General Awareness

BUSINESS AND ECONOMY - July 2023

Jul 2023

May 31, 2026

Odisha signs semiconductor MoU with Intel and 3D Glass Solutions to boost substrates

Odisha State government signed a major semiconductor MoU with Intel Corporation and 3D Glass Solutions (3DGS) to establish an advanced substrate manufacturing facility in Bhubaneswar–Khurda region. The pact is reported to be worth about $3.3 billion and aims to develop glass-core packaging substrates and related technologies to support high-density chip integration. Officials say the project will strengthen India’s semiconductor ecosystem, improve chip packaging capabilities, and attract high-tech investment. The MoU aligns with national efforts to build indigenous semiconductor capacity and position Odisha as an electronics-manufacturing hub in eastern India. A phased plan over several years emphasizes local job creation and supply-chain development.

MoU with Intel and 3DGS for substrate facility.
Facility to be located in Bhubaneswar–Khurda region.
Projected value around $3.3 billion.
Focus on glass-core packaging substrates.
Aims to strengthen India's semiconductor ecosystem and jobs.

May 28, 2026

NSE signs MoU to develop steel and commodity derivatives ecosystem

National Stock Exchange of India signed a memorandum of understanding with the Steel Users Federation of India to jointly develop the steel and commodity derivatives ecosystem in India. The partnership aims to create a transparent price‑risk management framework and enable hedging through exchange‑traded derivatives for steel industry participants. The initiative is expected to benefit steel manufacturers, processors, MSMEs, OEMs and infrastructure companies by improving price discovery and risk mitigation. The collaboration highlights ongoing efforts to deepen India’s financial markets and provide new tools for industry participants to manage volatility.

MoU between NSE and Steel Users Federation of India
Aims to develop steel and commodity derivatives ecosystem
Focus on price risk management and hedging via derivatives
Beneficiaries include manufacturers, MSMEs, OEMs, and infrastructure players
Signifies deeper integration of financial markets with industry needs

India ranks as a major data center market in Asia Pacific

India is identified as the second‑largest data center market in Asia Pacific, according to a Cushman & Wakefield report. Growth is driven by accelerating AI adoption, hyperscale cloud expansion and rising enterprise demand. India currently has about 1.6 GW of operational capacity and 3.1 GW in the development pipeline. The study, covering 107 global markets across 24 variables, highlights power infrastructure, regulation and risk as key factors. The findings underscore India’s rising role in regional data center development and investment, as firms expand storage and processing capacity to support a rapidly expanding digital economy.

India ranked second in Asia Pacific data center market
Operational capacity: 1.6 GW; under construction/planned: 3.1 GW
Key growth drivers: AI, hyperscale cloud, enterprise demand
Cushman & Wakefield study covers 107 markets
Emphasizes India’s increasing regional role in data infrastructure

May 26, 2026

RBI announces USD 5 billion swap auction

The Reserve Bank of India announced a dollar-rupee swap auction worth USD 5 billion with a three-year tenor to inject durable rupee liquidity into the banking system. The operation comes amid pressure on the rupee and global economic uncertainty. Such swap operations help the central bank manage liquidity without permanent changes to forex reserves. Market participants watch for signals of RBI readiness to intervene during stress, while analysts assess potential effects on exchange rates, inflation, and capital flows. The move reflects ongoing use of monetary tools to stabilize external and domestic financial conditions.

Swap auction size: USD 5 billion; tenor: three years.
Aims to inject durable rupee liquidity.
Part of RBI’s liquidity management without permanent reserve changes.
Monitored during rupee pressure and global uncertainty.
Potential impacts on exchange rates and inflation.

May 25, 2026

Kevin Warsh sworn in as new US Federal Reserve Chair

Kevin Warsh was sworn in as chair of the US Federal Reserve Board of Governors on 22 May 2026, succeeding Jerome Powell who led the central bank since 2018. The oath ceremony occurred at the White House amid a politically divided confirmation process in the Senate, which approved his nomination largely along party lines. Warsh inherits a challenging policy environment with inflation pressures and ongoing debates about Federal Reserve independence. His tenure is expected to influence interest-rate decisions and confidence in financial markets amid global economic uncertainties. The appointment represents a shift in leadership at the United States central bank.

