NSIC Celebrates 71 Years of Service to India’s MSME Sector

• The National Small Industries Corporation (NSIC) marked its 71st Foundation Day on 4 February 2026, celebrating seven decades of unwavering support to India’s micro, small, and medium enterprises (MSMEs) sector
• Union Minister Jitan Ram Manjhi highlighted the need for greater awareness of NSIC schemes among first-generation entrepreneurs and businesses in rural and semi-urban areas
• The celebration emphasised the importance of comprehensive support in capacity building, innovation adoption, and digital transformation to strengthen MSMEs
• S. Mahendra Dev, Chairman of the Economic Advisory Council to the Prime Minister, discussed macro-economic challenges and opportunities to leverage India’s domestic demand and entrepreneurial talent
• S. S. Acharya, NSIC’s Chairman and Managing Director, reaffirmed the organisation’s commitment to improving competitiveness, resilience, and sustainability of Indian MSMEs

India to Begin Cross-Border Cryptocurrency Transaction Data Exchange from April 2027

• India is set to significantly strengthen oversight of cryptocurrency transactions by beginning the exchange of cross-border crypto transaction data from 1 April 2027 as part of a global effort to improve transparency in digital asset markets and curb tax evasion
• India will join the OECD-led Crypto-Asset Reporting Framework (CARF), a global standard designed to enable automatic exchange of information on crypto assets between tax authorities, similar to existing systems used for banking and financial accounts
• The Indian government has highlighted that a significant portion of crypto trading by Indian users happens on foreign exchanges, making it difficult to track taxable income, prevent illicit financial flows, and enforce compliance with domestic tax laws
• The Union Budget 2026 has proposed strict penalties from 1 April 2026, including a daily penalty of ₹200 for failure to submit required crypto transaction statements and a flat penalty of ₹50,000 for incorrect reporting
• The government plans to tighten reporting requirements for crypto platforms, strengthen supervision of exchanges and intermediaries, and engage with industry stakeholders to ensure Indian systems are ready for the global data-sharing system by 2027

Walmart Becomes World’s First Retail Company to Achieve USD 1 Trillion Market Capitalisation

• Walmart Inc. made history by becoming the world’s first retail company to achieve a market capitalisation of USD 1 trillion in January 2026, marking a significant milestone that highlights how traditional retailers can leverage technology and innovation to compete with global technology giants
• The company’s stock performance has been exceptional, with shares increasing by nearly 26% over the last 12 months and surging approximately 468% over the past 10 years, significantly outpacing the S&P 500’s gain of about 264% during the same period
• In December 2025, Walmart was included in the Nasdaq-100 index, reflecting its evolution into a technology-enabled enterprise rather than just a traditional brick-and-mortar retailer
• A key driver of Walmart’s sustained growth has been its large-scale investment in Artificial Intelligence, with billions of dollars invested in AI-powered supply chains to improve inventory planning, enhance fresh produce delivery, and increase delivery speed and efficiency
• With its USD 1 trillion valuation, Walmart has joined an elite group of global corporations including Apple, Microsoft, Amazon, Alphabet, Meta, Nvidia, Tesla, and others, standing out as the only pure retail company to reach this historic milestone

Goldman Sachs Upgrades India’s GDP Growth Forecast for 2026 to 6.9%

• Goldman Sachs has upgraded India’s GDP growth forecast for Calendar Year 2026 (CY26) by 20 basis points, raising its estimate from 6.7% to 6.9%, reflecting improving external conditions and stronger growth prospects for the Indian economy
• The upgrade follows the conclusion of the India–USA trade deal, under which reciprocal tariffs on Indian goods exported to the United States were reduced from 25% to 18%, significantly easing trade tensions and creating positive momentum for exports
• Goldman Sachs noted that India’s goods export exposure to US final demand is around 4% of GDP, with export demand elasticity estimated at 0.7, meaning exports respond positively to improved demand and lower tariffs
• The reduction in trade-policy uncertainty is likely to improve private investment sentiment and support a recovery in capital expenditure, with Goldman Sachs expecting a stronger capex recovery in the second half of CY26 as companies gain confidence to expand capacity
• Lower tariffs on Indian goods are expected to strengthen India’s external balance, with Goldman Sachs projecting that the Current Account Deficit could narrow by around 0.25% of GDP, reaching nearly 0.8% of GDP in CY26

