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 CURRENT AFFAIRS : BANKING & FINANCE

India's Sovereign Credit Rating Upgraded to 'BBB' with a 'Stable' Outlook by Morningstar DBRS

• Morningstar DBRS, a global sovereign credit rating agency, has upgraded India’s Long-Term Foreign and Local Currency – Issuer Ratings from BBB (low) to BBB with a stable trend.
• India’s Short-Term Foreign and Local Currency Issuer Ratings were also upgraded to R-2 (high) from R-2 (middle) with a stable trend.

Key Highlights :

• The key drivers for the upgrade include:
• Structural reforms through infrastructure investments, digitalisation, and other initiatives facilitating fiscal consolidation (declining debt and deficit).
• Sustained high growth, with an average GDP growth of 8.2% during FY22-25.
• Macroeconomic stability, with stabilised inflation, a range-bound exchange rate, and sound external balance.
• A resilient banking system, characterized by well-capitalised banks, a high capital adequacy ratio, and non-performing loans at a 13-year low.
• The credit rating may be further upgraded if India continues to implement reforms that raise the investment rate, enhancing medium-term growth prospects.
• Despite the current public debt levels, risks to debt sustainability are limited due to local currency denomination and long maturity structures.
• Further upgrades could occur if the public debt-to-GDP ratio continues to reduce through reforms.
• Morningstar DBRS uses a similar rating scale to Fitch and S&P, but with ‘high’ and ‘low’ suffixes instead of the +/- nomenclature used by the latter two.

About Ministry of Finance:

• Cabinet Minister: Smt. Nirmala Sitharaman
• Minister of State (MoS): Shri Pankaj Chaudhary, Dr. Bhagwat Kishanrao Karad

IIFCL Reports Record Performance for FY 2024-25 with ₹51,124 Cr Sanctions and ₹28,501 Cr Disbursements, Marking Fifth Consecutive Year of Growth   

• IIFCL recorded highest ever Annual Sanctions and Disbursements of ₹51,124 Crore and ₹28,501 Crore, respectively, for FY 2024-25, marking a y-o-y growth of ~21% and ~28%, respectively, compared to the previous year’s figures of ₹42,309 Crore and ₹22,356 Crore.
• The Cumulative Sanctions and Disbursements stood at ₹3.06 Lakh Crore and ₹1.56 Lakh Crore as of March 31, 2025, with ~55% achieved in the last five years.
• The Consolidated Cumulative Sanctions and Disbursements of IIFCL were ~₹3.53 Lakh Crore and ~₹1.79 Lakh Crore, respectively.

Key Highlights :

• IIFCL’s Profitability:Profit Before Tax (PBT) was the highest ever at ₹2,776 Crore, growing ~37% over the previous year’s ₹2,029 Crore.
• Profit After Tax (PAT) grew ~39% to ₹2,165 Crore in FY 2024-25, compared to ₹1,552 Crore in FY 2023-24, showing a ~42x increase from PAT of FY 2019-20.
• Enhanced Net Worth:Net worth grew ~15% to ₹16,395 Crore in FY 2024-25, up from ₹14,266 Crore in FY 2023-24, and ~59% over ₹10,306 Crore in FY 2019-20, increasing IIFCL’s lending capacity for infrastructure projects.
• Improvement in Asset Quality:Gross NPA ratio declined to 1.11% from 1.61% the previous year and 19.70% in March 2020.
• Net NPA ratio improved to 0.35% from 0.46% the previous year, and 9.75% in March 2020.
• The proportion of assets externally rated 'A' and above increased to ~93% from ~88% in March 2024 and ~43% in March 2020.
• Capital Adequacy:Capital to Risk-weighted Assets (CRAR) stood at 23.44%, well above the regulatory norms as of March 31, 2025.
• Loan Portfolio Growth:Standalone Portfolio grew by ~37%, reaching ₹69,904 Crore in FY 2024-25, up from ₹51,017 Crore in FY 2023-24.
• Investment in Bonds and InvITs:IIFCL ventured into investments in Infrastructure Bonds and InvITs in FY 2021-22, recording investments of ₹29,102 Crore in Bonds and ₹14,220 Crore in InvITs as of March 31, 2025.

