Daily Current Affairs: May 13, 2026

National Schemes

Launch of PMGSY Phase-IV in Madhya Pradesh

• Union Minister Shivraj Singh Chouhan launched PMGSY-IV in Madhya Pradesh on 13 May 2026.
• The launch marked the silver jubilee celebrations of the Pradhan Mantri Gram Sadak Yojana.
• An allocation of Rs 1,763.08 crore was sanctioned for constructing 973 roads in the state.
• This phase aims to significantly upgrade rural road connectivity for boosting regional economic growth.
• 📚 Static GK: PMGSY was originally launched on 25 December 2000 by PM Atal Bihari Vajpayee.

Economy

SEBI Proposes 'GARUDA' Mechanism for AIFs

• SEBI proposed the GARUDA mechanism on 13 May 2026 for Alternative Investment Funds (AIF).
• It stands for Green-Channel: AIF Rollout Upon Document Acknowledgement to accelerate scheme approvals.
• Waiting time for Non-Accredited Investor schemes is reduced from 30 days to 10 working days.
• This regulatory change streamlines the processing of Placement Memorandums to ease fundraising efforts.
• 📚 Static GK: SEBI was established under the SEBI Act of 1992 and is headquartered in Mumbai.

Economy

Import Tariff on Gold and Silver Raised to 15%

• India increased the effective import tariff on gold and silver to 15% on 13 May 2026.
• The new rate marks a sharp rise from the previous tariff rate of approximately 6%.
• The revised structure includes a 10% basic customs duty plus additional cesses and levies.
• This economic move aims to discourage bullion imports and protect India's current account balance.
• 📚 Static GK: Article 265 states that no tax shall be levied except by authority of law.

Banking & Insurance

India Launches Bharat Maritime Insurance Pool

• The Bharat Maritime Insurance Pool (BMIP) was officially launched in New Delhi on 13 May 2026.
• It offers vital marine insurance coverage for Indian ships operating on international shipping routes.
• The pool helps manage high costs related to war risks and global economic sanctions.
• It effectively reduces the massive outflow of marine insurance premiums to foreign insurance markets.
• 📚 Static GK: IRDAI regulates the insurance sector in India and is headquartered in Hyderabad.

Polity

CJI Forms Panel for Judicial Infrastructure Overhaul

• Chief Justice of India Surya Kant set up a high-powered panel on 13 May 2026.
• The panel will design a national judicial infrastructure overhaul and sustainable funding framework.
• Reforms will heavily focus on improving modern court facilities, technology integration, and digital access.
• This aims to accelerate justice delivery mechanisms and clear pending caseloads across Indian courts.
• 📚 Static GK: Article 124 of the Indian Constitution details the establishment and constitution of the Supreme Court.

State News

Tamil Nadu Closes Over 700 Liquor Outlets

• The Tamil Nadu Chief Minister ordered the permanent closure of over 700 liquor outlets statewide.
• The bold directive, issued on 13 May 2026, prioritises public health and social welfare policies.
• The CM also raised ongoing livelihood issues concerning local fishermen with the Central Government.
• This highlights growing state-level interventions against intoxicating substance consumption and protecting coastal livelihoods.
• 📚 Static GK: Article 47 of the DPSP directs the State to prohibit the consumption of intoxicating drinks.

Economy

India Aircraft Leasing Summit 2.0 Held in Gandhinagar

• The India Aircraft Leasing and Financing Summit 2.0 took place in Gandhinagar, Gujarat.
• The event on 13 May 2026 aimed to position India as a global aviation leasing hub.
• Discussions focused on localising aircraft financing to reduce dependence on prominent foreign leasing entities.
• This directly supports India's rapidly expanding commercial aviation sector and associated leasing demands.
• 📚 Static GK: GIFT City in Gandhinagar is India's first operational International Financial Services Centre (IFSC).

Defence

India and Australia Hold Defence Policy Talks

• India and Australia conducted high-level Defence Policy Talks in New Delhi.
• The strategic dialogue occurred on 13 May 2026 to boost bilateral defence cooperation mechanisms.
• Key agenda points included maritime security, military interoperability, and ensuring a stable Indo-Pacific region.
• The talks further consolidate the Comprehensive Strategic Partnership signed between the two allied nations.
• 📚 Static GK: AUSINDEX is a premier biennial bilateral maritime exercise between the Indian Navy and Royal Australian Navy.

