Daily Current Affairs – 02-06-2026

National News

V. Mohana Appointed as Supreme Court Judge

V. Mohana, a senior advocate from Coimbatore, Tamil Nadu, is among the five newly appointed judges of the Supreme Court of India. The other appointees are Sri Chandrashekhar, Sheel Nagu, Sanjeev Sachdeva, and Arun Palli. After their appointment, the working strength of the Supreme Court will increase to 37 judges against the sanctioned strength of 38, which was raised through an amendment by the Central Government. V. Mohana becomes the first woman from Tamil Nadu to be appointed as a Supreme Court judge and the 12th woman judge in the history of the Supreme Court. She is also the second woman after Justice Indu Malhotra to be elevated directly from the Bar to the Supreme Court. Born in June 1966, she graduated from Government Law College, Coimbatore, and began her legal career in 1988. She has expertise in constitutional law, criminal law, service matters, and tribunal cases and has served as amicus curiae in important legal aid and criminal appeal cases. She appeared in significant cases related to permanent commission for women officers in the Indian Army, property rights of senior citizens, and the Karnataka Hijab ban case. She is scheduled to retire in June 2031.

May 2026 GST Collection

India’s Goods and Services Tax (GST) collection for May 2026 stood at Rs.1.94 lakh crore, registering a 3.2% increase compared to Rs.1.88 lakh crore collected in May 2025. In May 2026, Central GST (CGST) from domestic transactions amounted to Rs.37,397 crore, State GST (SGST) stood at Rs.45,143 crore, and Integrated GST (IGST) was Rs.51,990 crore. The total GST refund increased by 2.7% to Rs.27,281 crore, while the net GST revenue rose by 3.3% to Rs.1.67 lakh crore. In April 2026, the beginning of FY 2026–27, a record Rs.2.43 lakh crore GST collection was recorded. Combined GST collection for April and May 2026 reached Rs.4.37 lakh crore, compared to Rs.4.11 lakh crore during the same period of FY 2025–26, showing a 6.2% increase.

Sanjay Lohiya Appointed DFS Secretary

Sanjay Lohiya has assumed charge as the Secretary of the Department of Financial Services (DFS). The DFS administers various laws related to the banking, insurance and pension sectors. Sanjay Lohiya, a 1994-batch IAS officer, was previously serving as Special Secretary in the same department. He succeeded M. Nagaraju, who retired from service on May 31.

Fiscal Deficit and Government Finances 2025–26

According to data released by the Controller General of Accounts (CGA), India’s fiscal deficit nearly doubled in April due to a decline in tax revenue and an increase in government expenditure. Fiscal deficit, which is the gap between government income and expenditure, rose by about 94% in April as revenue receipts declined by over 21% and expenditure increased by over 23%. The government achieved its FY 2025–26 fiscal deficit target of 4.4% of GDP. The fiscal deficit estimate for 2025–26 was revised from Rs.15,68,936 crore to Rs.15,58,492 crore. As per CGA data, government revenue collection stood at Rs.33.42 lakh crore, amounting to 98.8% of the Revised Estimates (RE), while Central Government expenditure during 2025–26 was Rs.49.64 lakh crore, also 98.8% of the RE. The 2026–27 fiscal deficit target has been fixed at 4.3% of GDP.

Record UPI Transactions in May 2026

According to data released by the National Payments Corporation of India (NPCI), UPI (Unified Payments Interface) transactions reached a record high in May 2026. The transaction value increased from ₹29.03 trillion in April to ₹29.90 trillion in May, recording a 3% rise, while transaction volume increased from 22.35 billion to 23.20 billion, registering a 4% increase. The average daily transaction volume stood at 748 million, and the average daily transaction value was ₹96,465 crore. In the UPI ecosystem, PhonePe and Google Pay (GPay) continued to dominate. In April 2026, PhonePe processed 10.33 billion transactions and Google Pay handled 7.36 billion transactions. PhonePe accounted for 46.2% of transaction volume and 49.3% of transaction value, while Google Pay held a 33% market share by volume and Paytm remained the third-largest platform with about 8% market share. As of April 2026, 713 banks were active on the UPI platform. UPI services are currently available in seven countries, including the UAE, Singapore, Bhutan, Nepal and Mauritius.