About IIFCL:

• IIFCL is a government-owned financial institution catering to the long-term financing needs of India’s infrastructure sector.
• It is a diversified public sector lender offering various infrastructure financing products and providing policy inputs to the Government.

Reserve Bank of India Eases Rules for Foreign Portfolio Investors Investments in Corporate Debt Securities   

• The Reserve Bank of India (RBI) has relaxed the norms for Foreign Portfolio Investors (FPIs) investing in corporate debt securities through the general route.
• The relaxation specifically removes the requirements related to the short-term investment limit and the concentration limit for FPI investments in corporate debt securities.
• Objective:The RBI's decision aims to provide greater ease of investment for FPIs, encouraging more participation in India's corporate debt market.

Key Highlights :

• Withdrawal of Specific Requirements:Short-term Investment Limit: FPIs no longer need to comply with the restrictions on short-term investments in corporate debt securities.
• Concentration Limit: The requirement to limit the concentration of investments in corporate debt securities has been withdrawn for FPIs.
• Investment Route:The relaxation applies to investments made via the general route for both government and corporate debt securities by FPIs, subject to specified investment limits and macroprudential limits.
• Effective Date:The relaxation is effective immediately, providing FPIs with enhanced flexibility in their investments in corporate debt securities.
• Impact on FPI Participation:By easing these investment norms, the RBI is likely aiming to increase foreign participation and investments in India's corporate debt markets, contributing to overall market liquidity and stability.

Recent News :

• In March 2025, The RBI released the“Regulations at a Glance” handbook, compiled by the Department of Regulation (DoR), to provide a broad overview of the regulatory landscape across various activities and entities.

About RBI :

• Established : 1 April 1935
• Headquarters : Mumbai, Maharashtra, India
• Governor : Sanjay Malhotra

Securities and Exchange Board of India Imposes Cooling-Off Period for Directors of Market Infrastructure Institutions

• Markets regulator Securities and Exchange Board of India (SEBI) has amended the SECC Regulations, 2018 and Depositories and Participants Regulations, 2018 to enhance governance at Market Infrastructure Institutions (MIIs) such as stock exchanges, clearing corporations, and depositories.
• A mandatory cooling-off period is now required for non-independent directors before they can join the board of a competing MII.
• For public interest directors, after completing their term at an MII, they may be appointed to another competing MII for a further three-year term, subject to SEBI’s prior approval.
• The cooling-off rule applies only when public interest directors move to a competing institution.
• Market Infrastructure Institutions (MIIs) include stock exchanges, clearing corporations, and depositories.
• The cooling-off period is designed to strengthen governance at MIIs and safeguard market integrity.
• The decision followed a SEBI board review in March regarding the appointment of key officials at stock exchanges and other market institutions, with a focus on a cooling-off period before joining competing institutions.

Recent News :

• In March 2025, SEBI introduced a new regulation to expedite the capital-raising process for companies by reducing the timeline for completing rights issues to 23 days.

About SEBI :

• Established : 12 April 1988 as an executive body and was given statutory powers on 30 January 1992 through the SEBI Act, 199
• Headquarters : Mumbai, Maharashtra
• Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of the Ministry of Finance (MoF), GoI.

CURRENT AFFAIRS: NATIONAL NEWS

India at UNFF20: Showcasing Forest Conservation & Global Leadership in Big Cat Protection

• India actively participated in the 20th Session of the United Nations Forum on Forests (UNFF20) held in New York, highlighting its achievements in forest conservation, sustainable forest management, and big cat conservation.

Key Highlights:

1. Increase in Forest and Tree Cover

• 25.17% of India’s geographical area is now under forest and tree cover (India State of Forest Report).
• Significant national initiatives:
  • Aravalli Green Wall Project
  • 7.86% increase in mangrove cover
  • 1.55 lakh hectares afforested under the Green India Mission

2. ‘Ek Ped Maa Ke Naam’ (Plant4Mother) Campaign

• 1.4 billion seedlings planted
• Aimed at environmental restoration and people’s participation in conservation

3. International Big Cat Alliance (IBCA)

• India urged all UN Member States to join IBCA.
• IBCA focuses on the conservation of 7 big cat species globally (including tigers, lions, leopards, jaguars, snow leopards, pumas, and cheetahs).

