Daily GK Update- 2nd Feb, 2026

 

NATIONAL UPDATES:

 

1. Budget in India: Constitutional Provisions and Role of the Finance Ministry: The Budget Division of the Department of Economic Affairs, Finance Ministry is the nodal body responsible for preparing the Budget.The Budget provides insight into how the government plans to use citizens’ money, collected through direct and indirect taxes, and outlines spending priorities that affect citizens’ lives.As per Article 266, money cannot be drawn from the Consolidated Fund of India without Parliament’s approval, and Article 114(3) mandates that no withdrawal can occur without an Appropriation Bill.The Constitution refers to the Budget as the “Annual Financial Statement”, with Articles 112–117 governing its presentation, approval, and overall financial management.

 

2. Finance Minister Nirmala Sitharaman Presents Ninth Budget Amid Global Uncertainties: Finance Minister Nirmala Sitharaman presented her ninth Budget in the Lok Sabha, amid global uncertainties and a slowdown in exports.This marks the third Budget of the BJP-led NDA government during its third term in office.The Budget was framed keeping in mind economic slowdown, export challenges, and global uncertainties, aiming to sustain growth and stability.

 

3. Pillars of Growth and Development in Budget 2026: Sustaining Economic Growth- The budget boosts infrastructure and manufacturing with a record public capex of ₹12.2 lakh crore and strategic sector incentives to keep growth momentum strong.Strengthening the Foundations of Growth– Continued emphasis on robust infrastructure like high‑speed rail, city economic regions, national waterways, and freight links to build long‑term economic resilience.People‑Centric Development- Security of livelihoods, social services, and quality of life improved through expanded healthcare, skill programs, and targeted support for MSMEs and rural sectors.Trust‑Based Governance, Ease of Doing Business & Ease of Living- Simplified tax and compliance reforms, trust‑based customs and regulatory measures, and reduced friction in citizen‑centric services to improve both ease of doing business and ease of living.Fiscal Matters- The budget maintains fiscal discipline with a targeted deficit of ~4.3 % of GDP while balancing capital spending and long‑term financial stability.

 

4. Budget 2026: Sitharaman allocates Rs 10000 crore to make India biopharma hub: FM Nirmala Sitharaman proposed a ₹10,000 crore Bio Pharma Shakti programme over five years to strengthen India’s biopharmaceutical sector, including domestic manufacturing and innovation in biosimilars.Budget 2026 includes scaling up manufacturing in strategic and frontier sectors and developing city economic regions to support long-term growth.The Economic Survey projects India’s real GDP growth for 2026–27 at 6.8–7.2%, with average headline inflation at 1.7% (April–December 2025), reflecting stable medium-term growth.

 

5. New Plant Species ‘Hoya nagaensis’ Discovered in Nagaland’s Community Forests: Researchers from Nagaland University discovered a new plant species, Hoya nagaensis, in the high-altitude community forests of Nagaland, highlighting the region as a biodiversity hotspot.The species was identified through botanical surveys in remote, largely unexplored forests, emphasizing the role of community-managed forests in conservation.The study, led by Gyati Yam with colleagues Vieneite-o Koza and Joynath Pegu, was supported by the university’s Start-Up Project for Young Faculty and published in Kew Bulletin, an international plant taxonomy journal.

 

6. MoSPI Launches PAIMANA Portal for Enhanced Monitoring of Infrastructure Projects: The Ministry of Statistics and Programme Implementation (MoSPI) has operationalised a new web‑based portal called PAIMANA (Project Assessment, Infrastructure Monitoring & Analytics for Nation‑building) to strengthen the monitoring of Central Sector infrastructure projects.The portal is designed for mandated monitoring of infrastructure projects worth ₹150 crore and above, replacing the older OCMS‑2006 system and providing a more modern and efficient digital platform.PAIMANA functions as a centralised national repository for project data, offering real‑time dashboards, advanced analytics, and web‑generated reports to improve data accuracy, transparency and operational efficiency.It is integrated with the Integrated Project Monitoring Portal (IPMP/IIG‑PMG) through APIs, reducing manual entries and enabling automatic data updates across ministries, departments and implementing agencies

 

7. Andhra Pradesh to Launch Exclusive Industrial Park for Women Entrepreneurs: The Andhra Pradesh government signed an MoU with FICCI Ladies Organisation (FICCI-FLO) to establish an exclusive industrial park for women entrepreneurs in the state.The project aims to promote women-led industrial entrepreneurship, providing dedicated infrastructure and support to enhance women’s participation in the industrial sector.The MoU was signed by Industries and Commerce Minister T.G. Bharath on behalf of the state government, along with FICCI-FLO leaders, including national president Poonam Sharma, past president Ujjwala Singhania, and governing body member Mourya Boda.

