP Growth: The percentage increase in GDP measured at current prices. It reflects changes in both the quantity of goods and services produced and their prices.
Base Year: A reference year whose prices are used to calculate GDP at constant prices. The National Accounts Statistics – 2026 uses 2022–23 as the base year.
Committees and Conferences
NCLT Forms First-Ever Five-Member Bench
The National Company Law Tribunal (NCLT) has constituted a five-member Bench for the first time in its history to adjudicate the personal insolvency case involving Essel Group Chairman Subhash Chandra. The case concerns creditor claims exceeding ₹22,000 crore and a proposed repayment plan of about ₹6.5 crore.
The case is significant because it marks the first constitution of a five-member Bench by the NCLT and raises important questions regarding approval of repayment plans under the Insolvency and Bankruptcy Code (IBC), 2016.
Awards and Honours
Ramon Magsaysay Awards 2026 Announced
The Ramon Magsaysay Award Foundation announced the 2026 Ramon Magsaysay Awardees on 31 August 2026. The three recipients are Tommy Koh of Singapore, Runa Khan of Bangladesh, and Bo Kyi of Myanmar. The award is regarded as Asia’s premier prize and highest honour for selfless public service and transformative leadership.
Key Points for Exams:
- Ramon Magsaysay Awards were first presented in 1958.
- The award is named after former Philippine President Ramon Magsaysay.
Daily Current Affairs Quiz
Q1. The Sone River water-sharing agreement signed in August 2026 resolved a long-pending dispute between which two States?
A. Bihar and Uttar Pradesh
B. Bihar and Jharkhand
C. Jharkhand and West Bengal
D. Bihar and Chhattisgarh
Show Answer
Answer: B. Bihar and Jharkhand
Explanation: Bihar and Jharkhand signed an MoU on 31 August 2026 for sharing the waters of the Sone River, resolving a dispute that had remained pending for nearly 25 years. The agreement is expected to improve irrigation and drinking-water availability in both States.
Q2. According to the National Accounts Statistics – 2026 released by MoSPI, what is the updated real GDP growth rate of India for 2025–26?
A. 7.2%
B. 7.5%
C. 7.8%
D. 8.6%
Show Answer
Answer: C. 7.8%
Explanation: In the National Accounts Statistics – 2026, MoSPI revised India’s GDP growth at constant prices for 2025–26 from 7.7% to 7.8%. The publication uses 2022–23 as the base year and incorporates updated PPI, IIP and Banking Services Price Index series.
Q3. Who among the following was NOT a recipient of the Ramon Magsaysay Award 2026?
A. Tommy Koh
B. Runa Khan
C. Bo Kyi
D. Sonam Wangchuk
Show Answer
Answer: D. Sonam Wangchuk
Explanation: The Ramon Magsaysay Award 2026 recipients were Tommy Koh of Singapore, Runa Khan of Bangladesh and Bo Kyi of Myanmar. Sonam Wangchuk was not among the 2026 awardees.
Q4. The five-member Bench constituted by the National Company Law Tribunal in 2026 to hear Subhash Chandra’s personal insolvency case is headed by whom?
A. Justice Ashok Kumar Bhardwaj
B. Justice Anupinder Singh Grewal
C. Justice Reena Sinha Puri
D. Justice Mahendra Khandelwal
Show Answer
Answer: B. Justice Anupinder Singh Grewal
Explanation: The first-ever five-member Bench of the NCLT was constituted to hear Subhash Chandra’s personal insolvency case. It is headed by NCLT President Justice Anupinder Singh Grewal.
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Frequently Asked Questions
Why is Son River famous?
The Sone River is famous as the second-largest southern tributary of the Ganges after the Yamuna, and for its exceptionally wide, golden-sand riverbeds that supply sand across India.
Sone River originates from which place?
The Sone River originates near the Amarkantak Hill range, located in the Anuppur district of Madhya Pradesh.
What are GDP at constant prices and GDP at current prices?
GDP at Current Prices (Nominal GDP)
Definition: The total value of all final goods and services produced in a country, using the prices from the same year the goods are made.
Inflation Impact: Includes inflation. If prices go up, this GDP number goes up even if the country makes fewer items.
Main Use: Shows the current size and value of an economy.
GDP at Constant Prices (Real GDP)
Definition: The total value of goods and services produced, using the prices of a specific base year (such as 2011–2012 in India).
Inflation Impact: Removes inflation. Changes in this number show true changes in how much the country actually produced.
Main Use: Best for comparing economic growth from year to year.
Who is the current chairman of the National Company Law Tribunal?
The current President of the National Company Law Tribunal (NCLT) is Justice (Retd.) Anupinder Singh Grewal.
Which Indian won the Ramon Magsaysay Awards in 2025?
The founder of the Indian non-profit organization Educate Girls, Safeena Husain, won the Ramon Magsaysay Award in 2025. (as an organisation)
Disclaimer: This article is prepared for competitive exam preparation using publicly available information.
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