4. Forest Fire Management

• India emphasized action on the Country-Led Initiative (CLI) outcomes for:
  • Forest fire management
  • Forest certification systems

5. Restoring Degraded Forest Landscapes

• India conducted a side event on integrating:
  • Policy innovation
  • Community participation
  • Technology-driven solutions

6. Ecosystem Valuation in Forest Governance

• Findings from pilot studies in Uttarakhand, Rajasthan, and tiger reserves presented.
• Advocated for integrating ecosystem services valuation into national planning and forest governance.

Government notifies the expansion of the Credit Guarantee Scheme for Startups (CGSS) to increase capital mobilization for startups

• The Government of India has expanded the Credit Guarantee Scheme for Startups (CGSS) to enhance capital mobilization, reduce lending risks, and promote innovation.
• The Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry has notified the expansion of the CGSS which increases the ceiling on guarantee cover per borrower under the Scheme from Rs. 10 crore to Rs. 20 crore.
• It aligns with initiatives such as ‘Make in India’ and supports the goal of building an innovation-driven and self-reliant economy.

Key Features of the Expansion

• Increased Guarantee Limit:
  Raised from ₹10 crore to ₹20 crore per borrower
• Guarantee Coverage:
  • Loans up to ₹10 crore: 85% of the default amount covered
  • Loans above ₹10 crore: 75% of the default amount covered
• Reduced Annual Guarantee Fee (AGF):
  • For startups in 27 Champion Sectors: Reduced from 2% to 1% per annum
  • Champion Sectors are identified under ‘Make in India’ to strengthen manufacturing and services

Objectives of the Scheme

• Support Innovation: Promote innovation-driven startups through better funding access
• Ease Access to Credit: Enable startups to obtain collateral-free loans
• Encourage Lending: Reduce risk for financial institutions to enhance support for startups

About the Credit Guarantee Scheme for Startups (CGSS)

• Launched: October 6, 2022
• Administered by: Department for Promotion of Industry and Internal Trade (DPIIT)
• Purpose: Provide collateral-free debt funding through loans, venture debt, and working capital

10 Years of Jan Suraksha Schemes (2015–2025)

• The Jan Suraksha Schemes — PM Jeevan Jyoti Bima Yojana (PMJJBY), PM Suraksha Bima Yojana (PMSBY), and Atal Pension Yojana (APY) — have completed 10 years since their launch on 9th May 2015.
• Over 82 crore beneficiaries have availed benefits under these schemes as of April 23, 2025.

Background

• Launched by: Prime Minister Narendra Modi on 9th May 2015
• Objective: Provide affordable insurance and pension benefits to the unorganised sector, women, and the underprivileged under the motto "Securing the Unsecured"
• These schemes are integral to financial inclusion and the social welfare system

1. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

• Objective: Offers life insurance cover for death due to any cause
• Coverage: ₹2 lakh to nominee on death
• Eligibility: Age 18–50 years, with a bank or post office account
• Premium: ₹436 per annum (auto-debited)
• Achievements (as of April 23, 2025):
  • Enrolments: 23.63 crore
  • Claims Settled: ₹18,397.92 crore for 9,19,896 claims
  • Women Beneficiaries: 10.66 crore
  • PMJDY-linked Accounts: 7.08 crore

2. Pradhan Mantri Suraksha Bima Yojana (PMSBY)

• Objective: Provides accident insurance
• Coverage:
  • ₹2 lakh for accidental death or permanent disability
  • ₹1 lakh for partial disability
• Eligibility: Age 18–70 years, with bank/post office account
• Premium: ₹20 per annum
• Achievements (as of April 23, 2025):
  • Enrolments: 51.06 crore
  • Claims Settled: ₹3,121.02 crore for 1,57,155 claims
  • Women Beneficiaries: 23.87 crore
  • PMJDY-linked Accounts: 17.12 crore

