Current Affairs One-liners — 01 February 2026

Sun, 01 Feb 2026

• The Ministry of Defence was allocated a record ₹7.85 lakh crore in the Union Budget 2026-27 on 1 February 2026, 15.19% higher than the 2025-26 Budget estimate.
• The Union Budget 2026-27, presented on 1 February 2026, confirmed that the new Income Tax Act, 2025 takes effect from April 2026 and cut TCS on overseas tour packages and on LRS remittances for education and medical treatment to 2%.
• The Union Budget 2026-27, presented on 1 February 2026, announced Biopharma SHAKTI with ₹10,000 crore over five years, India Semiconductor Mission 2.0, dedicated Rare Earth Corridors in four states and a ₹10,000 crore container manufacturing scheme.
• Presenting the Union Budget 2026-27 on 1 February 2026, Finance Minister Nirmala Sitharaman said the government had accepted the 16th Finance Commission's recommendation to retain the states' vertical share of devolution at 41%.
• The Union Budget 2026-27, presented on 1 February 2026, raised public capital expenditure to ₹12.2 lakh crore and announced an Infrastructure Risk Guarantee Fund and CPSE REITs.
• The Union Budget 2026-27, presented on 1 February 2026, gave Indian Railways a record capital expenditure of ₹2,93,030 crore and announced seven high-speed rail corridors and a new Dankuni–Surat dedicated freight corridor.
• The Union Budget 2026-27, presented on 1 February 2026, proposed cutting the tariff on all dutiable goods imported for personal use from 20% to 10% and exempting 17 drugs, mainly for cancer, from basic customs duty.
• Finance Minister Nirmala Sitharaman presented the Union Budget 2026-27 in Parliament on 1 February 2026, estimating the fiscal deficit at 4.3% of GDP and total expenditure at ₹53.5 lakh crore.
• Carlos Alcaraz beat Novak Djokovic 2-6, 6-2, 6-3, 7-5 in the Australian Open men's singles final in Melbourne on 1 February 2026, becoming the youngest man to complete a career Grand Slam.
• Defence Minister Rajnath Singh attended the Indian Coast Guard's 50th Raising Day celebrations in New Delhi on 1 February 2026 and asked the force to prepare a roadmap for the next 25 years.
• The Union Budget 2026-27, presented on 1 February 2026, proposed Bharat-VISTAAR, a multilingual AI tool integrating AgriStack and ICAR advisories, and a Coconut Promotion Scheme.
• The Union Budget 2026-27, presented on 1 February 2026, announced five Regional Medical Hubs for medical tourism, NIMHANS-2 in north India, three new All India Institutes of Ayurveda and a girls' hostel in every district.
• Prime Minister Narendra Modi inaugurated a terminal building at Halwara Airport near Ludhiana, Punjab, on 1 February 2026, the day Adampur Airport was renamed Shri Guru Ravidass Maharaj Ji Airport on Sant Ravidass Jayanti.
• The Union Budget 2026-27, presented on 1 February 2026, announced that 15 archaeological sites including Lothal, Dholavira and Rakhigarhi will be developed as experiential cultural destinations, and launched a Khelo India Mission for the next decade.
• The Union Budget 2026-27, presented on 1 February 2026, announced a ₹10,000 crore SME Growth Fund to create 'Champion SMEs' and a High Level Committee on Banking for Viksit Bharat.