2nd February 2026 Current Affairs (Daily GK Update)

On 2 February 2026, Punjab celebrated a major aviation and cultural milestone with Adampur Airport renamed after Guru Ravidas and Halwara’s new civil terminal inaugurated, enhancing regional connectivity under the UDAN scheme. The move honors the saint’s legacy while advancing infrastructure. In Kerala, a new orchid species was discovered in Kanthalloor, highlighting the Western Ghats’ rich biodiversity. Banking and economic updates showed resilience, with Union Bank appointing Sarvesh Ranjan as Chief GM, GST collections exceeding ₹1.93 lakh crore, and UPI transactions hitting record highs.

National News

Why Did the 16th Finance Commission Keep the 41% Share Devolution?

• The 16th Finance Commission retained the states share of tax devolution at 41% for the period 2026–31 while significantly changing distribution rules.
• It introduced state GDP contribution as a new criterion to reward economic efficiency and growth, marking a shift in fiscal federalism.
• The Commission ended Revenue Deficit Grants, pushing states towards fiscal discipline and self-reliance.
• Changes in the horizontal formula favoured faster-growing states, while purpose-based grants for local bodies and disaster management were strengthened.

Which State Become India’s Renewable Energy Powerhouse With 16.5% Share?

• Gujarat has emerged as India’s largest renewable energy contributor, accounting for 16.5% of the national capacity as of 31 December 2025.
• With over 42.58 GW installed, the state leads in wind power and ranks second in solar, driven by strong policies and mega projects.
• Large solar parks like Dholera and the Khavda Renewable Energy Park have powered rapid capacity expansion.
• Gujarat also leads in rooftop solar adoption, supporting clean energy goals and India’s net-zero transition.

How Did India Become a Major Engine of Global Urban Growth in 2025

• India has emerged as one of the world’s top drivers of urban growth in 2025, according to a new United Nations report.
• Nearly 45% of the global population now lives in cities, with India playing a central role through expanding megacities and fast-growing smaller urban centres.
• New UN methods counting cities by population density have raised urban population estimates, especially in India and Asia.
• While urbanisation brings economic opportunities, it also poses major challenges for housing, infrastructure, sustainability and urban governance.

State News

Why Did Jalandhar’s Adampur Airport Get a New Name?

• Punjab marked a major aviation and cultural milestone on 2 February 2026 with the renaming of Adampur airport after Guru Ravidas and the inauguration of Halwara’s new civil terminal.
• The renaming honours the Bhakti saint’s legacy and fulfils a long-standing public and political demand in the state.
• Upgraded under the UDAN scheme, Adampur airport strengthens regional connectivity despite operational challenges.
• Together, the moves blend cultural recognition with infrastructure development to boost Punjab’s air network.

New Orchid Species Discovered in Kanthalloor, Kerala

• Scientists have discovered a new orchid species in Kanthalloor, Kerala, near the Western Ghats, highlighting India’s rich but still unexplored biodiversity.
• The high-altitude region of Idukki district, known for its unique climate and forest patches, supports rare and specialized plant life even in human-influenced landscapes.
• Orchids act as bio-indicators, reflecting ecosystem health, and their discovery indicates Kanthalloor’s delicate ecological balance.
• This finding underscores the Western Ghats’ ecological significance and adds to knowledge of genetic diversity and plant evolution in India’s biodiversity hotspots.

Banking News

Sarvesh Ranjan Promoted to Chief General Manager at Union Bank of India

• Union Bank of India promoted Shri Sarvesh Ranjan as Chief General Manager on 1 February 2026 following the retirement of Shri Bhaskara Rao Kare.
• Ranjan, previously General Manager overseeing Central Reconciliation, Transaction Monitoring and AML, brings nearly 30 years of banking experience.
• The leadership change reflects the bank’s focus on continuity, operational strength, and confidence in Ranjan’s expertise and strategic contribution.

Economy News

Why Did GST Collections Cross ₹1.93 Lakh Crore in January?

• India’s GST collections showed robust growth at the start of 2026, with gross revenues exceeding ₹1.93 lakh crore in January, up 6.2% year-on-year.
• Net GST receipts, after refunds, rose 7.6% to ₹1.71 lakh crore, reflecting steady economic activity and strong tax compliance.
• Domestic transaction GST grew moderately by 4.8%, while import-related collections surged 10.1%, supporting overall growth.
• Lower refunds and improved compliance boosted net revenue despite GST rate cuts on several items, signaling a resilient tax base and stable consumption trends.

Did UPI Break The Record of All Time Record Transactions?

• India’s digital payment ecosystem hit a record in January 2026, with over 21.7 billion UPI transactions worth ₹28.33 lakh crore.
• ‘This marks a 21% month-on-month increase in value, showing UPI’s dominance as the default payment mode across the economy.
• Daily transactions averaged 700 million, highlighting speed, scale, and reliability.
• Growth is driven by smartphone penetration, merchant adoption, zero-cost transactions, and government-backed digital initiatives.
• UPI now underpins financial inclusion, reduces cash dependence, and strengthens India’s digital economy.

