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CURRENT AFFAIRS : BANKING, FINANCE & BUSINESS

HDFC Bank Unveils 'Biz+ Current Accounts' to Support Expanding MSME Sector in India

• HDFC Bank, India’s leading private sector bank in Current Account deposits, launched the new Biz+ Current Accounts.
• Biz+ is a reimagined suite of Current Account offerings designed to meet the evolving needs of Indian businesses.
• The accounts aim to empower businesses by bringing the entire bank to the customer from day one.

Key benefits include:

• Cash handling services
• Seamless digital banking platform
• Dedicated Bank/Relationship Manager support
• Bundled solutions addressing the full spectrum of banking needs for businesses.
• New-to-bank current account customers get comprehensive business and payment protection insurance from day one for the first year, safeguarding businesses against unforeseen risks.
• Biz+ accounts are designed to scale with the success of customers and adapt dynamically to different business segments like manufacturers, traders, service providers, offering sector-specific solutions.
• The accounts offer bundled benefits under a One Bank approach and will be available across over 9,455 branches nationwide.
• Over 45 lakh existing customers will benefit from Biz+ Current Accounts, gaining a structured, value-driven banking experience.

About HDFC Bank:

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

India’s First Monthly Job Report Reveals 5.1% Unemployment Rate in April 2025  

• The unemployment rate in India, measured on a monthly basis for the first time, stood at 5.1% in April 2025.
• Data released by the Ministry of Statistics & Programme Implementation (MoSPI) through the first monthly Periodic Labour Force Survey (PLFS).
• PLFS aims to monitor real-time unemployment among eligible job seekers across the country.
• Earlier, labour force data was released quarterly and annually, not monthly.
• Current Weekly Status (CWS) method used — refers to employment status over the last 7 days before the survey date

Key Highlights :

Unemployment Rate (UR) Details:

• Overall unemployment rate: 5.1%
• Men’s unemployment rate: 5.2%
• Women’s unemployment rate: 5%
• Age group 15-29 unemployment: 13.8%
• Urban unemployment rate: 17.2%
• Rural unemployment rate: 12.3%

Female Unemployment (Age 15-29):

• Overall: 14.4%
• Urban: 23.7%
• Rural: 10.7%

Men Unemployment (Age 15-29):

• Overall: 13.6%
• Urban: 15%
• Rural: 13%

Labour Force Participation Rate (LFPR):

• Overall LFPR (Age 15+): 55.6%
• Rural LFPR: 58.0%
• Urban LFPR: 50.7%
• Male LFPR (15+, Rural): 79.0%
• Male LFPR (15+, Urban): 75.3%
• Female LFPR (15+, Rural): 38.2%
• LFPR indicates the percentage of persons working or available for work.

Worker Population Ratio (WPR):

• Overall WPR (Age 15+): 52.8%
• Rural WPR: 55.4%
• Urban WPR: 47.4%
• Female WPR (15+, Rural): 36.8%
• Female WPR (15+, Urban): 23.5%
• Overall female WPR: 32.5%
• WPR is the proportion of employed persons in the total population.

Survey Coverage and Methodology:

• Sampling methodology of PLFS revamped from January 2025 for high-frequency labour indicators.
• Total 7,511 first-stage sampling units surveyed in April 2025.
• Total households surveyed: 89,434 (Rural: 49,323; Urban: 40,111)
• Total persons surveyed: 3,80,838 (Rural: 2,17,483; Urban: 1,63,355)

Reliance Industries Secures $2.98 Billion Loan, Marking Largest Deal in India Since 2023   

• Reliance Industries (RIL) has secured a dual-currency loan worth $2.9 billion, the largest offshore loan raised by an Indian company in over a year.
• The loan agreement was signed last week, involving 55 banks, making it the largest bank group for a syndicated loan in Asia in 2025.
• The loan is split into two parts:

