Current Affairs Quiz 4th February 2026 Quiz

Exp. Budget Allocation: ₹95,692 Crore for VB-G RAM G, ₹30,000 Crore for MGNREGA

The Union Government has allocated ₹95,692.31 crore for the newly introduced Viksit Bharat–Guarantee for Rozgar Aajeevika Mission (Grameen) [VB-G RAM G] scheme in the Budget 2026.

The MGNREGA has been allotted ₹30,000 crore, and the scheme will continue during the transition period until the new employment programme is fully implemented and pending works are completed.

The VB-G RAM G scheme aims to provide 125 days of assured employment per year and will eventually replace the two-decade-old MGNREGA, enacted under the MGNREGA Act, 2005.

Overall, the total budget allocation for the Department of Rural Development has been fixed at ₹1,94,368.81 crore, reflecting a strong focus on rural employment and livelihoods.

Exp. Union Budget 2026–27: Government Unveils Major Banking and Financial Sector Reforms for Viksit Bharat

Union Budget 2026–27 proposes the creation of a high-level committee on Banking for Viksit Bharat to review banks and NBFCs and align the financial sector with India’s next phase of economic growth.

The committee will focus on financial stability, inclusion, consumer protection, and reforms to improve efficiency and preparedness, building on the sector’s strong balance sheets and 98% village-level banking coverage.

The government has proposed restructuring Power Finance Corporation (PFC) and Rural Electrification Corporation (REC) to enhance scale, operational efficiency, and support infrastructure and energy sector financing.

A comprehensive review of FEMA rules for non-debt instruments has been announced to simplify procedures, modernise the framework, and attract greater foreign investment inflows.

Exp. India’s Economy Set for Strong Growth in FY26–FY27; GDP, Exports and Fiscal Health Show Resilience

India’s real GDP is projected to grow by 7.4% in FY 2025–26, while nominal GDP growth is estimated at 8%, as per the Macroeconomic Framework Statement presented with the Union Budget 2026–27.

Nominal GDP growth is further projected at 10% in FY 2026–27, reflecting sustained strength in domestic demand, private investment, and structural reforms, according to estimates presented by Finance Minister Nirmala Sitharaman.

The services sector remains the main growth engine, expanding by 9.1% in FY26, while manufacturing and construction are expected to grow by 7%, and agriculture by 3.1%.

Total exports of goods and services touched USD 825.3 billion in FY25; during April–December 2025, merchandise exports grew by 2.4% and services exports by 6.5%, despite global trade uncertainties.

Gross FDI inflows stood at USD 81 billion in FY25, with FY26 recording the highest inflows in the first seven months of any financial year, indicating strong investor confidence.

The current account deficit (CAD) narrowed to 0.8% of GDP in H1 FY26, compared to 1.3% in the same period of FY25, highlighting improved external sector stability.

The Union Budget continues fiscal consolidation, targeting a fiscal deficit of 4.3% of GDP in FY27; central government debt is projected to decline to 55.6% of GDP, from 56.1% in FY26.

For FY27, gross tax revenue is estimated at ₹44.04 lakh crore (11.2% of GDP), with direct taxes contributing over 61%, while total expenditure is projected at ₹53.47 lakh crore, including ₹12.22 lakh crore capital expenditure and ₹16.56 lakh crore transfers to states.

Exp. Union Budget 2026–27 Boosts Electronics & IT Sector with ISM 2.0, Tax Certainty and Data Centre Incentives

The Union Budget 2026–27 announced the launch of India Semiconductor Mission (ISM) 2.0 with an outlay of ₹1,000 crore, focusing on semiconductor equipment and materials, full-stack Indian IP design, supply-chain strengthening, and industry-led R&D and skill development.

To boost electronics manufacturing, the Budget proposes increasing the outlay for the Electronics Components Manufacturing Scheme (ECMS) to ₹40,000 crore, after the scheme attracted investment commitments at more than double its initial target since its launch in April 2025.