Why Is the Government Borrowing a Record ₹17.2 Lakh Crore?

• The Union Government has announced a record gross borrowing plan of ₹17.2 lakh crore for FY27, the highest ever, alongside a fiscal deficit target of 4.3% of GDP.
• Net market borrowings from dated securities are projected at ₹11.7 lakh crore, with the rest coming from small savings and other sources.
• The move signals continued but slower fiscal consolidation while supporting growth and public spending.
• However, the large borrowing size has raised concerns about debt sustainability, interest rates, and long-term economic stability.

Will the RBI Step In After the ₹17.2 Lakh Crore Borrowing Shock?

• Despite Budget FY27 projecting fiscal prudence, the bond market is under stress due to the government’s planned ₹17.2 lakh crore market borrowing.
• The sharp rise in supply of government securities has pushed yields higher, raising concerns about investors’ ability to absorb the debt.
• India’s public debt remains elevated after the pandemic, with central and state borrowings nearly doubling since 2019.
• Market nervousness reflects fears of higher borrowing costs spreading across the economy and possible RBI intervention.

Awards News

Why Is the Dalai Lama’s First Grammy at 90 More Than a Musical Milestone?

• The Dalai Lama created history at the 68th Grammy Awards in Los Angeles by winning his first Grammy at the age of 90.
• He received the award in the Best Audio Book, Narration & Storytelling Recording category for his spoken-word album Meditations.
• The album blends his teachings on compassion and peace with Hindustani classical music, bridging spirituality and popular culture.
• The Dalai Lama described the honour as a recognition of humanity’s shared responsibility rather than a personal achievement.

Grammy Awards 2026 Full Winners List: Who Ruled Music’s Biggest Night?

• The 68th Grammy Awards 2026 celebrated musical excellence across genres, blending global superstars with rising new talent.
• Artists like Billie Eilish, Lady Gaga and Kendrick Lamar shared the spotlight with breakout performers, reflecting both dominance and discovery.
• The winners highlighted diversity in pop, rap, country and dance music, showcasing artistic innovation alongside commercial success.
• Overall, the ceremony reinforced the Grammys’ role as a mirror of evolving global music trends and cultural impact.

Defense News

Who Is the New Chief of Eastern Air Command?

• Air Marshal Inderpal Singh Walia assumed charge as Air Officer Commanding-in-Chief of the Eastern Air Command on 1 February 2026.
• A seasoned fighter pilot commissioned in 1988, he has over 35 years of service and more than 3,200 hours of accident-free flying.
• He has commanded key units, led TACDE, and held senior training and air defence appointments within the IAF.
• His appointment comes at a critical time for safeguarding India’s eastern airspace and maintaining high operational readiness.

What Is Exercise Agni Pariksha? Why Did the Army & ITBP Train Together in Arunachal?

• Exercise Agni Pariksha is a joint Indian Army–ITBP training exercise conducted in Arunachal Pradesh to improve combat coordination and battlefield effectiveness.
• It focused on live artillery firing and practical drills, allowing non-artillery personnel to understand firepower integration.
• The exercise involved units from the Army’s Spear Corps, artillery regiments and ITBP formations.
• It highlights India’s push for jointness and seamless coordination in sensitive border and high-altitude regions.

What Is the Tri-Services Future Warfare Course and Why Does It Matter for India’s Military?

• India has launched the third edition of the Future Warfare Course on 2 February 2026 to prepare its military leadership for emerging forms of conflict.
• Held at the Manekshaw Centre, the tri-services programme brings together officers from the Army, Navy and Air Force along with defence industry experts.
• The course focuses on future warfare trends including cyber, space, AI, geopolitics and supply-chain vulnerabilities.
• It aims to build integrated, adaptive and future-ready Armed Forces through joint thinking and industry collaboration.

Important Days News

World Wetlands Day 2026: Can Traditional Knowledge Save Disappearing Wetlands?

• World Wetlands Day 2026 is observed on 2 February with a focus on traditional and indigenous knowledge in conserving wetlands.
• The theme adopted by the Ramsar Convention highlights how community wisdom, combined with science, is crucial as wetlands disappear due to climate change and development.
• Wetlands play a vital role in biodiversity, water security, flood control and livelihoods but are often ignored in planning.
• The observance urges policymakers to value community-led conservation for sustainable wetland protection.

Rheumatoid Arthritis Awareness Day 2026: Why It Deserves Our Attention

• Rheumatoid Arthritis Awareness Day 2026 is observed globally on 2 February to highlight that RA is a serious autoimmune disease, not just joint pain.
• The day stresses the importance of early diagnosis, timely treatment and emotional support to improve quality of life for patients.
• Rheumatoid arthritis causes chronic inflammation, joint damage and can affect organs like the heart and lungs, making it a systemic condition.
• The observance promotes awareness, research, empathy and timely medical care for better long-term health outcomes.

1-2 February 2026 Current Affairs | Current Affairs Today | By Ashish Gautam