Prelims Current Affairs includes India-Oman Cepa To Come Into Force From June 1, Centre Notifies 1% Construction Welfare Cess, Sebi Proposes Garuda Mechanism For Aifs, Viksit Bharat G Ram G Act To Replace Mgnrega From July 1, 2026, India Plans ‘Made In India Brand Scheme’, Supreme Court Launches ‘One Case One Data’ Initiative, Russia Tests Sarmat Nuclear Missile, National Florence Nightingale Awards 2026, Dr. Ashok Kumar Panda Takes Charge As Sail Cmd & Himachal Panchayat Election: 126 Pradhans And 156 Uppradhans To Be Elected Unopposed

ECONOMY

1. INDIA-OMAN CEPA TO COME INTO FORCE FROM JUNE 1

Current Context: India and Oman have finalised the Comprehensive Economic Partnership Agreement (CEPA), which is expected to come into force on 1 June 2026 

ABOUT INDIA-OMAN CEPA

• Signed: December 2025
• Ratified by Oman: February 2026 (through Royal decree)
• India’s Duty-Free Access: 98% of its exports to Oman (textiles, agricultural products, leather items)
• Tariff Reductions on Omani Products: Dates, marbles, petrochemical items
• Bilateral Trade (FY2024-25): US$10.61 billion

ECONOMY

2. CENTRE NOTIFIES 1% CONSTRUCTION WELFARE CESS

Current Context: The Government of India notified a 1% cess on the total cost of construction incurred by employers for building and other construction works under the Code on Social Security, 2020.

ABOUT THE CESS

• Legal Basis: Section 100(1) of the Code on Social Security, 2020
• Replaced: Notification dated 26 September 1996
• Exemption: Individuals building houses costing less than ₹50 lakh (exempted from 21 November 2025, earlier threshold was ₹10 lakh or properties above 100 sq metres)
• Welfare Use: Health benefits, financial aid, insurance, educational support for construction workers’ children
• Administered by: Building and Other Construction Workers Welfare Boards

 ECONOMY

3.  SEBI PROPOSES GARUDA MECHANISM FOR AIFs

Current Context: The Securities and Exchange Board of India (SEBI) has proposed the GARUDA mechanism to reform the Alternative Investment Fund (AIF) sector.

ABOUT GARUDA

• Full Form: Green-Channel: AIF Rollout Upon Document Acknowledgement
• Current Process: AIFs must wait 30 days after filing Placement Memorandum (PPM)
• Proposed Timeline: 10 working days (unless SEBI raises objections)
• Accredited Investor-only (AI-only) Schemes and Angel Funds:
  • No longer require filing through merchant banker
  • Fund managers can directly submit PPM to SEBI
  • May be allowed to launch immediately after filing
• AIF: AIFs are privately pooled investment vehicles established in India that collect capital from sophisticated Indian and foreign investors.
• These are regulated by SEBI under the SEBI (Alternative Investment Funds) Regulations, 2012.

SCHEME

4. VIKSIT BHARAT G RAM G ACT TO REPLACE MGNREGA FROM JULY 1, 2026

Current Context: The Viksit Bharat – Guarantee for Rozgar and Ajeevika Mission (Gramin) Act, 2025 (VB-G RAM G Act) will come into force from 1 July 2026, replacing MGNREGA.

ABOUT VB-G RAM G ACT

• Effective Date: 1 July 2026
• MGNREGA, 2005: Repealed from 1 July 2026 (ongoing works will continue without interruption)
• Employment Guarantee: 125 days of wage employment per financial year (increase from 100 days)
• Budget Allocation (2026-27): ₹95,692.31 crore (highest-ever Budget Estimate allocation for any rural employment program)
• Wage Payment: Direct Benefit Transfer (DBT) to workers’ bank/post office accounts; payments weekly or within 15 days after muster roll closure, delay compensation applicable

ECONOMY

5. INDIA PLANS ‘MADE IN INDIA BRAND SCHEME’

Current Context: India is planning to launch the “Made in India Brand Scheme” to strengthen domestic manufacturing and reduce import dependence across key sectors.

