DAILY NEWS ANALYSIS

Monthly DNA

17 Apr, 2026

40 Min Read

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Paper	Topics	Subject
PT Pointer	Rongali Bihu	Art, Architecture & Culture
	Madhavpur Ghed Fair	Art, Architecture & Culture
	Nagoba Jatara	Art, Architecture & Culture
	150 Years of Vande Mataram
	1,000 Years of Rajendra Chola’s Legendary Maritime Expedition	Medieval History
	200th Birth Anniversary of Dadabhai Naoroji	Modern India
	NITI Aayog Fiscal Health Index 2026	Fiscal and Monetary policy
	CAG Report on Rising Public Debt	Fiscal and Monetary policy
	Capital Gains Accounts (Second Amendment) Scheme, 2025	Fiscal and Monetary policy
	National Monetisation Pipeline 2.0 (NMP 2.0)	Infrastructure and investment

GS-I : Art, Architecture & Culture Architecture

Rongali Bihu

Rongali Bihu, also known as Bohag Bihu, is celebrated across Assam in mid-April. It marks the Assamese New Year and the beginning of the agricultural season.

The festival represents agricultural renewal, community celebrations, cultural traditions and the vibrant social identity of Assam.

Aspect	Details
Major Festival	Rongali Bihu is one of the most important festivals of Assam, observed during the month of Bohag or April.
New Year	It signifies the onset of the Assamese New Year.
Three Bihus	It is the first of the three Bihus observed in a year, the others being Kati Bihu and Magh Bihu.
Cultural Importance	Rongali Bihu marks a time of agricultural renewal, family bonding and cultural expression.

PT Facts

State: Assam.
Other Name: Bohag Bihu.
Time: Mid-April.
Significance: Assamese New Year and agricultural season.
Other Bihus: Kati Bihu and Magh Bihu.

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GS-I : Art, Architecture & Culture Architecture

Madhavpur Ghed Fair

Madhavpur Mela is a religio-cultural fair taking place every year in Madhavpur, a village on the Porbandar coast in Gujarat.

The fair reflects a unique blend of mythology, pilgrimage traditions and cultural connections between western and northeastern India.

Aspect	Details
Temple Association	Madhavpur village has temples of Madhavraiji or Lord Krishna and his consort Rukmini, believed to have been built in the 15th century.
Mythological Link	The fair celebrates the marriage of Lord Krishna and Rukmini around 4,000 years ago, according to Hindu mythology.
North-East Link	The Madhavpur Mela shares its cultural connection with the Mishmi Tribe of Arunachal Pradesh.
Lineage Belief	The Mishmi Tribe traces its ancestry to the legendary King Bhishmaka and through him to his daughter Rukmini and Lord Krishna.

PT Facts

State: Gujarat.
Location: Madhavpur village on the Porbandar coast.
Associated Deities: Lord Krishna and Rukmini.
North-East Link: Mishmi Tribe of Arunachal Pradesh.
Theme: Krishna-Rukmini marriage tradition.

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GS-I : Art, Architecture & Culture Architecture

Nagoba Jatara

Nagoba Jatara is an eight-day holy pilgrimage event of the Mesram clan of Adivasi Gonds, held in January-February in Keslapur village, Adilabad district, Telangana.

The festival is an important expression of tribal faith, clan identity and inter-state cultural participation among Gond communities and related tribal groups.

Aspect	Details
Tribal Festival	It is one of the most important tribal pilgrimage festivals of Telangana.
Second Biggest Tribal Festival	It is the second biggest tribal festival in India, after the Sammakka Saralamma Jatara, held in Telangana.
Participating States	Tribal people from Maharashtra, Chhattisgarh, Odisha, Karnataka, Jharkhand and Madhya Pradesh belonging to the Mesram clan offer prayers at the festival.

PT Facts

State: Telangana.
Village: Keslapur.
District: Adilabad.
Community: Mesram clan of Adivasi Gonds.
Duration: Eight-day pilgrimage event.

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150 Years of Vande Mataram

The Prime Minister inaugurated year-long celebrations marking 150 years of Vande Mataram on 7th November 2025.

Vande Mataram became one of the most powerful patriotic expressions of India’s freedom struggle, linking literature, nationalism, revolutionary movements and the making of modern Indian identity.

