Daily Current Affairs 26 May 2026 – IAS Current Affairs
Current Affairs 26 May 2026 focuses on the Prelims-Mains perspective. Major events are :
Third India-Nordic Summit
Source: PIB
GS II: Important International institutions, agencies and fora- their structure, mandate
Overview
- News in Brief
- About India-Nordic Summit
- Relation with Each contries
- Third Nordic Summit
Why in the News?
The Third India-Nordic Summit, held in Oslo, on 19 May 2026, further advanced strategic partnership.
News in Brief
- Hosted by Norway.The
- Summit brought together the Prime Minister of India and the leaders of the five Nordic nations
- Aims to review bilateral ties and address contemporary global challenges.
5 Nordic nations are Denmark, Finland, Iceland, Norway, and Sweden.
About India-Nordic Summit
- India and the Nordic countries launched a multidimensional partnership during the First India-Nordic Summit in 2018.
Photo by Vidar Nordli-Mathisen on Unsplash - The partnership focuses on innovation, green technologies, clean energy, and sustainable development.
- It aims to support India’s
- Economic growth
- Promote sustainable development pathways
- Strengthen skilling
- Talent development and foster a vibrant innovation ecosystem.
- India can also leverage Nordic expertise and technology transfers through cooperation in renewable energy and climate action initiatives.
- The Third India-Nordic Summit focused on strengthened cooperation in trade, investment, digital innovation, and emerging technologies.
- Both sides also expanded collaboration in the blue economy, maritime cooperation, STEM research, resilient supply chains, and defence partnerships.
- Besides economic partnerships, India engages Nordic countries through the soft power tool of diplomacy.
Relation with Each contries
Denmark
- Bilateral trade :India and Denmark was USD 2.05 billion in 2025.
- India’s exports in goods to Denmark was valued at USD 1.06 billion and imports at USD 0.98 billion.
- Bilateral trade in services USD 4.25 billion; exports from India reached USD 1.9 billion and imports USD 2.3 billion in 2025.
- 40 Indian companies are present in Denmark in various sectors, including IT, renewable energy and engineering.
- Direct investment inflows from Denmark to India till 2024 was USD 1.413 billion.
- Indian community of around 21,000 in Denmark actively contributes across professions.
Finland
- Bilateral trade in goods with Finland was USD 1.017billion in 2024-25.
- Investment flows from India to Finland is over USD 2 billion.
- Finland’s Investments in India has increased to USD 4 billion.
- Indian community in Finland is around 33,000, with a strong presence in the IT sector.
Iceland
- Volume of bilateral trade with Iceland was USD 77.06million in 2024-25.
- India’s exports to Iceland were valued at USD 66.01 million and imports at USD 11.05 million in the same year.
Norway
- Bilateral trade between India and Norway was USD 1.05 billion in 2024-25.
- India exported goods worth US$ 630 million and imported goods worth US$ 420 million.
- Trade in services has been around USD 1 billion.
- Government Pension Fund Global (GPFG) of Norway has invested close to USD 28 billion.
- Indian community of around 30,000 people in Norway.
Sweden
- Bilateral trade between India and Sweden was USD 6.96 billion in 2024.
- Cumulative FDI equity inflows from Sweden from April 2000 to December 2024 was USD 2.596 billion.
- 280 Swedish companies have business presence in India.
- Indian diaspora of around 88,000 people staying in Sweden.
Third Nordic Summit
Under the initiative, India plans to,
- Collaborate with Iceland in geothermal energy and fisheries,
- Partner with Norway in the blue economy and Arctic cooperation, and
- Engage with Nordic nations in maritime and sustainability sectors.
India-EFTA TEPA: Impact on India-Nordic Relations
- The India EFTA TEPA will help to improve market access, reduce trade barriers, encourage trade and investment flows and integrate value chains.
- The FTA, along with a strong alliance with the Nordic countries, will support employment creation, innovation and sustainable development.
