Current Affairs Today 3rd February 2025 Daily GK Update

Daily Current Affairs 3rd February 2025 Daily GK Update

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Budget 2025-26: At a Glance

FM Nirmala Sitharaman presented Union Budget 2025

• The Union Budget 2025-26 was presented by the Union Finance Minister Nirmala Sitharaman in the Parliament recognizing 4 engines of development- agriculture, Micro, Small and Medium Enterprises (MSME), investment and exports.
• The Union Budget 2025-26, with the theme Sabka Vikas, aims to stimulate balanced growth across all regions. In line with the Budget theme, the finance minister outlined the broad principles of Viksit Bharat.
• Six key principles of Viksit Bharat as outlined in the Union Budget 2025-26
  • Zero poverty
  • Quality education for all
  • Affordable, high-quality healthcare
  • Skilled workforce with meaningful employment
  • 70% women participation in economic activities
  • Farmers making India the ‘food basket of the world’
  • Prioritized Section under the Union Budget 2025-26-
• The Budget proposes development measures focusing on the poor (Garib), Youth, farmers (Annadata) and women (Nari). It does so while aiming to boost growth, attract private investment, uplift households, and empower the middle class.

Key reform areas as outlined in the Union Budget 2025-26

• Key reform areas include Taxation, Power, Urban Development, Mining, Financial Sector, and Regulations to enhance India’s global competitiveness.

Engines in the journey to Viksit Bharat-

• Agriculture, MSMEs, Investment, and Exports are identified as growth engines, with reforms as the driving force and inclusivity as the guiding principle.

Budget 2025-26: Prioritizes Healthcare with ₹98,311 Cr Allocation

• The healthcare sector received a total allocation of ₹98,311 crore, up by 9.8 percent from ₹89,287 crore in the previous fiscal year. The Budget prioritises expanding medical care and infrastructure.
• The government has also allocated ₹2,445 crore for PLI for the pharmaceutical industry. The sector saw a 191% increase in budgetary allocation from ₹34,286 crore in FY14-15.
• Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB PM-JAY) got an allocation of ₹9,406 crore. The government has allocated ₹4,200 crore for the Pradhan Mantri Ayushman Bharat Health Infrastructure Mission (PMABHIM).
• The government allocated ₹37,226.92 crore crore to the National Health Mission (NHM). The National Tele Mental Health Programme was allocated ₹6 crore. The Union Budget allocated ₹20,046.07 crore for autonomous bodies. The allocation for All India Institute of Medical Sciences (AIIMS), Delhi, was increased to ₹5,200 crore.
• During her Budget 2025 speech, Sitharaman said that 200 cancer centres in 2025-26. The government will facilitate the setting up of daycare cancer centres in all district hospitals in the next three years.
• 36 life-saving drugs have been exempted from Basic Customs Duty, while six others will see a reduced 5 per cent customs duty, making essential medicines more affordable.

