Daily Current Affairs 10 November 2026 – IAS Current Affairs
Current Affairs 10 November 2026 focuses on the Prelims-Mains perspective. Major events are :
COP31 Climate Summit 2026 And Global Warming Trends
Source: Indian Express
GS III: Environment and Conservation
Overview
- COP31 began in Antalya, Türkiye, amid warnings from the WMO that 2026 could become the second-warmest year on record.
- Rising greenhouse gas emissions and inadequate climate action highlight the growing gap between scientific recommendations and international commitments.
- Climate finance shortages, fossil fuel dependence and difficulties in achieving the 1.5°C target remain major challenges.
- Türkiye’s electrification initiative and the discussions on climate finance, clean energy and adaptation highlight the need for stronger global cooperation and effective implementation of climate commitments.
Why in the News?
The 31st Conference of the Parties (COP31) to the United Nations Framework Convention on Climate Change (UNFCCC) began in Antalya, Türkiye, on November 9, 2026.
News in Brief
- The WMO reported that 2026 could become the second-warmest year on record, with January–September temperatures averaging 1.47°C above pre-industrial levels.
- Global greenhouse gas emissions reached new record levels in 2025, with monitoring stations indicating a continued increase in 2026.
- Despite decades of international negotiations, global emissions have not begun to decline at the pace required to meet the Paris Agreement’s temperature goals.
- Discussions are expected to focus on implementing existing commitments, addressing climate finance gaps and accelerating the transition towards cleaner energy.
Key Highlights of the WMO State of the Climate Report 2026
Global Temperature Trends
- The average global temperature between January and September 2026 was approximately 1.47°C above the 1850–1900 pre-industrial average.
- This was higher than the corresponding full-year averages recorded in 2023 and 2025.
- However, temperatures remained slightly below those recorded in 2024, the warmest year on record.
- Based on available observations and prevailing El Niño conditions, 2026 is likely to finish as the second-warmest year on record.
- The remaining months of 2026 are unlikely to bring down the annual average significantly.
Continued Rise in Greenhouse Gas Emissions
- Global greenhouse gas emissions reached record levels in 2025.
- Observations from major atmospheric monitoring stations indicate that greenhouse gas concentrations continued to increase during 2026.
- The findings highlight the gap between international climate commitments and actual emission reductions.
- Despite nearly three decades of climate negotiations, the world has not achieved a sustained decline in global greenhouse gas emissions.
- Greenhouse gas emissions refer to gases released into the atmosphere, while greenhouse gas concentrations indicate their accumulated presence.
- Even if annual emissions decline, atmospheric concentrations may continue rising until emissions and removals approach balance.
COP31 Climate Summit 2026
Focus on implementation
- COP31 is taking place at a time when international climate negotiations face growing concerns over the effectiveness of existing commitments.
- The summit is expected to focus primarily on accelerating the implementation of previously agreed climate measures.
- No major new international agreement or breakthrough is widely anticipated.
- Negotiations are likely to concentrate on climate finance, adaptation and the practical difficulties of reducing emissions.
- The summit also highlights the widening gap between the scale of climate action required and the resources currently available.
Climate Finance Challenges
- Climate finance remains one of the most contentious issues in international negotiations.
- Developing countries require substantial financial assistance to address climate-related disasters and implement adaptation measures.
- The increasing frequency and intensity of extreme weather events have exposed the limitations of existing financial arrangements.
- Delays in financial assistance can affect recovery, reconstruction and long-term climate resilience.
- Example- Nepal Floods
- Nepal’s devastating flash floods in August 2026 highlighted the financial challenges faced by climate-vulnerable countries.
- Nepal was promised approximately US$20 million from the Loss and Damage Fund.
- However, the country’s recovery and reconstruction requirements were estimated at a minimum of US$2 billion.
- This illustrates the substantial difference between available international support and actual disaster recovery needs.
Gap Between Climate Science and Global Action
- The latest scientific assessments indicate that existing climate policies remain insufficient to meet international temperature targets.
- Under the Paris Agreement, countries aim to limit global warming to well below 2°C while pursuing efforts to restrict it to 1.5°C above pre-industrial levels.
- According to the report discussed at COP31, global greenhouse gas emissions must decline by at least 43% from 2019 levels by 2030 to retain a limited possibility of meeting the 1.5°C target.
- However, emissions are continuing to increase rather than decline at the required pace.
- Even an annual reduction of 2% would be inadequate to achieve the necessary emissions trajectory.
