Abu Dhabi Hosts Oil Summit as OPEC+ Pauses 2026 Production Hike

Context: Recently, OPEC+ paused its planned oil production increase for the first quarter of 2026 due to seasonal factors and market uncertainty, following fresh U.S. and U.K. sanctions on Russian energy firms.

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• Abu Dhabi opened the annual Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) just hours after the OPEC+ announced the production pause.
• OPEC+ decided to raise output by 1,37,000 barrels per day in December 2025 but suspended further hikes planed for January, February and March 2026, citing seasonality.
• The pause come amid new sanctions imposed by the United States and the United Kingdom on Russian energy firms (Rosneft and Lukoil). adding uncertainty to global oil supply forecasts.
• Officials at the summit said AI and aviation demand will keep global energy consumption strong.
• The UAE continues to expand oil capacity while pursuing clean-energy goals, following its role as COP28 host in 2023.

About OPEC+

• OPEC+ is an alliance established in 2016 between the Organisation of the Petroleum Exporting Countries (OPEC) and a group of non-OPEC oil-producing nations, including Russia. 
• The group consists of 22 major oil-exporting countries, that meets regularly to coordinate production levels and decide how much crude oil to release to the global market, thereby influencing global oil prices.
• Member countries: Algeria, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Republic of the Congo, Saudi Arabia, United Arab Emirates, Venezuela, Azerbaijan, Bahrain, Brunei, Kazakhstan, Malaysia, Mexico, Oman, Russia, South Sudan and Sudan. 

Private Investment and State Participation Crucial for Viksit Bharat 2047 Goals

Context: The chairman of the Economic Advisory Council to the Prime Minister (EAC–PM) stated that India needs sustained GDP growth of 7-8%  and an investment rate of 34-35% to achieve the targets of Viksit Bharat 2047.

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• The Chairman of the EAC–PM, S. Mahendra Dev, delivered the Distinguished Person Lecture at the Institute for Studies in Industrial Development (ISID) in New Delhi.
• He said achieving the Viksit Bharat 2047 vision requires higher private investment, stronger cooperative federalism and inclusive sustainable growth supported by manufacturing and export expansion.
• He noted that private sector balance sheets are strong and capital availability is not an issue, but uncertainty continues to delay investment decisions.
• He emphasised the need to promote labour-intensive manufacturing and stronger export performance to sustain long-term growth.
• He underlined that cooperative federalism and decentralisation up to panchayats and municipal bodies are essential for balanced regional development.
• He highlighted that inclusive growth requires quality employment, women’s labour force participation and green industrialisation.
• He stressed that rising rural and urban demand will be vital, as domestic consumption accounts 80% of the Indian economy.

Second World Summit for Social Development

Context: Qatar hosted the Second World Summit for Social Development in Doha, where world leaders adopted the Doha Political Declaration, a renewed pledge to accelerate global action on poverty eradication, decent work, and social inclusion.

About the Second World Summit for Social Development

• The United Nations General Assembly decided to convene the World Social Summit, under the title “Second World Summit for Social Development.”

• Background:

• Thirty years after the landmark 1995 World Summit for Social Development in Copenhagen, the global community will gather once again — this time in Doha, Qatar, from 4 to 6 November 2025, for the Second World Summit for Social Development.
• In a world marked by rising inequalities, demographic shifts, and rapid technological transformation, the need for a renewed global commitment to social progress has become increasingly urgent.

• Objectives: Building on the 10 Commitments of the Copenhagen Declaration (1995), the Summit focused on:

• Accelerating action on poverty eradication, the promotion of full employment and decent work, and social inclusion.
• Addressing persistent development gaps and reaffirming global commitment to social development.
• Reinvigorating momentum toward achieving the 2030 Agenda for Sustainable Development.

• The overarching goal was to ensure that no one is left behind in an increasingly complex and interconnected world.

• In Doha, world leaders came together to redefine strategies for social progress, strengthen global partnerships, and promote inclusive policies that foster equitable opportunities for all.

• The discussions emphasized the need to build resilient, inclusive, and sustainable societies by aligning social policy, economic transformation, and climate action.

Digital Life Certificate Service for Pensioners

Context: Recently, the India Post Payments Bank (IPPB) signed a Memorandum of Understanding with the Employees’ Provident Fund Organisation (EPFO) to provide free doorstep Digital Life Certificate (DLC) services, also known as Jeevan Pramaan, for pensioners under the Employees' Pension Scheme, 1995.

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• The MoU was exchanged during the 73rd Foundation Day of EPFO.
• The partnership enables over 1.65 lakh Post Offices and more than 3 lakh postal service providers, including Postmen and Gramin Dak Sevaks (GDS), to assist pensioners in submitting their life Certificates from home.
• The service uses Aadhaar-enabled biometric and face authentication for instant generation of the Digital Life Certificate.
• The EPFO will bear the entire cost, making the service completely free for pensioners.
• The initiative aligns with the Government of India’s Digital India and Ease of Living vision for senior citizens.

Key Highlights of the MoU

• Pensioners no longer need to visit banks or EPFO offices for annual life certificate submission.
• The extensive postal network will serve as a last-mile service delivery channel, especially in rural and semi-urban regions.
• The initiative reinforces IPPB’s role as a key driver of financial inclusion through Aadhaar-based authentication tools.
• Pensioners will receive an SMS confirmation once the certificate is successfully generated, which can then be viewed or downloaded from the Jeevan Pramaan portal.
• The doorstep DLC service was first introduced by IPPB in 2020 and has now been formally integrated with the Employees’ Pension Scheme, 1995.
• Pensioners can contact their Postman or GDS, visit the nearest Post Office, or book a doorstep visit through the Post Info app or online service portal.

World Cooperative Monitor 2025

Context: India’s leading cooperative, Amul, and the Indian Farmers Fertiliser Cooperative Limited (IFFCO), have secured the first and second ranks, respectively, among the top ten cooperatives in the world.

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• The achievement was announced in the World Cooperative Monitor 2025, released by the International Cooperative Alliance (ICA) during the ICA CM50 Conference held in Doha, Qatar.
• Amul’s parent body, Gujarat Cooperative Milk Marketing Federation (GCMMF), ranked first globally based on GDP per capita performance, followed by IFFCO at second place.
• The announcement coincided with the conclusion of the UN International Year of Cooperatives 2025 in Doha, where a proposal was adopted to observe it every ten years.
• Global leaders at the UN Social Summit 2025 also adopted a declaration emphasizing the role of cooperatives in poverty reduction and social transformation.

Significance

• The recognition underscores the strength of India’s cooperative model in promoting economic and social development.
• It acknowledges the contribution of millions of dairy farmers and women associated with Amul’s extensive network.
• The achievement aligns with India’s vision of self-reliance and cooperative-led development under the Sahkar Se Samriddhi mission.
• Rankings are based on economic contribution, member ownership, and social impact assessments.