Source: FE Context: The Union Budget 2026â27, presented by Nirmala Sitharaman, announced that the Income Tax Act, 2025 will come into force from 1 April 2026, replacing the six-decade-old Income Tax Act, 1961.This marks one of the most comprehensive reforms in Indiaâs direct tax framework, aimed at simplicity, trust-based compliance, and reduced litigation. Why a New Income Tax Act? The Income Tax Act, 1961 had become: The new Act seeks to: Key Features of the New Income Tax Act, 2025 1. Implementation Timeline 2. Simplification & Ease of Compliance User-Friendly Law Design Simplified Rules & Forms 3. Staggered Filing Deadlines (Structural Reform) The Act introduces differentiated due dates, easing pressure on taxpayers and the tax system. Category Due Date ITR-1 & ITR-2 (Individuals) 31 July Non-audit business entities & trusts 31 August Reduces last-minute congestion and improves processing efficiency. 4. Extended Window for Revised & Belated Returns Key Change Nominal Fee Structure Encourages voluntary error correction rather than penalising honest mistakes. 5. Expanded Scope for Updated Returns Post-Reassessment Filing Allowed Impact 6. Penalty & Prosecution Rationalisation Integrated Proceedings Decriminalisation of Technical Defaults Converted into monetary fees, including: Reduced Criminal Exposure 7. Special Disclosure Scheme: FAST-DS 2026 Foreign Assets of Small Taxpayers Disclosure Scheme (FAST-DS) Coverage Incentive Overall Significance of the Income Tax Act, 2025 Governance Economic Social Institutional
Union Budget 2026â27: Reforms in Education and Skill Sectors
Source: TOI Context: The Union Budget 2026â27, presented by Nirmala Sitharaman, announced a major structural and financial push to education, skilling, and employability, recognising that human capital qualityânot merely capital expenditureâwill determine Indiaâs growth trajectory. The reforms are aligned with: What Is the Core Idea of Education & Skill Reforms in Budget 2026â27? The Budget adopts an âEducation â Skills â Employment â Enterpriseâ continuum, shifting away from siloed education and training schemes towards: I. Structural Reforms & Governance Architecture 1. High-Powered âEducation to Employment and Enterpriseâ Standing Committee Announcement Key Mandate 2. AI Integration in Education 3. University Townships Components II. Skilling for the Future & the Orange Economy 1. AVGC Content Creator Labs Sector Focus 2. Corporate Mitras Programme Objective 3. Samarth 2.0 (Textile Skilling) 4. Viksit Bharat Young Leaders Dialogue III. Specialised Training & Health Education 1. Allied Health Professionals (AHPs) 2. Caregiver Training 3. AYUSH Excellence 4. Veterinary Professionals IV. Infrastructure, Inclusion & Equity 1. Girlsâ Hostels in Every District 2. National Institute of Design (NID) â Eastern India 3. Hospitality & Tourism Education 4. Divyangjan Kaushal Yojana V. Scientific Research & Learning Infrastructure Astrophysics & Science Outreach
Union Budget 2026â27: Announcement for Rare Earth Corridors
Source: PIB Context: The Union Budget 2026â27 announced the establishment of dedicated Rare Earth Corridors in four coastal states to strengthen Indiaâs critical minerals ecosystem, reduce import dependence, and support clean-energy and high-technology manufacturing. What Are Rare Earth Corridors? Rare Earth Corridors are integrated, state-anchored industrial value chains that geographically co-locate: The corridor approach minimizes logistics costs, closes technology gaps, and accelerates time-to-market by creating clustered ecosystems rather than isolated projects. States Involved (Coastal Focus) The corridors will be established in four mineral-rich coastal states with significant Beach Sand Mineral (BSM) deposits containing monaziteâIndiaâs principal source of REEs: Why coastal states?Indiaâs most accessible and commercially viable REE resources are in beach placer sands, especially monazite, which is rich in Light REEs such as Neodymium (Nd) and Praseodymium (Pr)âcritical for magnets. Aim of the Initiative Key Features of the Rare Earth Corridor Initiative 1. Integrated Corridor Approach 2. Linkage with Magnet Manufacturing Scheme 3. State-Led Execution 4. Incentive-Backed Manufacturing 5. Strategic Supply-Chain Resilience 6. Support for High-Tech Sectors Major Coastal Potential: Beach Sand Monazite (State-wise) Odisha Kerala Andhra Pradesh Tamil Nadu Emerging Inland Rare Earth Mineral Potential (New Geography Focus) Recent exploration by the Geological Survey of India (GSI) indicates significant inland REE potential, particularly for Heavy REEs, which are scarcer and more valuable.