Budget 2025-26: Surge in defence allocations to enhance armed forces

• In the Union Budget 2025-26, a record-breaking allocation of Rs 6.81 lakh crore for the Ministry of Defence (MoD) has been allocated, marking a significant increase of 9.53% over the previous financial year.
• The total allocation of Rs 6,81,210.27 crore for MoD accounts for 13.45% of the Union Budget, the highest among all ministries.
• The allocation has been distributed across several critical segments of the defence sector, focusing on modernization, self-reliance, and welfare of ex-servicemen.
• A significant portion of the budget, Rs 1.80 lakh crore (26.43% of the total MoD allocation), has been set aside for Capital Outlay. This represents a 4.65% increase from the previous fiscal year’s allocation and focuses primarily on the modernization of the Armed Forces.
• Out of this capital expenditure, Rs 1.48 lakh crore is allocated for the acquisition of advanced technologies, weapons, and platforms. Additionally, Rs 31,277 crore is designated for research and development (R&D) and infrastructure development.
• A key objective for this allocation is to drive self-reliance in defence manufacturing, with Rs 1.11 lakh crore (approximately 75% of the modernisation budget) earmarked for domestic procurement.
• Of this, Rs 27,886 crore is specifically allocated for purchases from domestic private industries. This move aims to bolster the private sector’s participation in India’s defence ecosystem, ensuring that the country reduces dependence on foreign suppliers and builds a robust indigenous defence manufacturing base.
• A 12% hike has been allocated to Defence R&D, with Rs 26,816 crore designated for funding cutting-edge projects. This is a 12.41% increase from the previous year’s allocation of Rs 23,855 crore.
• In line with the government’s push to encourage innovation and self-reliance, Rs 449.62 crore has been allocated for the iDEX scheme (Innovations for Defence Excellence), which supports start-ups in developing technologies for defence.
• The budget also reflects a substantial increase in the allocation for the Indian Coast Guard (ICG). The ICG’s Capital Budget sees a remarkable 43% increase, with an allocation of Rs 5,000 crore.
• The Border Roads Organisation (BRO), which plays a vital role in strengthening India’s border infrastructure, receives a substantial 9.74% increase, with an allocation of Rs 7,146 crore.

Budget 2025-26: No income tax for upto ₹12 lakh in new tax regime

• Finance Minister Nirmala Sitharaman announced that individuals earning up to ₹12 lakh would be exempt from income tax under the new regime.
• With the standard deduction of ₹75,000, individuals can earn up to ₹75 lakh without incurring any income tax liability.
• The new tax regime introduces revised income tax slabs:
  • Up to ₹4 lakh: No tax
  • ₹4 to ₹8 lakh: 5% tax
  • ₹8 to ₹12 lakh: 10% tax
  • ₹12 to ₹16 lakh: 15% tax
  • ₹16 to ₹20 lakh: 20% tax
  • ₹20 to ₹24 lakh: 25% tax
  • Above ₹24 lakh: 30% tax
• Tax Savings for ₹12 Lakh Income – A taxpayer earning ₹12 lakh will benefit from ₹80,000 in tax savings under the new regime.
• Tax Savings for ₹18 Lakh Income – A person earning ₹18 lakh will receive ₹70,000 in tax savings.
• Tax Savings for ₹25 Lakh Income – A taxpayer with ₹25 lakh income will get a tax benefit of ₹10 lakh.
• The revision in tax slabs is aimed at providing significant relief to taxpayers and encouraging economic growth.

Union Budget 2025-26: Railways allocation remains unchanged at ₹2.65 lakh crore

• The Budget allocation for Indian Railways for FY 2025-26 stands at ₹65 lakh crore, the same as last year’s allocation.
• The allocations for customer amenities in the Railways and investments in public sector units and joint ventures have been slashed.
• The Railway Capex stands at ₹52 lakh crore from the total ₹2.65 lakh crore allocation that include(s) Public Private Partnership investments.
• In FY 2024-25, of the allocated budget of ₹65 lakh crore, the expenditure till January 23 this year stood at ₹2.09 lakh crore (79.33%). The actual utilisation of the budget for FY 2023-24 stood at ₹2.45 lakh crore, Budget documents reveal.
• In the Union Budget 2025-26, Indian Railways (IR) has planned to redevelop more than 1300 stations during the next 4 years. These railway stations will be redeveloped under the prestigious Amrit Bharat Station Scheme (ABSS). The move will not only modernize and strengthen its infrastructure but also elevate the travel experience for millions of passengers.
• The Rail Budget 2025 includes manufacturing of:
  • 100 non-AC Amrit Bharat trains
  • 50 NAMO Bharat trains (130 kmph for city connections)
  • 200 Vande Bharat trains (Sleeper and chair car versions)
  • 17,500 general coaches, of which 1,200 have already been manufactured

Budget 2025-26: FDI limit in insurance sector raised to 100 per cent from 74 per cent

• Finance Minister Nirmala Sitharaman has announced an increase in the foreign investment limit in the insurance sector from 74% to 100%. However, this will require amendments to the Insurance Act 1938, the Life Insurance Corporation Act 1956, and the Insurance Regulatory and Development Authority Act 1999.
• This enhanced limit will be available for those companies which invest the entire premium in India.
• What does it mean?
• The move is expected to attract more players and will eventually help achieve the target of ‘Insurance for All’ by 2047. The entry of more players in the sector would not only push penetration but result in greater job creation across the country.
• Currently, there are 25 life insurance companies and 34 non-life or general insurance firms in India. These include companies like Agriculture Insurance Company of India Ltd and ECGC Ltd.

