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CURRENT AFFAIRS : BANKING & FINANCE

Moody's Lowers India's 2025 GDP Growth Projection to 6.3%   

• Moody's has revised India's 2025 GDP growth forecast down to 6.3% from 6.6%.
• The downward revision is attributed to policy shifts and trade uncertainties, particularly tensions between major economies like the US and China.
• Geopolitical risks, especially tensions with Pakistan, pose additional downside risks to India's economic outlook.

Key Highlights :

• Global Growth Projections: The IMF has revised India's growth forecast for FY26 down to 6.2% from 6.5%.
• The World Bank has also lowered India's growth estimate to 6.3% from 6.7%.
• Moody's expects India’s economy to grow at 6.5% in 2026.
• Factors Affecting Global and Indian Growth:Policy uncertainty and trade tensions, particularly between the US and China, are seen as significant factors slowing global trade and investment.
• The US President's tariffs on various countries, including India, have created additional economic uncertainties. A 26% tariff on Indian imports was imposed with a temporary pause until July 9.
• Growth Projections for Other Major Economies:China's GDP growth is expected to slow to 3.8% in 2025, down from an earlier forecast of 4.5%.
• US economic growth is expected to slow to 1%, compared to the 2% projected in February.

Recent News :

• In March 2025, Moody’s has projected India's GDP growth to exceed 6.5% in FY26, up from 6.3% in FY25.

About Moody:

• Founded: 1909 by John Moody
• Headquarters: 7 World Trade Center, New York City, USA
• Operations: Moody's Ratings (Credit Ratings), Moody's Analytics (Financial Analysis)
• President & CEO: Rob Fauber

Sa-Dhan and Bank of India Ink Memorandum of Understanding to Boost Financial Inclusion for Small, Micro, and Women-Led Businesses      

• Sa-Dhan, a self-regulatory organization for microfinance institutions (MFIs), has signed a Memorandum of Understanding (MoU) with Bank of India (BoI) to expand financial access for small, micro, and women-led enterprises.

Key Highlights :

• Focus on National Financial Inclusion and SDGs:The collaboration aims to achieve National Financial Inclusion goals and contribute to Sustainable Development Goals (SDGs), particularly in areas such as poverty alleviation, gender equality, and economic empowerment.
• Key Areas of Collaboration:The MoU outlines several areas of collaboration:
  • Enterprise finance for self-help groups (SHGs) and non-SHG members.
  • Climate-resilient technologies and green financing.
  • WASH (Water, Sanitation, and Hygiene) financing.
  • Co-lending to Microfinance Institutions (MFIs).
  • Financial literacy and awareness of government schemes.
• Role of Sa-Dhan:Sa-Dhan will play a crucial role in identifying SHG and non-SHG individual entrepreneurs who require enterprise financing.
• Non-Commercial Nature of the Agreement:The MoU is a non-commercial arrangement, meaning that the collaboration focuses on social impact and development goals, rather than direct financial gain.
• Benefits for Small, Micro, and Women-Led Enterprises:The collaboration is designed to improve financial access for small businesses, microenterprises, and women entrepreneurs, fostering economic growth and empowerment in underserved communities.
• Executive Director and CEO of Sa-Dhan : Jiji Mammen

Recent News:

• Bank of India has withdrawn its high-return 400-day FD scheme and revised interest rates downward, effective April 15, 2025.

About Bank of India:

• Founded: 1906
• Headquarters: Mumbai, Maharashtra, India
• Managing Director & CEO: Rajneesh Karnatak
• Tagline: "Relationships Beyond Banking"

CURRENT AFFAIRS: NATIONAL NEWS

National Mission for Clean Ganga (NMCG), Approves Projects to Strengthen Ganga Rejuvenation Efforts in 62nd Executive Committee Meeting

• The National Mission for Clean Ganga (NMCG), in its 62nd ExecutiveCommittee meeting chaired by Shri Rajeev Kumar Mital, approved several projects focused on rejuvenating the Ganga River and its ecosystem.
• These projects align with the goals of the Namami Gange Mission, emphasizing sustainable practices such as wetland conservation and wastewater reuse to enhance environmental and water resource management.

Key Highlights:

• The Namami Gange programme has been recognized by the UN Decade of Ecosystem Restoration as one of the “Top Ten World Restoration Flagship Initiatives”.
• The approved projects aim to create a cleaner and sustainable Ganga ecosystem, integrating biodiversity conservation and effective water management.
• A wetland conservation project worth ₹3.51 crore was approved for NathmalpurBhagad Wetland in Bhojpur district, Bihar. It is the fifth wetland project under the Namami Gange mission.
• Activities under the wetland project will include wetland boundary marking, species conservation, and ecosystem risk evaluation.
• A ₹34.50 lakh project was sanctioned to develop City Plans and provide training on treated wastewater reuse in Agra and Prayagraj, in alignment with the National Framework for Safe Reuse of Treated Water (SRTW).
• These initiatives are expected to reduce environmental pollution, improve water quality, and restore critical wetlands along the Ganga basin.
• The projects will contribute to managing water scarcity and will include community outreach, capacity building, and monitoring systems for long-term success.