Union Budget 2026â27: Record Defence Outlay with Strong Push for Indigenisation
Source: PIB Context: In the Union Budget 2026â27, Nirmala Sitharaman announced a record defence allocation of âč7.85 lakh crore, the highest ever for India.The Budget signals a decisive shift towards modernisation, post-operation preparedness, and accelerated indigenisation under Aatmanirbhar Bharat in defence manufacturing, amid a challenging security environment. What Is the Defence Push in Budget 2026â27? The defence allocation represents a strategic fiscal intervention aimed at: Key Defence Budget Parameters (2026â27) Parameter Budget 2026â27 Total Defence Outlay âč7.85 lakh crore (â 15.19% YoY), ~2% of GDP Share in Union Expenditure 14.67% (highest among all Ministries) Capital Expenditure âč2.19 lakh crore (â ~22%) Capital Acquisitions âč1.85 lakh crore (â ~24%) Domestic Procurement âč1.39 lakh crore (â 75% of capital acquisitions) I. Manufacturing & Technology Indigenisation 1. Aviation Manufacturing & MRO Ecosystem Customs Duty Exemptions 2. Capital Goods & Strategic Infrastructure CIE Manufacturing Scheme II. Strategic Technology, Energy & Materials Security 1. Nuclear Power Projects (Extended to 2035) Budget Provision 2. Critical Minerals for Defence Manufacturing 3. Rare Earth Corridors Announcement Defence Relevance III. Welfare & Social Security for Armed Forces Disability Pension Tax Exemption Key Provision
Union Budget 2026â27: Buddhist Circuit Development in the Northeast
Source: TH Context: In the Union Budget 2026â27, Nirmala Sitharaman announced a new scheme to develop a Buddhist Circuit in the Northeast, aimed at preserving Buddhist heritage while leveraging tourism as a tool for regional development, livelihood creation, and cultural diplomacy. What is the Buddhist Circuit (Northeast)? The Buddhist Circuit (Northeast) is a heritageâtourism initiative that seeks to: The scheme aligns with Indiaâs broader objectives of: Key Budget Announcements Related to the Buddhist Circuit 1. Buddhist Circuit (Northeast) Scheme 2. Tourism Infrastructure Push 3. Regional Growth & Urban Ecosystems 4. Connectivity & Logistics Major Buddhist Monasteries in the Northeast (State-wise Mapping) Arunachal Pradesh Arunachal Pradesh hosts Indiaâs largest concentration of Mahayana Buddhist sites, especially in Tawang and West Kameng. Sikkim Sikkim follows Nyingma and Kagyu schools of Tibetan Buddhism.
Union Budget 2026â27: Big Push to Livestock and Fisheries Growth
Source: Press Information Bureau Context: The Union Budget 2026â27 accords a major policy and fiscal push to livestock and fisheries, with allocations rising by 26.7%, recognising these allied sectors as the primary drivers of agricultural growth.While crop agriculture grew at ~3.5%, livestock and fisheries expanded at ~7.1%, contributing nearly 16% of total farm income and sustaining overall agricultural growth of 4.6% in FY 2025â26. What Is the Budgetary Shift? This approach aligns with: I. Livestock Sector: From Subsistence to Professional Value Chains The Budget emphasises âSaturation + Professionalisationâ to improve animal health, productivity, and farmer incomes. 1. Veterinary Workforce Expansion Loan-Linked Capital Subsidy (New) 2. Rashtriya Gokul Mission (RGM) 3. Entrepreneurship & Livestock FPOs 4. Tax Relief for Cooperatives II. Fisheries Sector: Blue Economy and Export Orientation The fisheries sector receives its highest-ever allocation of âč2,761.80 crore, positioning it as a key pillar of the Blue Economy. 1. Inland & Coastal Fisheries Infrastructure Reservoir and Amrit Sarovar Development 2. Empowerment through FPOs & Startups III. Radical Export Reforms: Making Indian Seafood Globally Competitive To counter global trade headwinds and enhance export competitiveness, the Budget introduces transformational tax and logistics reforms. Key Export Reforms and Their Impact Reform Impact Duty-Free Input Imports Limit raised from 1% â 3% of export turnover for seafood processing EEZ Catch Exemption Fish caught in Exclusive Economic Zone (EEZ) or high seas made duty-free Foreign Port Landings Fish landed at foreign ports treated as exports, easing deep-sea operations Courier Export Cap Removed Removal of âč10 lakh cap, enabling fisheries startups to access global e-commerce
Union Budget 2026â27