How FDI limit has been raised over time

• It was in 2015 when the Modi government hiked the foreign direct investment (FDI) cap in the insurance sector from 26 per cent to 49 per cent. Later in 2021, it was further raised to 74 per cent.
• The government earlier allowed 100 per cent foreign direct investment in insurance intermediaries

Budget 2024-25: FM Sitharaman announces National Manufacturing Mission for Furthering ‘Make in India’

• A National Manufacturing Mission to cover small, medium, and large industries for furthering ‘Make in India’ was announced by Union Minister for Finance Nirmala Sitharaman while presenting the Union Budget 2025-26 in Parliament.
• This will provide policy support, execution roadmaps, governance, and a monitoring framework for central ministries and states.
• The National Manufacturing Mission will emphasize five focal areas: ease and cost of doing business; a future-ready workforce for in-demand jobs; a vibrant and dynamic MSME sector; availability of technology; and quality products.
• The scheme is expected to facilitate employment for 22 lakh persons, generate turnover of Rs. 4 lakh crore and exports of over Rs. 1.1 lakh crore.
• The Union Minister further proposed National Action Plan for Toys to be implemented to make India a global hub for toys. The scheme will focus on development of clusters, skills, and a manufacturing ecosystem that will create high-quality, unique, innovative, and sustainable toys that will represent the ‘Made in India’ brand.

Budget 2025-26: Boost for MSMEs, classification investment cap to be hiked 2.5 times

• Finance Minister Nirmala Sitharaman paved the way for technological upgradation and better access to capital for micro, small, and medium enterprises (MSMEs) with the investment and turnover limits for classification being raised 2.5 and 2 times, respectively.
• Currently, over 1 crore registered MSMEs, employing 7.5 crore people, and generating 36 per cent of our manufacturing, have come together to position India as a global manufacturing hub. With their quality products, these MSMEs are responsible for 45 per cent of our exports.
• With this, ‘micro’ enterprises investment limit will be increased from Rs 1 crore to Rs 2.5 crore and turnover has been raised from Rs 5 crore to Rs 10 crore.
• Similarly, for ‘small’ enterprises, it is up from Rs 10 crore to Rs 25 crore in investment. In case of turnover, it is from Rs 50 crore to Rs 100 crore.
• However, for ‘medium’ enterprises, investment has been raised from Rs 50 crore to Rs 125 crore and turnover from Rs 250 crore to Rs 500 crore, respectively.
• For FY26, the MSME ministry has got Rs 23,168 crore, up from Rs 17, 306 crore, given in the revised estimates for 2025.

National News

Tata Steel becomes ‘India’s 1st’ to develop hydrogen transportation pipes

• Tata Steel has become the first Indian company to develop pipes for transporting hydrogen, contributing to India’s clean energy goals.
• The company’s hydrogen-compliant API X65 pipes were processed at Tata Steel’s Khopoli plant using steel produced at its Kalinganagar facility.
• Tata Steel managed the entire production process, from designing and manufacturing hot-rolled steel to producing the final hydrogen transportation pipes.
• India aims to produce at least 5 MMT of Green Hydrogen annually by 2030, with potential expansion to 10 MMT per year, requiring advanced transportation infrastructure like Tata Steel’s pipes.
• RBI imposes monetary penalty on Equitas Small Finance Bank Limited
• The Reserve Bank of India (RBI) has imposed penalties on Equitas Small Finance Bank and India Post Payments Bank for deficiencies in regulatory compliances.
• RBI has imposed a penalty of Rs 65 lakh on Equitas Small Finance Bank for non-compliance with certain directions on ‘Levy of Foreclosure Charges/Pre-payment Penalty on Floating Rate Term Loans’ and ‘Credit Flow to Agriculture — Collateral free agricultural loans’.
• A penalty of Rs 26.70 lakh has been imposed on India Post Payments Bank Ltd for non-compliance with certain directions on ‘Customer Service in Banks’.
• Further, a penalty of Rs 3.10 lakh has also been imposed on Aptus Finance India Pvt Ltd for contravention of certain provisions of norms related to non-banking financial company.
• The penalties are based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the entities with their customers.

