22 Sep 2026 - "Daily Current Affairs" Updates

India's Rice Production

Why in News: India has received 15% below-normal rainfall due to the Super El Niño, which the source says may push rice production to a two-decade low.

India's Position in Rice Production and Trade

• India is the world's largest exporter of rice and accounts for roughly 30-40% of global rice trade.

• The source lists India, China and Indonesia as the top three rice producers.

• India exported 20.1 million metric tonnes of rice in 2024-25.

• Major export destinations include Saudi Arabia, Iran, Iraq, Benin and the United Arab Emirates.

Top Rice-Producing States

• Uttar Pradesh -> 13.8%.

• Telangana -> 11.6%.

• West Bengal -> 10.6%.

• Punjab -> 9.5%.

• Chhattisgarh -> 7%.

• The source identifies Uttar Pradesh as the top rice-producing State in 2024-25.

Basic Growing Conditions

• Rice is a major crop in India and a staple crop of tropical and subtropical regions.

• It can grow between about 8°N and 30°N latitude and from sea level to around 2,500 metres altitude.

• It requires high temperatures of about 20-37°C, high humidity and roughly 100-150 cm of rainfall.

• For much of its growth, rice requires around 10-15 cm of standing water.

Rice Seasons in India

• Kharif / Aman (winter rice): sown in June-July and harvested in November-December.

• Zaid / Aus (autumn rice): sown in May-June and harvested in September-October.

• Rabi / Boro (summer rice): grown from November to May, mainly in moist areas.

Quick Recall

• India -> world's largest rice exporter.

• Global trade share in source -> roughly 30-40%.

• Top producing State -> Uttar Pradesh.

• Rice climate -> 20-37°C + high humidity + 100-150 cm rainfall.

• Three seasons -> Aman, Aus and Boro.

INTERNATIONAL RELATIONS

2. Canada as a Possible “Associate Member” of the EU

Why in News: European Commission President Ursula von der Leyen recently told the Canadian Prime Minister that she was open to Canada becoming the EU's first “associate member”.

European Union: Basics

• The European Union is a political and economic union of 27 member countries.

• It was established by the Maastricht Treaty in 1993.

• Headquarters -> Brussels, Belgium.

• The EU emerged after World War II with the aim of reducing the risk of future conflict through economic interdependence.

Founding and Expansion

• The six founding members were France, Germany, Italy, Belgium, the Netherlands and Luxembourg.

• The EU later expanded to include countries from Southern, Northern and Eastern Europe.

• Every stage of accession requires unanimous approval by all 27 existing EU member states.

Brexit

• The United Kingdom became the first country to leave the European Union in 2020 following the 2016 referendum.

Copenhagen Criteria

• Any European country seeking EU membership must fulfil the Copenhagen criteria.

• Political criterion -> stable institutions, democracy, rule of law and human rights.

• Economic criterion -> functioning market economy and ability to cope with competitive pressure within the EU.

• Legal criterion -> adoption of the acquis communautaire, or the body of EU law.

Quick Recall

• EU -> 27-member political and economic union.

• Treaty -> Maastricht Treaty, 1993.

• HQ -> Brussels.

• Accession -> unanimous approval of all existing members.

• Copenhagen criteria -> political + economic + legal.

ECONOMY & BANKING

3. FCNR(B) Deposits

Why in News: India's Balance of Payments received a significant boost in July 2026 as NRI deposits under the FCNR(B) scheme surged to $33.5 billion.

What is FCNR(B)?

• FCNR(B) stands for Foreign Currency Non-Resident (Bank) deposits.

• It is a fixed-deposit account for NRIs maintained in foreign currency rather than converting the money into Indian rupees.

• Currencies mentioned in the source include the US dollar, pound sterling, euro, Japanese yen, Australian dollar and Canadian dollar.

How the Account Works

• Interest is paid in the same foreign currency in which the deposit is maintained.

• On maturity, both principal and interest are returned in that foreign currency.

• Because the deposit remains in foreign currency, the depositor is protected from exchange-rate fluctuations affecting rupee deposits.

Key Features

• The source states that the scheme applies to new FCNR(B) deposits opened up to 30 September 2026 with a 3-5 year deposit period.

• Both principal and interest are tax-free in India.

• Funds can be transferred between FCNR(B) and NRE accounts.

• Deposits may be made directly from an overseas bank account.

• The account operates under FEMA regulations and offers full repatriability of funds.

• Deposit rates are generally lower than regular rupee fixed deposits, typically by about 250-300 basis points, or 2.5-3%.

Quick Recall

• FCNR(B) -> Foreign Currency Non-Resident (Bank).

• Holder -> NRI.

• Deposit currency -> foreign currency, not rupees.

• Key advantage -> protection from rupee exchange-rate risk.

• Tax treatment in source -> principal and interest tax-free in India.

• Repatriation -> fully repatriable.