3. Atal Pension Yojana (APY)

• Objective: Provides pension for workers in the unorganised sector
• Pension Range: ₹1,000 to ₹5,000 per month from age 60
• Eligibility: Age 18–40 years, non-taxpayer, with no formal pension
• Contribution: Based on desired pension; can pay monthly, quarterly, or half-yearly
• Achievements (as of April 23, 2025):
  • Enrolments: 7.66 crore
  • Women Subscribers: 47%

Key Highlights & Impact

• Total Coverage: Over 82 crore beneficiaries across 10 years
• Financial Inclusion: Major step toward including low-income and rural populations in the formal financial system
• Women Empowerment: High female participation, with schemes encouraging women’s social security
• Simplified Access: Use of the Jan Suraksha Portal for easy enrollment and digital claim settlement
• Payout Impact: Combined benefit of ₹21,518.94 crore across all schemes by April 2025
• Wider Coverage: Focused inclusion of PMJDY account holders and those in the unorganised sector

India Bans Medically Important Antimicrobials in Aquaculture to Curb AMR

• In May 2025, the Union Ministry of Commerce and Industry prohibited the use of several WHO-listed, medically important antimicrobials in India’s aquaculture sector.
• This landmark decision targets the reduction of antimicrobial resistance (AMR), ensures food safety, and aligns India’s seafood exports with global standards.

Key Highlights:

• Scope of Ban: Covers 12 antibiotic classes (including fluoroquinolones, glycopeptides, nitrofurans) and 6 specific antimicrobials across hatcheries, feed mills, and processing units.
• AMR Prevention: Aims to limit antibiotic misuse in shrimp, prawns, and fish farming—critical to slowing the rise of drug-resistant infections.
• Food Safety Assurance: Reduces the risk of antibiotic residues in seafood, protecting consumer health.
• Export Competitiveness: Strengthens India’s position as a top exporter (1.78 MT, ₹7.38 billion in 2023–24) by meeting US and Chinese import norms.
• Global Context: Responds to projected growth in aquaculture antibiotic use (from 10,259 t in 2017 to 13,600 t by 2030), especially in the Asia-Pacific region.
• Regulatory Alignment: Builds on previous FSSAI and Coastal Aquaculture Authority bans and follows WHO guidelines on medically important antimicrobials.

RECENT NEWS

• In May 2025, Kozhikode has been officially inducted into the World Health Organization’s (WHO) Global Network of Age-friendly Cities and Communities (GNAFCC).
• In April 2025, World Health Organization (WHO) and the International Diabetes Federation (IDF) jointly hosted a hybrid side event at the IDF World Diabetes Congress in Bangkok, Thailand. Themed “Bridging gaps: Integrated strategies to address TB and diabetes”,

CURRENT AFFAIRS : INTERNATIONAL NEWS

India and United Kingdom Announce Successful Conclusion of Free Trade Agreement (FTA) by Prime Ministers Narendra Modi and Keir Starmer    

• Hon’ble Prime Minister of India, Shri Narendra Modi, and Hon’ble Prime Minister of the United Kingdom (UK), Sir Keir Starmer, announced the successful conclusion of the India-UK Free Trade Agreement (FTA).
• This FTA aligns with India’s vision of Viksit Bharat 2047 and complements the growth aspirations of both nations.
• The engagement follows discussions between the two Prime Ministers at the G-20 Summit in Rio de Janeiro, Brazil, in November 2024.

Key Highlights :

• The agreement is a landmark deal, setting a new benchmark for equitable and ambitious trade between the two large economies. It will benefit Indian farmers, fishermen, workers, MSMEs, startups, and innovators.
• The trade agreement takes place against the backdrop of growing economic relations between India and the UK, with bilateral trade standing at around USD 60 billion, projected to double to USD 120 billion by 2030.
• The UK is India's 4th largest export destination, while India is the UK’s 11th largest trading partner.
• The agreement will boost bilateral trade by £25.5 billion per year, from 2040 onwards. The total trade between the two countries was £42.6 billion in 2024.
• India has secured an exemption for Indian workers who are temporarily in the UK, and their employers, from paying social security contributions in the UK for three years under the Double Contribution Convention.
• The FTA is modern, comprehensive, and aims to achieve deep economic integration with trade liberalisation and tariff concessions.
• The agreement ensures comprehensive market access for goods, across all sectors, covering all of India’s export interests.
• India will benefit from tariff elimination on about 99% of tariff lines, covering nearly 100% of the trade value, opening significant opportunities for increased bilateral trade.
• Indian tariffs on automotive imports will fall from over 100% to 10%, and the two countries will introduce quotas for auto imports.
• The Double Contribution Convention Agreement (Social Security Agreement) is a key aspect of the deal, ensuring that professionals in both countries will not be forced to pay national insurance or social security contributions in both nations.

