🇮🇳 National News
On February 1, 2026, Finance Minister Nirmala Sitharaman presented the Union Budget 2026-27 in Parliament, marking her ninth consecutive budget presentation — the longest unbroken streak by any finance minister in India’s history.
Notably, this was the first Union Budget presented on a Sunday in independent India.
The Budget was conceptualised around three ‘Kartavyas’ (duties): accelerating economic growth, building people’s capacity and aspirations, and ensuring inclusive development aligned with the Sabka Saath, Sabka Vikas principle.
| Parameter | FY27 Estimate |
|---|---|
| Fiscal Deficit | 4.3% of GDP (down from 4.4% RE in FY26) |
| Capital Expenditure | ₹12.2 lakh crore (~9% increase) |
| Total Expenditure | ₹53.5 lakh crore |
| Non-Debt Receipts | ₹36.5 lakh crore |
| Debt-to-GDP Ratio | 55.6% (target: 50±1% by March 2031) |
- India Semiconductor Mission (ISM) 2.0 — ₹40,000 crore outlay to strengthen domestic chip manufacturing, supply chains, and workforce training.
- Biopharma SHAKTI (Strategy for Healthcare Advancement through Knowledge, Technology and Innovation) — ₹10,000 crore over five years to position India as a global biopharma hub.
- Seven High-Speed Rail Corridors proposed as ‘growth connectors’: Mumbai–Pune, Pune–Hyderabad, Hyderabad–Bengaluru, Hyderabad–Chennai, Chennai–Bengaluru, Delhi–Varanasi, and Varanasi–Siliguri.
- ₹10,000 crore SME Growth Fund — to nurture emerging enterprises into ‘future champions’.
- Carbon Capture Utilisation and Storage (CCUS) — ₹20,000 crore over five years to advance clean energy technologies.
- A new Income Tax Act, 2025 will take effect from April 1, 2026, replacing the six-decade-old Income Tax Act of 1961 with streamlined compliance provisions.
- Deadline for filing revised income-tax returns extended to March 31 (from December 31) with a nominal fee.
- Khelo India Mission launched to overhaul India’s sports infrastructure over the coming decade.
The 5th edition of the Rüsoma Orange Festival was held on January 30–31, 2026, at Rüsoma village, situated roughly 10 km from Kohima, Nagaland.
Organised under the theme “Abundance of Rüsoma”, the festival sought to celebrate the village’s thriving orange cultivation tradition and promote rural entrepreneurship.
Out of the village’s 570 households, approximately 470 are engaged in orange farming, underscoring the crop’s centrality to local livelihoods.
Rüsoma, often called the ‘Gardening Village’, is recognised under the state’s Horti Model Village initiative and aims to expand its orange orchards to 100 hectares in the coming years.
💼 Business & Economy
Effective February 1, 2026, cigarettes and tobacco products became significantly costlier following a 40% sin tax that replaced the earlier GST compensation cess.
The Ministry of Finance had issued the notification on December 31, 2025, under the Central Excise (Amendment) Bill, 2025.
The revised levy raises the GST rate on tobacco and related products from 28% to 40%, covering cigarettes, cigars, pan masala, manufactured and reconstituted tobacco, tobacco extracts, and nicotine-based inhalation products.
Beginning FY 2026-27, the Centre will operationally transition its fiscal consolidation strategy from an annual fiscal deficit target to a medium-term debt-to-GDP ratio anchor, aligning India’s approach with international best practices.
The government projects a decline in debt-to-GDP ratio to 50±1% by March 2031, from an estimated 56.1% in March 2026.
This shift is intended to provide greater flexibility in responding to economic disruptions while sustaining growth-oriented public expenditure.
India has already reduced general government debt by approximately 7.1 percentage points since 2020, even while maintaining elevated levels of public capital investment.
🌐 International News
Negotiations on the India–EU Free Trade Agreement (FTA) formally concluded on January 27, 2026, ending approximately two decades of intermittent discussions.
Described by officials as one of the most consequential trade pacts in recent years, the agreement balances ambition with pragmatism — securing mutual economic benefits while avoiding the most politically sensitive points of contention.
Prime Minister Narendra Modi highlighted that the deal will benefit Indian youth, the services sector, and manufacturing.
The FTA is expected to boost bilateral trade, ease market access for Indian goods and services in European markets, and deepen investment flows between the two regions.
👔 Appointments
Olympic bronze medallist Vijender Singh was appointed as a member of the Asian Boxing Council (ABC), as announced by the Boxing Federation of India (BFI) in January 2026.
Vijender, India’s first Olympic medallist in boxing (Beijing 2008, bronze), brings close to two decades of experience spanning both the amateur and professional circuits.
The ABC, which functions under the broader framework of the World Boxing Council, plays an important role in shaping competitive structures and development pathways across Asia and Australasia.
His appointment is viewed as a step towards greater Indian representation in international sports governance.
- Gold at the 2010 Asian Games (Guangzhou); bronze at the 2006 edition (Doha)
- Three-time Commonwealth Games medallist — silver at Melbourne 2006, bronze at Delhi 2010, silver at Glasgow 2014
- Professional record: 13 wins and 1 loss, with nine knockouts
🕊️ Obituaries
Australian hockey legend and former India men’s team head coach Michael Nobbs passed away on January 29, 2026, following a prolonged illness. He was 72 years old.
- Represented Australia as a defender, earning 76 international caps between 1979 and 1985.
- Featured in the 1981 Hockey World Cup (Bombay) and the 1984 Los Angeles Olympics.
- Served as head coach of the Indian men’s hockey team from June 2011 to July 2013, guiding India through the qualification rounds and into the 2012 London Olympics.
- Took charge during a challenging period following India’s failure to qualify for the 2008 Beijing Games, and focused on rebuilding fitness standards and professional discipline within the squad.
- Also served as head coach of the Japanese national hockey team.
He is survived by his wife Lee Capes (former Australian women’s international) and daughter Kaitlin Nobbs (current member of the Hockeyroos).
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