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CURRENT AFFAIRS : BANKING, FINANCE & BUSINESS

Union Minister Nirmala Sitharaman Chairs High-Level Review Meeting at GIFT City, Gandhinagar

• Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman, chaired a high-level review meeting on the progress of GIFT City at Gandhinagar, Gujarat.
• The meeting reviewed the development of GIFT City’s international financial services ecosystem.
• Senior officials present at the meeting included Shri V. Vualnam (Secretary, Department of Expenditure), Anuradha Thakur (Secretary, Department of Economic Affairs), Shri Arvind Shrivastava (Secretary, Department of Revenue), Shri Uday Kotak (Chairman of GIFT City), and Shri K. Rajaraman (Chairman, International Financial Services Centres Authority – IFSCA).
• Presentations during the meeting highlighted the progress of GIFT City in sectors such as banking, capital markets, fund management, insurance and reinsurance, aircraft leasing, ship leasing, fintech, bullion exchange, international education, and allied services.
• Discussions focused on infrastructure development, talent ecosystem, ease of doing business, taxation framework, residential ecosystem, and global competitiveness of GIFT City.
• GIFT City currently hosts more than 1,150 entities operating across financial services, technology, and related sectors.
• Banking assets at GIFT City have crossed USD 110 billion.
• Capital commitments under fund management activities at GIFT City have exceeded USD 32 billion.
• The GIFT City ecosystem includes 37 banking units, 217 fund management entities, 36 insurance companies, 35 aircraft lessors, and 36 ship leasing entities.
• The ecosystem also includes international exchanges, fintech firms, and international universities.
• The progress of GIFT City was linked with India’s vision of becoming a developed nation under Viksit Bharat @2047.

Pension Fund Regulatory and Development Authority Forms Committee to Examine New Asset Classes for Enhancing Pension Returns

• The Pension Fund Regulatory and Development Authority (PFRDA) constituted a committee to explore the long-term inclusion of new asset classes in pension investments.
• The objective of the committee is to improve returns for subscribers under the National Pension System (NPS).
• The committee formed by PFRDA is chaired by Narayan Ramachandran.
• The panel aims to identify investment options that provide stable, steady, and long-term growth while avoiding excessive market volatility in pension returns.
• PFRDA Chairman S. Ramann stated that the regulator is studying global pension fund models.
• The regulator aims to create a “smooth glide path” for sustainable pension growth in India.
• The total number of subscribers under the National Pension System (NPS) reached 2.17 crore in FY26.
• The total pension corpus under NPS increased to approximately ₹15.95 lakh crore.
• In the previous year, PFRDA released a consultation paper on proposals for flexible, assured, and predictable pension schemes.
• The consultation paper proposed three distinct schemes under the NPS framework.
• These proposed schemes are designed to cater to different subscriber needs for assured and flexible pension payouts.

Recent News :

• In May 2026, The Pension Fund Regulatory and Development Authority (PFRDA) organised the Atal Pension Yojana (APY) Annual Felicitation Programme in New Delhi.

About PFRDA:

• Established: 2003 (Statutory status from PFRDA Act, 2013)
• Under which Ministry: Ministry of Finance, Government of India
• Headquarters: New Delhi
• Chairman: Sivasubramanian Ramann
• Purpose: To promote, develop, and regulate the pension sector in India, especially the National Pension System (NPS) and other old-age income security schemes.

Reserve Bank of India Grants Prepaid Payment Instrument Issuer Authorisation to ZikZuk Technologies

• ZikZuk Technologies Private Limited received final authorisation from the Reserve Bank of India (RBI) to operate as a Prepaid Payment Instrument (PPI) issuer.
• The approval was granted under the Payment and Settlement Systems Act (PSSA), 2007.
• The final authorisation follows the company’s earlier in-principle approval received in May 2025.
• The PPI authorisation enables ZikZuk Technologies to operate across digital payments, Unified Payments Interface (UPI) infrastructure, and cross-border financial services.
• The approval allows the company to expand and scale a wide range of RBI-regulated payment solutions.
• The payment solutions include digital wallets, prepaid cards, and stored-value services.
• A Prepaid Payment Instrument (PPI) is a payment system in which money is loaded in advance for future financial transactions.
• General Purpose PPIs include Full-Know Your Customer (KYC) PPIs and Small PPIs.
• Special Purpose PPIs include Gift PPIs and Transit PPIs used for metro, bus, rail, and toll payments.
• The PPI framework also includes payment instruments for Foreign Nationals and Non-Resident Indians (NRIs) visiting India under the UPI One World framework.

