News In Shorts: 03 April 2026

Antariksh Venture Capital Fund

Context: India’s Antariksh Venture Capital Fund is operationalised, with investments in spacetech startups expected to begin from FY2027.

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About Antariksh Venture Capital Fund

• It is a SEBI-registered Category II Alternative Investment Fund (AIF) established as a close-ended fund to support India’s emerging space startup ecosystem.
• Objective: To provide capital to space-sector companies at various development stages and promote commercialization and scaling of indigenous technologies.
• Budget Outlay: It has a committed corpus of approximately ₹1,005 crore to finance innovation and growth in India’s private space sector.
• Nodal Body: The Indian National Space Promotion and Authorization Centre (IN-SPACe) acts as the key institutional investor under the Department of Space.
• Funding Mechanism: Managed by SIDBI Venture Capital Limited (SVCL) the fund invests in Indian spacetech firms with Technology Readiness Level (TRL) 4 and above, along with due diligence support.
• Significance: The fund strengthens private sector participation, boosts innovation, reduces dependence on foreign technologies, and positions India as a competitive player in the global space economy.

INS Taragiri

Context: Recently, INS Taragiri, a stealth frigate under Project 17A, was commissioned at Visakhapatnam, strengthening India’s naval capabilities.

About INS Taragiri

• INS Taragiri is the fourth Nilgiri-class (Project 17A) stealth guided-missile frigate of the Indian Navy.
• Developed by: It is built by Mazagon Dock Shipbuilders Limited and designed by the Warship Design Bureau of the Indian Navy.
• Legacy: It is a modern reincarnation of the earlier Taragiri, a Leander-class frigate of the Indian Navy.

Features

• Class & Role: A multi-mission stealth frigate capable of air, surface, and sub-surface warfare across diverse naval operations.
• Indigenisation: Around 75% indigenous content enhances self-reliance and reduces import dependence in defence production.
• Weapons & Sensors: Equipped with BrahMos missiles, MRSAM/Barak systems, MF-STAR radar, HUMSA sonar, torpedoes, and ERASR for comprehensive combat capability.
• Propulsion & Speed: Uses Combined Diesel or Gas (CODOG) system, enabling efficient cruising and speeds up to ~30 knots.
• Aviation Capability: Can operate helicopters like Kamov and MH-60R for surveillance and anti-submarine missions.
• Stealth & Endurance: Advanced design reduces radar, acoustic, and heat signatures, enabling long-duration deployments.

Significance

• Naval Combat Strength: Enhances India’s blue-water capabilities with high firepower comparable to destroyers.
• Atmanirbhar Bharat: Promotes indigenous defence manufacturing and technological self-reliance.
• Strategic Flexibility: Supports carrier battle groups, independent missions, and humanitarian assistance with onboard power supply capability.

Health Innovation Acceleration Hackathon

Context: Recently, IndiaAI and CDSCO launched a Health Innovation Acceleration Hackathon, inviting AI-driven solutions for healthcare regulatory efficiency.

About Health Innovation Acceleration Hackathon

• Introduction: The hackathon is a national-level initiative to develop AI-based solutions for streamlining healthcare regulatory workflows and improving efficiency.
• Organised By: It is jointly organised by IndiaAI under the Digital India Corporation and Central Drugs Standard Control Organisation (CDSCO).
• Objective: To promote AI adoption in healthcare by enabling automation, improving data privacy, and accelerating regulatory approvals.
• Stages
• • Stage 1: Participants develop AI tools for data anonymisation, document summarisation, error detection, classification, and automated report generation from unstructured data.
  • Stage 2: Shortlisted teams refine models using CDSCO datasets and integrate solutions with SUGAM and MD Online portals for faster regulatory processing.

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Prizes and Incentives

• Top Rewards: The winning team receives up to ₹10 lakh and a potential one-year contract worth ₹50 lakh for solution deployment.
• Other Prizes: Second and third prizes offer up to ₹7 lakh and ₹3 lakh respectively, encouraging wider participation.
• Special Incentive: A dedicated prize of up to ₹5 lakh is awarded to an all-women team to promote inclusivity.
• Additional Opportunity: Top 10 teams gain access to a 5-day on-site development program at CDSCO, enhancing practical exposure and collaboration.

Significance: Enhances AI-driven regulatory efficiency, strengthens data privacy, accelerates drug approvals, and promotes innovation in India’s healthcare ecosystem under the Digital India framework.

SAMPANN Platform

Context: The Government of India signed agreements to extend the SAMPANN platform to the Government of Goa and Cochin Port Authority for digital pension management.

About SAMPANN

• SAMPANN (System for Accounting and Management of Pension) is a comprehensive digital platform for end-to-end pension administration.
• Developed By: It is developed and managed by the Department of Telecommunications (DoT) under the Office of the Controller General of Communication Accounts (CGCA).
• Launch: It was dedicated to the nation in 2018 as part of the Digital India initiative.
• Key Features
• • End-to-End Functionality: It covers the entire pension lifecycle, from sanction and authorization to disbursement and accounting on a single platform.
  • Cloud-Based Platform: Operates as a scalable, secure digital infrastructure enabling seamless and paperless governance.
  • Financial Scale: It disburses around ₹1,650 crore monthly pensions, with cumulative payouts exceeding ₹72,000 crore.
  • New Adopters: The platform will now be implemented by the Government of Goa and Cochin Port Authority.
  • Platform-as-a-Service (PaaS): SAMPANN will be offered as a reusable digital public infrastructure to other institutions.

