02 May 2026 - "Daily Current Affairs" Updates

GS Paper 1 – History & Culture

🏛 Preah Vihear Temple

📰 Why in News

• Rising tensions between Thailand and Cambodia have brought attention to the historic Preah Vihear Temple, dedicated to Lord Shiva.

📍 Location

• Located in Preah Vihear Province, northern Cambodia.

• Built atop a cliff in the Dangrek mountain range, along the Cambodia–Thailand border.

🛕 Religious Importance

• Originally a Hindu temple dedicated to Lord Shiva.

📜 Historical Background

• Constructed during the Khmer Empire (11th–12th centuries).

• Initial construction by King Suryavarman I (1002–1050 CE).

• Later expanded under Suryavarman II (1113–1150 CE).

• Continued to be used by Angkor rulers for over 800 years.

🔄 Religious Transformation

• With the decline of Hinduism in the region, the temple gradually became a Buddhist place of worship.

• Today, it reflects a blend of Hindu and Buddhist architectural elements.

🌍 UNESCO Status

• Declared a UNESCO World Heritage Site in 2008.

GS Paper 3 – Economy

📊 PaRRVA (Past Risk and Return Verification Agency)

📰 Why in News

• SEBI has operationalised PaRRVA to

improve transparency in

financial performance reporting.

📌 Nature & Purpose

• A regulatory framework to standardise

and verify performance claims made by financial intermediaries.

• Aims to enhance credibility and transparency in reporting risk and return

metrics.

🏛 Implementing Authority

• Operationalised by the Securities and Exchange Board of India (SEBI).

🏢 Designated Entities

• CARE Ratings Ltd. designated as the official PaRRVA agency.

• National Stock Exchange (NSE) will function as the PaRRVA Data Centre.

👥 Eligible Users

• Investment advisors

• Research analysts

• Trading members

• Investors (to access verified performance data)

GS Paper 3 – Security / Economy

🛰 India: 5th Largest Military Spender

📰 Why in News

• According to the SIPRI Report 2026 (Trends in World Military Expenditure), India ranks as the 5th largest military spender globally.

📊 Key Highlights

India

• Total defence expenditure: $92.1 billion

• Increase of 8.9% over the previous year

• Ranked after USA, China, Russia, and Germany

🌍 Global Trends

• Global military spending reached about $2,887 billion

• Top 3 countries together account for 51% of global expenditure

• China’s spending: $336 billion (↑ 7.4%)

• Pakistan’s spending: $11.9 billion (↑ 11%)

• Europe’s spending rose by 14%, reaching $864 billion

• Increase driven by ongoing conflicts and NATO rearmament efforts

⚙ India-Specific Observations

• Arms imports declined by 4%

• Despite this, India remains the second-largest arms importer globally

• Holds approximately 8.2% share in global arms imports