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CURRENT AFFAIRS : BANKING, FINANCE & BUSINESS

Ministry of Statistics and Programme Implementation Releases Expert Group Report on Comprehensive Update of Consumer Price Index

• The Ministry of Statistics and Programme Implementation (MoSPI) released the Report of the Expert Group on Comprehensive Updation of the Consumer Price Index (CPI).

Key Highlights :

• The Expert Group for CPI base revision included experts from academia, senior officials from the Reserve Bank of India (RBI), and Government of India
• The report aims to capture changing household consumption behaviour and incorporate global best practices and methodological developments in CPI compilation.
• A key recommendation is the adoption of the COICOP 2018 framework (Classification of Individual Consumption According to Purpose) up to the sub-class level for item classification.
• The CPI item basket and weights will be updated using data from the Household Consumption Expenditure Survey (HCES) 2023-24.
• The CPI 2024 series will include 358 weighted items, mapped to 12 Divisions, 43 Groups, 62 Classes, and 192 Sub-classes in line with the COICOP 2018 classification.
• The Expert Group recommended the use of latest technology for price data collection, inclusion of administrative and online/e-commerce data, and methodological improvements in index compilation, including the house rent index and granular data dissemination.
• The report release aims to provide users of CPI with a better understanding and assimilation of the CPI 2024 series before its official release on 12th February 2026.
• The first release will provide indices from January 2025 and inflation data for January 2026, along with the All-India back series for Rural, Urban, and Combined sectors from January 2013

Pension Fund Regulatory and Development Authority Introduces NPS Swasthya Pension Scheme as Regulatory Sandbox Pilot

• The Pension Fund Regulatory and Development Authority (PFRDA) permitted the launch of ‘NPS Swasthya Pension Scheme’ as a Proof of Concept (PoC) under its Regulatory Sandbox Framework to integrate health benefits with pension savings.
• The scheme is introduced under the PFRDA Act, 2013 and operates with temporary relaxations in the PFRDA (Exits and Withdrawals under NPS) Regulations, 2015 during the PoC period.

Key Highlights :

• NPS Swasthya Pension Scheme will function as a specific sector scheme under the Multiple Scheme Framework (MSF) of the National Pension System (NPS).
• The pilot project will be launched by approved Pension Funds (PFs) for a limited period, subject to prior approval from PFRDA.
• For implementation, PFs may collaborate with Central Recordkeeping Agencies (CRAs), fintech firms, and Health Benefit Administrators (HBAs) / Third-Party Administrators (TPAs).
• Eligibility: Any Indian citizen can enrol, provided they have a Common Scheme Account (CSA) under NPS.
• Partial Withdrawal Facility: Subscribers can withdraw up to 25% of their own contributions for medical expenses, with no limit on the number of withdrawals, after maintaining a minimum corpus of ₹50,000.
• Premature Exit Provision: If inpatient medical expenses exceed 70% of the total corpus in a single instance, subscribers are allowed a 100% lump-sum premature exit exclusively for medical treatment.
• Contribution Transfer Option: Subscribers above 40 years of age (excluding government subscribers) can transfer up to 30% of contributions from their existing NPS account to the Swasthya Pension Scheme account.
• The scheme aims to assess operational, technological and regulatory feasibility of combining healthcare support with long-term retirement planning, making it a first-of-its-kind health-linked pension initiative under NPS.

Recent News :

• In Jan 2026, The PFRDA, a statutory body under the Ministry of Finance (MoF), constituted a 15-member high-level expert committee to formulate a regulatory framework for assured payouts under the National Pension System (NPS).

About PFRDA :

• The PFRDA was established in 2003 and accorded statutory status under the PFRDA Act, 2013, operating under the Ministry of Finance (MoF).
• The authority aims to develop and regulate the National Pension System (NPS) and the Atal Pension Yojana (APY) to ensure old-age income security for Indian citizens.
• Headquarters: New Delhi, Delhi.
• Chairperson: Sivasubramanian Ramann

India Aims to Become Global Financial Hub with GIFT City IFSC and GCC Expansion: Economic Survey 2025–26

• The Economic Survey 2025–26 highlights India’s ambition to become a global financial and services hub, led by GIFT City IFSC and large-scale Global Capability Centre (GCC)
• GIFT City has emerged as a key conduit for global capital flows, facilitating onshore financial activities previously routed through Singapore, Mauritius, and the Cayman Islands.
• As of 30 November 2025, over 1,034 domestic and international entities were registered at GIFT IFSC, spanning banking, capital markets, insurance, fintech, and fund management.
• The creation of the International Financial Services Centres Authority (IFSCA) in April 2020 as a unified regulator replaced fragmented oversight by RBI, SEBI, IRDAI, and PFRDA for IFSC operations.
• GIFT City improved its global standing, ranking 43rd among 120 financial centres in the Global Financial Centres Index, and gained 10 places in fintech rankings through sandboxes and innovation hubs.
• Operational milestones include the first foreign corporate bond listing at GIFT IFSC by Sri Lanka’s DFCC Bank and the launch of a Foreign Currency Settlement System, enabling near real-time cross-border settlements.
• India is the world’s largest hub for Global Capability Centres (GCCs), hosting over 1,700 GCCs employing more than 19 lakh professionals as of FY24.