Research Collaboration in STEM Areas
- The research initiative will contribute to the creation of new employment opportunities, expansion of research and development (R&D), promotion of technology transfer, and strengthening of academic cooperation and research quality.
- Advancing research in next-generation communication technologies, including 6G, will further boost the digital economy and enhance the country’s digital infrastructure.
Cooperation in Blue Economy
- Cooperation in a strong blue economy strengthens economic growth while ensuring sustainability, creating jobs, enhancing trade, and supporting long-term environmental and climate resilience.
- Blue economy focuses on the sustainable use of ocean and marine resources.
- Cooperation in the blue economy also contributes to ensuring a stable and secure Indo-Pacific region by promoting sustainable use of ocean resources, strengthening maritime connectivity, and enhancing regional maritime security among partner countries.
Collaboration in Defence Production
- Developing Defence Industrial Collaboration by allowing 100% FDI in the Indian Defence Industrial Sector.
- It will help in technology transfer, research and innovation
- Boost domestic defence production, create more employment, increase exports and efficiency of defence production.
- Moreover, it will help to strengthen defence preparedness.
Initiatives in Climate Action
- The initiative in the space of climate change, is centred on mitigation.
- Cooperation in this field will not only help address climate-related challenges but also generate green employment opportunities, enhance bilateral trade, and attract greater investment.
- As a result, it will contribute to building a more sustainable economy and support long-term economic growth.
PM-AJAY Scheme
Source: PIB
GS II: Government policies and interventions for development in various sectors and issues arising out of their design and implementation
Overview
- News in Brief
- About PM-AJAY Scheme
- Key Components of the Scheme
Why in the News?
Ministry of Social Justice and Empowerment (MoSJE) launched the PM-AJAY portal and AJAY mobile application
News in Brief
- Aims to fully digitise implementation of the Pradhan Mantri Anusuchit Jaati Abhyuday Yojana.
- The initiative will provide the streamlining the components and smooth implementation of the scheme.
- Highlighted this major step towards transparent, digital and empowered service delivery for SC welfare initiatives.
About PM-AJAY Scheme
- PM AJAY (Pradhan Mantri Anusuchit Jaati Abhyuday Yojana) scheme is a comprehensive initiative launched in FY 2021-22.
- It is aimed at the socio-economic upliftment of Scheduled Castes (SCs).
- It is a merger scheme of three erstwhile Centrally Sponsored Schemes, namely, Pradhan Mantri Adarsh Gram Yojana (PMAGY), Special Central Assistance to Scheduled Castes Sub Plan (SCA to SCSP) and Babu Jagjivan Ram Chhatrawas Yojana (BJRCY).
- It focuses on reducing poverty, enhancing educational opportunities, and improving infrastructure in SC-dominated areas.
- Nodal Ministry: Implemented by the Ministry of Social Justice & Empowerment.
- Eligibility Criteria
- The Scheduled Castes persons living below the poverty lines are eligible for getting benefits under the various Income Generating Schemes and Skill Development Programmes.
- In case of Infrastructure Development, the villages having 50% or more SC population are eligible for grants under the Scheme.
Key Components of the Scheme
- Adarsh Gram Development: Transforming SC-majority villages into ‘Adarsh Grams’(model villages) by filling critical gaps in infrastructure and services.
- Grants-in-Aid for Socio-Economic Projects: Providing financial assistance for district/state-level projects aimed at the socio-economic betterment of SCs. This includes:
- Creation of infrastructure in SC-dominated villages
- Construction of hostels/residential schools
- Comprehensive livelihood projects, including skill development and related infrastructure.
- Financial assistance towards loans taken by beneficiaries for asset acquisition/creation required for livelihood generation.
- Construction of Hostels
- Includes building hostels in higher educational institutions ranked under the National Institutional Ranking Framework (NIRF) and funded by the Centre/State/UT Governments, schools funded by the Centre/State/UT Governments and recommended by the Ministry of Education.
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