Indian Institute of Foreign Trade to Open Off-Campus Centre at GIFT City, Gujarat

• The Indian Institute of Foreign Trade (IIFT) has received approval from the Ministry of Education to establish an off-campus centre at GIFT City, Gandhinagar.
• This initiative is in line with the objectives of the National Education Policy (NEP) 2020, aiming to promote multidisciplinary education, global competitiveness, and decentralised access to premier trade education.

Key Highlights:

• The new centre will be set up on the 16th and 17th floors of GIFT Tower 2.
• It will offer MBA (International Business) and short-term training programmes in international trade.
• Approval was granted under Section 3 of the UGC Act, 1956, following compliance with the Letter of Intent issued in January 2025.
• The move is part of the UGC (Institutions Deemed to be Universities) Regulations, 2023.
• The centre supports NEP 2020’s emphasis on interdisciplinary learning and enhancing India’s global education and trade ecosystem.
• Union Minister Shri Piyush Goyal endorsed the initiative as a step toward boosting India’s trade capabilities.
• Objectives of the new centre include building a skilled talent pool in international business, encouraging research and innovation, and contributing to India’s vision of becoming a global export hub.
• IIFT, established in 1963, became a Deemed to be University in 2002, and is accredited with A+ grade by NAAC and AACSB accreditation, placing it among top global business schools.
• GIFT City is India’s first International Financial Services Centre (IFSC), aligning with NEP 2020’s vision of globally relevant education frameworks.

RECENT NEWS

• In the latest CareEdge Ratings State Ranking 2025, Maharashtra, Gujarat, and Karnataka have emerged as the top three states based on their overall performance across seven key pillars: economic, fiscal, infrastructure, financial development, social, governance, and environment.
• The GP-DRASTI (Drone Response and Aerial Surveillance Tactical Interventions) program, introduced by the Gujarat police, marks a significant leap in modernizing law enforcement in the state.

Centre Launches ₹1.5 Lakh Cashless Trauma Care Scheme for Road Accident Victims

• The Government of India has notified the Cashless Treatment of Road Accident Victims Scheme, 2025, effective May 5, 2025, to provide up to ₹1.5 lakh in immediate, cashless medical care for accident victims during the first seven days post-incident.
• This landmark policy, rolled out by the Ministry of Road Transport and Highways, aims to reduce mortality by eliminating financial barriers to prompt trauma treatment.

Key Highlights:

• Eligibility:Any individual injured in a motor vehicle accident on public roads in India.
• Hospital Network: Designated hospitals for full treatment; non-designated hospitals may offer only stabilization care.
• Administering Agency: National Health Authority in coordination with police, state health agencies, and transport departments.
• Objective: Ensure immediate, affordable trauma care, reduce treatment delays, and standardize emergency response across the country.
• Background: India records over 1.5 lakh annual road accident fatalities; scheme aligns with road safety goals under the UN Decade of Action for Road Safety.
• Significance: Strengthens national road safety governance, eases financial burden on victims, and fosters inter-agency coordination for effective emergency care.

Centre approves ₹60,000 Crore ITI Modernisation and Five National Centres of Excellence

• The Union Cabinet, chaired by Prime Minister Shri Narendra Modi, has approved a Centrally Sponsored Scheme with an outlay of ₹60,000 crore to upgrade 1,000 Government ITIs and establish five National Centres of Excellence for Skilling over five years, aiming to skill 20 lakh youth and align vocational training with industry needs.

Key Highlights:

• ₹60,000 crore outlay (Central share: ₹30,000 crore, State share: ₹20,000 crore, Industry share: ₹10,000 crore), with 50% of the Central share co-financed equally by the ADB and the World Bank.
• Upgradation of 1,000 ITIs in a hub-and-spoke arrangement featuring industry-aligned, revamped trades.
• Five National Centres of Excellence to be set up within NSTIs at Bhubaneswar, Chennai, Hyderabad, Kanpur, and Ludhiana, plus capacity augmentation at all five institutes.
• Target to skill 20 lakh youth through industry-relevant courses over a five-year period.
• Introduction of an industry-led SPV model for outcome-driven implementation, ensuring deep and sustained industry engagement.
• Provision for need-based investment flexibly allocated to infrastructure upkeep, capacity expansion, and capital-intensive new-age trades.
• 50,000 trainers to receive both pre-service and in-service Training of Trainers for enhanced instructional quality.
• Focus on creating a pipeline of employment-ready workers for high-growth sectors such as electronics, automotive, and renewable energy.
• Contributes to the Prime Minister’s Viksit Bharat vision by positioning ITIs as government-owned, industry-managed aspirational institutes.