Punjab & Sind Bank Gets Reserve Bank of India Nod to Open Branch at GIFT City IFSC, Gandhinagar

• Punjab & Sind Bank has received Reserve Bank of India (RBI) approval to open a branch at the International Financial Services Centre (IFSC) in GIFT City, Gandhinagar.
• The new branch will operate within GIFT City, India’s globally competitive financial services hub.
• The move strengthens the bank’s capabilities in foreign currency lending, trade finance, treasury operations, and international banking services.
• Punjab & Sind Bank is a state-owned public sector bank, headquartered in New Delhi, led by MD & CEO Swarup Kumar Saha.
• Opening a branch at GIFT City IFSC marks the bank’s formal entry into global financial services and aligns with India’s ambition of positioning GIFT City as a world-class financial hub.
• GIFT City IFSC facilitates cross-border financial transactions, offshore banking, international trade finance, and capital market activities under a globally competitive regulatory framework.
• The branch will enable the bank to operate with greater flexibility in foreign currencies, catering to the needs of corporate and institutional clients engaged in global trade and investment.
• The initiative supports national priorities of financial sector development, global integration, and contributes to India’s ambition of becoming a global financial powerhouse.
• By leveraging the GIFT City ecosystem, Punjab & Sind Bank aims to promote sustainable growth, innovation, and value creation for stakeholders.

About Punjab & Sind Bank (PSB):

• Founded: 1908
• Headquarters: New Delhi, India
• Managing Director & CEO: Swarup Kumar Saha
• Tagline: "Where Service Is A Way of Life"

India Permits EU Banks to Open 15 Branches in Four Years under India–EU FTA

• India has agreed to allow European Union (EU) banks to open up to 15 branches over a four-year period under the India–EU Free Trade Agreement (FTA).
• The move represents a calibrated opening of India’s financial services sector, while retaining safeguards for domestic stability and national interests.
• Currently, European banks operating in India include Deutsche Bank, BNP Paribas, and Societe Generale.
• The cap of 15 branches reflects India’s cautious approach to financial sector liberalisation, balancing foreign participation with regulatory oversight by domestic authorities.
• Under the FTA, India allows 100% foreign direct investment (FDI) in the insurance sector and 74% FDI in banking services.
• The agreement aligns with India’s objective of attracting stable foreign capital, improving service efficiency, and integrating with global financial markets without compromising prudential norms.
• India has secured carve-outs for national security and retained policy space in sensitive sectors like legal services.
• The FTA includes a bilateral safeguard mechanism, allowing India to temporarily raise duties to MFN level for a maximum of four years in case of import surges harming domestic industries.
• On intellectual property rights, India is not obliged to amend or dilute existing IP laws, preserving policy autonomy in pharmaceuticals, innovation, and public interest regulation.
• The agreement provides for a general review by a joint committee within five years of entry into force and every five years thereafter, allowing scope for recalibration as trade and investment flows
• The rules of origin clause ensures that only meaningful manufacturing or value-adding activities qualify for preferential tariffs, excluding minimal operations like packaging, labelling, minor assembly, or peeling.

CURRENT AFFAIRS: NATIONAL AND STATE NEWS

Government Integrates Artificial Intelligence Across Education and Skilling Ecosystem; CCSU Becomes India’s First Artificial Intelligence-Enabled State University Pilot

• Shri Jayant Chaudhary, Union Minister of State (Independent Charge), Ministry of Skill Development and Entrepreneurship (MSDE) and Minister of State, Ministry of Education (MoE), outlined the Government of India’s vision for integrating Artificial Intelligence (AI) across education and skilling ecosystems at Google’s AI for Learning Forum held in New Delhi.
• A landmark collaboration was announced between Ministry of Skill Development and Entrepreneurship (MSDE), Google Cloud, and Chaudhary Charan Singh University (CCSU), Meerut, positioning CCSU as India’s first Artificial Intelligence-enabled State University pilot.
• The initiative aligns with the Prime Minister’s vision of Viksit Bharat 2047, focusing on technology-driven development.
• The event was attended by senior Google leaders including Preeti Lobana (Vice President and Country Manager, Google India), Chris Phillips (Vice President and Global Lead for Education, Google), Wilson White (Vice President, Government Affairs and Public Policy, Google Asia-Pacific), and Yolynd Lobo (Director, Government Affairs and Public Policy, Google Cloud).
• Under the pilot, CCSU Meerut will act as a living laboratory for AI-first education, implementing personalised AI tutors, AI-driven skill-gap analysis, and intelligent document processing for administrative efficiency.
• The pilot will benefit CCSU’s affiliated colleges, with scalability planned across over 45,000 colleges and 1,200 universities in India.
• The initiative is aligned with the Government’s ₹60,000 crore Model Industrial Training Institute Scheme, enabling integration of AI-enabled curricula in vocational institutions.
• Google announced an ₹85 crore Google.org grant to Wadhwani Artificial Intelligence to support AI integration into national platforms such as Study Webs of Active Learning for Young Aspiring Minds (SWAYAM) and Poshan Tracker, targeting nearly 75 million learners.
• The Minister urged expansion of AI support to Kendriya Vidyalayas and Jawahar Navodaya Vidyalayas, stressing the importance of teacher enablement in remote regions.
• India was highlighted as a Global South testbed for inclusive Artificial Intelligence, with solutions developed for India’s diversity positioned as global public goods.
• Based on CCSU’s implementation, MSDE will develop a National Best Practice Framework allowing institutions to self-certify as Artificial Intelligence-enabled institutions, with CCSU functioning as a Centre of Excellence.
• The collaboration reinforces the Government’s commitment to ensuring that learners graduate with future-ready skills aligned with the demands of an Artificial Intelligence-driven economy.