CURRENT AFFAIRS: NATIONAL AND STATE NEWS

Government Plans High-Powered Demography Mission to Tackle Illegal Immigration

• The Central Government is preparing to launch a High-Powered Demography Mission aimed at tackling illegal immigration, strengthening border security and preventing demographic changes in sensitive border regions.
• The initiative was announced by Amit Shah during the Rustamji Memorial Lecture organized by the Border Security Force.
• The mission will mainly focus on preventing infiltration from neighbouring countries such as Bangladesh and Myanmar.
• The government believes that unchecked illegal immigration may create security challenges, administrative pressure and demographic imbalance in border states, especially in eastern and northeastern India.
• The initiative is expected to combine border management, administrative enforcement, state-level coordination and technology-driven surveillance systems.
• States likely to be at the centre of the initiative include West Bengal, Assam and Tripura, as these states share sensitive international borders and have frequently witnessed immigration-related concerns.
• Alongside the Demography Mission, the government is also planning to launch a Smart Border Project covering nearly 6,000 kilometres of border areas with Pakistan and Bangladesh.
• The project may involve the use of advanced sensors, electronic surveillance systems, integrated monitoring platforms, real-time tracking systems and automated intrusion detection technologies to strengthen border monitoring and prevent illegal crossings.

RECENT NEWS

• Respectable Union Home Minister Amit Shah is chairing the Central Zonal Council meeting in the Jagdalpur, Chhattisgarh. This zonal council meeting brings together the Chief Ministers and senior officials from multiple states. This high-level meeting comes at that time when inter-state coordination, security issues and the regional development remain important priorities.

CURRENT AFFAIRS : INTERNATIONAL NEWS

Prime Minister Narendra Modi Pays Two-Day Official Visit to Sweden at the Invitation of PM Ulf Kristersson

• Prime Minister Narendra Modi visited Sweden on a two-day official visit from 17–18 May 2026 at the invitation of Swedish Prime Minister Ulf Kristersson.
• PM Modi had earlier visited Sweden in 2018 to attend the inaugural India-Nordic Summit.
• During the visit, PM Modi held bilateral talks with Swedish PM Ulf Kristersson in Gothenburg.
• PM Modi also participated in the European Round Table for Industry, co-hosted by Ulf Kristersson and Ursula von der Leyen.
• PM Modi was conferred with the “Royal Order of Polar Star”, Degree Commander Grand Cross, one of the highest civilian honours of the Swedish Government.
• The honour became the 31st international award received by PM Modi.
• India and Sweden agreed to elevate their bilateral relations and adopted a Joint Action Plan for 2026–2030.
• Both countries launched the India-Sweden Joint Innovation Partnership 2.0 to strengthen innovation cooperation.
• India and Sweden agreed on the joint development of SITAC.
• Both nations also announced the development of an India-Sweden SME and Startup Platform.
• India and Sweden set a target to double bilateral trade and investment within the next five years.
• The two countries announced the “Tagore-Sweden” Lecture Series under the theme “Vikas Bhi Virasat Bhi”.
• Indian Space Research Organisation (ISRO) signed a Memorandum of Understanding (MoU) with the Swedish National Space Agency.
• The MoU aims to support collaboration on India’s interplanetary Shukrayaan Mission to the planet Venus.

