Current Affairs — August 2026

Saturday, 1 August

• AppointmentsForeign Secretary Vikram Misri Gets One-Year Extension

  Foreign Secretary Vikram Misri received a one-year extension on July 2, 2026. As India's top diplomat, Misri plays a crucial role in shaping India's foreign policy and international relations.

  Why it matters: Key bureaucratic appointments in MEA are important for governance and international relations topics

• AppointmentsSanjeev Jain Appointed India's Ambassador to North Korea

  Sanjeev Jain was appointed as India's new Ambassador to North Korea on July 7, 2026. This diplomatic appointment strengthens India's representation in the Korean peninsula region.

  Why it matters: Diplomatic appointments, especially to strategic countries, are frequently tested in current affairs

• EconomyRBI Monetary Policy Committee Meeting: August 3-5, 2026

  The Reserve Bank of India's Monetary Policy Committee will meet from August 3 to August 5, 2026, with the policy decision scheduled for announcement on August 5. The repo rate currently stands at 5.25% and is expected to remain unchanged. The decision will impact home loan EMIs, lending rates, and fixed deposit returns across the banking system.

  Why it matters: RBI monetary policy decisions are crucial for economy and banking awareness questions

• EconomyITR Filing Deadline: August 31, 2026 for Businesses

  The Income Tax Department has set August 31, 2026, as the deadline for filing Income Tax Returns (ITRs) for taxpayers filing ITR-3 and ITR-4 who are not liable for tax audit. This applies to businesses and professionals.

  Why it matters: Tax compliance deadlines and IT department regulations appear in general awareness sections

• EconomyGovernment Considers ₹2.5 Lakh Crore Credit Guarantee Scheme for MSMEs

  The Indian government is considering a ₹2.5 lakh crore credit guarantee scheme to support businesses, particularly MSMEs, affected by the West Asia crisis and US-Iran conflict. Modeled after the pandemic-era ECLGS, the initiative aims to provide 90% credit guarantee on loans up to ₹100 crore to manage defaults and ensure liquidity.

  Why it matters: Government schemes for MSME support and crisis management are important for economy and governance questions

• EconomyCKYC 2.0 Framework Implemented from August 1, 2026

  The Central Know Your Customer (CKYC) 2.0 scheme was formally implemented from August 1, 2026. The scheme aims to create a seamless 'One KYC' ecosystem across financial institutions, simplifying the KYC process for customers across banks and financial entities.

  Why it matters: Financial sector reforms and digital banking initiatives are important for economy-based questions

• InternationalIndia-Indonesia Summit Strengthens Comprehensive Strategic Partnership

  Prime Minister Narendra Modi paid a State Visit to Indonesia in early July 2026, deepening the Comprehensive Strategic Partnership. Key outcomes include defence cooperation with BrahMos and Astra missile exports, enhanced maritime security at Sabang Port, and support for India's BRICS Chairship 2026. Both countries backed UN Security Council reforms and ASEAN centrality.

  Why it matters: Bilateral summits and defence exports are critical for international relations and strategic affairs questions

• InternationalIndia-Australia Summit 2026: Defence and Economic Cooperation Expanded

  The Third India-Australia Annual Summit was held in Melbourne from July 8-10, 2026, between PM Modi and PM Anthony Albanese. Key outcomes include accelerated progress on Comprehensive Economic Cooperation Agreement (CECA), Joint Declaration on Defence and Security Cooperation, and partnerships in critical technologies, cyber security, and clean energy.

  Why it matters: Quad partner bilateral relations and Indo-Pacific security are important for IR and defence questions

• InternationalIndia to Chair 18th BRICS Summit in 2026

  India will assume BRICS Chairship and host the 18th BRICS Summit in 2026, following the 17th BRICS Summit held in Rio de Janeiro, Brazil in July 2025. Indonesia became a BRICS member in January 2025. The summit focuses on Global South cooperation, UN Security Council reforms, and fair representation in IMF and World Bank.

  Why it matters: BRICS membership, chairship, and multilateral cooperation are crucial for international relations topics

• Sci-TechBharatiya Antariksh Hackathon 2026 Grand Finale on August 6-7

  ISRO announced the shortlisted teams for the Bharatiya Antariksh Hackathon (BAH) 2026 grand finale scheduled at NRSC Hyderabad during August 6 and 7, 2026. The hackathon promotes innovation and skill development in space technology applications.

  Why it matters: ISRO initiatives and space technology programs are important for science and technology questions

• Sci-TechSkyroot Aerospace's Vikram-1 Becomes First Private Indian Rocket to Orbit

  In July 2026, Skyroot Aerospace achieved a historic milestone when its Vikram-1 rocket became the first privately-built Indian rocket to reach orbit. Founded by two former ISRO scientists in 2018, the company has raised $160 million and reached a $1.1 billion valuation, becoming India's first space unicorn.

  Why it matters: Private sector participation in space and startup achievements are important for science and economy sections

• SportsCommonwealth Games 2026: India's 10 Boxers Reach Finals

  India achieved an unprecedented feat at Commonwealth Games 2026 in Glasgow with 10 boxers, led by Lovlina Borgohain, advancing to finals on August 1. All 10 fighters won their semi-finals to secure at least silver medals. This represents India's biggest boxing showing in Commonwealth Games history. Gulveer Singh also competed in the men's 5000m athletics final.

  Why it matters: Commonwealth Games achievements and medal tallies are frequently asked in sports current affairs sections