Meghalaya’s Living Root Bridges Nominated to UNESCO World Heritage List

• India has formally submitted the nomination dossier of Meghalaya’s living root bridges, titled “Jingkieng Jri / Lyu Chrai Cultural Landscape”, to the United Nations Educational, Scientific and Cultural Organization  (UNESCO) for the 2026–27 World Heritage evaluation cycle.
• The dossier was submitted by Vishal V. Sharma, India’s Ambassador and Permanent Representative to UNESCO, to Lazare Assomo Eloundou, Director of UNESCO’s World Heritage Centre.
• The nominated cultural landscape spans the Khasi Hills and Jaintia Hills of Meghalaya.
• It represents a centuries-old living heritage tradition developed and preserved by the indigenous Khasi and Jaintia communities.
• The living root bridges form the core of the nomination and embody the indigenous philosophy of living in harmony with nature and reverence for Mei Ramew (Mother Earth).
• The submission acknowledges the leadership of the Prime Minister of India, the Union Minister for Culture, and the Chief Minister of Meghalaya.
• Contributions of the Archaeological Survey of India, the Ministry of External Affairs, and local communities in conserving this heritage have been recognised.
• The nomination reflects India’s commitment to safeguarding living cultural landscapes and advancing international heritage conservation through UNESCO.

Montra Electric Becomes First Heavy-Duty Electric Truck Manufacturer to Receive PM E-DRIVE Certification

• Montra Electric, the electric commercial vehicle business vertical of the Murugappa Group, became the first heavy-duty electric truck manufacturer in India to receive certification under the Prime Minister Electric Drive Revolution in Innovative Vehicle Enhancement Scheme (PM E-DRIVE) of the Government of India.
• The company delivered India’s first PM E-DRIVE certified electric heavy-duty truck, Rhino 5538 Electric Vehicle 6×4 tractor trailer, to UltraTech Cement Limited, India’s largest cement and ready-mix concrete company.
• Certification under the ₹10,900 crore PM E-DRIVE Scheme provides direct customer incentives of up to ₹9.6 lakh per vehicle for the Rhino 5538 Electric Vehicle, improving economic viability of electric heavy-duty trucks.
• The PM E-DRIVE Scheme has allocated ₹500 crore exclusively for electric trucks, aiming to accelerate the shift from conventional fuels in logistics, mining, infrastructure, and manufacturing sectors.
• The milestone event was marked in the presence of Arun Murugappan, Chairman, Montra Electric (TI Clean Mobility), Jalaj Gupta, Managing Director, Montra Electric, and Sathia Raj, Chief Procurement Officer, UltraTech Cement Limited.
• Rhino 5538 Electric Vehicle is designed for Indian operating conditions and is available in 6×4 and 4×2 tractor trailer variants.
• The 4×2 variant supports battery swapping and fixed battery options, with six-minute battery swap capability.
• Technical specifications include a 282 kilowatt hour Lithium Ferro Phosphate battery, 380 horsepower, 2000 Newton metre torque, and a range of nearly 198 kilometres under standard test conditions.
• The vehicle is suitable for ports, mining operations, cement logistics, steel plants, and long-haul freight corridors.
• Electrification of heavy-duty trucks is critical as they contribute disproportionately to freight-related carbon emissions, supporting India’s net-zero emission targets.
• Montra Electric operates across four business verticals: heavy commercial vehicles, mid and small commercial vehicles, last-mile three-wheelers, and electric tractors.
• The Murugappa Group has a 125-year legacy, revenues of ₹90,178 crore, and employs 94,041 people across India and globally.

Ministry of Agriculture and Farmers Welfare Forms High-Level Committee to Strengthen Farmer Producer Organisations in Tamil Nadu

• The Ministry of Agriculture and Farmers Welfare constituted a high-level Committee to review and strengthen the functioning of Farmer Producer Organisations in Tamil Nadu.
• The Committee includes representatives from National Bank for Agriculture and Rural Development, National Agricultural Cooperative Marketing Federation of India Limited, Small Farmers’ Agribusiness Consortium – Tamil Nadu, Indian Council of Agricultural Research – National Research Centre for Banana, Farmer Producer Organisations, Non-Governmental Organisations, and officials from the Department of Agriculture and Farmers Welfare under the Ministry of Agriculture and Farmers Welfare.
• The Committee will assess governance, business sustainability, technical support, value addition, marketing, and capacity-building aspects of Farmer Producer Organisation operations.
• It will recommend measures to strengthen operational efficiency, technical support systems, institutional coordination, and market linkages, with special focus on key crops of Tamil Nadu.
• The Committee is expected to submit its final report within two months to the Department of Agriculture and Farmers Welfare.
• Indian Council of Agricultural Research – National Research Centre for Banana, Tiruchirappalli, Tamil Nadu, along with Krishi Vigyan Kendras through Indian Council of Agricultural Research – Agricultural Technology Application Research Institutes, Hyderabad, Telangana, will act as the host institution and provide logistical and secretarial support.

About Farmer Producer Organisations

• A Farmer Producer Organisation is a legal entity formed by farmers to collectively improve production, marketing, and income through aggregation of resources, enhanced bargaining power, and better market access for inputs and outputs.
• Farmer Producer Organisations are registered under the Companies Act, 2013 or the Co-operative Societies Act, 1912 of the respective State.
• The Government of India achieved its target of establishing 10,000 Farmer Producer Organisations under the Formation and Promotion of 10,000 Farmer Producer Organisations Scheme, with the 10,000th Farmer Producer Organisation inaugurated in Khagaria, Bihar, on 24 February 2025.
• Small Farmers’ Agribusiness Consortium is an Autonomous Society promoted by the Ministry of Agriculture and Farmers Welfare to focus on the formation of Farmer Producer Organisations.

