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CURRENT AFFAIRS : BANKING, FINANCE & BUSINESS

Government of India and International Fund for Agricultural Development launch eight-year Country Strategic Opportunities Programme 2026–2033 strategy to boost rural livelihoods and resilience

• The Government of India in partnership with the International Fund for Agricultural Development (IFAD) launched a new Country Strategic Opportunities Programme (COSOP) 2026–2033 to enhance rural incomes, resilience, and sustainable livelihood opportunities across India.
• The new 8-year COSOP strategy places strong emphasis on strengthening Self-Help Groups (SHGs), Farmer Producer Organisations (FPOs), and cooperatives as key grassroots institutions.
• These institutions will connect rural communities with finance, technology, infrastructure, and markets to support inclusive rural development.
• Over the past two decades, IFAD-supported projects in India have significantly improved women’s financial inclusion through SHGs, enhanced market access for farmers, and promoted women-led enterprises through value addition and e-commerce integration.
• The COSOP aims to position India as a global knowledge leader in rural development by sharing successful models of inclusive rural finance, cooperative governance, digital agriculture services, and climate-resilient value chains with countries across Africa, Southeast Asia, and Latin America.
• On the sidelines of the launch event, National Bank for Agriculture and Rural Development (NABARD) and IFAD signed a strategic partnership agreement to strengthen rural finance systems and support innovation in agriculture and allied sectors.
• India’s partnership with IFAD spans nearly five decades, during which 35 rural development projects have been implemented across multiple states.
• These initiatives have supported millions of rural households and contributed significantly to inclusive growth and sustainable rural development.

Department of Financial Services Launches USD 1.5 Billion Bharat Maritime Insurance Pool Backed by USD 1.4 Billion Sovereign Guarantee Amid Middle East Tensions

• The Department of Financial Services (DFS) under the Ministry of Finance launched the Bharat Maritime Insurance Pool (BMIP) with a size of USD 1.5 billion and a sovereign guarantee of USD 1.4 billion (₹12,980 crore) to ensure uninterrupted maritime insurance coverage amid global geopolitical tensions.
• The BMIP covers major maritime risks including Hull & Machinery, Cargo, Protection and Indemnity (P&I), and War Risk for Indian-flagged or controlled vessels and ships operating to or from India.
• The launch event was chaired by DFS Secretary Shri M. Nagaraju and attended by senior officials.

Key Highlights :

• The first Marine Hull & Machinery War Policy under BMIP was issued by New India Assurance Company Limited to Hoger Offshore and Marine Private Limited for protection against War Perils in high-risk maritime zones.
• A Marine Cargo War Policy was also issued to Vedanta Sterlite Copper Ltd. for cable wire imports, while another policy was provided to Balrampur Chini Mills Limited.
• The initiative was launched in the backdrop of Middle East tensions, where sanctions or geopolitical risks could lead foreign insurers and reinsurers to withdraw maritime insurance support, disrupting global trade and shipping operations.
• The scheme addresses India’s dependence on the International Group (IG) Protection and Indemnity (P&I) Club for third-party maritime liability insurance.
• P&I insurance covers liabilities such as oil pollution, wreck removal, cargo damage, crew injury and repatriation, and collision liabilities.
• A Governing Body has been constituted to supervise the functioning of the pool and approve matters related to invocation of the sovereign guarantee.
• An Underwriting Committee (UC) has also been formed to ensure prudent, technically sound, and consistent underwriting of risks under the pool.
• GIC Re has been appointed as the Pool Administrator and will manage reporting, reinsurance arrangements, and performance statements of BMIP.
• For claims up to USD 100 million, the pool will settle claims using its own resources, while claims exceeding this amount will be supported through the sovereign guarantee after exhaustion of pool reserves and reinsurance arrangements.
• The Bharat Maritime Insurance Pool (BMIP) aims to strengthen India’s sovereign control over maritime trade, ensure continuity of trade during sanctions or conflicts, and enhance the country’s maritime risk protection framework and financial sovereignty.

Securities Exchange Board of India proposes GARUDA Green-Channel mechanism to fast-track launch and approval of Alternative Investment Funds schemes in India

• The Securities and Exchange Board of India (SEBI) has proposed a new regulatory framework called the “Green-Channel: AIF Rollout Upon Document Acknowledgement (GARUDA) mechanism” to speed up the launch process of Alternative Investment Fund (AIF) schemes in India.
• The GARUDA mechanism aims to streamline the processing of Placement Memorandums (PPMs) filed with SEBI and improve ease of fundraising and capital deployment by AIFs.
• Under the proposed system, Non-Accredited Investor AIF schemes will be allowed to launch within 10 working days of filing documents, compared to the current 30-day waiting period, significantly reducing approval timelines.
• The mechanism will also allow Angel Funds and Accredited Investor-only (AI-only) schemes to begin fundraising almost immediately after filing, improving speed and efficiency in capital markets.
• For first-time AIF schemes, launch permission will be granted either from the date of SEBI registration approval or after 10 working days of filing, whichever is later.
• The proposal is expected to replace certain compliance requirements, including allowing undertakings from AIF managers’ CEO and compliance officer instead of traditional merchant banker due diligence certificates.
• At present, AIF schemes can be launched only after a 30-day cooling period, but the new framework significantly reduces regulatory delays.
• The GARUDA mechanism will enable faster and more efficient capital deployment, supporting the growing Alternative Investment Fund industry in India.

