In the wake of the oil crisis triggered by the Israel-U.S. strikes on Iran, Centre has invoked the Essential Commodities Act, 1955.

About Essential Commodities Act, 1955

• It empowers the government to control production, supply, distribution, and trade of essential commodities to ensure availability at fair prices and prevent hoarding or black marketing in the public interest.
  • List of essential commodities include- Drugs; Fertilizers; Foodstuffs, including edible oils; Hank yarn; Petroleum and its products; Raw Jute and its textiles; and Various types of Seed (fruits, vegetables, cattle fodder).
• 2020 Amendment to the Act: Parliament limited the government’s powers to regulate agricultural commodities (cereals, pulses, onions, potato, edible oils) only under extraordinary situations, such as War, Famine, Natural calamity, Extraordinary price rise.

Secretary in the Ministry of External Affairs met with Special Envoy for strategic connectivity and national coordinator for the Three Seas Initiative.

About Three Seas Initiative (3SI)

• It is a regional effort in Europe to expand cross-border energy, transportation, digital infrastructure and boost economic development in the area between the Adriatic Sea, Baltic Sea, and Black Sea. 
• Participating Countries: 13 countries (Austria, Bulgaria, Croatia, the Czech Republic, Estonia, Greece, Hungary, Latvia, Lithuania, Poland, Romania, Slovakia, and Slovenia). 
• All 3SI countries are European Union (EU) members, and all except for Austria are NATO allies.

The US Administration came in dispute with the AI firm Anthropic over use of AI in US’ proposed Golden Dome missile defense programme.

About Golden Dome

• It stands as a layered defense shield, safeguarding the US homeland with unwavering precision, ensuring their security and resilience.
• It will identify incoming projectiles, calculate trajectory and deploy interceptor missiles to destroy them mid-flight.

The RBI announces Open Market Operation (OMO) of government securities (G-Secs) worth ₹1 lakh crore in two tranches.

About Open Market Operation of the RBI

• Definition: OMO refers to the RBI’s buying and selling of G-Secs in the open market to regulate systemic liquidity.
• Mechanism: Purchasing G-Secs injects money into the economy, promoting growth, while selling them absorbs excess liquidity to curb inflation.
• Objective: It serves as a vital macroeconomic tool to manage inflation, ensure financial stability, and control interest rates.

State of the World’s Migratory Species: Interim Report (2026), was published by Secretariat of Convention on the Conservation of Migratory Species of Wild Animals (CMS).

• CMS is an Intergovernmental treaty under the United Nations Environment Programme (UNEP).
• India is a member (hosted COP-13 of CMS in 2020 at Gandhinagar, Gujrat).

Key Findings

• Nearly 49% of CMS-listed migratory species show declining populations.
• About 24% of migratory species protected under CMS are globally threatened with extinction.
• Migratory freshwater fish populations declined by about 81% (1970-2020).

The Government of India is establishing a first-of-its-kind integrated plant based on Ocean Thermal Energy Conversion (OTEC) in Kavaratti Island, Lakshadweep.

About Ocean Thermal Energy Conversion (OTEC)

• Renewable energy technology that generates electricity using the temperature difference between warm surface water and cold deep ocean water.
• Condition: Requires about 20°C temperature difference; viable mainly in tropical oceans (30°N–30°S).
• Working: Cold deep-sea water and warm surface water run a heat engine to produce electricity.
• Use: Provides round-the-clock power and desalination for island regions.

Prime Minister of India reaffirmed commitment to wildlife conservation on World Wildlife Day (March 03).

About World Wildlife Day

• UN World Wildlife Day (WWD) is celebrated every year on March 03 to celebrate wild animals and plants and recognize the unique roles and contributions of wildlife to people and the planet. 
• It commemorates the signing of the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES) in 1973.
• WWD 2026 Theme: Medicinal and Aromatic Plants: Conserving Health, Heritage and Livelihoods.

A marsupial species believed to be extinct for nearly 6,000 years has been rediscovered alive in the forests of New Guinea.

About Marsupials

• These are mammals that give birth to underdeveloped young, which continue development in a pouch (marsupium).
• Classification: Over 250 species belong to the infraclass Metatheria (Marsupialia).
• Distribution: Predominantly found in Australia and New Guinea; E.g., kangaroo, koala.
• Reproduction: Short gestation period followed by pouch-based nurturing.
• Evolutionary significance: Represent an ancient lineage of mammals distinct from placental mammals.