Ministry of Agriculture and Farmers Welfare

• Union Minister: Shivraj Singh Chouhan (Vidisha Constituency, Madhya Pradesh)
• Ministers of State: Ram Nath Thakur (Rajya Sabha, Bihar); Bhagirath Choudhary (Ajmer Constituency, Rajasthan)

National Institution for Transforming India Launches Sampoornata Abhiyan 2.0

• The National Institution for Transforming India launched Sampoornata Abhiyan 2.0 to ensure essential services reach the most remote and underserved populations.
• The campaign aims to fast-track development and achieve 100 percent saturation of key development indicators across Aspirational Districts and Aspirational Blocks in India.
• Sampoornata Abhiyan 2.0 will be conducted for a three-month period from 28 January to 14 April 2026.
• The campaign was launched by B. V. R. Subrahmanyam, Chief Executive Officer, National Institution for Transforming India, in the presence of Rohit Kumar, Additional Secretary and Mission Director, Aspirational Districts and Blocks Programme, National Institution for Transforming India, along with Planning Secretaries.
• The initiative expands Sampoornata Abhiyan 2024 and covers 112 Aspirational Districts and 513 Aspirational Blocks under the Aspirational Districts and Blocks Programme.
• National Institution for Transforming India, in coordination with concerned Central Ministries and Departments and the Governments of States and Union Territories, will jointly drive the effective implementation of the campaign.

National Institution for Transforming India (NITI Aayog)

• Chief Executive Officer: B. V. R. Subrahmanyam
• Headquarters: New Delhi, Delhi
• Established: 2015

Pension Fund Regulatory and Development Authority Introduces National Pension System Swasthya Pension Scheme

• The Pension Fund Regulatory and Development Authority introduced the National Pension System Swasthya Pension Scheme through a circular issued under the Pension Fund Regulatory and Development Authority Act, 2013.
• The scheme has been launched as a Proof of Concept under the Regulatory Sandbox Framework to integrate health-related benefits with the National Pension System.
• It will operate as a specific sector scheme under the Multiple Scheme Framework.
• The scheme will be implemented as a pilot project for a limited period by Pension Funds, subject to prior approval of the Pension Fund Regulatory and Development Authority.
• Pension Funds may collaborate with Central Recordkeeping Agencies, financial technology firms, and Health Benefit Administrators or Third-Party Administrators for administration of the scheme.
• Any Indian citizen is eligible to enrol under the scheme, provided the individual has a Common Scheme Account, which can be opened if not already available.
• Subscribers are permitted to make partial withdrawals for medical expenses up to 25 percent of their own contributions, with no restriction on the number of withdrawals, after accumulation of a minimum corpus of fifty thousand rupees.
• In cases of critical inpatient treatment, where medical expenses exceed 70 percent of the available corpus, subscribers are allowed a premature exit with 100 percent lump-sum withdrawal, strictly for meeting medical expenses.

India–European Union Leaders Visit India as Chief Guests for 77th Republic Day

• Ursula von der Leyen, President of the European Union Commission, and Antonio Luis Santos da Costa, President of the European Union Council, paid an official visit to India from January 25 to January 27, 2026, as Chief Guests for the 77th Republic Day of India, on the invitation of Prime Minister Narendra Modi.
• The visit was accompanied by a high-level European Union delegation, including Kaja Kallas, Vice-President of the European Union Commission, marking her first official visit to India.
• 16th India–European Union Summit
• The 16th India–European Union Summit was co-chaired in New Delhi by Prime Minister Narendra Modi, President of the European Union Council Antonio Luis Santos da Costa, and President of the European Union Commission Ursula von der Leyen.
• The previous summit was held virtually in July 2020.
• 2030 Joint India–European Union Comprehensive Strategic Agenda
• India and the European Union endorsed the “2030 Joint India–European Union Comprehensive Strategic Agenda” for the next five years.
• The agenda aims to widen, deepen and better coordinate cooperation between both sides.
• It covers key areas such as prosperity and sustainability, technology and innovation, security and defence, connectivity, and global issues.
• India–European Union Free Trade Agreement
• A major outcome of the summit was the announcement of the conclusion of India–European Union Free Trade Agreement negotiations, described as the “Mother of All Deals”.
• With this development, the European Union became India’s 22nd Free Trade Agreement partner, marking a significant milestone in bilateral economic relations.

CURRENT AFFAIRS : INTERNATIONAL NEWS

Highlights of the 56th World Economic Forum Annual Meeting at Davos-Klosters (Part II)

• The 56th Annual Meeting of the World Economic Forum (WEF) was held from 19–23 January 2026 at Davos-Klosters, Switzerland, with the theme “A Spirit of Dialogue.”
• The WEF 2026 served as a neutral global platform for dialogue on global cooperation, innovation, economic growth, and inclusive prosperity amid geopolitical and technological challenges.

Key Highlights :

Key Outcomes and MoUs Signed at WEF 2026

• The Ministry of Skill Development & Entrepreneurship (MSDE), Government of India, signed an MoU with WEF to establish a Skills Accelerator in India.
• The Government of Maharashtra signed 19 MoUs worth ₹14.50 lakh crore (USD 175 billion) at WEF 2026.
• Maharashtra CM Devendra Fadnavis announced India’s first Innovation City near Navi Mumbai International Airport, with an investment of ₹91,000 crore (USD 11 billion) by Tata Sons.
• The Government of Uttar Pradesh (UP) signed MoUs worth ₹9,750 crore, focusing on clean energy, renewable energy (RE), AI, digital infrastructure, and defence manufacturing.
• The Government of Assam secured investment commitments worth ₹1 lakh crore in sectors like green energy, semiconductors, electronics, and hydrocarbons.
• Assam participated for the first time in the WEF Annual Meeting.
• The Government of Kerala secured investment commitments and Expressions of Interest (EoIs) worth USD 14 billion (₹1.17 lakh crore) across renewable energy, Global Capability Centres (GCCs), skill development, financial services, tourism, wellness, medical infrastructure, and manufacturing.
• The Government of Jharkhand signed an MoU with Tata Steel Limited (TSL) for an investment of ₹11,000 crore, focused on green steel and industrial growth.
• The Government of Gujarat showcased plans to become India’s first state to generate nuclear power using small nuclear reactors, under the SHANTI Bill (Sustainable Harnessing and Advancement of Nuclear Energy for Transforming India).
• The Government of Madhya Pradesh (MP) signed an MoU with DP World (UAE-based global logistics company) to boost logistics infrastructure and global supply-chain integration.

