Daily Current Affairs and GK | 1 and 2 February 2026

Topic: State News/Nagaland

1. Rüsoma Orange Festival organised in Nagaland.

• This was the 5th edition of the festival. The festival began on 30 January at Rüsoma village, about 10 kilometres away from Kohima.
• The two-day festival was held under the theme “Abundance of Rüsoma".
• The festival aimed to promote village welfare and recognise the hard work of orange growers.
• It also aimed to boost rural entrepreneurship while promoting the unique taste of Rüsoma oranges.
• The festival featured cultural presentations and fun games. It also featured stalls offering fast food, local cuisine, orange saplings, and more.
• As of now, orange farming is being carried out by 470 out of 570 households in the village.
• The village aims to increase orange orchards to 100 hectares in the coming six to seven years.

Topic: Personality in News

2. Former India Hockey Coach and Australian Great Michael Nobbs passed away at the Age of 72.

• Michael Nobbs was associated with Indian hockey as the head coach of the Indian men’s team during the 2012 London Olympic Games.
• He had taken over the coaching responsibility of the Indian men’s hockey team in 2011, following India’s failure to qualify for the 2008 Beijing Olympics.
• As a player, Michael Nobbs represented Australia at the international level and earned 76 international caps between 1979 and 1985.
• He was an integral member of the Australian hockey teams that participated in the 1981 Hockey World Cup held in Bombay.
• Nobbs also represented Australia at the 1984 Los Angeles Olympic Games, contributing to the team’s international campaigns.
• Apart from coaching India, Michael Nobbs also served as the head coach of the Japanese national hockey team.

Topic: Indian Economy

3. Union Budget 2026–27 presented with Focus on Three Kartavyas.

• On February 1, 2026, Union Finance Minister Smt. Nirmala Sitharaman presented her ninth consecutive Union Budget for the financial year (FY) 2026-27.
• She is also the first person to present nine consecutive Union Budgets.
• The Union Budget 2026–27 focus on three Kartavyas to accelerate India’s journey towards Viksit Bharat.
• It was stated that the first Kartavya aims to accelerate and sustain economic growth by improving productivity, competitiveness, and resilience amid volatile global conditions.
• The second Kartavya was described as fulfilling people’s aspirations and building their capacity so that citizens become active partners in India’s prosperity.
• The third Kartavya, aligned with the vision of Sabka Sath, Sabka Vikas, was outlined to ensure inclusive access to resources, opportunities, and amenities for all regions and communities.
• A supportive ecosystem was emphasised, including continuous structural reforms, a strong financial sector for capital mobilisation, and adoption of cutting-edge technologies such as AI for better governance.
• The Budget was described as the first prepared in Kartavya Bhawan and was highlighted as a Yuva Shakti-driven Budget inspired by ideas from the Viksit Bharat Young Leaders Dialogue 2026.
• India’s economic performance over the last 12 years was highlighted, marked by fiscal discipline, sustained growth, moderate inflation, and a strong push for public investment.
• The government’s focus on Atmanirbharta was reiterated through strengthening domestic manufacturing, energy security, reduced import dependency, and citizen-centric development.
• It was stated that despite global trade disruptions and resource challenges, India will remain integrated with global markets while attracting long-term investments and boosting exports.
• The Finance Minister highlighted that growth dividends are being directed towards farmers, SCs, STs, youth, women, and vulnerable sections through wide-ranging reforms and targeted interventions.

Topic: Indian Economy

4. Customs and Central Excise proposals announced to simplify tariff structure.

• Budget proposals for Customs and Central Excise were announced with the objective of simplifying the tariff structure and supporting domestic manufacturing, said Union Minister for Finance and Corporate Affairs while presenting the Union Budget 2026-27.
• It was stated that long-standing customs duty exemptions on items manufactured in India or with negligible imports will be removed to rationalise duties.
• Effective duty rates were proposed to be incorporated directly into the tariff schedule to simplify determination of applicable customs duties.
• To promote exports, the limit for duty-free import of inputs for seafood processing was proposed to be increased from 1% to 3% of the FOB value of the previous year’s export turnover.
• Duty-free imports of specified inputs were extended to Shoe Uppers exports, along with an increase in export timelines from six months to one year for leather and textile exporters.
• Energy transition measures included extending customs duty exemptions to capital goods used for lithium-ion cell manufacturing for energy storage systems.
• Basic customs duty exemption was proposed for sodium antimonate imports used in the manufacture of solar glass to support renewable energy.
• Customs duty exemptions for nuclear power projects were extended till 2035 and expanded to cover all nuclear plants irrespective of capacity.
• Exemptions were proposed for aircraft manufacturing components, critical mineral processing equipment, and parts used in defence-sector MRO activities.
• A one-time concessional duty measure was proposed to allow SEZ manufacturing units to sell limited quantities in the Domestic Tariff Area amid global trade disruptions.

