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CURRENT AFFAIRS : BANKING, FINANCE & BUSINESS

Securities and Exchange Board of India Eases Norms, Allows Greater Flexibility in Borrowings for Infrastructure Investment Trusts and Special Purpose Vehicles

• Securities and Exchange Board of India (SEBI) has widened the permissible use of fresh borrowings by Infrastructure Investment Trusts (InvITs) where net debt exceeds 49% of asset value, aiming to improve operational efficiency and asset performance.
• SEBI has allowed InvITs to use additional borrowings for capital expenditure, capacity expansion, major maintenance, and asset performance improvement, particularly in road infrastructure projects.
• The regulator permitted refinancing of existing debt, but only for the principal amount of the original borrowing used for approved purposes.
• SEBI clarified that interest, penalties, and other charges cannot be refinanced, ensuring borrowing discipline and financial prudence.
• SEBI has also relaxed norms for Special Purpose Vehicles (SPVs) linked to infrastructure projects whose concession agreements have expired or been terminated.
• Under the revised framework, such SPVs can retain their status if the InvIT exits the investment or acquires a new infrastructure project within one year.
• The one-year timeline will begin after completion of litigation, tax assessments, defect liability period, or termination of concession agreements (whichever is later).
• SEBI mandated additional disclosures by InvITs, including details of liabilities, pending claims, debt repayment schedules, and exit strategies for SPVs.
• InvITs must clearly disclose a plan of action for exiting SPV investments or acquiring new infrastructure assets, ensuring greater transparency.

Recent News :

• In May 2026, The Securities and Exchange Board of India (SEBI) proposed allowing select agricultural commodity derivatives contracts to be initially financially settled before transitioning to compulsory physical settlement.

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.

India’s Wholesale Price Index inflation rises to 42-month high of 8.3% in April 2026

• India’s Wholesale Price Index (WPI)-based inflation surged to 8.3% in April 2026, marking a 42-month high, compared to 3.88% in March.
• On a month-on-month basis, WPI inflation rose to 86% in April from 1.52% in March, indicating a rise in input cost pressures in the economy.
• The WPI measures price changes at the wholesale market level and is compiled by the Department for Promotion of Industry and Internal Trade (DPIIT) under the Ministry of Commerce and Industry.
• The base year of WPI is 2011–12, and it includes a total of 697 items classified into three major categories.
• The WPI basket is dominated by Manufactured Products (64.23%), followed by Primary Articles (22.62%) and Fuel & Power (13.15%), reflecting trends in industrial, agricultural, and energy prices.
• The sharp rise in inflation was driven mainly by higher prices of mineral oils, crude petroleum, natural gas, basic metals, manufactured products, and non-food articles.
• Inflation in the Fuel & Power segment rose sharply to 24.71% in April, compared to 1.05% in March.
• The Primary Articles segment recorded inflation of 9.17%, up from 6.36% in March.
• The Manufactured Products segment, which has the highest weight in the WPI basket, registered inflation of 4.62% in April, compared to 3.39% in March.
• The WPI Food Index, covering food articles and food products, increased to 2.31% from 1.85%, reflecting a rise in food price pressures.

Goods and Services Tax Appellate Tribunal Sets Up Nationwide Benches and Introduces Structured System for Listing GST Appeals

• Goods and Services Tax Appellate Tribunal (GSTAT) formally operationalised benches across India and introduced a structured framework for categorisation, scrutiny, and listing of GST appeals.
• The move aims to strengthen India’s GST dispute resolution mechanism and reduce the burden on High Courts through a dedicated appellate system for GST cases.
• Division Bench scrutiny has been made mandatory before assigning any matter to a Single Bench to ensure consistency in handling significant legal issues.
• Cases involving tax liability below ₹50 lakh and not involving substantial questions of law may be heard by a Single Bench after approval from the President or Vice-President of GSTAT.

Key Highlights :

• GSTAT is a statutory appellate body established under the Central Goods and Services Tax Act, 2017 (CGST Act).
• The tribunal consists of 31 State Benches along with a Principal Bench in New Delhi, spread across 45 locations to provide nationwide access for GST dispute resolution.
• Each State Bench comprises two Judicial Members, one Technical Member (Centre), and one Technical Member (State).
• The President, Judicial Members, and Technical Members of GSTAT will hold office for four years or until attaining the age of 70 years for the President and 67 years for members.
• GSTAT classified disputes into three categories for hearing purposes under the new framework.
• Category I includes matters related to classification, valuation, notifications, Input Tax Credit (ITC), taxability, and proceedings under Sections 73 and 74 of the CGST Act.
• Category II covers disputes relating to registration, cancellation, assessment, recovery, refund, and provisional assessment.
• Category III includes matters related to seizure, confiscation, rectification, provisional attachment, penalty, compounding, and residual issues.
• The order clarified that Category III disputes will ordinarily be heard by the Bench handling the principal dispute.

Recent News :

• In May 2026, 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).

