Daily Current Affairs- 3rd September 2026

Daily Current Affairs- 3rd September 2026

DRDO-UoH Patent for Next-Generation Rocket Fuel

In the News: The Defence Research and Development Organisation (DRDO) and the University of Hyderabad (UoH) have jointly received an Indian patent for a next-generation solid rocket propellant fuel. The patent covers an energetic compound called BAM-H24, designed for advanced solid rocket propulsion applications. It was officially granted on August 20, 2026.

Key Points:

• Patent Details: The Patent Office, Government of India, granted Patent No. 599900 to the Chairman, DRDO and the Advanced Centre of Research in High Energy Materials (ACRHEM) at UoH. The corresponding patent application was filed on December 21, 2022.
• BAM-H24 Compound: The patented material is a boron-, hydrogen- and nitrogen-rich energetic compound designated BAM-H24. The invention covers its synthesis, structural characteristics and energetic properties for use in solid rocket propulsion systems.
• Technical Features: BAM-H24 possesses strong chemical and thermal stability and has low sensitivity to impact and friction. It is also non-hygroscopic, which means it resists the absorption of moisture and can retain its properties under humid storage conditions.
• Propulsion Applications: The compound is expected to provide high specific impulse and reduced ignition delay in solid rocket systems. It may be used as a solid propellant fuel, fuel additive or burn-rate accelerator in advanced high-energy formulations.
• Research Collaboration: The invention was developed by Dr. Muddamarri Hanumantha Rao and Prof. Muralidharan Krishnamurthi. ACRHEM, now designated DIA-CoE, UoH is presently the DRDO Industry Academia Centre of Excellence, strengthening cooperation between defence research and academic institutions.

GIFT IFSC Emerges as International Banking Hub

In the News: GIFT City International Financial Services Centre has recorded a major expansion in international banking and foreign-currency mobilisation. As of August 31, 2026, its International Banking Units had disbursed about USD 52.82 billion under the Reserve Bank of India's special FCNR(B) swap facility. Significant activity was also recorded in external commercial borrowings and international bond listings.

Key Points:

• FCNR(B) Mobilisation: Twenty International Banking Units at GIFT IFSC sanctioned USD 54.02 billion under the RBI's special swap facility for Foreign Currency Non-Resident (Bank) deposits. Of this, approximately USD 52.82 billion had been disbursed by August 31, 2026.
• External Commercial Borrowings: From April to August 2026, GIFT IFSC Banking Units disbursed USD 11.62 billion through External Commercial Borrowings. Monthly ECB disbursement increased from USD 1.54 billion in April to USD 3.54 billion in August.
• International Bond Market: Indian banks raised USD 11.12 billion through bonds listed on IFSC exchanges between April and August 2026. Bond listings worth USD 9.17 billion were recorded in July and August alone, indicating increasing use of the IFSC capital-market ecosystem.
• About GIFT IFSC: Gujarat International Finance Tec-City is located in Gandhinagar, Gujarat, and houses India's first International Financial Services Centre. Its financial ecosystem includes international banking, insurance, capital markets, fund management, leasing and financial technology activities.
• Regulatory Framework: The International Financial Services Centres Authority is the unified regulator for financial products, services and institutions operating in Indian IFSCs. It was established under the International Financial Services Centres Authority Act, 2019 and operates from GIFT City.

International

Lahore Named SCO Tourism and Cultural Capital for 2026–27

In the News: Lahore in Pakistan has received the status of Shanghai Cooperation Organisation Tourism and Cultural Capital for 2026–27. The designation was confirmed during the 26th Meeting of the SCO Council of Heads of State held in Bishkek, Kyrgyzstan, on 31 August to 1 September 2026. Pakistan also assumed the SCO chairmanship for 2026–27.

