Daily Current Affairs - 2026-10-07

October 7, 2026 brought a packed news cycle for exam aspirants — a closely watched RBI monetary policy decision, two Nobel Prize announcements, a major telecom summit, and fresh government schemes for MSMEs and chemicals. Here's everything you need to know, exam-ready.

RBI's October MPC Review Concludes Amid Rate-Hike Expectations

The Reserve Bank of India's six-member Monetary Policy Committee (MPC), headed by Governor Sanjay Malhotra, met from October 5-7, 2026 for its bi-monthly policy review. The repo rate had been held steady at 5.25% for four consecutive meetings after cumulative cuts of 125 basis points through 2025. With retail inflation at 4.82% in August, economists widely expected a 25-basis-point hike on October 7, which would be RBI's first rate increase since February 2023.

• Exam relevance: MPC composition, repo rate trends, inflation targeting framework, and RBI Governor's name are frequently asked in Banking and UPSC prelims.
• Remember: Repo rate held at 5.25% for four meetings; cumulative 2025 cuts = 125 bps.

Swiss President's State Visit Marks First Anniversary of India-EFTA TEPA

Swiss President Guy Parmelin made his first state visit to India from October 5-7, 2026, welcomed ceremonially at Rashtrapati Bhavan by President Droupadi Murmu. The visit coincided with the second India-EFTA Prosperity Summit on October 7, marking one year since the India-European Free Trade Association Trade and Economic Partnership Agreement (TEPA) came into force on October 1, 2025.

• Exam relevance: TEPA covers India and four EFTA members — Switzerland, Iceland, Liechtenstein, and Norway — with cooperation in trade, investment, defence production, and nuclear energy.
• Note the TEPA enforcement date (October 1, 2025) and host/guest details for current affairs and International Relations sections.

India Mobile Congress 2026 Opens in New Delhi with Focus on 6G and AI

The 10th edition of the India Mobile Congress (IMC) 2026 began on October 7 at Yashobhoomi, India International Convention & Expo Centre in New Delhi, jointly organised by the Department of Telecommunications and COAI. Running till October 10 under the theme 'Scale Without Boundaries,' the event spotlights 6G, AI-native telecom networks, 5G monetisation, satellite communications, semiconductors, and cybersecurity. PM Narendra Modi is scheduled to formally inaugurate the event on October 8.

• Exam relevance: IMC edition number, venue, theme, and organising bodies (DoT, COAI) are common static GK points in SSC and Railway exams.

Union Cabinet Approves Rs 10,000 Crore SME Growth Fund

The Union Cabinet, chaired by PM Narendra Modi, approved a Rs 10,000 crore government commitment on October 6 to set up the SME Growth Fund (SGF) for direct equity investments in small and medium enterprises. The fund will provide long-term equity capital to high-potential SMEs, with a majority allocation towards manufacturing units in Tier-II and Tier-III industrial clusters, as part of Union Budget 2026-27 measures to strengthen the MSME ecosystem.

• Exam relevance: SME Growth Fund amount (Rs 10,000 crore), its budget origin, and MSME-focused schemes are important for Economy sections in UPSC, SSC, and Banking exams.

Francis Halzen Wins 2026 Nobel Prize in Physics for Neutrino Discovery

Francis Halzen was awarded the 2026 Nobel Prize in Physics for his decisive contributions to the IceCube Neutrino Observatory, which detects high-energy neutrinos of astrophysical origin from the Antarctic ice. This recognises decades of work establishing neutrino astronomy as a tool to study the universe's most energetic phenomena.

• Exam relevance: Nobel Prize winners and their fields of discovery (IceCube, neutrino astronomy) are classic Science & Technology GK questions.

2026 Nobel Prize in Medicine Awarded for Optogenetics Research

Karl Deisseroth, Peter Hegemann, and Georg Nagel jointly won the 2026 Nobel Prize in Physiology or Medicine for discovering light-gated ion channels and developing optogenetics — a technique that uses light to control specific cells, especially neurons, revolutionising brain research.

• Exam relevance: Remember all three laureates' names and the term "optogenetics" for Science GK and Nobel Prize-based questions.

India and Japan Launch Operational Manual for Joint Crediting Mechanism

India's Ministry of Environment, Forest and Climate Change launched the Operational Manual for the India-Japan Joint Crediting Mechanism (JCM) on October 6, implementing the bilateral carbon credit framework under Article 6.2 of the Paris Agreement. This follows the August 2025 Memorandum of Cooperation and Rules finalised in June 2026; Japan's JCM has been active with around 30 countries since 2013.

• Exam relevance: JCM, Article 6.2 of the Paris Agreement, and India-Japan climate cooperation are key for Environment and International Relations topics.

Government Announces 14th India Chem 2026 and BHAVYA Rasayan Scheme

The Department of Chemicals and Petrochemicals announced that India Chem 2026 (14th edition) will be held in Mumbai from October 22-24, 2026, targeting a USD 1 trillion chemicals industry by 2040. The BHAVYA Rasayan scheme will launch dedicated chemical parks to boost domestic manufacturing. India ranks 6th globally in chemicals production but holds only about 3.5% of global value chains, with a trade deficit of roughly USD 31 billion.

• Exam relevance: BHAVYA Rasayan scheme, India Chem event details, and India's global chemicals ranking are useful for Economy and Government Schemes sections.

Railways to Accelerate 549 Trains in New 2026 Timetable

The Railway Board announced that 549 trains will have reduced journey times under the revised 2026 timetable. The Mumbai-Ahmedabad High-Speed Rail corridor (508 km, up to 320 kmph) is targeted for completion by August 2027, cutting travel time to under two hours. Seven new high-speed rail corridors covering nearly 4,000 km, with an investment of Rs 16 lakh crore, have also been announced.

• Exam relevance: Numbers like 549 trains, 508 km corridor length, 320 kmph speed, and Rs 16 lakh crore investment are common Railway and SSC exam data points.

ASI 2024-25 Data Shows Manufacturing GVA Growth of 9.59%

MoSPI released the Annual Survey of Industries (ASI) 2024-25, covering about 2.67 lakh registered manufacturing establishments for April 2024-March 2025. Gross Value Added in registered manufacturing rose from Rs 24.58 lakh crore to Rs 26.94 lakh crore, a 9.59% increase, while total persons engaged crossed 2 crore, adding over 14 lakh jobs. Basic metals, motor vehicles, chemicals, pharmaceuticals, and food products together contributed over 45% of manufacturing GVA.

• Exam relevance: ASI data, GVA growth figures, and top-contributing sectors/states (Tamil Nadu, Maharashtra, Gujarat, UP, Haryana) are frequently tested in Economy-based questions.

That's your complete current affairs digest for October 7, 2026 — bookmark this page and revise these points before your next mock test!