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Daily Current Affairs
07 May, 2026
1. The HCES 2023-24 estimated India’s consumption inequality through which indicator?
A) Human Development Index
B) Poverty Gap Ratio
C) Gini Index
D) Fiscal Deficit Ratio
E) Ease of Living Index
Answer: C) Gini Index
Explanation: The Household Consumer Expenditure Survey (HCES) 2023-24 estimated India’s consumption inequality using the Gini Index, which was reported at 0.29, indicating higher inequality than previously estimated.
2. According to the report on inequality, the top 10% of urban dwellers spend nearly how many times more than the bottom 10% of rural residents?
A) 3 times
B) 5 times
C) 7 times
D) 9 times
E) 12 times
Answer: D) 9 times
Explanation: The report highlighted a sharp urban-rural disparity where the top 10% of urban residents spend approximately 9 times more than the bottom 10% of rural residents.
3. The atmosphere discovered around TNO (612533) 2002 XV93 was detected using which method?
A) Radio Astronomy
B) Doppler Imaging
C) Stellar Occultation
D) Infrared Spectroscopy
E) Gravitational Lensing
Answer: C) Stellar Occultation
Explanation: Astronomers detected the thin atmosphere around the TNO using stellar occultation, a method where scientists observe an object passing in front of a distant star.
4. Which of the following best describes Cryovolcanism?
A) Eruption of molten lava from rocky planets
B) Release of radioactive gases from stars
C) Eruption of volatile icy substances like methane or ammonia
D) Formation of volcanic ash in deserts
E) Explosion caused by asteroid impacts
Answer: C) Eruption of volatile icy substances like methane or ammonia
Explanation: Cryovolcanism refers to icy volcanic activity where substances such as water, methane, or ammonia erupt instead of molten rock. It may help maintain thin atmospheres on icy bodies.
5. The Incentive Scheme for Promotion of Critical Mineral Recycling operates under which mission?
A) National Green Hydrogen Mission
B) Make in India Mission
C) National Critical Mineral Mission
D) PM Gati Shakti Mission
E) Startup India Mission
Answer: C) National Critical Mineral Mission
Explanation: The Incentive Scheme for Promotion of Critical Mineral Recycling is a dedicated financial intervention under the National Critical Mineral Mission (NCMM).
6. Which of the following waste streams is specifically targeted under the Critical Mineral Recycling Scheme?
A) Agricultural residue
B) Municipal sewage
C) Plastic packaging waste
D) Spent lithium-ion batteries
E) Textile waste
Answer: D) Spent lithium-ion batteries
Explanation: The scheme targets urban mining sources such as e-waste, spent lithium-ion batteries, permanent magnets, and catalytic converters to recover critical minerals.
7. The Emergency Credit Line Guarantee Scheme (ECLGS) 5.0 received an approved outlay of:
A) â‚ą5,000 crore
B) â‚ą10,500 crore
C) â‚ą18,100 crore
D) â‚ą25,000 crore
E) â‚ą30,000 crore
Answer: C) â‚ą18,100 crore
Explanation: The Union Cabinet approved ECLGS 5.0 with an outlay of â‚ą18,100 crore to provide financial assistance and liquidity support.
8. PhonePe’s AI-driven merchant onboarding initiative is primarily aimed at:
A) Increasing cryptocurrency trading
B) Simplifying and accelerating merchant verification
C) Reducing interest rates on loans
D) Promoting foreign exchange reserves
E) Expanding gold imports
Answer: B) Simplifying and accelerating merchant verification
Explanation: PhonePe introduced AI-driven merchant onboarding to streamline KYC verification and make merchant registration faster and more efficient.
9. The Foreign Exchange Management (Authorised Persons) Regulations, 2026 are associated with which institution?
A) SEBI
B) NABARD
C) IRDAI
D) RBI
E) SIDBI
Answer: D) RBI
Explanation: The Foreign Exchange Management (Authorised Persons) Regulations, 2026 are issued under the regulatory framework governed by the Reserve Bank of India (RBI).
10. According to the Ministry of Finance report mentioned in the facts section, FY26 witnessed:
A) Declining bank deposits
B) Weak credit demand
C) Strong credit growth
D) Reduction in digital payments
E) High fiscal deficit in banks
Answer: C) Strong credit growth
Explanation: The Ministry of Finance reported strong credit growth during FY26, indicating expansion in lending activity and economic momentum.
