7 October 2026 Current Affairs: RBI Rate Hike – Daily GK for UPSC, SSC, Banking & Railway Exams

Key current affairs developments for Wednesday, 7 October 2026 included the RBI’s repo-rate increase to 5.50%, the Nobel Prize in Chemistry for Henri B. Kagan and Kenso Soai, an India-EFTA TEPA outreach in New Delhi, and India-Ghana agricultural research MoUs. The day was also World Cotton Day, with the 2026 global observance in Tashkent under the theme “Cotton for Good: Building Prosperity Through Trade, Transformation and Partnership.”

12 exam-relevant items for 7 October 2026: all from official/primary sources

Read time: ~14 minutes

Today’s coverage: 11 categories screened, 12 items retained, 10 items screened but not retained after date, source and significance checks. Also screened and left out: the Fleet Support Ship launch at Visakhapatnam (the launch was on 6 October) and Smriti Mandhana’s appointment as India women’s captain (announced on 6 October).

Source labels: [Official] = primary/official body (PIB, ministry, regulator, court, official federation) — linked where a direct URL was found. [Secondary] = reputable report; primary source not located. A “/Developing” suffix (as in [Official/Developing]) = same-day figures/outcomes may still change.

Economy & Banking

[Official] RBI Raises Repo Rate to 5.50%, Shifts to Calibrated Tightening

The Monetary Policy Committee raised the policy repo rate by 25 basis points to 5.50% on 7 October 2026 and moved the stance from neutral to calibrated tightening. The standing deposit facility rate is now 5.25%, and the marginal standing facility rate and the bank rate are 5.75%. The rate vote was unanimous. Real GDP growth for 2026-27 is projected at 7.1%, and CPI inflation at 5.2%. Governor Sanjay Malhotra said any further increase would depend on growth and inflation. Source: RBI, 7 October 2026

Exam Points:

• Repo rate: 5.50%, up 25 bps
• Stance: calibrated tightening
• SDF 5.25%; MSF and bank rate 5.75%
• FY27 GDP projection: 7.1%
• FY27 CPI projection: 5.2%

What is the RBI repo rate after the 7 October 2026 policy?

The Reserve Bank of India raised the policy repo rate by 25 basis points to 5.50% on 7 October 2026. The standing deposit facility rate is 5.25%, and the marginal standing facility rate and the bank rate are 5.75%. The stance is now calibrated to tighten.

Static Link: The Reserve Bank of India was established on 1 April 1935 under the Reserve Bank of India Act, 1934. Its Central Office moved to Mumbai in 1937, and the Bank was nationalised in 1949.

[Official] Commerce Secretary Presses Exporters to Use India-EFTA TEPA

Commerce Secretary Rajesh Agrawal told exporters in New Delhi to use the India-EFTA Trade and Economic Partnership Agreement, at an outreach held with the 2nd India-EFTA Prosperity Summit. TEPA entered into force on 1 October 2025. EFTA’s commitments cover 92.2% of tariff lines, accounting for 99.6% of India’s exports, with full coverage of non-agricultural products. India’s commitments cover 82.7% of tariff lines, accounting for 95.3% of EFTA exports. Article 7.1 aims at USD 50 billion of EFTA investment in 10 years, another USD 50 billion in the next five, and 1 million jobs in 15 years. Source: PIB, 7 October 2026

Exam Points:

• TEPA in force: 1 October 2025
• EFTA cover: 99.6% of India’s exports
• India cover: 95.3% of EFTA exports
• Investment aim: USD 50 billion, then USD 50 billion
• Job aim: 1 million in 15 years

[Official] India-UK Financial Markets Dialogue Joint Statement Released

The Ministry of Finance released the adopted joint statement of the fourth India-UK Financial Markets Dialogue, held in London on 29 September 2026. Officials discussed capital markets, insurance and pensions, asset management and fintech, including Indian firms’ access to capital through GIFT-IFSC equity and bond listings. Both sides noted Vision 2035 and implementation of the UK-India Comprehensive Economic and Trade Agreement, which entered into force on 15 July 2026. Regulators present included SEBI, RBI, IFSCA, PFRDA and IRDAI, and the Bank of England and the FCA. Source: PIB, 7 October 2026

Exam Points:

• Fourth FMD: London, 29 September 2026
• Statement released: 7 October 2026
• Listings discussed via GIFT-IFSC
• UK-India CETA in force: 15 July 2026

Related in today’s digest: see Commerce Secretary Presses Exporters to Use India-EFTA TEPA above — a separate trade pact, with EFTA rather than the UK.