Recent News :

• In May 2026, The Securities and Exchange Board of India (SEBI) discontinued the Investor Risk Reduction Access (IRRA) platform for stock brokers with immediate effect.

About SEBI :

• Established : 12 April 1988 as an executive body and was given statutory powers on 30 January 1992 through the SEBI Act, 1992
• Headquarters : Mumbai, Maharashtra
• Chairman : Tuhin Kanta Pandey
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of the Ministry of Finance (MoF), GoI.

Finance Ministry Designates Principal Bench of Goods and Services Tax Appellate Tribunal as National Appellate Authority for Advance Rulings

• The Ministry of Finance (MoF) empowered the Principal Bench of the Goods and Services Tax Appellate Tribunal (GSTAT), New Delhi to function as the National Appellate Authority for Advance Rulings (NAAAR).
• The notification came into effect from April 1, 2026, following the recommendation of the GST Council under Section 101A(1A) of the CGST Act, 2017.

Key Highlights :

• The President of GSTAT will act as the Presiding Officer of NAAAR.
• The Principal Bench of GSTAT, acting as NAAAR, will resolve disputes arising from divergent advance rulings issued across different States and Union Territories (UTs) under Section 101B of the CGST Act, 2017.
• The move aims to ensure a single and uniform interpretation of GST laws and reduce inconsistencies in advance rulings across jurisdictions.
• The Principal Bench of GSTAT was constituted under Section 109(3) of the CGST Act, 2017 and is located in New Delhi.
• The tribunal consists of a President, one Judicial Member, and two Technical Members representing the Centre and States.
• The GSTAT is a statutory appellate body established under the Central Goods and Services Tax Act, 2017.
• The GSTAT structure includes 31 State Benches in addition to the Principal Bench, spread across 45 locations nationwide for wider access.
• Each State Bench consists of two Judicial Members and two Technical Members (one from Centre and one from State).
• Members of GSTAT hold office for four years, or until attaining the age of 70 years (President/Judicial) and 67 years (Technical Members).
• The GSTAT generally handles disputes where the tax, interest, penalty, or refund amount is up to ₹20 lakh.
• Appeals involving disputes above ₹1 crore go to the High Court, while those above ₹2 crore are heard by the Supreme Court.
• For filing an appeal before GSTAT, 10% of the disputed tax amount must be paid (in addition to first appeal payment), subject to a maximum cap of ₹20 crore each for CGST and SGST.
• The creation of NAAAR under GSTAT will help resolve conflicting advance rulings and improve certainty and consistency in GST administration for businesses across India.

About Ministry of Finance:

• Cabinet Minister: Smt. Nirmala Sitharaman
• Minister of State (MoS): Shri Pankaj Chaudhary

Moody’s Cuts India’s Calendar Year 2026 Gross Domestic Product Growth Forecast to 6% in Latest Global Macro Outlook Update

• Moody's Ratings released its Global Macro Outlook – May 2026 Update, revising India’s Gross Domestic Product (GDP) growth forecast for Calendar Year 2026 (CY26) downward by 80 basis points to 6%, reflecting a weaker global and domestic economic outlook.
• The downgrade is driven by weak private consumption, slower capital formation, and subdued industrial activity, along with elevated energy costs impacting overall economic momentum.
• For CY2027, Moody’s further reduced India’s growth projection by 50 basis points to 6%, indicating continued moderation in medium-term growth expectations.
• The outlook highlighted risks arising from the United States–Iran confrontation and ongoing shipping disruptions in West Asia, which may impact global energy supply chains.
• India imports nearly 60% of its LPG requirement, and about 90% of these supplies pass through the Strait of Hormuz, making it vulnerable to geopolitical tensions in the region.
• The report warned that persistently high energy prices may lead to higher inflation, reduced corporate profits, lower investment activity, and stress on public finances.

CMS Info Systems secures ₹400 crore, five-year ATM services contract from HDFC Bank

• CMS Info Systems has secured a ₹400 crore contract from HDFC Bank for managing around 6,000 ATMs for a period of five years.
• The agreement is an integrated ATM managed services outsourcing contract, covering currency forecasting, cash logistics, and AI-based operational solutions.
• The company will deploy its Vision AI-based monitoring solution “HAWKAI”, aimed at improving ATM uptime, security, and regulatory compliance.
• The deal is expected to strengthen CMS Info Systems’ presence in the private banking sector, expanding its ATM management business footprint.
• CMS Info Systems stated that revenue contribution from private sector banks is expected to rise to around 30% by FY27, up from the current 25% level.
• The company has recently expanded partnerships with major banks, including ICICI Bank, strengthening its service network and banking relationships.
• CMS Info Systems had earlier secured a ₹1,000 crore ATM management contract from the State Bank of India (SBI), further reinforcing its position in the ATM managed services market in India.