About Sweden :

• Prime Minister : Ulf Kristersson
• Capital : Stockholm
• Currency : Swedish krona

CURRENT AFFAIRS: AWARDS AND HONOURS

Chandrayaan-3 Receives 2026 American Institute of Aeronautics and Astronautics Goddard Astronautics Award

• India’s Chandrayaan-3 mission has received the prestigious 2026 Goddard Astronautics Award from the American Institute of Aeronautics and Astronautics (AIAA), one of the world’s leading organisations in the field of aerospace science and astronautics.
• The award was presented in Washington, District of Columbia (DC), United States, and was accepted on behalf of the Indian Space Research Organisation (ISRO) by India’s Ambassador to the United States, Vinay Kwatra.
• The honour recognises the historic success of Chandrayaan-3, which made India the first country in the world to successfully achieve a soft landing near the Moon’s south pole.
• This achievement marked a major milestone in global space exploration and strengthened India’s position as a leading space power.
• The mission’s success on 23 August 2023 was globally significant because the Moon’s south polar region is considered one of the least explored and most scientifically valuable areas of the lunar surface.
• Chandrayaan-3 also delivered important scientific outcomes by confirming the presence of key chemical elements in lunar soil and generating valuable data for future lunar missions.
• The mission demonstrated India’s advanced capabilities in:
  • Precision lunar landing technology
  • Spacecraft navigation
  • Autonomous landing systems
  • Deep-space exploration
• The Goddard Astronautics Award is regarded as one of the highest international honours in astronautics.
• It is named after Robert Hutchings Goddard, who is widely recognised as one of the pioneers of modern rocketry and liquid-fuel rocket technology.
• The award reflects the growing global recognition of India’s achievements in space science and highlights the expanding international role of the Indian Space Research Organisation (ISRO) in advanced space exploration missions.

CURRENT AFFAIRS : DEFENCE NEWS

Maroon Beret Passing-Out Parade Held at Garud Regimental Training Centre, Air Force Station Chandinagar

• The Maroon Beret Ceremonial Parade was held on 23 May 2026 at the Garud Regimental Training Centre (GRTC), Air Force Station Chandinagar.
• The parade marked the successful completion of training of the Indian Air Force (IAF) Special Forces operatives of the ‘Garud’ Force.
• Air Vice Marshal (AVM) Rahul Gupta, ACAS Ops (Space), reviewed the parade as the Chief Guest.
• The Commandant of Garud Regimental Training Centre received the Chief Guest and briefed him on various aspects of the training programme.
• The Chief Guest congratulated the newly trained ‘Garuds’ on successfully completing the demanding Special Forces training.
• During his address, AVM Rahul Gupta highlighted the importance of rigorous training and continuous improvement of Special Forces skills to meet evolving security challenges.
• The successful trainees were awarded the Maroon Beret, Garud Proficiency Badge, and Special Forces Tabs.
• Trophies were also presented to outstanding award-winning trainees during the ceremony.
• The passing out ceremony included demonstrations of advanced combat skills such as combat firing, hostage rescue, firing drills, assault explosives, obstacle crossing, wall climbing, slithering, rappelling, and military martial arts.
• The Maroon Beret Parade symbolises the transformation of trainees into Young Special Forces Operators of the elite Garud Force.
• The training programme is considered highly demanding and specialised for preparing elite IAF commandos.
• The newly inducted Garud Special Forces Operators are expected to strengthen the operational capability of the Indian Air Force (IAF) for future specialised missions.

Ahmedabad Hosts 138th Offshore Security Coordination Committee Meeting

• The 138th Offshore Security Coordination Committee (OSCC) Meeting was held at Ahmedabad.
• The meeting was conducted under the chairmanship of Director General Indian Coast Guard, Paramesh Sivamani.
• The main objective of the meeting was to review and strengthen the security framework for India’s offshore installations and critical energy infrastructure.
• The committee focused on enhancing Maritime Domain Awareness (MDA) and strengthening inter-agency coordination.
• Discussions were held on improving surveillance capabilities and joint response mechanisms to tackle emerging offshore security threats.
• The meeting deliberated on the evolving global and regional security environment and changing dynamics of modern warfare.
• Special focus was given to threats arising from unmanned systems and drone-enabled warfare.
• The committee also reviewed the expanding offshore exploration activities in the Andaman & Nicobar region.
• Representatives from the Indian Coast Guard (ICG), Indian Navy, and Indian Air Force (IAF) participated in the meeting.
• The meeting reaffirmed the commitment of all stakeholders towards ensuring robust security of India’s offshore assets and critical maritime infrastructure.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Indian Institute of Technology Kanpur Director Manindra Agrawal and Dr Soumya Swaminathan Named Fellows of the Royal Society