Topic: Indian Economy

5. A ₹10,000 crore SME Growth Fund introduced to create future champions.

• A dedicated ₹10,000 crore SME Growth Fund was introduced in the Union Budget 2026–27 to support the growth of future MSME champions.
• The announcement was made under the first Kartavya, which focuses on accelerating and sustaining economic growth through productivity and competitiveness.
• MSMEs were recognised as a vital engine of growth, employment generation, and innovation in the Indian economy.
• Equity support was proposed through the SME Growth Fund, with enterprises incentivized based on select performance and growth criteria.
• She also proposed injecting an additional ₹2,000 crore into the Self-Reliant India Fund, established in 2021, to continue supporting micro-enterprises and ensure their access to risk capital.
• Liquidity support was strengthened by leveraging the TReDS platform, through which over ₹7 lakh crore has already been made available to MSMEs.
• TReDS was proposed to be mandated for CPSE purchases from MSMEs, setting a benchmark for private sector adoption.
• Credit guarantee support through CGTMSE was proposed for invoice discounting on the TReDS platform to reduce financing risks.
• GeM was proposed to be linked with TReDS to facilitate information sharing with financiers and enable quicker and cheaper credit access.
• Professional support was announced through development of ‘Corporate Mitras’ by professional institutes to help MSMEs meet compliance needs affordably.

Topic: Indian Economy

6. Safe Harbour Threshold for IT Services enhanced to ₹2,000 Crore.

• The Union Budget 2026–27 was presented with a major reform for the Information Technology services sector.
• India’s leadership in software development, IT-enabled services, and contract R&D services was highlighted in the Budget speech.
• All related IT services were proposed to be clubbed under a single category named Information Technology Services.
• A uniform safe harbour margin of 15.5% was proposed to be applied across all IT services.
• The threshold for availing safe harbour benefits was enhanced significantly from ₹300 crore to ₹2,000 crore.
• The safe harbour approval process was proposed to be automated and rule-driven without tax officer intervention.
• Once opted, the safe harbour can be continued for five consecutive years at the company’s discretion.
• A fast-track Unilateral Advance Pricing Agreement process was introduced for IT services companies.
• The APA completion timeline was proposed to be two years, extendable by six months on taxpayer’s request.
• Modified return filing benefits were extended to entities entering APAs with associated enterprises.

Topic: Indian Economy

7. Union Budget 2026-27 proposed ‘Bharat-VISTAAR’ (Virtually Integrated System to Access Agricultural Resources).

• ‘Bharat-VISTAAR’ is a multilingual AI-based agricultural support system.
• It will improve farm productivity, enhance farmer decision making and reduce risk through customized advisory support.
• It is the first budget prepared in Kartavya Bhawan. It is inspired by three kartavyas.
• First Kartavya is to accelerate and sustain economic growth. It proposes 6 interventions.
• Second Kartavya is to fulfil aspirations and build capacity of people.
• Third Kartavya is aligned with vision of Sabka Sath, Sabka Vikas and requires targeted efforts in four areas given below.

• Increasing Farmer Incomes
• Empowering Divyangjan
• Commitment to Mental Health and Trauma Care
• Focus on the Purvodaya States and the North-Eastern Region

• The Union Budget 2026–27 emphasizes artificial intelligence and emerging technologies.
• Bharat-VISTAAR will digitally connect AgriStack platforms with ICAR’s agricultural practice databases.
• The Budget highlights the Animation, Visual Effects, Gaming and Comics sector as a major contributor to India’s Orange Economy.
• The AVGC industry will require nearly two million skilled professionals by 2030.
• AVGC Content Creator Labs will be set up in 15,000 secondary schools and 500 colleges.
• The Union Budget proposes to support the Indian Institute of Creative Technologies, Mumbai in establishing these labs.
• A new National Institute of Design is proposed to strengthen design education in eastern India.
• The Budget proposes a High-Powered Education to Employment and Enterprise Standing Committee to study the impact of AI and emerging technologies on employment trends.
• It will also assess future skill requirements. It will also recommend corrective policy measures.

