Current Affairs 07 May 2026

National Affairs

Cabinet Approves Two Semiconductor Manufacturing Units Worth ₹3,900 Crore under ISM

The Union Cabinet, chaired by Prime Minister (PM) Narendra Modi, approved two semiconductor projects under ISM 1.0 (India Semiconductor Mission), Ministry of Electronics & Information Technology (MeitY), with an investment of around ₹3,936 crore, expected to generate 2,230 skilled jobs.

Approved Projects:

Strategic Milestone — ISM 1.0: A specialised division under the Digital India Corporation under MeitY, launched in December 2021 with an outlay of ₹76,000 crore to build a self-reliant semiconductor and display manufacturing ecosystem in India. These two approvals mark the final projects under ISM 1.0.

Cabinet Approves ECLGS 5.0 with Outlay of ₹18,100 Crore

The Union Cabinet, chaired by PM Narendra Modi, approved Emergency Credit Line Guarantee Scheme (ECLGS) 5.0 with an outlay of ₹18,100 crore to help MSMEs mitigate short-term liquidity stress arising from the crisis in West Asia.

Credit Guarantee Coverage:

Administration: Through the National Credit Guarantee Trustee Company Limited (NCGTC).

Eligible Borrowers: MSMEs and non-MSMEs with existing working capital limits, and scheduled passenger airlines having outstanding credit facilities as of March 31, 2026, provided their accounts are standard.

CCEA Approves Major Infrastructure, Railway & Judicial Expansion Proposals on May 5, 2026

The Cabinet Committee on Economic Affairs (CCEA), chaired by PM Narendra Modi, approved several major proposals:

Ship Repair Facility:

3 Railway Multi-Tracking Projects (₹23,437 crore):

Covering 19 districts across 6 states.

Expansion of SC Judge Strength: Approved introduction of the Supreme Court (Number of Judges) Amendment Bill, 2026, to increase the sanctioned strength of judges from 33 to 37, excluding the Chief Justice of India (CJI).

Scheduled Commercial Banks Record Robust Credit Growth of 15.9% in FY26: MoF

According to data released by the Ministry of Finance (MoF), Scheduled Commercial Banks (SCBs) recorded a 15.9% year-on-year (Y-o-Y) growth in non-food credit during FY26, an increase of 497 basis points (bps) compared to 10.9% in FY25.

Sector-wise Data:

DPIIT Sets 60-Day FDI Clearance for China-Linked Sectors; 40 Sub-Sectors Identified

The Department for Promotion of Industry and Internal Trade (DPIIT), under the Ministry of Commerce and Industry (MoC&I), issued a revised framework through an updated Standard Operating Procedure (SOP), identifying 40 sub-sectors (including rare earth magnets and Printed Circuit Boards) for expedited clearance of FDI proposals from countries sharing a land border with India.

FDI proposals from countries like China, Pakistan, Bangladesh, Nepal, Bhutan, Myanmar, and Afghanistan will be processed within 60 days.

Classification: The 40 sub-sectors fall under 6 main segments:

• Capital goods manufacturing
• Electronic capital goods and components
• Advanced battery components
• Polysilicon and wafers
• Rare earth processing
• Rare earth permanent magnets

Reporting: Administered under the Foreign Exchange Management (Mode of Payment and Reporting of Non-debt Instruments) Regulations, 2019; information accessible by the Reserve Bank of India (RBI).

MoHFW Releases RBSK 2.0 Guidelines to Expand India's Child Health Framework

The Ministry of Health and Family Welfare (MoHFW) launched the Rashtriya Bal Swasthya Karyakram (RBSK) 2.0 Guidelines under the National Health Mission (NHM), at the 10th edition of the National Summit on Good Practices and Innovations in Public Healthcare Service Delivery in Chandigarh.

This marks a major expansion of India's child health screening and early intervention programme for children from birth to 18 years.

Framework: Strengthens the 4Ds model — Defects at Birth, Diseases, Deficiencies, and Developmental Delays — by incorporating screening for mental health conditions, behavioural disorders, and NCDs such as diabetes and hypertension.

Continuum: Introduces a preventive, promotive, and curative continuum of care with a lifecycle-based approach ensuring continuous healthcare support from birth to adolescence.

Digitalisation: Introduces digital health cards, real-time data systems, and integrated platforms to enhance tracking, monitoring, and service delivery.

MoD Inks ₹1,476 Crore Deal with BEL for Mobile Electronic Systems

The Ministry of Defence (MoD) signed a ₹1,476 crore contract with Bharat Electronics Limited (BEL) for the procurement of five Ground-Based Mobile Electronic Systems (GBMES) for the Indian Army (IA).

The agreement was signed in the presence of Rajesh Kumar Singh, Secretary, MoD, at Kartavya Bhawan-2 in New Delhi, Delhi.

UIDAI and NFSU Sign 5-Year Pact on Cybersecurity and Digital Forensics

The Unique Identification Authority of India (UIDAI), under MeitY, and the National Forensic Sciences University (NFSU) signed a 5-year Memorandum of Understanding (MoU) to bolster the cybersecurity and digital forensic capabilities of India's Aadhaar infrastructure.

The agreement was exchanged between Vivek Chandra Verma, CEO of UIDAI, and Dr. S.O. Junare, Director of NFSU Gujarat Campus, in New Delhi, Delhi.

Objectives: Strengthen cybersecurity and forensic capabilities through research in AI-based anomaly detection, deepfake detection, blockchain, and cryptographic technologies.

Six Focus Areas:

1. Academic and professional development
2. Information security and system integrity
3. Strengthening forensic infrastructure
4. Technical support for cybersecurity operations
5. Research in emerging technologies
6. Outreach and awareness initiatives

NLC India Signs Nuclear Agreement with EDF France to Explore EPR and SMR Technologies

NLC India Limited (NLCIL), a Central Public Sector Undertaking (CPSU), signed a Non-Disclosure Agreement (NDA) with Électricité de France (EDF) in Chennai, Tamil Nadu (TN), to explore potential development of nuclear power projects in India based on European Pressurised Reactor (EPR) and Small Modular Reactor (SMR) technologies.

This aligns with India's target of achieving 100 GW nuclear power capacity by 2047 under the Viksit Bharat and Net Zero goals.

Target: NLC India has set a target of reaching 20 GW total power capacity by 2030.

Legislation: The Sustainable Harnessing and Advancement of Nuclear Energy for Transforming India (SHANTI) Bill 2025, passed in December 2025, seeks to modernise laws governing India's nuclear energy sector.

NITI Aayog Launches CPO Portal for Real-Time Governance and Last-Mile Delivery

Nidhi Chhibber, interim CEO, NITI Aayog, launched the Central Prabhari Officer (CPO) Portal in New Delhi to strengthen real-time governance and improve last-mile service delivery under the Aspirational Districts Programme (ADP) and Aspirational Blocks Programme (ABP).

Officers: CPOs are senior Central Government officials responsible for providing ground-level insights, monitoring programme implementation, and strengthening coordination between Centre, State, and District administrations.

Functionality: CPOs can upload real-time field observations and implementation issues through mobile devices, enabling authorities to monitor, access, and respond simultaneously.

Coordination: State Planning Secretaries can monitor inter-departmental coordination and implementation progress; districts can take corrective actions and provide feedback in real time.

Governance: Strengthens structured monitoring, accountability, faster administrative response, and technology-driven inclusive governance across Aspirational Districts and Blocks.

International Affairs

Overview of EAM S. Jaishankar's First-Ever Bilateral Visit to Jamaica from 02–04 May 2026

Union Minister Dr. Subrahmanyam Jaishankar, Ministry of External Affairs (MEA), undertook a 2-day visit to Jamaica from May 2–4, 2026, marking the first-ever bilateral visit by an Indian External Affairs Minister (EAM) to the Caribbean nation.

Meetings: Delegation-level talks with PM of Jamaica Andrew Michael Holness and Kamina Elizabeth Johnson Smith, Minister of Foreign Affairs and Foreign Trade of Jamaica — reviewing bilateral relations and discussing cooperation in healthcare, agriculture, digitalisation, tourism, sports, infrastructure, education, capacity building, and multilateral affairs.

3 MoUs Signed:

• Health cooperation
• Solarisation of the Hugh Lawson Shearer Building
• Broadcasting

Existing agreements in digital transformation, culture, sports, and digital payments were also reviewed.

IOM's World Migration Report 2026: India Remains Top Remittance Recipient with Over USD 137 Billion in 2024

The International Organisation for Migration (IOM) released its 13th edition of the "World Migration Report 2026" during the International Migration Review Forum (IMRF) week in New York, USA.

India received over USD 137 billion in remittances in 2024, retaining its position as the world's top remittance recipient since 2010 — the only country to surpass the USD 100 billion mark.

Top 5 Remittance Recipients (2024):

Top Remittance-Sending Countries (2024):

Banking & Finance

Jio Payments Bank Partners with Ezeepay to Expand Banking Access

Jio Payments Bank Limited (JBPL), a subsidiary of Jio Financial Services Limited (JFSL), announced a partnership with fintech platform Ezeepay as Business Correspondent (BC) to strengthen last-mile digital banking services across rural and semi-urban India.

Objective: Expand access to basic banking services through local merchant outlets.

Banking Services: Ezeepay's BC merchants will provide:

• Cash withdrawal and deposit services through Aadhaar Enabled Payment System (AEPS)
• Unified Payments Interface (UPI)-based cash withdrawal services in accordance with RBI guidelines

Digital Reach: Collaboration expected to expand access through Ezeepay's existing merchant network.

Awards & Recognitions

Pulitzer Prize 2026: Anand RK & Suparna Sharma Honoured for India's Digital Arrest Exposé

Important Days at a Glance

State News

Nagaland Launches '100 Days Ayushman Student Coverage Mission' to Expand Youth Health Coverage

The Government of Nagaland launched the '100 Days Ayushman Student Coverage Mission' to expand health insurance coverage among students and strengthen youth healthcare access.

This mission is an extension of the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-PMJAY) and the state's own Chief Minister's Health Insurance Scheme (CMHIS).

Student Health Drive: Led by the Nagaland Health Protection Society (NHPS) in collaboration with Nagaland's district administrations — the first student-centric health saturation drive in the North East region, scheduled from May to August 2026.

Objective: Strengthen student health security through universal registration and improved access to healthcare benefits.

Implementation: Sets up on-campus registration and card generation camps in schools and colleges through coordination between NHPS and the education department; simplifies verification and reduces barriers for enrollment.

Current Affairs 07 May 2026