• Professor Manindra Agrawal, Director of Indian Institute of Technology Kanpur, and Dr Soumya Swaminathan were elected as Fellows of the Royal Society (FRS).
• The Royal Society (FRS) is one of the world’s oldest and most prestigious scientific academies.
• By receiving the honour, they joined the elite group of distinguished scientists including Isaac Newton, Albert Einstein, and Charles Darwin.
• Professor Manindra Agrawal was recognised for his pioneering contributions to Theoretical Computer Science.
• He is especially known for the AKS (Agrawal–Kayal–Saxena) Primality Test, a breakthrough algorithm for identifying prime numbers.
• The AKS Primality Test transformed mathematical understanding and computational methods related to prime numbers.
• Professor Manindra Agrawal was awarded the Padma Shri in 2013 in the field of Science and Engineering.
• Dr Soumya Swaminathan is an internationally recognised public health and clinical scientist.
• She made significant contributions to tuberculosis research, child health, and global health policy.
• As the former Chief Scientist of the World Health Organization (WHO), she played a major role in shaping global health responses and research coordination.
• Dr Soumya Swaminathan became the second Indian woman to be elected as a Fellow of the Royal Society (FRS).
• Dr Gagandeep Kang was the first Indian woman elected as FRS in 2019.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

CSIR-Indian Institute of Petroleum and Ministry of Environment, Forest and Climate Change Organise Three-Day Workshop to Enhance India’s Greenhouse Gas Inventory Systems

• India submitted its first Biennial Transparency Report (BTR-1) to the United Nations Framework Convention on Climate Change (UNFCCC).
• India is strengthening its National Greenhouse Gas (GHG) Inventory Systems and improving emissions accounting as part of global climate action efforts.
• A three-day Knowledge Sharing Workshop on National Greenhouse Gas Inventory was organised from 20–22 May 2026 at CSIR-Indian Institute of Petroleum (CSIR-IIP), Dehradun.
• The workshop was jointly organised by CSIR-IIP and the Ministry of Environment, Forest and Climate Change (MoEFCC).
• The event focused on Greenhouse Gas (GHG) accounting for the Energy and Industrial Processes and Product Use (IPPU)
• Experts from organisations such as CSIR-CIMFR, CMPDI, CII, IIT-ISM Dhanbad, NIAS, AEEE, and Jadavpur University participated in the workshop.
• The workshop was inaugurated by Harender Singh Bisht, Director of CSIR-IIP.
• Bisht highlighted the importance of emission accounting and sustainable technologies for climate change mitigation.
• Sessions were chaired by Sharath Kumar Pallerla (Advisor, MoEFCC), Ajay Raghava (Additional Director, MoEFCC), Amit Garg (IIM Ahmedabad), and Dr. Sunil Kumar Pathak (Chief Scientist, CSIR-IIP).
• Discussions highlighted the importance of the Enhanced Transparency Framework (ETF) under the UNFCCC for reporting emissions data.
• The workshop included technical and brainstorming sessions for preparing India’s Second Biennial Transparency Report (BTR-2).
• Deliberations focused on developing country-specific emission factors for India.
• Key sectors discussed included iron and steel, road transport, pipeline transportation, fugitive emissions, and industrial process emissions.
• The workshop also discussed the role of ethanol blending in transportation fuels in reducing fuel imports.
• The ethanol blending initiative was linked with the Government of India’s vision of Viksit Bharat 2047.
• The workshop concluded with discussions on the timely submission of BTR-2 by the end of 2026 and BTR-3 by 2028.
• A newly constructed selfie point at CSIR-IIP was also inaugurated after the event.

Indian Council of Agricultural Research (ICAR)’s Central Rice Research Institute Creates ‘Plant-OpenCRISPR1’, the World’s First AI-Based Genome Editing Platform for Crops

