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Banking & Finance
LRS Outward Remittances Decline 6.85% in FY25
RBI data: LRS outward remittances fell 6.85% YoY to USD 29.56 billion in FY25 (from USD 31.74 billion in FY24). LRS allows Indian residents to remit up to USD 250,000 per year for permitted transactions. Likely influenced by the 20% TCS on LRS remittances above ₹7 lakh introduced in 2023.
Banking & Finance
NRI Deposits Hit 11-Year High – USD 16.16 Billion (FY25)
NRI deposits surged 9.9% YoY to USD 16.16 billion (₹1,38,911 crore) in FY25 — highest in 11 years per RBI’s May 2025 bulletin. Growth driven by attractive interest rate differentials and confidence in Indian economic prospects. Key NRI deposit types: FCNR(B), NRE, NRO accounts.
Finance & Regulation
Payments Regulatory Board (PRB) – Chaired by RBI Governor
RBI notified the 6-member Payments Regulatory Board (PRB), chaired by RBI Governor Sanjay Malhotra. Replaces the erstwhile BPSS. Key change: 3 central government nominees included for the first time, enhancing government oversight of India’s digital payments ecosystem including UPI, NEFT, RTGS, and IMPS.
Space Technology
Agnikul Cosmos – India’s First Electric Motor-Driven Semi-Cryogenic Engine
Agnikul Cosmos successfully tested India’s first electric motor-driven semi-cryogenic engine on May 23, 2025, at Rocket Factory-1, IIT Madras Research Park, Chennai. This novel propulsion architecture reduces turbopump complexity by using electric motors instead of gas generators, improving reliability for small satellite launch vehicles.
Defence Exports
Samtel Avionics – Su-30MKM Support for Royal Malaysian Air Force
Samtel Avionics (India) partnered with ATSC (Malaysia) to provide avionics, MRO, HUDs, and MFDs for all 18 Su-30MKM aircraft of the Royal Malaysian Air Force. Advances India’s defence export agenda; Su-30MKM is Malaysia’s frontline multi-role combat aircraft (Sukhoi variant with Malaysian-specific systems).
Environment & Wildlife
International Day of the Markhor – May 24
International Day of the Markhor is observed on May 24 (2nd observance, 2025). The markhor (Capra falconeri) is the world’s largest wild goat and Pakistan’s national animal since 1972. Found in mountainous regions of Central and South Asia; listed as Near Threatened on the IUCN Red List. Name derives from Persian/Pashto: “snake eater.”
Health & Awareness
World Schizophrenia Awareness Day (Pinel Day) – May 24
Observed on May 24 to honour Dr. Philippe Pinel who freed psychiatric patients from chains in 1792. The term ‘schizophrenia’ was coined by Prof. Paul Eugen Bleuler on April 24, 1908. Schizophrenia affects ~24 million people globally. WHO estimates significant treatment gap, especially in low-income countries.
Sports & Education
CHAMPS – Hockey India & Amity University Online MoU
Amity University Online (AUO) & Hockey India signed an MoU under CHAMPS (Celebrating Heroes with Amity Merit Program Scholarships) offering up to 100% scholarships to international, national, and state hockey players. India women’s captain Salima Tete was among the first enrolled under the initiative.
Culture & Heritage
5th Shirui Lily Festival 2025 – Ukhrul, Manipur
Governor Ajay Kumar Bhalla inaugurated the 5th Shirui Lily Festival at Shirui Village, Ukhrul district, Manipur, marking the 75th anniversary of the Shirui Lily (Lilium mackliniae) discovery. It is Manipur’s state flower, found exclusively on the Shirui Hills. Listed as Endangered by IUCN — endemic to a single hilltop.
Agriculture & Technology
Mahavistar AI App – Linked to SATHI Portal
Maharashtra’s Mahavistar AI is linked with the SATHI Portal (Seed Authentication, Traceability and Holistic Inventory) — a GoI initiative to prevent fake/bogus seeds and ensure fertilizer traceability. SATHI integrates with state agricultural systems to protect farmers from spurious inputs, supporting the broader Digital Agriculture Mission.
