Current Affairs 07 May 2025

IMF: India set to overtake Japan as fourth-largest economy in 2025.

• India is on track to become the world’s fourth-largest economy in 2025, overtaking Japan, according to the latest World Economic Outlook released by the International Monetary Fund (IMF).
• The report estimates India’s nominal GDP will reach 4,187.02 billion dollars next year, marginally ahead of Japan’s 4,186.43 billion dollars.

UAE, France collaborate on 1-Gigawatt AI Data Center.

• The UAE and France have signed an agreement to jointly develop a 1-gigawatt AI data center, set to be the largest in Europe.
• The project, involving a multi-billion-euro investment, aligns with both nations' goals to lead the global AI landscape.
• The data center will form part of a larger AI campus, supporting technological advancements and fostering AI talent development.

CBI Cracks Down on Online Child Sexual Exploitation Networks.

• CBI, with global law enforcement agencies, dismantles cybercrime networks targeting minors in Operation Hawk 2025.
• The operation focused on two accused individuals, Sheik Muizz Ahmed and Mukul Saini, exploiting minors via platforms like Discord and Arisu.
• Operation Hawk 2025 follows successful efforts like Operation Carbon and Megh Chakra.

Maldives to build $8.8 billion Financial Freezone in Malé.

• The Maldives has announced plans to build an $8.8 billion Maldives International Financial Centre (MIFC) in Malé, in partnership with Qatari-owned MBS Global Investments.
• Slated for completion by 2030, the International Financial Centre is planned as a sustainable Financial Freezone aimed at attracting global financial institutions, fintech firms, and digital nomads.

India’s first mortgage-backed PTCs listed on NSE.

• M. Nagaraju, Secretary, Department of Financial Services, Ministry of Finance, rang the ceremonial bell to mark the listing of the country’s first mortgage-backed Pass Through Certificates (PTCs) on the National Stock Exchange (NSE).
• The certificates were structured by RMBS Development Company Limited.