Current Affairs 2 & 3 August 2026

We are here for you to provide the important Recent and Latest Current Affairs August 2 & 3 2026, which have unique updates of Latest Current Affairs 2026 events from all newspapers such as The Hindu, The Economic Times, PIB, Times of India, PTI, Indian Express, Business Standard and all Government official websites.

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NATIONAL AFFAIRS

Cabinet Approves Expanded Khelo India Scheme and Enhanced ANSFs with Rs.36,441 Crore Outlay 
In July 2026, the Union Cabinet, chaired by Prime Minister (PM) Narendra Modi, approved the expanded Khelo India Scheme and enhanced Assistance to National Sports Federations (ANSFs) with a combined financial outlay of Rs. 36,441 crore for Financial Year 2026–27(FY27) to FY31 to promote sports as a tool for youth development, nation-building, and India’s emergence as a global sporting powerhouse.
About Expanded Khelo India Scheme:
Integrated Sports Ecosystem: The scheme establishes a nationwide sports ecosystem comprising National Centres of Excellence (NCOEs), Khelo India Centres of Excellence (KICoEs), SAI Training Centres (STCs), Khelo India Accredited Academies (KIAAs), Khelo India Centres (KICs), and Armed Forces Youth Sports Companies (YSCs) to provide world-class coaching, sports science support, and modern infrastructure.
New Initiatives: The expanded framework introduces Khelo India Feeder Schools (KIFS) for early talent identification and nurturing and Khelo India Utkrishta Vidyalayas (KIUV) to integrate sports with education and strengthen the school-level sports ecosystem.
New Category: Introduced under the Khelo India framework, the Emerging Khelo India Athletes (E-KIAs) category complements the existing KIAs programme and aims to expand India’s structured athlete development ecosystem by nearly 10 times.
Other Approval: The Government has also approved a strengthened ANSF Scheme for the 2026–31 period to enhance support for Indian sports.

Cabinet Approves Rs 84,084 crore ‘Samudra Manthan’ Scheme to boost Offshore oil and Gas Exploration 
In July 2026, the Union Cabinet, chaired by Prime Minister (PM) Narendra Modi, approved Rs 84,084 crore ‘Samudra Manthan’-National Offshore Exploration (NOE) scheme, aimed to boost offshore oil and gas exploration, strengthen India’s energy security, reduce India’s dependence on imported energy, and promote technological innovation in the upstream energy sector.

• As per the Government of India (GoI), the newly approved scheme will be implemented through Financial Year 2030-31 (FY31).

About Samudra Manthan Scheme:
Type of Scheme: It is a Central Sector Scheme (CSS) (100% funding by the central government) of the Ministry of Petroleum and Natural Gas (MoPNG).
Key Targets: Based on the exploration success, the scheme aims to increase India’s annual domestic oil and gas production from nearly 62 MMTOE to 80 MMTOE, and further aims to expand the country’s hydrocarbon resource base from existing 1,600 MMTOE to 2,200 MMTOE.

Cabinet Approves Rs 5,070 Crore to PM-SSY for Floating Solar Projects 
In July 2026, the Union Cabinet, chaired by Prime Minister (PM) Narendra Modi, approved the Pradhan Mantri Surya Sarovar Yojana (PM-SSY) under the Ministry of New and Renewable Energy (MNRE)  for the development of Floating Solar Photovoltaic (FSPV) Projects with Energy Storage Systems (ESS) with a total outlay of Rs 5,070 crore.

• The scheme aims to develop 5,000 Megawatt (MW)of floating solar capacity with co-located ESS to strengthen renewable energy generation and grid reliability.

About PM-SSY for Floating Solar projects: 
Features:  The projects will be sanctioned during FY 2026-27 to FY 2030-31, with financial support continuing up to FY 2032-33, and will include ESS with a minimum storage capacity of 2 hours i.e. 10,000 MWh (megawatt-hour)
Potential:  The National Institute of Solar Energy (NISE) estimated India’s floating solar potential at 102.18 Gigawatt Peak (GWp) across reservoirs and inland water bodies, while the scheme aims to increase the current floating solar capacity of around 700 MW.
Financial support:  The scheme provides Central Financial Assistance (CFA) of Rs 1 crore per MW after project commissioning and up to Rs 50 lakh per project for feasibility studies including bathymetry, hydrography and environmental assessments.

