- National:
- The Indian government plans to develop the Indian Carbon Market (ICM) where a national framework will be established with an objective to decarbonize the Indian economy by pricing the Green House Gas (GHG) emission through trading of the Carbon Credit Certificates
- Ministry of Home Affairs (MHA) has prepared the ‘Model Prisons Act 2023’ that will replace a British-era law to overhaul the prison administration that will focus on the reformation and rehabilitation of inmates
- Insurance Regulatory and Development Authority of India (IRDAI) has directed all insurers to comply with the Surrogacy Act, 2012 and ART (Assisted Reproductive Technology) Act, 2021. This means that health insurance policies will now cover medical expenses related to surrogacy, including the cost of the surrogate mother’s medical treatment, delivery, and postnatal care
- The World Bank has approved a grant of Rs 51 crore to set up an integrated road safety enforcement system in Shimla and Nurpur police districts and develop the Palampur-Sheela chowk in Kangra as a "safe corridor"
- BSE (formerly Bombay Stock Exchange) – Asia’s oldest stock exchange, on Monday announced the relaunch of Sensex and Bankex derivative contracts. The relaunch is a part of the company’s bid to boost derivative trading
- Amy Pope of the United States has been elected as the next director general of the International Organization for Migration (IOM). She will be the first woman to head the IOM. She defeated IOM Director General Antonio Vitorino of Portugal, the European Union candidate, who swept into the post five years ago
- Innovations for Defence Excellence (iDEX), the flagship initiative of Ministry of Defence, has reached a milestone with the signing of its 250th contract - first under Mission DefSpace - and 100th SPRINT (Navy) contract in New Delhi on May 15, 2023.
- Vast, an artificial gravity space station startup, announced that it intends to put the first commercial space station in orbit in August 2025 via launch partner SpaceX. SpaceX will also provide the first human occupants of said space station a short while later using SpaceX’s Dragon crew capsule
- Important Days:
- National Dengue Day is observed on May 16th every year in India. It is an initiative of the Union Ministry of Health and Family Welfare to spread awareness about vector-borne disease and its preventive methods
- The International Day of Living Together in Peace is observed on May 16 every year and thus will fall on Tuesday, May 16 this year as well (2023). The day aims to promote harmony, tolerance, inclusion, equality, solidarity and peace globally among diverse communities
- International Day of Light is celebrated every year on May 16 to highlight the importance of light and its role in science, culture, art, education and sustainable development. The day also celebrates the role light plays in fields as diverse as medicine, communications, and energy
- Obituary:
- Robert E. Lucas Jr., a Nobel laureate in economics, passed away on Monday in Chicago at the age of 85. He was known for his hypothesis of “rational expectations,” which challenged John Maynard Keynes’s doctrine that government could manipulate the economy through interventionist policies
- Appointments:
- The Appointments Committee of the Cabinet (ACC) has approved the appointment of Anil Kumar Jain as the new chairman of the Petroleum & Natural Gas Regulatory Board (PNGRB). He has been appointed for a period of five years from the date of assumption of charge of the post or till attaining the age of 65 years, or until further orders, whichever is the earliest
- Manoj Soni has been sworn in as the chairman of the Union Public Services Commission (UPSC)
