NATIONAL UPDATES:
1. India’s First WAVES 2025 Concludes in Mumbai: India’s first World Audio Visual Entertainment Summit (WAVES) 2025 concluded at the Jio World Convention Centre in Mumbai.The four-day summit, was inaugurated by Prime Minister Narendra Modi. The summit witnessed participation from over 90 countries, with more than ten thousand delegates.The event covered a wide range of discussions, focusing on crucial themes such as artificial intelligence in media and entertainment, the globalisation of media, the future of content creation, and the profound impact of emerging technologies.The cultural programmes during the four-day summit mesmerised the audience, which highlighted India’s vast artistic diversity through traditional folk dances, martial arts displays and vibrant drumming performances.
2. Tamil Nadu Launches India’s First Electronics Components Manufacturing Scheme to Boost Exports and Employment: Tamil Nadu becomes the first state in India to introduce a dedicated Electronics Components Manufacturing Scheme, aiming to attract Rs 30,000 crore in investments and generate 60,000 jobs.The state government will offer matching grants to complement Union government incentives, targeting manufacturers in sub-segments like HDI boards, display assemblies, and lithium-ion cells.Tamil Nadu’s electronics exports have surged from $1.66 billion in FY21 to over $14.6 billion in FY25, establishing the state as India’s largest electronics manufacturing export base.The scheme is part of Tamil Nadu’s broader policy framework, including the Tamil Nadu Semiconductor and Advanced Electronics Policy (2024), aiming to attract global and Indian firms in the electronics sector.
3. Arvind Shrivastava Assumes Charge as Revenue Secretary, to Oversee Key Tax Reform: Arvind Shrivastava, a 1994-batch IAS officer of Karnataka cadre, has officially taken charge as Revenue Secretary in the Union Ministry of Finance.He brings extensive experience from key roles in the PMO, Ministry of Finance, Karnataka government, and international development institutions like the Asian Development Bank.Shrivastava will play a pivotal role in implementing the upcoming Income Tax Bill, 2025, aimed at simplifying tax laws, reducing litigation, and boosting compliance.
4. Sanjay Khanna Takes Additional Charge as Chairman & MD of BPCL: Sanjay Khanna has taken additional charge as Chairman and Managing Director of Bharat Petroleum Corporation Limited (BPCL), while continuing as Director (Refineries).An NIT Tiruchirapalli graduate in Chemical Engineering with a postgraduate degree in Finance Management, Khanna brings over 30 years of experience in refinery operations and technical services.He has led major projects at BPCL’s refineries in Mumbai, Kochi, and Numaligarh, including the commissioning of BPCL’s first Niche Petrochemical project—PDPP at Kochi Refinery.
5. 1 May – Maharashtra and Gujarat Day: Maharashtra and Gujarat Day are celebrated to commemorate the foundation of the respective states in 1960.This year marks the 65th foundation day of the state. The day is also known as Maharashtra Diwas and Gujarat Sthapana Diwas.
INTERNATIONAL UPDATES:
1. Prof Ajay K Sood Elected to the American Academy of Arts & Sciences: Renowned physicist and PSA (Padma Shri Award) recipient, Prof Ajay K Sood, has been inducted into the prestigious American Academy of Arts & Sciences.The election recognizes Prof Sood’s significant contributions to the field of physics and his impactful research in condensed matter and nanoscience.Sood, elected as PSA in April 2022, is also the Chairperson of the Prime Minister’s Science, Technology & Innovation Advisory Council (PM-STIAC).
2. 3 May – World Press Freedom Day: World Press Freedom Day is celebrated annually on May 3rd to highlight the importance of a free press in fostering democracy and human rights.It aims to raise awareness about the importance of press freedom, the challenges faced by journalists, and the need for media independence.Theme 2025 – Reporting In The Brave New World – The Impact Of Artificial Intelligence On Press Freedom And The MediaThe World Press Freedom Day was declared by the United Nations General Assembly in 1993 following a recommendation adopted at the 26th Session of UNESCO’s General Conference in 1991. This was in response to a call by African journalists who produced the landmark Windhoek Declaration on media pluralism and independence.
3. 4 May 2025 – World Laughter Day: World Laughter Day is celebrated every year on the first Sunday of May to promote laughter as a universal tool for peace, happiness, and well-being. This year was celebrated on May 4.Theme 2025 – Always laugh when you canThe day was first celebrated in 1998 in Mumbai, India, by Dr. Madan Kataria, the founder of the Laughter Yoga Movement.The day emphasizes the therapeutic benefits of laughter, including stress reduction, improved immunity, and enhanced social bonding.
4. 4 May – International Firefighters’ Day: International Firefighters’ Day (IFFD) is observed every year on 4th May to honor the bravery and sacrifice of firefighters who risk their lives to save others.The day was established in 1999 following the tragic death of five firefighters in a bushfire in Linton, Australia.The official symbol of IFFD is a red and blue ribbon, where red stands for fire and blue represents water.May 4 was chosen as it marks St. Florian’s Day, the patron saint of firefighters, who is recognized for his heroism in fire-related rescue.