About HDFC Bank:

• Founded: 1994
• Headquarters: Mumbai, Maharashtra, India
• Managing Director & CEO: Sashidhar Jagdishan
• Tagline: "We understand your world"

Securities and Exchange Board of India proposes new rules on use of Investor Protection Fund income by depositories

• Securities and Exchange Board of India (SEBI) has proposed allowing depositories to use up to 5% of the interest or income earned from Investor Protection Fund (IPF) investments for administrative and statutory expenses.
• The proposal aims to bring depositories in line with existing rules already applicable to stock exchanges, ensuring uniform regulatory treatment of IPF usage.
• The permitted administrative expenses may include salaries of IPF Trust employees, taxes, audit fees, Charity Commissioner fees, and other IPF-related operational costs.
• SEBI clarified that if expenses exceed the 5% limit, the additional expenditure must be borne by the concerned depository from its own funds.
• At present, depositories bear all IPF-related expenses from their own income, while 100% of IPF investment income is directly credited to the IPF corpus.

Reserve Bank of India overhauls authorisation and renewal framework for forex dealers under Foreign Exchange Management (Authorised Persons) Regulations, 2026

• The Reserve Bank of India (RBI) introduced the Foreign Exchange Management (Authorised Persons) Regulations, 2026 to rationalise authorisation and renewal framework for foreign exchange dealers.
• Under the revised framework, issuance of fresh licences for Full-Fledged Money Changers (FFMCs) will generally be discontinued, except for applications already under process.
• The regulations permit AD Category-I and AD Category-II entities to appoint Forex Correspondents (FxCs) under a principal–agent model for conducting money-changing operations.

Key Highlights :

• Forex Correspondents (FxCs) are allowed to:
• Buy and sell foreign currency notes, coins, and travellers’ cheques
• Operate for travel-related foreign exchange requirements
• Function as sub-agents under the Money Transfer Service Scheme (MTSS)
• Applicants seeking authorisation as foreign exchange dealers must be companies incorporated under the Companies Act, 2013.
• AD Category-I authorisation is restricted to banks licensed by RBI and includes full access to current and capital account transactions.
• AD Category-II entities include:
• RBI-licensed banks
• Registered NBFCs
• FFMCs / Forex Correspondents with at least 2 years of operations
• Entities with average annual forex turnover of ₹50 crore (last two financial years)
• AD Category-II entities must maintain a minimum positive net worth of ₹10 crore based on the latest audited balance sheet.
• AD Category-III authorisation applies to entities dealing in forex incidental to their business or offering innovative forex-related services.
• AD Category-III entities must maintain a minimum positive net worth of ₹2 crore and submit statutory auditor certification confirming compliance.
• AD Category-II entities are subject to a ₹25 lakh cap per foreign trade transaction, whereas AD Category-I banks have unrestricted transaction limits.
• The framework introduces strict “fit and proper” criteria for promoters, directors, and key managerial personnel, assessing: Integrity, Experience, Regulatory compliance record.

 CURRENT AFFAIRS: NATIONAL AND STATE NEWS

Jute Crop Information System Strengthens India’s Jute Sector with Satellite-Based Monitoring

• The Jute Crop Information System (JCIS) has been implemented to enable technology-driven monitoring of jute cultivation in India
• The initiative is led by the National Jute Board in collaboration with the Indian Space Research Organisation and the Jute Corporation of India
• JCIS integrates satellite data, weather analytics, and field-level inputs into a single unified platform for crop monitoring
• Two key tools developed under the system are:
• BHUVAN JUMP – a mobile application for field-level data collection
• PATSAN (Prospective Assessment of Jute Using Mobile App-Based Field Observations) – a web-based platform for real-time analytics
• The system enables:
• Near real-time estimation of crop area and production
• Continuous crop monitoring and automated reporting
• Early warning alerts for crop stress (floods, droughts, pests, temperature changes)
• Prior to JCIS, the sector faced issues such as:
• Fragmented and delayed crop data
• Manual and non-standardised data collection
• Lack of integration between satellite and field data
• The National Jute Board has facilitated large-scale geo-tagged data collection through field networks and Crop Cutting Experiments (CCEs) using geospatial techniques
• The system improves:
• Accuracy of yield estimation and production modelling
• Alignment between state and national data
• Evidence-based policy planning and interventions
• Future plans include:
• Expansion to more jute-growing regions
• Farmer advisory through mobile and SMS alerts
• Use of advanced analytics for sustainability and resource management
• Capacity building for field staff and stakeholders

Periodic Labour Force Survey Revised to Provide Monthly and Quarterly Labour Market Data

• The Periodic Labour Force Survey (PLFS) conducted by the National Statistical Office under the Ministry of Statistics and Programme Implementation has been revamped from January 2025
• The revised methodology aims to provide high-frequency labour market indicators for both rural and urban areas under the Current Weekly Status (CWS) framework
• Key objectives of the revised PLFS include:
• Monthly estimates of Labour Force Participation Rate (LFPR), Worker Population Ratio (WPR), and Unemployment Rate (UR)
• Quarterly estimates for both rural and urban areas
• Annual estimates under Usual Status (Principal Status + Subsidiary Status) and Current Weekly Status (CWS)
• Earlier, PLFS quarterly data covered only urban areas; from April–June 2025, it includes both rural and urban areas
• Key findings (January–March 2026, Age 15+):
• Labour Force Participation Rate (LFPR):
• Overall: 55.5% (slightly down from 55.8%)
• Rural: 58.2%
• Urban: 50.2%
• Female Labour Force Participation Rate (LFPR):
• Overall: 34.7% (stable)
• Rural: 39.2%
• Urban: 25.4%
• Worker Population Ratio (WPR):
• Overall: 52.8%
• Rural: 55.7%
• Urban: 46.9% (stable)
• Unemployment Rate (UR):
• Urban: 6.6% (declining trend)
• Rural: 4.3% (slight increase)
• In rural areas:
• Share of regular wage/salaried workers increased to 15.5%
• Share of self-employed declined to 62.5%
• Sectoral employment trends:
• Rural employment in agriculture declined to 55.8%
• Employment increased in:
• Secondary sector (22.6%)
• Tertiary sector (21.7%)
• Urban sectoral distribution remained largely stable
• The estimated number of employed persons (age 15+) stood at 57.4 crore
• Male: 40.2 crore
• Female: 17.2 crore
• The survey covered 5,61,822 persons across India:
• Rural: 3,20,387
• Urban: 2,41,435
• The revised PLFS enhances data coverage, frequency, and accuracy, supporting better policy-making and labour market analysis

