Current Affairs: 02.02.2026

📌 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).

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