Spain Becomes First European Country to Ban Social Media for Children Under 16

• Spain has announced a nationwide ban on social media access for children below 16 years of age, becoming the first country in Europe to take such a step and the second globally after Australia, with the ban expected to come into force within a week
• Prime Minister Pedro Sánchez announced this decision during his address at the World Government Summit in Dubai, describing the current online environment as a “digital wild west” where stronger rules are needed to protect minors from unchecked digital platforms
• Under the new policy, children below 16 years will not be allowed to access social media platforms, and social media companies will be expected to ensure strict age verification and compliance with the new regulations
• Spain’s decision follows Australia’s implementation of a similar under-16 social media ban in December 2025, after which Meta reported removing more than 5.5 lakh underage accounts from its platforms
• The ban is expected to intensify global debate on child protection in digital spaces, digital rights, and accountability of social media platforms, and could influence other European Union members to consider similar laws or stricter digital regulations

Soraya Aghaei Elected as IOC’s First-Ever Female Member from Iran

• Soraya Aghaei, an Iranian badminton player, has been elected as the first-ever female member of the International Olympic Committee (IOC) from Iran on 4 February 2026 during the 145th IOC Session held in Milan, Italy, marking a historic milestone for gender representation in global sports governance
• Aghaei was elected with a decisive 95–2 vote and became the 107th member of the IOC, making her also the youngest current serving representative of the prestigious sports body
• She is only the third Iranian member in IOC history and the first since 2004, highlighting the rarity and significance of her election for Iran’s engagement with the global Olympic movement
• The election reflects the IOC’s broader efforts to improve youth participation and gender balance in decision-making roles, while sending a strong message about increasing female representation in global sports governance
• Aghaei’s appointment aligns with the IOC’s long-term agenda to promote diversity, equality, and inclusion across all levels of sport, and may inspire similar progress in other international sports organisations

Hugh Gantzer, Legendary Travel Writer and Padma Shri Awardee, Passes Away at 95

• Renowned travel writer Hugh Gantzer, a Padma Shri awardee, passed away on 2 February 2026 at the age of 95 in Mussoorie, Uttarakhand, marking the end of a remarkable journey that helped generations of readers discover India’s landscapes, cultures, and people
• Born on 9 January 1931 in Patna, Bihar, Gantzer served in the Indian Navy before retiring with the rank of Commander and transitioning to full-time travel writing, often collaborating with his wife Colleen Gantzer to explore remote regions and heritage towns across India
• He was associated with The Times of India for several decades and authored the iconic weekly column “Sexes and the City,” which ran for over 40 years, making it one of the longest-running columns in Indian journalism
• Beyond print journalism, Gantzer produced 52 travel documentaries for Doordarshan, India’s national broadcaster, bringing India’s geography, heritage, and diversity into millions of homes, and authored more than 30 books on travel, culture, and social observations
• In 2025, Hugh Gantzer was conferred the Padma Shri, India’s fourth-highest civilian honour, in the field of Literature and Education, recognising his lifelong contribution to literature, journalism, and public understanding of India through travel narratives

Exercise KHANJAR: India and Kyrgyzstan Conduct Joint Special Forces Training

• The 13th edition of the India–Kyrgyzstan Joint Special Forces Exercise KHANJAR commenced on 4 February 2026 at Missamari in Assam’s Sonitpur district and will continue for 14 days until 17 February 2026, bringing together elite special forces from both nations to enhance cooperation in counter-terrorism and special operations
• Exercise KHANJAR is a bilateral joint special forces exercise conducted annually since 2011, with venues alternating between India and Kyrgyzstan, symbolising mutual trust and growing defence cooperation between the two countries
• The Indian Army contingent comprises 20 personnel from the Parachute Regiment (Special Forces), while the Kyrgyzstan contingent of 20 personnel is represented by its elite Special Forces Brigade, popularly known as the Scorpion or ILBRIS Brigade
• The exercise aims to improve interoperability between special forces of both countries through training activities designed to simulate real-world operational conditions, including urban warfare scenarios, mountainous terrain operations, and counter-terrorism operations under a United Nations mandate
• Exercise KHANJAR plays a crucial role in strengthening defence diplomacy between India and Kyrgyzstan, helping both nations prepare for coordinated responses to global security threats and addressing shared concerns related to international terrorism and extremism