For providing tax certainty to the IT and ITeS sector, new safe harbour provisions have been introduced, clubbing software development, IT-enabled services, KPO and contract R&D under a single category of ‘Information Technology Services’ with a 15.5% margin and raising the threshold from ₹300 crore to ₹2,000 crore.

The Budget supports digital infrastructure and services growth by proposing a tax holiday till 2047 for foreign cloud service providers using data centres in India, a 15% safe harbour margin for related-party data centre services, and the creation of a High-Powered ‘Education to Employment and Enterprise’ Standing Committee to address future skills and AI-led job impacts.

Exp. Union Budget 2026–27: Defence Gets Record ₹7.85 Lakh Crore Boost to Strengthen Military Preparedness and Self-Reliance

The Ministry of Defence has received a record-high allocation of ₹7.85 lakh crore in the Union Budget 2026–27, marking an increase of over 15% from FY 2025–26, accounting for 14.67% of total Central Government expenditure and around 2% of GDP.

A major thrust has been given to capital expenditure, with a record ₹2.19 lakh crore allocated under the capital head, including ₹1.85 lakh crore for capital acquisition to procure next-generation fighter aircraft, ships, submarines, UAVs, drones, smart weapons and other advanced platforms.

Reinforcing Atmanirbhar Bharat in defence, about ₹1.39 lakh crore (nearly 75%) of the capital acquisition budget has been earmarked for procurement from domestic industries, boosting indigenous manufacturing, private sector participation and defence supply chains.

The Budget provides ₹3.65 lakh crore for revenue expenditure, up by over 17%, with ₹1.58 lakh crore dedicated to operational readiness, spares, ammunition, maintenance of platforms, and the remaining amount for pay and allowances of defence personnel.

Additional focus areas include enhanced allocations for border infrastructure (₹7,394 crore for BRO), ex-servicemen welfare (₹12,100 crore for ECHS), R&D (₹29,100 crore for DRDO), and defence pensions (₹1.71 lakh crore), strengthening overall military capability and welfare support.

Exp. SBI Launches Global Trade Finance Centre in Kolkata to Boost Trade and Global Banking

State Bank of India (SBI) has strengthened its trade finance and global banking operations by launching a Global Trade Finance Centre (GTFC) in Kolkata, West Bengal.

The GTFC is a centralised hub for handling inland trade and import-export transactions, helping reduce processing time and improve efficiency.

SBI had announced two specialised GTFCs in July 2025, at Kolkata and Hyderabad, to mark its 70th anniversary.

Exp. Gross GST Collections Reach ₹1.93 Lakh Crore in January 2026

Gross GST collections in January 2026 rose 6.2% to a three-month high of over ₹1.93 lakh crore, indicating that increased consumption offset the rate cuts implemented in September 2025.

Net GST revenues grew 7.6% to ₹1.71 lakh crore, as refunds fell 3.1% to ₹22,665 crore, with domestic transaction collections at ₹1.41 lakh crore and import revenues at ₹52,253 crore.

GST rate changes included cuts on about 375 items, merger of four slabs (5, 12, 18, 28%) into two slabs of 5% and 18%, and a highest 40% slab for ultra-luxury goods and tobacco, which initially led to a dip in collections in November but recovery by January.

GST Collection of Previous Months

• September 2025 – 1.89 lakh crore
• October 2025 – 1.96 lakh crore
• November 2025 – 1.70 lakh crore
• December 2025 – 1.75 lakh crore

Exp. Centre Accepts 16th Finance Commission Recommendation, Allocates ₹1.4 Lakh Crore to States in FY 2026-27

The Sixteenth Finance Commission (16th FC) recommended that the Central Government retain the 41% share of tax devolution to the States, and the Centre has accepted this recommendation.

Finance Minister Nirmala Sitharaman, in her Budget 2026 speech, announced that ₹1.4 lakh crore will be provided to States for FY 2026-27 as Finance Commission Grants.