ICGS Sarang Decommissioned

Indian Coast Guard Ship (ICGS) Sarang, an advanced offshore patrol vessel of the Samar class built by Goa Shipyard Limited, was decommissioned after 27 years of service. The vessel served in maritime surveillance, rescue missions, and emergency operations. Named after the hawk, ICGS Sarang played a major role in firefighting operations on the motor tanker New Diamond off the coast of Sri Lanka in 2020.

IAF Chief’s France Visit for Rafale Deal

Air Chief Marshal A P Singh, Chief of the Indian Air Force (IAF), visited France on a four-day trip to advance negotiations for India’s proposed Rafale fighter aircraft acquisition programme. During the visit, he is scheduled to meet senior French military officials and visit Dassault Aviation, manufacturer of the Rafale aircraft, and MBDA, the European missile company supplying the IAF with Meteor BVRAAM, MICA air-to-air missile, and SCALP cruise missile. India has sent a Letter of Request (LoR) to France for the proposed government-to-government acquisition, outlining India’s operational, industrial and weapons integration requirements. After France’s response, the proposal will move to the Contract Negotiation Committee (CNC) stage for discussion of commercial, contractual and production terms before approval by the Cabinet Committee on Security (CCS). India has stated that integration of indigenous weapons is a key requirement in the negotiations.

New Chief of Central Air Command

Air Marshal Tarun Chaudhry assumed charge as the Air Officer Commanding-in-Chief (AOC-in-C) of the Indian Air Force’s Central Air Command on Monday. He was commissioned into the fighter stream of the Indian Air Force in December 1989 and has experience in operational, staff and diplomatic assignments. Before assuming the new post, he served as the Senior Air Staff Officer at the headquarters of the Southern Air Command.

Economy News

Rs.35,000 Crore Loan Allocation for MSMEs

Banks have allocated about Rs.35,000 crore in loans to Micro, Small and Medium Enterprises (MSMEs) under the Emergency Credit Line Guarantee Scheme (ECLGS) to address the financial impact caused by West Asian tensions. The Union Cabinet approved, on May 5, a scheme to provide an additional Rs.2.55 lakh crore in loan assistance to MSMEs, including Rs.5,000 crore for airlines affected by the international geopolitical situation. According to the Department of Financial Services, banks allocated Rs.35,194 crore for about 80,000 loan applications, and guarantees worth Rs.15,720 crore had been distributed as of May 29. The ECLGS was introduced in May 2020 to address the economic challenges caused by the COVID-19 pandemic. In view of the impact of the international geopolitical situation on airlines, ECLGS 5.0 was launched with an outlay of Rs.18,100 crore.

IRDAI Penalty on Nissan Renault Financial Services India

The Insurance Regulatory and Development Authority of India (IRDAI) imposed a ₹1 crore penalty on Nissan Renault Financial Services India, a corporate agent, for violations including non-compliance with motor insurance service guidelines. IRDAI directed the company to place the order before its Board of Directors in the upcoming board meeting and submit a copy of the discussion minutes to the authority. The company has also been instructed to submit an Action Taken Report (ATR) to IRDAI within 90 days from the date of the order.

RBI Report on Changes in Bank Deposits

According to Reserve Bank of India (RBI) data, the deposit structure of Scheduled Commercial Banks (SCBs) has changed over the last five years, marked by a decline in savings deposits and a rise in term deposits. Savings deposit interest rates declined from 2.70/3.00% in March 2022 to 2.50% in March 2026, while interest rates on term deposits above one year increased from 5.00/5.60% to 6.00/6.60% during the same period. The share of savings deposits in SCBs declined from 34.6% in March 2022 to 28.7% in March 2026, whereas term deposits increased from 55.2% to 61.6%. In FY26, public sector banks contributed 50.8% of incremental deposits, followed by private sector banks at 38.6%, as per RBI’s Annual Basic Statistical Return (BSR) report. Deposit growth of SCBs accelerated to 11.5% in March 2026 from 10.6% a year earlier. The household sector remained the largest contributor with 59.3% of total deposits. Among term deposits, the ₹1 crore and above category accounted for 46.3%, led mainly by the ₹5 crore and above category with 34.8% contribution. The share of term deposits with maturity between 1–3 years increased from 50.4% in March 2022 to 69.8% in March 2026.

