LEGAL NEWS
MSME Development (Amendment) Bill, 2026
• The Lok Sabha passed the MSME Development (Amendment) Bill, 2026 on 7 August 2026 during a 16-minute sitting; the Rajya Sabha had already passed it on 3 August 2026 by voice vote.
• The Bill amends the Micro, Small and Medium Enterprises Development Act, 2006, focusing on delayed payments, dispute resolution, and digital invoice settlement.
• It requires Central Public Sector Enterprises (CPSEs) to route and settle MSME procurement invoices through TReDS (Trade Receivables Discounting System).
• TReDS, regulated by the Reserve Bank of India, enables MSMEs to obtain early payment against trade invoices.
• Courts may direct buyers to deposit at least 50% of the awarded amount with MSME suppliers where a challenge remains pending for more than six months.
• Payment-related mediation must be completed within 90 days.
• The Bill replaces criminal action for minor compliance lapses with graded monetary penalties.
• Key Facts: The MSMED Act, 2006 is the principal law governing MSMEs; TReDS facilitates digital financing of trade receivables; the MSME sector’s outstanding credit exceeded ₹38.35 lakh crore in 2026.
IMPORTANT DAYS
12th National Handloom Day 2026
• India observed the 12th National Handloom Day on 7 August 2026.
• The day was first observed in 2015 to honour India’s weaving community and commemorate the Swadeshi Movement, launched on 7 August 1905.
• The Indian handloom sector supports around 35.22 lakh weavers and allied workers, of whom 25.46 lakh (over 72%) are women.
• The Union Government conferred 22 Handloom Awards for 2025 — 3 Sant Kabir Handloom Awards and 19 National Handloom Awards.
• Four commemorative postage stamps were also released, along with two publications: Earth. Root. Thread – Aal Dyed Handloom Textiles of Central India and Handloom Awards Book 2025.
• The central celebration was held at the Rashtrapati Bhavan Cultural Centre, New Delhi, featuring award-winning textiles and live demonstrations of Kani weaving and Wall Hanging weaving.
• The e-Pehchan portal, launched in January 2025, provides digital identity cards to handloom weavers. By July 2026, around 84,000 additional workers had been approved on the portal.
• Key Facts: 7 August 1905 marks the beginning of the Swadeshi Movement, while 7 August is observed annually as National Handloom Day.
APPOINTMENT
Abelardo de la Espriella Becomes President of Colombia
• Abelardo de la Espriella was sworn in on 7 August 2026 as the 36th President of Colombia for the 2026–2030 term, succeeding Gustavo Petro.
• He won the runoff election on 21 June 2026, securing 12,960,166 votes (49.66%), against Iván Cepeda, who received 48.70%.
• The President of Colombia is both the Head of State and Head of Government under the 1991 Constitution, with a four-year term elected through direct popular voting.
• The inauguration was held at the USC Arena, Santiago de Cali University, Cali, rather than Bogotá. Senate President Honorio Henríquez administered the presidential oath.
• De la Espriella announced a hardline approach against drug trafficking, declared peace talks with armed groups exhausted, and proposed reducing the size of the state by up to 40%.
• Gustavo Petro, who served from 2022 to 2026, was Colombia’s first left-wing president at the national level.
• Key Facts: Colombia is a presidential republic in northern South America; its President serves a four-year term; runoff elections are used when no candidate obtains the required majority.
• International Attendance: King Felipe VI of Spain, Argentine President Javier Milei, Ecuadorian President Daniel Noboa, and FIFA President Gianni Infantino attended the inauguration.
• On 8 August 2026, the United States announced US$1 billion in security assistance to Colombia.
Basavaraj Horatti Resigns as Karnataka Legislative Council Chairperson
• Basavaraj Horatti resigned as Chairperson of the Karnataka Legislative Council in Bengaluru on 7 August 2026.
• The Karnataka Legislative Council is the upper house of the State Legislature and is a permanent House under Article 169 of the Constitution.
• The Council has 75 members, elected through constituencies such as local authorities, graduates, teachers, and MLAs, with some members nominated by the Governor.
• The presiding officer of a Legislative Council is called the Chairperson, while the Deputy Chairperson performs the Chairperson’s duties in their absence.
• The ruling Congress nominated Saleem Ahmed for Chairperson and Umashree for Deputy Chairperson.
• The election for the new leadership was scheduled for 14 August 2026.
• Horatti stated that he would continue as pro-tem Chairman during the session beginning 13 August 2026, until the formal election.
• Key Fact: Article 169 deals with the creation or abolition of Legislative Councils in States, while the Karnataka Legislative Council is a 75-member permanent House.
RANKING AND INDEX
Punjab Tops NITI Aayog School Education Quality Index 2026
• Punjab secured the 1st rank in the School Education Quality Index (SEQI) 2026 released by NITI Aayog, moving up from 27th position in 2020.
• SEQI assesses States and UTs on access, infrastructure, equity, governance, learning outcomes, and teacher-related indicators.
• Punjab recorded 82% proficiency in Class III language and 78% in mathematics in the cited indicators.
• The state upgraded infrastructure in 19,125 schools, with reported expenditure of ₹2,638 crore, and achieved around 80% smart-classroom coverage.
• Government-school students qualifying for NEET-UG increased from 80 in 2021 to 882 in 2026, attributed partly to the Punjab Academic Coaching for Excellence (PACE) initiative.