The grants include allocations for Rural and Urban Local Bodies as well as Disaster Management, ensuring support for state-level governance and development.

Exp. UPI Transactions Hit Record ₹28.33 Lakh Crore in January 2026

UPI transactions in January 2026 reached a record ₹28.33 lakh crore in value and 21.70 billion in volume, according to NPCI data, marking strong digital payment adoption in India.

Compared to December 2025 (₹27.97 lakh crore), UPI showed a month-on-month growth of 21% in value, with an average daily transaction of 700 million and an average daily value of ₹91,4033 crore.

Exp. India, World Bank Launch Country Partnership Framework to Boost Jobs and Economic Growth

India and the World Bank Group have launched a new Country Partnership Framework to accelerate job creation and economic growth, starting January 2026.

The partnership will provide USD 8–10 billion in financing annually for the next five years, supporting initiatives in both urban and rural areas for inclusive development.

The framework aligns with India’s long-term vision of becoming a developed nation by 2047 (Viksit Bharat), promoting balanced and sustainable economic growth.

Exp. Indian Army and ITBP Conduct “Agni Pariksha” Joint Exercise in Arunachal Pradesh to Boost Combat Synergy

The Indian Army and ITBP conducted a six-day joint training exercise “Agni Pariksha” in Arunachal Pradesh at Sigar, East Siang district, aimed at strengthening inter-force operational integration.

The exercise focused on enhancing combat synergy and jointmanship, ensuring better coordination between Army and ITBP personnel during operations.

Exp. 4 February – World Cancer Day

World Cancer Day is observed every year on 4 February to raise global awareness about cancer, promote prevention, early detection, and encourage collective action to reduce cancer-related deaths.

Theme 2026 – United by Unique

The day is led by the Union for International Cancer Control (UICC) and unites governments, health organizations, NGOs, and individuals worldwide under a common goal of fighting cancer.

Exp. Government Raises Duty-Free Baggage Limit to ₹75,000 Under New Baggage Rules, 2026

The government has increased the duty-free allowance for passengers arriving in India by air from ₹50,000 to ₹75,000 under the newly notified Baggage Rules, 2026, effective from February 2.

Under the new rules, foreign tourists can bring duty-free goods worth up to ₹25,000, raised from ₹15,000 earlier, while the 2026 rules replace the decade-old Baggage Rules, 2016.

For Indian residents or tourists of Indian origin returning after over one year abroad, duty-free jewellery limits have been set at 40 grams for female passengers and 20 grams for others, covering gold, silver, platinum, and other precious metals.

Exp. PM Modi Renames Adampur Airport as Sri Guru Ravidas Ji Airport

Prime Minister Narendra Modi renamed Adampur Airport in Jalandhar district, Punjab, as Sri Guru Ravidas Ji Airport on the occasion of Ravidas Jayanti, marking the 649th birth anniversary of Guru Ravidas.

The Prime Minister also virtually inaugurated the civil terminal building at Halwara Airport in Ludhiana district, strengthening civil aviation infrastructure in Punjab.

About Punjab

• Capital – Chandigarh
• Chief Minister – Bhagwant Mann
• Governor – Gulab Chand Kataria

Exp. MP to Introduce ‘Garbh Sanskar’ in All Universities, Special Rooms Planned in Government Hospitals

Madhya Pradesh Chief Minister Mohan Yadav has announced that “Garbh Sanskar” (education in the womb) will be taught in all universities across the State, and dedicated Garbh Sanskar rooms will be set up in government hospitals.

Garbh Sanskar means education and nurturing of the child while it is still in the mother’s womb.

About Madhya Pradesh

• Capital – Bhopal
• Chief Minister – Dr Mohan Yadav
• Deputy CM – Jagdish Devda & Rajendra Shukla
• Governor – Mangubhai C. Patel