NATIONAL UPDATES:
1. Budget 2025-26: Fiscal Deficit for FY26 estimated at 4.4% of GDP: Finance Minister Nirmala Sitharaman pegged fiscal deficit, the difference between expenditure and income, to 4.4 per cent of GDP (gross domestic product) for fiscal year 2025-26.The fiscal deficit target has been set at 4.4 per cent of GDP, down from 4.8 per cent in the previous year’s revised estimates, as the government moves forward with fiscal consolidation plans.Under the revised Fiscal Responsibility and Budget Management (FRBM) Act 2003, the government is mandated to reduce the fiscal deficit below 4.5 per cent by FY26.To finance the fiscal deficit, the net market borrowings from dated securities are estimated at ₹54 lakh crore.India’s Union Budget for FY26 has set total government expenditure at ₹65 trillion, marking an increase from ₹47.16 trillion in the revised estimates for 2024-25.
2. Budget 2025-26: ₹8,900 crore additional allocation for residential rooftop solar: The Budget 2025-26 makes an allocation of ₹20,000 crore, under ‘revenue expenditure’ for the PM Surya Garh Muft Bijli Yojana (PMSGMBY) — a scheme that provides incentives for setting up small-scale rooftop solar plants on residential roofs.This is a huge jump from the ₹6,250 crore allocation made in the Budget for 2024-25, which stood increased to ₹11,100 crore in the revised estimates for the year. The near doubling of revised estimates over the budgeted amount for 2024-25 indicates the scheme took off quite well.As such, the government has once again increased the allocations to the scheme this year, by 80 per cent over the revised estimates for last year.The PMSGMBY was launched in February 2024 with a 4-year outlay of ₹75,021 crore, with a view to engendering 10 million small-size residential rooftop installations. As of December 2024, about 700,000 installations have been completed.
3. Budget 2025-26: New Makhana Board and Food Institute to be opened in Bihar: Union Finance Minister Nirmala Sitharaman has announced, a special Makhana Board will be established in Bihar to enhance the production, marketing, and value addition of Makhana.Farmers engaged in Makhana cultivation will be categorized as Follow-On Public Offers (FPOs) and receive training and support.The Board will ensure that Makhana farmers benefit from government schemes and receive necessary assistance.A National Institute of Food Technology, Processing, and Innovation will also be established in Bihar to promote the food sector.This initiative aims to increase farmers’ income, promote value addition, and create skilling and employment opportunities in eastern India.
4. Budget 2025: Govt Launches ‘Mission for Aatmanirbharta in Pulses’ to Increase Production and Farmers’ Income: The Union budget 2025-26 has proposed Aatmanirbharta or self-sufficiency in pulses and the farmers of Rajasthan are seeing a silver lining in this as special attention would be given to the production of Tur, Urad and Masoor.The government will now launch a 6-year ‘Mission for Aatmanirbharta in Pulses’ with a special focus on Tur, Urad and Masoor. Central agencies (NAFED and NCCF) will be ready to procure these 3 pulses, as much as offered during the next 4 years from farmers who register with these agencies and enter into agreements.The pulse-producing farmers of Rajasthan will be directly benefited by this scheme. Lentils are produced in large quantities in Western Rajasthan and Kota. It is cultivated in about 38 lakh hectares in the entire state, which makes this region prominent in pulse yield.
5. DGCA imposes Rs 30 lakh penalty on Air India for regulatory norms violation: Aviation safety regulator DGCA has imposed a penalty of Rs 30 lakh on Tata Group-owned Air India for allegedly allowing one of its pilots to operate a flight without complying with certain regulatory requirements.The order to slap penalty came after the response of a show-cause notice to Air India’s head of operations and head of rostering, among other executives, on December 13, 2024 was found “unsatisfactory.”
INTERNATIONAL UPDATES:
1. 2 February – World Wetlands Day: World Wetlands Day is observed annually on February 2 to raise awareness about the vital role of wetlands in sustaining biodiversity and supporting human well-being.Theme 2025 – Protecting Wetlands for Our Common FutureThe day marks the signing of the Ramsar Convention on Wetlands in 1971, a key international treaty aimed at conserving wetlands globally.
