Daily Current Affairs and GK | 2 and 3 February 2025
Main Headlines:
- 1. Finance Minister presented the Union Budget 2025-26 with the theme “Sabka Vikas”.
- 2. Government target Fiscal Deficit of 4.4% of GDP.
- 3. Finance Minister announced that no income tax will be payable for those with an income up to ₹12 lakh.
- 4. Finance minister proposed to introduce identity cards for gig workers and UPI-linked credit cards for street vendors.
- 5. Ministry of Railways has introduced the SuperApp ‘SwaRail’.
- 6. Sachin Tendulkar get BCCI Lifetime Achievement Award.
- 7. ₹6.8 lakh crore has been allocated for defence in the Union Budget for FY2025-26.
- 8. Navin Chawla passed away recently at the age of 79.
- 9. Government allocated 11.21 Lakh crore for Capital Expenditure in the 2025 budget.
- 10. Canada imposed 25% Tariffs against United States Goods.
- 11. India won the U19 Women's World Cup final by defeating South Africa.
- 12. Chandrika Tandon has won the Grammy award for the album Triveni.
- 13. World Wetlands Day: 2 February
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Topic: Indian Economy
1. Finance Minister presented the Union Budget 2025-26 with the theme “Sabka Vikas”.
- The Budget aims to make reforms in Taxation, Power Sector, Urban Development, Mining, Financial Sector, and Regulatory Reforms.
- Union Budget highlights that Agriculture, MSME, Investment, and Exports are engines in the journey to Viksit Bharat.
- The government will launch a 6-year “Mission for Aatmanirbharta in Pulses.
- A comprehensive multi-sectoral ‘Rural Prosperity and Resilience’ programme will be launched in partnership with states.
- In the budget 2025, the Union Finance Minister Nirmala Sitharaman announced establishment of Cancer Center in each district.
- The Government announced the increase in loan limits from Rs. 3 lakhs to Rs. 5 lakhs for loans taken through Kisan Credit Cards.
- The government will also launch a new scheme for 5 lakh women, Scheduled Castes and Scheduled Tribes first-time entrepreneurs.
- Under this scheme, loans up to Rs. 2 crores will be provided during the next 5 years.
- Government will also launch a scheme to make India a global hub for toys representing the 'Made in India' brand.
- Five National Centres of Excellence for skilling will be set up with global expertise and partnerships.
- A Centre of Excellence in Artificial Intelligence for education will be set up with a total outlay of 500 crore.
- Budget proposed Gyan Bharatam Mission, for survey, documentation and conservation of more than 1 crore manuscripts in academic institutions.
Topic: Indian Economy
2. Government target Fiscal Deficit of 4.4% of GDP.
- In the budget 2025–26, the government has kept the budget deficit target on a declining path to 4.4 percent of GDP.
- It was 4.8 per cent of GDP in 2024-25.
- The net market borrowing for the budget 2025-26 has been fixed at Rs 11.54 crore. The rest of the funds will come from small savings schemes.
- The government’s gross borrowing target for FY25-26 was revised upwards by 5.7 per cent to Rs 14.82 lakh crore.
- In FY 2025-26, the government projected gross tax revenue at Rs 38.40 lakh crore. It is 11.72 percent more than FY24.
- The net tax receipts are estimated at Rs 28.37 lakh crore.
- The total receipts other than borrowings and the total expenditure are estimated at Rs 34.96 lakh crore and Rs 50.65 lakh crore, respectively.
Topic: Indian Economy
3. Finance Minister announced that no income tax will be payable for those with an income up to ₹12 lakh.
- On 1 February, the Union Budget 2025-2026 was presented in the Parliament by Union Finance Minister Nirmala Sitharaman, introducing a massive relief for income tax payers.
- Giving a big relief to the taxpayers, the finance minister made income up to Rs 12 lakh tax-free, which was earlier Rs 7 lakh.
- Union Finance Minister Nirmala Sitharaman presented her record eighth consecutive Union Budget in the Parliament.
- Nirmala Sitharaman proposed to revise the tax rate structures as follows:
- ₹0 to ₹4 Lakhs – Nil
- ₹4 Lakhs to ₹8 Lakhs – 5%
- ₹8 Lakhs to ₹12 Lakhs – 10%
- ₹12 Lakhs to ₹16 Lakhs – 15%
- ₹16 Lakhs to ₹20 Lakhs – 20%
- ₹20 Lakhs to ₹24 Lakhs – 25%
- Above ₹24 Lakhs – 30%
- Taking into account the standard deduction of₹75,000 for the salaried class, income up to₹12.75 lakh will be tax-free.
