Table of Contents
Daily Current Affairs 3rd February 2026 Daily GK Update
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Budget 2026-27: In a Glimpse
Budget 2026–27: FM Proposes Rare Earth Corridors, ₹40,000 Crore for Electronics, and Semiconductor Mission 2.0
- FM Nirmala Sitharaman proposed support for Odisha, Kerala, Andhra Pradesh, and Tamil Nadu to establish dedicated rare earth corridors, aiming to strengthen domestic processing and manufacturing capacity.
- The Rare Earth Permanent Magnets scheme, with a ₹7,280 crore outlay, targets production of 6,000 metric tonnes per annum, covering the full value chain from rare earth oxides to finished magnets.
- An allocation of ₹40,000 crore is proposed for electronics components manufacturing, and the government plans to launch Semiconductor Mission 2.0 to expand equipment, materials, IP development, and supply chain capabilities.
Budget 2026: Sitharaman outlines six key interventions to sustain growth
- Union Finance Minister Nirmala Sitharaman has proposed targeted interventions across six key areas to accelerate and sustain India’s economic growth.
- Under the first Kartavya—accelerating and sustaining economic growth—the government has identified six priority areas for focused interventions aimed at strengthening the economic foundation and supporting long-term growth.
- The first area involves scaling up manufacturing in seven strategic and frontier sectors to strengthen India’s manufacturing capabilities and improve its position in critical segments of the economy.
- The second intervention focuses on rejuvenating legacy industrial sectors. Sitharaman said reviving traditional industries is necessary to sustain growth, preserve employment, and support regions dependent on these sectors.
- The third area targets the creation of champion micro, small and medium enterprises (MSMEs). The Finance Minister said MSMEs play a vital role in economic activity and employment, and their growth is essential for overall economic stability.
- The fourth intervention centres on delivering a strong push for infrastructure development, which she described as a key pillar for economic expansion, supporting both immediate economic activity and long-term productivity.
- The fifth area focuses on ensuring long-term security and stability, which the Finance Minister said is crucial for sustaining growth and building confidence across the economy.
- The sixth and final intervention involves the development of city economic regions, which Sitharaman said will play an important role in driving economic activity and supporting growth across urban centres.
Budget 2026: FM Sitharaman Proposes Five Regional Medical Hubs and Expansion of Ayurveda & Allied Health Sector
- FM Nirmala Sitharaman proposed the creation of five regional medical hubs to promote medical value tourism, featuring Ayush centres, diagnostics, and post-care rehabilitation facilities.
- Three new All India Institutes of Ayurveda will be set up to meet global demand, boost exports of quality Ayurveda products, and support farmers growing medicinal herbs.
- Plans include upgrading Ayush pharmacies, drug testing labs, and the WHO Traditional Medicine Centre in Jamnagar to strengthen evidence-based research on traditional medicine.
- New institutions for allied health professionals will cover 10 disciplines, aiming to add 1 lakh skilled professionals in the next five years, enhancing capacity in both public and private sectors.
Union Budget: FM Sitharaman proposes seven high-speed rail corridors, freight links, new waterways push
- Union Budget 2026–27, driven by “Yuvashakti” and based on “three Kartavyas”, proposes seven high-speed rail corridors to promote fast, clean, and sustainable passenger transport across major economic and urban centres.
- The seven high-speed rail routes include Mumbai–Pune, Pune–Hyderabad, Hyderabad–Bengaluru, Hyderabad–Chennai, Chennai–Bengaluru, Delhi–Varanasi, and Varanasi–Siliguri, acting as growth connectors and reducing travel time and emissions.
- To boost eco-tourism, the Budget proposes sustainable trekking and hiking trails in Himachal Pradesh, Uttarakhand, Jammu & Kashmir, Araku Valley (Eastern Ghats), Pudigai Malai (Western Ghats), along with wildlife trails like turtle trails and bird-watching trails.
- The government announced new dedicated freight corridors connecting Dangkuni (West Bengal) to Surat and the operationalisation of 20 national waterways over the next five years to promote energy-efficient and cost-effective cargo movement.
