Budget 2025-26 Overview

• Key Historical Budget Figures:
  • First Budget in India: James Wilson (1860)
  • First Post-Independence Budget: K. Shanmukham Chetty
  • First Post-Republic Budget: John Mathai
  • Most Budgets Presented: Morarji Desai (10 times)
  • First Female to Present Budget: Indira Gandhi
  • First Full-time Female Finance Minister: Nirmala Sitharaman
  • Longest Budget Speech: Nirmala Sitharaman (2020)
• Budget Presentation: Nirmala Sitharaman presented her 8th budget on February 1st.
• Vision of "Viksit Bharat" (Developed India):
  • Freedom from poverty.
  • 100% schooling.
  • Excellent, affordable, and accessible healthcare facilities.
  • 100% skilled workforce.
  • 70% female participation in economic activity.
  • India becoming the "Food Basket of the World."
• Budget 2025-26 Framework:
  • Destination: Viksit Bharat.
  • Guide: Inclusivity.
  • Fuel: Reforms.
  • Four Engines: Agriculture, MSME (Micro, Small, and Medium Enterprises), Investment, Export.

Sectoral Initiatives & Policies

Agriculture Sector

• Prime Minister Dhan Dhanya Krishi Yojana: Launched in 100 districts to increase agricultural productivity, expected to benefit 1.7 crore farmers.
• Pulses Self-Sufficiency Mission: A 6-year mission focusing on Tur (Arhar), Urad, and Masoor pulses.
• Missions launched for Vegetables and Fruits, and Shri Anna (Millets).
• Makhana Board: To be established in Bihar.
• National High Yield Seed Mission: For developing high-yielding seeds.
• Cotton Production Mission: A 5-year mission to improve quality cotton production.
• Kisan Credit Card (KCC) Limit: Increased from ₹3 lakh to ₹5 lakh.
• Urea Plant: To be established in Namrup, Assam, with a production capacity of 12.7 lakh metric tons.

MSME Sector

• Revised MSME Definitions:
  • Based on Investment: Micro (up to ₹2.5 Cr), Small (up to ₹25 Cr), Medium (up to ₹125 Cr).
  • Based on Turnover: Micro (up to ₹10 Cr), Small (up to ₹100 Cr), Medium (up to ₹500 Cr).
• Micro-Enterprise Credit Card: A special credit card with a ₹5 lakh limit for micro-enterprises, available on the Udyam Portal.
• National Manufacturing Mission: To promote 'Make in India' across Footwear, Toy, and Food Processing industries.

Investment Sector

• Atal Tinkering Lab: 500 labs to be established in government schools over the next 5 years to foster interest in Science, Technology, and Mathematics.
• Bharatiya Bhasha Pustak Scheme: To provide digital books in Indian languages for school and higher education.
• National Skill Excellence Centers: Five centers to be established for skill development under 'Make for India' and 'Make for the World' initiatives.
• AI Excellence Center: ₹500 crore allocated to promote Artificial Intelligence in education.
• Cancer Care: Cancer medicines to be cheaper; Day Care Cancer Hospitals to be established in all district hospitals within three years.
• Jal Jeevan Mission: Extended until 2028.
• Maritime Development Fund: Government to contribute 49% of the fund.
• Udaan Scheme: 120 new destinations to be connected over the next 10 years.
• Greenfield Airport: To be established in Bihar.
• West Kosi Canal Project: To be developed in Mithilanchal, Bihar.
• Gyan Bharatam Mission: Launched for the preservation of over 1 crore manuscripts.

Export Sector

• Bharat Trade Net Platform: Launched to enhance supply chain efficiency in exports.

Reforms (General)

• Insurance Sector FDI Limit: Increased from 74% to 100%.

Fiscal & Tax Measures

• Fiscal Deficit (as % of GDP):
  • Estimated 4.8% for 2024-25.
  • Estimated 4.4% for 2025-26.
• Tax Relief on Life-Saving Drugs: Tax removed on 36 life-saving drugs for rare diseases, cancer, and other serious illnesses.
• New Income Tax Regime: A new Income Tax Bill to be introduced, replacing the 1961 bill.
• Revised Income Tax Slabs:
  • Income up to ₹12 lakh: Tax-free.
  • ₹0-4 lakh: 0% tax.
  • ₹4-8 lakh: 5% tax.
  • ₹8-12 lakh: 10% tax.
  • ₹12-16 lakh: 15% tax.
  • ₹16-20 lakh: 20% tax.
  • ₹20-24 lakh: 25% tax.
  • Above ₹24 lakh: 30% tax.
• Government Revenue Sources (Top 3):
  • Borrowings: 24%
  • Income Tax: 22%
  • GST: 18%
• Government Expenditure Allocation (Top 2):
  • States' Share in Taxes & Duties: 22%
  • Interest Payments: 20%
• Ministry-wise Highest Expenditure:
  1. Defense
  2. Rural Development
  3. Home Ministry
  4. Agriculture & Allied Activities

Daily Current Affairs

Awards & Honors

• Pen Pinter Prize 2025: Awarded to Leila Aboulela (Sudanese-Scottish writer) for her writings on migration, faith, and women's lives. Her notable works include The Translator and River Spirit. (Previous winner 2024: Arundhati Roy).
• Digital Payments Award 2024-25: Awarded by the Finance Ministry to India Post Payments Bank.
• Bloomberg Award 2025: Awarded to India for its efforts in tobacco control.

