Current Affairs - May 14, 2026 Current Affairs

The Centre revised the customs duty on precious metals on May 13, 2026, to safeguard macroeconomic stability and conserve foreign exchange reserves. Under the revised structure, the import duty on gold and silver was increased significantly from 6% to 15%, while platinum duty was raised to 15.4%. The policy aims to reduce non-essential imports and ease pressure on India’s Current Account Deficit (CAD). The decision was also influenced by global crude oil volatility and supply-side disruptions affecting international trade and shipping. The Ministry of Finance manages such economic and taxation policies to maintain financial stability in the country.

The Council of Scientific and Industrial Research (CSIR) is an autonomous body operating under the Ministry of Science & Technology. It facilitated the transfer of 13 indigenous technologies developed by the Central Building Research Institute (CBRI) during the National Technology Day event held on May 12, 2026. These technologies were related to fire safety, sustainable construction, infrastructure protection, energy efficiency, and advanced building materials. Headquartered in New Delhi and established in 1942, the organisation plays a major role in advancing scientific research, innovation, and industrial development in India through its network of laboratories and institutes.

Punjab launched the Meri Rasoi Yojna on May 09, 2026, under the leadership of Chief Minister Bhagwant Mann. The scheme aims to provide free nutritional kitchen kits every three months to nearly 40 lakh economically weaker families in the state. The kits include essential items such as mustard oil, pulses, sugar, salt, and turmeric to support household food security. Alongside this, the state also initiated the Mawan Dheeyan Satkar Yojna to provide monthly financial assistance to eligible women. Punjab is popularly known as the “Land of Five Rivers” and has a unicameral legislature with 117 assembly constituencies.

The Bhimmandali Eco Heritage Site was inaugurated in Sambalpur, Odisha, by Union Minister Dharmendra Pradhan on May 10, 2026. Located within the Naktideul Forest Range, the site is historically significant for its ancient rock paintings and stone inscriptions dating back more than 20,000 years. It served as a human shelter from the Old Stone Age to the Neolithic period. The site also has mythological importance linked to Bhima from the Mahabharata and features a cave dedicated to Lord Shiva and Parvati as Gupteswar. Odisha, formed on April 1, 1936, celebrates its foundation day annually as Utkal Divas.

The Centre for Development of Advanced Computing (C-DAC) is headquartered in Pune, Maharashtra. It is a premier research and development organisation under the Ministry of Electronics and Information Technology (MeitY). C-DAC is widely known for developing India’s first indigenous supercomputer, PARAM 8000, in 1991. The organisation plays a significant role in advanced computing, electronics, and information technology research in India. In the IP Catalyst initiative launched in 2026, C-DAC Pune was entrusted with the implementation of the programme aimed at promoting patent commercialisation and supporting innovation-driven technology development across the country.

Dr Harvansh Chawla was appointed as the Chairman of the BRISEC Chamber of Commerce & Industry (CCI) on May 11, 2026. Before taking up this position, he stepped down as the Chairman of the BRICS CCI. The BRISEC Chamber focuses on promoting cross-border trade, investment, and economic collaboration among emerging and established markets. It also works to expand policy dialogue beyond the traditional BRICS framework into broader global economic corridors. The organisation is officially recognised by NITI Aayog and regularly organises forums, trade delegations, and policy interactions to strengthen international business cooperation.

The National Statistics Office (NSO) revised the annual release schedule for the Provisional Estimates of Annual GDP and Fourth Quarter GDP to June 7 each year. Earlier, the data was released on the last working day of May. The revision was made after consultations with the Advisory Committee on National Accounts Statistics (ACNAS). The new schedule allows the inclusion of important corporate financial data and finalised Central Government account figures such as taxes, subsidies, and capital expenditure. The NSO, functioning under the Ministry of Statistics & Programme Implementation, is responsible for compiling national accounts and major macroeconomic indicators in India.

MyBharat, officially known as Mera Yuva Bharat, is a technology-driven platform launched on October 31, 2023, for youth development in India. It partnered with the Sports Authority of India (SAI) to launch nationwide digital engagement initiatives ahead of the Commonwealth Games 2030 in Ahmedabad, Gujarat. These initiatives included a Torch Design Contest, CWG Reel Challenge, and CWG 2030 Quiz. The platform aims to encourage youth participation in sports, creativity, and nation-building activities through digital outreach and engagement programmes across the country.

Moody's Investors Service revised India's GDP growth forecast to 6% for both 2026 and 2027 due to rising energy costs and geopolitical tensions affecting the economy. The downgrade reflects concerns over subdued private consumption, weaker industrial activity, and reduced capital formation. India’s dependence on imported energy, especially crude oil and LPG passing through the Strait of Hormuz, increases vulnerability to global disruptions. Higher fuel and fertiliser costs may also strain government finances and reduce capital spending. Moody’s is one of the world’s leading credit rating agencies and closely monitors global economic and financial conditions.

N Rangasamy, leader of the All India NR Congress (AINRC), was sworn in as the Chief Minister of Puducherry for the fifth time on May 13, 2026. The oath of office was administered by Lieutenant Governor K Kailashnathan. The AINRC-led NDA alliance formed the government after securing the support of 18 MLAs, crossing the majority mark in the Puducherry Legislative Assembly. Along with him, Malladi Krishna Rao and A Namassivayam were inducted as ministers. N Rangasamy also won assembly elections from both Thattanchavady and Mangalam constituencies with significant victory margins.