Science & Technology

[Official] Ongoing event: 10th India Mobile Congress Under Way in New Delhi

Ongoing event: the 10th India Mobile Congress runs from 7 to 10 October 2026 at Yashobhoomi, New Delhi. Prime Minister Narendra Modi is scheduled to inaugurate it on 8 October at about 10 AM. The theme is “Scale Without Boundaries.” The Department of Telecommunications and the Cellular Operators Association of India are the organisers. Pillars named for 2026 are Srishti, Samvardhan, Sashakt and Suraksha. New domains include smart mobility, stadium experiences, industrial robotics and transport technology. More than 1.5 lakh attendees from over 100 countries are expected. Source: PIB, 7 October 2026

Exam Points:

• Dates: 7–10 October 2026, Yashobhoomi
• Theme: Scale Without Boundaries
• PM inauguration scheduled: 8 October
• Organisers: DoT and COAI
• Expected attendance: over 1.5 lakh

Defence & Security

[Official] Rajnath Singh Approves Revised SOP for Defence Test Ranges

Raksha Mantri Rajnath Singh approved a revised Standard Operating Procedure for use of Ministry of Defence proof ranges, field firing ranges and test facilities by the Indian defence industry. Proof and testing charges are waived for iDEX, Technology Development Fund, Make and other MoD developmental projects. The arbitration clause is replaced by a conciliation agreement. A three-day slot each quarter is reserved at proof ranges for government-sponsored developmental firing and for industry’s own developmental projects. The SOP lists facilities with DRDO, quality-assurance agencies and the three Services. Source: PIB, 7 October 2026

Exam Points:

• Approving authority: Raksha Mantri
• Charges waived for iDEX, TDF and Make
• Arbitration replaced by conciliation
• Reserved slot: three days a quarter

[Official] Ongoing event: SAREX-2026 Inaugurated; Sea Drill Set for 8 October

Ongoing event: Minister of State for Defence Sanjay Seth inaugurated the 12th National Maritime Search and Rescue Exercise, SAREX-2026, on 7 October. The sea demonstration off Paradip is scheduled for 8 October. PIB listed 32 observers from 30 countries. The same day, the 24th NMSAR Board met under Indian Coast Guard Director General Paramesh Sivamani. The exercise is built around a mass-rescue scenario. India’s search-and-rescue region cited in the inauguration reporting covers 4.6 million sq km. Source: PIB press release listing, 7 October 2026

Exam Points:

• Inaugurated: 7 October 2026
• Sea demonstration: 8 October, off Paradip
• Observers: 32, from 30 countries
• 24th NMSAR Board the same day
• Search-and-rescue region: 4.6 million sq km

International Affairs

[Official] India and Ghana Sign Five-Year Agricultural Research MoU

India and Ghana signed a five-year MoU between the Indian Council of Agricultural Research and Ghana’s CSIR-Crops Research Institute, Accra. External Affairs Minister S. Jaishankar and Ghana’s Foreign Minister Samuel Okudzeto Ablakwa attended. The framework covers joint research, exchange, capacity building and commercialisation of farm technology. The first phase focuses on vegetable crops, especially tomato, with ICAR to support high-yielding lines for Ghana. Arima Farms Ltd. is named as the commercial partner to CSIR-CRI for specified work. The MoU is framed as South-South and India-Africa collaboration. Source: PIB, 7 October 2026

Exam Points:

• Parties: ICAR and CSIR-CRI, Accra
• Duration: five years
• First phase: tomato research
• Ministers present: Jaishankar and Ablakwa

[Official] Yadav Urges COP31 to Close Gaps and Implement Paris Pact

Union Environment Minister Bhupender Yadav, at the UNFCCC Pre-COP31 meeting in Fiji on 7 October, said COP31 should close gaps in understanding, fulfil existing commitments and speed up implementation of the Paris Agreement. He asked that success in Antalya be measured by faster implementation, support reaching those in need, and scaling of existing solutions. On decision-making, he said parties should meet UNFCCC and Paris commitments in letter and spirit. He also called for more capacity building and annual examples of mitigation, adaptation and means of implementation. Source: PIB, 7 October 2026

Exam Points:

• Speaker: Bhupender Yadav
• Forum: Pre-COP31, Fiji
• Asked COP31 to implement the Paris Agreement
• Success measure he cited: Antalya outcomes

Static Link: The Paris Agreement was adopted by 196 Parties at COP21 in Paris on 12 December 2015 and entered into force on 4 November 2016.

