Daily Current Affairs 25 September 2026 – IAS Current Affairs

Current Affairs 25 September 2026 focuses on the Prelims-Mains perspective. Major events are :

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Tripling The Size Of The Indian Economy: Growth Prospects And Challenges

Source: Indian Express
GS III: Indian Economy, Growth and Development

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Why in the News?

Jamie Dimon, Chairman and Chief Executive Officer of JPMorgan Chase, has state that India’s economy could potentially become three times its current size over the next decade.

News in Brief

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• India’s nominal GDP is approximately $4.2 trillion in 2026, and achieving a threefold increase would require the economy to reach around $12.5 trillion by 2036.
• At the current compounded annual growth rate (CAGR) of around 6.2% in US dollar terms, India’s GDP could reach approximately $7.58 trillion by 2036, falling short of the tripling target.
• To triple GDP in US dollar terms within ten years, India would need an annual growth rate of approximately 11.6% in dollar terms.
• In rupee terms, tripling nominal GDP is more achievable, but exchange-rate depreciation makes achieving the same target in dollar terms considerably more challenging.

India’s GDP Growth Trajectory

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• India has experienced substantial economic expansion over the past decade.
  • India’s nominal GDP was approximately $1.8 trillion in 2014–15.
  • By 2025–26, it had reached around $4.2 trillion.
  • The Indian economy has grown at a compounded annual growth rate of approximately 6.2% in US dollar terms between 2014 and 2026.
• The economy has expanded due to growth in services, infrastructure development, domestic consumption, investment and the expansion of formal economic activities.
• However, sustaining a significantly higher growth rate over the next decade would require continued structural reforms and productivity improvements.

What would it take to triple GDP in US Dollar Terms?

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• Existing growth trajectory: At an annual growth rate of 6.2%, India’s GDP could reach approximately $7.58 trillion by 2036.
• Tripling target: Achieving $12.46 trillion by 2036 would require sustained annual growth of around 11.6% in US dollar terms.
• At the existing growth rate, India would fall short of the tripling target, making sustained economic expansion and exchange-rate stability is important.
• This would require almost doubling the existing dollar-denominated growth rate and sustained it over an entire decade.

Difference between GDP in Rupee and Dollar Terms

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GDP in rupee terms

• Nominal GDP measures the value of goods and services produced within an economy at current market prices.
• India’s nominal GDP is initially measured in Indian rupees.
• Growth in nominal GDP includes both real economic growth and changes in domestic prices.

GDP in dollar terms

• For international comparisons, GDP is converted into US dollars using the prevailing exchange rate.
• The value of the rupee against the US dollar directly affects India’s reported GDP in dollar terms.
• If the rupee depreciates, India’s dollar-denominated GDP may grow more slowly even when its economy expands in rupee terms.
  • For example, if nominal GDP rises by 10% in rupee terms but the rupee depreciates against the dollar, the increase in dollar-denominated GDP will be lower.
• Thus, achieving a threefold increase in rupee terms is not equivalent to tripling GDP in US dollar terms.

Tripling GDP in Rupee terms

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• Tripling India’s nominal GDP in rupee terms is comparatively more achievable than achieving the same expansion in US dollar terms.
  • Nominal GDP growth: It reflects both real economic growth and changes in domestic prices.
  • Role of inflation: Rising prices can increase nominal GDP even without a proportional increase in actual production.
  • Exchange-rate impact: Rupee depreciation can reduce the value of India’s GDP when converted into US dollars.
• The key point is that India’s nominal GDP in rupees can expand through a combination of real output growth and inflation.
• However, exchange-rate movements determine how much of this expansion is reflected in dollar terms.
• Therefore, sustained real economic growth, rather than nominal expansion alone, is essential for improving India’s economic strength and living standards.