ICICI Bank, in partnership with Visa, launches India’s first USD-denominated debit card

• ICICI Bank has launched a USD-denominated debit card in partnership with Visa, aimed at helping Non-Resident Indians (NRIs) manage offshore wealth more efficiently.
• The card enables users to spend directly in US dollars, eliminating the need for currency conversion layers and avoiding forex markup charges (2–3.5%) and GST on international transactions.
• The debit card is linked to a USD Global Savings Account maintained at the IFSC Banking Unit (IBU) in GIFT City, rather than a domestic INR-based account.
• The card offers zero markup on USD transactions at Point of Sale (PoS) and e-commerce platforms worldwide, ensuring cost-efficient global usage.
• It is accepted across domestic and international ATMs, PoS terminals, and e-commerce platforms, enabling multi-currency usability for seamless global transactions.
• The card is equipped with EMV chip-enabled security technology, ensuring compliance with regulatory standards and enhanced transaction safety.
• Users can enable or disable ATM, PoS, e-commerce, and contactless payments via GIFT City NetBanking, along with setting daily transaction limits for better control.
• Cardholders get access to Visa Infinite privileges, including exclusive global offers, curated travel benefits, and lifestyle rewards.
• Both new and existing USD Global Savings Account holders with ICICI Bank are eligible for this USD debit card facility.

About ICICI Bank:

• Headquarters: Mumbai, Maharashtra, India
• CEO: Sandeep Bakhshi
• Founded Year: 1994 (as a bank; ICICI established in 1955)
• Slogan: "Hum Hai Na, Khayal Apka"

Central banks become net gold sellers for the first time in 10 months

• According to the World Gold Council (WGC), central banks became net sellers of gold in March 2026 for the first time in 10 months.

Key Highlights :

• Central banks sold a net 30 tonnes of gold during March 2026, mainly led by Türkiye and Russia.
• Türkiye sold 60 tonnes of gold for foreign exchange reserve management and liquidity purposes.
• The Central Bank of the Republic of Türkiye additionally swapped 80 tonnes of gold to manage liquidity conditions.
• Russia sold 6 tonnes of gold, mainly to support budget deficit financing and inject liquidity into the economy.
• Data from the State Oil Fund of Azerbaijan showed net sales of 22 tonnes during the first quarter of 2026.
• The National Bank of Poland emerged as the largest gold buyer in March 2026, purchasing 11 tonnes.
• Poland has remained a consistent net purchaser of gold for more than three years and significantly accelerated purchases during the last 12–18 months.
• The National Bank of Poland is currently regarded as the world’s leading central bank gold buyer.
• The People’s Bank of China continued its gold buying streak for the 17th consecutive month, adding 5 tonnes in March 2026.
• The Central Bank of Uzbekistan purchased 9 tonnes, while the National Bank of Kazakhstan bought 6 tonnes of gold during March.
• Guatemala and the Czech Republic each purchased 2 tonnes of gold in March 2026.
• As of March 31, 2026, the top gold buyers for the year were:
• Poland – 31 tonnes
• Uzbekistan – 25 tonnes
• Kazakhstan – 13 tonnes
• China – 7 tonnes
• Central banks of the Czech Republic, Malaysia, Guatemala, Kyrgyz Republic, Cambodia, Indonesia, and Serbia also remained net buyers of gold.
• Gold prices touched a record high of $5,608 per ounce on January 29, 2026, before declining over 15% to around $4,675 per ounce.
• Despite the correction, gold prices remained over 7% higher in 2026, continuing the rally that began in 2024.

 CURRENT AFFAIRS: NATIONAL AND STATE NEWS

Centre Launches ₹189.79 Crore Mizoram Ginger Mission to Boost Exports

• The Central Government has launched the ₹189.79 crore Mizoram Ginger Mission to transform Mizo ginger into a globally recognised agricultural brand.
• The initiative aims to improve processing, branding, exports, farmer incomes, and international market access for ginger farmers in Mizoram.
• The mission is supported by the Ministry of Development of North Eastern Region.
• It was launched virtually by Union Minister Jyotiraditya Scindia and Mizoram Chief Minister Lalduhoma.
• The Mizoram Ginger Mission is a value-chain development initiative designed to strengthen every stage of ginger production, from cultivation to international exports.
• The programme aims to address the issue of farmers producing high-value crops but receiving low market returns.
• Mizo ginger is receiving global attention because of its high oleoresin content of 6–8 percent, compared to the global average of around 3 percent.
• Oleoresin is widely used in:
• Food processing
• Pharmaceuticals
• Beverages
• Cosmetics
• Herbal products
• Despite its premium quality, farmers currently earn only around ₹8 to ₹15 per kilogram, while processed export-grade ginger products can sell for more than ₹500 per kilogram in international markets.
• The mission aims to bridge this major value gap through processing and branding.
• Union Minister Jyotiraditya Scindia described the initiative as the “Mizo Ginger Movement”, built around four major pillars:
• Value Addition
• Branding
• Market Integration
• Convergence
• Under value addition, the mission will encourage processing of raw ginger into higher-value products such as:
• Dried ginger
• Ginger extracts
• Oleoresin
• Ginger powder
• Packaged export products
• The branding component aims to create a strong premium identity for “Mizo Ginger” in domestic and international markets.
• Market integration will directly connect farmers with larger buyers and reduce dependence on middlemen.
• Convergence will align different departments, schemes, and infrastructure support systems for better efficiency.
• The project also includes major infrastructure development, including:
• One integrated processing hub
• Three spoke processing centres
• More than 30 strategic interventions across the value chain
• Mizoram already possesses a strong branding advantage through Geographical Indication status.
• Two ginger varieties from the state received Geographical Indication tags in 2021:
• Thingpui Ginger
• Thinglaidum Ginger

RECENT NEWS

• The Mizoram State Legislative Assembly has unanimously passed a resolution requesting the inclusion of the Mizo language in the Eighth Schedule of the Constitution of India. This resolution was introduced by State Education Minister Vanlalthlana. And they received support from all members of the assembly. 