Significance

• Citizen-Centric Governance: Enhances ease of access by delivering pension services directly to beneficiaries.
• Digital Public Infrastructure: Promotes reuse of proven government platforms, improving efficiency and transparency.
• Administrative Efficiency: Reduces delays, paperwork, and manual intervention in pension processing.

Yashoda and Krishna Painting by Raja Ravi Varma

Context: Recently, Yashoda and Krishna painting by Raja Ravi Varma was sold for ₹167 crore, marking it the highest-ever price for an Indian painting.

• The record-breaking sale surpassed the previous high set by MF Husain’s Untitled (Gram Yatra), which fetched over ₹118 crore.

About Yashoda and Krishna Painting

• Theme: Depicts maternal love between Yashoda and child Krishna, blending divinity with human emotion.
• Narrative Scene: Shows a moment where Yashoda works while Krishna playfully reaches for milk, reflecting everyday life.
• Artistic Style: Combines Indian mythological subject with European realism (oil technique, perspective, lifelike forms).

About Raja Ravi Varma

• Raja Ravi Varma was a 19th-century Indian painter from Kerala, regarded as a pioneer of modern Indian art.
• Artistic Style: Blended Indian mythological themes with European academic realism.
• Famous Works: Known for paintings like Shakuntala, Damayanti, and depictions of Hindu deities such as Lakshmi and Saraswati.
• Oleograph Printing Press: Established a press to mass-produce artworks, enabling widespread distribution of religious images.
• Cultural Impact: Standardised popular visual imagery of Hindu deities still seen in calendars and posters today.
• Recognition: Received the title “Raja” from the princely state of Travancore for his artistic achievements.

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Special Economic Zones (SEZs) Relaxation

Context: The government announced a one-time relief allowing SEZ units concessional domestic sales to mitigate global trade disruptions and boost manufacturing competitiveness.

Key Relaxation for SEZ

• Concessional DTA Sales: Eligible SEZ units can sell goods in the Domestic Tariff Area at reduced customs duty rates to ease cost pressures.
• Eligibility Criteria: Units must be operational before March 31, 2025, with at least 20% value addition to qualify for the scheme.
• Sales Cap: Domestic sales are limited to 30% of the highest export value measured on a Free on Board (FOB) basis in the last three years to maintain export orientation.
• Time-Bound Relief: The scheme is valid from April 1, 2026, to March 31, 2027, as a temporary support measure.

Potential Impact

• Support to Industry: Provides relief to SEZ manufacturers facing global demand slowdown and supply chain disruptions.
• Boost to Domestic Supply: Enhances the availability of goods in the domestic market while ensuring fair competition with DTA producers.
• Ease of Doing Business: Faceless assessment and automated systems improve efficiency and reduce procedural delays.

About Special Economic Zones (SEZs)

• Introduction: SEZs are designated duty-free enclaves offering tax incentives, world-class infrastructure, and liberal regulations to promote trade and investment.
• Provisions in India: Governed by the Special Economic Zones Act, 2005, SEZs provide tax exemptions, duty-free imports, and single-window clearances.
• Exceptional Rules: SEZs are treated as outside customs territory for authorised operations, require positive net foreign exchange, and allow limited domestic sales with duties.
• Significance: SEZs drive exports, attract foreign investment, generate employment, and support industrial and infrastructure development in India.

NCERT as Deemed University

Context: The Ministry of Education has issued a notification declaring the National Council for Educational Research and Training (NCERT), as an institution deemed to be a university, enabling it to offer courses/programmes and confer degrees.

• The decision follows approval by the University Grants Commission (UGC).
• The UGC accepted the recommendations of an expert committee in January 2026.

About ‘Deemed-to-be University’

• It is an institution of higher education in India that the University Grants Commission (UGC) recognizes for its high academic standards, research contributions, and overall institutional performance. 
• The status is conferred by the Ministry of Education based on recommendations by the UGC under Section 3 of the UGC Act, 1956

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Coverage of the Status

• The deemed university status applies to:
  • NCERT headquarters, and
  • It’s six regional institutes.
• The status is subject to the fulfilment of specified conditions.

Key Conditions Imposed

• Restriction on Commercial Activities: NCERT is prohibited from engaging in:
  • Commercial or profit-making activities.
• Compliance with Academic Standards: All programmes must adhere to:
  • Norms prescribed by the University Grants Commission
  • Relevant statutory bodies and councils
• Regulation of New Programmes: New programmes, including:
  • Off-campus and offshore courses
    must be started only as per UGC guidelines

Academic Expansion Mandate

• Research and Doctoral Programmes: NCERT is required to:
  • Initiate research programmes
  • Offer doctoral (PhD) programmes
  • Develop innovative academic courses
• Diversification of Academic Domains: The institution must:
  • Expand beyond emerging areas
  • Align programmes with:
    • UGC regulations
    • National Education Policy 2020
• Accreditation and Quality Assurance: NCERT must:
  • Get programmes accredited by the National Board of Accreditation (NBA)
  • Obtain institutional accreditation from the National Assessment and Accreditation Council (NAAC)

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Ranking and Digital Integration

• Participation in Rankings: Mandatory participation in:
  • National Institutional Ranking Framework (NIRF)
• Academic Bank of Credits (ABC): NCERT must:
  • Create Academic Bank of Credits (ABC) IDs for students
  • Upload credit data to digital lockers
  • Integrate with ABC portal for credit transfer and tracking

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