Cabinet Sanctions ₹11,828.79 Crore for Expansion of Five New IITs and Research Parks

• The Union Cabinet, chaired by Prime Minister Shri Narendra Modi, has approved the Phase-B expansion of academic and infrastructure capacity at IIT Tirupati, IIT Bhilai, IIT Jammu, IIT Dharwad, and IIT Palakkad, along with the creation of five state-of-the-art research parks to deepen industry-academia linkages.

Key Highlights:

• Total Outlay: ₹11,828.79 crore over 2025–26 to 2028–29, funding expansion at five recently established IITs.
• Student Intake Boost: Capacity to increase by 6,576 seats, taking total strength from 7,111 to 13,687 across UG, PG, and PhD programmes.
• Faculty Strengthening: Creation of 130 new Professor-level posts (Level 14 and above) to maintain teaching quality.
• Research Infrastructure: Establishment of five National Research Parks—one at each IIT campus—to foster industry-aligned R&D.
• Phased Student Growth: Year-wise additional seats: 1,364 (1st year), 1,738 (2nd year), 1,767 (3rd year), and 1,707 (4th year).
• Pan-India Benefit: While located in five States/UTs, expanded seats are open to all candidates nationwide.
• Economic Impact: Expansion will drive direct employment (faculty, staff) and stimulate local economies through housing and services demand.
• Alignment with Budget Pledge: Fulfils the 2025–26 Budget promise to double capacity at newer IITs, supporting India’s goal of building a skilled workforce for a Viksit Bharat.

Cabinet approves Revised SHAKTI Policy Rolls Out Two-Window Coal Linkage Mechanism for Thermal Power Plants

• The Cabinet Committee on Economic Affairs, chaired by Prime Minister Shri Narendra Modi, has approved fresh coal linkages under a revamped SHAKTI Policy.
• It introduces Window–I for supplies at notified prices and Window–II for auction-based linkages at a premium, streamlining allocation and boosting flexibility for Central Gencos, State Gencos, and Independent Power Producers.

Key Highlights:

• Window–I (Notified Price):
  • Continues existing nomination-based linkages for Central Sector TPPs (including JVs) and State Gencos.
  • States may allocate their quota to IPPs via Tariff Based Competitive Bidding or existing PPAs under Section 62 for new expansion units.
• Window–II (Premium over Notified Price):
  • Opens auction-based coal supplies to any domestic or import-based power plant for 12 months – 25 years.
  • No PPA requirement, granting plants freedom to sell power as they choose.
• Simplified Allocation: Reduces eight SHAKTI-Policy paras into two clear windows, enhancing the ease of doing business.
• Demand Flexibility: Enables long-term and short-term planning to meet dynamic coal needs of the power sector.
• Pithead Preference & Rationalization: Prioritises pithead plants and rationalises coal sources to lower landed costs and ease rail infrastructure pressure.
• Governance & Delegation: An Empowered Committee (Secretary – Power, Secretary – Coal, Chairperson – CEA) will oversee implementation; minor policy changes delegated to MoP and MoC.
• Surplus Power Markets: Allows sale of un-requisitioned surplus power in exchanges, deepening market liquidity.
• Broad Beneficiaries: Benefits TPPs, Railways, CIL/SCCL, State Governments, and end consumers without additional cost to coal companies.

CURRENT AFFAIRS : INTERNATIONAL NEWS

Maldives Announces $8.8 Billion Financial Free Zone in Malé to Emerge as Indian Ocean Business Hub by 2030

• Maldives has announced plans to build an $8.8 billion Maldives International Financial Centre (MIFC) in Malé, in collaboration with Qatari-owned MBS Global Investments.
• The MIFC is set to be completed by 2030 and will be a sustainable Financial Freezone.
• The Centre aims to attract global financial institutions, fintech firms, and digital nomads.
• Key benefits of the Financial Centre:
• Zero corporate tax.
• Tax-free inheritance.
• Full ownership rights.
• No residency requirements.
• The Centre will support multi-currency banking and offshore private banking.

Key Highlights :

• The MIFC will offer future-ready regulations for digital assets and green finance, aiming to make Malé a leading financial and business hub in the Indian Ocean.
• The development will include residential and office towers, luxury hotels, an international school, and a convention centre.
• It is expected to generate over $1 billion in revenue by its fifth year and significantly contribute to the national GDP.