UNEP Emissions Gap Report 2026
- The United Nations Environment Programme’s latest Emissions Gap Report has raised further concerns about global climate action.
- The report indicates that the 1.5°C temperature goal is increasingly difficult to achieve under current policies and commitments.
- It highlights the inadequacy of existing emission reduction efforts.
- The findings underline the need for immediate and substantial reductions in greenhouse gas emissions.
- A single year exceeding 1.5°C above pre-industrial temperatures does not automatically mean the Paris Agreement’s long-term temperature threshold has been breached.
- The agreement concerns sustained global warming over a longer period.
Major Concerns Highlighted at COP31
- Limited Effectiveness of Climate Negotiations
- International climate negotiations have continued for nearly three decades.
- However, agreements, financial commitments and resource allocations have not produced sufficient global emission reductions.
- The slow implementation of agreed measures has weakened confidence in the effectiveness of annual climate summits.
- Inadequate Climate Finance
- Developing countries continue to face difficulties accessing sufficient and timely financial support.
- Climate-related disasters are creating additional economic pressures on vulnerable countries.
- The gap between pledged assistance and actual requirements remains substantial.
- Dependence on Fossil Fuels
- Fossil fuels continue to dominate global energy consumption.
- Electricity accounts for only a portion of total energy demand.
- Major activities such as transportation, industrial production and heating continue to depend heavily on oil, natural gas and other fossil fuels.
- Challenges in achieving the 1.5 degree Celsius Target
- Current emission reduction efforts remain insufficient.
- Delayed action increases the likelihood of exceeding international temperature goals.
- The growing gap between scientific recommendations and policy implementation makes future mitigation more difficult and expensive.
Türkiye’s Voluntary Initiatives at COP31
As the host country, Türkiye has proposed voluntary initiatives to strengthen international climate cooperation.
- Global Electrification Initiative
- Türkiye has proposed a global coalition aimed at increasing the share of electricity in total global energy consumption.
Key Objectives:
-
- Increase electricity’s share of global energy consumption from approximately 20% to at least 30% by 2035.
- Encourage greater adoption of electricity in transportation, industrial processes and other energy-intensive sectors.
- Promote cleaner electricity generation through renewable and other low-carbon energy sources.
- Reduce dependence on fossil fuels across different sectors of the economy.
- Importance of Electrification
- Electrification can support decarbonization by replacing fossil fuel-based technologies with electricity-powered alternatives.
- However, its climate benefits depend significantly on how electricity is generated.
- Electricity produced from solar, wind or nuclear energy can support emission reductions.
- Electrification alone may not substantially reduce emissions if electricity generation continues to depend heavily on coal or natural gas.
- Therefore, expanding electricity consumption must be accompanied by cleaner power generation.
- Voluntary nature of the initiative
- Countries can choose whether to participate in the proposed coalition.
- The initiative is intended to encourage international cooperation and accelerate climate action.
- It is not a legally binding decision emerging from the formal COP negotiation process.
Significance for India
- India faces increasing climate risks, including heatwaves, floods, droughts and changing monsoon patterns, which threaten agriculture, water resources and public health.
- It requires adequate climate finance and technology transfer from developed countries to balance its developmental priorities with climate commitments.
- India’s transition towards renewable energy, electric mobility and energy-efficient technologies is essential for reducing emissions, although reliable electricity supply and affordable technology remain important challenges.
- Further, India emphasis climate justice and the principle of Common but Differentiated Responsibilities and Respective Capabilities (CBDR-RC), highlighting the historical responsibility of developed countries and the differing capacities of developing nations to address climate change.
Way Forward and Conclusion
Global climate action requires stronger implementation of existing commitments, faster greenhouse gas emission reductions and greater accountability in monitoring progress. Developed countries must ensure timely and predictable climate finance for vulnerable nations, while investments in renewable energy, clean electrification, climate-resilient infrastructure and early warning systems should be strengthened to support mitigation and adaptation efforts.
COP31 highlights the growing gap between scientific warnings and actual climate action. Bridging this gap requires international cooperation, adequate financial and technological support, and a just transition towards cleaner energy systems, ensuring that climate action is both effective and equitable.
Cash Remains Dominant Despite India’s Digital Payment Growth
Source: Indian Express
GS III: Indian Economy
Overview
- Demonetisation was introduced in November 2016 to curb black money, counterfeit currency and illegal financial activities while promoting digital payments.