- However, this income does not include capital gains, which are taxed at different short-term and long-term tax rates.
- The minister said these proposals would result in the government losing revenue of about Rs 1 trillion from direct taxes and Rs 2,600 crore from indirect taxes.
- Taxpayers have the option to choose between two tax systems: the old tax regime and the new tax regime.
- In the old tax system, exemption is available on house rent, insurance, and other long-term investment plans.
- The new tax system introduced in the year 2020 has given slightly lower rates, but no exemption has been given in this.
- The finance minister has not announced any change in the old tax system.
Topic: Indian Economy
4. Finance minister proposed to introduce identity cards for gig workers and UPI-linked credit cards for street vendors.
- A range of initiatives aimed at empowering gig workers and street vendors were announced by Finance Minister Nirmala Sitharaman during her Budget 2025 presentation, signaling a continued push toward inclusive development.
- In a historic move, ID cards will be issued to gig workers by the government, granting them access to healthcare and other social security benefits through a newly proposed welfare scheme.
- The aim of this initiative is to assist urban and online platform workers by providing them with identity cards and facilitating their registration on the e-Shram portal.
- To ensure effective implementation, a committee comprising representatives of various stakeholders has been constituted to prepare a framework for providing social security and welfare benefits to gig and platform workers.
- These workers were first formally defined under the Code on Social Security, 2020, enacted by Parliament.
- The Code mandates the creation of appropriate social security measures, including life and disability cover, health and maternity benefits, accident insurance, and old age protection for gig workers.
- Apart from this, a revised PM SVANidhi scheme was also announced by the Finance Minister.
- It introduced UPI-linked credit cards with a limit of Rs 30,000, enhanced bank credit, and capacity-building measures to strengthen the financial position of street vendors.
Topic: Government Schemes and Initiatives
5. Ministry of Railways has introduced the SuperApp ‘SwaRail’.
- The SuperApp ‘SwaRail’ will act as a one stop solution by offering comprehensive railway services to the public.
- Currently, the app is in beta testing, the app is available for download on the Google Play Store and Apple App Store.
- The app will enhance user experience with a seamless and clean user interface (UI).
- It integrates various railway services, and will remove the need of multiple applications.
- This App has been developed by the Centre for Railway Information Systems (CRIS).
- With this app, users will be able to access all services with a single set of credentials.
- Users can use the SuperApp by using their existing RailConnect or UTS App credentials.
- It is a significant step toward using technology to enhance convenience for railway users.
Topic: Awards and Prizes
6. Sachin Tendulkar get BCCI Lifetime Achievement Award.
- Legendary former batter Sachin Tendulkar conferred with the BCCI’s Lifetime Achievement Award in Mumbai on February 1.
- The award has been presented at the Board’s annual gala in Mumbai.
- Tendulkar is the 31st recipient of the award.
- This Lifetime Achievement Award has been started in 1994 in the honour of India’s first captain Col. C K Nayudu.
- Jasprit Bhumrah has been selected for the Polly Umirgar Award for the best International Cricketer for 2023-24 in men’s category.
- In the Women’s Category, Smiriti Mandhana has been selected for the best International Cricketer for 2023-24.
- Sarfaraz Khan has been selected for the Best International Debut Award.
- Tanush Kotian has been selected for the Best Performance in BCCI Domestic Trophy.
Topic: Defence
7. ₹6.8 lakh crore has been allocated for defence in the Union Budget for FY2025-26.
- This includes allocation of ₹1.8 lakh crore for military modernisation.
- Defence allocation in the Union Budget for FY2025-26 is 9.5% higher than budget estimates of ₹6.22 lakh crore for 2024-25.
- Defence allocation in the Union Budget for FY2025-26 is around 6% higher previous year’s revised estimates of ₹6.41 lakh crore.
- The government will spend 75% of modernisation outlay to purchase weapons and equipment from domestic sources.
- In the previous year, 75% of the capital allocation was kept for procurement from local sources.
- Out of the ₹1.8 lakh crore, the government will spend ₹1.48 lakh crore on capital acquisition (modernisation budget).
- The remaining will be spent on capital expenditure on research and development.
- ₹27,886.21 crore has been kept for procurement through domestic private industries.
- The allocation for Border Roads Organisation and DRDO is ₹7,146.50 crore and ₹26,816.82 crore, respectively.
Topic: Personality in News
8. Navin Chawla passed away recently at the age of 79.
- He was a former chief election commissioner.
- He oversaw the 2009 Lok Sabha elections.
- He served as chief election commissioner from 2009 to 2010.
