UPSC Current Affairs for 2026-09-18

Use this daily collection to understand why each development matters, then verify time-sensitive facts through the linked sources before adding them to notes.

• FM urges industry to look beyond rate cuts to compliance and revenue; calls for robust tax policy researchEconomy · Finance Minister Nirmala Sitharaman called for independent tax policy research and broader industry inputs beyond rate cut demands at the 8th International Tax Conference.
• Federal Reserve hikes key rate to tackle ‘too high’ inflation, defying Trump demands for cutEconomy · The US Federal Reserve raised its benchmark interest rate for the first time since 2023 to combat persistent inflation, defying President Trump's demand for cuts.
• Pakistan, China activate boundary joint commission in IslamabadInternational Relations · Pakistan and China operationalised a boundary joint commission under the 2013 Agreement on Boundary Management System, drawing India's rejection.
• The crucial Uttar Pradesh test of the BJP’s hegemonyPolity · The BJP's political dominance is being tested in Uttar Pradesh after its 2024 Lok Sabha setback and subsequent governance challenges.
• Semicon India 2026: Amid ‘weaponisation’ of supply chains, PM pitches India as a ‘trustworthy’ chipmaking destinationEconomy · PM Modi inaugurated Semicon India 2026, pitching India as a trustworthy chipmaking destination amid supply chain weaponisation.
• As U.S. readies 100% tariffs, Russia provided more than half of India’s oil imports in JulyEconomy · U.S. House passed a Bill threatening 100% tariffs on top importers of Russian oil, while Russia's share in India's oil imports hit an all-time high of 51% in July 2026.