3 February 2026 Current Affairs (With PDF)

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Union Budget 2026–27: Push to India’s Orange Economy

The Union Finance Minister, in the Union Budget 2026–27, announced targeted measures to strengthen India’s Orange Economy (Creative Economy), recognising its growing contribution to jobs, innovation, exports, and cultural influence.

What is the Orange Economy?

1. Concept Origin:

• Coined by Iván Duque Márquez (former President of Colombia) and Felipe Buitrago in their 2013 work “The Orange Economy: An Infinite Opportunity”.

2. Meaning:

• Refers to knowledge- and creativity-driven economic activities where value is derived mainly from intellectual property, ideas, and cultural expression, rather than physical production.

3. Distinctive Feature:

• Unlike manufacturing-led growth, the Orange Economy is powered by artistic creativity, innovation, and cultural capital.

4. Key Sectors Covered:

• Audiovisual media (films, television, OTT content)
• Animation, VFX, Gaming & Comics (AVGC)
• Live entertainment (music concerts, theatre, performing arts) 
• Design, fashion, and digital creative industries

Key Budget 2026–27 Announcements

1. Boost to AVGC Ecosystem:

• Support to the Indian Institute of Creative Technologies (IICT), Mumbai.
• Establishment of AVGC Content Creator Labs in:
  - 15,000 secondary schools
  - 500 colleges
• Aim: Early skill development and talent pipeline for creative digital industries.

2. Strengthening Design Education:

• Proposal to set up a new National Institute of Design (NID) in the eastern region through the challenge route.
• India currently has 7 NIDs, all designated as Institutes of National Importance.

Present Status of the Orange Economy

1. Global Scenario:

• Generates over USD 2 trillion annually.
• Provides employment to nearly 50 million people worldwide.

2. Contribution to National Economies:

• As per UNCTAD, creative industries contribute between 0.5% and over 7% of GDP across countries.

3. India’s Position:

• Estimated size: USD 30 billion.
• Employment impact: Around 8% of India’s working population.

16th Finance Commission Report Tabled in Parliament

The Union Finance Minister presented the 16th Finance Commission (FC) Report in the Lok Sabha.

The Government has accepted its key recommendations for implementation during the award period 2026–27 to 2030–31.

About the 16th Finance Commission

• Constitution: Set up in 2023 under Article 280 of the Constitution.
• Chairperson: Dr. Arvind Panagariya, former Vice-Chairman of NITI Aayog.
• Nature: A constitutional body constituted by the President of India every five years (or earlier, if required).
• Composition:One Chairperson and four other members, appointed by the President for a specified tenure.
• Parliamentary Procedure:Under Article 281, the Finance Commission’s report, along with an Action Taken Memorandum, is laid before Parliament.

Key Recommendations

1. Vertical Devolution (Centre–State Share)

• States’ share in the divisible pool retained at 41%, unchanged from the 15th Finance Commission.
• Divisible Pool includes:
  - Gross tax revenues of the Centre
  - Excludes cesses, surcharges, and cost of collection

2. Horizontal Devolution (Inter-State Distribution)

• Determines how the 41% share is apportioned among states.
• Revised Criteria Impact: Southern States likely to receive higher shares due to:
  - Inclusion of Contribution to GDP as a parameter
  - Reduced weightage for income distance and geographical area

3. Fiscal Discipline and Macroeconomic Stability

• Recommends capping States’ fiscal deficit at 3% of their respective GSDP.
• Exclusion Clause: Borrowings under the Special Assistance to States for Capital Investment (SASCI) scheme to be excluded from this limit. 

Union Budget 2026–27: Biopharma SHAKTI

Union Budget 2026–27 announced Biopharma SHAKTI (Strategy for Healthcare Advancement through Knowledge, Technology & Innovation) to position India as a global biomanufacturing hub.

About Biopharma SHAKTI

1. Objective

• Develop India into a global biopharmaceutical manufacturing hub by strengthening the ecosystem for domestic production of biologics and biosimilars.

2. Key Concepts

• Biologics: Medicines derived from living sources such as animal or plant cells and microorganisms.
  - Examples: vaccines, blood and blood components, gene therapy, somatic cells, therapeutic proteins.
• Biosimilars: Highly similar versions of biologics with no clinically meaningful differences from the reference biologic in terms of safety, purity, and efficacy.

3. Funding

• ₹10,000 crore outlay over five years.

Strategic Pillars

1. Institutional & Research Capacity

• Establishment of 3 new NIPERs (National Institutes of Pharmaceutical Education and Research).
• Upgradation of 7 existing NIPERs to create a dedicated biopharma-focused national network.

2. Clinical Research Ecosystem

• Creation of a network of 1,000+ accredited clinical trial sites across India.
• Aims to improve scale, quality, and global credibility of clinical research.