About Mizoram:

• Capital: Aizawl
  • Chief Minister: Lalduhoma
  • Governor: Vijay Kumar Singh
  • National Parks: Murlen National Park
  • Wildlife Sanctuaries: Dampa Wildlife Sanctuary, Ngengpui Wildlife Sanctuary, Tawi Wildlife Sanctuary, Lengteng Wildlife Sanctuary, Thorangtlang Wildlife Sanctuary

Indian Institute of Tropical Meteorology Pune Launches Climate Innovation Startup Hub

• The Indian Institute of Tropical Meteorology, Pune, has launched a dedicated climate-tech startup incubation centre focused on weather and climate innovation.
• The launch took place alongside the Weather and Climate Innovation Meet for Startups and Entrepreneurs 2026.
• The incubation centre will support startups working in:
• Weather technology
• Climate analytics
• Forecasting applications
• Artificial Intelligence-driven climate solutions
• Disaster management tools
• Climate resilience technologies
• The centre is being developed under the National Enterprise for Atmospheric Technology initiative of the Ministry of Earth Sciences Mission Mausam programme.
• The initiative aims to strengthen collaboration among scientists, startups, entrepreneurs, public institutions, technology innovators, and sectoral users.
• The Weather and Climate Innovation Meet for Startups and Entrepreneurs 2026 acted as a national platform connecting climate science with commercial innovation.
• The main theme of the event was converting climate intelligence into actionable business intelligence, enabling industries and communities to use weather and climate data effectively.
• Mission Mausam is a five-year programme aimed at making India a weather-ready and climate-smart nation.
• Its major focus areas include:
• Advanced observations
• Improved modelling systems
• User-centric applications
• Faster dissemination of weather information
• Major organisations participating in the initiative included:
• India Meteorological Department
• National Centre for Medium Range Weather Forecasting
• National Centre for Polar and Ocean Research
• International Crops Research Institute for the Semi-Arid Tropics
• Indian Institutes of Technology
• Indian Institutes of Science Education and Research Pune
• The initiative is expected to strengthen India’s climate innovation ecosystem, disaster preparedness, and weather-based technology development

RECENT NEWS

• IIT Guwahati researchers have developed the unique material that can produce the hydrogen fuel and also purify seawater. This dual purpose innovation used a special MXene based catalyst to address two global challenges. This two challenges are the clean energy and safe drinking water. 

Rajasthan Launches First Semiconductor Cluster in Bhiwadi

• Rajasthan launched its first Semiconductor and Electronics Manufacturing Cluster in Bhiwadi, marking a major industrial milestone for the state.
• The cluster was inaugurated by Bhajan Lal Sharma.
• The project marks Rajasthan’s entry into India’s rapidly growing Semiconductor and Electronics Manufacturing Sector.
• According to Ashwini Vaishnaw, the Bhiwadi cluster has attracted investments worth around ₹1,200 Crore.
• The project is expected to generate nearly 2,500 Jobs.
• Semiconductors are essential components used in:
• Smartphones
• Computers
• Electric Vehicles
• Defence Systems
• Medical Equipment
• Telecom Networks
• Artificial Intelligence Hardware
• Industrial Electronics
• Bhiwadi was selected because of its strong industrial infrastructure and proximity to the National Capital Region.
• The cluster is expected to strengthen Rajasthan’s position in Advanced Manufacturing and Technology-Driven Industries.
• Chief Minister Bhajan Lal Sharma linked the project with the state government’s “Developed Rajasthan 2047” Vision.
• The Rajasthan Government stated that around 35 Industrial and Investment-Friendly Policies have been introduced during the past two years.
• Other major infrastructure projects announced during the event included:
• Elsina Electronics Complex
• 34 Million Litres Per Day Sewage Treatment Plant
• Additional development works in the Khairthal-Tijara Region
• The semiconductor cluster supports India’s ambitions in Semiconductor Manufacturing and Electronics Production.

RECENT NEWS

• Rajasthan state government has launched the Industrial Park Promotion Policy for the year 2026 to attract investment and create jobs. It will be led Chief Minister Bhajanlal Sharma and the policy aims to develop the world-class industrial parks.