About UK :

• Capital : London
• Currency : Pound sterling

CURRENT AFFAIRS: STATE NEWS

Uttar Pradesh Launches UP AGREES and AI Pragya with World Bank Support

• Chief Minister of Uttar Pradesh Yogi Adityanath, alongside World Bank President Ajay Banga, inaugurated two flagship programmes—UP AGREES and AI Pragya—to drive agricultural innovation and digital upskilling.
• These World Bank–backed initiatives aim to boost rural productivity across Bundelkhand and Purvanchal and prepare 1 million youth for the AI-driven economy.

Key Highlights:

• UP AGREES (Uttar Pradesh Accelerated Growth through Resilient, Equitable and Sustainable Agriculture)
  • Targets 28 districts including Jhansi, Varanasi, Gorakhpur, and Banda.
  • Promotes technology-driven farming and climate-resilient practices to enhance productivity.
• AI Pragya
  • Seeks to train 10 lakh young people in Artificial Intelligence and digital technologies.
  • Focus areas include government services, education, healthcare, and agriculture.
• Strategic Impact
  • Aligns with Digital India and Skill India missions.
  • Addresses rural development, unemployment, and technological readiness.
  • Supports Uttar Pradesh’s ambition to become a $1 trillion economy through international partnerships.

CURRENT AFFAIRS: AWARDS AND HONOURS

La Prensa Awarded UNESCO Press Freedom Prize Amid Government Repression

• In May 2025, La Prensa, Nicaragua’s historic newspaper, was honored with the UNESCO/Guillermo Cano World Press Freedom Prize for its unflinching commitment to truth and accountability.
• Despite enduring systemic repression under the Ortega-Murillo regime—including arrests, asset confiscation, and forced exile of its staff—La Prensa has maintained its fearless journalism.

Key Highlights:

• Prize Overview: The UNESCO/Guillermo Cano World Press Freedom Prize was awarded to La Prensa on World Press Freedom Day (May 3, 2025), acknowledging its resilience in the face of authoritarian control.
• Legacy of Resistance: Founded in 1926, La Prensa is one of Nicaragua’s most respected newspapers and has faced decades of political pressure, including violent crackdowns and censorship.
• Objectives of the Award:
  • Acknowledge La Prensa's century-long legacy of credible journalism.
  • Recognize its resistance to state suppression and persecution.
  • Promote international awareness of press freedom violations in Nicaragua.
• Civil Society Support:
  • CIVICUS and the Central American Association for Development and Democracy (ACADD) have expressed solidarity with La Prensa and called for global support for Nicaraguan journalists facing criminalization and repression.
• Global Significance:
  • Reinforces the global commitment to press freedom.
  • Highlights the dangers journalists face under authoritarian regimes, making La Prensa a symbol of resistance in Central America and beyond.

CURRENT AFFAIRS : DEFENCE NEWS

Raksha Rajya Mantri Shri Sanjay Seth takes part in Victory Day celebrations during Moscow visit    

• Raksha Rajya Mantri Shri Sanjay Seth visited Moscow, Russia from May 08 to 09, 2025 to participate in Victory Day celebrations.
• The celebrations commemorated the 80th anniversary of the Soviet Union's victory over Nazi Germany and its allies in World War II (1941-45).

