Current Affairs Quiz — 01 February 2026
Daily news by your exam, state and topic — each with a short summary, key facts and MCQs.
How much was allocated to the Ministry of Defence in the Union Budget 2026-27?
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Correct answer: B — ₹7.85 lakh crore
The Ministry of Defence got a record ₹7.85 lakh crore.
What is the defence capital outlay in the Union Budget 2026-27?
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Correct answer: D — ₹2.19 lakh crore
Capital expenditure got ₹2.19 lakh crore, up from ₹1.80 lakh crore in BE 2025-26; ₹1.39 lakh crore is for domestic industry.
The defence allocation in the Union Budget 2026-27 is what share of the estimated GDP for 2026-27?
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Correct answer: C — 2%
The ₹7.85 lakh crore allocation is 2% of estimated GDP.
Consider the following about the defence budget for 2026-27: 1. It accounts for 14.67% of Central Government expenditure, the highest among ministries. 2. The allocation for the Ex-Servicemen Contributory Health Scheme was cut compared with BE 2025-26. Which of the above is/are correct?
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Correct answer: A — 1 only
Only 1 is correct. ECHS got ₹12,100 crore, 45.49% higher than BE 2025-26.
From when does the new Income Tax Act, 2025 come into effect, as confirmed in the Union Budget 2026-27?
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Correct answer: B — 1 April 2026
The Income Tax Act, 2025 comes into effect from 1 April 2026.
To what rate did the Union Budget 2026-27 cut TCS on LRS remittances for education and medical purposes?
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Correct answer: C — 2%
TCS on LRS remittances for education and medical purposes was cut to 2% from 5%.
The Union Budget 2026-27 raised the threshold for availing safe harbour for IT services from ₹300 crore to:
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Correct answer: B — ₹2,000 crore
The safe-harbour threshold for IT services was raised from ₹300 crore to ₹2,000 crore, with a common 15.5% margin.
Consider the following direct tax proposals in the Union Budget 2026-27: 1. Interest awarded by a Motor Accident Claims Tribunal to a natural person will be exempt from income tax. 2. The time for revising income tax returns is cut from 31 December to 30 September. Which of the above is/are correct?
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Correct answer: A — 1 only
Only 1 is correct. The time to revise returns was extended from 31 December to 31 March, with a nominal fee.
What outlay did the Union Budget 2026-27 announce for Biopharma SHAKTI?
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Correct answer: D — ₹10,000 crore over 5 years
Biopharma SHAKTI has an outlay of ₹10,000 crore over the next five years.
Which of the following states is NOT among those to be supported by the dedicated Rare Earth Corridors announced in the Union Budget 2026-27?
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Correct answer: A — Jharkhand
The Rare Earth Corridors will support Odisha, Kerala, Andhra Pradesh and Tamil Nadu.
To what amount did the Union Budget 2026-27 raise the outlay of the Electronics Components Manufacturing Scheme?
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Correct answer: B — ₹40,000 crore
The Electronics Components Manufacturing Scheme outlay was increased to ₹40,000 crore.
Consider the following about Biopharma SHAKTI, announced in the Union Budget 2026-27: 1. It includes creating three new National Institutes of Pharmaceutical Education and Research and upgrading seven existing ones. 2. It plans a network of over 1,000 accredited India Clinical Trials sites. Which of the above is/are correct?
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Correct answer: C — Both 1 and 2
Both are correct.
At what level did the government, in the Budget 2026-27, agree to retain the states' vertical share of devolution as recommended by the 16th Finance Commission?
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Correct answer: C — 41%
The government accepted the 16th Finance Commission's recommendation to retain the vertical share at 41%.
How much did the Union Budget 2026-27 provide to states for 2026-27 as Finance Commission grants?
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Correct answer: D — ₹1.4 lakh crore
₹1.4 lakh crore was provided as Finance Commission grants, as recommended by the 16th Finance Commission.
Consider the following about the Finance Commission grants announced in the Budget 2026-27: 1. They include grants for both rural and urban local bodies. 2. They exclude disaster management grants, which are now funded separately. Which of the above is/are correct?
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Correct answer: A — 1 only
Only 1 is correct. The ₹1.4 lakh crore includes rural and urban local body grants and disaster management grants.
