Daily Current Affairs Quiz 7th May 2026 for Banking & Competitive Exams |

Daily Current Affairs: 7th May, 2026

Q1. The Union Cabinet recently approved the introduction of the Supreme Court (Number of Judges) Amendment Bill, 2026 to enhance judicial capacity in India’s apex court. What is the proposed number of Supreme Court judges after the amendment (excluding the Chief Justice of India)?

(a) 33

(b) 35

(d) 37

(e) 40

Answer: d

Solution:

The Union Cabinet of India, chaired by Narendra Modi, approved the proposal to introduce the Supreme Court (Number of Judges) Amendment Bill, 2026 in Parliament on 5 May 2026.
The Bill seeks to amend the Supreme Court (Number of Judges) Act, 1956.
It proposes increasing the number of judges in the Supreme Court of India by four, raising the strength from 33 to 37 judges, excluding the Chief Justice of India (CJI).
Article 124(1) of the Constitution provides for a Supreme Court consisting of the Chief Justice of India and other judges as prescribed by Parliament by law.
The original Supreme Court (Number of Judges) Act, 1956 fixed the judge strength at 10 (excluding the CJI).
Over time, the sanctioned strength has been increased through various amendments:
- 1960: Increased from 10 to 13
- 1977: Increased from 13 to 17
- 1986: Increased from 17 to 25
- 2008: Increased from 25 to 30
- 2019: Increased from 30 to 33
The proposed increase aims to address the rising workload and pendency of cases in the Supreme Court.
Overall, the move is expected to strengthen the judicial system, improve efficiency, and ensure faster delivery of justice.

Q2. Under the newly approved proposals of the India Semiconductor Mission (ISM) in May 2026, which company is set to establish the country’s first commercial Mini/Micro-LED display facility based on Gallium Nitride (GaN) technology?

(a) Suchi Semicon Private Limited

(b) Tata Electronics Private Limited

(d) Micron Technology India

(e) CG Power and Industrial Solutions

Answer: c

Solution:

bullets.

The Union Cabinet of India, chaired by Narendra Modi, approved two new semiconductor projects under the India Semiconductor Mission on May, 2026.
The approved projects include India’s first commercial Mini/Micro-LED display manufacturing facility based on Gallium Nitride (GaN) technology and a semiconductor packaging facility.
Both projects will be established in Gujarat with a combined investment of around ₹3,936 crore.
Crystal Matrix Limited will establish an integrated compound semiconductor fabrication and ATMP facility in Dholera for manufacturing Mini/Micro-LED display modules.
The facility will also provide GaN foundry services, including epitaxy on 6-inch wafers.
The proposed annual production capacity includes 72,000 square metres of Mini/Micro-LED display panels and 24,000 sets of RGB GaN epitaxy wafers.
The products manufactured at the facility will be used in televisions, commercial signages, smartphones, tablets, in-car displays, XR glasses, and smartwatches.
Suchi Semicon Private Limited will establish an Outsourced Semiconductor Assembly and Test (OSAT) facility in Surat.
With these approvals, the total number of approved projects under the India Semiconductor Mission has increased to 12.

Q3. With reference to the Mission for Cotton Productivity, consider the following statements.

(I) It is implemented solely by the Ministry of Textiles.

(II) The mission will be implemented during the period 2026–27 to 2030–31.

(III) The total sanctioned budget for the mission is ₹5,659.22 crore.

Which of the statements given above is/are correct?

(a) Only I

(b) Only III

(d) Both I and II

(e) All I, II, and III

Answer: c

Solution:

The Union Cabinet of India, chaired by Narendra Modi, approved ₹5,659.22 crore for the Mission for Cotton Productivity. Hence statement 3 is correct.
The mission will be implemented during the period 2026–27 to 2030–31. Hence statement 2 is correct.
It aims to address challenges such as declining productivity, growth bottlenecks, and quality concerns in India’s cotton sector.
The initiative aligns with the Government’s 5F vision — Farm to Fibre to Factory to Fashion to Foreign.
It will promote modern cultivation practices such as:
- High Density Planting System (HDPS)
- Closer Spacing (CS)
- Integrated Cotton Management
- Promotion of Extra Long Staple (ELS) cotton
The programme also aims to improve cotton quality by modernising ginning and processing factories and promoting best processing practices.
Cotton testing infrastructure across the country will be strengthened with modern and accredited facilities for better quality assessment and global benchmarking.
The mission will support branding and traceability initiatives under Kasturi Cotton Bharat to position Indian cotton as a premium and sustainable global product.
Farmers will benefit from the digital integration of mandis, enabling transparent price discovery and improved market access through e-platforms.
The initiative also promotes cotton waste recycling and circular economy practices to improve resource efficiency and reduce environmental impact.
The mission seeks to diversify India’s fibre base by promoting natural fibres such as flax, ramie, sisal, milkweed, bamboo, and banana fibre.
It will be jointly implemented by the Ministry of Agriculture and Farmers Welfare and the Ministry of Textiles. Hence Statement 1 is incorrect.
The programme will involve institutions such as:
- Indian Council of Agricultural Research
- Council of Scientific and Industrial Research
- State Agricultural Universities (SAUs)
Initially, the mission will focus on 140 districts across 14 states and around 2,000 ginning and processing factories.

Q4. The Cabinet Committee on Economic Affairs (CCEA) recently approved a ₹1,570 crore Ship Repair Facility at Vadinar. Which two entities are jointly implementing this project?

(a) Mazagon Dock and Gujarat Maritime Board

(b) Deendayal Port Authority and Cochin Shipyard Limited

(d) Mumbai Port Trust and Hindustan Shipyard Limited

(e) Visakhapatnam Port Authority and Cochin Shipyard Limited

Answer: b

Solution:

The Cabinet Committee on Economic Affairs, chaired by Narendra Modi, approved the development of a state-of-the-art Ship Repair Facility at Vadinar on 5 May 2026.
The project marks a major expansion of India’s ship repair and maritime infrastructure ecosystem.
The facility will be jointly developed by Deendayal Port Authority and Cochin Shipyard Limited.
The total investment for the project is estimated at around ₹1,570 crore.
The project is planned as a brownfield development and will include:
- A 650-metre jetty
- Two large floating dry docks
- Workshops and supporting marine infrastructure
Vadinar has been selected due to its natural deep draft, strategic connectivity to major shipping routes, and proximity to ports such as Mundra and Kandla.
The facility is expected to cater especially to large commercial vessels and foreign-flagged ships.

Q5. The Cabinet Committee on Economic Affairs has approved the Fair and Remunerative Price (FRP) for sugarcane for the Sugar Season 2026–27 to safeguard farmers’ interests. What is the approved FRP of sugarcane for 2026–27?

(a) ₹340/qtl

(b) ₹350/qtl

(d) ₹375/qtl

(e) ₹390/qtl

Answer: c

Solution:

The Cabinet Committee on Economic Affairs, chaired by Narendra Modi, approved the Fair and Remunerative Price (FRP) of sugarcane for the Sugar Season 2026–27 (October–September).
The FRP has been fixed at ₹365 per quintal for a basic sugar recovery rate of 10.25%.
Farmers will receive a premium of ₹3.56 per quintal for every 0.1% increase in recovery above 10.25%.
Similarly, the FRP will be reduced by ₹3.56 per quintal for every 0.1% decline in recovery below 10.25%.
To protect the interests of sugarcane farmers, the government has decided that no deduction will be made for sugar mills with recovery below 9.5%.
Farmers supplying cane to such mills will receive ₹338.30 per quintal during the 2026–27 sugar season.
The estimated cost of production (A2 + FL) for sugarcane in the 2026–27 season is ₹182 per quintal.
The approved FRP of ₹365 per quintal is therefore 100.5% higher than the production cost.
The FRP for the 2026–27 sugar season is also 2.81% higher than the FRP of the 2025–26 season.

Q6. In May, 2026, which two organizations collaborated to organize the conference on Brain-Computer Interface and its strategic implications for the Indian Armed Forces?

(a) DRDO and ISRO

(b) Integrated Defence Staff and the Centre for Joint Warfare Studies.

(d) Ministry of Electronics and NITI Aayog

(e) NSG and RAW

Answer: b

Solution:

Anil Chauhan inaugurated a conference titled “Brain-Computer Interface (BCI): Expanding Neural Frontiers & Its Strategic Implications” on 5 May 2026 in New Delhi.
The conference was jointly organised by Headquarters Integrated Defence Staff and the Centre for Joint Warfare Studies.
The event was envisioned by Ashutosh Dixit, Chief of Integrated Defence Staff to the Chairman COSC (CISC).
The conference brought together senior military officials, policymakers, scientists, medical experts, industry representatives, start-ups, and academic institutions.
Discussions focused on the emerging field of Brain-Computer Interface and its strategic implications in defence and national security.
Brain-Computer Interface technology enables direct communication between the human brain and external devices.

Q7. The IIT Madras Technology Summit was inaugurated under a specific theme that emphasizes building a collaborative framework for national development. What is the theme?

(a) From IITM. For Bharat. Building Together

(b) Innovation for All

(d) Sustainable Innovation 2026

(e) Empowering India through Science

Answer: a

Solution:

Dharmendra Pradhan inaugurated the first-ever Technology Summit of IIT Madras on 5 May 2026.
The summit was held at Bharat Mandapam in New Delhi.
Jayant Chaudhary attended the event as the Guest of Honour.
The summit was organised under the theme “From IITM. For Bharat. Building Together.”
The discussions focused on designing, developing, and deploying technologies that can support India’s vision of Viksit Bharat.
The summit highlighted the importance of innovation, research, and technology-driven development for national growth.

Q8. The Department of Financial Services (DFS) has approved the ‘Viability Plan 2.0’ for Regional Rural Banks (RRBs). What is the specific implementation period for this revised plan?

(a) FY 2025-236to FY 2029-30

(b) FY 2026-27 to FY 2028-29

(d) FY 2025-26 to FY 2028-29

(e) FY 2025-26 to FY 2027-28

Answer: e

Solution:

The Department of Financial Services has approved Viability Plan 2.0 for Regional Rural Banks for the period from 2025–26 to 2027–28.
The plan aims to strengthen the financial sustainability, operational efficiency, and long-term competitiveness of Regional Rural Banks.
Earlier, DFS had introduced a three-year Viability Plan covering FY 2021–22 to FY 2024–25, which helped improve financial performance and monitoring mechanisms across RRBs.
Viability Plan 2.0 is based on 30 performance parameters centred around four major pillars — operational excellence, asset quality, profitability, and growth.
The framework will assess key indicators such as Capital to Risk-weighted Assets Ratio (CRAR), credit-deposit ratio, digital adoption, Non-Performing Asset (NPA) levels, recovery performance, profitability ratios, and implementation of Government schemes.
The initiative provides a comprehensive framework to monitor the overall health and efficiency of RRBs.
It is expected to improve financial stability and operational performance across all 28 Regional Rural Banks in the country.
The plan also aims to align RRBs with national priorities related to rural credit expansion, digital inclusion, and financial outreach.

Q9. NITI Aayog launched the Central Prabhari Officer (CPO) Portal. What is the primary purpose of this digital platform?

(a) To monitor the stock market performance of public sector undertakings.

(b) To streamline the recruitment process of civil servants in metropolitan cities.

(d) To track international climate change treaties signed by India.

(e) To manage the distribution of fertilizers to urban gardening clusters.

Answer: c

Solution:

NITI Aayog launched the Central Prabhari Officer (CPO) Portal on 5 May 2026.
The portal aims to strengthen real-time governance and coordination among stakeholders.
It has been developed to improve the implementation of the Aspirational Districts Programme and the Aspirational Blocks Programme.
The platform is designed to accelerate last-mile delivery of government schemes and services.
It will help Central Prabhari Officers monitor development indicators and track progress more effectively.
The portal is expected to enhance data-driven decision-making, transparency, and administrative efficiency.

Q10. Under the India–EU Trade and Technology Council (TTC) framework, India and the European Union launched a coordinated call for proposals on EV battery recycling to promote circular economy and clean energy technologies. What is the total combined funding pool for this initiative?

(a) €10.2 million

(b) €12.8 million

(d) €18.5 million

(e) €20 million

Answer: c

Solution:

Under the framework of the India-EU Trade and Technology Council, India and the European Union launched the third coordinated call for proposals on Recycling of EV Batteries on 5 May 2026.
The initiative is being implemented under Working Group 2 on Green and Clean Energy Technologies.
The last date for submission of proposals is 15 September 2026.
The programme aims to secure critical raw materials, accelerate the transition towards a circular economy, and strengthen bilateral cooperation between India and the European Union.
The initiative has a combined funding pool of €15.2 million (around ₹169 crore).
Funding support will be provided through the Horizon Europe programme, while the Ministry of Heavy Industries will support the Indian component.
The programme will focus on developing advanced EV battery recycling technologies, including high-efficiency material recovery and safe, digitalised collection systems.
It will also support pilot-scale demonstration projects and the establishment of a joint India-EU pilot line in India for industrial deployment and real-world validation.