7 August 2026 Daily Current Affairs

On 7 August 2026, the 12th National Handloom Day is being celebrated across the country. On this occasion, the Ministry of Textiles has launched new initiatives aimed at uplifting Indian handloom weavers, integrating modern technology, and expanding global market access.

The date 7 August holds significant historical importance. On this day in 1905, the ‘Swadeshi Movement’ was officially launched at the Town Hall in Kolkata, with the primary objective of boycotting foreign goods and promoting domestic handloom products. The Government of India first declared 7 August as National Handloom Day in the year 2015.

This day remains in the news every year due to initiatives aimed at boosting weavers’ income and promoting the ‘Handloom Mark’ and Geographical Indication (GI) tags for product authenticity.

UPSC State PCS Modern Indian History (Swadeshi Movement) and Economy (Cottage Industry & Employment Generation). SSC Banking Important Days and Related Government Schemes.

• India’s textile sector is the second largest employment provider after agriculture.
• Over 70% of the workforce in the handloom sector comprises women, making it a key driver of women empowerment.
• The ‘Handloom India’ brand is being promoted through digital platforms (such as e-Commerce).

NITI Aayog recently released a landmark report titled “Reimagining Care: Strategies for Empowering Caregivers in Viksit Bharat@2047”. The report emphasizes restructuring the care economy.

In India, the care economy (unpaid care work) has traditionally been handled predominantly by women, which remained uncounted in official Gross Domestic Product (GDP) calculations. Under Sustainable Development Goal (SDG 5.4), the recognition and valuation of unpaid care work have been made mandatory.

This report presents an important policy roadmap for bringing caregivers into an official safety network and empowering them economically to achieve the goal of ‘Viksit Bharat@2047’.

UPSC Mains GS Paper 2 (Social Justice, NITI Aayog) and GS Paper 3 (Inclusive Growth). State PCS Social Welfare and Economic Reforms.

• NPC and NCC Proposal: The report recommends establishing a ‘National Policy on Caregiving’ (NPC) and a ‘National Caregiver Council’ (NCC).
• Gender Equality: Reducing the burden of unpaid domestic labor on women to provide them with opportunities to participate in the formal workforce.
• Skill Development: Transforming caregiving into a formal employment sector by providing vocational training to caregivers.

The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) kept the key policy rates unchanged in its bi-monthly review meeting, holding the Repo Rate at 5.25%. It also maintained a ‘Neutral’ stance.

The Monetary Policy Committee (MPC) was constituted in 2016 under Section 45ZB of the RBI Act, 1934. Its primary objective is to maintain inflation within the target of 4% (±2%) while sustaining economic growth.

Amid inflation dynamics and global economic uncertainties, RBI’s revised growth projections and draft guidelines for the banking sector are vital for the economy.

Banking SBI/IBPS PO/Clerk, RBI Grade B (Banking terminology and rates). UPSC/PCS Indian Economy (Monetary policy, Inflation control).

• Repo Rate: Unchanged at 5.25%.
• GDP Growth Projection: India’s estimated GDP growth rate for FY 2026-27 (FY27) has been revised upward to 6.7%.
• On-Tap Licensing: Draft guidelines were issued for ‘On-Tap Licensing’ of Urban Co-operative Banks (UCBs).

Prof. Annapurni Subramaniam, Director of the Indian Institute of Astrophysics (IIA), has been awarded the prestigious ‘Vikram Sarabhai Medal 2026’ by the Committee on Space Research (COSPAR).

COSPAR (Committee on Space Research) was established in 1958. This medal is jointly awarded by ISRO and COSPAR in memory of Dr. Vikram Sarabhai, the father of the Indian space program, for outstanding space research in developing countries.

Prof. Annapurni Subramaniam has become the first Indian woman scientist to receive this international honor, marking a historic milestone in Indian science.

SSC/State PCS Important Awards and Personalities. UPSC Science & Technology (India’s contribution to space research).

• Prof. Subramaniam made pioneering contributions to star clusters, stellar evolution, and AstroSat data analysis.
• She is currently the Director of the Indian Institute of Astrophysics (IIA) located in Bengaluru.

The Supreme Court has issued directions to tighten motor vehicle insurance regulations in the country to ensure timely compensation for road accident victims. The court suggested initiating a pilot project for the “No Insurance, No Fuel” policy.

Under the Motor Vehicles Act (MVA), 1988, third-party insurance is legally mandatory for all vehicles operating in public places in India. However, millions of vehicles continue to run without valid insurance.