About Maldives :

• President : Mohamed Muizzu
• Capital : Malé
• Currency : Maldivian rufiyaa

CURRENT AFFAIRS: STATE NEWS

Tamil Nadu to Observe Traders Day on May 5

• Chief Minister M.K. Stalin has issued a Government Order to designate May 5 as Traders Day, in recognition of the state’s trading community.
• Announced at a Chennai traders’ conference, this move is accompanied by a suite of regulatory and financial reforms aimed at bolstering SMEs under Tamil Nadu’s inclusive governance model.

Key Highlights:

• Official Declaration: May 5 designated as Traders Day via Government Order.
• Enhanced Financial Aid: Assistance for permanent members of the Tamil Nadu Traders Welfare Board raised from ₹3 lakh to ₹5 lakh.
• Membership Extension: Free enrolment window extended by six months.
• Simplified Compliance: Self-assessment introduced for food-related businesses operating under 500 sq ft.
• Grievance Redressal: Panels to be established under Greater Chennai Corporation and other urban local bodies.
• Signboard Concessions: Name board fee exemption for signboards smaller than 9 sq metres to continue.
• Round-the-Clock Trade: Permission for 24×7 operations of commercial establishments extended by three years.
• Language Promotion: Traders encouraged to adopt Tamil business names or include Tamil signage alongside English.

RECENT NEWS

• In April 2025, Tamil Nadu Chief Minister M.K. Stalin announced in the Legislative Assembly the formation of a high-level committee to review Centre-State relations, constitutional provisions, and policies to suggest measures for enhancing the autonomy of States.
• Prime Minister Narendra Modi visited Rameswaram, Tamil Nadu, where he inaugurated and laid the foundation stone for a series of significant infrastructure projects worth over ₹8,300 crore.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Romanian Prime Minister Resigns, Exits Coalition Following Nationalist Party's Election Victory

• Romanian Prime Minister Marcel Ciolacu resigned and the Social Democrat Party (PSD) left the government following the victory of right-wing nationalist candidate George Simion in the first round of the presidential election.
• Election Results:George Simion, leader of the Alliance for the Unity of Romanians (AUR), won 40.96% of the vote.
• Nicusor Dan, the Bucharest Mayor and reformist candidate, secured 20.99% of the vote.
• Crin Antonescu, representing the governing coalition, finished third in the election.
• Runoff Election: The runoff for the presidential election will be held on May 18, 2025, between George Simion (AUR) and Nicusor Dan (Save Romania Union).
• Political Background:George Simion (38 years old) is a staunch anti-establishment candidate from the right-wing nationalist AUR party.
• Nicusor Dan (55 years old), a mathematician and former anti-corruption activist, ran on a pro-EU
• Previous Election Scandal: The 2024 presidential election in Romania ended in scandal and confusion when the result was annulled.
• It was originally won by Calin Georgescu, a radical outsider with mystical leanings, but allegations of campaign fraud and Russian interference led to the annulment.

About Romania :

• President : Ilie Bolojan
• Capital : Bucharest
• Currency : Romanian leu (RON)

Conservative Leader Friedrich Merz Elected as Germany's New Chancellor

• Friedrich Merz has been elected as the new Chancellor of Germany after securing a majority in the second round of voting in the Lower House of Parliament.
• 325 out of 630 lawmakers voted in favor of Merz in the second round, surpassing the necessary threshold of 316 votes.
• Merz had only 310 votes in the first round, which was a setback to his prestige and an unprecedented failure in post-war German history.
• Prime Minister Narendra Modi congratulated Merz and expressed eagerness to work together to strengthen the India-Germany Strategic Partnership.

About Germany :

• President : Frank-Walter Steinmeier
• Capital : Berlin
• Currency : Euro

CURRENT AFFAIRS : DEFENCE NEWS

India Launches Operation Sindoor: Joint Military Strike on Terror Camps in Pakistan and PoK

• Operation Sindoor was launched on May 7, 2025, as a joint military strike by the Indian Army, Air Force, and Navy against terror camps in Pakistan and PoK.
• It was a retaliation to the Pahalgam terrorist attack on April 22, in which 26 people (including one Nepali citizen) were killed, most of them targeted based on religion.
• The operation lasted only 25 minutes (1:05 AM to 1:30 AM IST), showcasing speed, precision, and coordination among India's armed forces.

