India-UK Free Trade Agreement Signed After 3 Years of Negotiations
India and the United Kingdom formally signed a comprehensive Free Trade Agreement (FTA) on May 20, 2026 — the culmination of 3 years and 14 rounds of negotiations. The deal eliminates tariffs on 90% of goods (including Indian textiles, leather, and IT exports), opens the UK services market to Indian professionals, and includes a new bilateral mobility agreement facilitating 3,000 additional Indian IT worker visas annually. The FTA is expected to double bilateral trade to $100 billion by 2030.
PM Internship Scheme Crosses 10 Lakh Enrolments in 6 Months
PM Modi announced that 10 lakh youth have enrolled in the Pradhan Mantri Internship Scheme (PMIS) within 6 months of its launch. The scheme offers ₹5,000/month stipend for 12-month internships in 500+ top Indian companies, with the government paying ₹4,500 and the company paying ₹500. Managed by the Ministry of Corporate Affairs (MCA), PMIS targets 1 crore youth over 5 years.
National Anti-Doping Agency (NADA) Gets Autonomous Body Status
The Union Cabinet granted NADA (National Anti-Doping Agency) autonomous body status under the Ministry of Youth Affairs and Sports, bringing it in line with WADA (World Anti-Doping Agency) international standards. NADA's annual budget was increased to ₹200 crore. The move follows WADA's concerns about government control over national anti-doping bodies and India's ambitions to host the 2036 Olympics.
India-Israel 10-Year Strategic Technology Partnership Signed
India and Israel signed a 10-year Strategic Technology Partnership on May 22, 2026, covering semiconductor manufacturing, cybersecurity, agricultural technology (agri-tech), and defence co-production. A key element is a joint ₹8,000 crore semiconductor research facility to be established in Bengaluru under India Semiconductor Mission (ISM). Israel will also transfer drone technology under the defence component.
G7 Summit 2026 in Rome — India Attends as Special Guest
PM Modi attended the G7 Summit 2026 in Rome as a special guest nation. India advocated for reform of Bretton Woods institutions (IMF and World Bank), debt restructuring for Global South countries, and binding climate finance commitments from G7 nations. India also signed a bilateral AI Governance Framework with the European Union — setting shared standards for responsible AI development and deployment.
BSE Sensex Crosses 1 Lakh — Historic First for Indian Equity Markets
The BSE Sensex crossed the 1,00,000 mark for the first time in history on May 21, 2026, closing at 1,00,247 points. The milestone was driven by strong Q4FY26 corporate earnings (Nifty 50 EPS up 18% YoY), FII (Foreign Institutional Investor) inflows of $8.2 billion in May 2026, and positive global sentiment following the US Fed's 25 bps rate cut. India's total market capitalisation reached $6.1 trillion — making it the 4th largest equity market globally.
India's Core Inflation Falls to 3.8% — 5-Year Low
India's core inflation (CPI excluding food and fuel) fell to 3.8% in April 2026 — the lowest since January 2021, according to MOSPI data. Headline CPI inflation stood at 4.1%, comfortably within RBI's 4% ± 2% target band. The decline was driven by falling manufactured goods prices and easing supply chain pressures. RBI Governor indicated room for another 25 bps rate cut in the June MPC meeting.
C-DAC Unveils India's First Quantum Computer — Q100 (100 Qubits)
C-DAC (Centre for Development of Advanced Computing) unveiled India's first indigenously developed quantum computer — the Q100 — at IIT Bombay on May 23, 2026. Operating at near absolute zero (-273°C) using superconducting qubit technology, the Q100 has 100 functional qubits and achieves quantum advantage on specific cryptographic and optimisation problems. Developed under the National Quantum Mission (Phase 1), with Phase 2 (₹6,003 crore) recently approved.
DRDO Tests Hypersonic Cruise Missile Shaurya-II — Mach 6, 1,500 km Range
DRDO (Defence Research and Development Organisation) successfully flight-tested the Shaurya-II hypersonic cruise missile off the Odisha coast on May 24, 2026. Travelling at Mach 6 (6x speed of sound), with a range of 1,500 km and capability to carry both conventional and nuclear warheads, Shaurya-II makes India only the 4th country (after USA, Russia, and China) to possess operational hypersonic missile systems. The test was conducted from Wheeler Island.
India Wins FIH Hockey Pro League 2026 — Third Consecutive Title
The Indian men's hockey team won the FIH (International Hockey Federation) Hockey Pro League 2026 title, defeating Australia 3-1 in the final in Rotterdam, Netherlands, on May 22, 2026. Captain Harmanpreet Singh scored twice. This is India's third consecutive Pro League title (2024, 2025, 2026), cementing India's position as the top-ranked hockey nation. India's world ranking remains #1.
D Gukesh Retains FIDE World Chess Championship 2026 — Youngest Back-to-Back Champion
Dommaraju Gukesh (India, age 20) retained the FIDE World Chess Championship 2026 title, defeating Magnus Carlsen (Norway) 7.5–6.5 in a 14-game classical match held in Amsterdam. Gukesh, who first won the title in 2024 at age 18, becomes the youngest back-to-back World Chess Champion in history. He is only the 2nd Indian (after Viswanathan Anand) to hold the FIDE World Chess title.