Topic: Indian Economy

8. The Union Budget proposes a reduction in customs duty on goods imported for personal use.

• The tariff rate on such dutiable imports will be lowered from 20 percent to 10 percent.
• Basic customs duty will be fully exempted on 17 identified drugs and medicines.
• Cancer patients will benefit significantly from this measure.
• Seven more rare diseases will be included under the duty exemption on personal imports of drugs and medicines.
• Food for Special Medical Purposes (FSMP) required for these diseases will also be covered.
• The Budget proposes changes to baggage clearance rules for international travelers.
• Duty-free allowances will be enhanced under the revised rules.
• Clearer rules will be introduced for temporary import or export of personal goods.
• Honest taxpayers can now settle their dues and close cases by paying an additional amount in lieu of penalty.
• Several reforms are proposed to simplify customs processes.
• The measures aim to ensure faster movement of goods across borders.
• The duty deferral period for Tier 2 and Tier 3 Authorised Economic Operators will be extended from the existing 15 days to 30 days.
• Eligible manufacturer-importers will also receive duty deferral benefits.
• The validity period of advance rulings issued by Customs will be extended from three years to five years.
• Government agencies will be encouraged to use AEO accreditation for faster clearances and importers with reliable and long-standing supply chains will be treated as low risk.
• Routine cargo verification for such importers will be minimized.

Topic: Indian Economy

9. Union Budget 2026–27 proposes the Biopharma SHAKTI initiative.

• Biopharma SHAKTI stands for Strategy for Healthcare Advancement through Knowledge, Technology and Innovation.
• The initiative aims to develop India as a global biopharma manufacturing hub.
• An outlay of ₹10,000 crore spread over a period of five years is proposed for this initiative.
• Existing institutions that train Allied Health Professionals will be upgraded.
• 100,000 new AHPs will be added over the next five years.
• A strong care ecosystem for geriatric and allied services will be developed for the needs of an aging population.
• National skills framework–aligned training programs will be introduced for caregivers.
• Caregivers will also be trained in wellness, yoga, and use of medical devices.
• About 1.5 lakh caregivers will be trained in the coming years.
• A new scheme will support states in establishing regional medical hubs.
• Five such medical hubs are proposed across the country, to be developed in partnership with the private sector.
• AYUSH centers will be part of these medical hubs, expected to generate employment in the health sector.
• Three new All India Institutes of Ayurveda will be set up. Drug testing laboratories under AYUSH will also be modernized.
• The WHO Global Traditional Medicine Centre in Jamnagar will be upgraded to support research, training, and global awareness.
• National Mental Health Institutes in Ranchi and Tezpur will be upgraded.
• A new national mental health institute similar to NIMHANS will be established.

Topic: Indian Economy

10. The Union Budget 2026–27 emphasises on expanding manufacturing in seven strategic and frontier sectors.

• These sectors are seen as critical for long-term economic growth.
• A major thrust is given to the biopharmaceutical sector.
• The Budget proposes the Biopharma SHAKTI initiative, which seeks to make India a global biopharma manufacturing hub.
• Regarding the semiconductor sector, India Semiconductor Mission 2.0 is announced in the Budget.
• The mission will support domestic production of semiconductor equipment and manufacturing of critical semiconductor materials.
• Design of full-stack Indian semiconductor intellectual property will be encouraged.
• The Electronics Components Manufacturing Scheme will receive higher funding.
• The scheme was launched in April 2025. The Union Budget 2026-27 proposes to increase its outlay from ₹22,919 crore to ₹40,000 crore.
• Union Budget proposes to assist the mineral-rich States of Odisha, Kerala, Andhra Pradesh and Tamil Nadu in setting up dedicated Rare Earth Corridors.
• The corridors will promote mining, processing, research and manufacturing.
• The Budget highlights the importance of capital goods manufacturing.
• The Budget proposes a dedicated scheme for container manufacturing with an allocation of ₹10,000 crore spread over a five-year period.
• For the labour-intensive Textile Sector, it proposes an Integrated Programme with 5 sub-parts (National Fibre Scheme, Textile Expansion and Employment Scheme, National Handloom and Handicraft programme, Tex-Eco Initiative and Samarth 2.0.
• Union Budget proposes to establish Mega Textile Parks in challenge mode.
• The Tex-Eco initiative will promote sustainable textile production. Samarth 2.0 will upgrade the textile skilling ecosystem.
• The Budget proposes the Mahatma Gandhi Gram Swaraj initiative to strengthen khadi, handloom and handicrafts.