NABARD Grade A Current Affairs — 29 July 2026

The Reserve Bank of India's Monetary Policy Committee, chaired by Governor Sanjay Malhotra, unanimously kept the repo rate unchanged at 5.25 percent with a neutral stance in its first bi-monthly meeting of 2025-26. The Standing Deposit Facility rate stands at 5.00 percent and the MSF/Bank Rate at 5.50 percent. RBI projected real GDP growth at 6.9 percent for 2025-26 and estimated 2024-25 GDP at 7.6 percent. CPI inflation for 2025-26 is projected at 4.6 percent.

This MPC decision is significant on multiple fronts. First, the unanimous vote signals MPC cohesion even amid global headwinds — the West Asia conflict and El Niño risks — that could push up energy prices, freight costs, and supply-chain disruptions, all of which feed into domestic inflation and compress growth. The neutral stance, as opposed to 'withdrawal of accommodation,' gives RBI flexibility to pivot either way without signalling an immediate rate hike or cut.

The GDP projection of 6.9 percent for FY26 — down from the 7.6 percent estimated for FY25 — reflects a measured acknowledgement that external shocks are beginning to bite. Yet Governor Malhotra stressed that India's macroeconomic fundamentals are on stronger footing now than in previous shock episodes, implying greater resilience.

On the exchange rate, the RBI reiterated its market-determined framework while reserving the right to intervene to curb excessive volatility — not to defend any specific rupee level. This matters because the rupee depreciated more in 2025-26 than the historical average despite stronger fundamentals, raising concern about imported inflation.

For exam purposes, the key interplay is: unchanged repo rate + neutral stance + downward growth revision + upside inflation risks = a classic 'wait-and-watch' monetary policy calibration. Students must distinguish between the three corridor rates (SDF, repo, MSF) and understand what each signals about RBI's liquidity management posture.

India hosts nearly 70 percent of the world's wild tiger population, confirmed by the 2022 All India Tiger Estimation. The count stood at 3,682 tigers across 53 Tiger Reserves covering approximately 75,000 sq km under Project Tiger, launched in 1973. India achieved its 2022 doubling target four years early. Conservation integrates camera-trap technology, genetic sampling, and community participation through eco-development committees, making India's model a global benchmark endorsed by IUCN and Global Tiger Forum.

India's tiger conservation success is not accidental — it is the product of a fifty-year policy architecture built on three pillars: legal protection, habitat management, and science-based monitoring. Project Tiger (1973) created the institutional backbone, while the Wildlife Protection Act (1972) gave it teeth. The National Tiger Conservation Authority (NTCA), constituted under the 2006 amendment to WPA, added statutory oversight and financial accountability.

The 2022 tiger census — conducted using occupancy modelling, camera traps, and DNA analysis across 20 states — is the world's largest camera-trap wildlife survey. The 3,682 figure represents a quadrupling since 1973's estimated 1,827 tigers.

What makes India's model globally replicable is community integration. Eco-Development Committees (EDCs) around buffer zones convert forest-edge communities from poaching threats into conservation partners through livelihood support. Voluntary village relocation from core zones — with compensation packages — has reduced human-wildlife conflict. States like Madhya Pradesh (785 tigers), Karnataka (563), and Uttarakhand (560) demonstrate that high agricultural pressure and high tiger density can coexist with policy design.

For NABARD, the model intersects with watershed development, CAMPA funds, and Joint Forest Management — all financing instruments that NABARD either channels or co-ordinates. Tiger corridor financing increasingly involves NABARD's rural infrastructure lending.