Current Affairs – 29.01.2026

Global & International Affairs

1. 56th World Economic Forum concluded in Davos (19–23 Jan 2026)

   • Annual global economic summit held at Davos, Switzerland, focused on global growth, innovation, sustainability, and cooperation.

   • Major discussions involved geopolitical tensions, trade, climate finance, and technological governance.

   • Key world leaders and business chiefs participated to shape policy responses for global challenges.

2. India-EU Free Trade Agreement (FTA) finalised

   • India and the European Union concluded a landmark FTA to progressively reduce tariffs between India and EU member countries.

   • Trade pact anticipated to expand access for Indian goods (textiles, pharmaceuticals, engineering products) into the EU market, and vice-versa for European goods into India.

   • EU represents a significant share of global GDP, marking this pact as strategically important for Indian exports.

3. Australia Republic Day social media controversy (26 Jan)

   • New South Wales Premier publicly wished “Happy India Republic Day” on India’s national holiday.

   • This drew mixed reactions domestically in Australia for overshadowing Australia Day celebrations, reflecting sensitivities in multicultural polity and diaspora engagements.

National Affairs – India

4. Plane crash kills Maharashtra Deputy CM Ajit Pawar (28 Jan 2026)

   • A Learjet 45 crashed near Baramati Airport, Maharashtra, killing five including Deputy CM Ajit Pawar.

   • State declared three days of mourning; banks and many public services were closed on 29 Jan 2026 as part of this observance.

5. Budget 2026 preparation and reforms focus

   • India’s Union Budget scheduled for 1 February 2026, expected to prioritise structural reforms, infrastructure spending, and measures for financial stability.

   • Possible reforms include foreign investment easing, bank consolidation, and debt-to-GDP ratio improvements ahead of fiscal projections.

6. Gujarat Government financial support scheme

   • Gujarat launched Namo Laxmi Scheme with ₹1,250 crore support for academic year 2025-26 to aid girls’ education.

   • The scheme benefits over 12 lakh girls in secondary and higher secondary education with up to ₹50,000during four years to reduce dropouts due to financial constraints.

7. India-EU FTA: Trade impact & export prospects

   • Duty-free or reduced-duty access expected to benefit Indian exports like textiles, apparels, pharmaceuticals, automotive components into EU market.

   • Import sectors in India like machinery and high-end industrial goods also expected to benefit from reciprocal tariff reductions.

Economy & Banking

8. Bank Holiday in Maharashtra – 29 Jan 2026

   • Banks remained closed in Maharashtra due to official mourning following the demise of Deputy CM Ajit Pawar.

   • RBI’s scheduled bank holiday list did not originally include 29 Jan 2026, but closures were due to government notification.

9. Treasury Bills & Government Borrowing Program

   • Government finalized Q4 Treasury Bill borrowing programme in consultation with RBI.

   • Treasury bills (T-Bills) are zero-coupon money market instruments issued at a discount and redeemed at face value on maturity.

10. RBI Banking Sector Assessment Highlights (FY25)

• Commercial banks’ aggregate GNPA ratio declined to multi-decadal lows, reflecting asset quality improvement.

• Scheduled Commercial Banks recorded increased combined net profits, though growth pace varied compared to previous fiscal year.

National & International Days (Exam Important)

11. 29 January – Indian Newspaper Day

• Observed annually to celebrate the role of newspapers in informing the public and fostering democratic discourse.

12. Other notable January observances

• 26 January – Republic Day of India, celebrated with national parade, and International Customs Day.

• 30 January – Martyrs’ Day / Shaheed Diwas & World Leprosy Day (upcoming).

Science & Environment

13. Polar vortex driven winter storm in USA

• Major winter storm affected 17 US states, impacting millions with heavy snowfall and cold conditions, valuable for geography and environment segments of competitive exams.

14. New species discovered in India

• New mushroom species and plant species (e.g., Hoya nagaensis) identified in Uttarakhand, contributing to biodiversity knowledge.

Sports & Events

15. 2026 ICC Men’s T20 World Cup – Scheduled (7 Feb to 8 Mar 2026)

• 10th edition of the ICC Men’s T20 World Cup to be co-hosted by India and Sri Lanka.

• 20 teams, 55 matches planned across multiple venues in both host countries.

16. 17th Bengaluru International Film Festival (29 Jan to 6 Feb 2026)

• Festival themed “Woman: As She Is” inaugurated to showcase ~225 films from nearly 70 countries, focusing on women in cinema.

• Organized at Cinepolis, Lulu Mall, Bengaluru with workshops and cultural sessions.

Summits & Diplomatic Relations

17. World Economic Forum 2026 outcomes

• Priorities discussed: global cooperation, climate-aligned finance, equitable growth, innovation governance.

• High-level debates on geopolitical stability and emerging trade blocks likely shaping policy directions in 2026 economic landscape.

Awards, Appointments & Government Initiatives

18. Government scheme and education push

• Gujarat’s educational financial support scheme implemented under state leadership targeted at reducing gender gap in education outcomes.

19. Budget & financial architecture reforms

• Reforms in fiscal policies, banking regulations and stronger foreign investment regime anticipated in upcoming Union Budget session.

Key Figures & Data for Quick Revision

• ₹1,250 crore – Gujarat support scheme fund allocation.

• 12 lakh+ girls – Beneficiaries of Namo Laxmi Scheme.

• 29 Jan 2026 – Indian Newspaper Day.

• 7 Feb to 8 Mar 2026 – Dates of ICC Men’s T20 World Cup.

• ~225 films from ~70 countries – Bengaluru International Film Festival.

• Q4 T-Bill programme – India’s government borrowing plan in consultation with RBI.