ABOUT THE SCHEME

• Products to be identified: Nearly 100 products with limited or no local production
• Announced by: DPIIT at CII Annual Business Summit 2026
• Identified Products: Industrial and automotive components (automobile axles, motorcycle parts)
• Scheme Components: Dedicated “Made in India” logo, certification for value addition, standardised quality benchmarks
• Aligns with: Make in India, Atmanirbhar Bharat, PLI Schemes

POLITY & GOVERNANCE

6. SUPREME COURT LAUNCHES ‘ONE CASE ONE DATA’ INITIATIVE

Current Context: The Supreme Court of India has launched the “One Case One Data” initiative along with an AI-powered chatbot named “Su-Sahayak” to modernize judicial services.

ABOUT THE INITIATIVE

• Features:
  • Digital case management framework integrating judicial records into unified system
  • Courts digitally connected across all levels (Supreme Court → High Courts → District Courts → Taluka Courts)
  • Also connects with government departments
• AI-powered Chatbot: “Su-Sahayak”
• Expected Benefits: Unified case visibility, real-time verification, departmental connectivity, improved judicial workflow

DEFENCE 

7. RUSSIA TESTS SARMAT NUCLEAR MISSILE

Current Context: Russia conducted a test launch of the Sarmat super-heavy intercontinental ballistic missile on 12 May 2026 from the Plesetsk Cosmodrome.

ABOUT SARMAT MISSILE

• Type: Super-heavy intercontinental ballistic missile (ICBM)
• NATO Designation: SS-29 Satan II
• Capability: Carry multiple nuclear warheads; penetrate missile defence systems
• Range: Exceeding 35,000 kilometres

AWARDS

8. NATIONAL FLORENCE NIGHTINGALE AWARDS 2026

Current Context: The National Florence Nightingale Awards for 2026 were conferred on 15 nursing professionals at Rashtrapati Bhavan on 12 May 2026 (International Nurses Day).

ABOUT THE AWARDS

• Instituted by: Union Health Ministry
• Recipients: Auxiliary Nurse Midwives (ANMs), registered nurses, nursing officers, nursing educators
• Award Components: Certificate of Merit, medal, cash prize of ₹1 lakh
• Presented by: President Droupadi Murmu
• Notable Awardees:
  • Aysha Beebi K(Lakshadweep): Critical midnight delivery on remote island (2026)
  • Kulwinder Parhi(Ladakh): Nearly three decades of service in high-altitude regions (ANM)
  • Sharwan Kumar Dhaka(Delhi): COVID-19 vaccination outreach
  • Major General Lissamma P.V.: Army Medical Services

APPOINTMENTS

9. DR. ASHOK KUMAR PANDA TAKES CHARGE AS SAIL CMD

Current Context: Dr. Ashok Kumar Panda has taken charge as Chairman & Managing Director of Steel Authority of India Limited (SAIL).

ABOUT THE APPOINTMENT

• Name: Dr. Ashok Kumar Panda
• Position: Chairman & Managing Director (CMD), SAIL
• Future Vision for SAIL: Capacity expansion to 35 million tonnes per annum (MTPA), focus on workplace safety, raw material security, market expansion, brand strengthening

HIMACHAL NEWS 

10. HIMACHAL PANCHAYAT ELECTION: 126 PRADHANS AND 156 UPPRADHANS TO BE ELECTED UNOPPOSED

Current Context: The nomination process for Panchayati Raj institutions in Himachal Pradesh has been completed, with 126 Panchayat Pradhans and 156 Up-Pradhans set to be elected unopposed.

ABOUT THE PANCHAYAT ELECTIONS

• Total Panchayats: 3,754
• Nominations Filed:

• Unopposed Elections:
• 126 Panchayat Pradhans (single nomination)
• 156 Up-Pradhans (single nomination)
• Total Candidates: Approximately 79,676 (including Zila Parishad and Panchayat Samiti members)
• Pending Data: Chamba district’s Pangi block data yet to be received, several other areas’ data awaited
• Nomination Withdrawal Dates: 14-15 May 2026 (last date for withdrawal, candidates will also be allotted election symbols)

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