About Rajasthan:

• Capital: Jaipur
• Governor: Haribhau Bagade
• Chief Minister: Bajan Lal Sharma
• National Parks: Ranthambhore National Park, Sariska Tiger Reserve, Keoladeo National Park (Bharatpur Bird Sanctuary), Desert National Park
• Wildlife Sanctuaries: Kumbhalgarh Wildlife Sanctuary, Darrah Wildlife Sanctuary, Ranthambore Wildlife Sanctuary, Bassi Wildlife Sanctuary

National Highways Authority of India Launches Project Saksham for Women Empowerment

• National Highways Authority of India launched Project Saksham to promote Inclusive Development through skill development and employment opportunities.
• The initiative is being implemented in collaboration with Vertis Foundation.
• Project Saksham aims to empower Rural Women by providing industry-relevant skills and improving access to formal employment opportunities.
• Main objectives of the initiative:
• Industry-Relevant Skill Development
• Promotion of Financial Independence
• Access to Formal Employment Opportunities
• Economic Empowerment of Rural Women
• The initiative operates through a structured skill development programme focused on underserved rural communities.
• Key features of Project Saksham:
• Skill Training Aligned with Industry Requirements
• Career Guidance Support
• Job Placement Assistance
• Focus on Practical Employability Skills
• The initiative connects infrastructure development with livelihood generation by supporting communities living near National Highways.
• Communities located near national highways are expected to:
• Benefit from Economic Opportunities
• Gain access to Training and Employment
• Participate in Local Development Activities
• Project Saksham reflects the growing focus on Women Empowerment, Financial Inclusion, and Inclusive Economic Growth in rural India.

RECENT NEWS

• The National Highways Authority of India (NHAI) has launched the innovative which named as the ‘Arogya Van’ initiative. This project will focuses on to planting the medicinal trees along the national highways to enhance biodiversity and sustainability.

India Concludes Kimberley Process Intersessional 2026 in Mumbai

• India concluded the Kimberley Process Intersessional Meeting 2026 in Mumbai under its chairship.
• The meeting was led by Piyush Goyal.
• The event focused on:
• Transparency in Diamond Trade
• Governance Reforms
• Responsible Sourcing
• Consumer Trust in Natural Diamonds
• Kimberley Process (KP) is an international initiative launched in 2000.
• Objective of KP:
• Prevent Conflict Diamonds from entering global markets
• Promote Ethical Diamond Trade
• Ensure Transparency in Diamond Supply Chain
• KP operates through the Kimberley Process Certification Scheme (KPCS).
• Participants in the Mumbai meeting included:
• KP Member Countries
• World Diamond Council
• Civil Society Organisations
• Industry Representatives
• India’s chairship theme was based on the 3Cs:
• Credibility
• Compliance
• Consumer Confidence
• India is the world’s largest Diamond Cutting and Polishing Hub.
• The diamond industry supports millions of livelihoods and contributes significantly to India’s exports.
• Key outcomes of the meeting:
• Stronger focus on Monitoring Mechanisms
• Improved Stakeholder Cooperation
• Increased emphasis on Transparency and Responsible Sourcing
• Decisions and discussions from the Mumbai meeting will guide the upcoming Kimberley Process Plenary in New Delhi.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Central Government extends Praveen Sood’s tenure as Central Bureau of Investigation Director by one more year

• The Central Government has extended the tenure of Praveen Sood as Director of the Central Bureau of Investigation (CBI) by one more year.
• The extension was approved by the Appointments Committee of the Cabinet (ACC) on 24 May 2026, based on the recommendation of the selection committee.
• Praveen Sood originally assumed charge as CBI Director on 25 May 2023 for a two-year term and has now received his second tenure extension.
• This marks his second extension in office since becoming the head of India’s premier investigative agency.
• The CBI (Central Bureau of Investigation) is India’s apex investigative agency responsible for handling corruption cases, economic offences, and major criminal investigations.
• The extension has been granted under provisions of the 2021 amended law relating to the Delhi Special Police Establishment (DSPE) Act, 1946, which governs the functioning of the CBI.
• The decision was taken after a meeting of the selection committee headed by Prime Minister Narendra Modi, along with the Chief Justice of India Surya Kant and Leader of Opposition in Lok Sabha Rahul Gandhi.

About CBI :

• The Central Bureau of Investigation (CBI) is India’s premier investigating agency, established in 1963 by the Government of India (GoI) under the Ministry of Home Affairs.
• The CBI is responsible for investigating cases related to corruption, economic offences, and other serious crimes.
• The CBI is headed by a Director, who is appointed by the Prime Minister of India on the recommendation of the Central Vigilance Commission (CVC).
• The CBI Headquarters is located in New Delhi.
• The organisation functions as the country’s top agency for major criminal investigations and integrity-related cases, ensuring enforcement of anti-corruption and economic crime laws.