Aspect	Details
Date of Creation	The song was written by Bankimchandra Chatterji on the auspicious day of Akshaya Navami, which fell on 7th November 1875.
Literary Debut	“Vande Mataram” was first published in the literary journal Bangadarshan. It later became a central part of Bankimchandra’s famous political novel, Anandamath.
First Recitation	The song entered the political stage at the 1896 session of the Indian National Congress in Calcutta, where it was sung by Nobel laureate Rabindranath Tagore.
Global Presence	The song travelled beyond India when Madam Bhikaji Cama unfurled the first version of the Indian tricolour flag in Stuttgart, Germany, in 1907, with the words “Vande Mataram” prominently inscribed on it.
Martyr’s Last Words	In August 1909, revolutionary Madan Lal Dhingra displayed immense bravery in England; his final words before facing the gallows were “Bande Mataram.”
Patriotism from Abroad	In 1909, Indian revolutionaries based in Paris began publishing a magazine titled Bande Mataram from Geneva, Switzerland, to spread the message of Indian independence across Europe.

PT Facts

Written By: Bankimchandra Chatterji.
Year of Creation: 1875.
First Publication: Bangadarshan.
Novel Link: Anandamath.
First Congress Recitation: 1896 INC session, sung by Rabindranath Tagore.
National Song: Vande Mataram was adopted as India’s National Song on 24 January 1950.

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1,000 Years of Rajendra Chola’s Legendary Maritime Expedition

GS-I : Medieval History Pre-Medieval Period and Rajputs

1,000 Years of Rajendra Chola’s Legendary Maritime Expedition

The Ministry of Culture celebrated the Aadi Thiruvathirai Festival from 23rd to 27th July 2025 to mark the 1,000th anniversary of Rajendra Chola I’s maritime expedition to Southeast Asia.

The festival also honoured Tamil Shaiva Bhakti traditions, especially the 63 Nayanmars, saint-poets who received patronage under the Chola dynasty.

Aspect	Details
Rajendra Chola I	Rajendra Chola I ruled from 1014 to 1044 CE and was the son of Rajaraja I, the powerful Chola ruler who became king in 985 CE.
Ganga Valley Conquest	He conquered the Ganga valley and earned the title Gangaikonda Cholan, meaning “The Chola who conquered the Ganges.”
New Capital	To commemorate his northern victory, he founded a new capital named Gangaikonda Cholapuram and built a temple of the same name.
Maritime Campaigns	Rajendra Chola I led successful naval expeditions against Sri Lanka and the powerful Srivijaya Empire in Southeast Asia.
Srivijaya Link	Srivijaya was a dominant maritime power in Southeast Asia by the 7th century and became a major target of Chola naval expansion.
A&N Islands Connection	The name Sri Vijaya Puram for the capital of the Andaman and Nicobar Islands is inspired by Rajendra Chola I’s victory over Srivijaya.

PT Facts

Dynasty: Chola dynasty.
Rajendra Chola I: Ruled from 1014 to 1044 CE.
Father: Rajaraja I.
Title: Gangaikonda Cholan.
Capital Founded: Gangaikonda Cholapuram.
Festival: Aadi Thiruvathirai Festival, 23rd to 27th July 2025.

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200th Birth Anniversary of Dadabhai Naoroji

GS-I : Modern India Growth of Nationalism in India(1858-1905)

200th Birth Anniversary of Dadabhai Naoroji

On 4th September 2025, the nation paid tribute to Dadabhai Naoroji on his 200th birth anniversary.

He is remembered as the “Grand Old Man of India”, a pioneer socialist, a major nationalist thinker and one of the earliest critics of colonial economic exploitation.

