Economy and Finance
MoSPI releases Uniform Guideline for compiling GSVA estimates with base year 2022-23
7 May 2026 | Press Information Bureau (MoSPI)
PIB said on 7 May 2026 that the Ministry of Statistics and Programme Implementation (MoSPI) released the Uniform Guideline for compilation of Gross State Value Added (GSVA) estimates with base year 2022-23. MoSPI has updated the base year of the National Accounts to 2022-23, and States and Union Territories are required to adopt the new base year for compiling Gross State Domestic Product (GSDP).
PIB gave the formula GSDP = GSVA + Net Taxes on Products. A Sub-Committee on Regional Accounts chaired by Prof. Ravindra H. Dholakia guided the work. At present 34 States/UTs compile GSDP with base year 2011-12, except Lakshadweep and Dadra and Nagar Haveli and Daman and Diu. The draft guideline was placed on the MoSPI website on 7 April 2026 for feedback up to 27 April 2026.
Key facts- New base year of National Accounts: 2022-23
- GSDP = GSVA + Net Taxes on Products
- Sub-Committee chair: Prof. Ravindra H. Dholakia
- Draft guideline: 7 to 27 April 2026 feedback; final released 7 May 2026
Exam takeaway: The Finance Commission uses GSDP estimates to assess States' fiscal capacity when recommending tax devolution, PIB said.
Quick revision: MoSPI GSVA guideline, base year 2022-23; GSDP = GSVA + net taxes on products (PIB, 7 May 2026).
Press Information Bureau (MoSPI) original sourceGovernment Schemes
Cabinet approves three railway multitracking projects worth Rs 23,437 crore
5 May 2026 | Press Information Bureau
Carried forward from 5 May 2026. The Cabinet Committee on Economic Affairs approved three Railways projects with a total cost of about Rs 23,437 crore: Nagda-Mathura, Guntakal-Wadi and Burhwal-Sitapur 3rd and 4th lines. They are to be completed up to 2030-31.
The projects cover 19 districts in Madhya Pradesh, Rajasthan, Uttar Pradesh, Karnataka, Andhra Pradesh and Telangana, add about 901 km to the network and improve connectivity to about 4,161 villages with a population of about 83 lakh. They are planned on the PM-Gati Shakti National Master Plan.
Key facts- Projects: Nagda-Mathura, Guntakal-Wadi, Burhwal-Sitapur (3rd and 4th lines)
- Total cost: about Rs 23,437 crore; completion up to 2030-31
- Network added: about 901 km across six States, 19 districts
- Planning framework: PM-Gati Shakti National Master Plan
Exam takeaway: Multitracking adds extra lines to congested routes to increase capacity without building a new network.
Quick revision: CCEA 5 May 2026: three rail projects, Rs 23,437 crore, 901 km, six States (PIB).
Press Information Bureau original sourceNational and International Affairs
Cabinet approves raising Supreme Court strength from 34 to 38 judges
5 May 2026 | The Hindu
Carried forward from 5 May 2026. The Union Cabinet on Tuesday, 5 May 2026, approved increasing the number of judges of the Supreme Court from 34, including the Chief Justice of India, to 38, The Hindu reported. Union Minister Ashwini Vaishnaw said a Bill would be brought in the next session of Parliament to raise the strength by four.
The Hindu noted that the Supreme Court (Number of Judges) Act, 1956 originally provided for a maximum of 10 judges excluding the CJI. Vaishnaw said the court's current sanctioned strength is 33 judges including the CJI. The move is described as a step towards tackling pendency.
Key facts- Cabinet decision date: 5 May 2026
- Proposed strength: 38 judges including the CJI, up by four
- Route: a Bill in the next session of Parliament
- Original 1956 Act: 10 judges excluding the CJI
Exam takeaway: Changing the strength of the Supreme Court needs an amendment of the Supreme Court (Number of Judges) Act, 1956 by Parliament.
Quick revision: Cabinet 5 May 2026: SC strength 34 to 38 via a Bill; 1956 Act began with 10 judges (Hindu).
The Hindu original source