CURRENT AFFAIRS : DEFENCE NEWS

INS Sagardhwani Leaves Malaysia After Successful Engagement with Royal Malaysian Navy

• Indian Navy’s oceanographic research vessel INS Sagardhwani departed Port Klang, Malaysia after completing a successful engagement with the Royal Malaysian Navy.
• The port call strengthened India–Malaysia maritime relations through a series of professional and scientific interactions between the two navies.
• Personnel from both sides exchanged knowledge on modern hydrographic practices, marine environmental research, and advanced oceanographic technologies.
• A delegation from the Hydrographic Department of the Royal Malaysian Navy visited INS Sagardhwani and was briefed on the ship’s onboard oceanographic systems.
• A Subject Matter Expert Exchange (SMEE) was conducted between specialist officers focusing on data-centric maintenance approaches, trend assessment methods, navigation safety tools, and technology-enabled decision-support systems.
• During the visit, the Commanding Officer of INS Sagardhwani met the High Commissioner of India to Malaysia in Kuala Lumpur.
• Discussions during the meeting focused on the ship’s ongoing oceanographic mission and enhancing scientific cooperation between India and Malaysia.
• The deployment reaffirmed the shared commitment of the Indian Navy and the Royal Malaysian Navy towards regional engagement, knowledge sharing, and stronger professional ties.

Pakistani Navy commissions its first Chinese-built Hangor-class submarine at Sanya, Hainan Island

• The Pakistani Navy has commissioned its first Chinese-built Hangor-class submarine at Sanya on China’s Hainan Island, a major naval facility.
• The submarine, named PNS Hangor, is the first of eight submarines that China is scheduled to deliver to Pakistan by 2028.
• The Hangor-class submarine is based on the Chinese Type-039A design and is equipped with an Air Independent Propulsion (AIP) system, enabling it to remain submerged for 2–3 weeks without surfacing.
• Pakistan’s fleet of AIP-equipped submarines has increased to four and is expected to expand to eleven submarines by 2028, including upgraded Agosta-90B submarines.
• In comparison, the Indian Navy currently operates around 18–19 submarines, including Kalvari-class, Sindhughosh-class, Shishumar-class, and nuclear-powered ballistic missile submarines (SSBNs).
• The Indian submarine fleet includes approximately 16 conventional diesel-electric (SSK) submarines and 2–3 nuclear-powered ballistic missile submarines (SSBNs).
• China maintains the world’s largest and fastest-expanding navy, with its submarine fleet projected to reach 65 units in 2026 and further increase to around 80 submarines by 2035.

About Pakistan:

• Capital: Islamabad
• Currency: Pakistani Rupee (PKR)
• President: Asif Ali Zardari
• Prime Minister: Shehbaz Sharif

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Union Minister Dr. Jitendra Singh says Quantum & Artificial Intelligence sovereignty with indigenous ecosystems will shape India’s next-generation growth

• Dr. Jitendra Singh, Union Minister for Science & Technology, Earth Sciences, PMO, Personnel, Public Grievances & Pensions, Atomic Energy and Space, stated that Quantum and Artificial Intelligence (AI) sovereignty along with indigenous ecosystems will define India’s next-generation growth.
• The Government launched the Research, Development and Innovation (RDI) Fund Scheme to accelerate private sector participation in research and development (R&D) and strengthen India’s deep-tech ecosystem.
• The programme was organised by the Technology Development Board (TDB) under the Department of Science & Technology (DST) at Ambedkar International Centre, New Delhi.

Key Highlights :

• During the event, agreements for five projects under the RDI Fund Scheme were signed, the first electronic fund disbursement was released, and the report titled “Quantum-Safe Ecosystem in India” was launched.
• M/s e-TRNL Energy Pvt. Ltd., Maharashtra signed an agreement for manufacturing advanced Lithium-ion battery cells using patented 3-Dimensional Electrode Architecture (3DEA) technology to strengthen India’s battery manufacturing ecosystem.
• M/s Dhruva Space Private Limited, Hyderabad signed an agreement for Project Garud, an indigenous 500 kg-class modular satellite platform designed for mass production and constellation-scale deployment.
• M/s Eyestem Research Private Limited, Bengaluru signed an agreement for developing cell therapies targeting Geographic Atrophy linked to Age-related Macular Degeneration and Idiopathic Pulmonary Fibrosis, both globally incurable diseases.
• M/s Noccarc Robotics Pvt. Ltd., Uttar Pradesh signed an agreement for the Intelligent Mobile Life Support System (iMLSS), a portable ICU-grade emergency healthcare platform integrating AI-assisted clinical support and multilingual features.
• M/s Endure Air Systems Private Limited, Noida signed an agreement for Project Sabal-200, an indigenous unmanned helicopter platform capable of carrying payloads above 200 kilograms for logistics, surveillance, and disaster response.
• Under the first tranche of the RDI Scheme, ₹50 crore was electronically transferred to Eyestem Research Private Limited to support commercialisation of its indigenous cell therapy platform.
• A Compendium on the Status Report of TDB as the Second Level Fund Manager (SLFM) under the RDI Scheme till April 2026 was also released during the programme.
• The RDI initiative covers sectors such as deep-tech, biotechnology, artificial intelligence, space technology, healthcare, energy transition, climate technology, and digital infrastructure.
• The Government aims to create an ecosystem where startups, MSMEs, and industries become long-term innovation partners under the vision of Aatmanirbhar Bharat and Viksit Bharat 2047.
• Dr. Jitendra Singh highlighted that India is among the select countries investing in quantum communication, quantum computing, quantum sensing, and quantum materials under the National Quantum Mission.
• India had targeted 2,000 km quantum-secure communication capability in eight years, and nearly half the target has already been achieved in less than four years.
• TDB Secretary Rajesh Kumar Pathak informed that the initiative received 124 project proposals involving project demand worth over ₹25,000 crore.
• Out of the selected companies under the RDI Fund, 15 startups were chosen through Bharat Innovates 2026, a global technology innovation showcase scheduled in Nice, France, in June 2026.