RECENT NEWS

• The Ministry of Statistics and Programme Implementation (MoSPI) has announced a comprehensive revision of the base year for Gross Domestic Product (GDP), Consumer Price Index (CPI), and Index of Industrial Production (IIP). The new base year for GDP and IIP will be 2022-23, while for CPI it will be 2024

Chief Justice of India Surya Kant Announces Judicial Infrastructure Advisory Committee for Court Reforms

• The Chief Justice of India Surya Kant has announced the formation of a Judicial Infrastructure Advisory Committee to improve court infrastructure across India
• The committee aims to address issues such as poor facilities, outdated buildings, digital gaps, and delays in case handling
• The committee will be headed by Justice Aravind Kumar
• The objective is to identify infrastructure gaps and develop a national roadmap for judicial infrastructure development
• The initiative focuses on strengthening infrastructure in High Courts and District Courts across different states
• The committee will submit its recommendations to the Chief Justice of India, followed by coordination with the Government of India and State Governments for implementation and funding
• Key members of the committee include:
• Justice Debangsu Basak
• Justice Ashwani Kumar Mishra
• Justice Somasekhar Sundaresan
• Director General, Central Public Works Department (CPWD)
• Secretary General, Supreme Court of India
• The reform aims to resolve long-standing challenges such as:
• Overcrowded courtrooms
• Inadequate waiting areas
• Poor digital infrastructure
• Lack of facilities for lawyers and litigants
• Administrative delays
• The initiative is expected to improve efficiency and speed of justice delivery through modernised judicial infrastructure

India Launches $1.5 Billion Bharat Maritime Insurance Pool to Boost Shipping Sector

• The Department of Financial Services, Ministry of Finance held an event chaired by Secretary, DFS to launch the domestic insurance pool, namely 'Bharat Maritime Insurance Pool' (BMIP) of USD 1.5 billion, with a sovereign guarantee of USD 1.4 billion/₹12,980 crores to facilitate continuous maritime insurance coverages.
• The pool covers all maritime risks such as Hull and Machinery, Cargo, P&I and War risk for Indian flagged or controlled vessels or vessels destined to or starting from India, in the context of the current Middle East tensions.
• The initiative aims to reduce dependence on foreign insurers and ensure uninterrupted insurance coverage for vessels and maritime assets
• The pool has a total size of $1.5 billion, backed by a $1.4 billion sovereign guarantee
• It provides insurance coverage for vessels operating to and from India globally
• The initiative was approved by the Union Cabinet in April 2026 and is now operational
• The government has issued the first insurance covers to:
• Vedanta Sterlite Copper Limited
• Balrampur Chini Mills Limited
• Hoger Offshore and Marine Private Limited
• The initiative addresses key challenges such as:
• High insurance costs due to foreign dependence
• Risk of coverage disruption during global conflicts
• Limited domestic control over maritime risks
• The Bharat Maritime Insurance Pool aims to provide reliable domestic insurance support and strengthen India’s maritime trade resilience

India Raises Import Duty on Gold and Silver to 15% to Protect Rupee and Forex Reserves

• The Government of India has increased import duty on gold and silver to 15%
• The move aims to protect foreign exchange reserves and support the Indian rupee amid global uncertainties
• The customs duty on gold and silver has been increased from 6% to 15%
• For platinum, the duty has been raised from 6.4% to 15.4%
• The revised duty structure includes:
• 10% Basic Customs Duty (BCD)
• 5% Agriculture Infrastructure and Development Cess (AIDC)
• The duty hike also applies to gold dore, silver dore, coins, and findings
• The decision comes amid:
• Rising crude oil prices
• Geopolitical tensions (especially in West Asia)
• Global economic uncertainties
• India relies heavily on imports for:
• Crude oil
• Fertilisers
• Industrial raw materials
• Defence equipment
• Capital goods and technology
• Gold imports are largely consumption-driven, leading to high foreign exchange outflows without contributing significantly to productive economic activity
• The measure aims to reduce non-essential imports and conserve foreign currency
• The move is expected to help control the Current Account Deficit (CAD) and reduce pressure on the Indian rupee
• A weaker rupee increases the cost of imports such as fuel, electronics, edible oils, and industrial inputs, making such policy interventions necessary

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Dr. Harvansh Chawla appointed as Chairman of BRISEC Chamber of Commerce and Industry