Key Highlights :

• A total of 9 terror camps were destroyed—5 in PoK and 4 in Pakistan’s Punjab province, using 24 precision missile strikes.
• Key targets included:

1. Markaz Subhan Allah, Bahawalpur
2. Markaz Taiba, Muridke
3. Sarjal, Tehra Kalan
4. Mehmoona Joya, Sialkot
5. Markaz Ahle Hadith Barnala, Bhimber
6. Markaz Abbas, Kotli
7. Maskar Raheel Shahid, Kotli
8. Shawai Nallah Camp, Muzaffarabad
9. Markaz Syedna Bilal, Muzaffarabad

• Indian government sources confirmed that 70 terrorists were killed, over 60 injured, with no civilian, economic, or military infrastructure hit.
• Loitering Munitions (Kamikaze Drones): Used for real-time surveillance and precision targeting
• The operation was monitored live via UAV reconnaissance, which confirmed target destruction with minimal collateral damage
• The name ‘Sindoor’ was chosen by PM Narendra Modi to symbolize the loss of 25 widows and India’s resolve for justice—sindoor traditionally symbolizes married life in Indian culture.
• An image released by the Indian Army showed the word ‘SINDOOR’, with the second ‘O’ represented as a spilled bowl of vermilion, symbolizing grief and resolve.
• India briefed five key nations—the USA, UK, Saudi Arabia, UAE, and Russia, affirming that the operation was measured, responsible, and non-escalatory.

Weapons Used in Operation Sindoor

1. SCALP (Storm Shadow) Cruise Missile

• Type: Long-range, air-launched cruise missile
• Range: Over 250 km
• Purpose: Deep-strike missions against fortified terrorist infrastructure
• Key Features:
  • Terrain-following capabilities
  • Advanced GPS/INS navigation
  • Precision targeting with minimal collateral damage
• Usage: Targeted high-value terror camps in PoK and Pakistan’s Punjab province

2. HAMMER Precision Bomb (Highly Agile Modular Munition Extended Range)

• Type: Precision-guided standoff bomb
• Range: 50–70 km (based on release altitude)
• Purpose: Destruction of reinforced targets like bunkers, buildings, and training centres
• Key Features:
  • Laser/GPS guidance
  • Modular and scalable design
  • Effective in urban/semi-urban environments
• Usage: Targeted JeM and LeT strongholds and command centres

Two Key Women Officers at the Forefront

• Col Sofia Quraishi
  • Corps: Signal Corps, Indian Army — the communications backbone of the armed forces.
  • Spoke after Foreign Secretary Vikram Misri.
  • Historic Achievement: In 2016, became the first woman officer to lead a multinational military exercise (18 nations).
• Wing Commander Vyomika Singh
  • Branch: Indian Air Force, Helicopter Pilot
  • Commissioned: 2004 | Promoted to Wing Commander: December 2017
  • Aircraft flown: Cheetah and Chetak helicopters

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Paras Defence collaborates with Israel’s Heven Drones to produce next-gen drones in India

• Paras Defence and Heven Drones signed a Memorandum of Understanding (MoU) on May 6, 2025, to establish a joint venture for manufacturing logistics and cargo drones in India.
• The joint venture, named “Paras Heven Drones India”, will focus on logistics drones with payloads ranging from 10kg to 40kg.
• The partnership follows a 51-49 ownership model, with Paras Defence holding the majority stake.
• The joint venture is part of the Make-in-India initiative, aiming to manufacture advanced drone technologies locally while complying with national manufacturing policies.
• It plans to import critical components from Israel to ensure the technology meets international standards.

Key Highlights :

• Initial Investment:The joint venture plans an initial investment of $1 million for infrastructure and test equipment in India.
• Cost-Effectiveness:Local manufacturing is expected to reduce production costs by at least 20% compared to manufacturing in Israel.
• Indian Market Potential:The Indian market for logistics drones in both defence and civilian applications is expected to exceed $1 billion.
• The joint venture aims to become the leading player in this sector by offering advanced drone technologies at competitive prices.
• Drone Pricing:The average price for an electrically powered logistics drone is approximately ₹50 lakhs, with variations depending on payload capacity and additional features.
• Hydrogen-Powered Drones: Heven Drones’ hydrogen-powered drones offer longer flight endurance compared to traditional battery-powered drones.
• Their hydrogen drones can carry 5kg payloads for up to 2.5 hours, and larger models under development will carry 23kg payloads for 12 hours.
• Export Plans:In addition to serving the Indian market, the joint venture also plans to export drones globally.

SpaceX's Starbase Launch Site Officially Approved as a City in Texas     

• Starbase is located near Brownsville, Texas, at the SpaceX launch site in the Rio Grande Valley
• The area, previously known as Boca Chica, is being developed into a massive manufacturing facility by SpaceX, with a significant presence of infrastructure and housing.

