Current Affairs - May 5, 2026 Current Affairs

GalaxEye Space, a Bengaluru-based private Earth observation space technology company, successfully launched Mission Drishti aboard SpaceX’s Falcon 9 rocket on May 3, 2026. The satellite weighs 190 kg and is considered the largest satellite ever built by a private Indian company. It carries the innovative OptoSAR payload, which combines optical imaging and Synthetic Aperture Radar (SAR) into a single platform. This technology allows simultaneous collection of optical and radar data under all weather conditions, both day and night. The satellite is expected to support disaster management, agriculture monitoring, border surveillance, and infrastructure planning with enhanced Earth observation capabilities.

Dr R Balasubramaniam and Dr Joram Aniya were appointed as full-time members of NITI Aayog by the Union Government. Their appointment expanded the total number of full-time members in the government think tank to seven. Dr R Balasubramaniam is known as a physician, public policy expert, and founder of organisations such as the Swami Vivekananda Youth Movement (SVYM) and GRAAM. Dr Joram Aniya is an academician from Arunachal Pradesh and is recognised as the first woman from the Nyishi community to earn a PhD in the state. NITI Aayog, established in 2015, functions as the premier public policy think tank of the Government of India.

India conducted the bilateral military exercise CINBAX-II 2026 with Cambodia. The exercise was held from May 4 to May 17, 2026, at the Techo Sen Phnom Thom Mreas Prov Royal Cambodian Air Force Training Centre in Kampong Speu Province. Conducted under Chapter VII of the UN Mandate, the exercise focused on joint company-level operations in a sub-conventional environment. The Indian Army contingent mainly consisted of personnel from the Maratha Light Infantry Regiment, while the Royal Cambodian Army also participated actively. Key operational areas included counter-terrorism drills, drone operations, mortar deployment, sniper tactics, and joint defence coordination in semi-urban warfare scenarios.

Bengaluru secured the top position in Savills' Growth Hubs Index as the world’s fastest-growing major city through 2035 among 245 evaluated urban centres. The ranking was determined using indicators such as projected GDP growth, personal wealth expansion, demographic trends, inward migration, and high-income household growth. Bengaluru’s rise has been driven by its strong, skilled workforce and the rapid growth of Global Capability Centres (GCCs). Commonly known as the Silicon Valley of India, the city is also home to the headquarters of ISRO. The report highlighted India’s strong presence in the global rankings, reflecting significant urban economic growth across multiple Indian cities.

Retired Commodore Jasvinder Singh assumed charge as the Director (Strategic Project) of Hindustan Shipyard Limited (HSL) on May 1, 2026. Before joining HSL, he served as the Director (Strategic Project) in the Indian Navy. With more than three decades of operational and technical experience, he has worked on naval ships, submarines, DRDO facilities, and tri-service establishments. His educational background includes degrees in Mechanical Engineering, Marine Engineering, and Defence and Strategic Studies. At HSL, he is responsible for overseeing strategic initiatives and managing critical submarine projects for the Indian armed forces. HSL, headquartered in Visakhapatnam, is notable for building INS Arihant, India’s first nuclear-powered ballistic missile submarine.

Rohit Jain was appointed as the new Deputy Governor of the Reserve Bank of India (RBI) for a three-year term effective from May 3, 2026. Before this appointment, he served as an Executive Director at the RBI. He succeeded T Rabi Sankar, who retired after completing his extended tenure. Under the RBI Act, 1934, the central bank is required to have exactly four Deputy Governors, ensuring a balanced structure with internal experts and external professionals. The other serving Deputy Governors are Swaminathan J, Poonam Gupta, and S C Murmu. The RBI, established in 1935 and nationalised in 1949, is headquartered in Mumbai, Maharashtra.

The Andhra Pradesh government extended the Ragi Java nutrition programme for government school students until April 2029 through an agreement signed with the Sri Sathya Sai Central Trust. The programme provides a daily nutritious drink made from ragi flour and jaggery, both supplied free of cost by the trust. It currently benefits more than 30 lakh students studying in nearly 44,000 government schools across the state. The initiative aims to improve children’s health, energy levels, attentiveness in classrooms, and school attendance. The Sri Sathya Sai Central Trust, founded in 1972, has been actively supporting welfare and educational initiatives in Andhra Pradesh.

Hazaribag in Jharkhand was officially designated as India’s first and only pearl farming cluster on May 3, 2026. The project focuses on developing pearl cultivation through dedicated pond clusters in the Daurwa-Kundwa area and integrating pearl culture around cage culture operations in the Tilaiya reservoir. The initiative aims to empower women by involving self-help groups (SHGs) and establishing an all-women Farmer Producer Organisation (FPO) for cultivation and management activities. Supported under the Pradhan Mantri Matsya Sampada Yojana (PMMSY), the project uses modern aquaculture technologies and direct market linkages to strengthen freshwater pearl farming and rural livelihoods in the region.

HSBC Mutual Fund launched RedHex SIF, a dedicated Specialised Investment Fund (SIF) brand in India, on May 4, 2026. The SEBI-approved investment structure is designed for experienced investors, institutional participants, and High Net-Worth Individuals (HNIs). The fund requires a minimum investment of ₹10 lakh and combines the transparency and governance standards of mutual funds with the flexibility of advanced asset management strategies. RedHex SIF focuses on theme-based portfolio construction along with strong risk management practices. HSBC Holdings plc, headquartered in London, operates in 56 countries and territories and is one of the world’s leading banking and financial services organisations.

Marta Kostyuk of Ukraine won the 2026 Madrid Open women’s singles title after defeating Russia’s Mirra Andreeva in straight sets, 7-5, 6-3. The victory marked Kostyuk’s third career WTA tournament title and her first-ever WTA 1000-level championship. At 23 years of age, she also became only the second player ranked outside the top 20 to win the Madrid Open women’s singles event. The triumph followed her recent title win at Rouen, making it her second consecutive tournament victory. Kostyuk celebrated the achievement with an acrobatic backflip on the clay court, which gained recognition from legendary gymnast Nadia Comaneci.