International RelationsEconomy
News 3 of 26

US-Iran Peace Deal, WPI Jumps to 9.7%, Kerala Budget: Weekly News Roundup

Target:UPSCMPSCTeachingSSC GABankingPrelims HighMains HighStatic GK Link
24 Jun 2026
~2 min
Source: The Hindu
Key Data:WPI 9.7% May 2026WPI base year 2022-23US-Iran MoU June 15, 2026US to waive oil sanctions$300 billion reconstruction fundKerala revenue deficit ₹35,355.30 crore
Bodies:Ministry of Commerce and IndustryDirectorate of Industrial Safety and HealthShiv Sena (UBT)Shiv Sena (Shinde camp)Government of KeralaGovernment of the United StatesGovernment of IranGovernment of Israel
Practice MCQs from today's news ▸
What This Article Covers

1.US and Iran signed an MoU on June 15, 2026 to end the 100+ day war, with immediate waiver of oil sanctions and commitment to nuclear negotiations.

2.Wholesale price inflation surged to 9.7% in May 2026, driven by crude oil and mineral oils, with the WPI base year updated to 2022-23.

3.Kerala's Revised Budget 2026-27 projected a revenue deficit of ₹35,355 crore and additional expenditure of ₹1,080.95 crore under the new government.

The Big Picture
Prelims · HighMains · High

This week saw a major geopolitical shift with the US and Iran signing a peace deal to end the West Asia war, while India's wholesale inflation hit a record 9.7% in May 2026. Kerala presented a revised budget with a large revenue deficit, and political developments in Maharashtra saw six MPs defect to Eknath Shinde's camp. Industrial safety concerns were highlighted by an ammonia gas leak in Tamil Nadu that killed eight.

Exam Lens

Quick Exam Facts From News

US-Iran MoU DateJune 15, 2026
WPI May 20269.7%
WPI Base Year2022-23
Kerala Revenue Deficit₹35,355.30 crore
Ammonia Leak Deaths8 killed, 77 affected

1-Minute Revision

  • ›US-Iran MoU Date: June 15, 2026
  • ›WPI May 2026: 9.7%
  • ›Target this Data: WPI inflation at 9.7% in May 2026 (base year 2022-23)
  • ›Target this Nodal Body: Ministry of Commerce and Industry (for WPI/PPI transition)
  • ›Target this Legal Point: Tenth Schedule (Anti-Defection Law) in context of Operation Tiger

Mastered this topic? Test your knowledge with a full MCQ quiz.

Practice exam-style questions, track your score, and strengthen your recall.

Q1Static LinkageEasy

Which ministry is responsible for releasing the Wholesale Price Index (WPI) in India?

Q2Statement-basedHard

Consider the following statements regarding the US-Iran peace agreement:

1. The MoU was signed on June 15, 2026.

2. The deal immediately imposes new oil sanctions on Iran.

3. Israel opposed the agreement.

Which of the statements given above is/are correct?

Q3Data-centricMedium

What was the wholesale inflation rate in India for May 2026, as per the new WPI series?

Q4Application/ImpactMedium

What is the primary objective of the Kerala Revised Budget 2026-27 as presented by the new government?

All 20 MCQs ▸
You finished this topic
Explore Related Topics
Related Current Affairs
Polity Current Affairs

Lok Sabha Passes Tribunals Reforms Bill 2026; India's Russian Oil Imports Hit All-Time High of 48%

Today's top news covers the Lok Sabha's passage of the Tribunals Reforms Bill 2026 without debate, India's all-time high Russian oil imports at 48% in June 2026, multiple Supreme Court orders on Cauvery, Manipur, and Abhishek Banerjee, and a police lathi-charge on student protesters in Jharkhand. Key for Prelims: data points, bill names, SC orders.

Intl. Relations Current Affairs

SCO Bishkek Declaration, INS Nipun, Form 7 & Distinguished Jurist: UPSC Exam Focus

The UPSC Key article for September 2, 2026, covers the SCO Bishkek Declaration, Form 7 for electoral roll deletion, commissioning of INS Nipun, and the unused provision for appointing a distinguished jurist as SC judge, along with other exam-relevant topics like GDP growth, Indus Waters Treaty, and climate-health syndemic.

Economy Current Affairs

Anti-Dumping Duty on Chinese TiO2: DGTR Final Findings (Aug 3, 2026) - Centre Assures KMML, TTPL

The Centre has assured Kerala of imposing anti-dumping duty on Chinese titanium dioxide following DGTR's final findings. This protects PSUs like KMML and TTPL from low-cost imports. Key for Prelims: DGTR process, anti-dumping mechanism, and dates.

Environment Current Affairs

7th ESA Draft Notification Covers 9,993.7 sq km in Kerala; 131 Villages Included Across 12 Districts

The Union government's seventh draft notification for Ecologically Sensitive Areas (ESA) in the Western Ghats has designated 9,993.7 sq km in Kerala, affecting 131 villages across 12 districts. Farmers and residents fear restrictions on agriculture and habitation, demanding exclusion of populated areas before the final notification. This is a critical issue for environment and governance syllabus, highlighting the conflict between ecological conservation and livelihood rights.

Polity Current Affairs

CAG Flags ₹3,161 Cr Power Subsidy Lapse & ₹3,217 Cr E-Procurement Irregularities in Delhi

The CAG report for 2022-23 exposes major flaws in Delhi's power subsidy scheme and e-procurement system, including wasteful subsidies to zero-consumption consumers and suspected collusive bidding. This is crucial for understanding CAG's role, subsidy targeting, and public procurement issues.

Economy Current Affairs

₹743.43 Cr Revenue Detected in 6 Months: Andhra AI-GST Model Wins National Acclaim at 6th Coordination Meet

Andhra Pradesh’s AI & Machine Learning-based GST administration model has been nationally acclaimed at the 6th National Co-ordination Meeting. The system detected ₹743.43 crore in revenue in just six months—more than double the previous manual process—and has sparked interest from several states. For exam aspirants, this is a key case study on AI in governance, tax administration reform, and state-level innovation.

Economy Current Affairs

India-Japan Critical Minerals: Joint Africa Investment to Reduce China Dependence

India and Japan are exploring joint investments in Africa to secure critical mineral supplies, reducing dependence on China. FICCI President Anant Goenka highlighted this during a business delegation to Japan with Commerce Minister Piyush Goyal, focusing on sectors like AI, semiconductors, and shipbuilding. The initiative also aims to address the widening trade deficit with Japan since the 2011 economic partnership agreement.

Polity Current Affairs

Delhi Ease of Doing Business Bill 2026: Single-Window, Self-Declaration, No Inspection for 3 Years

The Delhi Cabinet has approved the Delhi Ease of Doing Business Bill, 2026, introducing a single-window clearance system and self-declaration for low-risk businesses. This reduces bureaucratic hurdles and aims to make Delhi a more business-friendly capital. For UPSC/State PSC aspirants, this is a key example of governance reform and ease of doing business initiatives.