Historical Background of India’s GDP Targets

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• India has set ambitious economic growth targets as part of its long-term development strategy.
  • $5 Trillion Economy: In 2018, Prime Minister Narendra Modi set the vision of transforming India into a $5 trillion economy, initially targeting 2025.
  • Economic Transformation: The government has emphasised manufacturing, infrastructure development, investment, exports and employment generation to accelerate economic growth.
  • Viksit Bharat 2047: India aims to become a developed nation by 2047, marking 100 years of independence.
• Achieving these objectives requires sustained economic growth, higher productivity, employment generation and structural reforms to improve living standards and strengthen India’s global economic position.

 

Jamie Dimon’s Reference to India’s Economic Potential

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• Jamie Dimon’s remarks carry significance because JPMorgan Chase is one of the world’s largest financial institutions, with substantial global financial assets and operations.
• His observation reflects the international investor interest in India’s long-term growth potential.
• However, a larger economy does not automatically translate into higher returns for foreign investors.
• International investors generally measure returns in the currency in which their investments are denominated, often US dollars.
• If India’s economy grows rapidly in rupee terms but the rupee depreciates against the dollar, the dollar-denominated returns may be lower.
• Therefore, India’s economic growth and its exchange-rate performance are both important for attracting and retaining international investment.

Significance for India

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• Investment – Sustained economic growth can support domestic and foreign investment, particularly  in infrastructure, manufacturing and services.
• Employment generation- Higher output, supported by labor-intensive manufacturing and services, can create employment opportunities and improve household incomes.
• Global economic position- A larger GDP can increase India’s economic weight in international institutions, trade negotiations and global financial markets.
• Developed India 2047- Sustained growth, alongside improvements in productivity, education, healthcare and infrastructure, will be important for achieving the Viksit Bharat vision.
• Macroeconomic stability- Growth must be accompanied by manageable inflation, fiscal sustainability, financial stability and a resilient external sector.

Challenges in achieving the Target

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• Sustained high growth- Maintaining an annual growth rate of 11.6% in dollar terms over a decade would require a significant acceleration in economic activity.
• Rupee depreciation- Persistent depreciation against the US dollar can reduce the dollar value of India’s economic output.
• Productivity constraints- Improving labour productivity, technological adoption, infrastructure and the quality of human capital remains important.
• Employment and inclusive growth- Economic expansion must generate adequate productive employment and ensure that the benefits of growth are broadly distributed.
• Global uncertainties- Changes in international trade, energy prices, capital flows and geopolitical conditions can affect India’s growth and currency.

Conclusion

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Tripling India’s economy requires sustained growth, higher productivity and structural reforms. Balancing economic expansion with employment generation and macroeconomic stability will be crucial to achieving the Viksit Bharat 2047 vision.

UPSC Prelims and Mains Practice Question

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With reference to India’s GDP and economic growth, consider the following statements:

1. Nominal GDP is measured at current market prices and includes the effect of inflation.
2. Depreciation of the Indian rupee against the US dollar can reduce India’s GDP measured in dollar terms, even when nominal GDP in rupees increases.
3. A country must achieve the same annual growth rate in nominal rupee GDP and dollar-denominated GDP to triple its economy over a given period.

Which of the statements given above is/are correct?

(a) 1 and 2 only

(b) 2 and 3 only

(c) 1 and 3 only

(d) 1, 2 and 3

Answer: (a) 1 and 2 only

Mains Practice Question

Q) Achieving a threefold increase in India’s GDP in US dollar terms presents challenges beyond domestic economic growth. Discuss the role of exchange-rate movements, productivity and structural reforms in achieving India’s long-term economic objectives. (250 words)

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India’s Journey Towards A Manufacturing Nation

Source: PIB
GS III: Indian Economy – Effects of Liberalization on the Economy, Changes in Industrial Policy and their effects on industrial growth, Infrastructure and Investment Models.

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Why in the News?

The Make In India initiative completed 12 years on 25 September 2026.