1. A $2.4 billion tranche in US dollars
2. A 67.7 billion yen tranche (equivalent to $462 million) in Japanese yen.

• This loan has pushed foreign currency loan volumes raised by Indian companies to around $10.4 billion in 2025, the fastest year-to-date pace in a decade (according to Bloomberg data).
• While syndicated lending in the broader Asia-Pacific region (excluding Japan) has dropped to a two-decade low of $29 billion in G3 currencies (US dollars, euros, yen), India has stood out with strong borrowing activity.
• The loan supports RIL’s plan to ramp up investments across its diverse business sectors.
• In his August 2024 AGM address, Mukesh Ambani outlined an ambitious roadmap to make RIL one of the world’s 30 most valuable companies (up from the current top 50).
• New plans include expanding the new energy division, aiming to match the scale and profitability of the oil-to-chemicals (O2C) business within 5–7 years.
• The group committed to investments in biogas, plastics, and polyester production, including:
• Establishing 55 compressed biogas plants by 2025
• Pilot projects for integrated energy plantations
• Expanding capacity in PVC, CPVC, and specialty polyester by 2026–27.
• RIL has repayments worth about $2.9 billion (including interest) due in 2025 (Bloomberg data).

About RIL :

• Founded : 1958
• Headquarters : Mumbai, Maharashtra, India
• Chairman & Managing Director : Mukesh Ambani

India Stays World's Fastest-Growing Economy as Global Risks Rise: United Nations report  

• India remains the fastest-growing large economy as per the United Nations’ World Economic Situation and Prospects (WESP) Mid-Year Report.

Key Highlights :

• India’s GDP growth is projected at 6.3% in FY 2024-25, and expected to rise to 6.4% in FY 2025-26.
• The growth drivers identified are:
• Strong private consumption
• Robust public investment
• In comparison, the global economic growth is projected at just 2.4% in 2025, indicating a "precarious" global economic environment.
• Inflation in India is forecast to ease from 4.9% in 2024 to 4.3% in 2025, staying within the RBI's target range.
• The report also highlights positive trends in employment in India.

India's April Trade Deficit Rises to $8.65 Billion, Services Offset Gap Again   

• India’s total trade deficit (merchandise + services) widened to $8.65 billion in April 2025 from $5.77 billion in April 2024.

Key Highlights :

• According to Ministry of Commerce and Industry data, total exports (merchandise + services) in 2024-25 reached $824.9 billion, the highest-ever, up 6% from 2023-24.
• Merchandise exports grew by 9% to $38.49 billion in April 2025.
• Merchandise imports increased faster by 19.1% to $64.91 billion in April 2025.
• As a result, the merchandise trade deficit widened to $26.4 billion in April 2025 from $19.19 billion in April 2024.
• The services sector showed a positive trend:Services exports grew by 17% to $35.31 billion in April 2025 (estimated data).
• Services imports increased by only 4.6% to $17.54 billion.
• This led to a services trade surplus of $17.77 billion in April 2025.
• Major export growth in April 2025 was seen in:
• Tobacco: 66.43%
• Coffee: 47.85%
• Electronic goods: 39.51%
• Mica, coal, ores, and minerals: 34.43%
• Fruits and vegetables: 30.72%
• Marine products: 17.81%
• Tea: 15.93%

CURRENT AFFAIRS : NATIONAL NEWS

Indian Railway Finance Corporation approved to raise $1.17 billion through deep-discount bonds

• Indian Railway Finance Corporation (IRFC) has received government approval to raise $1.17 billion through deep-discount bonds.

What is a deep discount bond?

• Deep-discount bonds are issued at a discount to face value and do not pay regular interest, similar to zero-coupon bonds.

