Daily Morning Brief - 5 June - Top News Updates of India, world, Economy and Odisha

India

1. Overqualified Candidates Can Be Barred from Applying for Lower Qualification Jobs: Supreme Court
The Supreme Court held that recruitment authorities can disqualify overqualified candidates if recruitment rules specifically provide for it. The ruling aims to protect opportunities for eligible applicants and prevent job dissatisfaction among candidates possessing qualifications beyond the post's requirements.

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2. Delimitation Bill Likely to Be Reintroduced in Parliament's Monsoon Session
The Centre is expected to bring back the Delimitation Bill during the Monsoon Session. The proposal seeks to redraw constituency boundaries, increase Lok Sabha seats, and facilitate the implementation of women's reservation through a revised electoral framework.

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3. India to Procure Drones Worth ₹20,000 Crore for Modern Warfare
India plans to acquire drones worth over ₹20,000 crore to strengthen surveillance, logistics, and combat operations. The procurement will boost indigenous defence manufacturing, enhance military preparedness, and support the country's self-reliance goals in defence technology.

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World

4. US House Passes Resolution to Stop Iran War, Major Setback for Trump
The US House of Representatives passed a resolution seeking to limit further military action against Iran without congressional approval. The move reflects growing concern over escalation in the Middle East and represents a significant political setback for President Donald Trump's foreign policy approach.

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Economy

5. Fertilizer Subsidy May Add ₹3 Lakh Crore Burden to Government Budget
Rising global prices and increased support for farmers could raise fertilizer subsidy expenses by nearly ₹3 lakh crore. While protecting agricultural production and food security, the additional expenditure may increase pressure on the government's fiscal position.

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6. Bank Credit Growth Surpasses Deposit Growth; Profits Under Pressure
Banks are witnessing stronger growth in loans compared to deposits. To meet funding needs, lenders may depend on costlier borrowings, reducing profit margins and raising concerns about liquidity management across the banking sector.

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7. Alleged ₹15.15 Lakh Crore Revenue Inflation Scam at Rajesh Exports
SEBI has initiated action against Rajesh Exports over alleged large-scale revenue inflation and accounting irregularities. The case has raised concerns among investors, lenders, and regulators, making it one of the most significant corporate investigations.

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8. TikTok Founder Overtakes Mukesh Ambani to Become Asia's Second-Richest Person
ByteDance founder Zhang Yiming has surpassed Mukesh Ambani in wealth rankings, becoming Asia's second-richest individual. The achievement highlights the growing dominance of technology-driven businesses and the immense value created by digital platforms worldwide.

Also Read: More Old People, Fewer Babies: How Odisha's Declining Youth Population Could Create Economic Challenges

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Odisha

9. Odisha Government Fixes EV Hiring Rates for Ministers and Officials
The Odisha government has introduced fixed hiring charges for electric vehicles used by ministers and government officials. The decision aims to control expenditure, encourage cleaner transportation, and support the state's transition toward sustainable mobility.

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10. New Rules Introduced for DMF Fund Distribution
Odisha has notified revised guidelines for District Mineral Foundation fund allocation. The new framework emphasizes transparency and prioritizes spending on healthcare, drinking water, infrastructure, environmental restoration, and welfare programmes in mining-affected regions.

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