Union Budget 2026–27: Fiscal Deficit Pegged at 4.3% of GDP
- Fiscal deficit for 2026–27 has been pegged at 4.3% of GDP, lower than the 4.4% target for 2025–26, indicating continued fiscal consolidation and controlled government borrowings.
- The Union Budget 2026–27 presents a comprehensive economic roadmap focused on strengthening Atmanirbharta (self-reliance) while maintaining strong integration with global markets.
Union Budget 2026–27: ₹20,000 Crore Allocated for CCUS Technologies to Drive India’s Net-Zero Goals
- Union Budget 2026–27 allocates ₹20,000 crore over five years for Carbon Capture, Utilisation and Storage (CCUS) technologies to support India’s net-zero and climate commitments.
- The funding will accelerate CCUS deployment in hard-to-abate sectors such as power, steel, cement, refineries and chemicals, which are major contributors to greenhouse gas emissions.
- The initiative aligns with India’s CCUS Roadmap 2025, focusing on technology scaling, pilot projects, CO₂ transport and storage infrastructure, and reducing dependence on imported technologies.
- The move is expected to help Indian exporters remain competitive amid global climate regulations like the EU’s Carbon Border Adjustment Mechanism (CBAM), while also encouraging private investment, indigenisation and green jobs
National News
Fifth Rusoma Orange Festival Kicks Off in Nagaland
- The 5th Rusoma Orange Festival has begun at Rusoma village, Kohima in Nagaland.
- The two-day festival is organised under the theme “Abundance of Rüsoma”, highlighting horticulture-led rural prosperity.
- The event aims to promote village welfare, rural entrepreneurship, and recognise the efforts of local orange growers.
Andhra Pradesh to establish exclusive women industrial park
- Andhra Pradesh government signed a memorandum of understanding (MoU) with FICCI Ladies Organisation (FICCI-FLO) to establish an exclusive 30-acre industrial park for women entrepreneurs, aiming to promote women-led industrial entrepreneurship in the State.
- The agreement involves FICCI-FLO mobilising and mentoring women entrepreneurs, while Andhra Pradesh Industrial Infrastructure Corporation (APIIC) will provide infrastructure, approvals, and statutory support, ensuring seamless development and operation of the park.
- The initiative supports Chief Minister N. Chandrababu Naidu’s “One Family, One Entrepreneur” vision and complements the plan to develop 175 MSME parks across Andhra Pradesh, focusing on enterprise creation, employment generation, and economic independence for women.
Gujarat Launches Mukhyamantri Gramotthan Yojana to Provide Urban-Level Facilities in Villages
- Gujarat Chief Minister Bhupendra Patel launched the state-wide Mukhyamantri Gramotthan Yojana from Bhadran in Anand district, aiming to provide urban-equivalent facilities in rural areas and promote inclusive development.
- In the first phase, 114 villages functioning as Taluka headquarters will be upgraded with modern infrastructure such as quality road networks, underground drainage systems, solar street lights, and digital e-Gram services.
- Strengthening Rural Infrastructure: The Chief Minister also laid the foundation stone for 2,666 Gram Panchayat Ghar-cum-Talati Awas buildings at a cost of ₹663 crore and announced that the scheme will be expanded to villages with a population above 10,000 to bridge the rural–urban development gap.
About Gujarat
- Capital- Gandhinagar
- Chief Minister- Bhupendra Rajnikant Patel
- Governor- Acharya Devvrat
Indian Railways launches first-ever LNG-diesel dual-fuel DEMU train in Ahmedabad
- Indian Railways has operationalised the country’s first LNG–Diesel dual-fuel DEMU train at Sabarmati in Ahmedabad, marking a major step towards sustainable and eco-friendly rail operations.
- The 1,400 HP DEMU train’s driving power cars have been converted to a dual-fuel system, using Liquefied Natural Gas (LNG) to replace about 40% of conventional diesel, and have successfully completed over 2,000 km of field trials.
- The dual-fuel system significantly reduces carbon dioxide and nitrogen oxide emissions, improves air quality along railway routes, and delivers cost and efficiency benefits, with the train now operating regularly in passenger service without operational issues.
Banking And Financial News
SBI launches CHAKRA, to invest ₹100 trn in sunrise sectors over 5 years
- State Bank of India (SBI) launched CHAKRA, a Centre of Excellence (CoE), to finance key sunrise sectors that are critical for India’s long-term economic transformation.