• Scientists at the Indian Council of Agricultural Research (ICAR)’s Central Rice Research Institute (CRRI) developed and validated Plant-OpenCRISPR1 (POC1) in Cuttack, Odisha.
• The research was led by Kutubuddin Ali Molla.
• Plant-OpenCRISPR1 (POC1) is the world’s first Artificial Intelligence (AI)-designed genome-editing platform for plants.
• The platform was developed using rice as a model crop.
• POC1 enables advanced gene knockout, base editing, and prime editing in rice crops.
• The platform uses AI-designed enzymes that go beyond conventional CRISPR (Clustered Regularly Interspaced Short Palindromic Repeats)
• The main objective of POC1 is to develop climate-resilient, disease-resistant, high-yield, and nutritionally enhanced crop varieties.
• The platform enables precise genome editing without introducing foreign genes into plants.
• POC1 is based on OpenCRISPR-1 (OC1), an AI-generated nuclease originally designed for human cells in the United States of America (USA).
• Unlike traditional CRISPR systems that use naturally occurring microbial proteins, POC1 uses AI-engineered enzymes.
• The platform applies large language models (LLMs) trained on vast protein databases for advanced protein engineering.
• The AI-driven protein design approach helps accelerate next-generation genome editing and customised biotechnology solutions.
• The research on Plant-OpenCRISPR1 (POC1) has been accepted for publication in the international journal New Phytologist.

India Conducts Successful Trials of Vayu Astra-1 Loitering Munition with 100 km Operational Range

• NIBE Limited, a defence manufacturing company, successfully conducted trials of its Vayu Astra-1 Loitering Munition (LM).
• The Vayu Astra-1 has an operational range of 100 kilometres (km).
• The trials were conducted at Pokhran, Rajasthan and Joshimath (Malari), Uttarakhand.
• The trials demonstrated the No-Cost, No-Commitment (NCNC) model.
• Under the NCNC model, NIBE Limited independently conducted demonstrations and managed all technology, operational, and technical validation costs.
• The Indian Army (IA) acted as the evaluating authority for the trials.
• The evaluation was conducted under a Request for Proposal (RFP) framework to assess whether the system met the standards for a 100 km long-range kamikaze drone.
• The Vayu Astra-1 loitering munition is based on an Israeli-designed loitering munition system.
• The system was developed in collaboration with Elbit Systems.
• NIBE Limited carried out phased field trials to validate the weapon system’s multi-terrain operational capability.
• The desert and night strike trials were conducted at Pokhran, Rajasthan on 18–19 April 2026.
• The high-altitude endurance trials were conducted at Joshimath (Malari), Uttarakhand on 26–27 April 2026.

CURRENT AFFAIRS : ENVIRONMENT

Researchers Discover New Worm-Eating Snake Species ‘Trachischium lalremsangai’ in Mizoram

• Researchers discovered a new worm-eating snake species named ‘Trachischium lalremsangai’ during biodiversity and herpetological surveys in the forest regions of Mizoram and Myanmar.
• The species was named after Hmar Tlawmte Lalremsanga in recognition of his contributions to herpetology research in India.
• The discovery was officially documented in the international journal Herpetozoa.
• The journal Herpetozoa is published by the Austrian Herpetological Society.
• Trachischium lalremsangai is a small, non-venomous, and harmless snake species.
• The species is semi-fossorial, meaning it primarily lives underground.
• It is commonly found in loose soil, leaf litter, and forest debris.
• The species belongs to the group commonly known as slender snakes or worm-eating snakes.
• Trachischium lalremsangai can be identified by its smooth and iridescent scales.
• The snake has two postocular scales located behind the eye.
• It also has a distinctive light brown to white-speckled belly, unlike related species that generally have dark brown or black undersides.
• The discovery marks the 11th recognised species of the Trachischium genus found in Northeast India and the Himalayan region.

CURRENT AFFAIRS: MOUS AND AGREEMENT

India and Ethiopia Sign World Trade Organization (WTO) Accession Protocol to Strengthen Trade Relations