• Legal expert Dr. Harvansh Chawla has been appointed as the Chairman of the BRISEC Chamber of Commerce & Industry (BRISEC CCI) after stepping down from his earlier role as Chairman of the BRICS Chamber of Commerce & Industry (BRICS CCI).
• Dr. Harvansh Chawla is the Founder and Managing Partner of K.R. Chawla & Co. Advocates (since 1994) and is an expert in infrastructure, privatisation (including port privatisation in India), and banking transactions.
• He has handled major financial deals including ABN-AMRO and Bank of America transactions, highlighting his experience in international banking and corporate law.
• He is associated with global professional bodies such as the International Bar Association (IBA), Inter-Pacific Bar Association (IPBA), and Indo-USA Business Council.
• In his previous role, he served as the Chairman of BRICS CCI since May 2025, where he helped build platforms for business-policy collaboration across borders.
• Under his leadership, BRISEC CCI will organise trade delegations, global forums, and policy interactions to strengthen international economic linkages.

About BRISEC CCI :

• The BRISEC CCI, established in May 2026, is recognised by NITI Aayog and focuses on promoting global trade, investment, innovation, and economic cooperation beyond BRICS countries.
• The organisation aims to strengthen cross-border trade and investment opportunities, foster partnerships across emerging and developed markets, and encourage innovation and collaboration across key sectors.
• It also works to facilitate policy dialogue to improve global business engagement and create a smoother environment for international trade and cooperation.

Bulgarian Parliament Elects Rumen Radev as New Prime Minister

• The National Assembly of Bulgaria formally elected and swore in former President Rumen Radev of the Progressive Bulgaria Party as the Prime Minister of Bulgaria in Sofia, Bulgaria.
• Rumen Radev secured the support of 124 out of 240 members in the Bulgarian Parliament.
• The election marked Bulgaria’s eighth parliamentary election in five years, following the collapse of former Prime Minister Rosen Zhelyazkov’s government in December 2025.
• Rumen Radev holds the rank of Major General and previously served as a professional fighter pilot.
• He was the Commander of the Bulgarian Air Force from 2014 to 2016.
• He served as the President of Bulgaria from 2017 and was re-elected in 2021.
• In January 2026, he resigned from the presidency to contest the parliamentary elections, becoming the first head of state in Bulgaria’s post-Communist history to resign for this purpose.
• The parliamentary elections in which he participated were held in April 2026.
• Rumen Radev received several international honours, including the Order of Merit (Italy, 2024), Order of Prince Henry (Portugal, 2022), and the Order of the Redeemer (Greece, 2017).

About Bulgaria :

• Capital : Sofia
• Currency : Euro

CURRENT AFFAIRS : DEFENCE NEWS

India successfully tests advanced Agni missile with Multiple Independently Targeted Re-Entry Vehicle system

• India successfully conducted the flight-trial of an advanced Agni missile equipped with Multiple Independently Targeted Re-entry Vehicle (MIRV) technology from Dr APJ Abdul Kalam Island, Odisha.
• The missile was tested with multiple payloads, each capable of striking different targets spread across a large geographical area in the Indian Ocean Region.
• The trial demonstrated India’s capability to simultaneously engage multiple strategic targets using a single missile system through MIRV technology.
• The entire missile trajectory from lift-off to payload impact was tracked using multiple ground-based and ship-based telemetry and tracking stations.
• Flight data confirmed that all mission objectives were successfully achieved, validating the system’s performance.
• The missile has been developed by Defence Research and Development Organisation (DRDO) laboratories with support from Indian industries, reflecting strong indigenous defence capability.
• The trial was witnessed by senior DRDO scientists and Indian Army personnel, highlighting its strategic importance.
• The Agni-5 MIRV variant is capable of carrying approximately 4–5 nuclear warheads with independent targeting capability.
• With this development, India joins an elite group of countries possessing MIRV technology, including the United States, Russia, China, France, and the United Kingdom.

About DRDO:

• Founded: 1958
• Headquarters: New Delhi, India
• Parent Ministry: Ministry of Defence, Government of India
• Chairman: Dr. Samir V. Kamat

Indian Air Force Maintenance Command and Centre for Airpower and Strategic Studies Organise Joint Aerospace Power Seminar in Nagpur

• Headquarters Maintenance Command of the Indian Air Force (IAF), in collaboration with the Centre for Airpower and Strategic Studies (CAPSS), organised a one-day Joint Aerospace Power Seminar at Nagpur.
• The seminar was conducted on the theme “Efficient Maintenance and Atmanirbharta Enablers of Airpower”, focusing on maintenance efficiency and self-reliance in strengthening India’s aerospace capability.
• The event brought together senior military leaders, domain experts, strategic thinkers, and operational stakeholders to discuss the role of maintenance systems in enhancing operational readiness and national security.
• Air Marshal Yalla Umesh, VSM, PhD, Air Officer Commanding-in-Chief, Maintenance Command, attended the seminar as the Chief Guest.
• The seminar included presentations and panel discussions on emerging maintenance practices, technological advancements, indigenisation initiatives, and policy frameworks related to aerospace maintenance and defence production.
• The event served as a platform for knowledge exchange and collaboration between defence think tanks and operational agencies to drive innovation in aerospace maintenance.
• The seminar concluded with a shared commitment to strengthen cooperation between think tanks and the armed forces for advancing transformative changes in aerospace maintenance and capability development.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Indian Army inducts indigenous ULPGM and AGNIKAA VTOL-1 kamikaze drone systems developed by Adani Defence

• The Indian Army (IA) inducted two indigenous combat systems under the Emergency Procurement-6 (EP-6) programme — the UAV-Launched Precision Guided Munition (ULPGM) and AGNIKAA VTOL-1 First-Person View (FPV) Kamikaze Drone — from Adani Defence & Aerospace Limited in Hyderabad, Telangana.
• The induction took place after successful high-altitude, Electronic Warfare (EW), and precision-strike trials conducted in the presence of officials from the Western Command of the Indian Army.