Bharat Taxi Launched as Cooperative-Based Ride-Hailing Platform with Zero Commission Model

• Union Minister of Home Affairs Amit Shah launched Bharat Taxi on 5 February 2026 at Vigyan Bhavan, New Delhi, India’s first cooperative-based ride-hailing platform that operates on a zero-commission and surge-free pricing model, marking a major step in strengthening the cooperative sector and promoting inclusive mobility solutions
• Bharat Taxi is registered under the Multi-State Cooperative Societies Act, 2002 and was formally established on 6 June 2025 as an indigenous alternative to foreign investment-based ride-hailing platforms, with a strong focus on fairness, transparency, and shared prosperity for drivers
• A defining feature of the platform is its “Sarathi Hi Malik” (the driver is the owner) principle, where drivers—called Sarathis—do not pay commission on each ride, profits are directly distributed to drivers, and they are free to work on other platforms without exclusivity clauses
• Since its inception, Bharat Taxi has grown rapidly to become the world’s first and largest cooperative-based ride-hailing platform, with around 4 lakh drivers onboarded, over 10 lakh registered users, and nearly ₹10 crore directly distributed to drivers
• The platform places strong emphasis on social security and driver welfare through health insurance, accident insurance, retirement savings support, and the “Bike Didi” initiative which has already enrolled more than 150 women drivers, helping promote gender inclusion in the mobility sector

PLASTINDIA 2026: Showcasing India’s Leadership in Global Plastics Manufacturing and Sustainability

• PLASTINDIA 2026, one of the world’s largest and most influential plastics exhibitions, is set to begin on 5 February 2026 at Bharat Mandapam in New Delhi and will run until 10 February 2026, bringing together industry leaders, policymakers, innovators, and global exhibitors to showcase India’s growing role in global manufacturing and innovation
• The exhibition theme is “Bharat Next,” which aligns closely with the national vision of Atmanirbhar Bharat and Viksit Bharat as envisioned by Prime Minister Narendra Modi, focusing on building a self-reliant industrial ecosystem that can drive manufacturing-led growth and boost exports
• PLASTINDIA 2026 will host over 2,000 international exhibitors from across the globe presenting cutting-edge innovations in plastics machinery, advanced raw materials, and circular economy solutions aimed at reducing environmental impact
• A major highlight is that PLASTINDIA 2026 is being organised as a Zero Waste exhibition for the first time, with all solid waste generated at the venue to be segregated, recycled, and reused, ensuring no waste is sent to landfills
• The Indian plastics industry is currently valued at approximately ₹3–3.5 lakh crore and is on a strong growth path, with the sector expected to play a vital role in infrastructure development, consumer goods manufacturing, and integration with global supply chains as India moves towards becoming a USD 10 trillion economy

World Interfaith Harmony Week 2026: Promoting Peace and Understanding Among Faith Communities

• World Interfaith Harmony Week (WIHW) 2026 is being observed from 1 to 7 February 2026 across the world under the leadership of the United Nations, aiming to promote peace, tolerance, non-violence, and mutual understanding among people of different religions and beliefs in a world facing conflict and division
• WIHW is rooted in the “A Common Word” initiative launched in 2007 by Muslim and Christian leaders to highlight shared values such as love for God and love for one’s neighbour, emphasizing that common ethical principles can serve as a foundation for peaceful coexistence
• The proposal for World Interfaith Harmony Week was officially adopted by the United Nations through Resolution A/RES/65/5 on 20 October 2010, designating the first week of February (1–7) every year as World Interfaith Harmony Week following a proposal made by Abdullah II, King of Jordan and Ghazi bin Muhammad, Prince of Jordan
• Since the first observance from 1 to 7 February 2011, governments, religious institutions, civil society groups, and individuals across the world have participated through interfaith meetings, peace prayers, community discussions, and educational programmes
• WIHW 2026 is especially relevant today due to rising religious intolerance, global conflicts linked to identity, and the spread of hate speech and extremism, supporting the UN’s broader goals of peacebuilding, human rights, and sustainable development by encouraging faith-based cooperation