The sharing of the net proceeds of Union taxes between the Union and the states, on which the Finance Commission's 'vertical devolution' recommendation applies, is provided under which Article?
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Correct answer: A — Article 270
Article 270 provides for the net proceeds of Union taxes and duties to be distributed between the Union and the states.
What public capital expenditure did the Union Budget 2026-27 propose for 2026-27?
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Correct answer: D — ₹12.2 lakh crore
Public capex was raised to ₹12.2 lakh crore for 2026-27.
Which new fund did the Union Budget 2026-27 announce to reassure private developers about construction-phase risks?
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Correct answer: A — Infrastructure Risk Guarantee Fund
The Budget announced an Infrastructure Risk Guarantee Fund for risks during development and construction.
Under the Union Budget 2026-27, how much will each City Economic Region get for implementing its plan?
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Correct answer: B — ₹5,000 crore over 5 years
Each City Economic Region gets ₹5,000 crore over five years through a challenge mode with results-based financing.
Consider the following about the Union Budget 2026-27: 1. A ₹100 crore incentive is offered to a city for a single municipal bond issue of more than ₹1,000 crore. 2. Dedicated REITs are proposed to recycle real-estate assets of CPSEs. Which of the above is/are correct?
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Correct answer: C — Both 1 and 2
Both are correct, as listed in the Budget highlights.
What record capital expenditure was planned for Indian Railways in the Union Budget 2026-27?
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Correct answer: A — ₹2,93,030 crore
A record capex of ₹2,93,030 crore was planned for Indian Railways.
The new dedicated freight corridor announced in the Union Budget 2026-27 will connect Dankuni with which city?
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Correct answer: B — Surat
The 2,052 km dedicated freight corridor will link Dankuni in the east with Surat in the west.
Which of the following is NOT among the seven high-speed rail corridors announced in the Union Budget 2026-27?
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Correct answer: D — Delhi–Amritsar
The seven are Mumbai–Pune, Pune–Hyderabad, Hyderabad–Bengaluru, Hyderabad–Chennai, Chennai–Bengaluru, Delhi–Varanasi and Varanasi–Siliguri.
Consider the following about the transport proposals in the Union Budget 2026-27: 1. The rollout of 20 new National Waterways will begin with NW-5 in Odisha, linking Talcher and Angul to the ports of Paradip and Dhamra. 2. The Coastal Cargo Promotion Scheme aims to raise the share of inland waterways and coastal shipping to 12% by 2047. Which of the above is/are correct?
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Correct answer: C — Both 1 and 2
Both are correct; the target is to raise the share from 6% to 12% by 2047.
The Union Budget 2026-27 proposed reducing the tariff on all dutiable goods imported for personal use from 20% to:
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Correct answer: B — 10%
The tariff on dutiable goods imported for personal use is to fall from 20% to 10%.
How many drugs or medicines, particularly for cancer patients, did the Union Budget 2026-27 propose to exempt from basic customs duty?
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Correct answer: C — 17
BCD is to be exempted on 17 drugs or medicines; separately, 7 more rare diseases were added for personal-import exemptions.
Under the Union Budget 2026-27, until which year has the basic customs duty exemption on goods for nuclear power projects been extended?
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Correct answer: C — 2035
The exemption was extended till 2035 and expanded to all nuclear plants irrespective of capacity.
Consider the following customs proposals in the Union Budget 2026-27: 1. The duty-deferral period for Tier 2 and Tier 3 Authorised Economic Operators is raised from 15 to 30 days. 2. The limit for duty-free inputs for seafood exports is raised from 1% to 3% of the previous year's FOB export turnover. Which of the above is/are correct?
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Correct answer: C — Both 1 and 2
Both are correct.
What fiscal deficit target, as a share of GDP, did the Union Budget 2026-27 set for 2026-27?
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Correct answer: B — 4.3%
The fiscal deficit in BE 2026-27 is estimated at 4.3% of GDP; RE 2025-26 is 4.4%.
According to the Union Budget 2026-27, what is the Centre's debt-to-GDP ratio estimated at in BE 2026-27?
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Correct answer: C — 55.6%
Debt-to-GDP is estimated at 55.6% in BE 2026-27, down from 56.1% in RE 2025-26.
What is the total expenditure estimated in the Union Budget 2026-27?