Key Highlights :

• Incorporation of Starbase: Voters in South Texas approved a ballot measure to officially incorporate Starbase, making it a city with its own elected officials and local government.
• This approval formalizes the presence of SpaceX in the area, which was already significant as one of the region's largest employers.
• Impact on Governance:Incorporation means Starbase will have its own local government, distinct from nearby Brownsville or South Padre Island.
• Benefits of Incorporation:The incorporation is seen as a way to bring more services to local residents.
• Supporters believe the move will improve infrastructure and resources in the area.
• Challenges and Limits:While incorporation gives Starbase the same standing as other cities, it doesn’t provide Musk or SpaceX free rein to operate without local oversight.
• The new city is still subject to regulations, and the incorporation doesn’t exempt SpaceX from following local laws or zoning rules
• Economic and Social Impacts: The launch site and SpaceX’s manufacturing facility are key drivers of economic development in the area.
• SpaceX’s Role in Development : SpaceX has been instrumental in the development of roads, signage, and other infrastructure in the region.
• The company’s growth in the area highlights the intersection of private sector influence and local government governance.

About SpaceX Starbase :

• Established : 2014
• Location : Starbase, Texas, United States

Airtel Africa Collaborates with Starlink to Offer Satellite Internet Across the Continent

• Airtel Africa has entered into an agreement with SpaceX to provide Starlink’s high-speed internet services to Airtel customers across Africa.
• The collaboration aims to expand satellite communication (satcom) and improve connectivity in underserved and rural regions of Africa.

Key Highlights :

• Licensing and Expansion:SpaceX has acquired operating licenses in nine out of 14 countries within Airtel Africa's service footprint.
• Operating licenses for the remaining five countries are still in process.
• The partnership aims to expand rural coverage through cellular backhauling.
• Target Areas:The collaboration focuses on improving connectivity for businesses, schools, and health centers, particularly in rural and remote regions.
• The partnership will offer reliable and affordable voice and data connectivity in areas that are currently underserved.
• Previous Collaboration in India:In March, Bharti Airtel announced a similar tie-up with SpaceX to bring Starlink services to India, contingent on SpaceX receiving necessary authorizations to sell Starlink in the country.
• The deal would allow Airtel to offer Starlink equipment at its retail stores and provide Starlink services to business customers.
• Starlink’s application for a global mobile personal communication by satellite (GMPCS) services license in India has been pending since November 2022.
• Regulatory Context in India:The Department of Telecommunications (DoT) has granted GMPCS licenses to other satellite providers like Eutelsat OneWeb and Reliance Jio's satellite arm, Jio Space Limited.
• Managing Director and CEO of Airtel Africa : Sunil Taldar

CURRENT AFFAIRS: MOUS AND AGREEMENT

India–UK Ink Landmark Trade Pact Aimed at Doubling Bilateral Commerce

• India and the United Kingdom signed a landmark Free Trade Agreement (FTA) after over two years of negotiations.
• This wide-ranging pact is expected to significantly enhance trade in goods, services, and investment, and strengthen the Comprehensive Strategic Partnership between the two nations.
• It also introduces key provisions to promote mobility of professionals and safeguard sensitive sectors, reflecting a balance between ambition and national interest.

Key Highlights:

• Zero duty access for 99% of Indian exports to the UK, especially benefitting textiles, footwear, marine products, leather, gems & jewellery, and auto components.
• India to gradually reduce tariffs on 90% of UK goods, including major tariff cuts for whisky (150% to 75%, then 40%) and other key UK exports like cosmetics, auto parts, salmon, medical devices, and confectionery.
• Indian professionals posted in the UK to benefit from the Double Contribution Convention, exempting them and their employers from social security payments for 3 years, easing costs for Indian firms in IT and services.
• Expected to double India–UK trade (currently at $60 billion) by 2030, while creating employment in labour-intensive sectors such as MSMEs, textiles, and engineering goods.
• Strategic sectors like dairy, apples, and cheese excluded from the agreement to protect domestic farmers.
• The pact lays groundwork for increased cooperation in services sectors (IT, legal, finance), where India holds a competitive edge.
• India has raised concerns about the UK's Carbon Border Adjustment Mechanism (CBAM) and its potential impact on metal and mineral exports; discussions are ongoing to establish a rebalancing framework.
• Negotiations began in January 2022, advanced during the G20 Summit in Rio (Nov 2024), and concluded in London (April 2025) with the agreement finalized after a call between PM Modi and UK PM Keir Starmer.
• A Bilateral Investment Treaty (BIT) is expected to follow, further deepening investment protections and cooperation.
• The deal has drawn criticism from farmer groups and the alcohol beverage industry in India, citing potential risks to traditional sectors and future trade negotiations.