National Health Authority, IndiaAI Mission and Indian Institute of Science Bengaluru conclude AB PM-JAY Auto-Adjudication Hackathon Showcase 2026

• National Health Authority (NHA) under the Ministry of Health and Family Welfare, in collaboration with the IndiaAI Mission and Indian Institute of Science (IISc), concluded the AB PM-JAY Auto-Adjudication Hackathon Showcase 2026.
• The hackathon focused on improving health claims adjudication under Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB PM-JAY) using AI-driven solutions for greater speed, transparency, and accuracy.
• In the category “Clinical Document Classification and Compliance with Standard Treatment Guidelines”, Team Nirnaya led by Vinay Babu Ulli won for its AI-based healthcare claims interpretation and compliance assessment solution.
• In the category “Radiological Image-Based Condition Detection and Report Correlation”, Team BiltIQ AI led by Harish Kumar secured first place for its AI-powered radiology interpretation and report correlation system.
• Under “Document Forgery / Deepfake Detection”, Team Sopa Claims led by Praveen Sridhar and Snehal Joshi won for its AI-enabled fraud detection solution targeting forged documents and fake insurance claims.
• Winning teams received cash prizes of:
• ₹5 lakh for Winner
• ₹3 lakh for Runner-up
• ₹2 lakh for Second Runner-up
• The winning teams may further collaborate with the National Health Authority for deployment of their solutions within the AB PM-JAY ecosystem.

About Ministry of Health and Family Welfare :

• Cabinet Minister : J. P. Nadda
• Minister of State : Prataprao Ganpatrao Jadhav

Union Minister Dharmendra Pradhan inaugurates India’s first integrated CCUS field laboratory facility at IIT Bombay

• Union Minister Dharmendra Pradhan, Ministry of Education (MoE), inaugurated India’s first Integrated Carbon Capture, Utilisation and Storage (CCUS) field laboratory facility under “Bharat Innovates 2026” at Indian Institute of Technology Bombay (IIT-B), Mumbai, Maharashtra.
• The facility is India’s first end-to-end pilot-scale platform integrating Carbon Capture and Utilisation (CCU) with Geological Carbon Dioxide (CO₂) Sequestration (GCS) in basalt formations.
• It also includes the country’s first pilot-scale scientific drilling initiative to evaluate CO₂ storage potential in the Deccan Traps.
• The project is being scaled up by UrjanovaC, a deep-tech venture incubated at the Society for Innovation & Entrepreneurship (SINE), IIT Bombay, and is featured under Bharat Innovates 2026.
• The facility uses advanced aqueous-based CO₂ capture technology capable of capturing carbon dioxide from ambient air and industrial emissions.
• It utilises non-potable water sources such as industrial effluents and seawater for the carbon capture process, making it more sustainable.
• The captured CO₂ is converted into high-purity carbonate and bicarbonate salts, enabling its use across industries like steel, cement, petrochemicals, and pharmaceuticals.

CURRENT AFFAIRS: MOUS AND AGREEMENT

India and United Arab Emirates Sign Major Energy Agreements During Shri Narendra Modi’s Abu Dhabi Visit

• Shri Prime Minister Narendra Modi visited the United Arab Emirates.
• During the visit, India and the United Arab Emirates signed major agreements related to:
• Strategic Petroleum Reserve Cooperation
• Liquefied Petroleum Gas Supply
• Long-Term Energy Security
• The agreements are considered an important step towards strengthening India’s Energy Security amid rising global geopolitical uncertainties.
• One of the most significant outcomes of the visit was the agreement under India’s Strategic Petroleum Reserve Framework.
• Under the proposed arrangement, Abu Dhabi National Oil Company may store up to 30 Million Barrels of Crude Oil in India.
• Proposed storage cooperation includes:
• Strategic Petroleum Reserve Facility at Visakhapatnam, Andhra Pradesh
• Proposed Strategic Petroleum Reserve Infrastructure at Chandikol, Odisha
• Possible reciprocal crude storage arrangements in Fujairah, United Arab Emirates
• The agreement will provide India with stronger flexibility in handling global energy disruptions and emergency crude oil requirements.
• A Strategic Petroleum Reserve is a stockpile of crude oil maintained by governments for emergency situations.
• Strategic Petroleum Reserves help countries protect themselves from:
• War-Related Supply Disruptions
• Geopolitical Crises
• Crude Oil Price Shocks
• Shipping Bottlenecks
• Global Energy Market Volatility
• India imports a major portion of its crude oil requirements, making Energy Security strategically important for the country.
• Abu Dhabi National Oil Company is one of the world’s leading hydrocarbon producers and an important energy partner for India.
• India and the United Arab Emirates also signed a long-term Liquefied Petroleum Gas Supply Agreement.
• The long-term Liquefied Petroleum Gas agreement is expected to improve India’s Fuel Supply Stability and Energy Planning Capacity.
• The timing of the agreement is important due to rising geopolitical tensions in West Asia, especially involving:
• Iran
• Israel
• Broader United States Strategic Involvement
• The Strait of Hormuz remains one of the world’s most important crude oil transportation routes.
• Any disruption in the Strait of Hormuz can directly impact energy-importing countries like India.
• The agreements signed during Shri Narendra Modi’s visit are expected to:
• Strengthen India’s Long-Term Energy Security
• Improve Emergency Energy Preparedness
• Enhance the India–United Arab Emirates Strategic Partnership
• Support India’s future energy requirements and economic growth.

