Daily Current affairs GK 07 August 2026

Current Affairs and GK updates 07/08/2026

Here is the Daily current affairs and GK updates of the day for UPSC,SSC,IBPS,RRB,NTPC and other competitive exams preparations.This updates particularly focus on news updates from 07th August 2026.

National

• The Union Ministry of Home Affairs officially added heatwaves and lightning as notified natural calamities under the State Disaster Response Fund (SDRF) and National Disaster Response Fund (NDRF) operational guidelines for the 2026–2031 period.The 14 Notified Natural Calamities
• Cyclone: Rotating storms with heavy rain and strong winds.
• Drought: Long periods with no rain and dry land.
• Earthquake: Sudden shaking of the ground.
• Fire: Destructive blazes in forests or buildings.
• Flood: Overflow of water on dry land.
• Tsunami: Giant ocean waves caused by earthquakes.
• Hailstorm: Storms dropping lumps of ice.
• Landslide: Falling rock and earth down a slope.
• Avalanche: Rapid flow of snow down a mountain.
• Cloudburst: Sudden, very heavy rainfall in a short time.
• Pest Attack: Swarms of insects destroying crops.
• Frost and Cold Wave: Extreme freezing weather damaging life and crops.
• Heatwave: Long periods of dangerously high temperatures (Newly Added).
• Lightning: Sudden electrostatic discharges during storms (Newly Added).
• BHAVYA Scheme:87 proposals are received from various State and UT governments under the Bharat Audyogik Vikas Yojana (BHAVYA) Scheme, in round 1 of Phase-I, which was open for receiving applications till 31st July 2026.The BHAVYA scheme (Bharat Audyogik Vikas Yojna) is a ₹33,660 crore central sector initiative approved by the Union Cabinet in March 2026 to develop 100 world-class, plug-and-play industrial parks across India.

• BRICS WAVES Bazaar 2026 concludes with new International Partnerships and Collaboration:The BRICS WAVES Bazaar 2026, hosted by the Ministry of Information & Broadcasting, through the National Film Development Corporation (NFDC), concluded today successfully at Mumbai, after two days of high-level industry dialogue, business networking and international collaboration, bringing together representatives from 20 BRICS member and partner countries.

Economy and banking

The Micro, Small and Medium Enterprises Development (Amendment) Bill, 2026 

• The Micro, Small and Medium Enterprises Development (Amendment) Bill, 2026 was passed by the Indian Parliament in August 2026 to update the original MSMED Act of 2006.The following are the salient features of the amendments done in the MSMED Act:
• To align the Act with changing MSME landscape: MSME classification based on twin criterion of “Investment in plant/machinery” and “Turnover” has been incorporated in the Act.
• To strengthen the mechanism for addressing Delayed Payments and provide for enforcement of arbitral awards for the MSEs: The amendment provides for Online Dispute Resolution to ensure that MSEs are able to resolve their disputes in a timely and cost-effective manner. It mandates the courts to order for payment at least fifty per cent. of the awarded amount to the micro and small enterprises suppliers, if the application to set aside decree, award or order is pending for more than six months.
• To ensure faster adjudication of delayed payments disputes: The amendment introduces timelines to ensure faster adjudication of delayed payment disputes. Under the amended provisions, the MSEFCs or mediation service provider, as the case may be, is required to complete the mediation within a period of ninety days from the date fixed for first appearance.
• To strengthen recoveries of dues: Under the amended Act, any mediated settlement agreement or arbitral award made by the Facilitation Council, or through a mediation service provider or any alternative dispute resolution institution under Section 18, can be recovered as an ‘arrear of land revenue’ through the District Collector, Deputy Commissioner, or any notified authority in the jurisdiction where the buyer's assets are located.
• To facilitate faster payments to MSMEs: All Central Public Sector Enterprises (CPSEs) to route the settlement of invoices through a Trade Receivables Discounting System Platform (TReDS) for procurement of goods and services from MSMEs
• To introduce flexibility and create enabling provisions for States to decide composition of Micro and Small Enterprises Facilitation Council (MSEFC) thereby forming more MSEFCs.
• To enhance the Ease of Doing Business and bring trust-based regulations in the MSME ecosystem: The amendment provides for decriminalisation and replaces conviction-based fines with graded civil penalties. Earlier, under the MSMED Act, non-filing of registration or non-supply of information was penalised with conviction and a fine. Now, under the amended provisions of the Act, the penal provisions have been decriminalised.

Awards and recognition

• COSPAR Vikram Sarabhai Medal: Distinguished astrophysicist and Director of the Indian Institute of Astrophysics (IIA), Prof. Annapurni Subramaniam, was awarded the 2026 COSPAR Vikram Sarabhai Medal in Florence, Italy, becoming the first Indian woman scientist to receive the honor.

Sports and culture

• Indian grandmaster R. Praggnanandhaa has clinched the Grand Chess Tour St. Louis Rapid and Blitz title in the United States.

Days Observed

• National Handloom Day (August 7): Commemorates the launch of the historic Swadeshi Movement on August 7, 1905, at the Calcutta Town Hall, celebrating India's handloom heritage and indigenous weaving communities.
• National Javelin Day (August 7): Observed by the Athletics Federation of India (AFI) to commemorate Neeraj Chopra’s historic gold medal at the Tokyo 2020 Olympic Games.
• Gurudev Rabindranath Tagore's death anniversary is observed annually on marking the day the legendary polymath passed away in 1941 at the age of 80

Static GK for exam preparations

Gurudev Rabindranath Tagore's Key Milestones and Legacy

• Gitanjali, a renowned collection of profoundly sensitive and beautiful verse that earned him the Nobel Prize in Literature in 1913, making him the first non-European to win the award. 
• Jana Gana Mana, the immortal creation composed by Tagore that serves as India's national anthem and a powerful symbol of national pride.
• Amar Shonar Bangla, another brilliant musical composition by Tagore that was later adopted as the national anthem of Bangladesh.
• Visva-Bharati University, a visionary institution founded by Tagore in Santiniketan that blended the best of Eastern and Western educational philosophies.

Pradhan Manthri Awas Yojana– GRAMIN (PMAY-G)

• Pradhan Mantri Awas Yojana - Gramin (PMAY-G) is a flagship social welfare program implemented by the Ministry of Rural Development, Government of India, aimed at providing permanent, affordable housing to the rural poor.
• The scheme was launched in November 2016 (restructured from the older Indira Awas Yojana). In August 2024, the government approved PMAY-G 2.0, extending the scheme through March 2029 with a target to construct an additional 2 crore rural houses. Over 3.15 crore houses have already been completed since its inception.
• Key Features & BenefitsFinancial Assistance: Beneficiaries receive ₹1.20 lakh in plain areas and ₹1.30 lakh in hilly, difficult, or tribal (IAP) districts.
• House Specifications: The minimum house size must be 25 square meters, which includes a dedicated, hygienic cooking area.
• Direct Benefit Transfer (DBT): The monetary assistance is directly transferred into the beneficiary’s Aadhaar-linked bank or post office account in installments based on construction progress.
• Subsidised Housing Loan: Beneficiaries can opt for an institutional loan of up to ₹70,000 at a 3% lower interest rate.

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