Daily Current Affairs and GK | 2 and 3 February 2025

By Priyanka Chaudhary | Last Modified: 03 Feb 2025 17:49 PM IST

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Half Yearly (Jan- June 2024 , Detailed)
2024 e Book

Current Affairs

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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.
Monthly Current Affairs eBooks
December Monthly Current Affairs 2024 November Monthly Current Affairs 2024
October Monthly Current Affairs 2024 September Monthly Current Affairs 2024
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