Current Affairs - May 7, 2025 Current Affairs

In the 2025 Human Development Report released by the United Nations Development Programme (UNDP), India has been placed at the 130th position out of 193 countries and territories. The report, titled "A Matter of Choice: People and Possibilities in the Age of AI", evaluates countries based on various human development parameters such as health, education, and income. The top three countries in the index are Iceland, Norway, and Switzerland, while South Sudan is ranked last. India’s position highlights the ongoing challenges and the need for continued progress in improving human development outcomes across the country.

Moody’s Ratings, in its May 2025 update to the Global Macro Outlook, has revised India’s GDP growth forecast for the calendar year 2025 downward to 6.3%. The downgrade from the earlier estimate of 6.5% is attributed to rising global trade and policy uncertainty, particularly from evolving U.S. trade strategies, and heightened geopolitical tensions across multiple regions, including the India-Pakistan border and the South China Sea. Additionally, financial market volatility and tight global liquidity conditions have added to the economic risks. Despite this, Moody’s maintained India’s 2026 growth forecast at 6.5%, expecting conditions to stabilise over time.

The Civil Defence Act was enacted in 1968 as a strategic legislative response to the growing security concerns following the 1962 war with China and the 1965 war with Pakistan. Its primary aim is to ensure the protection of civilians, infrastructure, and property from possible hostile attacks via air, land, or sea. The Act empowers the government to establish the Civil Defence Corps and lays down the authority to frame rules and regulations necessary for its implementation. It marked a critical step in institutionalising civil preparedness during times of national emergencies or external aggression.

The Union Cabinet has approved a substantial investment of ₹11,828.79 crore under a Phase-B construction plan aimed at expanding five new Indian Institutes of Technology (IITs). These IITs are located in Tirupati (Andhra Pradesh), Palakkad (Kerala), Bhilai (Chhattisgarh), Jammu (Jammu & Kashmir), and Dharwad (Karnataka). The expansion plan is designed to strengthen academic infrastructure and improve the overall capacity of these institutions, enabling them to better serve the growing demand for quality technical education in India. This move highlights the government's ongoing commitment to enhancing the higher education sector.

In response to the brutal terrorist attack in Pahalgam that resulted in the deaths of 25 Indian nationals and one Nepali citizen, the Indian Armed Forces launched a counteroffensive named Operation Sindoor. This military operation specifically targeted terrorist infrastructure within Pakistan and Pakistan-occupied Jammu and Kashmir, locations known for facilitating and directing attacks against India. A total of nine sites were struck in this operation, emphasising India's intent to respond decisively to cross-border terrorism and to protect national security. The operation demonstrates a strategic and calculated military posture aimed at dismantling terror networks across the border.

World Athletics Day is observed every year on May 7 to promote sports and fitness, especially among the youth. It aims to raise awareness about the importance of athletics as a foundation for physical well-being and to inspire young people to engage in physical activity. The day is part of a broader initiative by World Athletics, formerly known as the International Association of Athletics Federations (IAAF), to popularise track and field sports globally. While the first World Athletics Day was celebrated on May 15, 1996, the current annual celebration is firmly established on May 7.

The State Bank of India has launched a massive employee engagement and skill development initiative titled ‘Next LEAP’ and ‘SuPer SBI: Great to Greater’ to make its workforce future-ready and boost performance, pride, and productivity. This initiative aims to equip its employees with future-ready skills and instill organizational pride. With over 2.3 lakh employees, SBI's programme is the largest staff engagement and training programme in India's banking sector, focusing on continuous learning, skill development, and succession planning to drive operational efficiency and customer service.

To boost cargo movement through India’s inland waterways, the Inland Waterways Authority of India (IWAI) signed a Memorandum of Understanding with Rhenus Logistics India Pvt. Ltd., a global logistics company. The agreement, signed on May 6, 2025, in New Delhi, involves deploying a fleet of barges and pusher tugs on major national waterways such as NW-1, NW-2, NW-16, and the Indo-Bangladesh Protocol route. This collaboration is a strategic step toward strengthening multi-modal transport and supports initiatives like the Jal Marg Vikas Project, which aims to optimise India’s river network for efficient cargo transportation and reduce logistics costs.

Japan’s Sumitomo Mitsui Banking Corporation (SMBC) is reportedly negotiating to acquire a 51% controlling stake in Yes Bank, marking a significant foreign direct investment in the Indian banking sector. If finalised, this deal would involve SMBC acquiring a 25% stake from existing shareholders, including the State Bank of India (SBI), and launching an open offer for an additional 26%. This acquisition could potentially reshape Yes Bank’s ownership structure, reflecting growing global investor interest in the bank as it continues to recover from its financial crisis.

India’s first human spaceflight mission under ISRO, known as Gaganyaan, has officially entered its final development phase, with the inaugural crewed launch now scheduled for early 2027. This ambitious mission aims to send three astronauts into low-Earth orbit for up to seven days, marking a major milestone in India’s journey toward independent human spaceflight capability. After overcoming delays due to the COVID-19 pandemic, the project has regained momentum with key achievements like successful abort mission tests and planned uncrewed orbital flights. The scheduled 2027 launch highlights India’s growing expertise in cost-effective space technology and its emergence as a significant player in global space exploration.

India and the United Kingdom have recently concluded a Free Trade Agreement (FTA) and a Double Contribution Convention aimed at enhancing bilateral trade and economic cooperation. The agreement is expected to significantly benefit sectors such as textiles, leather, footwear, toys, gems, jewellery, and engineering goods. It aims to create greater export opportunities and boost manufacturing, thereby unlocking new economic potential for both countries. This strategic move underscores the growing economic ties between India and the UK, positioning both nations to leverage mutual strengths and expand their global trade footprint.