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Daily Current Affairs – 28 April, 2026

    India and New Zealand Signed FTA

    Context

  • India and New Zealand signed the India- New Zealand Free Trade Agreement (IN- NZ FTA).

    • About

  • The India–New Zealand Free Trade Agreement was concluded in nine months and marks a key milestone in India’s engagement with developed economies. 
  • India is signing its seventh FTA in the last three and a half years, with plans for agreements with the European Union and the United States, taking the total to nine FTAs with 38 advanced economies, covering nearly 65–70% of global GDP. 
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    China surpasses US in Research Spending

    Context

  • According to a report from the Organisation for Economic Co-operation and Development, China has overtaken the US in research and development spending, crossing the $1 trillion mark.

    • Major Highlights

  • R&D Spending Parity Achieved: China’s R&D spending has matched and surpassed the US (Purchasing Power Parity terms).
  • Both countries have crossed the $1 trillion research spending mark.
  • Legacy of US Scientific Leadership: US breakthroughs include the internet, mRNA vaccines, semiconductors, microprocessors, and GPS.
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    RBI Tightens Bad Loan Rules to Align with Global Norms

    In News

  • The Reserve Bank of India (RBI) has tightened the rules governing classification of bad loans, definition, and recovery, to align with globally-accepted standards, effective April 1, 2027

    • What is a Non-Performing Asset (NPA) or Bad Loans?

  • It refers to a loan in which the borrower has not paid either principal amount or interest for over 90 days.
  • It is  classified into three types: substandard assets (overdue up to 12 months), doubtful assets (overdue beyond 12 months with uncertain recovery), and loss assets (considered largely irrecoverable).
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    G7 Declaration on Desertification

    Context

  • Recently, the G7 Environment Ministers have elevated desertification, land degradation and drought to the core of their agenda, and termed these conditions ‘systemic global challenges’ and ‘security risk multipliers’.

    • Key Highlights of Declaration

  • Scale of the Crisis: Desertification, land degradation and drought leads to declining soil fertility, water scarcity, and loss of ecosystem services.
  • It directly threatens food security and livelihoods, particularly in agrarian economies.
  • Nearly 40% of global land is degraded, affecting about 3.2 billion people.
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    Printed Circuit Boards (PCBs) Supply Chain Disruptions 

    In News

  • The Middle East conflict has disrupted global supply chains for key raw materials used in printed circuit boards (PCBs), driving sharp price increases across the electronics industry. 

    • Printed Circuit Boards (PCBs)

  • It is a layered mechanical structure that holds and electrically connects components in a circuit. 
  • It is used in almost all modern electronic devices like smartphones ,computers tablets, AI servers and smartwatches. 
  • It provides the base for assembling electronic parts and guides the flow of electricity between them.
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    News In Short 28-04-2026

    Context

  • China conducted military drills including live-fire exercises in waters east of the Philippines’ Luzon Island.

    • About

  • It is the largest and most important island of the Philippines. 
  • It is located in the northern part of the Philippine archipelago and is bounded by the Philippine Sea to the east, the Sibuyan Sea to the south, and the South China Sea to the west. 
  • To the north, the Luzon Strait separates Luzon from Taiwan.
    • Read More
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