- Despite the growth of digital transactions, currency held by the public increased to ₹42.55 lakh crore by October 2026.
- India’s currency-to-GDP ratio recovered to 12.1% in 2025–26, highlighting the continued importance of physical currency.
- The experience highlights the need to strengthen digital infrastructure, financial inclusion and economic formalisation while adopting a balanced approach towards cash and digital payments.
Why in the News?
Ten Years after demonetization, India’s dependence on cash remains significant despite the growth of digital payments. Currency held by the public has more than doubled, while the currency-to-GDP ratio has returned to its pre-demonetization level, raising questions about its long-term effectiveness in reducing cash dependency.
News in Brief
- On November 8, 2016, the Union Government announced the demonetization of existing ₹500 and ₹1,000 currency notes, which accounted for approximately 86% of the currency in circulation at that time.
- The measure aimed to curb black money, counterfeit currency and illegal financial activities while promoting digital payments and formalization of the economy.
- Despite the expansion of digital transactions, currency held by the public increased from ₹17.97 lakh crore in November 2016 to ₹42.55 lakh crore as of October 15, 2026.
- India’s currency-to-GDP ratio, which declined after demonetization, has recovered to 12.1% in 2025–26, indicating the continued importance of cash in the economy.
Demonetization and its Objectives
- On November 8, 2016, Prime Minister Narendra Modi announced that the existing ₹500 and ₹1,000 currency notes would cease to be legal tender from midnight.
- These notes represented approximately 86% of the currency in circulation at that time.
- The major objectives included:- Curbing black money and corruption.
- Eliminating counterfeit currency.
- Restricting the financing of illegal activities.
- Encouraging digital payments and financial inclusion.
- Promoting formalization of the Indian economy.
Impact on the Economy
- The sudden withdrawal of high-value currency created a severe cash shortage, disrupting everyday economic activities.
- Small businesses, particularly those dependent on cash transactions, faced difficulties due to reduced liquidity.
- Long queues at banks and ATMs affected individuals and businesses.
- The disruption in demand contributed to economic difficulties, with GDP growth declining by nearly 1.5 percentage points.
- Many small businesses experienced financial stress and some were forced to shut down.
Recovery in currency circulation
Despite the initial decline, currency circulation gradually recovered.
- Currency held by the public declined from ₹17.97 lakh crore on November 4, 2016, to ₹7.8 lakh crore in January 2017.
- It subsequently increased to ₹42.55 lakh crore as of October 15, 2026.
- This represents an increase of nearly 137% over the pre-demonetization level.
- Currency in circulation has continued to increase alongside economic growth.
India’s Currency-to-GDP Ratio
- India’s currency-to-GDP ratio declined to 10.7% in 2017-18 following demonetization but gradually increased to 14.4% in 2020-21, largely due to precautionary cash holdings during the COVID-19 pandemic.
- It subsequently level of 12.1% recoded in March 2-16.
- This indicates that cash continues to remain important in India’s economy despite the expansion of digital payments.
Currency in Circulation (CIC)
- Currency in circulation refers to the total currency notes and coins issued by the Reserve Bank of India (RBI) that are available for transactions in the economy.
- It includes currency held by the public as well as currency held by banks.
Currency with the Public
- According to the RBI, currency with the public is calculated by deducting cash held by banks from the total currency in circulation.
- Currency with Public = Currency in Circulation − Cash held by Banks
- It represents the currency available with individuals and businesses for conducting transactions.
- Currency-to-GDP Ratio
It measures the stock of currency in circulation relative to the country’s nominal GDP. - It is expressed as a percentage.
- Currency-to-GDP Ratio = (Currency in Circulation / Nominal GDP) × 100
- Significance:
- Indicates the economy’s dependence on physical currency.
- Helps understand cash demand in the economy.
- Provides insights into changes in payment behaviour.
- Helps assess the relationship between economic activity and currency usage.
Why does cash continues to remain important?
Despite the rapid expansion of digital payments, cash continues to play an important role in the Indian economy due to several factors.
- Economic growth: Higher economic activity increases the demand for currency to facilitate transactions.
- Preference for physical currency: People continue to prefer cash for everyday transactions and personal financial security.
- Informal economy: A significant section of small businesses and informal workers continues to depend on cash.
- Rural dependence: Limited digital infrastructure and varying levels of digital literacy sustain the use of physical currency.
- Precautionary savings: Uncertainty encourages households to maintain cash reserves.