News in Brief

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• Launched in 2014, the initiative aims to transform India into a global manufacturing, design and innovation hub by promoting investment, strengthening domestic production and developing industrial capabilities.
• India has expanded manufacturing across electronics, automobiles, pharmaceuticals, steel, railways and defence, while increasingly developing domestic capabilities in components, machinery and advanced technologies.
• Recent initiatives such as PLI schemes, Semicon 2.0, BHAVYA and the Mobile Phone Manufacturing Scheme seek to expand production, deepen domestic value addition and strengthen industrial supply chains.

Make In India

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• On 25 September 2014, ‘Make in India’ was launched with the ambition of becoming a global hub for manufacturing, design and innovation.
• The initiative focused on facilitating investment, fostering innovation and developing world-class infrastructure.
• Guided by ‘Minimum Government, Maximum Governance’, it has also sought to modernise processes and policies.
• The initiative has subsequently been expanded under Make in India 2.0.
• The initiative now focuses on 27 sectors, which include 15 in manufacturing and 12 in services.

Growth of India’s Manufacturing Sector

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• India’s manufacturing sector has expanded in terms of production, investment and industrial capacity.
  • Manufacturing GVA recorded a CAGR of 10.88% between 2022-23 and 2025-26.
  • The manufacturing component of the Index of Industrial Production (IIP) registered 7% growth during April–July 2026.
  • Electronics production increased from approximately ₹1.9 lakh crore in 2014-15 to ₹13.11 lakh crore in 2025-26, recording 15.8% growth in the latest financial year.
  • Mobile phone production rose from approximately ₹18,000 crore to ₹6.27 lakh crore during the same period. India is now the world’s second-largest mobile phone manufacturer by volume.
  • Automobile production reached 31.03 million vehicles in 2024-25, reflecting the expansion of domestic automobile manufacturing.
  • Crude steel production increased from 81.7 million tonnes in 2014-15 to 170 million tonnes in 2025-26.
• India is now the world’s second-largest mobile phone manufacturing by volume.
• Electronics production also recorded 15.8% growth in 2025-26 over the previous year.

Expansion across major manufacturing industries

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• Automobiles
  • India has strengthened its automobile manufacturing capacity, with growth across passenger vehicles, three-wheelers and two=wheelers.
• Pharmaceuticals and Medical devices
  • India is a major global pharmaceutical producer, with a strong position in generic mediciens.
  • Domestic medical device manufacturing has expanded, supporting efforts to reduceimport dependence and strengthen halthcare manufacturing.
• Steel
  • India has expanded its steel production capacity, supporting infrastructure development, construction and industrial growth.
• Railways
  • Indian Railways has strengthened domestic manufacturing of coaches and locomotives.
  • Increased production of Linke Hofmann Busch (LHB) coaches supports railway modernization and passenger safety.
• Defence
  • Indigenous defence production has expanded, reflecting greater emphasis on domestic manufacturing and self-reliance.
  • The growth of domestic defence industries supports reduced import dependence and strengthens India’s defence industrial base.

Deepening Domestic Manufacturing Capabilities

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Make in India is increasingly focusing on developing domestic capabilities in components, machinery, materials and advanced technologies, rather than relying only on the assembly of finished products.

• Space Technology
  • ISRO and the Semiconductor Laboratory developed VIKRAM3201 and KALPANA3201 microprocessors for space applications.
  • VIKRAM3201 is the first fully indigenous microprocessor qualified for launch vehicle conditions.
• Solar Energy
  • India has expanded its domestic solar module and solar-cell manufacturing capabilities.
  • This supports renewable energy development and reduces dependence on imported solar components.
• Electric Vehicles
  • An indigenous drive system integrating a motor and inverter has been developed for electric vehicles.
  • The technology supports domestic EV manufacturing and is ready for commercialization.
• Aircraft manufacturing
  • HAL has expanded its LCA Tejas Mk1A production facilities.
  • Additional production facilities for the HTT-40 trainer aircraft are strengthening indigenous aircraft manufacturing.
• Railway Components
  • Rail Wheel Factory manufactures railway wheels, axles and wheelsets domestically.
  • Indigenous component manufacturing supports railway modernization and reduces dependence on imported components.
• Nuclear Components
  • The Nuclear Fuel Complex manufactures steam-generator tubes for India’s upcoming nuclear reactors.
  • Domestic production of specialized nuclear components strengthens indigenous nuclear technology and supports energy security.

