Daily Current Affairs and GK updates 01/02/2026
Here is the comprehensive Current Affairs and GK brief for February 1, 2026, specifically prepared exam preparations. Today is a massive day in the Indian calendar, featuring the presentation of the Union Budget 2026-2027.
1. Union Budget 2026-2027: Key Highlights
The Union Budget for FY 2026–27, presented by Finance Minister Nirmala Sitharaman on February 1, 2026, is centered on the vision of "Viksit Bharat" (Developed India). It emphasizes fiscal prudence, a major manufacturing push, and technological sovereignty.
Below is a detailed breakdown of the key announcements and sectoral allocations.
1. Macroeconomic Framework & Fiscal Goals
The budget maintains a delicate balance between aggressive growth and fiscal consolidation.
Fiscal Deficit: Targeted at 4.3% of GDP for 2026–27 (down from 4.4% in the previous year).
Public Capex: Increased to a record ₹12.2 lakh crore (an 11.5% jump) to sustain the momentum in infrastructure.
Total Expenditure: Estimated at ₹53.5 lakh crore.
Nominal GDP Growth: Projected at 10%.
2. Taxation & Ease of Living
While there were no major changes to the basic income tax slabs, significant reforms were introduced to simplify administration:
New Income Tax Act, 2025: Set to come into effect from April 2026, replacing legacy rules with a simplified, trust-based framework.
Corporate Tax Holiday: Foreign companies procuring services from Indian data centers will receive a tax holiday until March 31, 2047.
Capital Gains & Buybacks: Share buybacks are now taxed as Capital Gains for all shareholders (promoters pay an additional buyback tax, making the effective rate 22% for corporates and 30% for non-corporates).
STT Increase: Securities Transaction Tax (STT) on futures and options was raised significantly to curb excessive speculation in derivatives.
Import Duties: Tariff rates on all dutiable goods imported for personal use were slashed from 20% to 10%. Basic customs duty on 17 essential drugs was exempted.
3. Strategic Manufacturing & Technology
The government launched "Biopharma SHAKTI" and expanded the Semiconductor Mission to secure India's place in global supply chains.
Biopharma SHAKTI: A ₹10,000 crore initiative to make India a global hub for biologics and biosimilars. It includes building three new NIPERs and 1,000+ accredited clinical trial sites.
Semiconductor Mission 2.0: Allocated ₹40,000 crore to focus on industry-led research, material production, and full-stack Indian IP.
Rare Earth Corridors: Established in Odisha, Kerala, Andhra Pradesh, and Tamil Nadu to promote integrated mining and manufacturing of permanent magnets for EVs.
Integrated Textile Programme: Launched with five sub-schemes, including the National Fibre Scheme and Samarth 2.0, to modernize traditional clusters.
4. Energy Transition & Green Growth
PM Surya Ghar (Rooftop Solar): Allocation increased to ₹22,000 crore to cover one crore households by 2027.
Carbon Capture (CCUS): A landmark ₹20,000 crore outlay for Carbon Capture, Utilisation, and Storage, targeting hard-to-abate sectors like steel and cement.
Nuclear Energy: Basic Customs Duty exemptions on nuclear equipment were extended until 2035 to support private participation in Small Modular Reactors (SMRs).
5. Agriculture, Youth & Rural Development
Rural Development: The budget for the Rural Development Ministry was increased by 21%, reaching ₹2.73 lakh crore.
Viksit Bharat G RAM G: A provision of over ₹1.51 lakh crore was made for rural employment and livelihood missions.
Champion SMEs: A dedicated ₹10,000 crore SME Growth Fund was introduced to scale up micro-enterprises.
Education: Five new University Townships will be created within industrial corridors.
2. National & Polity
49th Indian Coast Guard Day: Observed today (Feb 1). The Indian Coast Guard (ICG) is now the 4th largest coast guard in the world.
Motto: Vayam Rakshamah (We Protect).
New Induction: The ICG commissioned its first indigenously built Pollution Control Vessel (PCV), 'Samudra Prahari II'.
Sunetra Pawar’s First Cabinet Meet: Following her swearing-in as Maharashtra's first woman Deputy CM, Sunetra Pawar chaired a high-level meeting on rural women's entrepreneurship.
UCC Implementation: Following the Uttarakhand ordinance, Rajasthan and Gujarat have officially formed high-level committees to study the implementation of a Uniform Civil Code in their respective states.
International & Defence
India-Japan 'Dharma Guardian' 2026: The 7th edition of the joint military exercise between the Indian Army and the Japan Ground Self-Defense Force (JGSDF) commenced at Belagavi, Karnataka.
US-India Trade: In response to the Union Budget, US Treasury Secretary Scott Bessent noted that India’s reduction in customs duties on certain tech components is a "positive step" toward balancing trade tensions.
Myanmar Crisis: On the 5th anniversary of the military coup (Feb 1), India reiterated its stand for a "return to inclusive federal democracy" in Myanmar.
Economy & Banking
Digital Rupee (CBDC) Expansion: The RBI announced that the Digital Rupee (e₹) will now be interoperable with all major UPI QR codes across 50 lakh additional merchants by March 2026.
Fiscal Deficit Target: The Union Budget set a fiscal deficit target of 4.2% for FY 2026-2027, down from 4.5% in the previous year.
PFRDA Update: The 'NPS Swasthya' pension scheme (launched yesterday) saw over 1 lakh registrations within its first 24 hours of operation.
Sports & Science
Australian Open 2026 (Men’s Final): Carlos Alcaraz (Spain) defeated Novak Djokovic in a thrilling five-set finale at Melbourne Park, claiming his first Australian Open title.
WPL 2026: Royal Challengers Bangalore (RCB) defeated Gujarat Giants by 5 wickets. Smriti Mandhana was named Player of the Match for her quick-fire 68.
ISRO Gaganyaan Progress: ISRO successfully completed the static fire test of the human-rated solid rocket booster (HS200) at Sriharikota for the upcoming crewed mission.
Important Days (February 1)
| Day | Significance / Context |
| Indian Coast Guard Day | Commemorating the 49th anniversary of the ICG (Established 1977). |
| World Hijab Day | An international day of awareness and solidarity. |
| Budget Day (India) | The constitutional requirement for the presentation of the Annual Financial Statement. |
Static GK & Exam Snippets
Article 112: The Constitution of India refers to the Budget as the "Annual Financial Statement."
Vote on Account: Under Article 116, this allows the government to meet its essential expenditure for a part of the financial year pending the passage of the Appropriation Bill.
First Union Budget: Presented by R.K. Shanmukham Chetty on Nov 26, 1947.
Standard Deduction: A flat amount deducted from the gross salary before calculating taxable income; it does not require any proof of investment.
Indian Coast Guard: Operates under the Ministry of Defence (unlike many other countries where they fall under Home/Internal Affairs).
The "Kartavya Bhawan": Budget 2026 is historic as it is the first to be prepared and presented since the renaming/relocation of the finance corridors to the new complex.
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