Aspect	Details
Early Academic Role	Dadabhai Naoroji became the first Indian professor at Elphinstone College in 1845.
INC Leadership	He served as President of the Indian National Congress in 1886 at Calcutta, 1893 at Lahore and 1906 at Calcutta.
Demand for Swaraj	In 1906, he declared the demand for Swaraj, meaning self-rule, as a central goal of India’s national movement.
East India Association	He founded the East India Association in London in 1867 to spread awareness of Indian issues among the British public.
British Parliament	In 1892, he became the first Indian MP elected to the British Parliament from Finsbury Central.
Drain Theory	He developed the Drain Theory, a major concept in anti-colonial economic discourse that highlighted the transfer of India’s wealth to Britain.
Literary Contributions	His important works include Poverty of India, Poverty and Un-British Rule in India, The Wants and Means of India, The European and Asiatic Races and The Parsee Religion.
In Brief: Battle of Adwa	The Prime Minister of India recently laid a wreath at the Adwa Victory Monument in Addis Ababa, honouring Ethiopia’s victory in the 1896 Battle of Adwa. The battle was fought between the Ethiopian Empire, then known as Abyssinia, and Italy near Adwa, Ethiopia. It concluded the First Italo-Ethiopian War and secured Ethiopian sovereignty.

PT Facts

Popular Title: Grand Old Man of India.
Birth Anniversary: 200th birth anniversary observed in 2025.
First Indian Professor: Elphinstone College, 1845.
INC President: 1886, 1893 and 1906.
Major Theory: Drain Theory.
Important Book: Poverty and Un-British Rule in India.

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NITI Aayog Fiscal Health Index 2026

GS-III : Fiscal and Monetary policy Ministry of Finance

NITI Aayog Fiscal Health Index 2026

NITI Aayog recently released the second edition of the Fiscal Health Index (FHI) 2026, evaluating state finances for FY 2023-24.

The assessment is based on five pillars: quality of expenditure, revenue mobilization, fiscal prudence, debt index, and sustainability.

Aspect	Details
Expanded Scope	For the first time, the index included 10 North-Eastern and Himalayan states along with 18 major states, making the assessment more inclusive of India’s fiscal diversity.
Top Performers	Odisha retained the top position, followed by Chhattisgarh, Goa, and Jharkhand. These states were categorized as “Achievers” due to strong revenue mobilization and disciplined debt management.
Bottom Performers	Punjab, West Bengal, and Kerala remained at the bottom due to high committed expenditures such as pensions and interest payments, along with unsustainable debt levels.
NE & Himalayan States	Arunachal Pradesh emerged as the leading state in this category, while Himachal Pradesh and Manipur ranked lowest due to weak own-revenue generation.
Highest Debt-to-GSDP	States with the highest debt-to-GSDP ratios were Punjab (40.35%), Nagaland (37.15%), and West Bengal (33.70%).
Lowest Debt-to-GSDP	The lowest debt-to-GSDP ratios were recorded by Odisha (8.45%), Maharashtra (14.64%), and Gujarat (16.37%).
Debt Trends	Eight states recorded debt levels above 30% of GSDP, while six states maintained debt below 20%.
Debt vs Revenue Capacity	On average, states’ debt stood at nearly 150% of revenue receipts, peaking at 191% in 2020-21 during the Covid-19 period.
Gross State Domestic Product	Gross State Domestic Product (GSDP) refers to the total monetary value of all final goods and services produced within a state during a specific period, usually one year, without duplication. It is the most important indicator used to measure the economic growth and development of a state.

PT Facts

NITI Aayog: Set up on 1 January 2015, replacing the Planning Commission.
High Debt-to-GSDP: Indicates greater fiscal stress on states.
Capital Expenditure: High debt can reduce states’ ability to spend on development projects.
Fiscal Rankings: Improve with higher own tax revenue and lower committed expenditure.
Finance Commission: Transfers and centrally sponsored schemes influence state fiscal performance.
GSDP: State-level counterpart of the national GDP.

Source:

CAG Report on Rising Public Debt

GS-III : Fiscal and Monetary policy Ministry of Finance

CAG Report on Rising Public Debt

On 4th September 2025, the Comptroller and Auditor General (CAG) released a decadal analysis of the fiscal health of India’s 28 states.

The report highlighted a sharp rise in public debt over the last decade, indicating a heavier fiscal burden on state finances.

Aspect	Details
Report Focus	The CAG report presented a decadal analysis of state finances and examined the rising public debt of India’s 28 states.
Debt Growth	States’ total public debt increased 3.39 times between 2013-14 and 2022-23.
Debt-to-GSDP Rise	Debt as a share of Gross State Domestic Product (GSDP) rose from 16.66% to 22.96%, showing a heavier fiscal burden on states.
Share in National GDP	States’ public debt stood at 22.17% of India’s Gross Domestic Product (GDP) in 2022-23.

