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Daily Current Affairs Quiz 3rd April, 2026 Check Important Questions Here |

Practice Current Affairs Quiz to stay updated with national, international, economic, and banking news. This quiz is based on the previous day’s current affairs and is designed to boost your exam readiness, improve speed and accuracy, strengthen memory, and build confidence for competitive exams and interviews.

Daily Current Affairs: 3 April, 2026

Q1. The India–Australia Economic Cooperation and Trade Agreement (Ind-Aus ECTA) has significantly strengthened bilateral trade relations by enhancing market access and reducing tariff barriers between the two nations. On which date was the India–Australia ECTA signed?

(a) 1 April 2022

(b) 2 April 2022

(d) 31 March 2022

(e) 3 April 2022

Answer: b

Solution:

The India–Australia Economic Cooperation and Trade Agreement has completed four years since its signing on 2 April 2022.
The agreement has significantly strengthened economic ties between India and Australia.
It has helped in enhancing trade flows, improving market access, and reducing trade barriers.

Trade Growth & Economic Impact

India’s exports to Australia increased from USD 4 billion (FY 2020–21) to USD 8.5 billion (FY 2024–25).
Total bilateral trade reached USD 24.1 billion in FY 2024–25.
India’s exports recorded an 8% growth in FY 2024–25 over the previous year.
In FY 2025–26 (till February), total trade stood at USD 19.3 billion.

Market Access & Tariff Benefits

India provided preferential access on 70.3% tariff lines (covering 90.6% trade value).
Australia granted 100% tariff line access (100% imports) to India.
98.3% tariff lines became duty-free immediately, while 1.7% are being phased out over 5 years.
From 1 January 2026, all Indian exports enjoy zero-duty access in Australia.
The agreement has boosted business opportunities, employment, and industrial collaboration between both nations.

Q2. India’s defence exports have recorded a significant surge in FY 2025–26, reflecting enhanced manufacturing capability and global competitiveness in defence production. What was the total value of India’s defence exports in FY 2025–26?

(a) ₹23,622 crore

(b) ₹30,000 crore

(d) ₹38,424 crore

(e) ₹40,000 crore

Answer: d

Solution:

India’s defence exports reached an all-time high of ₹38,424 crore in FY 2025–26.
This marks a growth of ₹14,802 crore (62.66%) compared to ₹23,622 crore in FY 2024–25.
Contribution to exports:
- Defence Public Sector Undertakings (DPSUs): 54.84%
- Private Sector: 45.16%
The growth reflects strong performance of India’s defence manufacturing ecosystem.
This milestone aligns with the vision of Narendra Modi to make India a global defence export hub.

Q3. The Ministry of Textiles has extended the Rebate of State and Central Taxes and Levies (RoSCTL) Scheme until which date?

(a) March 31, 2026

(b) June 30, 2026

(d) December 31, 2026

(e) April 1, 2027

Answer: c

Solution:

The Ministry of Textiles has extended the Rebate of State and Central Taxes and Levies (RoSCTL) Scheme for exports of apparel/garments and made-ups.
The extension is valid till 30 September 2026 or until approval under the 16th Finance Commission cycle, whichever is earlier.
The scheme continues without any changes in existing guidelines.

Key Features of RoSCTL Scheme

Operational since 7 March 2019.
Provides rebate of embedded State and Central taxes/levies not covered under other schemes.
Based on the principle of zero-rating of exports.
Aims to enhance global competitiveness of textile exports.
Particularly benefits MSME exporters, who form a major share of beneficiaries.

Parallel Scheme: RoDTEP

The Government has also continued the Remission of Duties and Taxes on Exported Products (RoDTEP) Scheme.
Applicable from 1 April 2026 to 30 September 2026.
Covers textile products not included under RoSCTL, especially those outside Chapters 61, 62, and 63 of ITC (HS).

Q4. In a major regulatory reform aimed at aligning financial reporting with global standards, IRDAI has mandated insurers to adopt Ind AS from April 2026. Which category of insurers will be covered under this mandate?

(a) Only life insurers
(b) Only general insurers
(c) Only reinsurers
(d) All categories of insurers
(e) Only health insurers

Answer: d

Solution:

The Insurance Regulatory and Development Authority of India (IRDAI) has approved amendments requiring insurers to prepare and present financial statements in accordance with Indian Accounting Standards (Ind AS).
These new norms will come into effect from 1 April 2026.
The implementation will apply to all categories of insurers, including life, general, standalone health insurers, and reinsurers.
The amendment provides a comprehensive framework for the recognition, measurement, presentation, and disclosure of financial statements under Ind AS.

About Indian Accounting Standards (Ind AS):

Indian Accounting Standards (Ind AS) are a set of accounting principles notified by the Ministry of Corporate Affairs in 2015.
These standards are largely aligned with International Financial Reporting Standards (IFRS), bringing India’s financial reporting closer to global practices.
Ind AS follows a principle-based approach and focuses on fair value measurement, transparency, and enhanced disclosure.

Earlier Accounting System:

Before the introduction of Ind AS, India followed the Indian Generally Accepted Accounting Principles (IGAAP).
Indian GAAP was developed by the Institute of Chartered Accountants of India and provisions under the Companies Act, 1956.
It consisted of 18 accounting standards and mainly focused on historical cost accounting and legal compliance.

Q5. In April 2026, a high-level diplomatic visit was undertaken by the First Deputy Prime Minister of Russia to India with the objective of strengthening bilateral cooperation across trade, economic, scientific, technological, and cultural sectors. Who is he?

(a) Vladimir Putin

(b) Sergey Lavrov

(d) Dmitry Medvedev

(e) Mikhail Mishustin

Answer: c

Solution:

Denis Manturov, First Deputy Prime Minister of Russia, arrived in India on 2 April 2026 for a two-day official visit.
The visit is aimed at strengthening India–Russia bilateral relations across key sectors.
During the visit, he will co-chair the India–Russia Intergovernmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation.