Daily Current Affairs — 07 October 2026
Daily Current Affairs · 07 October 2026
10 fully-analysed topics · 30 bilingual MCQs · 3 embedded videos · built for UPSC Prelims & Mains
🎯 30 MCQs
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Economy
SME Growth Fund
The Union Cabinet, chaired by the Prime Minister, has approved a landmark commitment of Rs 10,000 crore towards the establishment of the SME Growth Fund (SGF).
- SME Growth Fund will provide Rs 10,000 crore in patient equity capital to help high-potential SMEs scale into globally competitive enterprises.
- About: The SME SGF is a state-backed financing vehicle announced in Union Budget 2026–27 to provide long-term equity capital to high-potential SMEs
- An Alternative Investment Fund is a privately pooled investment vehicle established in India
- As per the revised MSME classification framework
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- Small Enterprise: Investment up to Rs 25 crore and an annual turnover of up to Rs 100 crore.
- Medium Enterprise: Investment up to Rs 125 crore and an annual turnover of up to Rs 500 crore.
- Economic Contribution: According to the Economic Survey 2025-26
- Expanding Formal Base: As of October 2026, total MSME registrations under the Udyam portal and the Udyam Assist Platform (UAP) reached ~9.78 crore.
- Employment Generation: Registered MSMEs are a primary driver of job creation, having reported approximately 43.28 crore employment opportunities.
- Women's Participation: Female entrepreneurship is robust within the sector, with women-owned enterprises accounting for 37.6% of total registrations.
Which of the following statements about SME Growth Fund is correct?
Correct. The three wrong options each change one thing from the source: a figure, the institution involved, the direction of change, or a qualifier turned into an absolute.
Not quite. The three wrong options each change one thing from the source: a figure, the institution involved, the direction of change, or a qualifier turned into an absolute. The green option is the correct one.
Economy
RBI Tightens Investment Norms in AIFs
The Reserve Bank of India (RBI) has new norms to limit investment by regulated entities (REs) in Alternative Investment Fund (AIF) schemes to prevent.
- Investment Cap: Total investment by all REs in an AIF scheme is restricted to 20% of the corpus
- AIFs exclude funds regulated under SEBI's Mutual Fund or Collective Investment Schemes rules 1999
With reference to RBI Tightens Investment Norms in AIFs, consider the following statements:
- Investment Cap: Total investment by all REs in an AIF scheme is restricted to 10% of the corpus
- AIFs exclude funds regulated under SEBI's Mutual Fund or Collective Investment Schemes rules 1999
Which of the statements given above is/are correct?
Correct. Check each statement on its own before looking at the options. One of the two alters a figure, an institution or the direction of change stated in the source.
Not quite. Check each statement on its own before looking at the options. One of the two alters a figure, an institution or the direction of change stated in the source. The green option is the correct one.
Economy
Udyam Portal
Around one crore Micro, Small and Medium Enterprises (MSMEs) have registered on the Udyam portal within a span of 25 months, according to the Union Minister of Micro, Small, and Medium Enterprises.
- It's an online system for registering MSMEs, launched by the Union MSME ministry.
- Further, it is linked to the databases of the Central Board of Direct Taxes (CBDT) and Goods and Services Tax Network (GSTN)
- Udyam registrations are essential for MSMEs to utilize the benefits of schemes for the Ministry of MSME and for Priority Sector Lending from banks
- The MSME ministry signed MoUs with the Ministry of Tourism and the National Small Industries Corporation for the sharing of Udyam data.
Show 4 more facts
- Further, the Digi locker facility for Udyam registration would be linked.
- About: The Micro Small and Medium Enterprises (MSMEs) sector is a major contributor to the socio-economic development of the country
- The sector has also contributed immensely with respect to entrepreneurship development, especially in semi-urban and rural areas of India.
- The enterprises are further categorized based on investment in equipment and annual turnover.
Economy
M1xchange: Trade Receivables Discounting System
M1xchange is a pivotal Reserve Bank of India (RBI)-approved digital marketplace operating under the Trade Receivables Discounting System (TReDS).
- Regulatory Framework: Authorized by the RBI in 2015 and established under the Payment and Settlement System (PSS) Act, 2007.
- TReDS: An RBI-regulated electronic platform in India
- Operational Mechanism: M1xchange functions as a unified electronic platform connecting three key stakeholders: MSMEs (Suppliers)
- Risk Mitigation: Provides collateral-free, non-recourse financing, protecting MSMEs from buyer default risk
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- Mandatory Compliance: The Department of MSME has mandated TReDS registration for all companies with a turnover exceeding INR 250 crores
- Stakeholder Benefits: MSMEs: Rapid disbursement (often within 24 hours), early payment, and off-balance-sheet funding.
