Daily Current Affairs – May 7, 2026

India's services exports hit a record $421.3 billion in fiscal year 2026. This pushed total goods and services exports to an all-time high of $863.1 billion. Services exports saw an 8.7% increase. Merchandise exports also grew, contributing significantly. This performance highlights India's strong export capabilities amidst global challenges. Each quarter of fiscal year 2026 achieved peak export levels.

India faces economic challenges from Middle East conflict. Energy prices and supply constraints strain finances. Rising bond yields, inflation, and a weakening rupee affect growth. Experts highlight energy and food security, and economic reforms as priorities. Self-sufficiency and diversification are crucial for India's resilience and investment appeal.

A party-wise analysis showed that 152 of 206 winning candidates (74%) from the Bharatiya Janata Party have declared criminal cases, followed by 34 out of 80 (43%) from the All India Trinamool Congress

There had even been speculation that Rath could be entrusted with a larger administrative responsibility if Adhikari assumed a bigger role in government after the Assembly polls

Both sides signed the Rules of Procedure to oversee the implementation of India-Algeria defence cooperation, which will guide future joint commission engagements and streamline collaboration mechanisms between the two countries

Japan's financial markets surged on Thursday, with the Nikkei 225 reaching a record high, driven by global optimism from strong tech earnings and easing Middle East tensions. Technology shares, particularly AI-linked stocks, led the rally, while government bonds also strengthened. The yen remained stable after earlier gains.

The US Treasury will maintain stable auction sizes for notes and bonds for at least the next several quarters, opting for a cautious borrowing approach amid market volatility. This decision, part of the quarterly refunding plan, aims to avoid further pressure on the bond market.

India has launched ECLGS 5.0, allowing airlines to borrow up to ₹1,500 crore with a government guarantee and zero interest for two years. The move aims to ease liquidity stress caused by surging jet fuel prices, war-led disruptions, and slowing air traffic growth.

In its final notification on the Foreign Exchange Management (Authorised Persons) Regulations, the central bank explicitly declined the industry’s proposal that Authorised Dealer Category-I licences be provided to non-banks.

The event from May 12-15, officially the Asia-Pacific Amateur Ladies Golf Team Championship, will be held at the Sentul Highlands Golf Club in Bogor, Indonesia with 15 countries participating

Manika Batra was the only one who made an impact in the rubber, winning her singles against Reyes Jessica 11-2, 11-8, 8-11, 11-4