Daily Current Affairs- 22nd July 2026

Daily Current Affairs- 22nd July 2026

National Investment Policy for Urea-2026

In the News : The Cabinet Committee on Economic Affairs approved the National Investment Policy for Urea-2026 for Atmanirbhar Bharat, known as NIPU-2026. The policy seeks to attract fresh investment in gas-based urea manufacturing and increase domestic production. It was proposed by the Department of Fertilizers under the Ministry of Chemicals and Fertilizers.

Key Points

• Objective of the Policy: NIPU-2026 covers the establishment of new gas-based urea manufacturing units in India. It aims to narrow the gap between domestic production and demand, which is currently met through imports. Greater indigenous capacity is expected to improve the reliability of fertiliser supplies.
• Return on Equity: The policy introduces a Return on Equity band ranging from a minimum of 12% to a maximum of 16%. This provides investors with a defined return framework while limiting excessive subsidy liabilities. Fixed and variable production costs will also be treated separately to improve transparency.
• Foreign Exchange Protection: Fixed costs initially linked to foreign currency will be converted into Indian rupees after four years. The conversion will be based on the prevailing exchange rate at that time. This provision reduces prolonged foreign-exchange exposure for both investors and the government.
• Expected Financial Savings: The revised cost and return structure is expected to save more than ₹250 crore for every plant established under NIPU-2026 compared with NIP-2012. The savings would arise from greater cost transparency and better management of investment-related risks. The framework also seeks to make new plants commercially viable.
• Background of Urea Production: India has 33 operational urea manufacturing units with a total reassessed or installed capacity of 269.42 lakh metric tonnes. Under NIP-2012, six new units were established—four through joint ventures of nominated public-sector companies and two by private companies. The investment window under NIP-2012 expired in October 2019.

The many benefits of replacing paper notes with plastic ones

In the News: Bharatiya Reserve Bank Note Mudran Private Limited invited global expressions of interest for polymer substrate sheets carrying embedded security features. The initial requirement is 68,000 reams for two denominations, although the denominations and circulation timeline have not been officially specified. The development indicates preparations for field trials rather than an immediate replacement of existing paper notes.

Key Points

• Greater Durability: Polymer banknotes are more resistant to tearing, folding, moisture and routine wear than cotton-based paper notes. International experience indicates that they can last at least two-and-a-half times longer. Their longer circulation life reduces the frequency with which damaged notes must be withdrawn and replaced.
• Protection against Counterfeiting: Polymer substrates can incorporate transparent windows, metallic images and other security elements that are difficult to reproduce accurately. Countries using polymer notes have reported a decline in counterfeiting after introducing improved security features. Their surface also supports more advanced machine-readable authentication features.
• Lower Life-Cycle Costs: A polymer note may initially cost more to manufacture than a paper note, but it remains usable for a considerably longer period. Fewer replacements can reduce printing, transportation, sorting and disposal expenses over time. Longer life also allows currency presses to manage printing capacity more efficiently.
• Cleaner and Better-Quality Currency: Polymer absorbs less moisture and dirt than traditional banknote paper and can remain in better condition during circulation. It is less vulnerable to damage from accidental washing and humid conditions. This helps maintain the quality of cash handled by citizens, banks and cash-processing machines.
• Currency-Issuing Framework: BRBNMPL is a wholly owned subsidiary of the Reserve Bank of India and operates banknote printing facilities at Mysuru and Salboni. Section 22 of the Reserve Bank of India Act, 1934 gives the RBI the sole right to issue banknotes. Under Section 25, the design, form and material of banknotes require Central Government approval after considering the RBI Central Board’s recommendations.

BRICS Network University Expands Thematic Cooperation

In the News: India hosted the BRICS Network University Conference on Traditional and Indigenous Knowledge Systems on July 20, 2026, followed by the International Governing Board meeting on July 21. The meetings were organised under India’s BRICS Presidency 2026. Member countries supported further academic cooperation and considered creating a new thematic group on traditional and indigenous knowledge systems.

Key Points:

• New Thematic Area Proposed: Traditional and Indigenous Knowledge Systems were proposed as a new International Thematic Group under the BRICS Network University. The proposal received broad support, although member countries will continue consultations before its formal adoption.
• Areas of Cooperation: The proposed thematic group will focus on mapping, documenting and preserving traditional knowledge. It will also promote responsible digital dissemination, community ownership, ethical governance and equitable sharing of benefits arising from such knowledge.
• Use of Emerging Technologies: Participants discussed the responsible application of Artificial Intelligence and other emerging technologies in preserving indigenous knowledge. Safeguards concerning community rights, authenticity and responsible access were emphasised during the deliberations.
• About BRICS Network University: BRICS NU was established through a Memorandum of Understanding signed in 2015. It is a network of higher education institutions rather than a single university and supports joint postgraduate programmes, collaborative research and student and faculty mobility.
• Thematic Groups and Action Plan: Its six original areas were BRICS Studies, Economics, Energy, Computer Science and Information Security, Ecology and Climate Change, and Water Resources and Pollution Control. The Governing Board also reviewed the BRICS Network University Action Plan for 2025–2028 and adopted an International Governing Board Declaration.

Commonwealth Games Mascots: Complete History from 1970 to Glasgow 2026

In the News: The Glasgow 2026 Commonwealth Games began on July 23, 2026, with Finnie, a Glaswegian unicorn, serving as the official mascot. The Games will continue until August 2, 2026. Finnie’s appearance has renewed interest in the history of Commonwealth Games mascots, which began with unofficial characters in 1970.

Key Points:

• Unofficial Mascots: Edinburgh 1970 introduced Wee Mannie, a haggis character, but it was never officially adopted. The Scottish team instead used Dunky Dick, a large teddy bear. Christchurch 1974 had Shiwi, a sheepskin kiwi, as another unofficial mascot.
  • First Official Mascots: Keyano, a grizzly bear, became the first official Commonwealth Games mascot at Edmonton 1978. It was followed by Matilda the kangaroo at Brisbane 1982, Mac the Scottish Terrier at Edinburgh 1986 and Goldie the kiwi at Auckland 1990.
  • Mascots from 1994 to 2002: Victoria 1994 selected Klee Wyck, an orca, while Kuala Lumpur 1998 chose Wira, a Bornean orangutan. Manchester 2002 introduced Kit, a Devon Rex cat, accompanied by a character called Mad Ferret.
  • Mascots from 2006 to 2022: Melbourne 2006 featured Karak, a red-tailed black cockatoo, and Delhi 2010 introduced Shera, a Bengal tiger. Clyde, a thistle, represented Glasgow 2014; Borobi, a koala, represented Gold Coast 2018; and Perry the Bull represented Birmingham 2022.
  • Finnie at Glasgow 2026: Finnie is a unicorn, the national animal of Scotland, and is named after Glasgow’s Finnieston Crane. The character was developed with contributions from young people in Glasgow and represents the city’s sporting energy, culture and identity.