• India and Ethiopia have signed a bilateral World Trade Organization (WTO) accession protocol in Geneva to support Ethiopia’s entry into the World Trade Organization.
• The agreement reflects India’s continued support for integrating developing economies into the global trading system.
• The protocol was signed at the headquarters of the World Trade Organization in Geneva.
• India was represented by Senthil Pandian C., Ambassador and Permanent Representative of India to the WTO, while Ethiopia was represented by Ambassador Tsegab Kebebew Daka, Permanent Representative of Ethiopia in Geneva.
• After the signing, the accession protocol and related documents were formally submitted to the World Trade Organization Secretariat as part of Ethiopia’s membership process.
• The agreement is part of the World Trade Organization accession negotiation framework under which a country seeking membership must negotiate trade-related commitments with existing WTO member nations.
• These negotiations generally include:
  • Market access commitments
  • Trade policy reforms
  • Tariff structures
  • Services access
  • Regulatory alignment
• India’s support indicates that both countries have reached a bilateral understanding on trade access conditions, bringing Ethiopia closer to full membership in the World Trade Organization.
• India has consistently supported the accession of developing countries and Least Developed Countries (LDCs) into the World Trade Organization in order to make the global trading system more inclusive and balanced.
• The move also aligns with India’s long-standing policy of South-South cooperation.
• Ethiopia has been pursuing membership in the World Trade Organization for several years and is now considered to be at an advanced stage in the accession process.
• Countries joining the WTO are generally required to align their domestic economic systems with WTO rules in areas such as:
  • Trade regulations
  • Customs procedures
  • Investment rules
  • Services liberalization
  • Tariff commitments
• India and Ethiopia already share strong economic and strategic ties. India is currently Ethiopia’s second-largest trading partner, while Indian companies are among the major foreign investors in the country.
• Key areas of cooperation between the two countries include:
  • Manufacturing
  • Pharmaceuticals
  • Agriculture
  • Infrastructure
  • Education
  • Healthcare
• The signing of the World Trade Organization accession protocol is expected to further strengthen bilateral trade, investment and business opportunities between India and Ethiopia.

About Ethiopia

• Capital: Addis Ababa
• Currency: Ethiopian Birr
• Prime minister: Abiy Ahmed Ali

India and Cyprus Upgrade Bilateral Ties to Strategic Partnership

• India and Cyprus have upgraded their bilateral relationship to a Strategic Partnership during the visit of Cyprus President Nikos Christodoulides to New Delh
• The development marks an important step in strengthening India’s engagement with the Mediterranean region.
• Both countries signed six major agreements and Memorandums of Understanding (MoUs) covering areas such as defence, cybersecurity, innovation, education, maritime cooperation and culture.
• A major outcome was the decision to establish a Joint Working Group on Counter-Terrorism to strengthen security coordination between the two countries.
• India and Cyprus also signed an agreement between the Sushma Swaraj Institute of Foreign Service and the Diplomatic Academy of Cyprus to enhance cooperation in diplomatic training and capacity building.
• In the field of technology, both nations signed an MoU on innovation and digital technology cooperation to promote collaboration in research and emerging technologies.
• They also announced the launch of a dedicated Cyber Security Dialogue, highlighting the growing importance of cyber diplomacy and digital security cooperation.
• A Defence Cooperation Roadmap (2026–2031) was announced to deepen military collaboration between the two countries.
• Additionally, a technical arrangement was signed between Cyprus’s Larnaca Joint Rescue Coordination Center and India’s Ministry of Defence for search and rescue cooperation, strengthening maritime security ties.
• India and Cyprus signed agreements to expand higher education, academic research and cultural cooperation.
• The cultural cooperation programme for 2026–2030 aims to strengthen people-to-people ties and cultural exchanges between the two nations.
• Cyprus also announced its decision to join India’s Indo-Pacific Oceans Initiative (IPOI) under the trade, connectivity and maritime transport pillar, reflecting Cyprus’s growing alignment with India’s Indo-Pacific strategic vision.
• As part of the broader partnership, India will gift the BHISM Cube (Bharat Health Initiative for Sahyog Hita & Maitri) to Cyprus as a symbol of friendship and healthcare cooperation.
• Both countries also announced the celebration of the first India-Cyprus Space Day, indicating expanding cooperation in the space sector.
• Cyprus further announced plans to establish a Cyprus Trade Center in Mumbai to promote bilateral trade, investment and business connectivity between the two countries.