5. 6 May – International No Diet Day: International No Diet Day (INDD) is celebrated annually on 6th May to promote body acceptance, raise awareness of the dangers of dieting, and challenge the societal obsession with thinness.International No Diet Day was launched in 1992 by British feminist Mary Evans Young, who founded the Diet Breakers organization after her personal struggle with anorexia.The idea behind the day was to challenge the harmful messages promoted by diet culture and to encourage people to embrace and respect their bodies.
OTHER UPDATES:
DEFENCE
1. Air Marshal N Tiwari takes charge as Vice Chief of Air Staff: Air Marshal Narmdeshwar Tiwari took charge as the new Vice Chief of the Air Staff. He succeeded Air Marshal S P Dharkar.
Before taking charge as the Vice Chief of the Air Staff, Air Marshal Tiwari served as the Air Officer Commanding-in-Chief (AOC-in-C) of the Gandhinagar-based South Western Air Command (SWAC).He was commissioned in the fighter stream in June 1986. An alumnus of the National Defence Academy, he passed out as the President’s Gold Medallist.
2. Recent Exercise: Indian Air Force Joins Multinational ‘Desert Flag-10’ Exercise in UAE6th edition of DUSTLIK exercise between India and Uzbekistan – Foreign Training Node, Aundh in Pune, MaharashtraIndian Air Force (IAF) participate in the multinational air exercise INIOCHOS-25 in Greece’s Hellenic Air Force.14th edition of Exercise Indra between India and Russia -Chennai23rd edition of bilateral naval exercise, Varuna 2025 between India and Franc – Arabian Sea
SPORTS
1. Cricket retained, MMA to debut at Asian Games 2026: Cricket has been retained for the Asian Games 2026, which will be held in Aichi and Nagoya, Japan from September 19 to October 4.Mixed Martial Arts (MMA) will make its debut at the 2026 Asian Games, marking its first appearance in the event.Cricket first appeared in the Asian Games in 2010 and returned in 2014 and 2023; since 2023, all matches have been granted international status by the ICC.
2. Legend Kapil Dev joins Sobo Mumbai Falcons as brand ambassador for T20 Mumbai League: Former Indian cricket captain, Kapil Dev, has been named the brand ambassador for the Sobo Mumbai Falcons team for the 2025 T20 Mumbai League season.The third edition of the T20 Mumbai League will commence on May 26 at Wankhede Stadium, with eight teams competing in 20 matches until June 8, featuring cricket stars like Suryakumar Yadav, Ajinkya Rahane, and others.
BANKING AND FINANCE
1. HPCL, ADNOC Trading ink their first LNG trading supply agreement: Hindustan Petroleum Corporation Limited (HPCL) and ADNOC Trading have signed their first-ever Liquefied Natural Gas (LNG) trading and supply agreement.This agreement marks a strategic collaboration between HPCL, an Indian oil and gas company, and ADNOC Trading, the trading arm of the Abu Dhabi National Oil Company.The partnership aims to strengthen energy supply channels and enhance LNG trade between India and the UAE, contributing to global energy security.The LNG will be received at recently commissioned Chhara LNG Terminal of HPCL LNG, a wholly-owned subsidiary of HPCL, to meet captive demand of HPCL.
2. RBI Fines ICICI Bank, Bank of Baroda, IDBI Bank, and Bank of Maharashtra for Regulatory Non-Compliance: The Reserve Bank of India (RBI) has fined four banks, including ICICI Bank and Bank of Baroda, for non-compliance with regulatory guidelines.ICICI Bank was fined Rs 97.80 lakh for failing to comply with RBI’s directions on Cyber Security Framework, KYC, and credit card and debit card issuance protocols.Bank of Baroda was penalized Rs 40 lakh for not adhering to RBI’s guidelines on financial services and customer service practices.Both IDBI Bank and Bank of Maharashtra were penalized Rs 31.8 lakh each for non-compliance with directions related to Kisan Credit Card schemes and KYC procedures.The RBI clarified that the penalties were imposed due to deficiencies in regulatory compliance and not to question the validity of any transactions or agreements with customers.
3. S&P Global Ratings Cuts India’s Growth Projections for FY26 and FY27: S&P Global Ratings reduced India’s growth forecast for FY26 by 20 basis points to 6.3%, citing a “seismic and uncertain shift” in US trade policy contributing to market turbulence and a potential global economic slowdown.The agency further revised India’s growth estimate for FY27 down by 30 basis points to 6.5%, marking the second consecutive cut for FY26 after a previous reduction in March.
4. GST collections in April hit all-time high of ₹2.36 lakh crore: GST collections in April 2025 hit an all-time high of ₹36 lakh crore, marking a 12.6% year-on-year increase, driven by strong economic activity and year-end book reconciliation by businesses.This surpasses the previous record of ₹10 lakh crore collected in April 2024 and ₹1.96 lakh crore in March 2025, showing sustained revenue growth.Revenue from domestic transactions rose by 10.7% to ₹9 lakh crore, while collections from imported goods surged by 20.8% to ₹46,913 crore.Break-up of April GST: Central GST ₹48,634 crore, State GST ₹59,372 crore, Integrated GST ₹69,504 crore, and Cess ₹12,293 crore, all from domestic transactions.
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