Key Highlights :

• IRFC's board approved raising Rs 60,000 crore in FY26 to support its capital needs, shifting focus beyond railways to sectors with forward and backward linkages such as ports, renewables, and tourism.
• Funds will be raised through a mix of instruments across domestic and international markets, including bonds, bank loans, and external commercial borrowings (ECBs).
• Other PSUs like HUDCO and PFC have also been allowed to raise deep-discount bonds, gaining popularity among PSUs like Power Grid Corp, REC, SIDBI, NABARD, and IREDA.
• Indian Railways' capex funding is largely supported by Gross Budgetary Support (GBS), with over 96% of railways’ capex (Rs 2.62 lakh crore in FY26) funded directly by the central government, reducing IRFC’s role in pure railways funding.
• IRFC has diversified into funding infrastructure projects in sectors like power (e.g., Rs 3,200 crore loan to PVUNL and Rs 7,500 crore loan to NTPC Renewable Energy).
• IRFC aims to provide the cheapest cost of capital to clients, as stated by Manoj K. Dubey, CMD and CEO.
• Deep-discount bonds help IRFC lower cost of funds and improve net interest margins (NIMs).
• IRFC is also authorized to raise funds through 54EC bonds (5.25% annual cost) and zero-coupon bonds (6.25% cost).

Recent News :

• In March 2025, IRFC was given the Navaratna status by the Government of India, becoming the 26th PSU in this list.

About IRFC :

• Founded : 12 December 1986
• Headquarters : New Delhi, India
• Chairman & MD : Manoj Kumar Dubey

Cabinet approves ₹351 crore township project for Wayanad landslide victims

• The Cabinet granted administrative sanction for the Wayanad township project aimed at the rehabilitation of landslide survivors of July 30, 2024.
• The estimated project cost is ₹351.48 crore, which includes preliminary expenses.

Key Highlights :

• Approval is subject to technical approval by KIIFCON, a subsidiary of the Kerala Infrastructure Investment Fund Board (KIIFB).
• Chief Minister Pinarayi Vijayan laid the foundation stone for the township on March 27, 2025, at the Elstone Tea Estate in Kalpetta municipality.
• Earlier in January 2025, the Cabinet approved the construction of model townships on:
• 58.50 hectares on Elstone Estate
• 48.96 hectares on Nedumpala Estate.
• In February 2025, the Cabinet decided to proceed with only the Elstone Estate in the first phase.
• The Cabinet approved releasing ₹20 crore to the Special Officer of the Township Project to provide an advance to the Engineering, Procurement, and Construction (EPC) Contractor, the Uralungal Labour Contract Co-operative Society (ULCCS), once the contract is signed.
• For the Sabarimala greenfield international airport project, the Cabinet formed a committee led by the Chief Secretary to resolve development issues.
• The Cabinet ratified the Kerala State Industrial Development Corporation (KSIDC) decision to appoint STUP Consultants Pvt Ltd, Navi Mumbai for preparing the Detailed Project Report (DPR) at a fee of ₹4.33 crore.

Global Di-Ammonium Phosphate Prices Surge 13% Since April, Could Increase Fertiliser Subsidy

• The global price of di-ammonium phosphate (DAP) has risen over 13% since April, currently at $652/tonne.
• DAP is the second most consumed fertiliser in India after urea.
• India meets its DAP demand mainly through imports, so the price rise increases import costs for companies.

Key Highlights :