About Cyprus

• Capital: Nicosia
• Currency: Euro
• President: Nikos Christodoulides

CURRENT AFFAIRS: RANKING AND REPORTS

World Cities Report 2026 Highlights Worsening Global Housing Crisis

• The World Cities Report 2026 was released by United Nations Human Settlements Programme (UN-Habitat) during the World Urban Forum held in Baku, Azerbaijan.
• The report highlights the rapidly worsening global housing crisis and describes housing as one of the most serious urban challenges of the 21st century.
• According to the report, nearly 4 billion people, around 40% of the global population, are facing housing-related problems such as:
  • Unaffordable housing
  • Overcrowding
  • Poor living conditions
  • Lack of access to clean water and sanitation
• One of the major findings is the sharp rise in housing prices compared to household incomes. The global Price-to-Income Ratio increased from 3 in 2010 to 11.2 in 2023, showing that homes are becoming increasingly unaffordable worldwide.
• In Central and South Asia, including India, the ratio reached 8, indicating severe housing affordability stress for middle- and low-income families.
• The report also highlighted the growing rental burden across the world. Around 44% of households globally spend more than 30% of their income on housing, which is considered financially stressful.
• Rising rents are reducing household spending capacity on healthcare, education, nutrition and savings.
• Homelessness continues to remain a major global concern. The report noted homelessness rates per 10,000 people as:
  • India – 13
  • United States – 20
  • China – 21
• Rapid urbanisation is further increasing pressure on cities. The report estimates that urban areas will need to accommodate an additional 2 billion people by 2050, which will increase demand for:
  • Housing
  • Urban infrastructure
  • Water and sanitation
  • Transport systems
• The report gave special attention to India’s housing challenges. It noted that housing affordability stress is rising sharply in major Indian cities. The Price-to-Income Ratio was reported at:
  • Mumbai – 14.3
  • Delhi – 10.1
• The report also observed a sharp decline in affordable housing supply in India’s eight largest cities.
• The share of affordable housing in new construction fell from 52% in 2018 to only 17% in 2025, mainly because developers are increasingly focusing on luxury and premium housing projects.
• At the same time, the report appreciated the impact of Pradhan Mantri Awas Yojana (PMAY) in improving housing access. Under the scheme:
  • Housing coverage increased from 3% in 2010 to 7% in 2023
  • Around 12 million houses were sanctioned for economically weaker and low-income groups.
• The report also praised the Ahmedabad Slum Networking Project as a successful example of community-led urban development.
• The project demonstrated that slums can be upgraded without mass relocation through improvements in:
  • Sanitation
  • Drainage
  • Road connectivity
  • Water supply
• The report also highlighted the growing impact of climate change on housing security. In 2023 alone, climate-related disasters caused housing losses worth nearly US$280 billion globally, increasing financial vulnerability and displacement risks.

CURRENT AFFAIRS: SPORTS NEWS

Vijay Shankar Announces Retirement from Domestic Cricket and Indian Premier League

• Former Indian all-rounder Vijay Shankar has announced his retirement from domestic cricket and the Indian Premier League (IPL), bringing an end to a notable career in Indian cricket.
• With this retirement, Vijay Shankar will now become eligible to participate in various overseas franchise cricket leagues.
• Vijay Shankar represented India in 21 white-ball international matches between 2018 and 2019.
• In 12 One Day Internationals (ODIs), he scored 223 runs at an average of 85, while in 9 Twenty20 Internationals (T20Is), he scored 101 runs with a strike rate of 138.35.
• He played most of his domestic cricket for Tamil Nadu, where he established himself as an important all-round performer. He also captained Tamil Nadu to victories in:
  • Vijay Hazare Trophy
  • Deodhar Trophy
  • Syed Mushtaq Ali Trophy
• Before retirement, he moved to Tripura for the 2025-26 domestic season and ended his domestic career on a high note by scoring an unbeaten 151 runs against Gujarat in the Ranji Trophy, earning the Player of the Match
• In his overall domestic career:
  • He scored 4,253 runs in First-Class cricket at an average of 73
  • He scored 2,790 runs in List A cricket
  • He scored 2,583 runs in T20 cricket
  • Across all formats, he also picked up 154 wickets, proving his value as a genuine all-rounder.
• Vijay Shankar played 78 IPL matches between 2014 and 2025. During his IPL career, he represented franchises including:
  • Chennai Super Kings
  • Sunrisers Hyderabad
  • Delhi Capitals
  • Gujarat Titans
• He also won IPL titles with teams including Sunrisers Hyderabad and Gujarat Titans. After going unsold in the 2026 IPL auction, his IPL career officially came to an end.
• Vijay Shankar gained major public attention during the 2019 International Cricket Council (ICC) Cricket World Cup, when selectors chose him over Ambati Rayudu, describing him as a “3D player” because of his combined batting, bowling and fielding abilities.

