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Daily Current Affairs Digest | 13th May 2026
Daily Current Affairs Digest | 13th May 2026
India Hosts BRICS Foreign Ministers’ Meeting
India is hosting the BRICS Foreign Ministers’ Meeting on 14–15 May 2026 under India’s chairship. The meeting is being chaired by External Affairs Minister Dr. S. Jaishankar, with Foreign Ministers and Heads of Delegation from BRICS member and partner countries participating. The discussions are expected to focus on global governance, regional security, economic cooperation and issues affecting the Global South. The delegations are also scheduled to call on Prime Minister Narendra Modi.
Gold and Silver Import Tariff Raised to 15%
The Government of India has raised the effective import tariff on gold and silver to 15%, effective from 13 May 2026. The revised structure includes 10% Basic Customs Duty and 5% Agriculture Infrastructure and Development Cess. The move is aimed at discouraging excessive precious metal imports, reducing pressure on foreign exchange reserves and narrowing the trade deficit.
Retail Inflation Rises to 3.48% in April
India’s retail inflation, measured through the Consumer Price Index, rose to 3.48% in April 2026. Food inflation stood at 4.20%, but overall inflation remained within the Reserve Bank of India’s tolerance band of 2% to 6%. The trend is important for monetary policy, household consumption and market expectations.
Bharat Maritime Insurance Pool Launched
India has launched the Bharat Maritime Insurance Pool to provide insurance cover for Indian vessels operating on international routes, including high-risk and war-risk zones. This initiative is expected to strengthen India’s shipping and maritime trade security at a time of rising geopolitical uncertainty in key sea lanes. Reports place the pool value at about USD 1.5 billion, backed largely by sovereign support.
India-Oman CEPA Likely from 1 June 2026
The India-Oman Comprehensive Economic Partnership Agreement is expected to come into force from 1 June 2026. The agreement was signed in December 2025, and Oman ratified it through a Royal Decree in February 2026. The trade pact is expected to deepen economic cooperation and improve market access between the two countries.
Russia Test-Launches Sarmat Missile
Russia test-launched the Sarmat super-heavy intercontinental ballistic missile on 12 May 2026 as part of its nuclear forces modernisation programme. The missile is intended to replace the older Soviet-era Voyevoda system and is described by Russia as a major addition to its strategic deterrence capability.
Scientists Identify Possible Ancient Dwarf Galaxy ‘Loki’
Scientists have proposed the existence of an ancient dwarf galaxy named Loki, possibly absorbed by the Milky Way more than 10 billion years ago. The finding is based on chemical and orbital analysis of 20 metal-poor stars, suggesting that these stars may be remnants of a smaller galaxy that merged with the Milky Way during its early formation.
Supreme Court Clarifies SC/ST Act Requirement
The Supreme Court has held that caste-based abuse inside a private residence, when not made within public view, does not attract offences under the Scheduled Castes and Scheduled Tribes (Prevention of Atrocities) Act, 1989. The Court reiterated that “public view” is an essential requirement for certain offences under the Act.
India Declines Sanctioned Russian LNG Cargoes
India has declined Russia’s offer to sell U.S.-sanctioned LNG cargoes, even as talks continue on permitted energy supplies. The move reflects India’s effort to balance energy security with compliance risks amid continuing tensions in West Asia and uncertainty in global energy markets.