CURRENT AFFAIRS: SPORTS NEWS

India Wins 27 Medals at Asian Boxing Under-15 Championships 2026

• India delivered an impressive performance at the Asian Boxing Under-15 Championships 2026, winning a total of 27 medals, including 9 gold medals.
• The achievement highlights the emergence of strong young boxing talent at the international level.
• The Under-15 girls team emerged as the best-performing category for India.
• Medal tally of the Under-15 girls team:
• 7 Gold Medals
• 2 Silver Medals
• 5 Bronze Medals
• Gold medal winners in the girls category were:
• Anzee – 37 kilogram category
• Soniya – 40 kilogram category
• Tanvi – 43 kilogram category
• Hanshika Attri – 46 kilogram category
• Sunaina – 58 kilogram category
• Bhumika – 61 kilogram category
• Angel – 70 kilogram category
• The Under-15 boys team also contributed significantly to India’s success.
• Medal tally of the Under-15 boys team:
• 2 Gold Medals
• 4 Silver Medals
• 7 Bronze Medals
• Gold medal winners in the boys category were:
• Yash Kumar – 33 kilogram category
• Mohd Yasser – 58 kilogram category
• India finished the championship with the following overall medal tally:
• 9 Gold Medals
• 6 Silver Medals
• 12 Bronze Medals
• Total: 27 Medals
• The performance reflects India’s growing strength in youth boxing and demonstrates strong future potential in international competitions.

CURRENT AFFAIRS: IMPORTANT DAYS

World Hypertension Day 2026 Observed on 17 May

• World Hypertension Day 2026 is observed annually on 17 May to create awareness about Hypertension, high blood pressure, and related health complications.
• The observance is promoted by the World Hypertension League, which is an umbrella organisation representing 85 National Hypertension Societies and Leagues across the world.
• The World Hypertension League was launched on 14 May 2005, and World Hypertension Day has been officially observed every year since 2006.
• High Blood Pressure is considered the primary risk factor for Hypertension, which is one of the leading causes of Cardiovascular Diseases, Heart Disease, Chronic Kidney Disease, and Premature Death.
• According to global estimates, hypertension affects more than 30% of Adults Worldwide and over 1 Billion People globally.
• Hypertension can also lead to severe health complications including Heart Problems, Kidney Disease, Cardiovascular Disorders, and Breathing Problems.
• According to Dr. Santhosh Kumar Dora, individuals suffering from Hypertension, Diabetes, and heart disease may develop severe complications when affected by coronavirus infections.
• World Hypertension Day aims to encourage awareness regarding High Blood Pressure, Regular Health Check-Ups, Healthy Lifestyle Practices, and prevention of diseases associated with hypertension.

World Telecommunication and Information Society Day 2025 Observed on 17 May

• World Telecommunication and Information Society Day 2025 is observed annually on 17 May to highlight the importance of Telecommunication, Information Technology, and Digital Connectivity in global development.
• The United Nations General Assembly declared 17 May as World Telecommunication and Information Society Day.
• The observance has been celebrated annually since 1969 to commemorate the foundation of the International Telecommunication Union.
• The International Telecommunication Union was established on 17 May 1865 and is a specialised agency responsible for global telecommunication and information communication technologies.
• Initially, the observance was known as World Telecommunication Day.
• In 1973, the observance was formally instituted by the Plenipotentiary Conference held in Malaga-Torremolinos, Spain.
• In November 2005, the World Summit on the Information Society called upon the United Nations General Assembly to officially recognise 17 May as World Telecommunication and Information Society Day.
• The observance promotes awareness regarding Digital Transformation, Inclusive Connectivity, Access to Information Technology, and reduction of the Digital Divide across the world.
• The day also highlights the role of communication technologies in Economic Development, Education, Healthcare, Governance, and Global Cooperation.
• In 1824, Rensselaer Polytechnic Institute was established as the first technological research university in the United States.

International Museum Day 2026 Observed on 18 May

• International Museum Day 2026 is observed annually on 18 May to raise awareness about the importance of museums in society and their role in preserving cultural heritage.
• The observance is promoted by the International Council of Museums, which has organised the day every year since 1977.
• The decision to establish International Museum Day was adopted during a general meeting of the International Council of Museums held in Moscow, Russia.
• The first official International Museum Day was celebrated in 1977.
• The concept of an annual theme for International Museum Day was introduced in 1992.
• Before the establishment of International Museum Day, the International Council of Museums organised a meeting called the “Crusade for Museums” in 1951 to discuss the development and importance of museums.
• International Museum Day highlights the contribution of museums towards Education, Research, Cultural Preservation, Historical Awareness, and Social Development.