🎴 Revision Flashcards
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What was the LRS outward remittance figure in FY25 and the YoY change?
USD 29.56 billion; declined 6.85% (from USD 31.74B in FY24)
LRS limit: USD 250,000/year per resident; 20% TCS above ₹7 lakh from 2023
Tap to Reveal
What is the Payments Regulatory Board (PRB) and who chairs it?
6-member body replacing BPSS; chaired by RBI Governor Sanjay Malhotra
First time 3 central government nominees included; oversees UPI, NEFT, RTGS, IMPS
Tap to Reveal
Where did Agnikul Cosmos test India’s first electric motor-driven semi-cryogenic engine?
Rocket Factory-1, IIT Madras Research Park, Chennai (May 23, 2025)
Novel architecture: electric motors replace gas generators in turbopump; boosts reliability
Tap to Reveal
What is the Shirui Lily, and why is the 2025 festival significant?
Lilium mackliniae — Manipur’s state flower; 2025 marks 75th anniversary of its discovery
Endemic to Shirui Hills, Ukhrul; IUCN Endangered; grows only on one hilltop in the world
Tap to Reveal
Who coined the term ‘schizophrenia’ and when?
Prof. Paul Eugen Bleuler — April 24, 1908
Pinel Day (May 24) honours Dr. Philippe Pinel who freed psychiatric patients from chains in 1792
Tap to Reveal
What is the SATHI Portal and which Maharashtra app integrates with it?
Seed Authentication, Traceability and Holistic Inventory; Mahavistar AI app
Prevents fake seeds and ensures fertilizer traceability under Digital Agriculture Mission
Tap to Reveal
NRI deposits in FY25 reached what figure and what was the growth rate?
USD 16.16 billion (₹1,38,911 crore); 9.9% YoY growth
Highest in 11 years; per RBI May 2025 bulletin; key types: FCNR(B), NRE, NRO
Tap to Reveal
Which RMAF aircraft fleet does Samtel Avionics now support, and how many aircraft?
Su-30MKM; 18 aircraft
Partnered with ATSC (Malaysia); provides avionics, MRO, HUDs, MFDs — India’s defence exports
Think & Discuss
India’s Private Space Race: Can Startups Like Agnikul Reshape the National Launch Ecosystem?
Context from today’s quiz: Agnikul Cosmos successfully tested India’s first electric motor-driven semi-cryogenic engine at IIT Madras Research Park on May 23, 2025 — a breakthrough in propulsion technology for private small satellite launch vehicles. This follows Agnikul’s earlier milestone of Agnibaan SOrTeD in 2024. Meanwhile, Samtel Avionics is now supporting foreign air force fleets, signalling that Indian private defence and space companies are entering global supply chains.
🤔 Your Perspective Matters
India’s space sector was opened to private players through IN-SPACe in 2020, creating a new ecosystem alongside ISRO. Companies like Agnikul, Skyroot, and Pixxel are now conducting independent R&D, testing, and launches. Yet questions remain about the pace of technology transfer from ISRO, access to test facilities, and whether India’s regulatory environment is agile enough to support rapid private innovation cycles.
Should India’s private space startups be treated as strategic national assets — with sovereign-level funding and dedicated infrastructure — or should they compete commercially without preferential state support?
Should India’s private space startups be treated as strategic national assets — with sovereign-level funding and dedicated infrastructure — or should they compete commercially without preferential state support?
- Agnikul’s engine was tested at IIT Madras Research Park — a non-ISRO facility. Does this signal that academic-industry partnerships can substitute for ISRO’s infrastructure, or does it reveal a gap in dedicated test infrastructure for private players?
- Samtel Avionics is now supporting Malaysia’s Su-30MKM fleet — how should India’s defence and space export strategy be coordinated to build a unified “Brand India” in global aerospace markets?
- ISRO’s PSLV-C61 failure (earlier this month) and private breakthroughs by Agnikul happening simultaneously — does this suggest India’s space future lies more with the private sector than with ISRO’s legacy infrastructure?
We’d love to hear your thoughts! Share your perspective in the comments.
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