CURRENT AFFAIRS 03 February, 2026

CURRENT AFFAIRS 03 February, 2026

1. BHARAT PARV 2026, A SIX-DAY NATIONAL CULTURAL AND TOURISM FESTIVAL, WAS ORGANISED BY THE MINISTRY OF TOURISM FROM 26TH–31ST JANUARY 2026 AT THE RED FORT, NEW DELHI, AS PART OF THE REPUBLIC DAY CELEBRATIONS  –

• Organised annually since 2016, the festival serves as a major platform to showcase India’s cultural, artistic, culinary and spiritual heritage, reflecting the country’s unity in diversity.
• Bharat Parv 2026 commemorated 150 years of “Vande Mataram”, composed by Bankim Chandra Chatterjee, while actively promoting the national initiatives like “Ek Bharat, Shreshtha Bharat” and “Dekho Apna Desh.”
• A key attraction was the display of 41 Republic Day tableaux from States, Union Territories and Central Ministries, allowing visitors to view the narratives of culture, development and innovation up close.
• The festival featured 48 folk and classical cultural performances by State troupes and cultural institutions, along with 22 performances by Armed Forces and paramilitary bands, adding a strong patriotic dimension.
• A pan-India food court with over 60 stalls showcased regional cuisines, millet-based dishes and tribal food traditions, emphasising culinary heritage, sustainability and local practices.

2. INDIA–US TRADE DEAL 2026 –

• The US has slashed the effective tariff on Indian goods to 18%, down from a staggering peak of 50% (which included punitive duties). The deal marks a strategic de-escalation of trade tensions and reaffirms India’s role as a primary US ally and a critical counterweight to China in the Indo-Pacific.

What are the Key Highlights of the India- US Trade Deal?

• Tariff Reduction: The US has reduced the reciprocal tariff on Indian imports from 25% to 18%.
• Crucially, the additional 25% punitive tariff (which was imposed in August 2025 due to India’s purchase of Russian oil) has been effectively removed, bringing the total effective tariff down from roughly 50% to 18%.

India’s Commitments: 

• Energy Shift: In a major diplomatic concession, India has agreed to halt/significantly reduce the purchase of Russian crude oil.
• India will pivot its energy procurement to the US and potentially Venezuela.
• Market Access: India is expected to reduce its tariffs and non-tariff barriers on US goods to “zero”.
• The US expects a surge in agricultural exports (tree nuts, cotton, and soybean oil) to India’s massive consumer market.
• “Buy American” Policy: India has committed to a stronger “Buy American” stance for government and large-scale industrial procurements.
• India could buy as much as USD 500 billion worth of US energy, coal, technology, agricultural and other products.

3. 13TH INDIA-KYRGYZSTAN JOINT MILITARY EXERCISE KHANJAR-XIII SCHEDULED IN ASSAM –

• From February 4 to 17, 2026, the 13th edition of the joint military exercise KHANJAR will be conducted at Misamari. The exercise brings together elite Special Forces of both countries to train for modern combat challenges such as counter-terrorism and urban warfare. This annual drill reflects the growing strategic partnership between India and Kyrgyzstan and highlights their shared commitment to regional and global security.

What Is Exercise KHANJAR

• Exercise KHANJAR is an annual joint Special Forces military exercise between India and Kyrgyzstan, started in 2011.
• The exercise aims to strengthen interoperability and mutual understanding between the armed forces of both nations.
• Over the years, it has evolved into a key platform for sharing best practices in special operations, particularly in counter-terrorism and high-risk combat environments.
• The venue alternates between the two countries, symbolising equality and trust in their defence partnership.

4. RESPONSIBLE NATIONS INDEX 2026: COMPLETE RANKINGS AND ANALYSIS –

• The Responsible Nations Index 2026 has been released by the World Intellectual Foundation (WIF), marking a significant shift in how we evaluate global leadership. Published on January 19, 2026, this comprehensive index assesses 154 countries through the lens of responsibility, ethical governance, and collective good—rather than traditional metrics of economic output or military power.
• Singapore leads the Responsible Nations Index 2026, followed by Switzerland and Denmark, demonstrating that smaller nations with strong governance frameworks can outperform economic superpowers in global responsibility. This ranking comes at a critical time of rising geopolitical tensions, economic uncertainty, and increasing climate urgency.