Key Highlights :

• Shri Sanjay Seth laid a wreath at the Tomb of the Unknown Soldier and attended the Victory Day Parade alongside other international delegates.
• During his visit, he met with Russian President Vladimir Putin and extended congratulations for the 80th Victory Day.
• Bilateral meeting held with Russian Deputy Defence Minister Colonel General Alexander Fomin, where Sanjay Seth thanked Russia for their support in India’s fight against state-sponsored cross-border terrorism.
• Both ministers discussed enhancing military and military-technical cooperation and agreed to further deepen ties.
• India-Russia strategic partnership was highlighted through participation in the Victory Day Parade.
• Shri Sanjay Seth also interacted with members of the Indian diaspora at the Indian Embassy in Moscow.

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Government Mulls Merger of Four State-Run General Insurers                 

• The government is considering merging the four state-run general insurance companies (PSGICs): New India Assurance Company (NIAC), Oriental Insurance Company (OIC), National Insurance Company (NIC), and United India Insurance Company (UIIC).
• The goal is to create a large insurer that can compete with private-sector and foreign insurers in the market.
• Market Share of State-Run Insurers:The combined market share of state-run non-life insurers has decreased from 39% in FY23 to 34.6% in FY25.
• This decline is attributed to the faster growth of private-sector insurers compared to public-sector insurers.
• LIC as a Benchmark:The government aims to create a general insurance company on the lines of Life Insurance Corporation (LIC), which holds 57% market share in life insurance premium receipts.
• Performance of State-Run Insurers:NIAC is the largest among the state-run insurers and has been consistently profitable.
• OIC and NIC began posting quarterly profits from Q4 FY24 and Q2 FY25
• UIIC reported a profit in Q3 FY25 after a gap of 7 years.
• Potential Foreign Direct Investment (FDI) Increase:The merger might coincide with the proposed hike in FDI limit for the insurance sector from 74% to 100%, which could take place during the upcoming Parliament session.
• Listed vs Non-Listed Companies:NIAC is the only listed company among the four state-run general insurers.
• OIC, NIC, and UIIC are not listed on the stock exchange.

British International Investment of the United Kingdom to invest ₹870 crore for 10% stake in ReNew Solar unit                          

• British International Investment (BII) has agreed to invest ₹870 crore (approximately $100 million) for a 10% stake in ReNew Energy Global's solar manufacturing unit.
• The investment will be directed towards ReNew Photovoltaics Private Ltd, a company with fully operational 6.4 GW solar PV module facilities and a 2.5 GW solar cell facility in India.
• This is BII's first investment in solar manufacturing in India.
• BII's investment will primarily be used for constructing a new 4 GW TOPCon cell facility in Dholera, Gujarat, and for expanding the business.
• Founder, chairman, and CEO of ReNew Energy : Sumant Sinha

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Tata Consultancy Services Unveils GenAI and Agentic AI-Driven MasterCraft to Accelerate Legacy System Modernization for Enterprises    

• Tata Consultancy Services (TCS) has launched an enhanced version of TCS MasterCraft integrated with GenAI and Agentic AI.
• The updated tool is designed to automate legacy application modernisation, reducing costs by over 70% and doubling the speed of results compared to traditional methods.
• The upgraded TCS Master Craft allows for faster and more accurate extraction of business logic from old systems.
• One of North America’s largest banks has utilized the GenAI-powered TCS MasterCraft to modernize its mainframe applications.

About TCS :

• Founded : 1968
• Headquarters : Mumbai, Maharashtra
• Chairman : Natarajan Chandrasekaran
• MD & CEO : K. Krithivasan

Dream Sports Partners with Microsoft to Boost India’s Sports Tech and Gaming Ecosystem                                             

• Dream Sports, India's leading sports technology company, has entered into a strategic collaboration with global tech giant Microsoft.
• The announcement was made during the inaugural edition of the World Audio Visual & Entertainment Summit 2025 (WAVES) held in Mumbai.
• The two companies signed a Memorandum of Understanding (MoU) to explore a range of opportunities in India’s rapidly growing gaming market.
• The collaboration combines Dream Sports’ extensive ecosystem of over 250 million users with Microsoft’s cutting-edge technical and artificial intelligence (AI) capabilities.
• This announcement follows Dream Sports’ ongoing expansion strategy, including the reported acquisition of a 15% stake in Times Internet-owned Cricbuzz for $50 million.
• Co-Founder and CEO of Dream Sports : Harsh Jain

CURRENT AFFAIRS: MOUS AND AGREEMENT

IBM and Tata Consultancy Services Collaboration Anchors Quantum Future in Amaravati

• In a major step toward strengthening India’s position as a leader in quantum technology, IBM and Tata Consultancy Services (TCS) have partnered with the Andhra Pradesh government to establish the Quantum Valley Tech Park in Amaravati.
• This groundbreaking initiative will house India's largest quantum computer, featuring IBM’s 156-qubit Heron processor, and aims to place the country at the forefront of global quantum innovation.

