Daily Current Affairs

In May 2026, the Department for Promotion of Industry and Internal Trade (DPIIT), under the Ministry of Commerce & Industry (MoCI), released the detailed operational guidelines for the Bharat Audyogik Vikas Yojana (BHAVYA) Scheme. The scheme, approved by the Union Cabinet on 18 March 2026, aims to develop 100 plug-and-play industrial parks across India with a total financial outlay of Rs 33,660 crore (including an administrative fund of Rs 60 crore).

• Purpose: Develop investment-ready, world-class industrial infrastructure enabling investors to set up manufacturing with ease, boosting India’s manufacturing capacity.
• Alignment: Aligned with Make in India and PM Gati Shakti objectives.
• Financial Support: Up to Rs 1 crore per acre for core, value-added, and social infrastructure.
• Key Features: Plug-and-play ecosystems, pre-approved land, ready infrastructure, streamlined single-window approvals.
• Implementing Agency: National Industrial Corridor Development Corporation (NICDC) under DPIIT, in partnership with states and the private sector.

Union Minister Rajnath Singh (Ministry of Defence) inaugurated the NIBE Group’s private defence manufacturing complex in Shirdi, Ahilya Nagar district, Maharashtra on 23 May 2026, and flagged off India’s first 300-km Universal Rocket Launching System “Suryastra”, aimed at boosting indigenous defence manufacturing.

• Suryastra: Indigenously developed under emergency procurement framework; tested at ITR Chandipur, Odisha.
• 4 Defence Corridors: Maharashtra CM Devendra Fadnavis announced Rajnath Singh approved corridors in Pune, Nashik, Ahmednagar, and Nagpur.
• Private Sector Target: India targets private sector to contribute 50% of defence production; currently nearly 30%.

In May 2026, the Department of Space (DoS) granted approval for the establishment of Common Technical Facilities (CTFs) in Gujarat and Tamil Nadu to strengthen India’s space ecosystem by promoting domestic manufacturing capabilities and supporting the space sector industry base.

• Implementing Body: IN-SPACe (Indian National Space Promotion and Authorisation Centre) — commercial arm of ISRO — responsible for procurement, installation, and commissioning.
• IN-SPACe Chairman: Dr. Pawan Kumar Goenka.
• Significance: Around 10 states have expressed interest in similar clusters; first-of-its-kind shared infrastructure for the private space industry.

In May 2026, Vinod Saxena, Lieutenant Governor (L-G) of Union Territory (UT) Ladakh, approved the extension of the MoU for another 5 years with Oil and Natural Gas Corporation (ONGC) for the construction of India’s first geothermal power project.

In May 2026, the Department of Posts (DoP), under the Ministry of Communications, signed an agreement with Flipkart India Private Limited to bolster the country’s e-commerce logistics ecosystem and enhance parcel delivery efficiency across urban, semi-urban, rural, and remote regions.

• Signatories: Neeraj Kumar Jha (General Manager, Parcel Directorate, DoP) and Harvinder Kapur (Director-Commercial, Flipkart India) — signed in New Delhi.
• Key Role: India Post will facilitate last-mile delivery services for Flipkart shipments across the country.
• Key Services: Delivery of prepaid and Cash On Delivery (COD) parcels, OTP-based delivery authentication, and real-time shipment tracking.

Union Minister Rajnath Singh (Ministry of Defence) undertook a 4-day official visit to Vietnam and South Korea from 18–21 May 2026, to strengthen defence industrial partnership, boost maritime collaboration, and promote peace and stability in the Indo-Pacific region.

In May 2026, India and Ethiopia signed a bilateral accession protocol in Geneva, Switzerland, related to Ethiopia’s membership in the World Trade Organization (WTO), marking an important step in Ethiopia’s WTO accession process.

• Signatories: Dr. Senthil Pandian C. (Ambassador & Permanent Representative of India to the WTO) and Tsegab Kebebew Daka (Ambassador & Permanent Representative of Ethiopia to the UN Office, Geneva).
• Context: Follows Ethiopia’s 7th Working Party meeting in April 2026; involves negotiations on trade reforms, tariff commitments, market access, and alignment with WTO rules.
• India’s Position: India supports Least Developed Countries (LDCs) and developing countries’ WTO accessions to promote inclusive growth and south-south cooperation.
• Fast-tracked under: Union Minister Piyush Goyal, Ministry of Commerce and Industry (MoCI).

In May 2026, the Reserve Bank of India (RBI) imposed monetary penalties on City Union Bank Limited (CUB), Mintifi Finserve Private Limited, and Newa Investments Private Limited for non-compliance with various regulatory directions.

In May 2026, the Asian Infrastructure Investment Bank (AIIB) launched a new USD 10 billion financing facility named the “Energy, Food Security and Economic Resilience Facility (EFSERF)” to help member countries manage the economic impact arising from the ongoing Middle East conflict.

• EFSERF Objective: Reduce economic impact of conflicts by supporting reconstruction and recovery, enhancing financial stability in affected countries, and strengthening resilience against future geopolitical and economic shocks.
• Assistance Types: Budgetary assistance, funding for critical imports, liquidity support, and refinancing aid for governments and infrastructure companies.

In May 2026, the Reserve Bank of India (RBI) approved the reappointment of Sandeep Bakhshi as the Managing Director (MD) and Chief Executive Officer (CEO) of ICICI Bank for a further term of two years.

In May 2026, the Indian Army (IA) launched “Q-FORCE”, an integrated digital application designed to streamline logistics and sustainment management through seamless integration of multiple logistics and inventory platforms across varied operational terrains in India.

• Integration: Integrated digital logistics management system for real-time coordination, resource planning, and efficient decision-making within the IA through faster tracking and management of logistics assets.
• Key Features: Real-time logistics monitoring, efficient supply-chain management, faster resource allocation, and improved operational readiness.
• Benefits: Enhances operational readiness, responsiveness, strategic mobility, and emergency deployment capabilities.

The 79th Cannes International Film Festival 2026 was held from 12–23 May 2026 at the Palais des Festivals et des Congrès, Cannes, France. Romanian director Cristian Mungiu won the Palme d’Or for his drama “Fjord”, while Russian director Andrey Zvyagintsev received the Grand Prix for his political thriller “Minotaur”.

The United Nations (UN)’s International Day to End Obstetric Fistula is observed annually on 23 May to raise awareness about obstetric fistula — a preventable and treatable childbirth injury — and to promote global action and support for affected women and girls, especially in poorer regions.

World Turtle Day is observed globally every year on 23 May to create awareness about the conservation of turtles, tortoises, and their natural habitats, while encouraging collective action for their protection and survival. 23 May 2026 marked the 26th observance.

• Launched: First launched in 2000 by American Tortoise Rescue (ATR), a California, USA-based non-profit organisation dedicated to the conservation of turtles and tortoises.
• ATR Founded: 1990 by Susan Tellem and Marshall Thompson, beginning its rescue efforts with two Russian tortoises named Peggy Sue.

The United Nations (UN)’s International Day of the Markhor is observed annually on 24 May to raise awareness about the conservation and ecological importance of the markhor (Capra falconeri), a wild goat species native to the mountainous regions of Central and South Asia. 24 May 2026 marked the 3rd observance.