- The platform enables foreign banks and international financiers to offer working capital financing to Indian MSMEs at competitive rates
With reference to M1xchange: Trade Receivables Discounting System, consider the following statements:
- Regulatory Framework: Authorized by the RBI in 2015 and established under the Payment and Settlement System (PSS) Act, 2007
- TReDS: An SEBI-regulated electronic platform in India
Which of the statements given above is/are correct?
Correct. Check each statement on its own before looking at the options. One of the two alters a figure, an institution or the direction of change stated in the source.
Not quite. Check each statement on its own before looking at the options. One of the two alters a figure, an institution or the direction of change stated in the source. The green option is the correct one.
Economy
Union Budget 2026–27
The Union Minister of Finance and Corporate Affairs presented the Union Budget 2026–27 in Parliament, marking the first Budget prepared in the newly inaugurated Kartavya Bhawan.
- The budget framed as a Yuva Shakti-driven Budget
- The Budget is guided by three Kartavyas (duties) aimed at accelerating economic growth
- Sabka Saath, Sabka Vikas: To ensure every family, community, region, and sector has access to resources
- Manufacturing & Industry (Strategic Sectors): To position India as a global manufacturing hub
Show 6 more facts
- The Self-Reliant India Fund will get an additional Rs 2,000 crore to continue supporting micro enterprises and ensure steady access to risk capital
- High-Speed Rail: 7 High-Speed Rail corridors between cities – Mumbai-Pune
- Sustainable Movement of Cargo: To promote environmentally sustainable cargo movement
- The Seaplane VGF Scheme will support indigenised seaplane manufacturing and operations to improve last-mile connectivity and promote tourism.
- An allocation of Rs 5,000 crore per CER over 5 years is proposed to be implemented via a "challenge mode."
- AVGC Content Creator Labs: Recognizing the potential of the "Orange Economy"
Which of the following statements about Union Budget 2026–27 is correct?
Correct. The three wrong options each change one thing from the source: a figure, the institution involved, the direction of change, or a qualifier turned into an absolute.
Not quite. The three wrong options each change one thing from the source: a figure, the institution involved, the direction of change, or a qualifier turned into an absolute. The green option is the correct one.
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Economy
RAMP Scheme for MSMEs
Recently, the Union Cabinet approved the "Raising and Accelerating MSME Performance" (RAMP) scheme which would commence in FY 2022-23.
- It is in line with the recommendations made by U K Sinha Committee, KV Kamath Committee and Economic Advisory Council to the Prime Minister (PMEAC)
- About: It is a World Bank assisted Central Sector Scheme
- Strengthening institutions and governance at the Centre and State
- Improving Centre-State linkages and partnerships
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- Important component of RAMP is preparation of Strategic Investment Plans (SIPs), in which all states/UTs will be invited
- The council will be headed by the Minister for MSME, including representation from various Ministries and supported by a secretariat.
- The total outlay for the scheme is Rs. 6,062.45 crore out of which Rs. 3750 crore would be a loan from the World Bank and the remaining Rs
- Funds would flow through RAMP into the Ministry's budget against Disbursement Linked Indicators (DLIs) to support ongoing MoMSME programmes
- The disbursement of funds from World Bank towards RAMP would be made on fulfilling the following Disbursement Linked Indicators: Implementing the
- Address Challenges in the MSME Sector: The RAMP programme will address the generic
With reference to RAMP Scheme for MSMEs, consider the following statements:
- It is in line with the recommendations made by U K Sinha Committee, KV Kamath Committee and Economic Advisory Council to the President (PMEAC)
- About: It is a World Bank assisted Central Sector Scheme
Which of the statements given above is/are correct?
Correct. Check each statement on its own before looking at the options. One of the two alters a figure, an institution or the direction of change stated in the source.
Not quite. Check each statement on its own before looking at the options. One of the two alters a figure, an institution or the direction of change stated in the source. The green option is the correct one.
Economy
MSME Sustainable (ZED) Certification Scheme
Ministry for Micro, Small and Medium Enterprises has launched the MSME (Micro, Small and Medium Enterprises) Sustainable (ZED-Zero Defect Zero Effect) Certification Scheme.