2. UK-EU Relations Post-Brexit: Recently, UK Prime Minister Sir Keir Starmer is making progress in reshaping the relationship between the United Kingdom and the European Union. His recent visit to Brussels marks the first time a British prime minister has engaged with EU leaders since Brexit. This visit aims to enhance cooperation in defence, security, crime, and trade amidst geopolitical challenges, including the ongoing war in Ukraine and the return of Donald Trump to the White House. Starmer’s government aims to establish a “reset” with the EU. The focus is on creating a better relationship without rejoining the single market or customs union. The government is under pressure from various political factions. Conservative leaders accuse Labour of attempting to re-enter the EU, while others call for more extensive negotiations.
OTHER UPDATES:
DEFENCE
1. India-Maldives Joint Military Exercise ‘Ekuverin’ Begins: The 13th edition of joint military exercise ‘Ekuverin’ between the Indian Army and the Maldives National Defence Force has commenced in the archipelago nation.In 2023, it was conducted at Chaubatia in Uttarakhand from June 11 to 24.Ekuverin meaning ‘Friends’ in Dhivehi language.Indian Army and the Indian Air Force conducted a major military exercise, Exercise Devil Strike18th edition of Exercise Surya Kiran between India and Nepal Military – Saljhandi, NepalNaval Exercise SLINEX 2024 between Sri Lanka and India- VisakhapatnamJoint Military Exercise Harimau Shakti 2024 between India and Malaysia – Bentong camp, Pahang district, Malaysia.1st edition of Joint Tabletop Exercise, CINBAX between India and Cambodia – Foreign Training Node, Pune, Maharashtra.
SPORTS
1. Shrachi Rarh Bengal Tigers win men’s Hockey India League 2024-25 Title: Shrachi Rarh Bengal Tigers won the 6th Men’s Hockey India League 2024-25 title, beating Hyderabad Toofans 4-3 in a tense final at a packed Birsa Munda International Hockey Stadium in Rourkela.Odisha.This was the first title win for the Shrachi Rarh Bengal Tigers, winning them a prize of Rs 3 crore. The runners-up Hyderabad Toofan won Rs 2 crore as prize money.Earlier, the Odisha Warriors won the first edition of the Women’s Hockey India League 2024-25 title by defeating Soorma Hockey Club 2-1 in the final.
SCIENCE AND TECHNOLOGY
1. Maharashtra to establish country’s first Artificial Intelligence university: Maharashtra will establish the first Artificial Intelligence (AI) university in the country and a task force has been formed for the planning and implementation of the project.The task force includes experts from the academia, industry and government. The task force will be chaired by the Information Technology department’s principal secretary.The university will promote research and development in AI and related fields and will be a centre of excellence, encouraging collaboration between the industry, academia and government.It includes directors of the IIT Mumbai and IIM Mumbai, representatives from organisations like Google India, Mahindra Group, and L&T, and officials from the Ministry of Electronics and Information Technology, Government of India.Experts from the Rajiv Gandhi Science and Technology Commission and the Data Security Council of India are also part of the task force.
BANKING AND FINANCE
1. UPI volume scales new peak of 16.99 billion in January: NPCI data: Unified Payments Interface (UPI) transactions saw a marginal 6 per cent month-on-month increase in volume to 16.99 billion in January, up from 16.73 billion in December 2024. This was a new record in terms of volume, since the digital system became operational in April 2016.In November, the volume was seen at 15.48 billion. On the other hand, the value also increased by 1 per cent to Rs 23.48 trillion, up from Rs 23.25 trillion in December. This was seen at Rs 21.55 trillion in November, and Rs 23.5 trillion in October, the highest so far in terms of value, said data from the National Payments Corporation of India (NPCI).January saw a 39 per cent rise in volume, and 28 per cent value, compared to the same month last financial year. The average daily transactions during the month were 548 million, translating to around Rs 75,743 crore.
2. GST collections in January at Rs 1.96 lakh crore: Goods and Services Tax (GST) collections for the month of January touched Rs 1.96 lakh crore, an increase of 12.3% year-on-year basis.For the previous month, India’s GST collections rose 7.3% to Rs 1.77 lakh crore in December compared to the previous year. This growth slowed from an 8.5% increase in November.Central GST collections stood at Rs 36,100 crore while states were at Rs 44,900 crore. Additionally, for this month, integrated GST collections remained at Rs 1.01 lakh crore. Furthermore, GST cess collections was reported at Rs 13,400 crores.
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