- CHAKRA will support sectors such as renewable energy, advanced cell chemistry and battery storage, semiconductors, decarbonisation, smart infrastructure, and data centre infrastructure, with total potential investments estimated at around ₹100 trillion over the next five years.
Paysharp Secures RBI’s Payment Aggregator-Physical Licence for Offline Payments
- Paysharp has secured the Payment Aggregator–Physical (PA-P) licence from the Reserve Bank of India (RBI), enabling it to operate as an offline payment aggregator.
- Earlier, in August 2024, Paysharp had already received the Payment Aggregator–Online (PA-O) licence from the RBI, allowing it to provide online payment aggregation services.
Appointment News
Kota Ravi Appointed as New CMD of HAL
- Hindustan Aeronautics Limited (HAL) has appointed Kota Ravi as its new Chairman and Managing Director (CMD).
- Kota Ravi will succeed Dr. D.K. Sunil, who is scheduled to retire in April 2026.
About Hindustan Aeronautics Limited (HAL)
- Founded– 23 December 1940
- Founder- Walchand Hirachand
- Headquarters-Bengaluru
- CMD – Kota Ravi
IRDAI Reconstitutes Reinsurance Advisory Committee
- IRDAI has reconstituted its Reinsurance Advisory Committee with immediate effect for a three-year tenure.
- V. Girija Kumar, former CMD of Oriental Insurance Company Limited, has been appointed as the Chairman of the committee.
About Insurance Regulatory and Development Authority of India (IRDAI)
- Established- In the year 1999 under the IRDA Act, 1999
- Headquarters- Hyderabad, Telangana
- Type- Statutory body under the Ministry of Finance, Government of India
- Current Chairman – Ajay Seth
Sports News
Elena Rybakina Wins Australian Open 2026
- Elena Rybakina defeated World No. 1 Aryna Sabalenka to win the Australian Open 2026 women’s singles title.
- This victory marked Rybakina’s second Grand Slam title, after her earlier triumph at Wimbledon 2022.
- Elena Rybakina is a Russian-born Kazakhstani professional tennis player, while runner-up Aryna Sabalenka is a Belarusian professional tennis player.
Alcaraz defeats Djokovic to win first Australian Open
- Carlos Alcaraz defeated Novak Djokovic in the men’s singles final to win his first Australian Open title, making the match one of the most memorable finals in the tournament’s history.
- Alcaraz became the youngest male player to complete a career Grand Slam and also the youngest to win seven Grand Slam titles.
- Novak Djokovic, who was aiming for a record-extending 25th Grand Slam title, fell short and is hopeful of another opportunity as he approaches 39 years of age.
Important Days
2 February – World Wetlands Day
- World Wetlands Day is celebrated every year on 2nd February to raise awareness about the importance of wetlands for the environment and biodiversity.
- Theme 2026 – Wetlands and traditional knowledge: Celebrating cultural heritage
- The day highlights the role of wetlands in water purification, flood control, carbon storage, and supporting wildlife, while promoting their conservation and sustainable use.
- The day marks the adoption of the Ramsar Convention on Wetlands on 2nd February 1971, an international treaty for the conservation and sustainable use of wetlands.
1 – 7 February – International Development Week
- International Development Week is observed annually from 1st to 7th February to highlight global efforts in sustainable development and international cooperation.
- The week aims to raise awareness about global development challenges, promote sustainable solutions, and encourage participation in initiatives that support economic, social, and environmental progress worldwide.
2 February – Rheumatoid Arthritis Awareness Day
- Rheumatoid Arthritis Awareness Day is observed annually on 2nd February to highlight the challenges of living with RA and promote early diagnosis.
- The day aims to raise awareness about Rheumatoid Arthritis, a chronic autoimmune disease affecting joints, and educate people on treatment options and symptom management.
3 February – National Golden Retriever Day
- National Golden Retriever Day is celebrated annually on 3rd February to honour the Golden Retriever breed and their contributions as family pets and service dogs.
- The day highlights the breed’s loyalty, intelligence, friendly nature, and role in therapy, assistance, and companionship.
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