Key Highlights:

• Launch of Quantum Valley Tech Park: Announced in May 2025, this will be the first quantum technology park of its kind in India.
• Alignment with National Quantum Mission: The park is aligned with India’s National Quantum Mission (2023-2031), aiming to foster quantum innovation and apply quantum computing in various sectors.
• Technology and Infrastructure:
  • The IBM Quantum System Two with a 156-qubit Heron processor will be housed in the park.
  • Infrastructure will be developed by L&T, with TCS working on algorithms and use cases.
• Key Sectors and Applications:
  • Focus on applied quantum research in cryptography, materials science, and life sciences.
  • Real-world applications in areas like energy, supply chains, governance, and sustainable manufacturing.
• Job Creation and Investment: The park will provide a platform for high-skilled jobs, global investment, and talent development in quantum computing.

Significance:

• India's Largest Quantum Computer: The launch of the 156-qubit quantum computer signifies a major leap in India's quantum readiness.
• Global Collaboration: The project will invite international experts and researchers, establishing India as a quantum hub.
• Public Services Use-Cases: The park will enable advancements in areas like real-time census, GST optimization, and governance analytics, contributing to the digital public infrastructure.

RECENT NEWS

• The Income Tax Department has implemented a new rule effective from April 22, 2025, mandating a 1% Tax Collected at Source (TCS) on the sale of luxury goods priced above ₹10 lakh.
• In April 2025, India is taking a significant leap in the realm of next-generation technologies by initiating its first Quantum Computing Village in Amaravati, Andhra Pradesh.
• In March 2025, Andhra Pradesh Chief Minister N. Chandrababu Naidu has announced the installation of a 58-foot statue in Amaravati to honor Potti Sriramulu, the freedom fighter whose 58-day hunger strike led to the formation of Andhra Pradesh in 1953.

CURRENT AFFAIRS: IMPORTANT DAYS

Mother’s Day 2025 - May 11

• Mother’s Day is celebrated every year on the second Sunday in May. This year, Mother's Day 2025 is observed on May 11.
• Mother's Day is celebrated every year to honor every Mother of the Family.

History

• Ancient Greeks and Romans celebrated this day to honor the goddess Rhea and Cybele to honor the mothers and motherhood.
• Early Christian people celebrated Mother's Day as “Mothering Sunday”. Nowadays it is reframed as Mother’s Day.
• Writer Julia Ward Howe was the first woman to initiate Mother’s Day in 1872.
• An Activist in West Virginia, Anna Jarvis has come up with an idea with the model of Mother’s Day.
• First Mother’s Day was celebrated in the US on May 10, 1908. 

National Technology Day 2025 - May 11

• National Technology Day is celebrated every year on May 11.
• This day is observed to commemorate the importance of Scientists, Research, etc. This day is celebrated to raise awareness about the Technology that is developed day by day.

History

• National Technology Day was first observed on May 11, 1999.
• In May 1998, India conducted three nuclear tests in the Pokhran Test range in Rajasthan under the operation Operation Sakthi.
• These tests are done by APJ Abdul Kalam and carried out by Bhabha Atomic Research Center (BARC), Defence Research and Development Organisation (DRDO), and Atomic Minerals Directorate for Exploration and Research (AMDER).
• Technology Development Board (TDB) has instituted a national award for promoting the importance of National Technology Day.

International Nurses Day 2025 - May 12:

• International Nurses Day is celebrated every year on May 12.
• Nurses Day is celebrated to praise the Nurses who contribute their work to the Society.
• International Nurses Day is to commemorate the anniversary of Florence Nightingale’s birthday.
• The theme for International Nurses Day 2025 is "Our Nurses. Our Future. Caring for nurses strengthens economies".

