Daily Current Affairs 7th May 2025, Important News Headlines (Daily GK Update)

National News

Operation Sindoor: India Strikes Back in Pakistan and PoK

• India launched Operation Sindoor, a series of precision strikes on terrorist camps in Pakistan and Pakistan-occupied Jammu and Kashmir (PoJK), in response to the Pahalgam terror attack that killed 26 people.
• The operation targeted nine terror sites, including those linked to Lashkar-e-Taiba and Jaish-e-Mohammad, with an aim to neutralize terror infrastructure and restore strategic deterrence post-Balakot.
• Led by Prime Minister Narendra Modi and coordinated with top military leaders, the operation was described as focused, measured, and non-escalatory.

Indian Institute of Foreign Trade to Open Off-Campus Centre at GIFT City, Gujarat

• The Indian Institute of Foreign Trade (IIFT) has received approval to set up an off-campus centre at GIFT City, Gujarat, marking a major development in India’s trade education infrastructure.
• The initiative supports the National Education Policy (NEP) 2020, offering MBA (International Business), short-term training, and research in international trade.
• Approved under the UGC Act, this expansion is expected to support export-led growth and promote multidisciplinary education aligned with India’s global trade ambitions.

“NMCG Approves Key Projects for Ganga Rejuvenation in 62nd Executive Committee Meeting”

• The NMCG’s 62nd Executive Committee meeting has endorsed several projects to ensure the Ganga river’s rejuvenation through sustainable environmental and water management practices.
• The projects include conserving wetlands like Nathmalpur Bhagad in Bihar, and initiatives for wastewater reuse in Agra and Prayagraj.
• These projects align with the broader goals of the Namami Gange mission, reinforcing India’s commitment to restoring the Ganga basin’s ecosystem.
• These efforts play a crucial role in reducing pollution, enhancing biodiversity, and promoting water conservation in the region.

State News

Tamil Nadu to Declare May 5 as Traders Day: CM Stalin

• Tamil Nadu Chief Minister M.K. Stalin announced that May 5 will be celebrated as Traders Day, fulfilling a long-pending demand from the trading community.
• Several reforms were introduced, such as increased financial assistance, simplified regulatory processes, and the formation of grievance redressal panels.
• Traders were also encouraged to use Tamil signage.
• These steps aim to empower small businesses, promote cultural identity, and strengthen ease of doing business under the Dravidian governance model.

International News

India and U.K. Seal Historic Free Trade Agreement

• The India–UK Free Trade Agreement (FTA) signed on May 6, 2025, is a historic and strategically significant pact that eliminates duties on 99% of Indian exports, eases UK market access, and introduces the Double Contribution Convention for Indian professionals.
• It is expected to double bilateral trade by 2030, protect sensitive sectors, and boost employment in MSMEs and start-ups.
• Despite concerns over agricultural imports and carbon taxes, the FTA marks a new era of economic diplomacy and sets a model for future trade deals.

Friedrich Merz Becomes Chancellor After Overcoming Historic Vote Setback

• Friedrich Merz, after a historic defeat in the Bundestag, has secured his position as Chancellor of Germany following a second vote, bringing an end to political uncertainty.
• His coalition with the SPD aims to address Germany’s economic challenges, including recession and stagnation, while enhancing the country’s leadership role in European and global matters.
• Despite the rocky start, Merz’s leadership is seen as crucial for Germany’s future, particularly in managing migration issues and economic recovery..

Banking News

SBI Launches Largest Staff Engagement Initiative to Empower Workforce

• The State Bank of India (SBI) has initiated the largest staff engagement and training programme in India’s banking sector to equip its 2.3 lakh employees with future-ready skills and instill organizational pride.
• Through initiatives like ‘Next LEAP’ and ‘SuPer SBI: Great to Greater’, over 1.75 lakh employees have been trained using a centralised learning system and data-driven performance tools.
• SBI also introduced a succession planning policy for smooth transitions in key roles.
• This initiative aligns with its mission to stay digitally competitive and cater to both customer expectations and employee aspirations.

Japan’s Sumitomo Mitsui in Talks for 51% Acquisition of Yes Bank

• Japan’s Sumitomo Mitsui Banking Corporation (SMBC) is reportedly exploring the acquisition of a 51% stake in India’s Yes Bank, potentially buying 25% from SBI and others and making an open offer for 26% more.
• The deal, still subject to RBI approval, could mark a significant moment in foreign investment in Indian banking.
• However, Yes Bank has denied any formal negotiations, calling such media reports speculative. The news caused a temporary spike in Yes Bank’s stock price, highlighting market sensitivity to such developments.