3. Regulatory Strengthening

Capacity enhancement of CDSCO (Central Drugs Standard Control Organisation):

• Dedicated scientific review cadre.
• Deployment of domain specialists.
• Alignment with global regulatory standards and faster approval timelines.

Expected Outcomes

• Advanced Biomanufacturing: Catalyse investments in next-generation biomanufacturing infrastructure.
• Innovation & Drug Development: Accelerated timelines for drug discovery, clinical trials, approvals.
• Human Capital Development: Creation of a highly skilled workforce & Stronger industry–academia collaboration.
• Global Competitiveness: Position India as a trusted supplier of high-value biologics and biosimilars.

India’s Bioeconomy: Snapshot

• Definition: Uses renewable biological resources (plants, animals, microorganisms) to produce food, energy, healthcare products, and industrial goods.
• Growth Trajectory: USD 10 bn (2014) → USD 165.7 bn (2024).
  - Target: USD 300 bn by 2030.
• Contribution to GDP: 4.25%.
• Sub-sectoral Share: BioIndustrial – 47%, BioPharma – 35%, BioAgri – 8%, BioResearch – 9%

Integrated Programme for the Textile Sector

The Union Budget 2026–27 announced an Integrated Programme for the Textile Sector to provide a unified policy push for strengthening India’s textile ecosystem across the entire value chain.

About the Integrated Textile Programme

• A comprehensive and cohesive policy framework designed to boost the textile sector from fibre to fashion, linking village-based livelihoods with global markets.
• Seeks to enhance self-reliance, employment generation, sustainability, and global competitiveness of Indian textiles.

Five Sub-Components of the Integrated Programme

1. National Fibre Scheme

• Objective: Achieve self-sufficiency across the fibre spectrum.
• Coverage: Natural fibres: Silk, wool, jute; Man-made fibres; New-age and advanced fibres.
• Focus on reducing import dependence and diversifying fibre usage.

2. Textile Expansion and Employment Scheme

• Aim: Modernisation and scale-up of textile clusters.
• Key interventions: Capital support for modern machinery; Technology upgradation in production processes; Creation of common testing, certification, and quality infrastructure.
• Expected outcome: Higher productivity and large-scale employment creation.

3. National Handloom and Handicraft Programme

• Existing handloom and handicraft schemes to be merged and streamlined.
• Focus on Better coordination and delivery; Strengthening artisan livelihoods; Preserving traditional skills while improving market access.

4. Tex-Eco Initiative

• Objective: Promote environmentally sustainable and globally competitive textile and apparel manufacturing.
• Emphasis on Resource efficiency and Cleaner production processes.

5. Samarth 2.0

• Skill development initiative for the textile sector.
• Focus areas: Modernising the textile skill ecosystem, Stronger industry–academia collaboration., Demand-driven and future-ready skill training.

Other Key Textile Initiatives Announced

1. Mahatma Gandhi Gram Swaraj Initiative

• Purpose: Strengthen khadi, handloom, and handicrafts.
• Focus areas: Global market linkage, Branding and value addition.
• Supports the One District One Product (ODOP) initiative.

2. Mega Textile Parks & Technical Textiles

• Support for Mega Textile Parks to enable integrated manufacturing.
• Promotion of technical textiles, a high-growth segment used in Industrial and infrastructure projects, Medical applications, Defence and strategic sectors.

Bharat-VISTAAR for Agricultural Development

The Union Budget 2026–27 proposed the launch of Bharat-VISTAAR (Virtually Integrated System to Access Agricultural Resources) to strengthen digital, AI-driven agricultural development.

About Bharat-VISTAAR

• Nature: A multilingual Artificial Intelligence (AI)–based platform.
• Core Function: Integrates AgriStack portals (India’s agricultural Digital Public Infrastructure), and ICAR’s package of agricultural practices, with advanced AI systems.
• Architecture:Open, interoperable, and federated public network.

1. Link with AgriStack

• AgriStack is envisaged as a Digital Public Infrastructure (DPI) for agriculture, built on India’s Digital Ecosystem Architecture (InDEA) 2.0.
• Bharat-VISTAAR will act as an intelligent access and advisory layer over AgriStack, enabling real-time, AI-powered decision support.

2. Key Features

• Discovery and delivery of verified agricultural content.
• Access to best practices, advisories, and agri-skilling resources.
• Operates across public and private platforms, ensuring wide reach.
• Multilingual interface to cater to diverse agro-climatic and linguistic regions.

Potential Significance

1. For Farmers:

• Higher productivity through data-driven and timely interventions.
• Improved decision-making across the farm cycle: Input selection, Crop production, Post-harvest and market linkage.
• Reduced market risks via crop-, region-, and season-specific advisories.

