April 18, 2026 - Current Affairs

India Slips To Sixth Spot In World Economy

Context

According to the latest World Economic Outlook (WEO) released by the International Monetary Fund (IMF), India has slipped to the 6th-largest economy in the world in nominal GDP terms.

How Global GDP Rankings Are Calculated

The IMF ranks economies based on nominal GDP in US dollar terms.

It depends on GDP measured in local currency, and exchange rate vis-à-vis the US dollar.

Any adverse movement in these variables can affect rankings even if real growth remains strong.

1969 Bank Nationalisation

In News

The nationalisation of banks in India is widely regarded as one of the most consequential economic decisions taken since Independence in 1947.

Background and Need

Banking in India was mainly concentrated in urban areas, leaving rural and semi-urban regions largely unserved until the 1960s.

As a result, sectors such as agriculture, small-scale industries, and self-employment had limited access to banking and credit facilities.

This led to the perception that private banks were profit-driven and not socially responsible, as they avoided diversifying loans due to higher costs.

Indian Space Situational Awareness Report 2025 (ISSAR-2025)

Context

Recently, the Indian Space Situational Awareness Report for 2025 (ISSAR-2025) was released by ISRO during the inaugural session of the 2nd international conference on Spacecraft Mission Operations (SMOPS-2026) at Bengaluru.

Key Findings of ISSAR-2025

Rising Space Congestion: Around 1.6 lakh close approach alerts globally, with over 1.5 lakh alerts for Indian satellites.

Growth of mega-constellations (Starlink, Kuiper, etc.) likely to further increase collision risks.

News In Short 18-04-2026

In News

Harivansh was elected unopposed as the Deputy Chairman of the Rajya Sabha for the third consecutive term.

Deputy Chairperson

The Deputy Chairman is a constitutional position created under Article 89 of the Constitution, which specifies that Rajya Sabha shall choose one of its MPs to be the Deputy Chairman as often as the position becomes vacant.

The office becomes vacant either by resignation or removal from office or when the Rajya Sabha member’s term gets over.

Procedure: Any Rajya Sabha MP can nominate another member for Deputy Chairperson by moving a motion, which must be seconded by another MP. The nominee must also give written consent to serve if elected.