RECENT NEWS

• The United Kingdom is poised to host the 2035 FIFA Women’s World Cup, emerging as the only “valid” bidder for the prestigious event, as confirmed by FIFA President Gianni Infantino.

IWAI Partners with Rhenus Logistics India to Accelerate Cargo Movement on National Waterways

• The Inland Waterways Authority of India (IWAI), under the Ministry of Ports, Shipping and Waterways, has signed an MoU with Rhenus Logistics India—a global logistics leader with a turnover of EUR 8.2 billion—to deploy barge services on NW-1, NW-2, NW-16 and the Indo-Bangladesh Protocol routes.
• The agreement, witnessed by Minister Shri Sarbananda Sonowal, leverages the Jal Marg Vikas Project to expand India’s inland water transport network and lower logistics costs.

Key Highlights:

• 100 cargo vessels with pusher tugs to be rolled out in phases, beginning Q3 2025 with 20 barges and 6 tugs for bulk and break-bulk movement.
• Operations will span North & East India, the North-East, and extend to neighbouring countries via IBP routes.
• Partnership builds on the World Bank–backed Jal Marg Vikas Project’s dredging, terminals, and navigational aids on NW-1 (River Ganga).
• India’s operational waterways increased from 24 to 29, with river cruises on 13 routes and cargo traffic reaching 145.84 million tonnes.
• Introduction of the ‘Jalvahak’ Cargo Promotion Scheme—offering up to 35% incentive on operating costs—and fixed scheduled services on NW-1, NW-2 and NW-16 to further boost IWT competitiveness.

CURRENT AFFAIRS: SPORTS NEWS

China Secures 14th Sudirman Cup Triumph Despite An Seyoung’s Unbeaten Streak

• In the 2025 Sudirman Cup finalheld in Xiamen, China overwhelmed South Korea 3–1 to claim their 14th world mixed team title, reaffirming their unparalleled squad depth even as South Korea’s star, An Seyoung, extended her perfect season.

Key Highlights:

• China’s 14th title in 18 editions underscores their sustained dominance in the BWF World Mixed Team Championship.
• An Seyoung preserved her 25-match unbeaten record in 2025, winning her final match despite the team loss.
• China’s ability to rotate and rest Olympic champions showcased the squad’s strategic depth across singles and doubles.
• The Sudirman Cup, inaugurated in 1989, has seen China reach 16 consecutive finals, with South Korea the next best at 4 titles.

About China

• Capital: Beijing
• Currency: Chinese Yuan
• President: Xi Jinping

CURRENT AFFAIRS: IMPORTANT DAYS

May 6 Observed as International No Diet Day to Champion Body Acceptance

• International No Diet Day, marked every year on May 6, encourages us to value self-acceptance over societal beauty ideals.
• Launched in 1992 by British activist Mary Evans Young, the movement rejects the notion that thinness automatically equals health, instead promoting mindful practices that prioritize both mental and physical well-being.

Key Highlights:

• Founded in 1992: Initiated by Mary Evans Young to empower individuals recovering from eating disorders.
• Global Observance: Celebrated worldwide each May 6 to end fatphobia and weight-based discrimination.
• Body Diversity: Emphasizes that health comes in all shapes and sizes, countering unrealistic beauty standards.
• Mental Health Focus: Raises awareness about the dangers of extreme dieting and supports self-compassion.
• Sustainable Practices: Encourages intuitive eating, mindful meal choices, and enjoyable physical activity over restrictive diets.
• Summer Wellness Tips:
  • Stay hydrated with water-rich fruits like cucumbers and watermelons.
  • Choose nutrient-dense snacks (berries, yogurt, nuts) instead of processed foods.
  • Engage in fun, regular exercise to boost energy and mood.
• Cultural Impact: Aligns with broader movements for inclusive health and media literacy, advocating that well-being is more than appearance alone.

World Red Cross And Red Crescent Day 2025 - May 8

• World Red Cross and Red Crescent Day are celebrated every year on May 8.
• This initiative was studied by an International Commission established at the 14th International Conference on the Red Cross.
• This day is celebrated to raise awareness about the uniqueness and unity of World Red Cross Day.

History

• World Red Cross Day is celebrated on the birth anniversary of Henry Dunant, who was born on May 8, 1828.
• Henry Dunant was the founder of the International Committee of the Red Cross (ICRC). He was the recipient of the Nobel Peace Prize.

• The International Federation of Red Cross and Red Crescent Societies (IFRC) was first established in 1919 in Paris.
• The whole body of the World Red Cross and Red Crescent consists of the International Committee of the Red Cross, the International Federation of Red Cross and Red Crescent societies, and national Red Cross and Red Crescent societies.
• In 1984, this day was officially named "World Red Cross and Red Crescent Day".