The Supreme Court directed the Insurance Regulatory and Development Authority of India (IRDAI) and the Ministry of Road Transport to improve mandatory third-party coverage for new vehicles and explore running technology-driven pilot projects at petrol pumps to deny fuel to uninsured vehicles.

UPSC/PCS Mains Policy Governance, Road Safety Policy, and Judicial Activism. Banking/SSC Insurance Regulator (IRDAI) and relevant acts.

• Extended compliance tenure for third-party insurance on new vehicles.
• Exploring insurance verification at petrol pumps through FASTag or digital number plate scanning.
• Prioritizing justice and swift compensation for road accident victims in hit-and-run cases.

Two senior Indian officers have been given key responsibilities on global platforms. Rahul Jain (IAS) has been appointed to the IMF, and Satyajit Mohanty to the ICAO Council as representatives of India.

The IMF (International Monetary Fund) and ICAO (International Civil Aviation Organization) are key global institutions affiliated with the United Nations. The selection of Indian officers highlights India’s growing influence in global policymaking.

These appointments of Indian Administrative Service officers in international organizations strengthen India’s global diplomatic and economic stature.

SSC / Banking Major International Appointments and Headquarters. UPSC / PCS International Organizations and Global Governance.

• Rahul Jain (IAS): Appointed Senior Advisor at the International Monetary Fund (IMF), Washington D.C.
• Satyajit Mohanty: To represent India at the Council of the International Civil Aviation Organization (ICAO) in Montreal.

State-owned helicopter service provider ‘Pawan Hans Limited’ (PHL) signed a Memorandum of Understanding (MoU) with Norwegian aerospace company ‘Noemi Aerospace’ for electric seaplane operations and green aviation technology.

Pawan Hans Limited was established in 1985 to provide helicopter services in civil aviation. Under the Government of India’s ‘UDAN’ (Ude Desh ka Aam Naagrik) scheme, seaplane services are being promoted to boost regional connectivity in coastal areas.

This MoU marks a major step toward promoting green aviation and zero-emission air travel in India.

UPSC / PCS Environment and Infrastructure (Civil Aviation & Green Tech). SSC / Banking Bilateral Agreements and Public Sector Undertakings (PSUs).

• Electric seaplane services will be launched in India’s coastal and island regions (Andaman, Lakshadweep) using Norwegian technology.
• This will reduce carbon emissions and promote tourism.

The Appointments Committee of the Cabinet (ACC) approved a one-year extension in tenure for India’s current Cabinet Secretary, T.V. Somanathan (IAS).

The Cabinet Secretary is the highest-ranking officer in the Indian Administrative Service (IAS) and serves as the ex-officio head of the Civil Services Board, Cabinet Secretariat, and administrative apparatus, working directly under the Prime Minister.

The central government took this decision to maintain administrative continuity and stability within the senior bureaucracy.

UPSC Polity Indian Polity (Governance & Civil Services Structure). SSC / PCS Appointments in News.

• T.V. Somanathan is a senior 1987-batch IAS officer of the Tamil Nadu cadre.
• He previously served as the Finance Secretary of India.

India’s largest IT services provider, Tata Consultancy Services (TCS), announced a strategic global partnership with American Artificial Intelligence (AI) research company Anthropic.

Anthropic is the creator of the popular generative AI model ‘Claude’. To deploy enterprise-level AI solutions globally, Indian IT firms are entering into partnerships with leading global AI developers.

This partnership will accelerate the commercial adoption of Generative AI and upskilling of the workforce across the Indian IT sector.

UPSC / PCS Science & Tech (Artificial Intelligence – AI). Banking / SSC IT Sector and Corporate Developments.

• TCS will leverage Anthropic’s models to offer ‘Claude 3’ and other AI solutions to its enterprise clients globally.
• The partnership focuses on ensuring secure AI adoption across Banking, Healthcare, and Retail sectors.

England’s star batter Jos Buttler surpassed West Indies’ Kieron Pollard to become the second highest run-scorer in T20 cricket history.

The all-time record for most runs in T20 cricket was held by West Indies’ Chris Gayle (14,562 runs), whose records Buttler is now challenging in modern T20 cricket.

Jos Buttler reached this milestone by scoring over 14,803 runs in T20 cricket, making it a major contemporary sports highlight.

SSC / Railways / State PCS Sports & Awards (Sports Current Affairs).

• Buttler achieved this feat during his recent franchise T20 innings.
• He is the leading run-scorer for England in T20 cricket history.