🗞️ NATIONAL AFFAIRS

1. UNION BUDGET 2026-27 PRESENTED

   • Finance Minister Nirmala Sitharaman presented India’s Union Budget 2026-27 with fiscal deficit target of 4.3% of GDP, capital expenditure at ₹12.2 trillion, and total outlay of ₹53.47 trillion.

   • Focus on boosting domestic manufacturing, semiconductors (₹400 billion), bio-pharma (₹100 billion)and creation of green energy & startup incentives.

   • Income tax slabs unchanged; import tariffs reduced on critical sectors and cancer drugs to foster industrial growth.

   • States to receive 41% share of tax devolution for FY2026-31.

   • Emphasis on developing seven high-speed rail corridors and strengthening AI & data centre ecosystem.

2. BANKING SECTOR REFORMS & POLICY DISCUSSIONS

   • Government in talks to raise FDI cap in public sector banks from 20% to 49% to attract foreign capital and strengthen the banking ecosystem.

   • Budget announced a high-level committee to review banking structure, efficiency, and financial inclusion roadmap under Viksit Bharat vision.

3. MAJOR BANKING CHANGES – FEBRUARY 2026

   • SBI, HDFC Bank, ICICI Bank & PNB implement revised bank charges and credit card benefits from Feb 2026 impacting service costs and customer incentives.

   • SBI launched CHAKRA – Centre of Excellence to support financing for sunrise & technology-driven sectors with an estimated ₹100 trillion investment potential over 5 years.

4. RECRUITMENT & APPLICATION DEADLINES

   • UCO Bank recruitment notification for 173 officer posts closes on 02.02.2026.

   • Central Bank of India recruitment advertisement for Foreign Exchange Officer Scale-III & Marketing Officer Scale-I with 350 vacancies closing on 03.02.2026.

🌍 INTERNATIONAL AFFAIRS

1. UK-INDIA FREE TRADE AGREEMENT RECOGNISED

   • House of Lords International Agreements Committee called the UK-India Free Trade Agreement a significant achievement boosting bilateral trade and strategic cooperation.

2. GLOBAL ECONOMIC ORDER CHALLENGED

   • Former ECB President Mario Draghi warned that the current global economic order is dead, urging EU to build industrial & defence autonomy in face of institutional geopolitical pressure between US & China.

3. KEY GLOBAL ELECTION YEARS AHEAD

   • Countries including Japan (election 08.02.2026), Brazil, UK (Local polls), Colombia, Hungary expected to influence global markets and fiscal policies throughout 2026.

4. WINTER OLYMPICS 2026 – MILAN & CORTINA

   • The XXV Winter Olympics scheduled from 06 to 22 Feb 2026 in Italy with approx 2,871 athletescompeting across 116 events in eight sports.

💹 BANKING & ECONOMIC UPDATES

1. ECONOMIC PRIORITIES SET

   • Nominal GDP growth expected at 10% for 2026-27 with capital spending focused on manufacturing, infrastructure and global value chain integration.

2. REGULATORY POLICY CHANGES

   • Elevated banking reforms include enhanced capital market infrastructure support, non-banking financial company (NBFC) consolidation and technology adoption.

3. FINANCIAL SECTOR EVOLUTION

   • Policy emphasis on financial inclusion, improved credit access, governance, risk mitigation and support for sunrise & sustainability sectors.

🏆 SPORTS NEWS

1. CRICKET – PAKISTAN BOYCOTT & WORLD CUP CONTROVERSY

   • Pakistan officially announced boycott of its T20 World Cup 2026 group match against India scheduled 15.02.2026 in Colombo, citing political and security concerns. This unprecedented move has triggered potential ICC action and tournament integrity debates.

2. AUSTRALIAN CRICKET AWARDS 2025

   • At the Australian Cricket Awards (03.02.2025), Travis Head won the Allan Border Medal and Annabel Sutherland clinched the Belinda Clark Award for outstanding performances.

3. WINTER OLYMPICS 2026 – UPCOMING

   • Opening ceremony for Milano Cortina 2026 Winter Olympics set for 06.02.2026; key competitions across skiing, skating, and ice hockey to follow.

📊 EXAM-ORIENTED FACTS & FIGURES – QUICK REVISION

• Fiscal Deficit Target 2026-27: 4.3% of GDP

• Capital Expenditure: ₹12.2 trillion

• Total Budget Outlay: ₹53.47 trillion

• Foreign Direct Investment (FDI) Cap in Public Banks – Proposed: Up to 49%

• Winter Olympics Dates: 06–22 Feb 2026

• UK-India Trade Agreement Published: 03.02.2026

The post CURRENT AFFAIRS – 03.02.2026 appeared first on Daily GK Update.