Railway Ministry releases ‘SwaRail’ SuperApp for testing

• The Railway Ministry has released an application called SuperApp, a one-stop solution offering multiple public-facing services.
• The app provides easy access to services like reserved and unreserved ticket bookings, platform and parcel bookings, train inquiries, PNR inquiries, help through RailMadad and more.
• The core emphasis of the app is to enhance user experience through a seamless and clean user interface. It not only combines all services in one place but also integrates several services to provide users with a complete package of Indian Railway services.

India Adds 4 New Ramsar Sites, taking total to 89

• The Centre has announced the addition of four new Ramsar sites in India, taking the tally to 89.
• Sakkarakottai Bird Sanctuary and Therthangal Bird Sanctuary in Tamil Nadu, Khecheopalri Wetland in Sikkim, and Udhwa Lake in Jharkhand have been included in the list of Ramsar sites in the country.
• India still stands as the country with the highest number of Ramsar sites in Asia and third in the world.
• Tamil Nadu for becoming the state with the maximum number of Ramsar sites, with a tally of 20. This a special achievement for Sikkim and Jharkhand, which have added their first Ramsar sites

India to Host BRICS Youth Council Entrepreneurship Working Group Meeting in March 2025

• The Department of Youth Affairs, Ministry of Youth Affairs and Sports, Government of India will organize the BRICS Youth Council Entrepreneurship Working Group Meeting from 3rd to 7th March 2025.
• The theme of the meeting is “Youth Entrepreneurship for Sustainable Growth”.
• The meeting will be attended by around 45 youth representatives from BRICS Countries.
• At the Working Group Meeting, India will provide a platform for representatives of the BRICS Youth Council to exchange policies, programmes, and cooperation prospects in the field of entrepreneurship.
• The representatives will be given a platform to share their experiences in youth-related work and discuss cooperation in the field of entrepreneurship amongst BRICS countries.

International News

Niger becomes first African country to eliminate onchocerciasis

• Niger becomes the first African country to eliminate onchocerciasis (river blindness), as recognized by the World Health Organization (WHO).
• Onchocerciasis is a parasitic disease transmitted by black flies, primarily affecting rural populations in sub-Saharan Africa, Yemen, and parts of Latin America.
• Niger’s elimination efforts included vector control measures (spraying insecticides) and mass drug administration (MDA) using ivermectin and albendazole from 2008 to 2019.
• The prevalence of onchocerciasis in Niger dropped from approximately 60% to 0.02% after extensive control programs and medical interventions.
• Niger joins four other countries that have been verified by WHO for eliminating onchocerciasis, all in the Region of the Americas: Colombia (2013), Ecuador (2014), Guatemala (2016) and Mexico (2015).

Banking and Financial

India’s GDP Growth Projected at 6.4% for FY 2025

• India’s real GDP is estimated to grow by 6.4 percent in the financial year 2025, and the growth is likely to range between 6.3 and 6.8 percent in the financial year 2026.
• This was projected in the Economic Survey presented by the Union Finance Minister Nirmala Sitharaman in both Houses of Parliament.
• The survey highlights that the country’s GDP at constant (2011-12) prices grew by 6.7 percent in Quarter one and 5.4 percent in Quarter two of the financial year of 2025.
• Retail headline inflation, as per the Consumer Price Index, has softened from 5.4 percent in the financial year 2024 to 4.9 percent in April to December 2024.