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Correct answer: D — ₹53.5 lakh crore
Total expenditure is estimated at ₹53.5 lakh crore in BE 2026-27; ₹49.6 lakh crore is the RE for 2025-26.
Consider the following about the Union Budget 2026-27: 1. The government says India is on track to bring the debt-to-GDP ratio to 50±1% by 2030-31. 2. The fiscal deficit for 2025-26 in the Revised Estimates was higher than the Budget Estimate of 4.4%. Which of the above is/are correct?
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Correct answer: A — 1 only
Only 1 is correct. RE 2025-26 kept the fiscal deficit at par with BE 2025-26, at 4.4% of GDP.
The Union Budget is constitutionally the 'annual financial statement' laid before both Houses of Parliament. Which Article of the Constitution provides for it?
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Correct answer: B — Article 112
Article 112 requires the President to cause a statement of estimated receipts and expenditure for each financial year — the annual financial statement — to be laid before both Houses.
Whom did Carlos Alcaraz beat in the Australian Open 2026 men's singles final on 1 February 2026?
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Correct answer: B — Novak Djokovic
Alcaraz beat Novak Djokovic 2-6, 6-2, 6-3, 7-5.
With his Australian Open 2026 title, Carlos Alcaraz became the youngest man to achieve what?
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Correct answer: C — Complete a career Grand Slam
By winning his first Australian Open, the 22-year-old became the youngest man to win all four majors — a career Grand Slam.
Which Raising Day of the Indian Coast Guard was celebrated on 1 February 2026?
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Correct answer: D — 50th
Rajnath Singh attended the ICG's 50th Raising Day celebrations in New Delhi.
At the ICG's 50th Raising Day, Rajnath Singh asked the Coast Guard to prepare a roadmap for how many years as part of the Viksit Bharat @2047 goal?
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Correct answer: D — 25 years
He asked the ICG to prepare a clear, well-targeted roadmap for the next 25 years.
What is Bharat-VISTAAR, proposed in the Union Budget 2026-27?
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Correct answer: B — A multilingual AI tool giving farmers customised advisory
Bharat-VISTAAR is a multilingual AI tool that integrates AgriStack portals and ICAR's package of practices.
Which of the following crops is NOT among the high-value crops the Union Budget 2026-27 said it would support in coastal areas?
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Correct answer: C — Saffron
The crops named were coconut, sandalwood, cocoa and cashew in coastal areas.
Where will NIMHANS-2, announced in the Union Budget 2026-27, be set up?
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Correct answer: A — North India
The Budget announced NIMHANS-2 in north India; institutes at Ranchi and Tezpur will be upgraded as regional apex institutions.
How many Regional Medical Hubs to promote medical tourism did the Union Budget 2026-27 announce?
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Correct answer: B — Five
Five Regional Medical Hubs will be established to promote medical value tourism.
Which airport in Punjab was renamed Shri Guru Ravidass Maharaj Ji Airport on 1 February 2026?
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Correct answer: D — Adampur Airport
Adampur Airport was renamed on Sant Ravidass Jayanti; the PM inaugurated a terminal at Halwara the same day.
Halwara Airport, whose terminal building was inaugurated on 1 February 2026, mainly serves which city?
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Correct answer: A — Ludhiana
The PM said the Halwara terminal is a moment of joy for Ludhiana and surrounding areas.
Which of the following sites is among the 15 archaeological sites to be developed as cultural destinations under the Union Budget 2026-27?
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Correct answer: D — Rakhigarhi
The listed sites include Lothal, Dholavira, Rakhigarhi, Adichanallur, Sarnath, Hastinapur and Leh Palace.
How much did the Union Budget 2026-27 allocate to promote sports goods manufacturing?
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Correct answer: A — ₹500 crore
₹500 crore was allocated to promote sports goods manufacturing, alongside the Khelo India Mission.
What is the size of the SME Growth Fund announced in the Union Budget 2026-27 to create 'Champion SMEs'?
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Correct answer: D — ₹10,000 crore
A dedicated ₹10,000 crore SME Growth Fund was announced.
Which two public sector NBFCs did the Union Budget 2026-27 propose to restructure to achieve scale and efficiency?
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Correct answer: A — Power Finance Corporation and Rural Electrification Corporation
The Budget proposed restructuring Power Finance Corporation and Rural Electrification Corporation.