Key Highlights :

• The ULPGM was jointly developed by the Defence Research and Development Organisation (DRDO) under the Ministry of Defence (MoD) and Adani Defence & Aerospace Limited.
• The ULPGM is India’s first indigenous loitering munition in its category and is equipped with an Imaging Infrared (IIR) seeker for precision targeting.
• The system can be launched from Unmanned Aerial Vehicles (UAVs) and is capable of striking both stationary and moving targets in all-weather, day-night, GPS-denied, and communication-jammed environments.
• The ULPGM has an operational UAV range of up to 20 km, a strike range of 2.5 km, carries a 2-kg warhead, and offers targeting accuracy of about one metre CEP (Circular Error Probable).
• AGNIKAA VTOL-1 is India’s first FPV kamikaze drone in its category, specifically designed for urban warfare, confined spaces, and open battlefield operations.
• The AGNIKAA VTOL-1 has an operational range of up to 5 km, endurance of 30 minutes, maximum speed of 60 kmph, and a lethality radius of 5 metres against personnel and soft-skinned vehicles.
• The drone is equipped with advanced anti-jamming capabilities, enabling effective performance in electronic warfare conditions.
• The induction of both systems marks a major boost to India’s indigenous defence manufacturing, strengthening the country’s capabilities in precision-strike and modern battlefield technologies.

About Indian Army :

• Headquarters : New Delhi, India
• Chief of the Army Staff (COAS) : General Upendra Dwivedi

CURRENT AFFAIRS : APPS & PORTALS

Central Government plans “One Nation, One App” system for electric vehicle charging nationwide

• The Central Government has approved proposals worth ₹503.86 crore for installing 4,874 electric vehicle (EV) chargers across various States and Central Public Sector Enterprises (CPSEs).
• The implementation involves major CPSEs such as Hindustan Petroleum Corporation Limited. (HPCL), Indian Oil Corporation Ltd. (IOCL), and Bharat Petroleum Corporation Ltd. (BPCL), along with states including Rajasthan, Andhra Pradesh, Uttar Pradesh, Gujarat, Kerala, Telangana, Karnataka, and Tamil Nadu.
• D. Kumaraswamy announced the launch of the Unified Bharat e-Charge (UBC) platform, described as a “UPI for EV charging” to enhance digital mobility infrastructure.
• The platform aims to provide a “One Nation, One App” system, enabling EV users to locate, book, access, and pay for charging stations across multiple networks through a single unified interface.
• The National Payments Corporation of India (NPCI) has developed the framework for the National Unified EV Charging Hub, while Bharat Heavy Electricals Limited (BHEL) will oversee the implementation of the platform.
• The initiative addresses key challenges such as fragmented charging apps, multiple payment systems, low charger visibility, and lack of interoperability among EV charging networks.
• The rollout is part of the PM E-DRIVE scheme, under which the government plans to install around 72,300 public EV charging stations with an allocation of ₹2,000 crore by 2030, including 44,000 chargers for two- and three-wheelers, 26,000 fast chargers for passenger vehicles, and 1,800 high-capacity chargers for buses and trucks

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

National Aeronautics and Space Administration’s Psyche spacecraft captures rare crescent view of Mars during flyby

• The National Aeronautics and Space Administration’s (NASA) Psyche Mission captured a rare image of Mars appearing as a thin glowing crescent during its deep-space journey.
• At the time of imaging, the Psyche spacecraft was approximately 8 million kilometres away from Mars, showcasing its advanced long-distance imaging capability.
• The spacecraft is not travelling to Mars but is using the planet’s gravity for a “gravity assist” manoeuvre to increase speed and save fuel on its journey toward the metal-rich asteroid Psyche.
• NASA launched the Psyche spacecraft on 13 October 2023 with the objective of studying the asteroid Psyche, believed to be rich in metals and possibly the exposed core of an early planet.
• The asteroid Psyche’s gravity is expected to capture the spacecraft in late July 2029, while the mission’s prime scientific operations will begin in August 2029.
• The spacecraft will spend around two years orbiting asteroid Psyche to take pictures, map the surface, and analyse its composition and structure.
• The body of the Psyche spacecraft is about the size of a small van and uses a solar-electric propulsion system powered by xenon gas, allowing gradual acceleration during long-distance space travel.
• The mission carries a Magnetometer instrument to detect evidence of an ancient magnetic field on asteroid Psyche.
• A Gamma-ray and Neutron Spectrometer onboard will help scientists identify the chemical elements present on the asteroid’s surface.
• The spacecraft also includes a Multispectral Imager consisting of two identical cameras with telescopic lenses and filters to capture images of the asteroid in different wavelengths of light.