22 May 2026: Warsh sworn in as Fed Chair
Succeeds Jerome Powell (since 2018)
Senate confirmation largely along party lines
Oversight during inflation and rate decisions
Questions about Fed independence under new leadership
First major leadership change at the Fed in years

Warsh sworn in as Fed Chair: implications for global markets

Following his swearing-in on 22 May 2026, Kevin Warsh faces a global market backdrop of inflation concerns and policy uncertainty. Analysts anticipate his leadership could influence US interest-rate trajectories and capital flows, with knock-on effects for emerging markets, including India. Investors will watch for signals on Fed balance-sheet management and regulatory reforms. The transition occurs amid broader geopolitical and economic shifts, including ongoing discussions about central-bank independence and the potential for new economic policy approaches under Warsh’s administration.

22 May 2026: Warsh becomes Fed Chair
Potential shifts in US interest-rate outlook
Impact on global markets and capital flows
Focus on Fed independence and governance

May 22, 2026

NCDEX Launches India's First Weather Derivative Contract

On 20 May 2026, the National Commodities and Derivatives Exchange (NCDEX) launched RainMumbai, India's first SEBI-approved exchange-traded weather derivative. The cash-settled futures contract links payout to Mumbai's monsoon rainfall, measured against the Long Period Average (LPA) using official data from the India Meteorological Department (IMD). The contract helps participants manage rainfall-related revenue risks in sectors such as agriculture, construction, power, and logistics. Each tick equals 1 millimeter of rainfall, with a lot size of Rs 50 per millimeter and a maximum of 50 lots per order. Trading is scheduled to begin on 1 June 2026; some notices mention 29 May 2026. NCDEX developed the instrument with IIT Bombay.

SEBI approval for a weather derivative; RainMumbai tracks Mumbai rainfall vs LPA using IMD data.
Cash-settled futures; tick size 1 mm; lot size Rs 50 per mm; 50-lot cap.
Trading to start 1 June 2026; some notices indicate 29 May 2026 opening.
Developed in collaboration with IIT Bombay; targets farmers, construction, power, logistics, and banks.

NCDEX launches India's first weather-derivative contract RAINMUMBAI

National Commodities and Derivatives Exchange (NCDEX) unveiled RAINMUMBAI on 20 May 2026, India's first SEBI-approved weather-derivative contract. The cash-settled futures instrument ties Mumbai's rainfall data during the monsoon months June to September to contract payoffs. Weather derivatives help participants manage weather-related price and revenue risk in agriculture, construction, power, logistics and finance. RAINMUMBAI uses official rainfall data from the India Meteorological Department (IMD) and measures deviations from Mumbai's Long Period Average (LPA). The contract has a tick size of 1 mm, a lot multiplier of Rs 50 per mm, and a maximum of 50 lots per order. Trading is planned for 1 June 2026; notices mention 29 May 2026 as an opening date. IIT Bombay collaborated on the project.

SEBI-approved weather-derivative via NCDEX
Link to Mumbai monsoon rainfall (June–September)
Uses IMD rainfall data and LPA as benchmark
Tick size: 1 mm; Lot: Rs 50 per mm; Max 50 lots
Trading starts 1 June 2026 (possible 29 May 2026 opening)

Share on

TCY Analytics (View Subscription Plans)

Subscribe to GK Updates

I want to receive

GK Tags

June GK, May GK, April GK, INTERNATIONAL AFFAIRS, ENVIRONMENT, BUSINESS AND ECONOMY, SCIENCE & TECHNOLOGY, SPORTS, NATIONAL AFFAIRS, DEFENCE, PERSONS IN NEWS, DAYS AND EVENTS, AWARDS AND HONOURS, GOVERNMENT POLICIES AND SCHEMES, GENDER/ HEALTH/ EDUCATION, ART AND CULTURE, BOOKS AND AUTHORS, TOURISM AND HOTEL INDUSTRY AWARENESS, ART AND CULTURE, LAW AND CONSTITUTIONAL AFFAIRS

Start Discussion

On any topic

Take Tests

Compiled from GK updates

Login

Sign Up

Forgot Password

Download TCY App

Unlock All Services And Enjoy The Premium Benefits

US$ 10

US$ 13

US$ 15

US$ 17

US$ 19

US$ 20

US$ 21

US$ 22

US$ 23

US$ 24

US$ 25

US$ 26