Economy News

Moody’s Cuts India’s 2025 GDP Forecast to 6.3% Amid Global Trade Uncertainty

• Moody’s has revised India’s GDP growth projection for 2025 to 6.3%, citing heightened policy uncertainty, geopolitical tensions, and global trade disruptions as the primary challenges.
• Despite global headwinds, the forecast for 2026 remains at 6.5%, reflecting expectations of stabilization. The agency also noted the Reserve Bank of India may continue to lower interest rates to support economic activity.
• The broader outlook for the US, China, and global markets also shows slowing momentum amid evolving tariff policies, market volatility, and investment risks.

India Set to Become 4th Largest Economy in 2025, Says IMF

• The International Monetary Fund (IMF) has projected that India will become the 4th largest economy in the world by 2025, overtaking Japan. This rise is driven by sustained GDP growth, strong rural consumption, and economic resilience amid global uncertainty.
• India is expected to reach a $5 trillion economy by 2027 and $6.8 trillion by 2030, reflecting its expanding global influence.
• The growth rate of 6.2% in 2025 places India ahead of other major economies like the USA, China, Japan, and the UK.

Appointments News

FSIB Recommends Sanjay Joshi as CMD of Oriental Insurance

• The Financial Services Institutions Bureau (FSIB) has recommended Sanjay Joshi as the next CMD of Oriental Insurance Company Limited (OICL), following the retirement of R.R. Singh. Joshi, currently General Manager at United India Insurance Company, brings over three decades of experience in the general insurance sector.
• He has held various senior positions and holds academic and professional qualifications relevant to the role.
• The appointment comes during a key period for leadership transition in India’s public sector insurance industry.

Agreement News

IWAI and Rhenus Logistics Join Hands to Boost Inland Waterways Cargo Movement

• The IWAI-Rhenus MoU, signed on 6 May 2025, marks a major leap in India’s efforts to modernize its inland waterways and promote sustainable cargo transport.
• The collaboration will see phased deployment of cargo barges and pusher tugs on NW-1, NW-2, NW-16, and IBP routes, with the aim to lower operational costs, encourage private investment, and expand the reach of the Jal Marg Vikas Project.
• This move also aligns with the Jalvahak Cargo Promotion Scheme, enhancing India’s vision of a multi-modal logistics ecosystem.

Ranks & Reports News

India Advances to 130th Rank in 2025 Human Development Report: Key Insights and Challenges

• India’s steady progress on the Human Development Index (HDI) reflects notable improvements in health and education, including a rise in life expectancy and increased school attendance.
• However, disparities in income and gender persist, with inequality lowering India’s HDI by over 30%. The report also emphasizes India’s growing potential in artificial intelligence, which is expected to play a key role in its future development.
• Despite these advancements, global progress in human development remains slow, marking the 2025 HDR as an important indicator of both achievements and ongoing challenges.

Science & Technology News

India’s Gaganyaan Enters Final Phase, Crewed Flight Set for 2027

• India’s Gaganyaan mission, now in its final phase, aims to conduct its first human spaceflight by 2027.
• Announced by Dr. Jitendra Singh, this milestone reflects India’s technological self-reliance, with successful test missions, astronaut training programmes, and low-cost innovation.
• The mission is propelling space-tech spinoffs, supporting startups, and aligns with India’s vision for a space station by 2035 and a Moon mission by 2040. It stands as a powerful symbol of India’s rise as a global space power.

Important Days News

World Athletics Day 2025 Celebrated Globally to Promote Youth Fitness

• World Athletics Day 2025, observed on May 7, celebrates youth fitness, sportsmanship, and healthy living through widespread participation in track and field events.
• Organized by World Athletics, the day plays a pivotal role in shaping sports culture, promoting gender inclusivity, and identifying young athletic talent.
• With growing emphasis on physical and mental well-being, this observance reinforces the global commitment to health, equity, and empowerment through sports.

“International No Diet Day 2025: Celebrating Body Positivity and Rejecting Diet Culture”

• International No Diet Day 2025, observed on May 6, promotes a powerful message of body positivity, mental wellness, and inclusive health standards.
• Initiated by Mary Evans Young, it calls for an end to harmful diet culture and highlights the importance of nourishing the body and mind through sustainable, enjoyable habits.
• The day also provides helpful lifestyle tips, especially for the summer season, to help individuals thrive without guilt or restriction.

Obituaries News

Argentina Mourns the Death of 1978 World Cup Legend Luis Galván

• Luis Galván, Argentina’s 1978 World Cup-winning defender, has died at 77. Revered for his solid defensive play and long-standing association with Club Atlético Talleres, Galván’s passing marks the end of an era.
• His contributions in Argentina’s controversial 1978 victory—held during a military dictatorship—remain a key part of football history.
• His death, coming soon after the loss of Hugo Gatti, has reignited reflection on the golden generation of Argentine football.

Current Affairs Today | 7 May Current Affairs 2025 | Daily Current Affairs By Ashish Gautam