Cabinet Approves PM-KISAN Scheme for Next Five Years with Rs. 3.15 Lakh Crore
In July 2026, the Union Cabinet, chaired by Prime Minister (PM) Narendra Modi, approved the continuation of the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) scheme for another 5 years i.e. from 2026-27 to 2030-31, with total budget outlay of Rs 3.15 lakh crore(Rs. 3,15,614 crore).
About Pradhan Mantri Kisan Samman Nidhi (PM-KISAN):
Background: Launched in February 2019, PM-KISAN, is a Central Sector Scheme (CSS) i.e 100% funding by the central government.
Financial Support: It is one of the world’s largest direct income support programmes designed specifically for farmers with cultivable land,Provides annual financial assistance of Rs 6,000 in three equal installments of Rs 2,000 via the Direct Benefit Transfer (DBT) to eligible farmer families.
Implemented by: The scheme is being implemented by the Department of Agriculture, Cooperation and Farmers’ Welfare (DAC&FW), Ministry of Agriculture and Farmers’ Welfare (MoAFW).
Key Achievements: Some of the key achievements of the PM-KISAN since its inception.

• So far, the GoI has transferred over Rs 4.47 lakh crore directly into the bank accounts of farmers through 23 installments.

DFS Launches Sovereign-Backed P&I Insurance Product under BMIP
In July 2026, the Department of Financial Services (DFS), Ministry of Finance (MoF), launched India’s first sovereign-backed Protection & Indemnity (P&I) insurance product under the Bharat Maritime Insurance Pool (BMIP) in New Delhi, Delhi, providing third-party liability coverage of up to USD 1.5 billion.

• Sanjay Lohia, Secretary of DFS, handed over the first P&I insurance policy document, designed and issued by The New India Assurance Company Limited (NIACL), to the Shipping Corporation of India Limited (SCI).

About P&I Insurance Product:
Framework: BMIP became operational on 12 May 2026 with a sovereign guarantee of Rs.12,980 crore (approximately USD 1.5 billion) to provide uninterrupted marine insurance capacity for Indian shipping against war-related and other maritime risks.
Coverage: BMIP provides combined underwriting for Hull and Machinery, Cargo, War Risk, and P&I insurance, offering third-party liability protection for crew liability, cargo liability, pollution liability, wreck removal, and worldwide assistance through a 24×7 port correspondent network, with a combined indemnity limit of USD 1.5 billion.

Ministry of AYUSH and IndiaAI Sign MoU to Promote AI-driven Innovation in Traditional Medicine 
In July 2026, the Ministry of AYUSH (Ayurveda, Yoga & Naturopathy, Unani, Siddha and Homoeopathy) and IndiaAI, under the Ministry of Electronics and Information Technology (MeitY), signed a Memorandum of Understanding (MoU) to promote Artificial Intelligence (AI)-driven innovation in the AYUSH sector, strengthening research, digital health and capacity building.

• The MoU was signed by Dr. Kavita Jain, Joint Secretary & Chief Vigilance Officer, Ministry of AYUSH, and Sudeep Srivastava, Chief Operating Officer (COO), IndiaAI Mission and Joint Secretary, MeitY.

Highlights of MoU: 
MoU Tenure: The MoU will be valid for an initial period of two years and may be renewed through mutual agreement.
Resource Sharing: The Ministry of AYUSH will onboard AIKosh and contribute anonymised health research resources, including datasets, metadata, AI models, toolkits, and use cases, to support AI-driven innovations by researchers, startups, and academic institutions.
Support:  The collaboration will enable AYUSH ecosystem stakeholders to access India’s AI computing infrastructure through the IndiaAI Compute ecosystem, supporting advanced AI research and scalable healthcare solutions.
About IndiaAI Mission: The IndiaAI Mission, approved in 2024 under MeitY with a financial outlay of Rs. 10,371.92 crore, aims to strengthen India’s AI ecosystem through research, innovation, infrastructure, and skill development.

INTERNATIONAL AFFAIRS

48th Session of UNESCO WHC Held in Busan, South Korea : 25 New Sites, Including One from India Inscribed on the World Heritage List
The 48th session of United Nations Educational, Scientific, and Cultural Organisation (UNESCO)World Heritage Committee (WHC) held under the chairmanship of Lee Byong Hyun (Republic of Korea)  from July 19 to 29, 2026 at the Busan Exhibition and Convention Center(BEXCO) in Busan, South Korea, has inscribed 25 new sites, including Ancient Buddhist site of Sarnath (in Varanasi, Uttar Pradesh, UP) on its World Heritage Sites List.

•  These newly added sites comprise 19 cultural, 5 natural, and 1 mixed site, bringing the total number of UNESCO-recognised World Heritage (WH) sites to 1,273 across 173 countries.

