1. First, private Defence Expo will be held in India, to bring together Indian Micro Small and Medium Industries (MSMEs) and large defence manufacturers and create business opportunities, where the former can supply components for the latter.
2. India is developing world's lightest bulletproof vest, it is to be tested in 2 months: DRDO chief Dr G. Satheesh Reddy.
3. India joined a dozen other nations to launch the Indo-Pacific Economic Framework for Prosperity (IPEF), a US-led trade initiative meant to counter China’s aggressive expansion in the region. Among the 13 countries backing the initiative are Australia, Brunei, Indonesia, Japan, Malaysia, New Zealand, the Philippines, Singapore, South Korea, Thailand and Vietnam, and the members jointly account for 40% of the global GDP.
4. Prime Minister Narendra Modi, U.S. President Joe Biden, and Japanese Prime Minister Fumio Kishida participate in the Indo-Pacific Economic Framework for Prosperity launch event at the Izumi Garden Gallery on May 23, 2022, in Tokyo.
5. Indian Railways has joined hands with IIT Madras for the development of ‘indigenous’ Hyperloop system as well as set up a Centre of Excellence for Hyperloop Technologies at the premier institute.
6. Surpassing previous year’s level, foreign direct investment (FDI) inflow into India has touched $ 83.57 billion in the financial year 2021-22. In 2020-21, the FDI inflow had stood at $ 81.97 billion. “In 2014-2015, FDI inflow in India stood at mere $ 45.15 billion.
7. A naval base at Karwar, Karnataka, will be home to Indian aircraft carriers, 30 warships and submarines, making it the largest naval base in Asia by 2025.
8. Israel-based company Watergen on 25th May announced a strategic joint venture with SMV Jaipuria Group with a planned investment of more than USD 50 million (over Rs 387 crore) in the next 2-3 years for bringing water-from-air technology products to India.
9. India is projected to grow by 6.4 per cent in 2022 but still be the fastest-growing major economy. This is slower than the last year’s 8.8 per cent but the Ukraine conflict has impacted the global GDP. Down from the 4.0 per cent growth forecast released in January 2022, the global economy is now projected to grow by only 3.1 per cent in 2022.
10. State-owned engineering firm Bharat Heavy Electricals Ltd (BHEL) has won an order for compressor package from Iraq. It is a major achievement for India as it has won this deal competing with giants in this field like China & Germany.
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