International News

Malaysia Restricts Social Media Use for Minors

Malaysia has imposed a ban on children below 16 years of age from creating and using social media accounts, effective from June 1, to protect minors from online risks and inappropriate content. Major social media platforms including Facebook, Instagram, TikTok, and YouTube, with over 8 million users, have been directed to implement the rule immediately. Under the new regulation, verification of government-approved identity cards is mandatory to confirm the age of new users. Social media companies have been given a 6-month period to identify existing minor account holders and enforce the ban. Companies failing to comply with the rules or implement proper age-verification systems can face fines of up to 10 million Ringgit (about Rs.24.01 crore). Countries such as Australia, Brazil, and Indonesia have already announced restrictions related to social media use by minors, while Britain, France, and South Korea are planning similar laws.

April 2026 Industrial Production Growth

India’s Industrial Production Index (IIP) growth for April 2026 stood at 4.9%, compared to 5.7% in April 2025. Sector-wise, manufacturing recorded 6.2% growth, electricity and gas supply grew by 4.9%, and water supply and waste management increased by 6.6%, while the mining and quarrying sector registered a 5.1% decline. The Ministry of Statistics and Programme Implementation (MoSPI) revised the base year of IIP from 2011–12 to 2022–23. This is the first official IIP data release under the new base year. Under the revised system, 120 new items have been added and 64 items removed from the IIP basket. Newly added items include CCTV cameras, credit and debit cards, medical stents, vaccines, aircraft and spacecraft components. Removed items include kerosene, CFL bulbs, sewing machines, and printing machines. The revised IIP basket now contains 1,042 items under 463 item groups. Data on renewable and non-renewable electricity generation will also be monitored separately, and monthly data will be released within 28 days after the end of each month.

India–Myanmar Cooperation in Critical Minerals

India and Myanmar have agreed to strengthen cooperation and maintain close engagement in the sectors of critical minerals and rare earths. The issue was discussed during the meeting between Prime Minister Narendra Modi and Myanmar President U Min Aung Hlaing during the latter’s visit to India. Foreign Secretary Vikram Misri stated that both countries will continue bilateral discussions and cooperation in these strategic sectors. In the area of defence cooperation, India’s partnership with Myanmar focuses on training, capacity building, and institution strengthening, including training related to United Nations (UN) Peacekeeping operations.

India–Oman CEPA and Duty-Free Trade

The India–Oman Comprehensive Economic Partnership Agreement (CEPA) came into force, providing duty-free access to 98% of Indian tariff lines, covering about 99% of India’s exports including textiles, gems and jewellery, engineering goods, agricultural products, marine products and pharmaceuticals. Oman received tariff elimination or reduction on 78% of its tariff lines, benefiting sectors such as energy, fertilisers and industrial raw materials. Imports of Omani dates into India will receive quota-based duty concessions. According to Commerce and Industry Minister Piyush Goyal, 99.38% of India’s exports will obtain duty-free access under the agreement. India’s exports to Oman in FY 2026 were about $4 billion, led by refined petroleum products, including petrol ($781 million) and naphtha ($746 million). India–Oman bilateral trade increased from $10.61 billion in the previous financial year to $11.18 billion in FY 2026. The agreement is expected to support MSMEs, manufacturing and employment in sectors such as gems and jewellery, textiles, leather, footwear, marine products and engineering goods.