Other Important Launches at WEF 2026

• World University Leaders Forum (WULF) was launched by P. Jindal Global University (JGU) as a platform for global university-led collaboration and solutions.
• LINK Energy, a new integrated clean-energy platform, was launched with an investment plan of ₹10,000 crore (USD 1.2 billion) to be deployed over the next five years in renewable energy projects.

Bangladesh and Pakistan Restart Direct Air Services After 14 Years

• Pakistan and Bangladesh have resumed direct air connectivity after a 14-year gap, indicating a notable improvement in bilateral relations.
• The inaugural Dhaka–Karachi flight was operated by Biman Bangladesh Airlines, ending the suspension in place since 2012.
• Flight BG341 departed from Dhaka’s Hazrat Shahjalal International Airport and landed at Karachi’s Jinnah International Airport, greeted with a traditional water cannon salute.
• Officials from both countries attended the departure ceremony, highlighting the political significance of the flight.
• Bangladesh civil aviation and tourism adviser Sheikh Bashiruddin described the route as enhancing connectivity, boosting tourism, and strengthening people-to-people ties.
• The inaugural flight was fully booked, reflecting pent-up travel demand.
• Direct flights were suspended in 2012, forcing passengers to use indirect routes via Gulf hubs such as Dubai and Doha.
• The resumption followed diplomatic engagement, including talks between Bangladesh interim leader Muhammad Yunus and Pakistan PM Shehbaz Sharif, and during Deputy PM Ishaq Dar’s visit to Dhaka.
• Biman Bangladesh Airlines announced that the Dhaka–Karachi service will operate twice weekly, with plans to increase frequency and reduce fares.
• The new route is expected to promote trade, educational exchanges, and cultural ties, benefiting families, students, and business communities.
• Bangladesh and Pakistan were once one nation, split in 1971 after a war, and are now geographically divided by 1,500 km of Indian territory.
• Improved bilateral ties follow the 2024 student-led revolt in Bangladesh that ended Sheikh Hasina’s 15-year rule, while relations with India have become frostrified.
• Cargo shipping between Karachi and Chittagong resumed in November 2024, supporting increased trade and cultural exchanges.

CURRENT AFFAIRS : DEFENCE NEWS

Taiwan Completes Maiden Underwater Sea Trial of Indigenous Submarine to Boost Maritime Deterrence Against China

• Taiwan has successfully completed the first underwater sea trial of its domestically developed submarine, marking a major milestone in strengthening maritime deterrence against China.
• The submarine, named “Narwhal” (also known as Hai Kun), conducted a shallow-water submerged navigation test off Kaohsiung, Taiwan’s southern port city.
• The trial was confirmed by CSBC Corporation, Taiwan’s state-owned shipbuilder leading the indigenous submarine programme.
• Taiwan plans a total of eight domestically built submarines under this programme to enhance its ability to protect vital sea lanes and conduct sea denial operations.
• The programme has leveraged expertise and technology from the United States and the United Kingdom, a notable breakthrough for diplomatically isolated Taiwan.
• China considers Taiwan its territory and has increased military pressure through frequent naval exercises around the island.
• Submarines are seen by Taipei as a critical asymmetric capability to counter China’s naval superiority.
• The Narwhal submarine, originally scheduled for delivery in 2024, faced delays due to international constraints and political pressure from Beijing.
• The submarine has a cost of T$49.36 billion, is equipped with a US-supplied combat management system, and will carry US-made Mark 48 heavyweight torpedoes.
• Future submarines in the series may be equipped with missile systems to further enhance deterrence.
• Taiwan aims to deploy at least two domestically built submarines by 2027, focusing on mobile and survivable systems such as submarines, drones, and truck-mounted missiles.
• The submarine trial highlights Taiwan’s intent to bolster defense capabilities amid growing strategic competition in the Indo-Pacific region.

About Taiwan :

• President : Lai Ching-te
• Capital : Taipei
• Currency : New Taiwan dollar

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

India’s Space Economy Worth USD 8.4 Billion with 399 Start-ups in Launch Vehicles, Satellites, and Space Technology

• India’s space economy is currently valued at USD 8.4 billion, with 399 space start-ups operating in launch vehicles, satellites, propulsion systems, and space-grade electronics.
• Indian Space Policy 2023 permits private entities to undertake end-to-end space activities, including launches, satellite manufacturing and operations, data services, and ground stations.
• IN-SPACe has disbursed ₹2.36 crore under its Seed Fund and Pre-Incubation Entrepreneurship Programme to support early-stage space ventures.
• According to IN-SPACe’s Decadal Vision Report, India aims to expand its space economy from USD 8.4 billion (2022) to USD 44 billion by 2033, including USD 11 billion in exports.
• The Decadal Vision Strategy of IN-SPACe focuses on three pillars: Revenue Generation, Ecosystem Development, and Catalysing Space Activities.
• Revenue Generation will be driven by commercialization of launch services, satellite and ground operations, Earth observation, satellite communication, satellite navigation, and in-orbit economy.
• Space economy growth is supported by demand generation, international collaboration, promotion of space culture, and enabling industry to scale services and exports.
• Of the 434 foreign satellites launched by ISRO, 399 were launched after 2014, highlighting India’s rapid growth in space services.
• Currently, approximately 1050 private companies have provided their capabilities on the IN-SPACe Digital Platform (IDP) for various space activities.