About NASA :

• Formed : July 29, 1958
• Headquarters : Washington, D.C.
• Administrator : Jared Isaacman

CURRENT AFFAIRS: MOUS AND AGREEMENT

Dhash Defense Systems and IIT Ropar Defence Research and Innovation Foundation Sign Memorandum of Understanding for Indigenous Defence Mobility

• Dhash Defense Systems Private Limited (DDS) and IIT Ropar Defence Research and Innovation Foundation have signed a Memorandum of Understanding (MoU) to strengthen indigenous defence mobility capabilities
• The partnership focuses on advanced ground mobility systems, including:
• Unmanned Ground Vehicles (UGVs)
• Robotic Combat Vehicles (RCVs)
• All-terrain and specialised mobility platforms
• The initiative emphasises Indigenously Designed, Developed and Manufactured (IDDM) solutions with high local content
• The collaboration includes a joint Research and Development (R&D) programme in autonomous systems, robotics, and next-generation mobility platforms
• The platforms will be designed for extreme environments such as:
• High-altitude regions
• Deserts
• Forests
• Coastal areas
• Dhash Defense Systems Private Limited will focus on design and manufacturing of modular mobility platforms, including autonomous and intelligent systems
• IIT Ropar Defence Research and Innovation Foundation will provide research support, domain expertise, and operational insights for defence applications
• The collaboration supports the Government of India initiatives such as Make in India and Aatmanirbhar Bharat
• The partnership aims to:
• Transition from manned to autonomous platforms
• Promote Artificial Intelligence (AI)-driven mobility systems
• Reduce dependence on foreign defence imports
• It is expected to accelerate the development of next-generation, field-ready defence systems and strengthen India’s defence manufacturing ecosystem

Confederation of Indian Industry and National University of Singapore Sign Memorandum of Understanding for Artificial Intelligence Leadership Programme

• Confederation of Indian Industry (CII) and National University of Singapore – Institute of Systems Science (NUS-ISS) have signed a Memorandum of Understanding (MoU) to enhance digital leadership and governance in Artificial Intelligence (AI)
• The MoU was exchanged at the CII Annual Business Summit in the presence of N. Chandrababu Naidu and Simon Wong
• The partnership aims to strengthen India’s digital transformation ecosystem and build AI leadership capabilities among enterprises
• Under the collaboration, both organisations will jointly deliver the ‘Leadership Programme on Artificial Intelligence and Governance’
• The programme is designed for:
• Board members
• Chief Executive Officers (CEOs)
• Senior executives and decision-makers
• It will focus on:
• Artificial Intelligence (AI)
• Digital governance
• Cybersecurity
• Innovation leadership
• Emerging technologies
• The programme builds on three pilot editions conducted in Singapore (2024–2025)
• It will now be expanded with half-yearly sessions planned for 2026, 2027, and 2028
• More than 65 Indian industry executives have already been trained, with a target to train over 100 executives by 2026
• The initiative aligns with the ‘Digitalisation’ and ‘Skilling’ pillars of the India–Singapore Comprehensive Strategic Partnership
• The Global Leadership Centre of CII in Amaravati, Andhra Pradesh will anchor the joint programmes
• The partnership will also promote digital upskilling, executive education, and knowledge exchange between India and Singapore

RECENT NEWS

• CEO and Managing Director of Tata Chemicals of Tata Chemicals, R Mukundan assumed the office as president of the Confederation of Indian Industry (CII). He appointed for a period of 2026-27. He will succeeds the Rajiv Memani and he will bring the more than three decades of leadership experience form the Tata group.

D Y Patil International University Signs Memorandum of Understanding with Dassault Systèmes to Establish Digital Engineering Centre

• D Y Patil International University (DYPIU) has signed a Memorandum of Understanding (MoU) with Dassault Systèmes
• The partnership aims to establish an Advanced Digital Engineering and Digital Manufacturing Experience Centre on campus
• The initiative focuses on strengthening industry–academia collaboration and enhancing student employability
• The Experience Centre will integrate advanced digital technologies into the Smart Manufacturing curriculum
• It is among the first such initiatives in Maharashtra to create industry-ready talent
• The centre will include NextGen Product Innovation Lab, Intelligent Production System Lab, and Virtual Twin and Simulation Lab with Virtual Reality (VR)
• The collaboration will provide live projects, certification programmes, internships, and industry interactions
• It will support faculty development and curriculum aligned with global industry standards
• A three-year Training of Trainers (ToT) programme will train faculty in advanced digital manufacturing workflows
• The initiative aims to promote research, innovation, and Industry 4.0 readiness and support the Make in India initiative

CURRENT AFFAIRS: SPORTS NEWS

Rahul Dravid Becomes Owner of Dublin Franchise in European T20 Premier League

• Rahul Dravid, former Indian cricketer, has become the owner of the Dublin franchise in the European T20 Premier League (ETPL)
• The European T20 Premier League (ETPL) is Europe’s first International Cricket Council (ICC)-sanctioned multi-country franchise T20 league
• The league aims to promote and accelerate the growth of cricket in Europe
• It is a multi-country tournament involving cricket boards of:
• Ireland
• Scotland
• Netherlands
• The league is launched in partnership with:
• Cricket Ireland
• Cricket Scotland
• Royal Dutch Cricket Association
• Rahul Dravid will own the Dublin Guardians, one of the six inaugural franchises
• Other franchises include teams based in:
• Belfast
• Edinburgh
• Glasgow
• Amsterdam
• Rotterdam
• Rahul Dravid’s association is significant as he is:
• Former captain of India
• Former Head Coach of the Indian team (ICC Men’s T20 World Cup 2024-winning team)
• Known for his role in youth cricket development