• At the start of 2025, DAP prices were around $550-560/tonne.
• The landed cost of DAP in India is now higher than the combined government subsidy and retail price.
• Retail prices of phosphatic and potassic (P&K) fertilisers, including DAP, were decontrolled in 2010 with the introduction of a fixed subsidy regime under the Nutrient Based Subsidy (NBS) mechanism.
• Despite the fixed subsidy regime, an open-ended subsidy policy has been followed recently, similar to the one for urea.
• For the current kharif season, the subsidy on DAP under NBS has been increased to Rs 27,799/tonne.
• The Maximum Retail Price (MRP) of DAP has remained unchanged at Rs 27,000/tonne (Rs 1,350 per 50 kg bag) for the past few years.
• Therefore, companies effectively receive Rs 54,799/tonne from subsidy + MRP, but the landed cost exceeds Rs 55,000/tonne (excluding customs duty & handling charges).
• Domestic DAP production is 4.5–4.8 million tonnes, but demand is 10–11 million tonnes, so imports are crucial.
• India imports DAP mainly from West Asia and Jordan.
• Domestic Muriate of Potash (MoP) demand is fully met through imports from countries like Morocco, Saudi Arabia, Belarus, Canada, and Jordan.
• The government has signed long-term import agreements with Morocco and Saudi Arabia for about 2 million tonnes each annually.
• Beginning in early 2025, DAP imports were impacted by the Red Sea crisis, causing rerouting through the Cape of Good Hope, adding 14-45 days to shipment time.
• The government announces subsidies twice a year under NBS, before kharif and rabi seasons.
• Fertiliser subsidy for FY25 was revised to Rs 1.91 lakh crore from Rs 1.68 lakh crore budgeted due to rising global prices.
• For FY26, Rs 1.67 lakh crore has been allocated for fertiliser subsidy.
• Since March 2018, retail urea price remains unchanged at Rs 242 per 45 kg bag, even though production cost is about Rs 2,600 per bag.

CURRENT AFFAIRS : INTERNATIONAL NEWS

India & European Union Collaborate on Innovative Research to Tackle Marine Plastic Litter and Convert Waste to Hydrogen   

• India and the European Union (EU) launched two major research and innovation initiatives under the India-EU Trade and Technology Council (TTC) established in 2022 by PM Narendra Modi and European Commission President Ursula von der Leyen.
• The joint investment is approximately ₹391 crore (~€41 million), co-funded by Horizon Europe (EU’s research framework) and the Government of India.

Focus areas:

1. Marine Plastic Litter (MPL)
2. Waste to Green Hydrogen (W2GH)

• These initiatives aim to address environmental challenges through collaborative research between Indian and European researchers.

Key Highlights :

Marine Plastic Litter (MPL) Initiative

• Budget: India’s Ministry of Earth Sciences (MoES) - ₹90 crore (€9.3 million), EU - €12 million (₹115 crore).
• Objective: Combat marine pollution, focusing on marine plastic litter and its cumulative impacts on biodiversity, ecosystems, and human health.
• Key areas:
• Monitoring microplastics, heavy metals, persistent organic pollutants.
• Developing innovative tools for detection, risk assessment, and mitigation.
• Support international commitments like the UN Decade of Ocean Science and EU Zero Pollution Action Plan.
• Align with India’s National Marine Litter Policy.
• Outcome: New analytical tools for pollution assessment and stronger EU-India cooperation on marine litter.
• Call opened on 6th May 2025.

Waste to Green Hydrogen (W2GH) Initiative

• Budget: India’s Ministry of New and Renewable Energy (MNRE) - ₹90 crore (€9.3 million), EU - €10 million (₹96 crore).
• Objective: Develop sustainable renewable hydrogen production technologies from biogenic wastes such as agriculture, forestry, municipal waste, sewage sludge, and industrial waste.
• Key technologies include:
• Advanced catalysts
• Process intensification
• Feedstock pre/post-treatment
• Use of side streams via biological, electrochemical, catalytic methods.
• Goals:
• Achieve high carbon-to-hydrogen yield
• Lower greenhouse gas (GHG) emissions (potentially negative footprint)
• Reduce production costs
• Minimize environmental impact
• Outcome: Enhanced sustainability, safety, affordability, expanded technology portfolio, and strengthened EU-India cooperation.
• Call opened on 15th May 2025.

