Current Affairs 7 July 2026: Daily GK Update

Banking, Finance & Economy

1. Small Savings Scheme interest rates left unchanged again

Every quarter, the government reviews interest rates on savings schemes like PPF and NSC — and for the ninth quarter running, it has chosen not to touch them.

Rates apply for Q2 (July–September) of FY 2026-27 and are set by the Department of Economic Affairs, Ministry of Finance.

2. Public Sector Banks post strong loan growth in Q1 FY27

Banks lend money (credit) and also collect deposits, and right now these two numbers are moving very differently — loans are growing much faster than deposits, which is an important trend for the whole banking system.

1. Overall systemic credit growth stood at 17.7%, well ahead of deposit growth.
2. Public Sector Banks (PSBs) led on loan growth; private banks did better on deposits.
3. Key Q1 FY27 advances growth: Bank of Baroda 16.14%, Indian Bank 13.9% (total business), Punjab National Bank 11.74%.
4. Slower deposit growth is largely because households are moving savings into equities and mutual funds instead of regular bank accounts.

3. Government begins disinvestment in Cochin Shipyard Limited

The government is selling part of its stake in this public sector shipbuilder through an Offer for Sale (OFS) — a common route used to raise funds while retaining majority ownership.

1. Stake to be sold: up to 5.04%.
2. Structured as a 2.52% base offer + 2.52% "greenshoe option" (extra shares released only if demand is high).

4. Tamil Nadu becomes India's fastest-growing merchandise exporting state

While some states export more in absolute value, Tamil Nadu's exports are growing at the fastest rate — a distinction worth remembering for exams.

5. Prayagraj and Patna record India's highest urban unemployment

A new government report has compared joblessness across India's biggest cities, and the gap between the best and worst performers is striking.

6. Uzbekistan joins the BRICS New Development Bank

Uzbekistan has become the newest member of the BRICS grouping's own development bank, an alternative lending institution to bodies like the World Bank.

1. The New Development Bank (NDB) is headquartered in Shanghai, China.

Appointment

1. Rear Admiral C. Raghuram takes charge as CMD of Hindustan Shipyard Limited

1. He replaces Ganti Venkateswaralu, who had held additional charge since January 2026.
2. HSL (Hindustan Shipyard Limited): established 1941, functions under the Ministry of Defence.
3. It is a Miniratna Category-I CPSE (Central Public Sector Enterprise), headquartered in Visakhapatnam, Andhra Pradesh.

Defence

1. Indian Navy set to commission stealth frigate INS Mahendragiri

India continues to strengthen its navy with home-built warships, and this is the latest one ready to join active service.

1. To be commissioned at Visakhapatnam.
2. Part of the Project 17A stealth frigate programme.
3. Designed in-house by the Navy's Warship Design Bureau.
4. Built by Mazagon Dock Shipbuilders Limited (MDL), Mumbai.

2. India and Japan sign first-ever co-development defence pact — 'UNICORN'

Timed with a visit by a senior Japanese leader, this deal marks a new level of defence cooperation between the two countries, centred on advanced naval technology.

Space & Technology

1. ISRO successfully tests SOLVE solid motor for Gaganyaan

India's human spaceflight mission, Gaganyaan, just crossed an important safety-testing milestone with a new rocket motor built specifically for crew escape and landing trials.

1. SOLVE (Sub-Orbital Launch Vehicle for Experiments) had its first ground static test on 3 July 2026 at the Satish Dhawan Space Centre (SDSC), Sriharikota.
2. It will carry the Gaganyaan Crew Module to an altitude of 10–17 km, then deploy parachutes to test a safe splashdown.
3. The motor is a heavily modified version of the PSLV strap-on motor, adapted specifically for human spaceflight safety needs.

2. Cosmoserve Space to test debris-clearing tech under 'Mission Embrace'

Space is getting crowded with old satellite parts and debris, and Indian startups are now building solutions to clean it up.

1. Cosmoserve Space will conduct an orbital demonstration of active space debris removal robotic technology.
2. It will fly as a payload on Skyroot Aerospace's Vikram-1 rocket, during its maiden flight (Mission Aagman) from Sriharikota.

3. ICMR's 'MIND' platform wins Gold at National e-Governance Awards

An Indian-built AI tool for mental health screening has just picked up a top government award for citizen services.

1. MIND is an AI-powered mental health screening and diagnostic platform built by ICMR (Indian Council of Medical Research).
2. Won Gold at the 29th National Conference on e-Governance, held in Jaipur, Rajasthan.
3. Category: "Innovation by Use of AI & Other New Age Technologies for Providing Citizen-Centric Services."
4. Presented by DARPG (Department of Administrative Reforms and Public Grievances), under the Ministry of Personnel, Public Grievances and Pensions.

Business & Industry

1. Adani Group and UAE's IRH sign India's largest metallurgy FDI deal

A massive foreign investment is coming into Odisha's metals sector — the biggest of its kind India has ever seen in this industry.

Government Schemes & GI Tags

1. Indiahandmade portal continues to promote India's artisans

The government's dedicated online marketplace for handloom and handicraft products is helping small artisans sell directly to buyers, without middlemen.

1. Connects weavers and artisans directly with buyers.
2. Focuses on GI-tagged and ODOP (One District One Product) items — including Banarasi silk and Chanderi sarees.
3. Sellers without GST registration can join using a simpler Enrolment ID (for intra-state sales only).

2. West Bengal's 'Jalbhara' sweet gets a GI tag

1. The Jalbhara Sandesh, a sweet from Chandannagar (Hooghly district, West Bengal), has received a Geographical Indication (GI) tag.
2. GI tags are granted by the Ministry of Commerce and Industry and are valid for 10 years before renewal.

International

1. Five countries elected as new non-permanent UNSC members

The UN's most powerful body just got five new temporary members, chosen through a General Assembly vote.

2. Countries tighten social media age limits for minors

Several nations are moving to restrict how young people access social media, citing concerns over youth mental health and safety.

Sports

1. Neymar Jr. announces retirement from international football

One of Brazil's greatest-ever players has called time on his international career, following a shock World Cup exit.

1. Retirement came after Brazil's defeat to Norway in the Round of 16 of the FIFA World Cup 2026.
2. He ends his career as Brazil's all-time top scorer: 80 goals in 130 international appearances.

Important Day

World Kiswahili Language Day — 7 July. Swahili (Kiswahili) is one of the most widely spoken languages in Africa, with a base of over 200 million active speakers.