Strategic Materials and Advanced Products

• Rare-Earth Magnets
  • A pilot plant for Neodymium-Iron-Boron permanent magnets has been established at ARCI, Hyderabad.
  • These magnets are important for electric vehicles, renewable energy systems, electronics and advanced manufacturing.
• Pharmaceuticals
  • India has developed advanced pharmaceutical products, including Trastuzumab Emtansine, Docaravimab-Miromavimab, Miqnaf and Desidustat.
  • These developments reflect growing domestic capabilities in complex drug development and manufacturing

Growth of Capital Goods and Heavy Engineering

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• Capital goods are machinery and equipment used to manufacture other goods.
• Their domestic production is essential for reducing dependence on imported industrial machinery and strengthening India’s manufacturing ecosystem.
• Production across capital goods and heavy engineering has expanded significantly, reflecting the growing capacity of domestic industries.

Major Reforms Supporting Make In India

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• Foreign Direct Investment (FDI)
  • India permits foreign investment through the automatic route in most sectors, subject to restrictions in certain strategic sectors.
  • FDI reforms have supported foreign investment, technology transfer and industrial development.
• National Single Window System (NSWS)
  • Provides a common digital platform for businesses to identify and apply for government approvals.
  • Integrates Central and State-level approval processes to simplify business operations and improve ease of doing business.
• India Industrial Land Bank (IILB)
  • A GIS-enabled platform providing information on industrial land, infrastructure and available facilities.
  • Helps investors identify suitable locations for setting up manufacturing units.
• PM GatiShakti National Master Plan
  • Launched to improve coordinated infrastructure planning among Central ministries, departments and States and Union Territories.
  • Uses geospatial data, satellite imagery and digital integration to support infrastructure planning.
  • Aims to improve multimodal connectivity, reduce logistics costs and address infrastructure gaps.
• Production Linked Incentive (PLI) Scheme
  • Provide incentives to encourage incremental manufacturing and sales across identified sectors.
  • Aim to attract investment, expand domestic production, promote exports and generate employment.
  • Support domestic manufacturing and strengthen India’s integration into global value chains.
• Startup India
  • Launched to promote innovation, entrepreneurship and investment.
  • Supports startups through recognition, funding-related assistance and a conducive business environment.
  • Encourages innovation, job creation and the development of new technologies.

Recent Initiatives to Strengthen Manufacturing

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• Production Linked Incentive Scheme for Specialty Steel (PLI 1.2 (Third round launched in November 2025) 
  • The scheme promotes the domestic production of advanced and specialised steel products.
  • The latest round covers super alloys, CRGO steel, stainless steel products, titanium alloys and coated steels.
• Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnets
  • Aims to establish integrated domestic manufacturing of sintered NdFeB-type rare-earth permanent magnets.
  • Supports electric vehicles, renewable energy, electronics and strategic industries.
• Bharat Audyogik Vikas Yojana (BHAVYA)
  • Aims to develop investment-ready, world-class industrial parks with integrated infrastructure.
  • Supports industrial expansion, investment and employment generation.
• Mobile Phone Manufacturing Scheme (MPMS)
  • Aims to scale up mobile phone production and deepen domestic value addition.
  • Focuses on strengthening supply-chain resilience and enhancing India’s global competitiveness.
• Semicon 2.0
  • Provides long-term support for developing India’s semiconductor ecosystem.
  • Covers chip design, manufacturing, advanced packaging, materials, equipment, research and talent development.
• Bharat Audyogik Vikas Yojana Rasayan (BHAVYA Rasayan)
  • Aims to facilitate the establishment of dedicated chemical parks in India.
  • Supports domestic chemical manufacturing industrial infrastructure and reduced import dependence.

