National Affairs – India
Economic and Financial Developments
India’s Economic Growth Trajectory: India is positioned to overtake Japan as the world’s fourth-largest economy by nominal GDP in 2025, with projections showing India at $4,187.02 billion compared to Japan’s $4,186.43 billion
IMF Economic Projections: The International Monetary Fund estimates India’s GDP growth at 6.2% in FY26 and 6.3% in FY27, maintaining strong economic momentum
Cryptocurrency Taxation Alert: The Supreme Court flagged in May 2025 that India taxes cryptocurrency at 30% plus 1% TDS but lacks a proper legal framework for digital assets
Central Apprenticeship Council Update: The 38th meeting of Central Apprenticeship Council recommended a 36% hike in stipend for apprentices under NAPS and NATS schemes
Administrative and Judicial Updates
NALSA Leadership Change: President Droupadi Murmu appointed Supreme Court Justice Surya Kant as Executive Chairman of National Legal Services Authority, replacing Justice B R Gavai
Panchayat Advancement Initiative: Ministry of Panchayati Raj launched Panchayat Advancement Index (PAI) 2.0 portal to strengthen grassroots governance
Supreme Court Cryptocurrency Concerns: The apex court raised concerns about the regulatory gap in cryptocurrency governance despite existing taxation structure
Defense and Security
Ganga Expressway Airstrip Test: Uttar Pradesh conducted successful day and night fighter jet landing tests on the Ganga Expressway airstrip, making it India’s first expressway-integrated airstrip capable of round-the-clock operations
Operation Sindoor: BSF revealed details of successful cross-border operation targeting Pakistan launch pads, resulting in significant casualties
Infrastructure Development
Investment in Infrastructure: SBI Life Insurance and Vidyaniti LLP acquired 4.25% stake in National Highways Infra Trust for Rs 1,100 crore through open market transaction
Commodity Price Updates: Tur (arhar) dal prices declined by 25% from Rs 160/kg in February 2025 to Rs 120/kg in May 2025, with Latur, Maharashtra serving as the main trade hub
International Affairs
Global Economic Outlook
World Economic Growth: IMF projects global growth at 3.3% for both 2025 and 2026, with divergent paths and medium-term risks tilted to the downside
US Economic Leadership: United States maintains position as world’s most powerful economy with GDP of $30.5 trillion, followed by China at $19.2 trillion
Geopolitical Tensions
Russia-Ukraine Conflict: War entered its 1018th day with Russia claiming capture of another village in eastern Ukraine’s Donbas region within 24 hours
Trump-Putin Relations: US President Donald Trump criticized Russian President Vladimir Putin’s continued attacks on Ukrainian cities, expressing disappointment with Russian actions
Third World War Concerns: Russia issued warnings about potential global conflict escalation following Trump’s latest statements against Putin
European Developments
Swiss Glacier Collapse: Massive collapse of Birch glacier in Swiss Alps triggered landslide that buried the village of Blatten, affecting approximately 300 residents who were evacuated earlier
Canada Emergency: Manitoba declared province-wide state of emergency due to extensive wildfires, with military assistance requested for large-scale evacuations
Middle East Updates
Gaza Conflict: Israeli airstrikes resulted in casualties across Gaza Strip, with ongoing humanitarian concerns and aid distribution challenges
Gaza Aid Distribution: New US-backed aid distribution system faced criticism from UN after chaotic scenes resulted in casualties during food distribution
US Policy Changes
Student Visa Restrictions: Trump administration paused student visa interviews and increased social media vetting requirements, significantly impacting international students including Indians
Immigration Policy: Additional screening measures implemented for foreign students seeking to study in US universities
Sports News
Cricket Updates
IPL 2025 Conclusion: Indian Premier League scheduled to conclude on May 25, with final matches determining championship
Women’s Cricket: India continued participation in tri-series against Sri Lanka and South Africa through May 11
Athletics Events
Neeraj Chopra Classic: Inaugural javelin throw competition held at Sree Kanteerava Stadium, Bengaluru on May 24, featuring two-time Olympic medalist Neeraj Chopra
Asian Athletics Championship: Event scheduled from May 27-31 in South Korea with Indian athletes participating
Diamond League Series: Shanghai Diamond League held on May 3, with Indian athletes including steeplechase specialist Avinash Sable participating
Other Sports
Archery World Cup: Stage 2 of Archery World Cup conducted in Shanghai from May 6-11, featuring mixed team compound archery events
Para Shooting: Indian shooters competed at Para Shooting World Cup in Changwon, Korea starting May 28
Wrestling: Ulaanbaatar Open Ranking Series featured Indian wrestlers in international competition
Tennis: Rome Open (ATP 1000) tournament commenced with Indian doubles players in focus
Technology and Innovation
Digital Infrastructure
World Password Day: May 1 marked global awareness about cybersecurity and password protection
Telecommunications: World Telecommunication Day observed on May 17 highlighting digital connectivity advances
Industrial Development
Manufacturing Focus: WIN EURASIA trade fair in Istanbul (May 28-31) showcased automation, digitalization, and modern manufacturing technologies
Technology Advancement: Focus on drive technology, hydraulics, energy systems, and surface technologies in manufacturing sector
Important Days and Observances
Health and Wellness
World Red Cross Day: May 8 commemorated humanitarian services worldwide
World Thalassaemia Day: May 8 raised awareness about genetic blood disorders
International Nurses Day: May 12 honored nursing profession contributions
National Senior Health & Fitness Day: May 28 promoted elderly wellness initiatives
Environmental and Social Causes
World Environment Day: June 5 approaching with focus on environmental conservation
International Day of Families: May 15 celebrated family unit importance
World Migratory Bird Day: Second Saturday in May highlighted bird conservation
Banking and Finance Sector Updates
Reserve Bank Initiatives
Rupee Loans to Neighboring Nations: RBI seeking approval to extend rupee-denominated loans to neighboring countries for trade facilitation
Monetary Policy Outlook: Focus on balancing growth-inflation trade-offs amid global economic uncertainties
Investment and Markets
Infrastructure Investment: Significant stake acquisitions in infrastructure trusts indicating investor confidence
Cryptocurrency Regulation: Ongoing discussions about comprehensive legal framework for digital assets