 

INTERNATIONAL UPDATES:

 

1. Patna Bird Sanctuary and Chhari-Dhand in Kutch Designated as Ramsar Wetlands: Patna Bird Sanctuary in Etah (Uttar Pradesh) and Chhari-Dhand in Kutch (Gujarat) have been officially designated as Ramsar wetlands of international importance.These additions expand India’s network of Ramsar sites to 98, reflecting the country’s strong commitment to protecting wetlands and biodiversity.Chhari-Dhand becomes Gujarat’s fifth and Kutch’s first Ramsar site, while Patna Bird Sanctuary boosts Uttar Pradesh’s wetlands recognition, highlighting their ecological significance and importance for environmental conservation.

 

2. Venezuela Passes Major Oil Law Reform, Opens Doors for Foreign Companies: Venezuela’s National Assembly has approved major reforms to the country’s oil laws, allowing foreign energy companies greater operational control and reduced taxes and royalties to attract international investment, while state ownership through Petróleos de Venezuela (PDVSA) remains intact.The overhaul reverses key elements of the 2007 nationalisation era, enabling private firms to engage more directly in production, commercialization, and potentially manage revenues, thus opening the sector to foreign capital after years of strict state monopoly.

 

3. Dalai Lama Wins Grammy for ‘Meditations’ Audiobook: At the age of 90, the Tibetan spiritual leader the Dalai Lama has earned a Grammy Award, marking a rare intersection of spirituality and global popular culture. He won the award in the Best Audiobook, Narration and Storytelling Recording category for “Meditations: The Reflections of His Holiness the Dalai Lama”, a work centred on compassion, peace, and shared human responsibility. The Grammy was announced on Sunday, with American singer-songwriter Rufus Wainwright receiving the award on the Dalai Lama’s behalf. In a message shared on X, the Dalai Lama described the honour as collective rather than personal. He said the recognition reflected universal values such as peace, compassion, care for the environment, and the oneness of humanity, especially relevant to the well-being of over eight billion people worldwide.

 

OTHER UPDATES:

DEFENCE

 

1. 1 February – Indian Coast Guard Day: Indian Coast Guard Day is observed on 1st February to honour the personnel for their dedication to safeguarding India’s maritime borders and interests.

The Coast Guard’s key roles include search and rescue operations, maritime law enforcement, anti-smuggling and anti-piracy measures, and protection of marine resources.The day is marked with parades, award ceremonies, and demonstrations of capabilities, highlighting their service and commitment to national security.

 

2. Agni Pariksha Joint Exercise in Arunachal Pradesh: The Indian Army and the Indo-Tibetan Border Police (ITBP) have conducted a joint training exercise in Arunachal Pradesh, marking a significant step towards deeper inter-force operational integration. The six-day exercise, named “Agni Pariksha”, was held from January 19 to 24 at Sigar in the East Siang district and focused on enhancing combat synergy and jointmanship between the two forces. The primary aim of “Agni Pariksha” was to familiarise non-artillery personnel with artillery procedures, coordination mechanisms, and the execution of firing missions. According to the defence spokesperson, the exercise sought to break traditional role-based silos by exposing infantry and ITBP personnel to realistic artillery employment in dynamic combat situations. The exercise involved spearhead gunners from the Spear Corps training alongside infantry regiments and ITBP units. This marked the first collaborative firepower training initiative of its kind between the Indian Army’s artillery elements and ITBP personnel. Non-artillery troops were systematically trained to independently conduct multiple artillery firing drills under the close supervision of experienced gunners.

 

 

 

SPORTS

 

1. Nat Sciver-Brunt Creates History, Becomes First Batter to Score a Century in WPL: Nat Sciver-Brunt of England and Mumbai Indians created history by becoming the first batter to score a century in Women’s Premier League (WPL) history during WPL 2026 Match 16.She achieved the milestone against Royal Challengers Bengaluru (RCB) at the Kotambi Stadium, Vadodara.Earlier, the highest WPL individual scores were 99 by Georgi Voll (99 off 56 balls)* and Sophie Devine (99 off 36 balls), before Sciver-Brunt’s record-breaking knock.