Reliance Industries Limited and Oil and Natural Gas Corporation Limited Ink Deal to Share Offshore Energy Assets

• Reliance Industries Limited (RIL) and Oil and Natural Gas Corporation Limited (ONGC) signed a resource-sharing agreement during India Energy Week (IEW) 2026 in Goa (27–30 January 2026) to enhance operational efficiency and strengthen India’s energy security.
• The agreement enables delivery of specialized logging, well services, subsea equipment, and emergency response by jointly leveraging offshore assets to optimize performance.
• The framework covers operations in the Krishna Godavari (KG) Basin and Andaman offshore blocks.
• Shared assets include Offshore Supply Vessels (OSVs), Multipurpose Support Vessels (MSVs), tugs, drilling rigs, platforms, pipelines, processing facilities, and power systems.
• The agreement is governed by the Oilfields (Regulation and Development) Amendment Act, 2025 (ORDA Act 2025), and foreign-flagged OSVs require approvals from the Ministry of Defence (MoD), Ministry of Home Affairs (MHA), and Director General of Shipping (DGS), with shared-use allowing seamless movement.
• Key benefits include reduction in duplication, lower Capital Expenditure (CAPEX), lower Operating Expenditure (OPEX), improved asset utilization, accelerated project execution, enhanced safety, and strengthened domestic energy security.

Ministry of Statistics and Programme Implementation Launches PAIMANA Portal to Monitor Central Sector Infrastructure Projects Above ₹150 Crore

• The Ministry of Statistics and Programme Implementation (MoSPI) has operationalised PAIMANA (Project Assessment, Infrastructure Monitoring & Analytics for Nation-building) to monitor Central Sector Infrastructure Projects worth ₹150 crore and above.
• PAIMANA replaces the old OCMS-2006 (Online Computerised Monitoring System), thereby modernising infrastructure project monitoring.
• Following the principle of “one data, one entry”, PAIMANA is integrated via APIs with the Department for Promotion of Industry and Internal Trade’s (DPIIT) Integrated Project Monitoring Portal (IPMP / IIG-PMG).
• This integration allows automatic data flow from IPMP, reducing manual data entry, with approximately 60% of projects updated automatically.
• The portal was operationalised through coordination with 20+ Central Ministries/Departments, along with DEA and DPIIT, covering project mapping, data migration, validation, and analytics.
• Currently, 1,392 ongoing infrastructure projects have been onboarded on PAIMANA, with data sanitisation of IPMP and further onboarding of stakeholders and projects underway.

CURRENT AFFAIRS: MOUS AND AGREEMENT

Indian Institute of Management Ahmedabad Establishes Krishnamurthy Tandon School of Artificial Intelligence

• Indian Institute of Management Ahmedabad (IIMA) exchanged a Memorandum of Understanding (MoU) with Ms. Chandrika Krishnamurthy Tandon and Mr. Ranjan Tandon for the establishment of the Krishnamurthy Tandon School of Artificial Intelligence at IIMA.
• The MoU exchange took place in the presence of Shri Dharmendra Pradhan, Union Minister of Education, Government of India, in New Delhi, and Ambassador Shri Vinay Kwatra virtually from the United States of America.
• The School will be established through a ₹100 crore endowment contributed by Ms. Chandrika Krishnamurthy Tandon, alumna of Post Graduate Programme Class of 1975 of IIMA, and Mr. Ranjan Tandon.
• The MoU exchange was held in the lead-up to the India – Artificial Intelligence Impact Summit 2026.
• The School aims to boost India’s artificial intelligence capabilities, democratise artificial intelligence, create global employment opportunities from India, and use artificial intelligence for social good and global impact.
• The Krishnamurthy Tandon School of Artificial Intelligence will function at the intersection of technology, management, and public impact, making it a pioneering artificial intelligence school within a management institute in India.
• The School will focus on responsible development, deployment, and governance of artificial intelligence to generate long-term business and societal value.
• It will act as a hub for business-focused and translational artificial intelligence, bringing together faculty, industry leaders, policymakers, and global partners.
• Dr. Vineet Joshi, Secretary, Department of Higher Education, Professor Bharat Bhasker, Director, Indian Institute of Management Ahmedabad, Shri Purnendu Banerjee, Joint Secretary, Higher Education, and senior ministry officials were present at the event.

All India Institute of Ayurveda Signs Memorandum of Understanding to Boost Digital Health and Ayurveda Outreach

• The All India Institute of Ayurveda, the apex institution under the Ministry of AYUSH (Ayurveda, Yoga, and Naturopathy, Unani, Siddha, and Homeopathy), signed a Memorandum of Understanding with the Centre for Ayurveda Education, Innovation and Technology, marking a significant step towards strengthening digital health initiatives in Ayurveda.
• The Memorandum of Understanding focuses on cutting-edge research, technology transfer, Artificial Intelligence and Machine Learning-enabled analysis of Ayurvedic data, and the development of innovative educational frameworks within the Ayurvedic sector.
• The collaboration aims to integrate modern technologies with traditional Ayurvedic knowledge to enhance research, education, and evidence-based practices.
• Separately, the Ayush Export Promotion Council, under the Ministry of AYUSH, signed a Memorandum of Understanding with Zepto Limited in New Delhi, Delhi.
• This Memorandum of Understanding aims to facilitate nationwide online access to Ayush medicines and wellness products, strengthening the digital distribution ecosystem for Ayush products across India.

