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Daily Current Affairs: 7 May 2026

Current affairs of 7 May 2026: India’s Inequality Debate: HCES 2023-24 Gini at 0.29; Atmosphere Found on TNO 2002 XV93, Second After Pluto; Critical Mineral Recycling Incentive Scheme: 58 Firms Approved, and 26 more topics. Key facts for every exam, with a quiz.

Take the quiz (15 questions)May 2026
29 TOPICSDaily CurrentAffairs7 May 2026In focus: India’s Inequality Debate: HCES 2023-24…safalsetu.com

In this issue: 29 topics

National Affairs

  1. Supreme Court Judges Bill 2026: Strength Raised to 38 With CJI
  2. CCEA Approvals May 2026: Ship Repair Unit, Rail Projects, SC Judges
  3. International Day of the Midwife 2026: One Million More
  4. World Hand Hygiene Day 2026: Theme and WHO Campaign
  5. World Cartoonist Day 2026: Date, Origin and Theme of the Day

Government Schemes

  1. Critical Mineral Recycling Incentive Scheme: 58 Firms Approved
  2. Critical Mineral Recycling Scheme: 58 Firms Approved Under NCMM
  3. School Management Committee Guidelines 2026 Launched
  4. RBSK 2.0 Guidelines: Child Health Screening Expanded
  5. NITI Aayog CPO Portal: Real-Time Reporting for Aspirational Districts
  6. Nagaland 100 Days Ayushman Student Coverage Mission

Banking & Finance

  1. FEMA Authorised Persons Regulations 2026: FFMC and AD-III
  2. PhonePe AI Agent Cuts Payment Gateway Integration to Minutes
  3. Jio Payments Bank and Ezeepay Tie Up for Rural Banking

Economy

  1. ECLGS 5.0: ₹2.55 Lakh Crore Guarantee Cover for MSMEs, Airlines
  2. Cabinet Clears ECLGS 5.0 With ₹18,100 Crore Outlay
  3. FY26 bank credit growth: non-food credit up 15.9%
  4. DPIIT 60-Day FDI Clearance for Neighbouring Countries

International Affairs

  1. Jaishankar in Jamaica: First Bilateral Visit by an Indian EAM

Agriculture & Rural

  1. Mission for Cotton Productivity: Outlay, Targets, 5F Vision

Science & Technology

  1. Atmosphere Found on TNO 2002 XV93, Second After Pluto
  2. Cabinet Clears Two Chip Units Under ISM 1.0
  3. UIDAI-NFSU Five-Year MoU to Secure Aadhaar Infrastructure
  4. NLC India and EDF France Explore EPR and SMR Nuclear Projects

Defence & Security

  1. India-Algeria Joint Defence Commission: First Meeting in New Delhi
  2. MoD Signs ₹1,476 Crore BEL Deal for Electronic Systems

Reports & Indexes

  1. India’s Inequality Debate: HCES 2023-24 Gini at 0.29
  2. Crime in India 2024: NCRB Data on Crime, Cyber and Suicides
  3. World Migration Report 2026: India Tops Global Remittances

National Affairs

Polity & Governance

1. Supreme Court Judges Bill 2026: Strength Raised to 38 With CJI

  • The Cabinet cleared a Bill lifting Supreme Court strength from 33 to 37 judges excluding the CJI, making 38 in total.
  • The Bill changes the 1956 Act that fixes the court's strength; ordinary law suffices, no constitutional amendment is needed.
  • Article 124(1) let Parliament raise the original strength of the CJI plus seven judges by law.
  • Appointments are made by the President under Article 124(2), on names proposed by the Collegium.
Full notes and 3 MCQs ›

Government Schemes

Economy

6. Critical Mineral Recycling Incentive Scheme: 58 Firms Approved

  • The Ministry of Mines cleared 58 companies for the NCMM's critical mineral recycling incentive scheme.
  • The scheme, notified on 2 October 2025, has a ₹1,500 crore outlay and runs from FY 2025-26 to FY 2030-31.
  • Capex subsidy is 20% for punctual projects, dropping to 17% or 14% when late; Opex subsidy is paid 40% in Year 2, 60% in Year 5.
  • Group A ceiling is ₹50 crore (revenue of ₹200 crore or more); Group B ceiling is ₹25 crore.
Full notes and 3 MCQs ›
Economy

7. Critical Mineral Recycling Scheme: 58 Firms Approved Under NCMM

  • The Ministry of Mines approved 58 companies as eligible under the Incentive Scheme for Promotion of Critical Mineral Recycling.
  • The scheme was notified on 2 October 2025, runs FY 2025-26 to FY 2030-31, and has an outlay of ₹1,500 crore.
  • Capex subsidy is 20% for on-time projects, falling to 17% or 14% for delayed ones.
  • Group A firms (revenue of ₹200 crore or more) have a ₹50 crore ceiling; Group B has ₹25 crore.
Full notes and 3 MCQs ›

Banking & Finance

Economy

12. FEMA Authorised Persons Regulations 2026: FFMC and AD-III

  • RBI issued new authorised-persons forex rules on 6 May 2026 under FEMA, 1999.
  • No fresh Full-Fledged Money Changer applications will be accepted; only those already in process are considered.
  • Existing franchisee arrangements must end or move to the Forex Correspondent (FxC) framework within two years.
  • A three-tier AD structure applies: Category I, Category II and new Category III for forex tied to core business.
Full notes and 3 MCQs ›

Economy

International Affairs

Agriculture & Rural

Science & Technology

Government Schemes

22. Cabinet Clears Two Chip Units Under ISM 1.0

  • Two projects worth Rs 3,936 crore got Cabinet clearance under ISM 1.0 (India Semiconductor Mission).
  • One is the country's first commercial display plant using GaN-based Mini/Micro-LED technology.
  • The other is a semiconductor packaging unit in Gujarat.
  • Together they are expected to create over 2,230 skilled jobs.
  • These are the last approvals under the Rs 76,000 crore ISM 1.0 programme.
Full notes and 3 MCQs ›

Defence & Security

Reports & Indexes

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