URLs for Reference

• Marine Pollution Call: https://moes.gov.in/news-and-announcements
• Waste to Green Hydrogen Call: https://research.mnre.gov.in/

CURRENT AFFAIRS : DEFENCE NEWS

Defence Research & Development Organisation Develops High-Pressure Polymeric Membrane for Seawater Desalination

• Defence Research & Development Organisation (DRDO) has successfully developed an indigenous nanoporous multilayered polymeric membrane for high-pressure sea water desalination.
• The technology was developed by Defence Materials Stores and Research & Development Establishment (DMSRDE), a Kanpur-based DRDO laboratory.
• The membrane is designed for desalination plants on Indian Coast Guard (ICG) ships, addressing the challenge of stability against chloride ions in saline water.
• The development was completed in a record time of eight months.
• Initial technical trials were conducted on the Offshore Patrolling Vessel (OPV) of the ICG, with satisfactory safety and performance results.
• Final operational clearance by ICG is pending after 500 hours of operational testing.
• The membrane, after certain modifications, can be used for desalination of seawater in coastal areas.
• This development marks another step towards Aatmanirbhar Bharat by DMSRDE.

About DRDO:

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

About Ministry of Defence:

• Cabinet Minister: Rajnath Singh
• Minister of State (MoS): Ajay Bhatt

Army Hospital (R&R) inaugurates Femto-LASIK Suite for spectacle removal treatment

• DG, Armed Forces Medical Services (AFMS) Surgeon Vice Admiral Arti Sarin and DG, Medical Services (Army) Lt Gen Sadhna S Nair inaugurated the state-of-the-art Femto-LASIK Suite at Army Hospital (Research and Referral), Delhi Cantt.
• The Femto-LASIK Suite uses advanced laser technology for customised treatment of spectacle removal in young and middle-aged adult patients.
• The initiative highlights the Armed Forces’ commitment to cutting-edge medical care and patient welfare.
• This milestone marks a significant advancement in treating borderline refractive errors and various corneal diseases.
• Army Hospital (R&R) is the apex centre of the Armed Forces Medical Services (AFMS).

CURRENT AFFAIRS : SPORTS NEWS

Khelo India Youth Games 2025 Concludes; Maharashtra Leads Medal Tally With 158 Medals

• The Khelo India Youth Games 2025 concluded with a closing ceremony at the Pataliputra Sports Complex, Patna, Bihar.
• The event started on January 4, 2025, and ended on the final day with exciting competitions in basketball, fencing, and weightlifting.

Key Highlights :

• Maharashtra emerged as the overall champion, topping the medal tally with 158 medals:
• 58 Gold
• 47 Silver
• Haryana secured the second position with 117 medals:
• 39 Gold
• 27 Silver
• Rajasthan finished third with 60 medals:
• 24 Gold
• 12 Silver
• In the boys' basketball final, Uttar Pradesh defeated Rajasthan to win the gold medal.
• In the girls' basketball final, Karnataka defeated Haryana to claim the gold medal.
• Haryana dominated fencing, winning:
• 7 Gold
• 2 Silver
• 3 Bronze medals
• Haryana won gold medals in all three fencing finals held on the last day.
• Several records were broken in the games, especially in weightlifting and athletics:
• Kadir Khan (Uttar Pradesh) set a new record in the 400-metre race.
• Aditya Pisale (Maharashtra) set a new record in the 100-metre sprint.
• Host state Bihar showed significant improvement, increasing its medal tally to 36 from previous single digits.
• Bihar made notable progress particularly in athletics (statement by Ravindran Shankaran, Director General, Bihar State Sports Authority).

