February 2, 2026 - Current Affairs

Union Budget 2026: Key Highlights

Context

Recently, the Finance Minister Nirmala Sitharaman presented the Union Budget 2026-2027 in Parliament.

Key Highlights of Union Budget 2026–27

It is the first Union Budget prepared in Kartavya Bhawan, and the Finance Minister underscored it is guided by three kartavya (duties) to accelerate growth, build people’s capacity, and ensure inclusive development.

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AI-powered Toys

Context

The novel AI-powered toy “companions” are available on popular e-commerce platforms.

What are AI Toys?

AI toys require internet connectivity to work and can take on the form-factor of plush aliens, fluffy animals, or friendly-faced robots.

Many of these AI toys come with embedded microphones that listen to children, to formulate replies.

Their makers promote them as products that offer educational answers, give emotional support, guide children through tasks or games, teach them new skills, and return compliments.

FM Tables 16th Finance Commission Report

In News

The 16th Finance Commission, constituted in 2023 under the chairmanship of Dr. Arvind Panagariya has had its key recommendations accepted by the Government for implementation during 2026–27 to 2030–31.

What is the Finance Commission?

Constitutional Body: Established under Article 280 of the Indian Constitution.

Formation: Constituted by the President of India every five years (or earlier).

Composition: A Chairman and four other members.

Government Constituted Panel to look at AI Impact on Jobs and Services

Context

Union Finance Minister in her Budget Speech said a high-level ‘Education to Employment and Enterprise’ Standing Committee will be formed to recommend measures that focus on the services sector.

Terms of reference of the high-level standing committee, according to Budget documents

Identify services sub-sectors with potential for growth, employment and exports.

Assess the impact of emerging technologies, including AI, on jobs and skill requirements.

Propose specific measures for embedding AI in the education curriculum from school level onwards and upgrading State Councils of Educational Research and Training institutes for teacher training

Marginal Hike For Agriculture

In News

Farmer organisations across the political spectrum criticised the Union Budget 2026–27.

Agricultural Sector Announcements in Union Budget 2026–27

The Union Budget 2026–27 has increased the allocation for the agriculture sector by 2.6%, adding about ₹3,000 crore compared to last year, even as the Economic Survey reported a slowdown in agricultural growth.

The Finance Minister proposed ₹1.3 lakh crore for agriculture, slightly higher than the 2025–26 Budget Estimate and the Revised Estimate, but close to the actual spending in 2024–25.

The Changing Landscape of Ecology Research

Context

AI, remote sensing, and big data are changing ecological research, with fieldwork increasingly supported or replaced by computer-based, data-driven methods.

Ecology research with traditional field-based approach

Classical ecology relied on direct field observations, specimen collection, and long-term monitoring of ecosystems.

Also the fieldwork enabled contextual understanding of species interactions, habitat conditions, and ecological processes.

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News In Short 02-02-2026

Context

To mark the 649th birth anniversary of Sant Guru Ravidas the Adampur airport is renamed Sri Guru Ravidas Ji Airport, Adampur.

About

Guru Ravidas is a revered saint of the Bhakti movement in the 15th and 16th centuries, is known for his powerful message of unity, devotion, and service to humanity.

He is considered the founder of the Ravidassia religion.