Highlights of 48th Session of UNESCO WHC :
1st-ever inscriptions: The session witnessed the 1st-ever WH inscriptions for 3 African nations: Comoros and Sao Tome and Principe and South Sudan.
Sites Included List on Emergency Basis: The Committee included 3 sites on emergency basis and these are: Boma-Badingilo Migratory Landscape(South Sudan);   Mount Amel Castles (Lebanon); and Sebastia (State of Palestine).
Sites in WH Danger List: A total of 6 newly inscribed sites were also added to the list of WH in Danger, of which, 3 are also included on the emergency list.

•  The remaining 3 sites on the Danger list are: Historic Inner City of Paramaribo (Suriname) An Ancient City of Tauric Chersonese and its Chora (Ukraine) and Tyre (Lebanon).
• In contrast, the committee removed the Historic Centre of Vienna (Austria) from the list of World Heritage in Danger.

Key Declarations adopted: Busan Declaration on World Heritage, aimed to protect vulnerable cultural and natural assets from damage, introducing “collaboration” as the new “sixth C” of the strategic objectives of its heritage framework, alongside the previous “Five Cs”: conservation, credibility, capacity-building, communication, and communities.

• And, the adoption of World Heritage Strategy for Small Island Developing States (SIDS) 2026-2034, a comprehensive roadmap backed by budgetary support of USD 13 million that aimed to identify, protect, and manage WH sites, and address the specific challenges faced by SIDs, particularly the impact of climate change.

Next Host: The 49th session of UNESCO WHC will be held from June 27 to July 7, 2027 in  Istanbul, Türkiye under the presidency of Mustafa Yurdakul, its permanent delegate to UNESCO.

BANKING & FINANCE

India-Maldives Launch Favara-UPI Cross-Border Payment Corridor
In July 2026, the Maldives Monetary Authority (MMA) operationalised the integration of Favara, the Maldives’ Instant Payment System, with India’s Unified Payments Interface (UPI), enabling real-time cross-border transfers between the Maldives and India.
About Cross Border Payment Corridor: 
Collaboration:  The corridor was developed through cooperation between the MMA, Reserve Bank of India (RBI), NPCI International Payments Limited (NIPL) and other stakeholders, following the July 2025 NIPL-MMA agreement.
Transaction Process: Transactions are initiated in Maldivian Rufiyaa(MVR) and credited directly in Indian Rupees(INR) to UPI-enabled bank accounts. The service initially covers customers of Bank of Maldives Plc and Maldives Islamic Bank Plc through the Favara payment platform.
Remittance Categories: The service supports permitted remittances, including family maintenance-related remittances (Foreign Inward and Foreign Outward Remittance) and gift-related remittances under Foreign Outward Remittance.
Expansion:  Future phases will introduce Quick Response(QR) code-based merchant payments and other digital payment solutions to strengthen India-Maldives financial connectivity.
UPI Global Presence: UPI is accepted in 10 countries: Cambodia, Greece, Singapore, United Arab Emirates (UAE), France, Mauritius, Nepal, Bhutan, Qatar, and Sri Lanka.

APPOINTMENTS & RESIGNATIONS

Varsha Ashok Aglawe Appointed as First Woman Director General of GSI
On 31 July 2026, Varsha Ashok Aglawe assumed charge as the 54th Director General  (DG) of the Geological Survey of India (GSI) under the Ministry of Mines (MoM), Government of India (GoI), becoming the first woman to head the organisation in its 176-year history.

• She succeeded Asit Saha, who served as DG  from 27 July 2024 to 31 July 2026 and will focus on critical mineral exploration, mineral security, offshore exploration, and strengthening geoscientific infrastructure..

About Varsha Ashok Aglawe: 
Background: A distinguished geoscientist with more than three decades of professional experience, joined GSI in 1992 after serving with the Indian Bureau of Mines (IBM); previously served as Additional Director General (ADG)& Head of Department (HOD), Eastern Region, Kolkata, West Bengal (WB).
Expertise: She specialises in palaeontology and palynology, with major contributions to the study of Late Cretaceous–Palaeocene sediments, Cretaceous–Tertiary (K-T) boundary and Satpura-Gondwana basins.

OBITUARY

Former COAS General Vishwa Nath Sharma Passed Away 
In July 2026, General Vishwa Nath Sharma (Retired), former Chief of Army Staff (COAS), Indian Army (IA), passed away at the age of 91 in New Delhi, Delhi.

• He served as the 14th COAS of the IA from 1st May 1988 to 30th June 1990 and was known for his distinguished military career spanning over four decades.