 

SCIENCE AND TECHNOLOGY

 

1. DST Scientists Develop Photo-Rechargeable Supercapacitor: Indian scientists have developed a solar-powered energy storage device that can both capture and store energy within a single unit, marking a significant advance in clean and self-sustaining power technologies. The innovation is expected to reduce costs, improve efficiency and support decentralised energy solutions, particularly for portable and off-grid applications. The new technology, known as a photo-rechargeable supercapacitor, has been developed by researchers under the Department of Science and Technology. Unlike conventional solar systems that rely on separate components for energy harvesting and storage, the device integrates both functions into a single unit, thereby minimising energy losses during conversion and reducing system complexity. The device has been developed at the Centre for Nano and Soft Matter Sciences, Bengaluru, under the Ministry of Science and Technology. It uses binder-free nickel-cobalt oxide (NiCo₂O₄) nanowires uniformly grown on nickel foam through an in situ hydrothermal process. These nanowires form a highly porous and conductive three-dimensional network that efficiently absorbs sunlight while simultaneously storing electrical charge.

 

2. India AI Impact Summit 2026 to Be Largest Global AI Gathering: The India AI Impact Summit 2026, scheduled to be held in New Delhi from February 16 to 20, is set to become the largest global summit on artificial intelligence hosted to date. The event reflects growing international momentum around responsible, inclusive and impact-driven AI, with a strong focus on translating global vision into real-world implementation. The summit has already recorded over 35,000 registrations, signalling unprecedented global interest. Participants are expected from more than 100 countries, including governments, industry leaders, researchers, civil society organisations and international institutions. The event is likely to witness participation from 15 to 20 Heads of Government, over 50 Ministers, more than 40 CEOs of leading global and Indian companies, and around 500 prominent figures from the global AI ecosystem.

 

BANKING AND FINANCE

 

1. Centre’s Capital Expenditure Likely to Cross ₹12 Lakh Crore in FY27: SBI Report: Central government capital expenditure is projected to cross ₹12 lakh crore in FY27, registering about 10% year-on-year growth, according to a report by the State Bank of India (SBI).The report highlights a consistent rise in government-led capex, with Budget capital expenditure increasing from ₹2.5 lakh crore in FY16 to ₹11.2 lakh crore in FY26, reflecting strong focus on infrastructure and economic growth.Grants for creation of capital assets and CPSE spending have also increased, pushing effective capital expenditure to ₹15.5 lakh crore in FY26, indicating enhanced support for asset creation across sectors.

 

2. Slice Launches UPI-First Banking Solutions: Slice integrates savings, credit, and investments into a single UPI-first digital banking experience, designed around how Indians already transact and pay in daily life.Slice has introduced India’s first savings account linked to 100% of the RBI repo rate, offering daily interest credit, no minimum balance, instant liquidity, and transparent, market-aligned returns.The slice UPI credit card allows users to scan and pay at any UPI-enabled merchant using an approved credit limit, seamlessly embedding credit into everyday UPI transactions.

 

3. Punjab & Sind Bank Receives RBI Approval to Open Branch in GIFT City IFSC: State-owned Punjab & Sind Bank has received the Reserve Bank of India’s approval to open a branch at the IFSC in GIFT City, Gandhinagar (Gujarat).The move marks the bank’s entry into international banking and global financial services, strengthening its presence beyond domestic operations.GIFT City IFSC, India’s premier international financial hub, offers a world-class ecosystem for cross-border transactions, offshore banking, trade finance, and capital market activities.

 

AWARDS AND HONOURS

 

1. Ministry of Culture Wins Double Honour at Republic Day Parade 2026 with ‘Vande Mataram’ Tableau and Cultural Presentation: The Ministry of Culture achieved a rare double honour at the Republic Day Parade 2026, with its tableau “Vande Mataram – 150 Years Journey” winning the First Prize among Central Ministries and Departments, and its cultural presentation “Vande Mataram: The Eternal Resonance of Bharat” receiving the Special Prize.The award-winning tableau powerfully traced the 150-year evolution of Vande Mataram, portraying its transformation from a song of national awakening into a symbol of India’s freedom struggle, unity, and civilisational consciousness. The Special Prize–winning cultural presentation, curated by the Sangeet Natak Akademi with the North Zone Cultural Centre, Patiala, featured 2,500 artists from all States and Union Territories, showcasing India’s cultural diversity through classical, folk, and tribal art forms.