India Post Payments Bank and PNB MetLife partner to expand life insurance access nationwide

• India Post Payments Bank (IPPB) and PNB MetLife India Insurance Company Limited (PNB MetLife) entered into a strategic bancassurance alliance to extend access to life insurance solutions for millions of individuals nationwide.
• Under the collaboration, PNB MetLife’s life insurance products, combined with IPPB’s network of 650 banking outlets and 110 million customers, will make life insurance accessible to every household in India.
• This partnership aims to help customers achieve their dreams while promoting financial inclusion across the country.
• India Post Payments Bank (IPPB) has been established under the Department of Posts, Ministry of Communication with 100 percent equity owned by Government of India

Shriram GI Unveils Shri Health Suraksha Insurance – A Comprehensive and Affordable Health Plan

• Shriram General Insurance (SGIC) has unveiled its first indemnity health insurance plan, Shri Health Suraksha Insurance, aimed at providing comprehensive coverage at an affordable premium.
• The plan covers a diverse range of treatments, including modern medical procedures and AYUSH treatments (Ayurveda, Yoga, Unani, Siddha, and Homeopathy), catering to the varied healthcare needs of individuals and families.
• With nationwide coverage, Shri Health Suraksha Insurance allows policyholders to access cashless treatments at over 13,000 network hospitals. The plan offers multiple sum-insured options, ensuring flexibility and affordability for a broad spectrum of policyholders.
• MD & CEO of Shriram General Insurance Company – Anil Aggarwal

Recent Facilities Launched in Banking & Insurance Sector

• Tata AIA Life Insurance launches ‘Shubh Muhurat’ to meet wedding expenses
• IDFC FIRST Bank launched the UPI enabled RuPay Credit Card called – FIRST EARN.
• Shriram Life Insurance launches Sunishchit Laabh savings plan
• Bank of Baroda launches ‘bob Liquid FD’ for enhanced liquidity and convenience
• IDBI Bank unveils Chiranjeevi Super Senior Citizen FD, offers 8.5% interest

RBI imposes monetary penalty on Equitas Small Finance Bank Limited

• The Reserve Bank of India (RBI) has imposed penalties on Equitas Small Finance Bank and India Post Payments Bank for deficiencies in regulatory compliances.
• RBI has imposed a penalty of Rs 65 lakh on Equitas Small Finance Bank for non-compliance with certain directions on ‘Levy of Foreclosure Charges/Pre-payment Penalty on Floating Rate Term Loans’ and ‘Credit Flow to Agriculture — Collateral free agricultural loans’.
• A penalty of Rs 26.70 lakh has been imposed on India Post Payments Bank Ltd for non-compliance with certain directions on ‘Customer Service in Banks’.
• Further, a penalty of Rs 3.10 lakh has also been imposed on Aptus Finance India Pvt Ltd for contravention of certain provisions of norms related to non-banking financial company.
• The penalties are based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the entities with their customers.

Recent Penalties imposed on Banks by RBI

• IndusInd Bank (Rs 27.3 lakh) – for non-compliance with norms.
• Manappuram Finance (Rs 20 lakh) – – for non-compliance with norms.
• RBL Bank (Rs 64 lakh) – failure to obtain an annual declaration in Form B from one of its major shareholders within the stipulated time frame of one month.
• Union Bank of India (Rs 1 crore) – Sanctioned a term loan to a corporation without conducting necessary due diligence on the viability and bankability of the projects.
• Bajaj Finance (Rs 8.5 lakh) – company’s non-compliance with the ‘Monitoring of Frauds in NBFCs Directions, 2016.

Sports 

Govt clears participation of 88-member Indian contingent at Asian Winter Games 2025

• The government has approved the participation of the Indian contingent at the 9th Asian Winter Games 2025, to be held from 7th to 14th February in Harbin, China.
• The participation of an 88-member Indian contingent, which includes 59 athletes and 29 team officials.
• For the first time, full financial support is being extended under the Assistance to National Sports Federations Scheme to athletes competing in Alpine Skiing, Cross-Country Skiing, Figure Skating, Short Track Speed Skating, and Speed Skating (Long Track).

