Current Affairs for 03 February 2026

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Current Affairs – 03 February 2026: Today's National and International News for Competitive Exams

Staying updated with the latest national and international current affairs is crucial for competitive exam aspirants preparing for SSC, UPSC, banking, railway, and state government examinations. Today's current affairs for 02 February 2026 cover important developments across India and the world that are highly relevant for your exam preparation.

India – National Current Affairs

1. Union Budget 2026-27 Presentation Finance Minister Nirmala Sitharaman is scheduled to present the Union Budget 2026-27 in Parliament on February 1, 2026, with discussions and analysis continuing into February 2. The budget is expected to focus on infrastructure development, employment generation, and fiscal consolidation. Exam aspirants should note key allocations, new schemes, and revised tax structures announced in the budget.

2. Supreme Court Ruling on Electoral Bonds Compliance The Supreme Court has directed all political parties to submit complete details of electoral bond donations received during 2024-25 to the Election Commission of India by February 15, 2026. This follows the apex court's 2024 judgment declaring the electoral bond scheme unconstitutional. Important for questions on constitutional law and recent SC judgments.

3. India's Digital Rupee Pilot Expansion The Reserve Bank of India announced expansion of its Central Bank Digital Currency (CBDC) pilot to 15 additional cities across India, bringing the total coverage to 28 cities. The digital rupee now has over 5 million users and 500,000 merchants onboarded. Relevant for banking and economic affairs sections.

4. New National Education Policy Implementation Review The Ministry of Education released a comprehensive review report on NEP 2020 implementation, noting that 65% of states have adopted the 5+3+3+4 curricular structure. The report highlights progress in foundational literacy, multidisciplinary education, and mother tongue instruction in primary schools. Key for education policy questions.

5. India-Maldives Maritime Security Agreement India and the Maldives signed a renewed maritime security cooperation agreement in Male on February 1, 2026, focusing on joint surveillance, search and rescue operations, and capacity building. This comes amid India's strategic focus on the Indian Ocean Region. Important for international relations and defense topics.

6. Ayushman Bharat Scheme Milestone The Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-PMJAY) crossed 50 crore beneficiaries mark, with over 12 crore hospital admissions authorized since its launch. The scheme provides health coverage of ₹5 lakh per family per year. Crucial for questions on government welfare schemes.

7. National Green Hydrogen Mission Update The Ministry of New and Renewable Energy announced that India has commissioned 500 MW of green hydrogen production capacity under the National Green Hydrogen Mission, with targets to reach 5 million tonnes annual production by 2030. Important for energy security and climate action questions.

8. Pradhan Mantri Kisan Samman Nidhi Release The 18th installment of PM-KISAN was released to 9.5 crore farmer beneficiaries, transferring ₹2,000 directly to their bank accounts. The scheme has disbursed over ₹3.25 lakh crore since its inception in 2019. Key scheme for agriculture and rural development questions.

9. India's Semiconductor Manufacturing Progress The first semiconductor fabrication unit under India's semiconductor mission began trial production in Gujarat, marking a significant step in India's goal for chip manufacturing self-reliance. The facility will produce 28nm and 40nm chips with initial capacity of 50,000 wafers per month. Relevant for Make in India and technology sector questions.

10. Smart Cities Mission Completion Report The Ministry of Housing and Urban Affairs released the completion report for the Smart Cities Mission, noting that 7,800+ projects worth ₹1.85 lakh crore have been completed across 100 cities. The mission focused on urban mobility, waste management, and digital infrastructure. Important for urban development and governance topics.

International Current Affairs

1. US Federal Reserve Interest Rate Decision The US Federal Reserve maintained interest rates in the 4.25-4.50% range on January 31, 2026, signaling a cautious approach amid moderate inflation and stable employment data. This decision impacts global financial markets and India's foreign investment flows. Key for international economics questions.

2. Global Climate Finance Agreement at COP31 Discussions at COP31 climate summit in Baku, Azerbaijan, concluded with developed nations committing $500 billion annually in climate finance for developing countries by 2030, up from previous $100 billion target. India played a significant role in negotiations. Important for environment and international affairs.

3. Israel-Palestine Ceasefire Developments A fragile ceasefire between Israel and Hamas entered its second week, with international mediators including Egypt, Qatar, and the United States working on a longer-term peace framework. The conflict has drawn global attention to humanitarian concerns in Gaza. Relevant for West Asia geopolitics questions.

4. China's Lunar Base Construction Announcement China's National Space Administration announced plans to establish an International Lunar Research Station (ILRS) by 2035, inviting international partnerships. The project aims to create a permanent research facility on the Moon's south pole. Important for space technology and international cooperation topics.

5. European Union AI Regulation Implementation The European Union's comprehensive Artificial Intelligence Act came into full effect on February 1, 2026, establishing the world's first comprehensive legal framework for AI governance. The regulation categorizes AI systems by risk levels and sets compliance requirements. Key for technology law and international regulations.

6. Bangladesh Economic Growth Projections The International Monetary Fund projected Bangladesh's GDP growth at 6.2% for 2026, making it one of the fastest-growing economies in South Asia. The projection considers manufacturing growth and remittance inflows. Relevant for South Asian economics and comparative development questions.

7. Russia-Ukraine Grain Export Agreement Renewal The Black Sea Grain Initiative was renewed for another 120 days on January 30, 2026, allowing Ukrainian agricultural exports through safe maritime corridors. This agreement is crucial for global food security and impacts wheat prices worldwide. Important for international trade and food security topics.