CURRENT AFFAIRS: IMPORTANT DAYS

Commonwealth Day 2026 Observed on May 24

• Commonwealth Day is observed every year on May 24 in India, while most countries of the Commonwealth of Nations celebrate it on the second Monday of March.
• The day is celebrated to commemorate the birth anniversary of Queen Victoria and to recognise the unity, cooperation and shared values among Commonwealth nations.
• Commonwealth Day was earlier known as Empire Day. It was first observed in the United Kingdom in 1904 by Reginald Brabazon.
• In 1898, Canadian leader Clementina Trenholme introduced Empire Day in Ontario schools on Queen Victoria’s birthday.
• The British Empire League later promoted Empire Day as an important annual observance across the British Empire.
• In 1977, the observance was officially renamed as Commonwealth Day and the date was shifted to the second Monday of March for most Commonwealth countries.
• The day is observed by the Commonwealth of Nations, an intergovernmental organisation consisting mainly of countries that were formerly part of the British Empire.
• In India, however, Commonwealth Day continues to be observed on May 24, maintaining the historical connection with Queen Victoria’s birth anniversary.

Daily CA One- Liner: May 24^th & 25

• The Central Government is preparing to launch a High-Powered Demography Mission aimed at tackling illegal immigration, strengthening border security and preventing demographic changes in sensitive border regions.
• India’s Chandrayaan-3 mission has received the prestigious 2026 Goddard Astronautics Award from the American Institute of Aeronautics and Astronautics (AIAA), one of the world’s leading organisations in the field of aerospace science and astronautics.
• India and Ethiopia have signed a bilateral World Trade Organization (WTO) accession protocol in Geneva to support Ethiopia’s entry into the World Trade Organization
• India and Cyprus have upgraded their bilateral relationship to a Strategic Partnership during the visit of Cyprus President Nikos Christodoulides to New Delhi
• The World Cities Report 2026 was released by United Nations Human Settlements Programme (UN-Habitat) during the World Urban Forum held in Baku, Azerbaijan
• Former Indian all-rounder Vijay Shankar has announced his retirement from domestic cricket and the Indian Premier League (IPL), bringing an end to a notable career in Indian cricket
• Commonwealth Day is observed every year on May 24 in India, while most countries of the Commonwealth of Nations celebrate it on the second Monday of March.
• Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman, chaired a high-level review meeting on the progress of GIFT City at Gandhinagar, Gujarat.
• The Pension Fund Regulatory and Development Authority (PFRDA) constituted a committee to explore the long-term inclusion of new asset classes in pension investments.
• ZikZuk Technologies Private Limited received final authorisation from the Reserve Bank of India (RBI) to operate as a Prepaid Payment Instrument (PPI) issuer.
• Prime Minister Narendra Modi visited Sweden on a two-day official visit from 17–18 May 2026 at the invitation of Swedish Prime Minister Ulf Kristersson.
• The Maroon Beret Ceremonial Parade was held on 23 May 2026 at the Garud Regimental Training Centre (GRTC), Air Force Station Chandinagar.
• The 138th Offshore Security Coordination Committee (OSCC) Meeting was held at Ahmedabad.
• Professor Manindra Agrawal, Director of Indian Institute of Technology Kanpur, and Dr Soumya Swaminathan were elected as Fellows of the Royal Society (FRS).
• India submitted its first Biennial Transparency Report (BTR-1) to the United Nations Framework Convention on Climate Change (UNFCCC).
• Scientists at the Indian Council of Agricultural Research (ICAR)’s Central Rice Research Institute (CRRI) developed and validated Plant-OpenCRISPR1 (POC1) in Cuttack, Odisha.
• NIBE Limited, a defence manufacturing company, successfully conducted trials of its Vayu Astra-1 Loitering Munition (LM).
• Researchers discovered a new worm-eating snake species named ‘Trachischium lalremsangai’ during biodiversity and herpetological surveys in the forest regions of Mizoram and Myanmar.