Sachin Tendulkar received BCCI’s Lifetime Achievement Award

• Legendary former cricketer Sachin Tendulkar honoured with the BCCI’s Lifetime Achievement Award at the Board’s annual gala in Mumbai.
• Tendulkar become the 31st recipient of the prestigious award, which was instituted in 1994 in honour of India’s first cricket captain, Col. C.K. Nayudu.
• The 51-year-old Tendulkar, who played an incredible 664 international matches for India, holds the record for the highest number of Test and ODI runs in cricket history. He amassed 15,921 runs in Tests and a staggering 18,426 runs in ODIs.
• Tendulkar also holds the record for the most appearances in both formats, with 200 Test matches and 463 ODIs to his name.
• In 2023, the Lifetime Achievement Award was presented to former India head coach Ravi Shastri and wicket-keeping legend Farokh Engineer.

Recent Award

• Subhash Chandra Bose Aapda Prabandhan Puraskar 2025 – Indian National Centre for Ocean Information Services (INCOIS) (In the Institutional Category for its excellent work in Disaster Management)
• Gates-Cambridge Impact Prize 2025 – Prof Urbasi Sinha
• Singapore’ Honorary Citizen Award – Tarun Das (Former DG of Confederation of Indian Industry)
• 14th PSE Excellence Awards by ICC – Indian Renewable Energy Development Agency Limited (IREDA)
• Sri Chandrasekarendra Saraswathi’ award for leadership – External Affairs Minister S Jaishankar
• Bhutan’s royal honour – Renowned Indian educationist Arun Kapur

R Praggnanandhaa wins Tata Steel Chess Masters 2025

• In Chess, Indian Grandmaster R. Praggnanandhaa clinched the prestigious Tata Steel Masters 2025 title in a thrilling showdown, defeating reigning World Champion D. Gukesh in a nail-biting tiebreaker last night at Wijk aan Zee, Netherlands.
• This victory makes R. Praggnanandhaa the first Indian since Viswanathan Anand in 2006 to claim the prestigious title.
• The 14-player round-robin event ended dramatically, with both Gukesh and Pragg tied at 8.5 points after 13 rounds. Gukesh, unbeaten throughout the tournament, lost his final classical game to Grandmaster Arjun Erigaisi, while Pragg was defeated by Vincent Keymer in a long battle.

India Beat South Africa By 9 Wickets to Defend U-19 Women’s T20 World Cup Title

• India has defended their ICC Under-19 Women’s T20 World Cup title, beating South Africa by 9 wickets in the final match at the Bayuemas Oval in Kuala Lumpur, Malaysia.
• Gongadi Trisha’s unbeaten innings of 44 runs helped Niki Prasad led Women in Blue to chase the target of 83 runs in the 12th over. She also got Player of the Match award. Earlier, South Africa got bundled out for just 82 runs.
• Indian batter Gongadi Trisha emerged as the leading run-getter in this World Cup, scoring 309 runs and becoming Player of the Tournament. On the other hand, Vaishnavi Sharma became the highest wicket-taker with 17 wickets in 6 matches, including a hat-trick.
• India had won the title in the inaugural edition in 2023 after beating England by seven wickets in the final.

Important day

1 February – Indian Coast Guard Day

• Indian Coast Guard Day is observed annually on February 1. India celebrating the 49th Indian Coast Guard Day this year.
• It is a day to celebrate the institution that protects India’s coastlines and enforces laws in the nation’s maritime areas.
• The Indian Coast Guard Day was declared by the Indian Parliament on August 18, 1978. The Indian Coast Guard was formed on February 1, 1977, to stop the smuggling of goods by sea that hindered India’s domestic economy.
• Founded in 1977 with only 7 surface ships, it currently boasts a fleet of 78 aircraft and 158 ships.
• The ICG department is the fourth largest Coast Guard in the world, according to the Comptroller and Auditor General of India.

 

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