Key Points:

• Lahore's Designation: Lahore succeeds Cholpon-Ata in Kyrgyzstan, which held the Tourism and Cultural Capital status for 2025–26. The initiative promotes the cultural heritage, tourism potential and people-to-people interaction of cities across SCO member countries.
• Origin of the Initiative: The regulation establishing the SCO Tourism and Cultural Capital initiative was approved by the SCO Heads of State Council on September 17, 2021. Varanasi in India became the first city to receive the title for 2022–23.
• Previous Cultural Capitals: After Varanasi, Almaty in Kazakhstan held the title for 2023–24, followed by Qingdao in China for 2024–25. Cholpon-Ata was selected for 2025–26 before the title passed to Lahore for 2026–27.
• About the SCO: The Shanghai Cooperation Organisation was established in Shanghai on June 15, 2001 by China, Kazakhstan, Kyrgyzstan, Russia, Tajikistan and Uzbekistan. It developed from the earlier Shanghai Five mechanism and works across security, economic and humanitarian fields.
• Permanent Bodies: The SCO has two principal permanent bodies—the Secretariat in Beijing, China, and the Executive Committee of the Regional Anti-Terrorist Structure in Tashkent, Uzbekistan. The Secretariat coordinates the organisation's administrative and institutional activities.

India’s Sovereign Credit Rating Upgraded to A- by JCR

In the News: Japan Credit Rating Agency upgraded India's long-term foreign-currency and local-currency issuer ratings from BBB+ to A- on September 2, 2026. The outlook has been retained as Stable. JCR also raised India's country ceiling by one notch to A.

Key Points:

• Rating Action: The upgrade represents a one-notch improvement from BBB+ to A- for both foreign-currency and local-currency long-term issuer ratings. JCR's current sovereign rating list records India at A- with a Stable outlook.
• Growth Performance: JCR highlighted India's sustained economic growth, supported by strong private consumption and public investment. India's real GDP expanded by about 7.7% in FY2026, while growth is expected to remain above 6% in FY2027.
• Financial Sector: The rating action recognised improvements in the soundness of India's financial system. The gross non-performing loan ratio of the banking sector declined to about 1.8%, supported by stronger supervision, recapitalisation and insolvency-resolution mechanisms.
• Policy Factors: JCR cited measures such as the Goods and Services Tax and the expansion of digital public infrastructure as factors strengthening productivity and the foundations for economic growth. Public investment and domestic consumption have also supported economic resilience.
• About JCR: Japan Credit Rating Agency is a Tokyo-based credit rating institution that evaluates sovereign governments, financial institutions, companies and other issuers. Sovereign ratings indicate an assessment of a government's capacity to meet its financial obligations.

6th World Nomad Games

In the News: The 6th World Nomad Games are being hosted by the Kyrgyz Republic from August 31 to September 6, 2026. The opening ceremony was held at Bishkek Arena, while the main sports, cultural and scientific programmes are being conducted in the Issyk-Kul region. Participants and delegations from more than 100 countries are associated with the event.

Key Points:

• Host and Schedule: Kyrgyzstan is hosting the sixth edition of the Games from August 31 to September 6, 2026. The opening took place in Bishkek, while the main programme is centred in the Issyk-Kul region and the closing ceremony is scheduled for September 6.
• Origin of the Games: The World Nomad Games project was initiated by the Kyrgyz Republic and the first edition was held in 2014. The Games combine traditional sporting competitions with cultural and scientific activities linked to nomadic civilisations.
• Previous Editions: Kyrgyzstan hosted the first three editions in 2014, 2016 and 2018. The fourth edition was organised in İznik, Türkiye, in 2022, while Astana in Kazakhstan hosted the fifth edition in 2024.
• Traditional Disciplines: The Games include traditional horse racing, archery, wrestling, intellectual games and other forms of ethnosport. Earlier editions have featured disciplines such as Kok-Boru, Alysh, Kyrgyz Kuresh, Ordo and traditional archery.
• Cultural Component: Alongside sporting events, the Games feature traditional cuisine, handicrafts, music, performances, yurt culture and cultural exhibitions. The programme is designed to preserve and promote the intangible cultural heritage and traditional knowledge of nomadic communities.