Current Affairs Quiz 1st and 2nd February 2026 Quiz

Exp. 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.

Exp. Finance Minister Nirmala Sitharaman Presents Ninth Budget Amid Global UncertaintiesFinance 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.

Exp. Government’s ‘Sankalp’ Mission: Driving Inclusive Growth and Empowering Every Citizen

The Government’s ‘Sankalp’ focuses on uplifting the poor, underprivileged, and disadvantaged.

Three Kartavya guiding principles:

• First Kartavya – Accelerate and sustain economic growth:
  • Enhancing productivity and competitiveness.
  • Building resilience to volatile global dynamics.
• Second Kartavya – Fulfil aspirations of our people:
  • Build people’s capacity.
  • Making citizens strong partners in India’s path to prosperity.
• Third Kartavya – Vision of Sabka Sath, Sabka Vikas:
  • Ensure every family, community, region, and sector has access to resources, amenities, and opportunities.
  • Promote meaningful participation across society.

Exp. 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.

Exp. 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.

Exp. 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.

Exp. 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.

Exp. 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.

Exp. 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.

Exp. 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.

Exp.  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

Exp. 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.

Exp. 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.

Exp. India Participates as Partner Country at Gulfood 2026 in Dubai for the First Time

India is participating as a partner country at Gulfood 2026 in Dubai for the first time in the event’s 31-year history, marking a significant milestone in global food trade engagement.

The event is led by APEDA under the Ministry of Commerce and Industry, spanning the Dubai World Trade Centre and Dubai Exhibition Centre at Expo City Dubai.

The Indian pavilion features 161 exhibitors from 25 states and regions, including exporters, farmer-producer organisations, cooperatives, startups, and state and national institutions.

Exp. 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.

Exp. ONGC and Reliance Industries Sign MoU to Share Offshore Energy Resources

ONGC and Reliance Industries Ltd (RIL) signed a resource-sharing MoU to jointly use offshore assets such as supply vessels for oil and gas exploration and production, aiming to improve efficiency.

The agreement was signed on the sidelines of India Energy Week (IEW) and seeks to speed up offshore project execution and enhance synergies, especially in adjacent fields off India’s east coast.

Exp. 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.

Exp. 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.

Exp. AIIA New Delhi Signs Landmark MoU with CAYEIT to Boost Digital Health and Ayurveda Innovation

All India Institute of Ayurveda (AIIA), New Delhi, under the Ministry of AYUSH, signed a landmark MoU with the Centre for Ayurveda Education, Innovation & Technology (CAYEIT) to strengthen digital health initiatives in Ayurveda.

The partnership focuses on advanced research, technology transfer, and innovative education models; so far, AIIA has signed 74 National and 20 International MoUs.

Exp. Former India Men’s Hockey Coach and Australian Legend Michael Nobbs Passes Away at 72

Former Australian hockey great and ex-India men’s coach Michael Nobbs passed away at the age of 72 after a prolonged illness; he coached India at the 2012 London Olympics.

Nobbs earned 76 international caps for Australia (1979–1985) and was part of the Australian squads at the 1981 Hockey World Cup in Bombay and the 1984 Los Angeles Olympics.

He took charge of the Indian men’s hockey team in 2011 after their failure to qualify for the 2008 Beijing Olympics and also served as head coach of Japan.