Impact of COVID-19 on cash holdings
- Currency holdings increased sharply during 2020-21 following the nationwide lockdown.
- Uncertainty and restrictions encouraged households to accumulate cash for essential requirements.
- Increased spending on groceries, medical bills and other necessities contributed to higher cash demand.
- This pushed the currency-to-GDP ratio to 14.4% in 2020-21.
India’s position compared to other countries
India’s currency-to-GDP ratio remains relatively high compared to several major economies.
| Country | Currency-to-GDP Ratio |
|---|---|
| Japan | Over 16% |
| China | 10.2% |
| India | 12.1% |
| United States | 7.3% |
The comparison indicates that physical currency continues to be an important component of India’s monetary system, even as digital payment infrastructure expands.
Digital Payments in India
India has witnessed significant growth in digital payment infrastructure through initiatives such as;
- Unified Payments Interface (UPI): Enables instant bank-to-bank transactions through mobile applications.
- RuPay: India’s domestic card payment network.
- Aadhaar Enabled Payment System (AePS): Facilitates basic banking transactions using Aadhaar authentication.
- Immediate Payment Service (IMPS): Enables instant electronic fund transfers.
- Digital India Programme: Promotes digital infrastructure and digital service delivery.
Significance for the Indian Economy
- Digital payments promote financial inclusion by improving access to formal financial services.
- They enhance transparency through traceable transactions, encourage businesses to join the formal economy and improve tax compliance through better financial records.
- They also reduce transaction costs and make payments more convenient, contributing to economic efficiency.
Challenges and Concerns
- Despite the growth of digital payments, continued dependence on cash reflects the persistence of informal economic activities.
- Uneven digital literacy and internet connectivity, particularly in rural areas, limit adoption.
- Cyber fraud and digital payment vulnerabilities also affect public confidence.
- Further, small businesses and vulnerable sections face difficulties in transitioning to digital platforms.
- The continued rise in currency circulation raises questions about the long-term effectiveness of demonetization in reducing cash dependency.
Way Forward and Conclusion
India should strengthen digital payment infrastructure, particularly in rural and underserved areas, while improving digital literacy and awareness of safe online transactions. Robust cybersecurity mechanisms, wider banking access and simplified tax compliance can further encourage small businesses to adopt digital payments and become part of the formal economy.
Demonetization highlighted the challenges of reducing cash dependency in a largely informal economy. Rather than replacing cash entirely, India should adopt a balanced approach that promotes digital transactions, financial inclusion and transparency while ensuring the continued availability of physical currency.
Education Alone Cannot Guarantee Quality Jobs In India
Source: The Hindu
GS III: Indian Economy and issues related to planning, mobilization of resources, growth, development and employment
Overview
- Education promotes human capital development, poverty reduction and social mobility but does not guarantee quality employment.
- Skill mismatches, educated unemployment and limited formal job creation continue to widen the education-employment gap.
- NEP 2020, Skill India Mission and apprenticeship programmes aim to improve employability and bridge skill gaps.
- Improving learning outcomes, strengthening vocational training and generating decent employment are essential for harnessing India’s demographic dividend and achieving inclusive growth.
Why in the News?
A recent report published by The Hindu highlights an important development challenge in India: although education helps in individuals escape poverty and improve their economic prospects, it does not necessarily guarantee access to stable, well-paying and secure employment.
News in Brief
- Access to education has expanded, improving opportunities for social mobility and poverty reduction.
- However, rising educational qualifications have not translated proportionately into quality employment.
- Skill mismatches, inadequate job creation and the prevalence of informal employment continue to affect employment outcomes.
- The issue highlights the need to move beyond educational enrolment and focus on learning outcomes, employability and decent work.
Education and Poverty Reduction
- Education improves human capital by enhancing knowledge, skills and productivity.
- It increases access to better employment opportunities and can improve household income.
- It also contributes to intergenerational mobility by enabling individuals from disadvantaged backgrounds to access opportunities beyond traditional occupations.
- However, education alone cannot eliminate poverty without adequate employment opportunities and economic growth.
Education does not guarantee quality employment
- An increase in educational qualifications does not automatically translate into better employment.
- Many graduates face unemployment, underemployment or employment unrelated to their qualifications.
- A mismatch exists between the skills acquired through educational institutions and those demanded by employers.
- Even educated individuals may end up in informal, low-paid or insecure jobs.