Milano Cortina 2026 Winter Olympics: Italy to Host 25th Winter Games in February

• The 2026 Winter Olympics, officially called Milano Cortina 2026, will be held in Italy from 6 to 22 February 2026, with the 25th Winter Games featuring events across multiple cities including Milan, Cortina d’Ampezzo, Bormio, and Val di Fiemme, making it one of the biggest global sports events
• Italy is hosting the Winter Olympics for the third time, with previous editions held in Cortina d’Ampezzo in 1956 and Turin in 2006, reflecting the country’s strong tradition in winter sports and its capacity to organise world-class sporting events
• The Games will feature 16 winter sports including Alpine Skiing, Biathlon, Cross-Country Skiing, Snowboarding, Figure Skating, Speed Skating, Short Track Speed Skating, Ice Hockey, Curling, Bobsleigh, Skeleton, Luge, and Nordic Combined
• India will participate in the 2026 Winter Olympics with a small team competing in Alpine Skiing and Cross-Country Skiing, with athletes Arif Mohammad Khan and Stanzin Lundup representing the nation, helping promote winter sports in Himalayan regions and encouraging young athletes
• The 2026 Winter Olympics are significant for promoting peace through sports, strengthening sports diplomacy, encouraging sustainable event planning, boosting tourism and job creation in Italy, and improving transport and sports infrastructure in the host regions

India Pays USD 35.18 Million UN Regular Budget Contribution, Earns Place on Honour Roll

• India has paid USD 35.18 million to the United Nations Regular Budget for 2026 on 3 February 2026 within the 30-day due period, earning a place on the UN’s “honour roll” of countries that have paid their assessed contributions in full and on time, reflecting India’s continued commitment to multilateralism and its responsibilities as a key UN member
• The UN Regular Budget funds the organisation’s core activities including peace and security initiatives, development work, human rights programmes, and administrative functions, with each UN Member State assessed a mandatory contribution based on its economic capacity by the UN Committee on Contributions
• According to the Committee on Contributions, 47 UN Member States had paid their assessed contributions in full as of 3 February 2026, making India part of a limited group of countries that met the deadline
• The development was highlighted during the daily press briefing by Stéphane Dujarric, Spokesperson for UN Secretary-General António Guterres, who posed a quiz-style question referring to India as the country home to the Statue of Unity, the world’s tallest statue at 182 metres dedicated to Sardar Vallabhbhai Patel in Gujarat
• India has consistently been among countries that pay their UN contributions on time and in full, reflecting India’s long-standing support for the UN system, belief in rules-based international order, and multilateral cooperation, which also supports India’s broader diplomatic efforts including its push for greater representation of developing countries in global institutions

Russia Launches Khabarovsk Nuclear Submarine Equipped with Poseidon Underwater Drone

• Russia has launched its newest nuclear-powered submarine, Khabarovsk, designed to carry the underwater nuclear drone Poseidon on 1 November 2025 at the Sevmash shipyard in Severodvinsk, marking a major step in Russia’s efforts to strengthen its strategic naval deterrence and modernise its nuclear forces amid rising global security tensions
• Nuclear submarines form a critical part of Russia’s nuclear triad, which includes land-based missiles, air-based strategic bombers, and sea-based nuclear platforms, valued for their stealth, endurance, and second-strike capability allowing a country to maintain deterrence even in the event of major conflict
• The Khabarovsk submarine was launched by Andrei Belousov, Russia’s Defence Minister, during a formal ceremony attended by Alexander Moiseyev, Chief of the Russian Navy, along with senior naval officers and shipbuilding officials, who described the launch as an important milestone for the Russian Navy
• The Poseidon underwater drone is a nuclear-powered, nuclear-armed system capable of travelling intercontinental distances underwater, operating at great depths and high speeds, making detection and interception extremely difficult, and is intended to strengthen Russia’s strategic deterrence and bypass existing missile defence systems
• The launch of Khabarovsk highlights Russia’s continued focus on modernising its nuclear and naval capabilities and may influence global arms control discussions, particularly those related to nuclear weapons, underwater systems, and autonomous military technologies, raising questions about future arms regulation frameworks