World AIDS Vaccine Day 2026 Observed on 18 May

• World AIDS Vaccine Day 2026 is observed annually on 18 May and is also known as Human Immunodeficiency Virus Vaccine Awareness Day.
• The day is observed to create awareness about the need for an effective Human Immunodeficiency Virus Vaccine and to highlight the importance of research in preventing acquired immunodeficiency syndrome.
• World AIDS Vaccine Day was first observed in 1998.
• The concept of the observance was first introduced in 1997 by Bill Clinton at Morgan State University.
• The day commemorates the efforts of Scientists, Doctors, Researchers, and Healthcare Professionals working towards improving medicines and developing vaccines for Human Immunodeficiency Virus and Acquired Immunodeficiency Syndrome.
• At present, there is no complete cure or fully effective vaccine available for Acquired Immunodeficiency Syndrome, although medical treatment is available to control the disease.
• Highly Active Antiretroviral Therapy is the major treatment used to control Human Immunodeficiency Virus infection and reduce damage to the immune system.
• According to global estimates, the number of Human Immunodeficiency Virus cases declined significantly between 1995 and 2017.
• Human Immunodeficiency Virus can spread through infected blood, sharing contaminated needles, and unsafe medical practices.
• World AIDS Vaccine Day highlights the importance of Medical Research, Vaccine Development, Public Awareness, and Global Healthcare Cooperation in controlling the spread of Human Immunodeficiency Virus and Acquired Immunodeficiency Syndrome.

Daily CA One- Liner: May 17 & 18

• The Central Government has launched the ₹189.79 crore Mizoram Ginger Mission to transform Mizo ginger into a globally recognised agricultural brand
• The Indian Institute of Tropical Meteorology, Pune, has launched a dedicated climate-tech startup incubation centre focused on weather and climate innovation
• Rajasthan launched its first Semiconductor and Electronics Manufacturing Cluster in Bhiwadi, marking a major industrial milestone for the state
• National Highways Authority of India launched Project Saksham to promote Inclusive Development through skill development and employment opportunities
• India concluded the Kimberley Process Intersessional Meeting 2026 in Mumbai under its chairship.

• Shri Prime Minister Narendra Modi visited the United Arab Emirates.

• India delivered an impressive performance at the Asian Boxing Under-15 Championships 2026, winning a total of 27 medals, including 9 gold medals

• Securities and Exchange Board of India (SEBI) has widened the permissible use of fresh borrowings by Infrastructure Investment Trusts (InvITs) where net debt exceeds 49% of asset value, aiming to improve operational efficiency and asset performance.
• India’s Wholesale Price Index (WPI)-based inflation surged to 8.3% in April 2026, marking a 42-month high, compared to 3.88% in March.
• Goods and Services Tax Appellate Tribunal (GSTAT) formally operationalised benches across India and introduced a structured framework for categorisation, scrutiny, and listing of GST appeals.
• ICICI Bank has launched a USD-denominated debit card in partnership with Visa, aimed at helping Non-Resident Indians (NRIs) manage offshore wealth more efficiently.
• According to the World Gold Council (WGC), central banks became net sellers of gold in March 2026 for the first time in 10 months.
• The Central Government has extended the tenure of Praveen Sood as Director of the Central Bureau of Investigation (CBI) by one more year.
• Indian Navy’s oceanographic research vessel INS Sagardhwani departed Port Klang, Malaysia after completing a successful engagement with the Royal Malaysian Navy.
• The Pakistani Navy has commissioned its first Chinese-built Hangor-class submarine at Sanya on China’s Hainan Island, a major naval facility.
• Dr. Jitendra Singh, Union Minister for Science & Technology, Earth Sciences, PMO, Personnel, Public Grievances & Pensions, Atomic Energy and Space, stated that Quantum and Artificial Intelligence (AI) sovereignty along with indigenous ecosystems will define India’s next-generation growth.
• National Health Authority (NHA) under the Ministry of Health and Family Welfare, in collaboration with the IndiaAI Mission and Indian Institute of Science (IISc), concluded the AB PM-JAY Auto-Adjudication Hackathon Showcase 2026.
• Union Minister Dharmendra Pradhan, Ministry of Education (MoE), inaugurated India’s first Integrated Carbon Capture, Utilisation and Storage (CCUS) field laboratory facility under “Bharat Innovates 2026” at Indian Institute of Technology Bombay (IIT-B), Mumbai, Maharashtra.

• World Hypertension Day 2026 is observed annually on 17 May to create awareness about Hypertension, high blood pressure, and related health complications
• World Telecommunication and Information Society Day 2025 is observed annually on 17 May to highlight the importance of Telecommunication, Information Technology, and Digital Connectivity in global development
• International Museum Day 2026 is observed annually on 18 May to raise awareness about the importance of museums in society and their role in preserving cultural heritage.
• World AIDS Vaccine Day 2026 is observed annually on 18 May and is also known as Human Immunodeficiency Virus Vaccine Awareness Day.