PT Facts

CAG: Constitutional authority under Article 148.
Audit Role: Audits accounts of the Union and State governments.
Report Submission: Reports are submitted to the President or Governor.
Legislative Scrutiny: CAG reports are examined by committees such as the Public Accounts Committee.
Public Debt: Rising debt increases interest burden and may crowd out developmental expenditure.
FRBM Acts: Union and state FRBM laws aim to maintain fiscal discipline and sustainability.

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Capital Gains Accounts (Second Amendment) Scheme, 2025

GS-III : Fiscal and Monetary policy Tax and Tax-Reforms

Capital Gains Accounts (Second Amendment) Scheme, 2025

The Capital Gains Accounts (Second Amendment) Scheme, 2025 was issued by the Central Board of Direct Taxes (CBDT) on 19 November 2025.

The amendment modernises and digitises the Capital Gains Account Scheme (CGAS), 1988 by expanding banking access, enabling digital transactions, and simplifying documentation procedures.

Aspect	Details
Expanded Tax Scope	The amendment formally includes Section 54GA, relating to the shifting of industries to Special Economic Zones (SEZs), ensuring consistency with exemption provisions under Sections 54, 54B and 54F.
Broadened Banking Access	The term “Deposit Office” has been redefined to include any banking company covered under the Banking Regulation Act, 1949, expanding access beyond selected public-sector banks.
Digital Integration	The scheme introduces electronic payment systems such as UPI, IMPS, NEFT, and credit/debit cards, reducing dependence on physical cheques.
Streamlined Documentation	Traditional passbooks have been replaced with electronic statements and digital transaction records, improving taxpayer mobility and simplifying audits in a fully digital tax ecosystem.

PT Facts

CGAS: Enables taxpayers to temporarily park unutilised capital gains to claim exemption.
Linked Sections: Commonly associated with Sections 54, 54B, 54D, 54F, 54G and 54GA.
Account Types: Deposits are generally maintained as Account A and Account B.
Account A: Savings-type deposit account under the scheme.
Unused Deposits: Unutilised amounts become taxable after the prescribed period.
CBDT: Functions under the Department of Revenue, Ministry of Finance.

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National Monetisation Pipeline 2.0 (NMP 2.0)

GS-III : Infrastructure and investment Investment models

National Monetisation Pipeline 2.0 (NMP 2.0)

On 23rd February 2026, the Union Government launched the National Monetisation Pipeline 2.0 (NMP 2.0), developed by NITI Aayog.

The initiative operationalises the Asset Monetisation Plan 2025-30 announced in the Union Budget 2025-26 and aims to recycle public assets to support fresh infrastructure investment.

Aspect	Details
Monetisation Potential	The monetisation potential of NMP 2.0 is estimated at Rs. 16.72 lakh crore, including Rs. 5.8 lakh crore from private investments, representing a 2.6 times increase over NMP 1.0.
Strategic Goal	Aligned with the vision of Viksit Bharat, the pipeline aims to recycle brownfield public assets to finance new capital expenditure (CAPEX) projects while reducing budgetary pressure.
Top Contributing Sectors	Highways account for the largest share at 26%, followed by Power (17%), Railways (16%), Ports (16%), and Coal (13%).
Governance Mechanism	Progress under NMP 2.0 is monitored by the Core Group of Secretaries on Asset Monetisation (CGAM), chaired by the Cabinet Secretary.
Revenue Allocation	Proceeds from monetisation flow into the Consolidated Fund of India, State Consolidated Funds, and direct PSU/private reinvestments.
NMP 1.0 Performance	The first phase of the pipeline (2021-25) achieved nearly 90% of its Rs. 6 lakh crore target.
Consolidated Fund of India	The Consolidated Fund of India is established under Article 266(1) of the Constitution, into which all government revenues are credited.

PT Facts

Asset Monetisation: Unlocking value from existing public assets through lease, concession or operation rights.
Brownfield Assets: Already developed and operational infrastructure assets.
Greenfield Assets: Newly created infrastructure projects and facilities.
Original NMP: First released by NITI Aayog in 2021.
Broader Objective: Generate resources for new infrastructure investment without sharply increasing fiscal burden.
Disinvestment: Different from asset monetisation as it involves selling government ownership stakes.

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