About Ministry of AYUSH:

• Minister of State (Independent Charge): Prataprao Ganpatrao Jadhav (Buldhana Constituency, Maharashtra)

CURRENT AFFAIRS: SPORTS NEWS

Sixth Edition of Khelo India Winter Games 2026 Inaugurated in Ladakh

• The sixth edition of the Khelo India Winter Games 2026 was inaugurated by Lieutenant Governor Kavinder Gupta at the Nawang Dorjan Stobdan Stadium, Leh, Union Territory of Ladakh.
• The first phase of the Games, dedicated to ice sports, was held from 20 January to 26 January 2026.
• In the medal tally, Haryana topped the table with 5 Gold, 1 Silver, and 2 Bronze medals.
• Ladakh secured the second position with 2 Gold, 5 Silver, and 4 Bronze medals.
• Maharashtra finished third with 2 Gold, 3 Silver, and 2 Bronze medals.
• The Games were organised by the Department of Youth Services and Sports, Union Territory of Ladakh, under the supervision of the Sports Authority of India, with technical support from National Sports Federations.
• The event followed a two-leg format, with Phase 1 (ice sports) held in Leh and Phase 2 (snow sports) scheduled at Kangdoori Phase 1 and Gulmarg Golf Course Club, Jammu and Kashmir.
• Phase 1 disciplines included Ice Hockey and Ice Skating, with Figure Skating introduced for the first time.
• Phase 2 disciplines include Alpine Skiing, Nordic Skiing, Ski Mountaineering, and Snowboarding.
• The Games are conducted under the Khelo India Scheme, a Central Sector Scheme of the Ministry of Youth Affairs and Sports.
• The logo symbolises energy, resilience, and the national spirit of winter sports.
• The official mascot, Sheen-E-She (Shan), the Snow Leopard, represents resilience, agility, and the Himalayan legacy.

About Ministry of Youth Affairs and Sports:

• Union Minister – Mansukh Mandaviya
• Minister of State – Raksha Khadse

CURRENT AFFAIRS : OBITUARIES

Australian Hockey Veteran and Former India Coach Michael Nobbs Passed away at 72

• Michael Nobbs, former Australian hockey player, passed away at the age of 72 after a prolonged illness.
• He earned 76 international caps for Australia between 1979 and 1985.
• Nobbs was part of the Australian hockey teams that competed in the 1981 Hockey World Cup in Bombay and the 1984 Los Angeles Olympics.
• He became the coach of the Indian men’s hockey team in 2011, following India’s failure to qualify for the 2008 Beijing Olympics.
• Under his coaching, India competed at the 2012 London Olympics, marking a key phase in Indian hockey’s revival.
• Apart from India, Nobbs also served as the head coach of the Japanese men’s hockey team.

CURRENT AFFAIRS: IMPORTANT DAYS

Martyrs Day 2026 is observed on 30th January.

• Martyrs Day 2026 is observed on 30th January.
• Martyrs Day 2026 is held to remember the death of Mahatma Gandhi, who was killed on 30th January 1948.
• His full name is Mohandas Karamchand Gandhi, he is frequently referred to as "Bapu," or the "Father of the Nation."

History

• Gandhi promoted nonviolent protests throughout India's struggle for independence and encouraged everyone to set an example.
• With the British, he negotiated several peace deals before issuing the ultimatum to leave.
• Gandhi undertook the nearly impossible task of creating a nation out of numerous provinces and territories as the Indian constitution was being ratified.
• Gandhi was vehemently opposed to the idea of partitioning India. Even after the Declaration of Independence, he held regular demonstrations to establish his resistance.
• Gandhi’s objection to the partition was met harshly by Hindu nationalists, who accused him of appeasing the Muslims. On the eve of January 30, Nathuram Vinayak Godse, a notorious Hindu nationalist, shot Gandhi three times at point-blank.
• Gandhi was shot in the chest, putting an end to his lifelong fight for nonviolence.
• On Martyrs' Day, Indians from all over the world assemble to honor the memory of a great hero and recognize the pointless carnage brought on by violent extremism.

World Leprosy Day 2026 is observed on 30th January

• World Leprosy Day 2026 is observed on 30th January 2026.
• World Leprosy Day 2026 aims to create awareness about a disease that many people believe to be extinct, especially in developed countries. 
• The theme for World Leprosy Day 2026 is "Leprosy is curable, the real challenge is stigma". 

History

• The disease is also called Hansen’s disease, named after the Norwegian doctor Gerhard Henrik Armauer Hansen, who is known for identifying the bacteria that causes Leprosy.
• French philanthropist Raoul Follereau started World Leprosy Day in 1954 to raise awareness of the illness, particularly its socioeconomic effects. World Leprosy Day is observed on the last Sunday of January. 
• To honor Mahatma Gandhi's unwavering compassion for those suffering from the disease, the day is marked in India on January 26, the anniversary of his passing.
• Despite being curable today and uncommon in affluent nations like the U.S., the illness still has a stigma.
• The countries with the highest incidence of incidents include Indonesia, Brazil, and India.
• People who are infected are frequently subjected to prejudice and exclusion, which prevents them from receiving the proper medical attention, treatment, and even basic human rights.

World Neglected Tropical Diseases Day 2026 is celebrated on 30th January. 