Context: The Union Budget 2026â27, presented by Nirmala Sitharaman, announced a decisive push to scale up manufacturing in seven strategic and frontier sectors under the First Kartavyaâaccelerating and sustaining economic growth.This marks a shift from assembly-led growth to deep manufacturing, emphasising technology depth, supply-chain resilience, and global competitiveness. What is the Manufacturing Strategy in Budget 2026â27? The Budget outlines a comprehensive industrial strategy to strengthen Indiaâs manufacturing ecosystem across seven high-impact sectors, chosen for their role in: The seven sectors are: Sector-Wise Budget Announcements and Analysis 1. Biopharma â Biopharma SHAKTI Budget Provision 2. Semiconductors â India Semiconductor Mission (ISM) 2.0 Budget Provision 3. Electronics Components Manufacturing Budget Provision 4. Rare Earth Corridors Budget Provision 5. Chemicals â Plug-and-Play Chemical Parks Budget Provision 6. Capital Goods & Containers Budget Provision 7. Textiles & Sports Goods Budget Provision
Daily Current Affairs (DCA) 31 January, 2026
Daily Current Affairs Quiz31 January, 2026 National Affairs 1. BHARAT SAMPARK Source: PIB Context: BHARAT SAMPARK â Engaging Indiaâs Young Minds is an Economic Surveyâlinked outreach initiative that gained prominence after a Union Minister interacted with students at Indian Institute of Technology Delhi.The initiative reflects the governmentâs effort to bridge policy-making with youth participation, especially in technology and innovation domains. What is BHARAT SAMPARK? BHARAT SAMPARK is a government outreach and engagement programme aimed at: Nodal Ministry: Ministry of Communications Key Features of BHARAT SAMPARK 1. YouthâGovernment Interface 2. India Post Modernisation Focus 3. N-Gen (Next Generation) Campus Post Offices Youth-centric postal facilities established within educational campuses: 4. Deep-Tech and Innovation Exposure 2. National Commission for Women marks its 34th Foundation Day Source: PIB Context: The National Commission for Women (NCW) marked its 34th Foundation Day at Bharat Mandapam, New Delhi, reaffirming its commitment to womenâs rights, protection, and empowerment. What is the National Commission for Women (NCW)? Establishment and Legal Basis Composition of the NCW (As per Section 3 of the NCW Act, 1990) 3. Indiaâs First Mega Shipbuilding Cluster in Tamil Nadu Source: ET Context: On 29 January 2026, the Government of India (GoI), in collaboration with the Government of Tamil Nadu, established NSHIPâa Special Purpose Vehicle (SPV)âto develop Indiaâs first mega shipbuilding cluster at Thoothukudi, Tamil Nadu. About the NSHIP SPV Background Shipbuilding Development Scheme (SbDS) Overview Operational Framework Banking/Finance 1. New Consumer Price Index (CPI) Series Source: The Indian Express Context: The Ministry of Statistics and Programme Implementation (MoSPI) has released details of a new Consumer Price Index (CPI) series, revising the base year from 2011â12 to 2023â24 and reducing the weight of food and beverages from ~46% to ~37%. What is the New CPI Series? The new CPI series is an updated framework for measuring retail inflation in India, featuring: Organisations Involved Historical Background of CPI in India Methodology / Criteria of the New CPI Series The revised CPI is constructed using: Key Features of the New CPI Series 1. Reduced Food Weight 2. Higher Housing Weight 3. Greater Services Representation 4. Digital Economy Inclusion 5. Lower Inflation Volatility 2. Slice Introduces Indiaâs First UPI-Centric Digital Banking Ecosystem Source: BS Context: On 29 January 2026, Slice Small Finance Bank (Slice SFB) launched a UPI-centric digital banking ecosystem, introducing three innovative products: Financial Products Launched 1. Digital Savings Bank Account (Repo-Linked) 2. UPI-Integrated Credit Card 3. Digital Fixed Deposits (FDs) Background About Slice Small Finance Bank (Slice SFB) 3. Paysharp Secures PA-P Licence from RBI Source: BS Context: In January 2026, fintech startup Paysharp received the Payment AggregatorâPhysical (PA-P) licence from the Reserve Bank of India (RBI).Earlier, in August 2024, Paysharp had obtained the Payment AggregatorâOnline (PA-O) licence. What is the PA-P Licence? Key Implications of the Licence 1. Unified OnlineâOffline Payments 2. Omnichannel Capability About