SoftBank Becomes Japan’s Most Valuable Company

SoftBank Group Corp. became Japan’s most valuable company by overtaking Toyota Motor Corp. in market capitalisation. The technology conglomerate led by Masayoshi Son recorded a 14% rise in its share price in Tokyo trading, pushing its market value above ¥48 trillion, compared to Toyota’s ¥46 trillion. This was the first time in over two decades that SoftBank surpassed Toyota, after previously doing so during Japan’s dotcom boom in 2000. In the current year, SoftBank shares increased by over 90%, while Toyota shares declined by more than 10%. The development reflects growing investor interest in Artificial Intelligence (AI)-related companies. Kioxia Holdings, a Japanese NAND flash chip manufacturer, also benefited from the AI sector growth, with its market capitalisation nearing ¥40 trillion, making it Japan’s third most valuable company, supported by demand from AI data centres.

India–Australia Maritime Defence Cooperation

Defence Minister Rajnath Singh and Australia’s Deputy Prime Minister and Defence Minister Richard Marles co-chaired the second India–Australia Defence Ministers’ Dialogue in New Delhi and agreed to strengthen collaborative maritime domain awareness activities using maritime patrol aircraft and explore opportunities for undersea domain awareness. The two countries discussed finalising the Joint Maritime Security Collaboration Roadmap and encouraged cooperation between the Indian Coast Guard and Australia’s Maritime Border Command. Both sides reaffirmed support for a free, open and stable Indo-Pacific and emphasized freedom of navigation and overflight in accordance with the 1982 United Nations Convention on the Law of the Sea (UNCLOS). As co-leads of the Indian Ocean Rim Association (IORA) Working Group on Maritime Safety and Security, India and Australia will jointly host a Search & Rescue and tabletop exercise at the Maritime Rescue Coordination Centre, Chennai. The two countries agreed to build on the 2020 Mutual Logistics Support Arrangement (MLSA), expand defence industry cooperation through a proposed MoU on Defence Articles and Defence Services, and explore cooperation in defence science and technology, including sensor technologies. Australia invited India to participate in the 2026 Australian Defence Science, Technology and Research Summit. Military engagements discussed included Exercise Talisman Sabre 2027, Exercise Milan, Exercise Kakadu, Exercise Pitch Black, Exercise Austrahind, Operation Render Safe 2026, and the submarine rescue exercise Black Carillon. India–Australia relations gained momentum after Prime Minister Narendra Modi’s 2014 visit to Australia, leading to agreements including the Comprehensive Strategic Partnership and MLSA.

Anthropic Files for IPO in US

Anthropic, a leading Artificial Intelligence (AI) company, announced that it has confidentially filed for an Initial Public Offering (IPO) in the United States. The company did not disclose the size or terms of the IPO. In May 2026, Anthropic raised $65 billion at a valuation of $965 billion. The company is identified as a competitor to OpenAI. The IPO filing marks a significant development in the AI sector and in the US capital market.

Science and Technology News

NVIDIA RTX Spark AI Chip

NVIDIA introduced the new RTX Spark chip to deliver Artificial Intelligence (AI) capabilities directly on laptops and desktop computers. The chip was unveiled by NVIDIA CEO Jensen Huang in Taipei during the Computex conference. Developed with Microsoft after a three-year collaboration, the chip is designed to support locally running AI agents without depending only on cloud computing. MediaTek assisted in developing the RTX Spark chip. NVIDIA also highlighted its Vera CPU, designed for AI agents, with early adopters including OpenAI, Anthropic, and SpaceX. The development reflects NVIDIA’s growing focus on PC hardware, CPUs, and AI-driven computing.

Personalities, Awards and Events

Singer Suman Kalyanpur Passes Away

Padma Bhushan awardee Suman Kalyanpur passed away in Mumbai at the age of 89 after a brief illness. Born in 1937 in Dhaka, she moved with her family to Bombay in 1943. During a career spanning three decades, she sang in around 100 films across multiple languages. Her notable songs include ‘Na Tum Hamein Jano’ from Baat Ek Raat Ki, ‘Aaj Kal Tere Mere Pyar Ke Charche’ from Brahmachari, and ‘Na Na Karte Pyar Tumhin Se’ from Jab Jab Phool Khile.