Environment & Ecology

[Official] MoSPI Releases Environmental-Economic Accounts Strategy for 2026–30

The National Statistics Office, Ministry of Statistics and Programme Implementation, released the Strategy for Environmental Economic Accounts in India 2026–2030 on 7 October. It extends the 2022–2026 strategy. The roadmap covers forest, minerals, soil, land, water, carbon stock, biodiversity, environment-related activities and environment statistics. Areas draw on the Green National Accounts framework and the SEEA Central Framework. The earlier strategy had identified material-flow, ocean, energy and thematic biodiversity and urban accounts. Source: PIB, 7 October 2026

Exam Points:

• Released by: NSO, MoSPI
• Period: 2026–2030
• Extends the 2022–2026 strategy
• Covers forest, water, carbon stock, biodiversity
• Framework cited: SEEA Central Framework

Awards, Appointments & Obituaries

[Official] Kagan and Soai Win 2026 Nobel Prize in Chemistry

The Royal Swedish Academy of Sciences awarded the 2026 Nobel Prize in Chemistry to Henri B. Kagan of Université Paris-Sud and Kenso Soai of Tokyo University of Science. The citation is “for the discovery of non-linear effects and autocatalysis in asymmetric organic synthesis.” The work concerns how homochirality, a single mirror-image form of a molecule, can arise, which matters for pharmaceutical manufacture. The prize amount is 12 million Swedish kronor, shared equally. Kagan is French, and Soai is Japanese; Soai was born in 1950. Source: Nobel Prize, 7 October 2026

Exam Points:

• Laureates: Henri B. Kagan and Kenso Soai
• Field: asymmetric organic synthesis
• Awarding body: Royal Swedish Academy of Sciences
• Prize: 12 million Swedish kronor, shared equally
• Announced: 7 October 2026

Government Schemes, Reports & Indices

[Official] Upcoming event: JOSH Teams Set for 8 October Launch

Upcoming event: the Health Ministry, with Youth Affairs and Defence, will launch JOSH (Joint Squad for Health) Teams on 8 October 2026 at Bharat Mandapam. The first phase covers 55 districts in 11 States, for youth-led mobilisation under TB Mukt Bharat. Jagat Prakash Nadda will lead the launch, with Mansukh Mandaviya, Sanjay Seth and Delhi Chief Minister Rekha Gupta. Class-I officers, MY Bharat volunteers and NCC cadets are to carry the work. The release cites 67,933 panchayats in 697 districts recognised as TB Mukt in 2025. Source: PIB, 7 October 2026

Exam Points:

• Expansion: Joint Squad for Health
• Launch: 8 October, Bharat Mandapam
• First phase: 55 districts, 11 States
• Partners: Health, Youth Affairs, Defence
• TB Mukt panchayats in 2025: 67,933

Important Day / Theme

[Official] World Cotton Day

7 October is World Cotton Day. The 2026 global observance is in Tashkent, Uzbekistan, under the theme “Cotton for Good: Building Prosperity Through Trade, Transformation and Partnership.” The Food and Agriculture Organisation is hosting the sixth global celebration at the Hyatt Regency, with governments, firms, farmers and researchers. The UN General Assembly proclaimed 7 October as World Cotton Day by resolution 75/318 of 30 August 2021, and invited FAO to facilitate the observance. Source: FAO, 7 October 2026

Exam Points:

• Date: 7 October
• 2026 venue: Tashkent
• Theme: Cotton for Good
• Proclaimed: UNGA resolution 75/318, 30 August 2021

Static Link: UNGA resolution 75/318 of 30 August 2021 proclaimed 7 October as World Cotton Day and invited FAO to facilitate it.

Don’t Confuse

7 October 2026 Current Affairs: One-Liner Revision

• RBI raised the repo rate to 5.50% and shifted the stance to calibrated tightening.
• FY27 projections: GDP 7.1%, CPI inflation 5.2%.
• TEPA, in force 1 October 2025, covers 99.6% of India’s exports to EFTA.
• The fourth India-UK Financial Markets Dialogue joint statement was released; the dialogue was held in London on 29 September.
• The 10th India Mobile Congress runs 7–10 October at Yashobhoomi; theme “Scale Without Boundaries.”
• Rajnath Singh waived proof-testing charges for iDEX, TDF and Make projects under a revised range SOP.
• SAREX-2026 was inaugurated on 7 October; the Paradip sea drill is set for 8 October.
• ICAR and Ghana’s CSIR-CRI signed a five-year agricultural research MoU, starting with tomato.
• Bhupender Yadav asked COP31 to implement the Paris Agreement and close commitment gaps.
• MoSPI released the Environmental Economic Accounts strategy for 2026–2030.
• Nobel Chemistry 2026: Henri B. Kagan and Kenso Soai, for asymmetric synthesis; 12 million Swedish kronor shared equally.
• JOSH Teams, for TB Mukt Bharat, are set to launch on 8 October across 55 districts in 11 States.
• World Cotton Day is 7 October; the 2026 theme is “Cotton for Good,” with the global event in Tashkent.

Source note: use the linked official releases and the editorial cutoff above when revising; developing figures may be updated.

The 5.50% repo rate, the Kagan–Soai chemistry citation, and the 2026–30 environmental-accounts roadmap are the dated institutional facts most worth a second look. The TEPA export-coverage figure and the 55-district JOSH rollout sit in the same set.