• Punjab became the first state to introduce Artificial Intelligence as a core subject from Classes I to XII.
• Mission Samarth covers nearly 12 lakh students and 70,000+ teachers, using level-based grouping rather than grade-based grouping for foundational learning.
• Key Facts: NITI Aayog is India’s policy think tank, established in 2015; SEQI evaluates school education performance across States and UTs.
AWARDS
Sant Kabir Handloom and National Handloom Awards 2025
• On 7 August 2026, President Droupadi Murmu presented the Sant Kabir Handloom Awards and National Handloom Awards 2025 at the Rashtrapati Bhavan Cultural Centre, New Delhi, during the 12th National Handloom Day celebrations.
• A total of 22 awards were presented — 3 Sant Kabir Handloom Awards and 19 National Handloom Awards — recognising craftsmanship, innovation, and preservation of India’s handloom heritage.
• The Sant Kabir Handloom Awards 2025 were given to:
• Ram Meher (Odisha) – Bichitpar Khadi Saree
• Runima Chetiya Choudhury (Assam) – Muga Silk Saree
• Shah Muhammad Ansari (Uttar Pradesh) – Zarbaft Shewatambari Awadh Jamdhani Saree
• The National Handloom Awards recognised regional traditions including Kanchipuram Silk (Tamil Nadu), Ikat (Telangana), and Kani Shawls (Jammu & Kashmir).
• President Murmu also released four commemorative postage stamps on India's weaving traditions and unveiled the book Earth. Root. Thread – Aal Dyed Handloom Textiles of Central India.
• The book was compiled by the Office of the Development Commissioner for Handlooms, under the Ministry of Textiles.
• National Handloom Day is observed every year on 7 August, commemorating the Swadeshi Movement of 1905.
• Key Fact: Muga silk is a natural silk variety particularly associated with Assam, while handloom weaving is a traditional textile activity using manual looms.
SPORTS
Ariha Pangambam Wins India’s First Senior Gold in Aerobic Gymnastics
• Ariha Pangambam of Imphal, Manipur, won India’s first senior gold medal in the individual women’s category at the Aerobic Gymnastics Asian Championships 2026.
• The championship was held in Tagaytay City, Philippines, from 4–7 August 2026 under the Asian Gymnastics Union.
• Pangambam won the final with a score of 19.100, comprising 8.650 in artistry, 7.600 in execution, and 2.850 in difficulty.
• The championship featured more than 400 athletes and officials from 11 countries.
• Aerobic gymnastics is governed internationally by the Fédération Internationale de Gymnastique (FIG) and combines aerobic movements, flexibility, strength, coordination, artistry, execution, and difficulty.
• Pangambam trains under coach Yumnam Ranjan Singh and studies sports leadership at AISTS India.
• She had previously finished fourth at the 2022 and 2024 Asian Championships.
• Key Facts: The Asian Gymnastics Union governs gymnastics events in Asia, while the Gymnastics Federation of India is the national governing body for gymnastics in India.
Ashish Yadav Wins Silver at World Athletics U20 Championships 2026
• Indian athlete Ashish Yadav won the silver medal in men’s javelin throw at the World Athletics U20 Championships 2026 in Eugene, Oregon.
• He recorded his best throw of 74.09 metres on his third attempt in the final held on 7 August 2026.
• Jan-Hendrik Heymans of South Africa won gold with 80.50 metres, while Addison James of Dominica secured bronze with 73.89 metres, a national record.
• India’s other finalist, T. Dharanidharan, finished sixth with a best throw of 72.35 metres.
• Ashish Yadav became the second Indian medallist in the men’s javelin at the World Athletics U20 Championships and the first Indian silver medallist in the event.
• Neeraj Chopra had earlier won gold in the men’s javelin at the 2016 World Athletics U20 Championships.
• Key Facts: The men’s international javelin weighs 800 grams and is 2.6–2.7 metres long. The World Athletics U20 Championships was formerly known as the IAAF World Junior Championships.
• Ashish Yadav was 19 years old and competed despite a recent knee injury, stating that he was at around 80% fitness.
SCIENCE AND TECHNOLOGY
Astrobase Unveils EVEREST Rocket Engine
• Bengaluru-based Astrobase Space Technologies unveiled EVEREST on 7 August 2026, described as India’s first privately built 80-tonne-class Full-Flow Staged Combustion (FFSC) rocket engine.
• The engine uses Liquid Oxygen (LOX) and Liquid Methane and produces 800 kN (800,000 N) of thrust.
• EVEREST has a specific impulse of about 340 seconds and a throttle range of 50%–110%, making it suitable for reusable medium-lift launch vehicles.
• In the FFSC cycle, both propellants pass through preburners before entering the main combustion chamber, improving efficiency and reducing thermal stress.
• Astrobase was selected under IN-SPACe’s Technology Adoption Fund on 10 June 2026 for indigenous development of the 800 kN LOX-methane engine.
• The company conducted sub-scale hot-fire tests in September 2025 and turbopump trials in January 2026, with full-scale hot-fire testing planned for later in 2026.
• Astrobase was founded in 2024 by Devakumar Thammisetty, a former ISRO propulsion engineer, and Neeraj Khandelwal, co-founder of CoinDCX.
• Key Facts: Specific impulse measures rocket-engine efficiency; LOX means liquid oxygen; IN-SPACe regulates and promotes private space activities in India under the Department of Space.