- He was a retired 1969-batch IAS officer of Arunachal Pradesh-Goa-Mizoram and Union Territory (AGMUT) cadre.
- He conducted general elections to legislative assemblies in seven States.
- He enabled third gender voters to prefer to vote in the category of “Other”.
- He had been inspired by Mother Teresa.
Topic: Indian Economy
9. Government allocated 11.21 Lakh crore for Capital Expenditure in the 2025 budget.
- For the financial year 2025-26, the government has projected a capital expenditure target of 11.21 lakh crore.
- This announcement has come despite the government acknowledging a significant shortfall in meeting the current fiscal year's capex goal.
- The FY26 capex target is 10% more as compared to the budgeted figure for FY25.
- The government's effective capital expenditure for FY26, including both the Centre and states, is projected at ₹15.48 lakh crore.
- The gross market borrowings are estimated at Rs 14.82 lakh crore.
- The net tax receipts are estimated at Rs 28.37 lakh crore.
Topic: International News
10. Canada imposed 25% Tariffs against United States Goods.
- Canada Prime Minister Justin Trudeau said that 25% tariffs on C$155 billion ($106.5 billion) of U.S. goods would be imposed.
- Tariff on C$30 billion would take effect from 4 February and on C$125 billion in 21 days.
- Earlier, Trump signed an executive order imposing 25% tariffs on all goods from Canada and Mexico and a 10% additional Tariff on China.
- Energy imported from Canada, including oil, natural gas and electricity, would be taxed at a 10 per cent rate.
- The US government has imposed tariffs to force these three countries to stop the spread and manufacturing of fentanyl.
- In response, Canada has imposed tariffs on 1,256 products, or 17% of all the products imported from the United States.
- Canada's government is also planning to take legal action under the relevant international bodies to challenge the 25% tariffs imposed by the United States on most Canadian goods.
- Mexico and Canada are the top two U.S. trading partners.
Topic: Sports
11. India won the U19 Women's World Cup final by defeating South Africa.
- India defended their U19 Women's World Cup crown by defeating South Africa by 9 wickets in the final in Kuala Lumpur, Malaysia.
- India bowlers limited South Africa to 82 in 20 overs.
- Trisha's unbeaten 33-ball 44* along with Sanika Chalke's 26* cruised to a 9-wicket victory.
- India won the U19 Women's World Cup final by defeating South Africa.
- Trisha Gongadi emerged as India’s brightest cricketing star at the U19 World Cup.
- Trisha has been announced as Player of the Match and tournament for her 309 runs and seven wickets.
- Trisha Gongadi has become the first U-19 player in the Women’s T20 World Cup to score a ton.
Topic: Awards and Prizes
12. Chandrika Tandon has won the Grammy award for the album Triveni.
- In the Best New Age, Ambient or Chant Album category, Indian-American vocalist and entrepreneur Chandrika Tandon has won the Grammy award for the album ‘Triveni’.
- 'Triveni' is a collaboration of three artists Tandon, Kellerman, and Matsumoto who represent diverse cultures.
- It was released on August 30, 2024, each of the seven songs of ’Triveni’ tells its own story while contributing to its overarching theme of healing resonance.
- The 67th edition of the Grammy Award ceremony was held at the Crypto.com Arena in Los Angeles.
- She won the award along with her collaborator South African flautist Wouter Kellerman and Japanese cellist Eru Matsumoto.
- She made history as the first Indian-American woman to be named partner at McKinsey & Company.
Category |
Winner |
Best Rap Album |
Alligator Bites Never Heal by Doechii |
Best Pop Vocal Album |
Sabrina Carpenter, Short and Sweet |
Best Country Album |
Cowboy Carter, Beyonce |
Best New Artist |
Chappell Roan |
Best Latin Pop Album |
'Las Mujeres Ya No Lloran,’ by Shakira |
Best Pop Duo/Group Performance |
Bruno Mars and Lady Gaga for Die With A Smile |
Record of the Year |
Not Like Us, Kendrick Lamar |
Song of the Year |
Kendrick Lamar's Not Like Us |
Album of the Year |
Cowboy Carter, Beyonce |
Topic: Important Days
13. World Wetlands Day: 2 February
- World Wetlands Day is celebrated on the second day of February every year.
- This day marks the date of the adoption of the Convention on Wetlands on 2 February 1971.
- World Wetlands Day 2025 theme is 'Protecting Wetlands for our Common Future'.
- It is also observed to raise awareness about the importance of wetlands for humans and the earth.
- Wetland is an area of land that is either covered with water or saturated with water. It includes mangroves, deltas, floodplains, rice-fields, coral reefs, etc.
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