• The Insurance Regulatory and Development Authority of India (IRDAI) is a regulatory agency that is responsible for regulating and licencing the insurance and reinsurance businesses in India.  It was established by the Insurance Regulatory and Development Authority Act, 1999, which was passed by the Indian Parliament. The agency’s headquarters have been in Hyderabad, Telangana, since 2001, when it relocated from Delhi.
• The Insurance Regulatory and Development Authority of India (IRDAI)has formed various committees through the General Insurance Council (GIC) to suggest reforms in several areas of general, reinsurance, and life insurance, including regulation, product, and distribution, among others, in order to overhaul the industry.
• These panels include leaders of private and public sector insurance companies, members of IRDAI, and representatives from the
• IRDAI established GIC to serve as a liaison between the insurance regulator and the non-life insurance business.

• INS Gomati derives her name from the vibrant river Gomti and was commissioned on16 April 1988 by then Defence Minister, KC Pant, at Mazgaon Dock Ltd, Bombay.
• The third ship of the Godavari class guided-missile frigates, INS Gomati was also the oldest warrior of the western fleet when decommissioned.

During her service:

• INS Gomati participated in numerous operations including Cactus, Parakram and Rainbow, and several bilateral and multinational naval exercises.
• IMS Gomati was twice awarded the coveted Unit Citation, in 2007-08 and again in 2019-20, for remarkable spirit and stellar contribution to national maritime security.

• A survey by the Geological Survey of India has stated that a gold reserve of around 222.88 million tonnes including 27.6 tonnes of mineral-rich ore are present in the Jamui District of Bihar.

Key points:

• The State Mines and Geology Department is in consultation with agencies engaged in the exploration, including GSI and the National Mineral Development Corporation (NMDC), for the exploration of gold reserves in Jamui.
• The consultation process had started after analysing the survey findings which indicated the presence of gold in areas such as Karmatia, Jhajha and Sono in the Jamui district.
• The Bihar government is likely to sign a memorandum of understanding with a central agency or agencies for G3 (preliminary) stage exploration within a month’s time, adding that in certain areas G2 (general) exploration can also be carried out.

• In a bid to promote new unexplored tourist destinations, the Himalayan Adventure Sports and Tourism Promotion Association (HASTPA) will organise the MTB Himachal Janjehli edition under the Naye Rahein Naye Manzilein scheme from June 10 to 13.
• Around 60 cyclists from around the country are expected to participate in the event. There are six categories in MTB Himachal Janjehli 2022.
• These are Grandmasters (above 50 years), Masters (under 50 years), Elite (under 35 years), U-23 (under 23 years), Junior (Under 19 years) and Youth (Under 16 years).
• The race is aimed at promoting the virgin and unexplored destinations across the state, which have tremendous potential for tourism and adventure sports.

• Governor Rajendra Vishwanath Arlekar opens the National Faunal Repository of Himalaya- cum-Museum in Solan.
• This repository and museum reflects an illustration of Indian cultural Identity.
• Dhriti Banergee, Director, Zoological Survey of India (ZSI), said Himalayan Faunal Repository-cum-Museum tells the story of our faunal wealth.
• It also encourages visitors to learn more about the Himachal Pradesh nature, biodiversity and much more.

• Rameshbabu Praggnanandha wins Reykjavik Open 2022 held in Iceland at the age of 16.
• At the age of 16, he became the youngest player ever to defeat the world champion, Magnus Carlsen, on 22nd February 2022 at Airthings Masters Rapid Chess Tournament.
• He again defeated Carlsen, at the Chessable Masters Online rapid chess tournament on 20th May 2022.
• It was his second win again the world champion Magnus Carlsen within 3 months.

• The National Achievement Survey (NAS) conducted by the Ministry of Education has found there is a widening difference in mathematics learning outcomes among girls and boys as they reach higher classes.
• The survey found that girls and boys begin at an almost level playing field in mathematics but by the time they reach high school, there is already a gap in learning outcomes which becomes even wider by class 12 when boys significantly outperform girls in the subject.
• In class 10, this gap is most stark and the national scores reflect that girls are at 216 and boys at 219.
• The NAS covered government, government-aided and private schools. The achievement tests along with the questionnaires — pupil questionnaire, teacher questionnaire and school questionnaire — were developed and translated in 22 different languages by the National Council of Educational Research and Training (NCERT).

• After readying Hotan airbase for operating H-20 stealth bombers, China is now setting up an emergency airbase in Tashkurgan district of Xinxiang opposite eastern Ladakh which is likely to be operationalised by September.
• This will be the first Chinese-built high-speed airbase located in the Tajik Autonomous Region of Tashkurgan, Kashgar Province.
• The Chinese intention of making these strategic bombers an area specific asset is clear from Beijing’s decision to designate the Hotan base as a testing base for these stealth machines before being deployed in the area to take on targets in Afghanistan, Balochistan or Ladakh.
• Earlier, the H-20 bombers were slated to be inducted in 2025. However, the timeline has been compressed which signals a shift in China’s approach in the region and the larger geopolitical space.
• According to a 2020 Pentagon report on Chinese military power, the H-20s are estimated to have a range of 5,281 miles and lift capacity of 10 tons of munitions.

• According to the State Bank of India‘s research paper Ecowrap, India’s Gross Domestic Product (GDP)growth in FY22 is predicted to be in the range of 8.2 to 8.5 percent.

KEY POINTS:

• On May 31, the government will disclose GDP figures for the fourth quarter of FY22.
• According to SBI’s Group Chief Economic Adviser Soumya Kanti Ghosh  that FY22 GDP estimates will be closer to 8.5 percent than Q4 GDP numbers.
• The Central Statistics Office forecast Q4 GDP at Rs 41.04 lakh crore and FY22 real GDP growth at Rs 147.7 lakh crore, an increase of 1.7% over pre-pandemic levels.
• The growth rate of Q4 GDP is pegged at Rs 40 lakh crore by the SBI Nowcasting model, which is lower by Rs 1 lakh crore than the CSO early predictions.

• The Railways is aiming to introduce the country’s First semi-high speed freight train by December 2022.
• Based on the Vande Bharat platform, the 16 coach ‘Gati Shakti’ train will be able to run at 160 km/hour, and will be manufactured at the Integral Coach Factory (ICF) in Chennai.
• With these trains, the Railways plans to target the e-commerce and courier parcel segment.
• According to Indian coach factory (ICF) official, India had become the 8th largest market for e-­commerce.
• India’s e­commerce market is expected to reach $111 billion by 2024, $200 billion by 2026 and expected to reach $350 billion by 2030,”
• The Railways is aiming to increase its share in freight transportation from the present 27% to 45% by 2030 through better infrastructure and business development plans, according to the National Rail Plan.