Significance of Make in India

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• Employment generation– Expansion of manufacturing can create jobs in factories, logistics, construction and supporting services.
• Import substitution- Domestic production of components, machinery, semiconductors and strategic materials can reduce dependence on imports.
• Export promotion- Increased manufacturing capacity can support exports and improve India’s integration into global value chains.
• Technological development– Indigenous capabilities in electronics, defence, pharmaceuticals and advanced materials can strengthen domestic research and innovation.
• Regional development- Industrial parks and improved connectivity can support investment and economic activity across different regions.
• Economic resilience– Diversified domestic supply chains can help address disruptions in international trade and production networks.

Challenges

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The expansion of production, investment and manufacturing capacity alone do not establish that all structural challenges in Indian manufacturing have been resolved.

• Import dependence- Domestic assembly and production do not automatically imply complete domestic value addition, particularly where components and machinery are imported.
• Employment intensity- Growth in manufacturing output needs to be accompanied by adequate formal employment, skill development and better working conditions.
• MSME integration– Small enterprises require access to affordable credit, technology, infrastructure and large industrial supply chains.
• Research and innovation- Sustained investment in R&D, design and technology is necessary to move towards higher-value manufacturing.
• Infrastructure and logistics- Reliable power, transport, industrial land and efficient logistics remain important for manufacturing competitiveness.
• Environmental sustainability- Industrial expansion must be balanced with energy efficiency, resource conservation, pollution control and circular-economy practices.

Way Forward and Conclusion

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As Make in India completes twelve years, its focus is expanding from increasing production to developing the domestic capabilities, technology and industrial ecosystems needed for long-term manufacturing growth.

Sustained progress will depend on translating investment and production growth into higher domestic value addition, productive employment, technological innovation and stronger participation in global value chains. This will be important for achieving the broader objective of Viksit Bharat 2047.

UPSC Prelims and Mains Practice Question

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With reference to the Make in India initiative, consider the following statements:

1. Make in India was launched in 2014 to promote India as a global manufacturing, design and innovation hub.
2. Make in India 2.0 covers 27 sectors, including 15 manufacturing sectors and 12 service sectors.
3. The Production Linked Incentive schemes cover only the electronics and automobile sectors.

Which of the statements given above is/are correct?

(a) 1 and 2 only

(b) 2 and 3 only

(c) 1 and 3 only

(d) 1, 2 and 3

Answer: (a) 1 and 2 only.

Mains Practice Question

Q) Make in India has evolved from promoting domestic production to developing integrated manufacturing capabilities and strategic technologies. Examine its achievements and the challenges that need to be addressed to make India a globally competitive manufacturing hub. (250 Words)

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IMEI Tampering Threatens India’s Digital Sovereignty

Source: PIB
GS III: Science and Technology, Cybersecurity, Digital Infrastructure, Digital Sovereignty

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Why in the News?

The Department of Telecommunications (DoT) has highlighted the growing concern over tampering with International Mobile Equipment Identity (IMEI) numbers and its implications for telecom security, consumer protection and India’s digital sovereignty.

News in Brief

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• With India’s active wireless mobile subscriber base reaching 1,204.01 million in July 2026, safeguarding the identity and security of mobile devices has become increasingly important.
• The Telecommunications Act, 2023, provides legal safeguards against the tampering and misuse of telecom identifiers.
• The Department of Telecommunications has emphasized the shared responsibility of manufacturers, importers, retailers, brand owners and citizens in preventing IMEI-related misuse.

IMEI

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• IMEI is a unique 15-digit number assigned to a mobile device used to identify it on a telecommunications network.
• Its manipulation can complicate device identification, law enforcement and network security.
• The first eight digits of an IMEI form the Type Allocation Code (TAC), which identifies the device model or type.
• The Global System for Mobile Communications Association (GSMA) oversees the global allocation of TAC.
• GSMA allocate TACs to manufacturers and brand owners.
• Manufacturers then assign unique IMEIs to individual devices.