- About: This Scheme is an extensive drive to enable and facilitate MSMEs adopt ZED practices and motivate
- MSME Sustainable (ZED) Certification can be attained in Three Levels after registering and taking the ZED Pledge: Certification Level 1: BRONZE
- Under the Scheme, MSMEs get subsidy as per the following structure, on the cost of ZED certification: Micro Enterprises: 80%
- Through the journey of ZED Certification, MSMEs can reduce wastages substantially, increase productivity, enhance environmental consciousness, save
Show 4 more facts
- About: Launched in 2016 by the Ministry of MSME, the scheme is an integrated and comprehensive certification system.
- Its mission is to develop and implement the 'ZED' culture in India based on the principles of Zero Defect & Zero Effect.
- The Zero-defect concept is focusing on the customer.
- To promote adaptation of quality tools/systems and energy efficient manufacturing. Enable MSMEs for manufacturing of quality products.
Which of the following statements about MSME Sustainable (ZED) Certification Scheme is correct?
Correct. The three wrong options each change one thing from the source: a figure, the institution involved, the direction of change, or a qualifier turned into an absolute.
Not quite. The three wrong options each change one thing from the source: a figure, the institution involved, the direction of change, or a qualifier turned into an absolute. The green option is the correct one.
Environment
Carbon Border Adjustment Mechanism (CBAM)
The European Union's Carbon Border Adjustment Mechanism (CBAM) is reshaping global trade by linking market access to carbon emissions embedded in imported goods.
- About: The Carbon Border Adjustment Mechanism (CBAM) is a European Union import duty on carbon-intensive goods produced outside the EU through
- If a non-EU producer has already paid a carbon price in its own country, that amount can be deducted from the CBAM cost.
With reference to Carbon Border Adjustment Mechanism (CBAM), consider the following statements:
- About: The Carbon Border Adjustment Mechanism (CBAM) is a European Union import duty on carbon-intensive goods produced outside the EU through
- If a non-EU producer has already paid a carbon price in its own country, that amount must be deducted from the CBAM cost
Which of the statements given above is/are correct?
Correct. Check each statement on its own before looking at the options. One of the two alters a figure, an institution or the direction of change stated in the source.
Not quite. Check each statement on its own before looking at the options. One of the two alters a figure, an institution or the direction of change stated in the source. The green option is the correct one.
History
Nobel Prize in Physics 2026: IceCube Neutrino Observatory
The Royal Swedish Academy of Sciences has awarded the Nobel Prize in Physics 2026 to Belgian-American scientist Francis Halzen.
- The 2026 Nobel Prize in Physics recognised Francis Halzen for pioneering IceCube
- The proposed India-based Neutrino Observatory (INO) aims to study neutrinos using the 50,000-tonne ICAL detector
- The Genesis: Francis Halzen first proposed using the deep Antarctic ice at the South Pole to detect high-energy neutrinos in 1988
- Location and Scale: Situated at the Amundsen-Scott South Pole Station in Antarctica
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- The South Pole is particularly suitable because its deep ice is clear, stable, dark and relatively free from interference.
- Pioneering a "New Kind of Astronomy": For centuries
- This unique property allows physicists to trace them directly back to their exact cosmic origins.
- This provides unprecedented insights into previously obscured phenomena like supermassive black holes
- About: Neutrinos are fundamental, elementary subatomic particles that belong to the lepton family
- Despite their elusive nature, they are the second most abundant particles in the universe, outnumbered only by photons (light particles).
Which of the following statements about Nobel Prize in Physics 2026: IceCube Neutrino Observatory is correct?
Correct. The three wrong options each change one thing from the source: a figure, the institution involved, the direction of change, or a qualifier turned into an absolute.
Not quite. The three wrong options each change one thing from the source: a figure, the institution involved, the direction of change, or a qualifier turned into an absolute. The green option is the correct one.
History
IceCube: Exploring Neutrinos from Earth's South Pole
The IceCube neutrino observatory at the Earth's South Pole detected subatomic particles called neutrinos.
- Neutrinos are electrically neutral, undisturbed by even the strongest magnetic field
- A neutrino is a fermion (an elementary particle with spin of ½) that interacts only via weak interaction and gravity.
- They are created in nuclear processes and also created when protons (subatomic particles) and (atomic) nuclei interact at very high energies.
- The ability to use particles like neutrinos in astronomy enables a more robust examination of the universe as many aspects of the universe are
Show 1 more facts
- India-based Neutrino Observatory (INO): The INO Project is aimed at building a world-class underground laboratory
Indian History MCQ Quiz · भारतीय इतिहास प्रश्नोत्तरी
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