8. WHO Disease Outbreak Alert for Marburg Virus The World Health Organization issued a Level 2 alert following Marburg virus cases detected in Tanzania, with 8 confirmed cases and 5 deaths reported. WHO has deployed teams and activated emergency protocols. Relevant for health emergencies and international organization functions.

Economy & Banking

1. RBI Monetary Policy Outcome (Expected) The Reserve Bank of India's Monetary Policy Committee meeting scheduled for early February 2026 is expected to maintain the repo rate at 6.5%, continuing its stance of balancing growth and inflation concerns. Current inflation stands at approximately 5.2%, within RBI's tolerance band.

2. India's Forex Reserves Position India's foreign exchange reserves stood at $652 billion as of January 24, 2026, maintaining comfortable levels to cover over 11 months of imports. The reserves provide economic stability and are regularly tested in competitive banking exams.

3. GST Collection Record India's Goods and Services Tax (GST) collection for January 2026 reached ₹1.87 lakh crore, marking the 15th consecutive month of collections above ₹1.5 lakh crore. This reflects economic buoyancy and tax compliance improvements. Important for fiscal policy questions.

4. SEBI New Regulations for MFIs The Securities and Exchange Board of India introduced new disclosure norms for Micro Finance Institutions (MFIs) listed on stock exchanges, requiring quarterly reporting of portfolio quality and geographical distribution. Effective from April 1, 2026.

5. Global Crude Oil Price Movements Brent crude oil prices traded around $82 per barrel on February 1, 2026, influenced by OPEC+ production decisions and global demand outlook. Oil prices significantly impact India's import bill and inflation. Crucial for economy-related exam questions.

6. NPCI UPI Transaction Milestone The National Payments Corporation of India reported that UPI processed 16 billion transactions worth ₹23 lakh crore in January 2026, continuing its growth trajectory in digital payments. India's UPI model is being adopted by several countries. Important for digital economy questions.

Science, Technology & Environment

1. ISRO's Gaganyaan Mission Update The Indian Space Research Organisation successfully completed the third unmanned test flight of the Gaganyaan crew module on January 29, 2026, bringing India closer to its first crewed space mission planned for late 2026. The test validated life support systems and crew escape mechanisms.

2. India's Renewable Energy Capacity Milestone India's total installed renewable energy capacity crossed 200 GW mark in January 2026, with solar energy contributing 95 GW, wind energy 48 GW, and other renewable sources making up the remainder. India targets 500 GW renewable capacity by 2030.

3. New Species Discovery in Western Ghats Scientists from the Zoological Survey of India discovered three new species of frogs in the Western Ghats biodiversity hotspot. The discovery highlights the region's ecological importance and the need for conservation efforts. Western Ghats is a UNESCO World Heritage Site.

4. Arctic Temperature Record Concerns Unusually high temperatures recorded in the Arctic region in late January 2026, with some areas experiencing temperatures 15-20°C above normal, raised concerns about accelerated ice melt and climate change impacts. Important for environment and climate science questions.

5. India's 6G Technology Research Launch The Department of Telecommunications launched the Bharat 6G Vision with an allocation of ₹500 crore for research and development. India aims to contribute to global 6G standards and launch commercial services by 2030. Relevant for technology and telecommunications questions.

Sports & Important Days

1. ICC Champions Trophy 2025 Preparation The International Cricket Council finalized venues for the ICC Champions Trophy 2025 scheduled for February-March 2025 (note: if this event has concluded, focus on current sporting events). Indian cricket team's preparation camps are underway for upcoming international fixtures.

2. National Sports Awards Announcement The Ministry of Youth Affairs and Sports is expected to announce the National Sports Awards 2026, including Khel Ratna, Arjuna Awards, and Dronacharya Awards, recognizing outstanding sporting achievements. Announcement typically occurs before National Sports Day.

3. World Wetlands Day – February 2 World Wetlands Day is observed annually on February 2 to raise awareness about the importance of wetlands for biodiversity and climate regulation. The theme for 2026 focuses on wetlands and climate resilience. India has 82 Ramsar wetland sites, the highest in Asia.

4. Important Days in Early February

• February 2: World Wetlands Day
• February 4: World Cancer Day (upcoming)
• International Day of Human Fraternity observed on February 4

All dates and observances are important for general awareness sections in competitive exams.

Quick Revision Points for MCQ Preparation

1. Union Budget 2026-27 presented by Finance Minister Nirmala Sitharaman on February 1, 2026
2. RBI expanded CBDC (Digital Rupee) pilot to 28 cities with 5 million users
3. Ayushman Bharat scheme crossed 50 crore beneficiaries milestone
4. India's semiconductor fab unit began trial production in Gujarat (28nm/40nm chips)
5. US Federal Reserve maintained interest rates at 4.25-4.50% range
6. COP31 climate finance commitment: $500 billion annually by developed nations by 2030
7. European Union's AI Act came into full effect on February 1, 2026
8. India's forex reserves stand at approximately $652 billion (January 2026)
9. GST collection for January 2026: ₹1.87 lakh crore
10. India's renewable energy capacity crossed 200 GW mark
11. ISRO completed third unmanned Gaganyaan test flight on January 29, 2026
12. World Wetlands Day observed on February 2; India has 82 Ramsar sites

Note to Aspirants: These current affairs are compiled from publicly available information and recent developments. Always cross-verify facts from official sources and newspapers for exam preparation. Stay updated with daily current affairs to build a comprehensive knowledge base for your competitive examinations.