2. For Governance:

• Enables real-time monitoring of agricultural trends.
• Improves delivery of extension services.
• Supports targeted and evidence-based policy interventions.

Mercury: Signs of Geological Activity

Analysis of data from NASA’s MESSENGER spacecraft has revealed numerous bright streaks on Mercury’s surface.

These streaks resemble traces left by gas escaping from beneath the crust, suggesting that Mercury may still be geologically active, contrary to earlier assumptions.

About MESSENGER Spacecraft

• Full Form: MErcury Surface, Space ENvironment, GEochemistry, and Ranging.
• Agency: NASA.
• Significance: First spacecraft to orbit Mercury.

Key Discoveries

• Confirmed the presence of water ice in permanently shadowed polar craters.
• Established that Mercury has a large, iron-rich core, explaining its high density.
• Detected a weak but global magnetic field.
• Provided evidence of surface features indicating ongoing geological processes.

About Mercury

• Position: Closest planet to the Sun.
• Physical Characteristics:
  - Smallest planet in the Solar System.
  - Fastest orbiting planet around the Sun.
  - Second densest planet after Earth.
• Atmosphere: Lacks a thick atmosphere; instead has a very thin exosphere.
• Natural Satellites: No moons or rings.

Rafah Crossing

Gaza’s Rafah border crossing has partially reopened after being largely shut since it was seized by Israel two years ago, easing limited movement and humanitarian access.

About Rafah Border Crossing

1. Location:

• Lies between Egypt and the Gaza Strip, adjoining Egypt’s Sinai Peninsula.

2. Strategic Importance:

• It is the southernmost exit point from Gaza.
• Often referred to as Gaza’s “lifeline”.
• The only border crossing of Gaza that does not pass through Israel.

3. Functions:

• Entry point for humanitarian aid.
• Facilitates medical evacuations.
• Allows limited civilian travel, subject to permissions and restrictions.

Other Border Crossings of Gaza

1. Erez Crossing:

• Located in northern Gaza.
• Used primarily for movement of people into Israel.

2. Kerem Shalom Crossing:

• Located in southern Gaza.
• Used exclusively for commercial goods and supplies entering Gaza from Israel.

Donetsk Region

Control over the remaining Ukrainian-held territories in the Donetsk region has emerged as a central unresolved issue in the ongoing Russia–Ukraine peace negotiations, reflecting its strategic, economic, and symbolic importance.

About Donetsk Region

1. Geographical Location:

• Situated in eastern Ukraine.
• Forms one of the two core regions of the Donbas region
• Other Donbas region: Luhansk.

2. Boundaries:

• South: Bordered by the Sea of Azov, which connects to the Black Sea via the Kerch Strait.
• East: Shares an international border with Russia.

3. Strategic Significance:

• Acts as an industrial and logistical hub in eastern Ukraine.
• Control over Donetsk influences military depth, territorial continuity, and negotiating leverage.

4. Resource Endowment:

• Coal reserves: Historically central to Ukraine’s heavy industry.
• Hydrocarbon potential: Presence of shale gas reserves, including the Yuzivska gas field.
• Minerals: Significant salt deposits, supporting chemical and allied industries.

Why Donetsk Matters

• Economically vital due to its energy and mineral resources.
• Geopolitically crucial for shaping the future territorial settlement of the Russia–Ukraine conflict.
• Strategically important for access routes, coastal influence via the Sea of Azov, and regional dominance in Donbas.

Minimum Alternate Tax (MAT)

Union Budget 2026–27 proposed Making MAT a final tax (no MAT credit carry-forward). Reducing MAT rate from 15% to 14%. Exempting non-residents paying tax under the presumptive taxation regime from MAT.

About Minimum Alternate Tax (MAT)

• Purpose: Ensures companies with high book profits but low or zero taxable income pay a minimum level of tax.
• Trigger: Applicable when tax liability under normal provisions is less than MAT.
• Legal Basis: Levied under the Income Tax Act, 1961.
• Applicability:Domestic companies
  - Foreign companies (with specified exemptions).

Al-Jawf Region

Snowfall recorded for the first time in its interior deserts, marking a rare climatic event in Saudi Arabia.

Location & Geography

• Country: Saudi Arabia
• Position: Northern part of the kingdom; one of 13 administrative regions
• Landscape: Northern edge of Al-Nafūd Desert (vast desert plains)

Historical & Cultural Significance

• Trade & Pilgrimage Route: Ancient corridor linking Arabian Peninsula → Levant → Egypt
• Strategic Importance: HistoricWally facilitated commerce and religious journeys
• Dawmat al-Jandal Lake: Located north of the region; largest lake in Saudi Arabia

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