Constitutional Provisions
- Article 21A: Makes free and compulsory education a fundamental right for all children aged 6 to 14 years (inserted via the 86th Constitutional Amendment Act, 2002), operationalized through the Right of Children to Free and Compulsory Education (RTE) Act, 2009.
- Article 41: Directs the State—within the limits of its economic capacity and development—to make effective provision for securing the right to work, to education, and to public assistance in cases of unemployment, old age, sickness, and disablement.
- Article 45: Directs the State to endeavor to provide early childhood care and education (ECCE) for all children until they complete the age of six years (amended by the 86th Amendment Act, 2002).
- Article 46: Mandates the State to promote with special care the educational and economic interests of weaker sections, particularly Scheduled Castes (SCs), Scheduled Tribes (STs), and other weaker groups, protecting them from social injustice.
Skill Mismatch
- Educational institutions often focus on theoretical knowledge rather than practical and industry-relevant skills.
- Outdated curricula and inadequate industry-academia collaboration affect graduate employmability.
- Limited access to vocational and technical training further widens the gap between educations and employment.
- Short-term skill development programmes cannot fully compensate for weaknesses in foundational and higher education.
Quality of Employment
- Employment quality involves more than simply having a job.
- It includes:
- Fair wages: Income sufficient to maintain a decent standard of living.
- Job security: Protection against arbitrary termination and employment uncertainty.
- Social security: Access to health insurance, pensions and other benefits.
- Safe working conditions: Dignity, workplace safety and reasonable working hours.
- Career progression: Opportunities for professional development and wage growth.
- The persistence of informal employment limits workers’ access to these benefits.
Structural Challenges
- Limited formal employment: Economic growth has not generated sufficient secure employment opportunities.
- Educated unemployment: Increasing numbers of graduates compete for a limited number of suitable jobs.
- Informalisation: A large section of the workforce remains outside formal social protection systems.
- Regional inequalities: Employment opportunities and the quality of education vary considerably across States.
- Gender barriers: Women continue to face constraints in accessing secure and well-paid employment.
Data and Reports
| Indicator | Important finding |
|---|---|
| India Employment Report 2024 | Educated youth accounted for 65.7% of unemployed youth in 2022. |
| Informal employment | Around 90% of employment was informal in 2023, according to the report. |
| Youth employment | The report highlights the growing disconnect between education, skills and employment. |
| PLFS | Provides information on employment, unemployment and labour force participation in India. |
Government Initiatives
- National Education Policy (NEP) 2020: Emphasises multidisciplinary education, vocational education and skill development.
- Skill India Mission: Aims to improve the employability of the workforce through skill development.
- Pradhan Mantri Kaushal Vikas Yojana (PMKVY): Provides industry-relevant skill training and certification.
- National Apprenticeship Promotion Scheme (NAPS): Promotes apprenticeship training and workplace-based learning.
- Pradhan Mantri Internship Scheme: Seeks to provide young people with practical industry exposure.
- Samagra Shiksha: Focuses on improving the quality and accessibility of school education.
Sustainable Development Goal (SDG)
- SDG 1 (No Poverty): Education and skill development break intergenerational poverty cycles by increasing future earning potential and workforce participation.
- SDG 4 (Quality Education): Directly aligns with universal primary and secondary schooling, inclusive learning environments, and early childhood development frameworks.
- SDG 5 (Gender Equality): Removing educational and economic barriers for girls and young women fosters gender parity and empowerment.
- SDG 8 (Decent Work and Economic Growth): Equipping youth and adults with foundational literacy, numeracy, and vocational skills drives sustainable economic productivity.
- SDG 10 (Reduced Inequalities): Targeted provisions for marginalized and economically weaker sections help bridge socioeconomic and regional disparities.
Challenges
- India faces a growing gap between educational qualifications and actual employability, as many graduates lack the skills required by the labour market.
- The insufficient creation of decent and productive jobs, inadequate vocational and technical education, and weak industry-academia partnerships further widen this gap.
- Additionally, limited social security coverage among informal workers and unequal access to quality education and employment opportunities continue to deepen existing inequalities.
Way Forward and Conclusion
India must improve learning outcomes, align education with industry requirements and strengthen vocational training and apprenticeships. Promoting labor-intensive manufacturing, expanding formal employment and social security, and encouraging women’s workforce participation are equally important.
Education can reduce poverty and promote social mobility, but it must be supported by decent employment opportunities. Bridging the education-employment gap is essential to harness India’s demographic dividend and achieve inclusive growth.
Daily Current Affairs: Click Here