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Daily Current Affairs
1 & 2 February, 2026
1. The Manufacturing Strategy in Union Budget 2026–27 marks a shift from which growth model to which new approach?
A. Import substitution to export promotion
B. MSME-led growth to service-led growth
C. Assembly-led growth to deep manufacturing
D. Labour-intensive growth to capital-intensive growth
E. Public sector–led growth to private sector–led growth
Answer: C. Assembly-led growth to deep manufacturing
Explanation: Budget 2026–27 explicitly shifts focus from basic assembly operations to deep manufacturing with emphasis on technology depth, supply-chain resilience, and global competitiveness.
2. Which of the following sectors is NOT included among the seven strategic manufacturing sectors identified in Budget 2026–27?
A. Biopharma
B. Semiconductors
C. Electronics Components
D. Renewable Energy Equipment
E. Rare Earths
Answer: D. Renewable Energy Equipment
Explanation: The seven sectors include Biopharma, Semiconductors, Electronics Components, Rare Earths, Chemicals, Capital Goods & Containers, and Textiles & Sports Goods. Renewable energy equipment is not listed as a standalone sector.
3. The Biopharma SHAKTI initiative has been allocated an outlay of:
A. â‚ą5,000 crore over 3 years
B. â‚ą7,500 crore over 5 years
C. â‚ą10,000 crore over 5 years
D. â‚ą12,000 crore over 4 years
E. â‚ą15,000 crore over 6 years
Answer: C. â‚ą10,000 crore over 5 years
Explanation: Biopharma SHAKTI is a flagship initiative with an allocation of â‚ą10,000 crore spread over five years to strengthen biologics, biosimilars, and regulatory capacity.
4. Under ISM 2.0, which of the following is a key focus area?
A. Assembly of imported semiconductor chips
B. Expansion of software-only semiconductor design
C. Semiconductor equipment, materials, and full-stack Indian IP
D. Disinvestment of public semiconductor units
E. Outsourcing semiconductor fabrication abroad
Answer: C. Semiconductor equipment, materials, and full-stack Indian IP
Explanation: ISM 2.0 focuses on building domestic capability across equipment, materials, intellectual property, and resilient supply chains rather than just chip assembly.
5. Which coastal state is paired correctly with its rare earth resource advantage?
A. Gujarat – Chhatrapur monazite belt
B. Kerala – Chavara beach sand deposits
C. Rajasthan – Vizhinjam port access
D. Arunachal Pradesh – Beach sand monazite
E. West Bengal – Manavalakurichi deposits
Answer: B. Kerala – Chavara beach sand deposits
Explanation: Kerala’s Chavara region has a long history of beach sand mineral (monazite) mining and is a key anchor for Rare Earth Corridors.
6. The Budget’s livestock strategy emphasises which of the following approaches?
A. Universal crop insurance
B. Export-only dairy production
C. Saturation + Professionalisation
D. Cooperative nationalisation
E. Corporate takeover of livestock farms
Answer: C. Saturation + Professionalisation
Explanation: The livestock push focuses on saturating veterinary services while professionalising value chains to improve productivity and farmer incomes.
7. Which export reform directly benefits deep-sea fishing operations?
A. Removal of GST on fish feed
B. Increase in MSP for marine fish
C. Duty-free treatment of EEZ and high-seas catch
D. Ban on foreign port landings
E. Export subsidy for frozen seafood
Answer: C. Duty-free treatment of EEZ and high-seas catch
Explanation: Fish caught in India’s EEZ or high seas is made duty-free, encouraging deep-sea fishing and export competitiveness.
8. The Buddhist Circuit (Northeast) initiative aligns most directly with which national policy objective?
A. Make in India
B. Digital India
C. Act East Policy
D. National Monetisation Pipeline
E. Smart Cities Mission
Answer: C. Act East Policy
Explanation: The Buddhist Circuit supports cultural diplomacy, regional development, and connectivity with Southeast Asia, aligning strongly with the Act East Policy.
9. Under the New Income Tax Act, 2025, what is the revised deadline for filing revised or belated returns?
A. 31 December of the assessment year
B. 31 January of the following year
C. 31 March of the following year
D. 30 June of the following year
E. No time limit
Answer: C. 31 March of the following year
Explanation: The deadline has been extended from 31 December to 31 March, encouraging voluntary corrections and reducing litigation.
10. The Rare Earth Corridor initiative is most critical for which downstream application?
A. Food processing
B. Textile machinery
C. Permanent magnets for EVs and defence systems
D. Cement manufacturing
E. Fertiliser production
Answer: C. Permanent magnets for EVs and defence systems
Explanation: Rare earth elements like Neodymium and Praseodymium are essential for permanent magnets used in EVs, wind turbines, missiles, radars, and aerospace systems.
