Current Affairs 23 May 2026
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International Current Affairs
The President of Cyprus’s visit to India
During the State Visit of the President of Cyprus, Nikos Christodoulides, India and Cyprus announced the elevation of their bilateral relationship to a Strategic Partnership. Several Memorandums of Understanding (MoUs) and key initiatives were announced to strengthen cooperation between the two countries.
Cyprus joined the Indo-Pacific Oceans Initiative (IPOI) under the pillar of “Trade, Connectivity and Maritime Transport.” India also gifted a BHISHM Cube (Bharat Health Initiative for Sahyog Hita & Maitri) to Cyprus as part of humanitarian and healthcare cooperation.
Another major announcement was the celebration of the first-ever India-Cyprus Space Day on May 18, 2026. Cyprus also expressed its intention to open a Cyprus Trade Center in Mumbai.
Highlights
- Visiting leader: President of Cyprus – Nikos Christodoulides
- Major announcement: India–Cyprus Strategic Partnership
- Key sectors covered: Defence, cyber security, education, culture, innovation, and technology
- Defence cooperation roadmap: 2026–2031
- Cyprus joined the Indo-Pacific Oceans Initiative (IPOI)
- Healthcare initiative: BHISHM Cube gifted by India
- First India-Cyprus Space Day: Celebrated on May 18, 2026
- Proposed new facility: Cyprus Trade Center in Mumbai
Economy
Rupee Depreciation
What is Rupee Depreciation?
Rupee depreciation means a fall in the value of the Indian rupee compared to foreign currencies, especially the US dollar. In simple words, when more rupees are required to buy one US dollar, the rupee is said to have depreciated.
Example
- Earlier: 1 US Dollar = ₹80
- Now: 1 US Dollar = ₹97
This means the rupee has weakened or depreciated against the dollar.
Why Does Rupee Depreciation Happen?
| Reason | Explanation |
|---|---|
| Higher Imports Than Exports | India imports large quantities of crude oil, electronics, machinery, and gold. When imports exceed exports, demand for US dollars rises, weakening the rupee. This situation is called a Current Account Deficit (CAD). |
| Rising Crude Oil Prices | India depends heavily on imported crude oil. Higher global oil prices increase demand for dollars, putting pressure on the rupee. |
| Foreign Capital Outflow | Foreign investors may withdraw investments from Indian markets and move money to countries offering safer or higher returns, increasing dollar demand. |
| Global Economic Uncertainty | Wars, inflation, economic slowdown, and financial crises push investors towards stronger currencies like the US dollar, weakening the rupee. |
| Higher US Interest Rates | When the US Federal Reserve raises interest rates, investors prefer US markets, leading to capital outflow from India and rupee depreciation. |
What Happens When the Rupee Depreciates?
| Positive Effects | Negative Effects |
|---|---|
| Indian exports become cheaper in global markets | Petrol and diesel prices may rise |
| IT companies and exporters may earn higher profits | Import costs increase |
| Foreign tourists find India cheaper to visit | Inflation increases |
| Export industries may become more competitive | Foreign education and travel become expensive |
| Higher foreign earnings for exporters | Burden of foreign loans increases |
What is the Solution to Rupee Depreciation?
| Solution | Explanation |
|---|---|
| RBI Intervention | The Reserve Bank of India (RBI) can sell US dollars from its forex reserves to stabilise the rupee. |
| Increase Exports | Higher exports help India earn more foreign currency and reduce pressure on the rupee. |
| Reduce Non-Essential Imports | Reducing imports such as gold and luxury goods lowers demand for US dollars. |
| Attract Foreign Investment | Stable economic policies and growth can attract foreign investors to India. |
| Strengthen Domestic Manufacturing | Programmes like “Make in India” reduce dependence on imports and support the rupee. |
Miscellaneous
Operation Navjeevan
A total of 27 Maoists surrendered before the Jharkhand Police under Operation Navjeevan, a rehabilitation and surrender initiative aimed at bringing Left-Wing Extremists into the mainstream society.
Operation Navjeevan is part of the Jharkhand government’s policy focused on rehabilitation, surrender, and reintegration of Maoists into society.
Government Launches ‘JEEVAN’ App and ‘SHATAYU’ Dashboard for Senior Citizens
The Ministry of Social Justice and Empowerment launched the “JEEVAN” (Joint Elderly Empowerment & Virtual Assistance Network) mobile application and the “SHATAYU” (Senior Holistic Care Assistance and Training For Your Utility) dashboard to strengthen support systems for senior citizens in India.
- The JEEVAN app is designed to improve the safety, welfare, healthcare access, and social inclusion of elderly citizens.
- The SHATAYU dashboard focuses on strengthening caregiving services for senior citizens. It provides information on the availability of geriatric caregivers across districts and States in India.