• The World Neglected Tropical Diseases Day 2026 is celebrated every year on the 30th of January 2026.
• World Neglected Tropical Diseases Day 2026 is celebrated to create awareness of the devastating impact of Neglected Tropical Diseases on the poorest populations worldwide.
• World Neglected Tropical Diseases Day Theme is " Act. Eliminate".

History

• The World Health Assembly (WHA) recognized January 30 as the World Neglected Tropical Diseases (NTD) Day on 31st May 2021 through decision WHA74(18).
• After the decision WHA74(18), the WHO has joined the Neglected Tropical Diseases (NTD) community.
• Global Neglected Tropical Diseases marked their celebration on January 21 through organizing January 30 also commemorates several events like the first NTD road map in 2012, the London Declaration on NTDs, and various other events.

Daily CA One- Liner: January 31

• Shri Jayant Chaudhary, Union Minister of State (Independent Charge), Ministry of Skill Development and Entrepreneurship (MSDE) and Minister of State, Ministry of Education (MoE), outlined the Government of India’s vision for integrating Artificial Intelligence (AI) across education and skilling ecosystems at Google’s AI for Learning Forum held in New Delhi
• India has formally submitted the nomination dossier of Meghalaya’s living root bridges, titled “Jingkieng Jri / Lyu Chrai Cultural Landscape”, to the United Nations Educational, Scientific and Cultural Organization (UNESCO) for the 2026–27 World Heritage evaluation cycle
• Montra Electric, the electric commercial vehicle business vertical of the Murugappa Group, became the first heavy-duty electric truck manufacturer in India to receive certification under the Prime Minister Electric Drive Revolution in Innovative Vehicle Enhancement Scheme (PM E-DRIVE) of the Government of India
• The Ministry of Agriculture and Farmers Welfare constituted a high-level Committee to review and strengthen the functioning of Farmer Producer Organisations in Tamil Nadu
• The National Institution for Transforming India launched Sampoornata Abhiyan 2.0 to ensure essential services reach the most remote and underserved populations
• The Pension Fund Regulatory and Development Authority introduced the National Pension System Swasthya Pension Scheme through a circular issued under the Pension Fund Regulatory and Development Authority Act, 2013
• Ursula von der Leyen, President of the European Union Commission, and Antonio Luis Santos da Costa, President of the European Union Council, paid an official visit to India from January 25 to January 27, 2026, as Chief Guests for the 77th Republic Day of India, on the invitation of Prime Minister Narendra Modi
• Indian Institute of Management Ahmedabad (IIMA) exchanged a Memorandum of Understanding (MoU) with Chandrika Krishnamurthy Tandon and Mr. Ranjan Tandon for the establishment of the Krishnamurthy Tandon School of Artificial Intelligence at IIMA
• The All India Institute of Ayurveda, the apex institution under the Ministry of AYUSH (Ayurveda, Yoga, and Naturopathy, Unani, Siddha, and Homeopathy), signed a Memorandum of Understanding with the Centre for Ayurveda Education, Innovation and Technology, marking a significant step towards strengthening digital health initiatives in Ayurveda
• The sixth edition of the Khelo India Winter Games 2026 was inaugurated by Lieutenant Governor Kavinder Gupta at the Nawang Dorjan Stobdan Stadium, Leh, Union Territory of Ladakh.
• The Ministry of Statistics and Programme Implementation (MoSPI) released the Report of the Expert Group on Comprehensive Updation of the Consumer Price Index (CPI).
• The Pension Fund Regulatory and Development Authority (PFRDA) permitted the launch of ‘NPS Swasthya Pension Scheme’ as a Proof of Concept (PoC) under its Regulatory Sandbox Framework to integrate health benefits with pension savings.
• The Economic Survey 2025–26 highlights India’s ambition to become a global financial and services hub, led by GIFT City IFSC and large-scale Global Capability Centre (GCC)
• Punjab & Sind Bank has received Reserve Bank of India (RBI) approval to open a branch at the International Financial Services Centre (IFSC) in GIFT City, Gandhinagar.
• India has agreed to allow European Union (EU) banks to open up to 15 branches over a four-year period under the India–EU Free Trade Agreement (FTA).
• The 56th Annual Meeting of the World Economic Forum (WEF) was held from 19–23 January 2026 at Davos-Klosters, Switzerland, with the theme “A Spirit of Dialogue.”
• Pakistan and Bangladesh have resumed direct air connectivity after a 14-year gap, indicating a notable improvement in bilateral relations.
• Taiwan has successfully completed the first underwater sea trial of its domestically developed submarine, marking a major milestone in strengthening maritime deterrence against China.
• India’s space economy is currently valued at USD 8.4 billion, with 399 space start-ups operating in launch vehicles, satellites, propulsion systems, and space-grade electronics.
• Reliance Industries Limited (RIL) and Oil and Natural Gas Corporation Limited (ONGC) signed a resource-sharing agreement during India Energy Week (IEW) 2026 in Goa (27–30 January 2026) to enhance operational efficiency and strengthen India’s energy security.
• The Ministry of Statistics and Programme Implementation (MoSPI) has operationalised PAIMANA (Project Assessment, Infrastructure Monitoring & Analytics for Nation-building) to monitor Central Sector Infrastructure Projects worth ₹150 crore and above.
• Michael Nobbs, former Australian hockey player, passed away at the age of 72 after a prolonged illness.
• Martyrs Day 2026 is observed on 30th January.
• World Leprosy Day 2026 is observed on 30th January 2026.
• The World Neglected Tropical Diseases Day 2026 is celebrated every year on the 30th of January 2026