The India Meteorological Department (IMD) has announced that the annual southwest monsoon is expected to reach Kerala around May 31, signaling the onset of the rainy season in the region. This forecast comes as people eagerly await the arrival of the monsoon across the country.
In other news, India has recently signed a 10-year agreement with Iran to develop and operate the strategic Chabahar Port, aiming to strengthen trade ties with Central Asia and Afghanistan. However, this deal faces potential sanctions from the United States, posing a challenge to India’s strategic objectives.
Additionally, India and the UK have reaffirmed their commitment to finalizing a Free Trade Agreement (FTA) during the annual UK-India Strategic Dialogue in London. This marks a significant step forward in the ongoing negotiations between the two nations.
On the economic front, the State Bank of India (SBI) has raised short-term retail fixed deposit rates in response to increasing credit demand and falling liquidity. This move is expected to be followed by other banks, offering better returns for depositors.
Moreover, the Open Network for Digital Commerce (ONDC) initiative, led by the Department for Promotion of Industry and Internal Trade (DPIIT), has reported over 7 million transactions in April, showcasing significant growth in digital commerce.
In the defense sector, the Indian Army is set to receive Russian Igla-S air defense systems, enhancing its air defense capabilities. This acquisition represents a major advancement in India’s defense preparedness.
Furthermore, India and the UAE have concluded a meeting focused on the India-Middle East-Europe Economic Corridor (IMEEC), aiming to enhance cooperation for the development of the corridor and provide alternative supply routes.
Lastly, the Indian Space Research Organisation (ISRO) has unveiled the Mangalyaan-2 mission, which aims to land a rover and helicopter on Mars, positioning India as the third nation to achieve this milestone in interplanetary exploration.