Current Affairs 2026

Background: Mission Shakti is an umbrella scheme for the safety, security, and empowerment of women, comprising 'Sambal' and 'Samarthya' sub-schemes. Current Context: On May 1, 2026, the Ministry of Women and Child Development operationalized 'Shakti Hubs' in 750 districts. These hubs act as integrated support centers providing digital literacy, financial counseling, and credit linkage for women-led startups. Impact: By centralizing resources, the initiative aims to increase the Female Labour Force Participation Rate (FLFPR) to 40% by 2028. It empowers women at the grassroots level by bridging the digital divide and ensuring easier access to institutional credit and legal protection.

Background: Pradhan Mantri Awas Yojana-Urban (PMAY-U) was launched in 2015 to provide pucca houses to all eligible urban households. Current Context: As of May 1, 2026, the Union Cabinet approved the extension of the scheme as PMAY-U 2.0, setting a target to construct 2 crore additional houses for EWS, LIG, and Middle Income Groups by 2030. Impact: This move addresses the rapid urbanization and housing deficit in Tier-2 and Tier-3 cities. The scheme integrates 'Green Construction' technologies, promoting climate-resilient infrastructure. It is expected to generate significant employment in the construction sector and stimulate demand in over 250 ancillary industries like steel and cement.

Background: The Reserve Bank of India (RBI) conducts bi-monthly Monetary Policy Committee (MPC) meetings to review economic conditions and decide on key policy rates like the repo rate. This is crucial for managing inflation while supporting economic growth. Current Context: In its latest bi-monthly review for May 2026, the RBI MPC decided to maintain the repo rate at 6.50%, citing persistent global uncertainties and a need to consolidate domestic inflation within the target band. The stance remained 'withdrawal of accommodation'. Impact: This decision aims to ensure price stability and provide a predictable interest rate environment for businesses and consumers. It influences lending and deposit rates across commercial banks, impacting credit growth and investment decisions in the economy.

Background: The Reserve Bank of India (RBI) initiated pilot programs for the Central Bank Digital Currency (CBDC), known as the Digital Rupee (e₹), for both wholesale and retail segments to explore its potential benefits and operational aspects. Current Context: Building on the success of initial phases, the RBI announced in early May 2026 the expansion of the e₹ retail pilot to include five additional major cities and three more public sector banks. This move aims to broaden user participation and test new offline transaction capabilities. Impact: This expansion is expected to accelerate the adoption of digital payments, enhance financial inclusion by reaching underserved populations, and provide a secure, sovereign-backed digital payment alternative, potentially reducing reliance on physical cash and private digital wallets.

Background: The Cannes Film Festival is one of the most prestigious film festivals globally, held annually in Cannes, France. It serves as a platform for filmmakers to showcase their work and compete for prestigious awards. Current Context: The 77th edition of the Cannes Film Festival concluded on May 25, 2026. The coveted Palme d'Or for best film was awarded to 'Anora' directed by Sean Baker, a vibrant portrayal of a stripper in Las Vegas. Other major awards included Best Director for Jacques Audiard for 'Emilia Pérez' and Best Actor for Jesse Plemons for his role in 'Kinds of Kindness'. Impact: The festival celebrates cinematic artistry, fosters international cultural exchange, and significantly boosts the careers of winning filmmakers and actors, influencing global film trends and distribution.

Background: The Grand Prix is the second most prestigious award at the Cannes Film Festival, recognizing outstanding directorial achievement and narrative depth. Current Context: Mohammad Rasoulof's 'The Seed of the Sacred Fig Tree' was honored with the Grand Prix at the 77th Cannes Film Festival on May 25, 2026. The film, which tackles themes of oppression and resistance in Iran, was a significant entry given the director's own legal challenges in his home country. Impact: This award brings international attention to the struggles depicted in the film and highlights the importance of artistic freedom. It provides a global platform for Iranian cinema and its critical social commentary, potentially influencing international discourse on human rights and censorship.