📌 NATIONAL AFFAIRS
🔹 Union Budget 2026-27 (Presented on 01.02.2026)
Finance Minister: Nirmala Sitharaman presented the Union Budget 2026-27 in Parliament, marking her ninth consecutive Budget.
Fiscal Deficit Target FY 2026-27: Set at 4.3% of GDP (reduced from 4.4% in FY25-26).
Capital Expenditure: Increased to ₹12.2 lakh crore, the highest ever, accounting for 4.4% of GDP, focused on infrastructure growth.
New Income Tax Act: The Income Tax Act, 2025 will come into effect from 01.04.2026, modernising the tax regime while retaining existing slabs and standard deduction.
Market Borrowings: Gross market borrowings estimated at ₹17.2 lakh crore for FY27.
Status of Central Debt: Targeted to decline towards 55.6% of GDP.
States’ Share of Taxes: Retained at 41% of central taxes for 2026-31 period.
Sectors & Allocations:
Railways: ₹2.77 lakh crore capital allocation.
Sports: Sports goods sector received a ₹500 crore allocation, and overall youth sports budget increased by over ₹1,000 crore.
Telecom: Outlay increased to ₹73,990 crore (38% rise).
AYUSH: Budget up by 20% to ₹4,408.93 crore.
MSMEs & SMEs: ₹10,000 crore SME Growth Fund to boost small industries.
Key Initiatives:
SHE-Marts: Community retail outlets to promote women-led businesses.
Artificial Intelligence Tool: “Bharat-VISTAAR” for integrated agricultural advisory and productivity enhancement.
Duty exemptions: Customs duty waived on 17 cancer drugs and medicines for seven rare diseases; TCS reductions on certain categories.
Cloud Sector: Tax holiday extended until 2047 for foreign cloud providers operating data centres in India.
Rare Earth Corridors: To be developed across Odisha, Tamil Nadu, Andhra Pradesh, and Kerala.
Policy Focus: Infrastructure spending, manufacturing, IT, semiconductors, biopharma and rare earth minerals, balanced with fiscal discipline and growth.
(Union Budget data synthesised from official and media sources)
🔹 Environmental Conservation – Ramsar Wetlands Expansion
India added two new wetland sites to the Ramsar list ahead of World Wetlands Day (02.02.2026), enhancing its commitment to wetland conservation.
This increases India’s total count of Ramsar sites (internationally important wetlands).
(Announcement by Union Minister for Environment, Forest and Climate Change)
🔹 Important Observance – World Wetlands Day (02.02.2026)
Event: World Wetlands Day annually celebrated to raise awareness on the ecological importance of wetlands for biodiversity, climate mitigation and water security.
Significance for Indian Exams: Commonly featured in environmental studies sections of UPSC, SSC and bank exams.
🌍 INTERNATIONAL AFFAIRS
🔹 Global Economic and Trade Landscape
Several international agencies and reports continue to gauge the impact of evolving trade dynamics between major economies.
Note: Tensions in global markets, especially over tariffs and currency fluctuations, influence foreign investment and export-import trends.
🔹 International Cricket – ICC Men’s T20 World Cup 2026 Preparations
2026 ICC Men’s T20 World Cup is scheduled 07.02.2026 to 08.03.2026, jointly hosted by India and Sri Lanka.
Warm-up Matches: Taking place 02-06 February 2026, with teams preparing prior to the main tournament.
World events like the ICC T20 World Cup are frequently used in general awareness segments, especially for sports GK.
💼 ECONOMIC & BANKING AFFAIRS
🔹 Banking Sector Reforms in the Union Budget
A high-level committee to be constituted to review the Indian banking sector’s roadmap under the Viksit Bharat 2047 vision.
NBFC Overhaul: Comprehensive structural reform proposals introduced to strengthen governance and risk management frameworks.
Budget reforms aim to enhance liquidity, resilience and transparency in the financial sector.
🔹 Bank Policy & Product Changes (February 2026)
Major Indian banks including State Bank of India (SBI), HDFC Bank, ICICI Bank and Punjab National Bank (PNB) have revised charges and credit card benefits effective February 2026.
Changes affect transaction costs, reward schemes and compliance terms, impacting retail and corporate customers.
🏆 SPORTS & OTHER MAJOR UPDATES
⚾ Cricket – India vs New Zealand T20I Series
India defeated New Zealand by 46 runs in the 5th T20I at Thiruvananthapuram, closing the five-match series 4–1.
Match Score: India 271/5 (20 overs) vs New Zealand 225 all out.
Player of the Match: Ishan Kishan – scored a century (103 runs) off 43 balls.
Bowling Highlight: Arshdeep Singh took 5 wickets in the match.
The series win boosts team morale ahead of international calendar events.
🏏 ICC U-19 World Cup 2026
India U-19 team is in the Super Six stage, aiming to top Group 2 with a crucial match against Pakistan.
Points table and outcomes from these matches are significant for sports GK.
📌 IMPORTANT DAYS & EXAM GEMS (FEBRUARY 2026)
01 February: Indian Coast Guard Day; Union Budget Presentation.
02 February: World Wetlands Day (exam-relevant for environmental awareness).