US Congress Approves USD 200 Million Security Assistance for Baltic States

• The United States Congress has approved a USD 200 million security assistance package for the Baltic States—Estonia, Latvia, and Lithuania—as concerns grow over increased Russian military activity along NATO’s eastern flank, with the funding cleared under the Fiscal Year (FY) 2026 Defence Appropriations Act and signed into law on 3 February 2026 by Donald Trump
• The Baltic States are members of the North Atlantic Treaty Organization (NATO) and are located on its easternmost frontier, bordering Russia and Belarus, and in recent years the region has seen increased Russian military exercises, airspace violations including Russian fighter jets entering Estonian airspace, and hybrid threats such as cyber operations and disinformation
• The USD 200 million allocation forms part of the USD 838.7 billion US defence budget for FY2026 and ensures continuity of the Baltic Security Initiative, a programme aimed at enhancing military preparedness, improving interoperability with NATO forces, and supporting defence modernisation in the Baltic region
• The approval of funds signals bipartisan support in the US Congress for maintaining a strong security posture in Eastern Europe, with the US Congress approving an additional USD 10 million for Estonia under the Foreign Military Financing (FMF) programme for advanced defence equipment including HIMARS ammunition, Javelin anti-tank missile systems, and large-calibre artillery shells
• The funding is described as a major step in strengthening NATO’s deterrence posture and aligns with Article 4 of the NATO Treaty, which allows member states to request consultations when they feel their security is under threat, reinforcing US leadership within NATO and reassuring smaller allies of continued transatlantic support

Karnataka Launches Automatic Property Mutation System for Faster Land Transactions

• The Karnataka government has announced the rollout of an automatic property mutation system, a major reform aimed at speeding up land and property transactions across the state by enabling automatic updating of ownership details after property registration
• Property mutation refers to the updating of ownership details in land revenue records after a property is transferred through sale, gift, inheritance, or other legal means, and is essential for establishing legal ownership, ensuring correct payment of property tax, and avoiding future land disputes
• Under the existing manual process, buyers were required to apply separately for mutation with the revenue department after registration, often resulting in delays and procedural complications, with a mandatory notice period of 7 days for registrable instruments and up to 15 days for non-registrable cases
• With the new automatic mutation system, ownership details will be updated automatically once a property transaction is registered at the sub-registrar’s office, removing the need for a separate mutation application and additional verification visits to revenue offices
• The auto-mutation system builds on Karnataka’s existing digital land governance framework such as the Bhoomi Portal, and is expected to reduce bureaucratic delays, improve transparency and accuracy in land records, lower the risk of ownership disputes, and faster complete property transactions, with similar systems already operational in states such as Andhra Pradesh and Chandigarh

NCDC Implements Yuva Sahakar and Swayamshakti Sahakar Schemes for Cooperative Development

• The National Cooperative Development Corporation (NCDC) is implementing two major initiatives—Yuva Sahakar Scheme and Swayamshakti Sahakar Yojana—to promote innovation, inclusivity, and sustainable livelihoods in India’s cooperative sector, with both schemes fully funded and supported by NCDC, a statutory body functioning under the Ministry of Cooperation
• The Yuva Sahakar Scheme is designed to encourage newly formed cooperative societies, particularly those led by young entrepreneurs, focusing on promoting innovative and startup-oriented ideas within the cooperative framework, supporting early-stage cooperatives facing initial capital constraints, and encouraging business models aligned with local economic needs and sustainability
• Under the Yuva Sahakar Scheme, NCDC provides financial assistance to help youth-driven cooperatives scale up operations and become economically self-reliant, tapping into the energy and innovation of young entrepreneurs while strengthening the cooperative movement
• The Swayamshakti Sahakar Yojana focuses on financial inclusion and livelihood generation with special emphasis on women and economically weaker sections, supporting women Self Help Groups (SHGs) by facilitating access to affordable and reliable bank credit, financial support for collective income-generating activities, and opportunities to build women-led cooperative enterprises
• Details of financial assistance released under both schemes for the financial years 2022–23, 2023–24, and 2024–25 were recently shared in Parliament by Amit Shah, Union Minister for Home and Cooperation, in a written reply in the Rajya Sabha, highlighting the government’s continued commitment to cooperative-led development and transparent reporting of public funding

