Daily Current Affairs & GK Update: 15.05.2025

National Affairs

Justice Bhushan Ramakrishna Gavai was sworn in as the 52nd Chief Justice of India on 14.05.2025.
He succeeded Justice Sanjiv Khanna after his appointment was confirmed by the Ministry of Law and Justice.
Justice Gavai is the first Buddhist to hold the position of CJI and only the second Chief Justice from the Scheduled Caste community after former CJI Justice K.G. Balakrishnan.
He will serve as CJI for a tenure of 6 months until his retirement on 23.11.2025.

The aftermath of “Operation Sindoor” continues to shape India-Pakistan relations.
PM Modi stated that India will not tolerate nuclear threats as “blackmail” and will continue to respond strongly to terrorism.
India carried out targeted strikes on terror camps in Pakistan and Pakistan-occupied Kashmir in response to the Pahalgam terror attack of April 22, 2025, where 26 people were killed.
PM Modi emphasized India’s readiness to use locally manufactured defense equipment in modern warfare.
Foreign Ministry spokesperson Randhir Jaiswal responded to Pakistan’s claims about the operation, stating that “Operation Sindoor” has not yet concluded.

The Union Cabinet approved the establishment of a new semiconductor unit under the India Semiconductor Mission.
This is the sixth semiconductor unit in the country, with five others already in advanced stages of construction.
The unit will be a joint venture between HCL and Foxconn near Jewar airport in Yamuna Expressway Industrial Development Authority (YEIDA).
This manufacturing facility will produce display driver chips for mobile phones, laptops, automobiles, PCs, and other devices with displays.
The plant is designed for 20,000 wafers per month with an output capacity of 36 million units monthly.
The project will attract an investment of ₹3,700 crore.

On May 14, 2025, the United States and China implemented a partial de-escalation of recent tariff increases.
The arrangement reduces tariffs back to the “baseline” levels of the United States’ April 2 order.
China reduced its April 4 retaliatory tariff on all US imports from 34% to 10%.
The additional retaliatory tariff increases from April 9 and April 11, which had raised the original 34% to 125%, have been removed.
China also suspended non-tariff countermeasures, including the April 4 and April 9 Unreliable Entity List (UEL) actions for 90 days.
The agreement includes a 90-day suspension period for further negotiations until around August 12, 2025.

The Security Council held its monthly briefing and consultations on Yemen on May 14, with a focus on women, peace, and security.
Nine signatories to the Shared Commitments on Women, Peace, and Security delivered a joint statement on Yemen.

The Reserve Bank of India reduced the repo rate by 25 basis points to 6.00% on April 9, 2025.
This was the second rate cut in 2025, following a previous reduction in February.
Current key rates:
- Repo Rate: 6.00%
- Reverse Repo Rate: 3.35%
- Marginal Standing Facility Rate: 6.25%
- Standing Deposit Facility Rate: 5.75%

Several banks have reduced their home loan interest rates following the RBI’s repo rate cut in April.
Canara Bank reduced its Marginal Cost of Funds-based Lending Rate (MCLR) across specific tenures, offering home loans starting at 7.80%.
HDFC Bank announced a reduction in its MCLR by up to 15 basis points, effective from May 7, 2025.
Public sector banks like Bank of Maharashtra, Central Bank of India, and Union Bank of India have fully implemented the 50-basis point cut, with rates starting at 7.85%.
Bank of Baroda reduced its one-year MCLR by 5 basis points to 8.95%, effective May 12, 2025.

OPEC+ countries announced an implementation of a production adjustment of 411 thousand barrels per day in June 2025 from May 2025 required production levels.
The eight participating countries will hold monthly meetings to review market conditions, with the next meeting scheduled for June 1, 2025.

IPL 2025 will resume on May 17, 2025, after a week-long pause due to India-Pakistan tensions.
The first match after resumption will be between Royal Challengers Bengaluru and Kolkata Knight Riders at M. Chinnaswamy Stadium.
Delhi Capitals signed Bangladesh fast bowler Mustafizur Rahman for the remainder of the tournament.
Mumbai Indians are currently placed fourth on the points table with 14 points after winning seven of their 12 matches.
Delhi Capitals sit 5th with 13 points from 11 matches.
The league stage is expected to end after May 27, with the final scheduled for June 3, 2025.

Maharashtra is dominating the Khelo India Youth Games in Bihar with 148 medals, including 56 gold and 45 silver.
Haryana is in second place with 103 medals (33 gold, 26 silver).
Rajasthan has moved to third position with 54 medals including 22 gold.

Real Madrid rallied to beat Mallorca 2-1, with Jacobo Ramon scoring five minutes into injury time.
This result delayed Barcelona’s LaLiga title celebration.
Barcelona striker Robert Lewandowski is back for their match against Espanyol with the LaLiga title in sight.

Pope Leo met tennis champion Jannik Sinner, who has returned to competition after a doping ban. This is Sinner’s first tournament since winning his third Grand Slam title at the Australian Open in January.