Daily Quiz Current Affairs
Q1. Operation Navjeevan, a policy focused on the rehabilitation, surrender, and reintegration of Maoists into society, was launched by which State government?
A. Chhattisgarh Government
B. Odisha Government
C. Jharkhand Government
D. Andhra Pradesh Government
Show Answer
Answer: C. Jharkhand Government
Explanation: Operation Navjeevan is a Jharkhand government initiative aimed at the rehabilitation, surrender, and reintegration of Maoists and Left-Wing Extremists into mainstream society.
Q2. Which of the following is a major reason for the depreciation of the Indian rupee?
A. Increase in exports
B. Reduction in crude oil prices
C. Foreign capital outflow
D. Rise in foreign exchange reserves
Show Answer
Answer: C. Foreign capital outflow
Explanation: Foreign capital outflow increases demand for US dollars as investors move money out of India, leading to depreciation of the Indian rupee.
Q3. A situation in which a country’s imports exceed its exports is known as which of the following?
A. Fiscal Deficit
B. Revenue Deficit
C. Current Account Deficit (CAD)
D. Trade Surplus
Show Answer
Answer: C. Current Account Deficit (CAD)
Explanation: A Current Account Deficit (CAD) occurs when the value of a country’s imports is greater than the value of its exports, increasing demand for foreign currency.
Q4. Which of the following sectors may benefit from the depreciation of the Indian rupee?
A. Oil Import Sector
B. Foreign Education Sector
C. IT Export Sector
D. Luxury Goods Import Sector
Show Answer
Answer: C. IT Export Sector
Explanation: A weaker rupee benefits export-oriented sectors such as the IT industry because companies earn revenue in foreign currencies, which becomes more valuable when converted into rupees.
Q5. The first-ever India-Cyprus Space Day was observed on which date in 2026?
A. May 16
B. May 17
C. May 18
D. May 19
Show Answer
Answer: C. May 18
Explanation: India and Cyprus announced the celebration of the first-ever India-Cyprus Space Day on May 18, 2026, during the State Visit of Cyprus President Nikos Christodoulides to India.
Q6. What is the primary purpose of the BHISHM Cube developed by India?
A. Satellite communication during wars
B. Rapid medical assistance during disasters and emergencies
C. Cyber security monitoring
D. Space research and astronaut training
Show Answer
Answer: B. Rapid medical assistance during disasters and emergencies
Explanation: The BHISHM Cube (Bharat Health Initiative for Sahyog Hita & Maitri) is a portable emergency medical assistance system designed for quick deployment during disasters, emergencies, and humanitarian crises.
Q7. Which Union Ministry launched the “JEEVAN” mobile application and “SHATAYU” dashboard for senior citizens in 2026?
A. Ministry of Health and Family Welfare
B. Ministry of Rural Development
C. Ministry of Social Justice & Empowerment
D. Ministry of Women and Child Development
Show Answer
Answer: C. Ministry of Social Justice & Empowerment
Explanation: The Ministry of Social Justice & Empowerment launched the JEEVAN mobile application and SHATAYU dashboard to support the welfare, safety, and caregiving needs of senior citizens.
Frequently Asked Questions
What is the BHISHM Cube?
The BHISHM Cube (Bharat Health Initiative for Sahyog Hita & Maitri) is a portable emergency medical assistance system developed by India for disaster relief and humanitarian support. It contains medicines, medical equipment, and life-saving supplies that can be rapidly deployed during emergencies and natural disasters.
Why is the depreciation of the Indian rupee considered a concern?
Rupee depreciation increases the cost of imports such as crude oil, electronics, and machinery. This can lead to higher fuel prices, inflation, expensive foreign education and travel, and increased burden on foreign loans. However, it may also help export sectors like IT by making Indian goods and services cheaper globally.
What is Operation Navjeevan in Jharkhand?
Operation Navjeevan is a rehabilitation and surrender initiative of the Jharkhand government aimed at bringing Maoists and Left-Wing Extremists back into mainstream society through surrender, rehabilitation, and reintegration programmes.
What are the JEEVAN app and SHATAYU dashboard launched by the Government of India?
The JEEVAN app (Joint Elderly Empowerment & Virtual Assistance Network) and SHATAYU dashboard (Senior Holistic Care Assistance and Training For Your Utility) were launched by the Ministry of Social Justice and Empowerment to improve welfare, healthcare access, emergency support, and caregiving services for senior citizens in India.
What were the major outcomes of the Cyprus President’s visit to India in 2026?
During the visit of Cyprus President Nikos Christodoulides, India and Cyprus elevated their ties to a Strategic Partnership. Major outcomes included defence cooperation agreements, cyber security dialogue, Cyprus joining the Indo-Pacific Oceans Initiative (IPOI), gifting of the BHISHM Cube by India, and the celebration of the first-ever India-Cyprus Space Day on May 18, 2026.
Disclaimer: This article is prepared for competitive exam preparation using publicly available information.