RBI Imposes Compounding Fee on One 97 Communications for FEMA Violations

• The Reserve Bank of India (RBI) has imposed a compounding fee of ₹18.76 lakh on One 97 Communications Limited (OCL) for violations under the Foreign Exchange Management Act, 1999 (FEMA), with One 97 Communications being the parent company of Paytm Payments Services Limited, highlighting RBI’s continued focus on ensuring compliance with India’s foreign exchange and investment regulations
• FEMA, enacted in 1999, governs foreign exchange transactions and cross-border investments in India with its objective to facilitate external trade while maintaining orderly development of the foreign exchange market, with the RBI being the key authority responsible for enforcing FEMA provisions including monitoring foreign direct investment (FDI) and overseas capital flows
• According to the RBI order, the violation relates to foreign investment transactions carried out during March 2016 to June 2017, when Little Internet Singapore Private Limited invested around ₹33 crore into Little Internet Private Limited (LIPL), a subsidiary linked to One 97 Communications, which was found to be in contravention of Regulation 5(1) read with Regulation 13 of FEMA Notification No. 120/RB-2004
• Under FEMA, violations can be resolved through a compounding mechanism, which allows entities to voluntarily admit contraventions and pay a prescribed fee, and once compounded, the matter is considered closed without further legal proceedings
• One 97 Communications disclosed the RBI’s compounding order under Regulation 30 of the Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements (LODR) Regulations, 2015, by opting for compounding and paying the prescribed fee, the company resolved the matter, and no further enforcement action will be pursued for this specific contravention

Queen Mother of Bhutan Honoured with Upendra Nath Brahma ‘Soldier of Humanity’ Award 2025

• Gyalyum Ashi Dorji Wangmo Wangchuck, the Queen Mother of Bhutan, was honoured with the 22nd Upendra Nath Brahma ‘Soldier of Humanity’ Award 2025, with the award ceremony held in February 2026 at Bodoland University, Kokrajhar, Assam, in recognition of her lifelong humanitarian service and compassionate leadership, especially through her work in social development and cultural preservation
• The Upendra Nath Brahma ‘Soldier of Humanity’ Award was instituted in 2004 by the Upendra Nath Brahma Trust and is named after Upendra Nath Brahma, popularly known as Bodofa, a revered Bodo leader and social reformer who upholds ideals of sacrifice, courage, social justice, and service to humanity
• The award ceremony took place at Bodoland University in Kokrajhar, a region closely associated with the legacy of Upendra Nath Brahma, with Lakshman Prasad Acharya, Governor of Assam, gracing the occasion and highlighting the relevance of Bodofa’s philosophy in today’s society
• The award presented to the Queen Mother of Bhutan included a citation, a memento of Bodofa Upendra Nath Brahma, traditional Bodo Aronai, Dokhna, Gwmgra, and Endi Sadar, and a cash prize of ₹2 lakh, with these elements symbolising respect for Bodo culture and the values represented by the award
• Gyalyum Ashi Dorji Wangmo Wangchuck was honoured for her lifelong humanitarian work and visionary leadership of the Tarayana Foundation, which under her leadership has played a major role in rural development, women’s empowerment, education and healthcare initiatives, and preservation of Bhutan’s cultural heritage, significantly improving the lives of vulnerable communities, especially women and children, in Bhutan’s remote and rural regions.

Current Affairs Today | 05 February 2026 Current Affairs | Daily Current Affairs | By Ashish Gautam