What is the Responsible Nations Index?

• The Responsible Nations Index represents a paradigm shift in global country rankings. Unlike traditional indices that focus on GDP, military strength, or geopolitical influence, the WIF index evaluates nations based on their commitment to responsibility and the collective good of humanity.

5. ADAMPUR AIRPORT RENAMED SRI GURU RAVIDAS MAHARAJ JI AIRPORT –

• Punjab’s aviation map witnessed a symbolic and developmental shift on 2 February 2026. Prime Minister Narendra Modi renamed Adampur airport in Jalandhar after the revered saint Guru Ravidas, while also inaugurating a new civil terminal at Halwara airport in Ludhiana. The twin announcements combine cultural recognition with infrastructure development, strengthening regional air connectivity under the UDAN scheme and fulfilling long-standing public and political demands in the state.

Why Adampur Airport Was Renamed After Guru Ravidas

• The Adampur airport in Jalandhar has been renamed Sri Guru Ravidas Maharaj Ji Airport, honouring the legacy of Guru Ravidas, a prominent social reformer and Bhakti movement saint.
• The decision fulfilled a long-pending demand raised by multiple political parties and social groups in Punjab.
• A resolution seeking this renaming was passed by the Punjab Vidhan Sabha in 2020, and the demand was reiterated by the current state government.
• The move carries strong social and cultural significance, particularly for communities that deeply revere Guru Ravidas.

MCQ QUIZ

Q1.   What is the name of the new platform announced for women entrepreneurs in the Union Budget 2026-27 ?

1. a) Udyogini Bazaar
2. b) Mahila Haat Plus
3. c) SHE-Mart
4. d) Sakhi Trade Hub

Q2.   What is the primary objective of the Mahatma Gandhi Gram Swaraj Initiative (MGGSI) announced in Union Budget 2026–27 ?

1. a) Expansion of MSME credit in urban areas
2. b) Promotion of digital startups in rural India
3. c) Modernization of food processing industries
4. d) Strengthening khadi, handloom, and handicrafts

Q3.   Which Indian state has emerged as the largest contributor to India’s renewable energy capacity as of December 2025 ?

1. a) Gujarat
2. b) Rajasthan
3. c) Haryana
4. d) Uttar Pradesh

Q4.   With reference to the Union Budget 2026–27, consider the following statements:

1. The fiscal deficit for FY 2026–27 is projected at 4.3% of GDP.
2. The debt-to-GDP ratio is estimated to increase compared to Revised Estimates of 2025–26.
3. Gross market borrowings are estimated at ₹17.2 lakh crore.

          Which of the statements given above are correct ?

1. a) 1 and 2 only
2. b) 1 and 3 only
3. c) 2 and 3 only
4. d) 1, 2, and 3

Explanation-

• Statement 1: Correct — Fiscal deficit is projected at 4.3% of GDP.
• Statement 2: Incorrect — Debt-to-GDP ratio declines from 56.1% (RE 2025–26) to 55.6%.
• Statement 3: Correct — Gross market borrowings are ₹17.2 lakh crore.

Q5.   The three “Kartavyas” articulated in Union Budget 2026–27 include:

1. Accelerating and sustaining economic growth
2. Ensuring cooperative federalism
3. Fulfilling aspirations and building capacities
4. Ensuring inclusive growth

          Select the correct answer using the code below:

1. a) 1 and 2 only
2. b) 1,3 and 4 only
3. c) 1, 2 and 3 only
4. d) 1, 2, 3 and 4

Explanation-

The three Kartavyas are:

• Growth acceleration
• Aspirations & capacity building
• Inclusive growth (Sabka Sath, Sabka Vikas) Cooperative federalism is not listed as a Kartavya here.

Answer Key