History

• In 1953, US Department of Health, Education, and Welfare officer Dorothy Sutherland contacted US President Dwight.D.Elsenhower to celebrate “Nurses Day”.
• Since 1965, the International Council of Nurses (ICN) has celebrated this day.
• From January 1974, May 12 was officially declared “International Nurses Day”.
• On this special day, the International Council of Nurses (ICN) distributed the Nurses Day kit to the people to know the importance of nurses.
• In Bangladesh, where the number of nurses is half of the number of doctors.

Daily CA One- Liner: May 11 & 12

• India actively participated in the 20th Session of the United Nations Forum on Forests (UNFF20) held in New York, highlighting its achievements in forest conservation, sustainable forest management, and big cat conservation
• The Government of India has expanded the Credit Guarantee Scheme for Startups (CGSS) to enhance capital mobilization, reduce lending risks, and promote innovation.
• The Jan Suraksha Schemes — PM Jeevan Jyoti Bima Yojana (PMJJBY), PM Suraksha Bima Yojana (PMSBY), and Atal Pension Yojana (APY) — have completed 10 years since their launch on 9th May 2015
• In May 2025, the Union Ministry of Commerce and Industry prohibited the use of several WHO-listed, medically important antimicrobials in India’s aquaculture sector
• Chief Minister of Uttar Pradesh Yogi Adityanath, alongside World Bank President Ajay Banga, inaugurated two flagship programmes—UP AGREES and AI Pragya—to drive agricultural innovation and digital upskilling
• In May 2025, La Prensa, Nicaragua’s historic newspaper, was honored with the UNESCO/Guillermo Cano World Press Freedom Prize for its unflinching commitment to truth and accountability.
• In a major step toward strengthening India’s position as a leader in quantum technology, IBM and Tata Consultancy Services (TCS) have partnered with the Andhra Pradesh government to establish the Quantum Valley Tech Park in Amaravati.
• Morningstar DBRS, a global sovereign credit rating agency, has upgraded India’s Long-Term Foreign and Local Currency – Issuer Ratings from BBB (low) to BBB with a stable trend.
• IIFCL recorded highest ever Annual Sanctions and Disbursements of ₹51,124 Crore and ₹28,501 Crore, respectively, for FY 2024-25, marking a y-o-y growth of ~21% and ~28%, respectively, compared to the previous year’s figures of ₹42,309 Crore and ₹22,356 Crore.
• The Reserve Bank of India (RBI) has relaxed the norms for Foreign Portfolio Investors (FPIs) investing in corporate debt securities through the general route.
• Markets regulator Securities and Exchange Board of India (SEBI) has amended the SECC Regulations, 2018 and Depositories and Participants Regulations, 2018 to enhance governance at Market Infrastructure Institutions (MIIs) such as stock exchanges, clearing corporations, and depositories.
• Hon’ble Prime Minister of India, Shri Narendra Modi, and Hon’ble Prime Minister of the United Kingdom (UK), Sir Keir Starmer, announced the successful conclusion of the India-UK Free Trade Agreement (FTA).
• Raksha Rajya Mantri Shri Sanjay Seth visited Moscow, Russia from May 08 to 09, 2025 to participate in Victory Day celebrations.
• The government is considering merging the four state-run general insurance companies (PSGICs): New India Assurance Company (NIAC), Oriental Insurance Company (OIC), National Insurance Company (NIC), and United India Insurance Company (UIIC).
• British International Investment (BII) has agreed to invest ₹870 crore (approximately $100 million) for a 10% stake in ReNew Energy Global's solar manufacturing unit.
• Tata Consultancy Services (TCS) has launched an enhanced version of TCS MasterCraft integrated with GenAI and Agentic AI.
• Dream Sports, India's leading sports technology company, has entered into a strategic collaboration with global tech giant Microsoft.
• National Technology Day is celebrated every year on May 11.
• Mother’s Day is celebrated every year on the second Sunday in May. This year, Mother's Day 2025 is observed on May 11.
• International Nurses Day is celebrated every year on May 12.