What is Unlawful Tampering of an IMEI?

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• It shall be unlawful if a person;
  • Intentionally removes, obliterates, changes or alters unique Mobile Device Equipment Identification number; or
  • Intentionally uses, produces, traffics in, has control or custody of, or possesses hardware or software knowing that it has been configured for such alteration.
  • IMEI tampering can allow devices to operate with altered identifies and make it difficult to identify devices on telecom networks.

Why is IMEI security important?

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Major concerns

• Cybersecurity– Compromised device identifiers can weaken the integrity and security of telecom networks.
• Law enforcement– Altered IMEIs can complicate the identification and tracing of devices involved in unlawful activities.
• Consumer protection– Tampered or counterfeit devices can expose consumers to fraud and difficulties in verifying device authenticity.
• Digital sovereignty– As mobile networks support digital payments, online services and citizen-centric governance, secure device identification is important for protecting India’s digital infrastructure.

Responsibilities of Stakeholders

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The government has emphasised accountability throughout the lifecycle of a telecom device.

• Manufacturers
  • Register applicable IMEIs through the Device Setu-ICDR portal before the first sale, testing, research or other use.
  • Ensure valid, unique and untampered IMEIs.
• Importers
  • Register applicable imported devices before import through the prescribed portal and ensure authorized IMEIs.
• Resellers and retailers
  • Verify IMEIs before selling devices.
  • Used-device sellers should check the government’s central database of tampered and blacklisted devices.
• Brand owners
  • Register brands through Device Setu-ICDR, link them to the relevant GSMA TAC and ensure device authenticity.
• Citizens
  • Purchase from authorized sellers, verify IMEIs, avoid tampered devices and report lost or stolen handsets.

Sanchar Saathi and Citizen protection

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• The Sanchar Saathi platform enables citizens to verify mobile handset details, including the brand, model and manufacturer.
• The Central Equipment Identity Register (CEIR), accessible through the Sanchar Saathi portal or application, facilitates the blocking and subsequent unblocking of lost or stolen mobile devices.

Legal Safeguards against IMEI tampering

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• The Telecommunications Act, 2023, provides the legal framework for protecting telecom identifiers.
• Section 42(3)(c) – Prohibits tampering with telecommunication identifiers, including IMEI.
• Section 42(3)(e) – Prohibits obtaining SIMs or telecom identifiers through fraud, cheating or impersonation.
• Section 42(6) – Provides for the same punishment for persons who abet or promote such offences.
• Section 42(7) – Provides that the offences covered by these provisions are cognizable and non-bailable.
• Violations may attract imprisonment of up to three years, a fine of up to ₹50 lakh, or both.

The legal framework seeks to deter IMEI tampering, fraudulent SIM acquisition and the misuse of telecom resources.

Conclusion

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Strengthening IMEI security through robust legal enforcement, technological safeguards and public awareness is essential to prevent telecom fraud, protect citizens and ensure and ensure a secure, trusted and resilient digital ecosystem in India.

UPSC Prelims and Mains Practice Question

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Consider the following statements regarding the International Mobile Equipment Identity (IMEI):

1. IMEI is a unique 15-digit number used to identify a mobile device on a telecommunications network.
2. The first eight digits of the IMEI constitute the Type Allocation Code (TAC), which identifies the device model or type.
3. The Telecommunications Act, 2023, provides for imprisonment of up to three years and a fine of up to ₹50 lakh for specified offences relating to telecom identifiers.

Which of the statements given above is/are correct?

(a) 1 and 2 only

(b) 2 and 3 only

(c) 1 and 3 only

(d) 1, 2 and 3

Answer: (d) 1, 2 and 3

Mains Practice Question

Q) In light of the growing concerns over IMEI tampering, discuss its implications for telecom security and digital sovereignty in India. Examine the measures required to prevent such practices. (250 words)

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