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Current affairsDAC Approves ₹1.10 Lakh Crore Defence Procurement: India's Largest-Ever Capital Acquisition — CBRN Vehicles, ALH, Sarvatra Bridge and 98% IndigenisationThe Defence Acquisition Council (DAC), chaired by Defence Minister Rajnath Singh, granted Acceptance of Necessity (AoN) on 7 September 2026 for capital acquisition proposals worth ₹1.10 lakh crore covering CBRN Recce Vehicles, Advanced Light Helicopters, the Sarvatra Bridge System, Arudhra Radars, Marine Gas Turbines, and electronic-warfare jammers — with approximately 98% of procurement sourced from Indian industry under the Atmanirbhar Bharat push. Current affairsJapan's JCR Upgrades India's Sovereign Rating to 'A-': First Upgrade in Decades and What It MeansJapan's JCR upgraded India's sovereign credit rating to 'A-' (Stable) on September 2, 2026 — the first time India has achieved an 'A' category rating from JCR. The upgrade cites India's GDP growth above 6%, fiscal deficit declining to 4.4% of GDP, and Gross NPA ratio reaching a decade-low of 1.8% by March 2026. Current affairsMoSPI Revises GDP Base Year to 2022-23: PPI Replaces WPI, Double Deflation Adopted — What Changes and Why It MattersThe Ministry of Statistics and Programme Implementation (MoSPI) has released the National Accounts Statistics (NAS) 2026 with a revised base year of 2022-23, replacing the earlier 2011-12 series. The Wholesale Price Index (WPI) has been replaced by the Producer Price Index (PPI) for GDP deflation, and India has adopted the Double Deflation Method — aligning with IMF standards and providing a more accurate picture of sectoral value addition in the economy. Current affairsIndia's GDP Grows 7.8% in Q1 FY2026-27: Manufacturing and Services Drive Expansion, Beats RBI ForecastIndia's real GDP grew 7.8% in Q1 FY2026-27 (April–June 2026), as per MoSPI data released on 31 August 2026, surpassing both the RBI's 7% estimate and a Reuters poll forecast of 7.1%. Nominal GDP rose 10.3% to ₹88.27 lakh crore, driven by strong manufacturing (9.2%), financial services (12.1%), and construction (7.7%) growth. Current affairsG20 Finance Ministers and Central Bank Governors Meeting, Asheville 2026: Debt Restructuring, Digital Assets, Cross-Border Payments, and India's Priorities Under the US PresidencyG20 Finance Ministers and Central Bank Governors met at Asheville, North Carolina, USA on 31 August – 1 September 2026 under the 2026 US G20 Presidency. India's Finance Minister Nirmala Sitharaman participated, with key agenda items spanning debt transparency, global imbalances, digital asset regulation, cross-border payments reform, and private-sector-led growth — each with significant implications for India's financial diplomacy and economy. Current affairsIndia-US Javelin Anti-Tank Missile Deal 2026: FMS Route, Fire-and-Forget Technology, and India's Atmanirbhar Defence StrategyIndia signed a Letter of Offer and Acceptance (LOA) with the United States on August 28, 2026 for the FGM-148 Javelin man-portable anti-tank guided missile system via the US Foreign Military Sales (FMS) route. The deal, valued at approximately $45.7 million, covers ~100 Javelin rounds and 25 Lightweight Command Launch Units (CLUs), with potential co-production arrangements under Atmanirbhar Bharat in defence.