Bologna Wins First Italian Cup in 51 Years with 1-0 Victory Over AC Milan  

• Bologna ended a 51-year wait for a major trophy by beating AC Milan 1-0 to win the Italian Cup (Coppa Italia).
• The only goal was scored by Dan Ndoye, who had just returned from injury.
• This is Bologna’s first Italian Cup win since 1974.
• In the meantime, the club only won two second-division titles.
• The club is owned by Canadian Joey Saputo.
• Coach Vincenzo Italiano won his first final after losing two Europa Conference League finals with Fiorentina and finishing runner-up in the 2023 Italian Cup.
• Italiano replaced Thiago Motta as Bologna’s coach this season.
• Motta had led Bologna to its first-ever Champions League qualification before leaving for Juventus.
• This win secured Bologna a spot in the next season’s Europa League.
• AC Milan, finishing eighth in Serie A, faces the possibility of missing European competition next season, which could lead to the end of coach Sergio Conceição’s
• Both teams aimed to end their Italian Cup drought:
• Milan last won the trophy 22 years ago.
• The winning goal came in the 53rd minute: after a tackle on Riccardo Orsolini by Theo Hernández, the ball fell to Ndoye, who scored with a curled shot.
• Ndoye, a 24-year-old Switzerland international, had missed the previous three matches due to a thigh injury.
• Milan had beaten Bologna 3-1 in the league just days before, but could not stage a comeback in this final.

Sunil Gavaskar unveils '10000 Gavaskar' boardroom named after him at BCCI headquarters   

• Indian cricket legend Sunil Gavaskar inaugurated a new boardroom named "10000 Gavaskar" at the BCCI headquarters in Mumbai, Maharashtra.
• The ceremony was attended by BCCI President Roger Binny, Vice President Rajeev Shukla, and Secretary Devajit Saikia.

About Sunil Gavaskar :

• Sunil Gavaskar played for India from 1971 to 1987 and is regarded as one of the best batsmen in cricket history.
• Known for his calm demeanor, technical strength, and bravery, Gavaskar famously faced fast bowlers without wearing a helmet.
• During the 1987 Ahmedabad Test against Pakistan, Gavaskar became the first player in Test cricket history to reach 10,000 runs.
• He scored a total of 10,122 Test runs, making him India’s third-highest Test run-scorer, after Sachin Tendulkar (15,921) and Rahul Dravid (13,288).
• Gavaskar held the world record for the most Test centuries (34) for over 20 years until Sachin Tendulkar surpassed it in 2005.

Daily CA on May 17 :

• HDFC Bank, India’s leading private sector bank in Current Account deposits, launched the new Biz+ Current Accounts.
• The unemployment rate in India, measured on a monthly basis for the first time, stood at 1% in April 2025.
• Reliance Industries (RIL) has secured a dual-currency loan worth $2.9 billion, the largest offshore loan raised by an Indian company in over a year.
• India remains the fastest-growing large economy as per the United Nations’ World Economic Situation and Prospects (WESP) Mid-Year Report.
• India’s total trade deficit (merchandise + services) widened to $8.65 billion in April 2025 from $5.77 billion in April 2024.
• Indian Railway Finance Corporation (IRFC) has received government approval to raise $1.17 billion through deep-discount bonds.
• The Cabinet granted administrative sanction for the Wayanad township project aimed at the rehabilitation of landslide survivors of July 30, 2024.
• The global price of di-ammonium phosphate (DAP) has risen over 13% since April, currently at $652/tonne.
• India and the European Union (EU) launched two major research and innovation initiatives under the India-EU Trade and Technology Council (TTC) established in 2022 by PM Narendra Modi and European Commission President Ursula von der Leyen.
• Defence Research & Development Organisation (DRDO) has successfully developed an indigenous nanoporous multilayered polymeric membrane for high-pressure sea water desalination.
• DG, Armed Forces Medical Services (AFMS) Surgeon Vice Admiral Arti Sarin and DG, Medical Services (Army) Lt Gen Sadhna S Nair inaugurated the state-of-the-art Femto-LASIK Suite at Army Hospital (Research and Referral), Delhi Cantt.
• The Khelo India Youth Games 2025 concluded with a closing ceremony at the Pataliputra Sports Complex, Patna, Bihar.
• Bologna ended a 51-year wait for a major trophy by beating AC Milan 1-0 to win the Italian Cup (Coppa Italia).
• Indian cricket legend Sunil Gavaskar inaugurated a new boardroom named "10000 Gavaskar" at the BCCI headquarters in Mumbai, Maharashtra.