About General Vishwa Nath Sharma:
Profile: He had a distinguished military career marked by command and leadership roles across various formations of the IA before rising to the position of COAS.
Achievement: Commissioned into the 16th Light Cavalry in 1950, he became the first President’s Commissioned Officer after Independence to rise to the position of Army Chief.
Honours: Ati Vishisht Seva Medal (AVSM) in 1977, Param Vishisht Seva Medal (PVSM) in 1986.

Italy Football Legend and AC Milan Captain Franco Baresi Passed Away 
In July 2026, Italian football player and legendary AC Milan captain Franco Baresi passed away at the age of 66 in Milan, Italy. He was born on 8 May 1960 in Travagliato, Lombardy region of Northern Italy, Italy.
About Franco Baresi: 
Club Career: He played for AC Milan from 1977–1997, making 719 official appearances and captaining the club for 15 seasons. He won 6 Serie A titles, 3 European Cup/Union of European Football Associations (UEFA) Champions League titles, 2 Intercontinental Cups, 2 UEFA Super Cups, and 4 Supercoppa Italiana trophies.
International: He earned 81 caps for Italy and was part of the 1982 Fédération Internationale de Football Association (FIFA) World Cup-winning squad at the age of 22. He later captained Italy to the 1994 FIFA World Cup Final, where Italy finished runners-up to Brazil.
Awards & Recognition: He finished as Ballon d’Or runner-up in 1989, and AC Milan retired his iconic No. 6 jersey, becoming the first Italian club to retire a shirt number in honour of a player.

Padma Shri Awardee and Hindi Writer Kailash Chandra Pant Passed Away 
In July 2026, renowned Hindi writer Kailash Chandra Pant passed away at the age of 90 in Bhopal, Madhya Pradesh (MP). He was born on 26 April 1936 in Mhow, Indore district, MP.

• He was conferred the Padma Shri in 2026 in the field of Literature and Education for his outstanding contribution to Hindi literature and education.

About Kailash Chandra Pant:
Career: He began his professional career as a lecturer at the Union Theological Seminary, Indore, later serving as Principal of the Panchayat Raj Training Centre, Bhopal, before dedicating himself to literary and cultural activities.
Literary Role: Pant served as the Director of Hindi Bhavan, Bhopal, remained actively associated with the Madhya Pradesh Rashtrabhasha Prachar Samiti (MPRPS), edited literary journals such as Shiksha Pradeep, Jandharma, and Durgami Ahwan, and made significant contributions to Hindi journalism through magazines and weekly publications.
Contributions: He held key positions in the Bharat Krishak Samaj and Madhya Bharat Hindi Sahitya Samiti, and authored notable works including Kaun Kiska Aadmi, Dhundh Ke Aar-Paar, Shabd Ka Vichar-Path, and Shailesh Matiyani: Srijan Yatra.
Recognition: He was also honoured with the Sahitya Bhushan Samman, Nirala Sahitya Samman, Sahitya Shiromani Samman, and Sanskriti Gaurav Samman.

IMPORTANT DAYS

World FinTech Day 2026 – August 1 
World FinTech Day is observed annually on 1st August to raise awareness about the growing role of Financial Technology (FinTech) in modernising financial services, expanding access to financial products, and transforming the global financial industry.
Background: 
Commemoration: World FinTech Day commemorates the death anniversary of Cosimo de’ Medici, an Italian banker and politician, who passed away on 1st August 1464.

• He is widely regarded as the father of the modern banking system for his pioneering contributions to banking and finance.

Role in Banking: He expanded the Medici Bank into one of Europe’s leading financial institutions and managed the Papal fi
https://affairscloud.com/world-fintech-day-2025-august-1/
https://www.financeoutlookindia.com/article/world-fintech-day-2026-india-s-journey-from-upi-to-aipowered-finance-nwid-8569.html

World Wide Web Day 2026 – August 1
World Wide Web Day is observed annually on 1 August to commemorate the invention of the World Wide Web (WWW) and recognise its impact on communication, information sharing, digital services and modern technology.
Background: 
Origin: The day commemorates the anniversary of the development of the WWW by Tim Berners-Lee. 
Recognition: It honours the contributions of individuals who helped shape the Web into its present advanced and organised form.
WWW Invention: Sir Tim Berners-Lee invented the WWW in 1989 at CERN (European Organisation for Nuclear Research), Geneva, Switzerland.

• He developed the first web server (httpd) and browser (WorldWideWeb) in 1990, and launched the world’s first website, info.cern.ch, on 6 August 1991.

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