Daily CA One- Liner: May 14

• The Jute Crop Information System (JCIS) has been implemented to enable technology-driven monitoring of jute cultivation in India
• The Periodic Labour Force Survey (PLFS) conducted by the National Statistical Office under the Ministry of Statistics and Programme Implementation has been revamped from January 2025
• The Chief Justice of India Surya Kant has announced the formation of a Judicial Infrastructure Advisory Committee to improve court infrastructure across India
• The Department of Financial Services, Ministry of Finance held an event chaired by Secretary, DFS to launch the domestic insurance pool, namely 'Bharat Maritime Insurance Pool' (BMIP) of USD 1.5 billion, with a sovereign guarantee of USD 1.4 billion/₹12,980 crores to facilitate continuous maritime insurance coverages.
• The Government of India has increased import duty on gold and silver to 15%
• Dhash Defense Systems Private Limited (DDS) and IIT Ropar Defence Research and Innovation Foundation have signed a Memorandum of Understanding (MoU) to strengthen indigenous defence mobility capabilities.
• Confederation of Indian Industry (CII) and National University of Singapore – Institute of Systems Science (NUS-ISS) have signed a Memorandum of Understanding (MoU) to enhance digital leadership and governance in Artificial Intelligence
• D Y Patil International University (DYPIU) has signed a Memorandum of Understanding (MoU) with Dassault Systèmes
• Rahul Dravid, former Indian cricketer, has become the owner of the Dublin franchise in the European T20 Premier League .
• The Government of India in partnership with the International Fund for Agricultural Development (IFAD) launched a new Country Strategic Opportunities Programme (COSOP) 2026–2033 to enhance rural incomes, resilience, and sustainable livelihood opportunities across India.
• The Department of Financial Services (DFS) under the Ministry of Finance launched the Bharat Maritime Insurance Pool (BMIP) with a size of USD 1.5 billion and a sovereign guarantee of USD 1.4 billion (₹12,980 crore) to ensure uninterrupted maritime insurance coverage amid global geopolitical tensions.
• The Securities and Exchange Board of India (SEBI) has proposed a new regulatory framework called the “Green-Channel: AIF Rollout Upon Document Acknowledgement (GARUDA) mechanism” to speed up the launch process of Alternative Investment Fund (AIF) schemes in India.
• The Ministry of Finance (MoF) empowered the Principal Bench of the Goods and Services Tax Appellate Tribunal (GSTAT), New Delhi to function as the National Appellate Authority for Advance Rulings (NAAAR).
• Moody's Ratings released its Global Macro Outlook – May 2026 Update, revising India’s Gross Domestic Product (GDP) growth forecast for Calendar Year 2026 (CY26) downward by 80 basis points to 6%, reflecting a weaker global and domestic economic outlook.
• CMS Info Systems has secured a ₹400 crore contract from HDFC Bank for managing around 6,000 ATMs for a period of five years.
• Securities and Exchange Board of India (SEBI) has proposed allowing depositories to use up to 5% of the interest or income earned from Investor Protection Fund (IPF) investments for administrative and statutory expenses.
• The Reserve Bank of India (RBI) introduced the Foreign Exchange Management (Authorised Persons) Regulations, 2026 to rationalise authorisation and renewal framework for foreign exchange dealers.
• Legal expert Harvansh Chawla has been appointed as the Chairman of the BRISEC Chamber of Commerce & Industry (BRISEC CCI) after stepping down from his earlier role as Chairman of the BRICS Chamber of Commerce & Industry (BRICS CCI).
• The National Assembly of Bulgaria formally elected and swore in former President Rumen Radev of the Progressive Bulgaria Party as the Prime Minister of Bulgaria in Sofia, Bulgaria.
• India successfully conducted the flight-trial of an advanced Agni missile equipped with Multiple Independently Targeted Re-entry Vehicle (MIRV) technology from Dr APJ Abdul Kalam Island, Odisha.
• Headquarters Maintenance Command of the Indian Air Force (IAF), in collaboration with the Centre for Airpower and Strategic Studies (CAPSS), organised a one-day Joint Aerospace Power Seminar at Nagpur.
• The Indian Army (IA) inducted two indigenous combat systems under the Emergency Procurement-6 (EP-6) programme — the UAV-Launched Precision Guided Munition (ULPGM) and AGNIKAA VTOL-1 First-Person View (FPV) Kamikaze Drone — from Adani Defence & Aerospace Limited in Hyderabad, Telangana.
• The Central Government has approved proposals worth ₹503.86 crore for installing 4,874 electric vehicle (EV) chargers across various States and Central Public Sector Enterprises (CPSEs).
• The National Aeronautics and Space Administration’s (NASA) Psyche Mission captured a rare image of Mars appearing as a thin glowing crescent during its deep-space journey.