Environment & Culture

Bhimmandali Eco Heritage Site Inaugurated in Odisha

• Union Minister Dharmendra Pradhan inaugurated the Bhimmandali Eco Heritage Site in Odisha.
• The historic site is located in the Naktideul Block of the Sambalpur district.
• The Government sanctioned over Rs 8.30 crore specifically for its comprehensive ecological development.
• This project significantly promotes sustainable eco-tourism and preserves local tribal cultural heritage.
• 📚 Static GK: Sambalpur is famous for the Hirakud Dam, the world's longest earthen dam on the Mahanadi River.

Reports & Indices

NSO Releases PLFS Quarterly Bulletin for FY26

• The National Statistics Office (NSO) released the PLFS Quarterly Bulletin on 13 May 2026.
• The report uniquely covers the period from January to March 2026 (Q4 FY26).
• It is the fourth bulletin in its series assessing employment trends in both rural and urban areas.
• The data is crucial for tracking labor force participation rates and overall national unemployment levels.
• 📚 Static GK: The NSO operates under the Ministry of Statistics and Programme Implementation (MoSPI).

Science & Tech

CSIR-IIIM Jammu Signs MoU to Strengthen Startups

• CSIR-IIIM Jammu signed a critical MoU to fortify the regional startup ecosystem on 13 May 2026.
• The agreement was formally executed just before the highly anticipated Lavender Festival 2026.
• It focuses on empowering local agri-tech startups and aromatic plant cultivation enterprises.
• This collaboration promises enhanced research commercialisation and significant agricultural entrepreneurship opportunities.
• 📚 Static GK: Bhaderwah in Jammu is widely recognised as the birthplace of India's Purple Revolution.

International Defence

US Proposes $1.2 Trillion 'Golden Dome' Defense Program

• US President Donald Trump proposed a massive "Golden Dome for America" missile defence program.
• A new CBO analysis on 13 May 2026 estimated its total cost at $1.2 trillion.
• This dramatically exceeds his initial $175 billion estimate for placing defensive weapons in space.
• The ambitious project aims to shield the United States from advanced hypersonic and ballistic missile threats.
• 📚 Static GK: The Outer Space Treaty of 1967 strictly prohibits placing weapons of mass destruction in orbit.

International Polity

UK Faith Minister Miatta Fahnbulleh Resigns

• UK Faith Minister Miatta Fahnbulleh resigned on 13 May 2026 amid heavy Labour election losses.
• She represents the Peckham constituency and is the first minister to publicly step down recently.
• Fahnbulleh directly urged Prime Minister Keir Starmer to resign due to a crisis of public confidence.
• She sharply criticised the government's highly controversial winter fuel payment reductions and disability support cuts.
• 📚 Static GK: The United Kingdom Parliament in Westminster is bicameral: the House of Commons and House of Lords.

Appointments

SC Collegium Recommends 9 Judges for Calcutta HC

• The Supreme Court Collegium officially recommended nine lawyers for judicial appointment on 13 May 2026.
• They are strictly nominated to become permanent judges of the prestigious Calcutta High Court.
• This pivotal decision continues ongoing systematic efforts to clear immense pending judicial vacancies.
• The Collegium ensures the timely selection of competent legal professionals for high constitutional positions.
• 📚 Static GK: The Calcutta High Court, established in 1862, holds the distinction of being India's oldest High Court.

International Relations

US-Iran Ceasefire Described as on 'Massive Life Support'

• US President Donald Trump stated on 13 May 2026 that the US-Iran ceasefire is on massive life support.
• He emphasised that stopping Iran's nuclear weapons program far outweighs any domestic American economic pain.
• The tense remarks were made before his crucial diplomatic flight to Beijing, China.
• This situation drastically escalates ongoing geopolitical risks, sharply affecting global crude oil market stability.
• 📚 Static GK: The Strait of Hormuz is a critical global oil chokepoint connecting the Persian Gulf and Gulf of Oman.