Paysharp 4. UAE Central Bank Approves First USD-Backed Stablecoin Source: News on Air Context: The Central Bank of the United Arab Emirates has approved the first USD-backed stablecoin (USDU) under its Payment Token Services Regulation, marking a significant step in regulating digital assets and blockchain-based payments. What is the USD-Backed Stablecoin (USDU)? Key Features of the USDU Stablecoin 5. NSE receives SEBI approval for IPO Source: ET Why in News? The National Stock Exchange (NSE) has received a no-objection certificate (NOC) from the market regulator, clearing the way for it to initiate the process for its long-awaited Initial Public Offering (IPO). What Does the NOC Mean? About NSE Facts To Remember 1. Shaheed Diwas / Martyrsâ Day 2026 â January 30 Observed across India to honour national martyrs and mark the 78th death anniversary of Mahatma Gandhi, assassinated on January 30, 1948, at Birla House (now Gandhi Smriti), New Delhi. 2. World Neglected Tropical Diseases Day 2026 â January 30 The 7th observance of WNTDD highlighted global efforts to eliminate neglected tropical diseases under the theme âUnite. Act. Eliminate,â aligned with WHOâs NTD Roadmap (2021â2030). 3. Kerala Budget FY27 Presented by FM K N Balagopal Keralaâs Finance Minister presented a people-centric FY27 budget of about âč2.40 lakh crore, focusing on social security, elderly welfare, women-centric schemes, and fiscal consolidation. 4. Andhra Pradesh Signs MoU with FICCI-FLO for Women Entrepreneursâ Industrial Park Andhra Pradesh signed an MoU with FICCI-FLO to establish a 30-acre Women Entrepreneursâ Industrial Park in Amaravati to promote women-led MSMEs and industrial self-reliance. 5. Civil Aviation Minister Inaugurates Wings India 2026 Union Civil Aviation Minister Ram Mohan Naidu Kinjarapu inaugurated Wings India 2026 at Begumpet Airport, Hyderabad, a biennial aviation event themed âIndian Aviation: Paving the Future,â hosted by the Ministry of Civil Aviation with Telangana government support. 6. Bharat Parv 2026 Inaugurated at Red Fort Lok Sabha Speaker Om Birla and Union Minister Gajendra Singh Shekhawat inaugurated the six-day Bharat Parv 2026 at Red Fort, New Delhi, to showcase Indiaâs cultural diversity, promote tourism, and support Aatmanirbhar Bharat. 7. 12th SIFFCY 2026 Begins in New Delhi The 12th Smile International Film Festival for Children and Youth (SIFFCY) 2026 began in New Delhi, focusing on diversity, equity, and inclusion through socially relevant films, including works by disabled children. 8. 11th Ajanta-Ellora International Film Festival Commences The 11th Ajanta-Ellora International Film Festival started in Chhatrapati Sambhajinagar, honouring composer Ilaiyaraaja with the Padmapani Award and opening with the Spanish film âSiretâ. 9. Assam Launches Mukhya Mantrir Eti Koli Duti Paat Scheme Assam Chief Minister launched the Mukhya Mantrir Eti Koli Duti Paat scheme to mark 200 years of the tea industry, providing âč5,000 financial aid and welfare benefits to over 6 lakh tea garden workers. 10. Department of Posts Partners with Stock Holding Services Ltd The Department of Posts signed an agreement with Stock Holding Services Limited to expand access to regulated capital market services such as demat accounts, mutual funds, and IPOs through post offices and digital platforms. 11. Sheikh Joaan bin Hamad Al Thani Elected OCA President Sheikh Joaan bin Hamad Al Thani was elected as the new President of the Olympic Council of Asia during the
Governorâs Power to Address the State Legislature
What is the issue? Several States have witnessed disputes over the Governorâs Address to the State Legislature, raising concerns about constitutional propriety, the limits of gubernatorial discretion, and adherence to the principle of responsible government. What is the Governorâs Address? Constitutional Provisions Involved Nature of the Governorâs Powers
Operation Megaburu
Source: The Times of India (TOI) What is the news? Operation Megaburu, a major anti-Maoist counter-insurgency operation in Jharkhandâs West Singhbhum district, led to the killing of 16 Maoists, including senior CPI (Maoist) leader Anal alias Patiram Manjhi. The operation marks one of the most significant blows to Maoist leadership in the State in recent years. What is Operation Megaburu? Key Details