World Thalassaemia Day 2025 - May 8

• World Thalassaemia Day is celebrated every year on May 8.
• This day is celebrated to raise awareness about the struggles of patients suffering from genetic disorders and raise awareness about Thalassaemia.
• The World Thalassaemia Day 2025 theme is “Together for Thalassaemia: Uniting Communities, Prioritizing Patients.” 

History

• In 1994, Thalassaemia International Federation (TIF) established May 8 as Thalassaemia Day.
• Thalassaemia International Federation(TIF) is organising many useful activities to seek attraction of the public, and to improve the health of the public.
• This day was observed in the memory of George Englezos who was the son of Thalassaemia International Federation's (TIF) president and founder.

Daily CA One- Liner: May 8

• The National Mission for Clean Ganga (NMCG), in its 62nd ExecutiveCommittee meeting chaired by Shri Rajeev Kumar Mital, approved several projects focused on rejuvenating the Ganga River and its ecosystem
• The Indian Institute of Foreign Trade (IIFT) has received approval from the Ministry of Education to establish an off-campus centre at GIFT City, Gandhinagar.
• The Government of India has notified the Cashless Treatment of Road Accident Victims Scheme, 2025, effective May 5, 2025, to provide up to ₹1.5 lakh in immediate, cashless medical care for accident victims during the first seven days post-incident needs.
• The Union Cabinet, chaired by Prime Minister Shri Narendra Modi, has approved a Centrally Sponsored Scheme with an outlay of ₹60,000 crore to upgrade 1,000 Government ITIs and establish five National Centres of Excellence for Skilling over five years, aiming to skill 20 lakh youth and align vocational training with industry needs.
• The Union Cabinet, chaired by Prime Minister Shri Narendra Modi, has approved the Phase-B expansion of academic and infrastructure capacity at IIT Tirupati, IIT Bhilai, IIT Jammu, IIT Dharwad, and IIT Palakkad, along with the creation of five state-of-the-art research parks to deepen industry-academia linkages
• The Cabinet Committee on Economic Affairs, chaired by Prime Minister Shri Narendra Modi, has approved fresh coal linkages under a revamped SHAKTI Policy.
• Chief Minister M.K. Stalin has issued a Government Order to designate May 5 as Traders Day, in recognition of the state’s trading community
• India and the United Kingdom signed a landmark Free Trade Agreement (FTA) after over two years of negotiations.
• The Inland Waterways Authority of India (IWAI), under the Ministry of Ports, Shipping and Waterways, has signed an MoU with Rhenus Logistics India—a global logistics leader with a turnover of EUR 8.2 billion—to deploy barge services on NW-1, NW-2, NW-16 and the Indo-Bangladesh Protocol routes
• In the 2025 Sudirman Cup finalheld in Xiamen, China overwhelmed South Korea 3–1 to claim their 14th world mixed team title, reaffirming their unparalleled squad depth even as South Korea’s star, An Seyoung, extended her perfect season,
• Moody's has revised India's 2025 GDP growth forecast down to 6.3% from 6.6%.
• Sa-Dhan, a self-regulatory organization for microfinance institutions (MFIs), has signed a Memorandum of Understanding (MoU) with Bank of India (BoI) to expand financial access for small, micro, and women-led enterprises.
• Maldives has announced plans to build an $8.8 billion Maldives International Financial Centre (MIFC) in Malé, in collaboration with Qatari-owned MBS Global Investments.
• Romanian Prime Minister Marcel Ciolacu resigned and the Social Democrat Party (PSD) left the government following the victory of right-wing nationalist candidate George Simion in the first round of the presidential election.
• Friedrich Merz has been elected as the new Chancellor of Germany after securing a majority in the second round of voting in the Lower House of Parliament.
• Operation Sindoor was launched on May 7, 2025, as a joint military strike by the Indian Army, Air Force, and Navy against terror camps in Pakistan and PoK.
• Paras Defence and Heven Drones signed a Memorandum of Understanding (MoU) on May 6, 2025, to establish a joint venture for manufacturing logistics and cargo drones in India.
• Starbase is located near Brownsville, Texas, at the SpaceX launch site in the Rio Grande Valley
• Airtel Africa has entered into an agreement with SpaceX to provide Starlink’s high-speed internet services to Airtel customers across Africa.
• International No Diet Day, marked every year on May 6, encourages us to value self-acceptance over societal beauty ideals
• World Red Cross and Red Crescent Day are celebrated every year on May 8
• World Thalassaemia Day is celebrated every year on May 8.