International Relations & Organizations

• UNESCO World Heritage Sites:
  • The 47th UNESCO Heritage Committee meeting in Paris removed three African heritage sites from the 'danger list':
    • Rainforests of Atsinanana (Madagascar).
    • Abu Mena (Egypt).
    • Old City of Ghadames (Libya).
  • UNESCO Headquarters: Paris; Head: Audrey Azoulay.
  • India's UNESCO Sites: 43 (35 cultural, 7 natural, 1 mixed).
    • 43rd: Charaideo Maidams (Assam).
    • 42nd: Hoysala Temples (Karnataka).
    • 41st: Santiniketan (West Bengal).
    • 40th: Dholavira (Gujarat).
  • UNESCO World Heritage Cities in India: Ahmedabad (2017), Jaipur (2019).
  • First Literary City of India (UNESCO): Kozhikode.
  • Intangible Cultural Heritage of India: 15 sites (15th: Garba Dance; 14th: Durga Puja).
• FIFA Rankings: India ranked 133rd; Argentina is #1.
• Times 100 Creators List 2025: Prajakta Koli is the only Indian included.
• International Animation Festival (France): "Desi Wool" received the Jury Award for Best Commissioned Film.
• Convex 25 (Nuclear Emergency Exercise): Conducted by the International Atomic Energy Agency in Romania.
• Asian U-23 and U-17 Wrestling Championship 2023 (Vietnam): Indian team won 35 medals.
• Indian Corporate Affairs Institute North East Conference: To be held in Shillong.

National & State Initiatives

• Operation Kalnemi (Uttarakhand): Launched against fake saints/gurus who mislead the public and tarnish religious image.
• ITF Women's Tournament (Portugal): Indian tennis star Ankita Raina won the doubles title.
• Mobile-based E-voting System (Bihar): Bihar became the first Indian state to adopt this for urban elections.
• ISRO Model Rocket Launch: Successful test in Kushinagar, Uttar Pradesh.
• Fastag Annual Pass: Introduced at ₹3000 for 200 trips per year.
• Pratibha Setu Portal (UPSC): Launched to connect interview-cleared candidates (not selected for government jobs) with private sector opportunities.
• Hindi as Third Language in Schools (Maharashtra): Introduced, leading to language disputes.
• Presidential Residences: President Droupadi Murmu inaugurated Rashtrapati Tapovan and Rashtrapati Niketan in Dehradun.
• Halley's Comet Archival Evidence: Found at Mallikarjuna Swamy Temple, Andhra Pradesh.
• Project 17A Stealth Frigate: INS Nilgiri, the first frigate under this project, was deployed in Visakhapatnam.
• Portrait of Sachin Tendulkar: Unveiled at the MCC Museum in Lord's, London. Painted by Stuart Pearson Wright.
• Panel on Coaching Centers for Entrance Exams: Formed under the chairmanship of Higher Education Secretary Vineet Joshi.
• Gajmitra Yojana (Assam): Launched in 8 districts to reduce human-elephant conflict. CM: Himanta Biswa Sarma. Elephant is India's National Heritage Animal; Project Elephant started in 1992.
• Public Ganeshotsav Declared State Festival (Maharashtra): CM Devendra Fadnavis made the declaration. The festival was initiated by Bal Gangadhar Tilak in 1893.
• Kala Ghoda Arts Festival: Held in Maharashtra.
• First Nuclear Power Plant under SMR Mission: To be established in Bihar.
• International Potato Centre, South Asia Regional Centre: Approved in Singna, Uttar Pradesh.
• First Butterfly Sanctuary: Aralam Forest, Kerala.
• Khelo India University Games: Rajasthan will be the host.
• Indian Conservation Conference ICON 2025: To be held in Dehradun.
• Charan Paduka Abhiyan (Chhattisgarh): Launched for Tendu leaf collectors to provide footwear. CM: Vishnu Kumar. The price of a bundle of Tendu leaves (used for bidi making) was increased from ₹4500 to ₹5500.
• Talaash Karyakram: Jointly launched by the Tribal Ministry and UNICEF for the holistic development of students in Eklavya Schools.
• Nakshtra (Genomic Surveillance): ICMR Pune launched this high-performance computing facility.
• First AI-powered Smart Traffic Control System: Installed at Dwarka Expressway, Delhi.
• China Lychee Export: Punjab commenced its first export of fragrant China Lychee to Qatar and UAE.
• First Fast Patrol Vessel (FPV) Adamy: Commissioned into the Indian Coast Guard in Goa.
• Bonalu Folk Festival: Celebrated in Telangana.

Science & Technology

• Linacapavir Drug: Approved by USFDA for HIV treatment.
• Biomu First (BioMolecular Emulator): An AI-based system launched by Microsoft to decode protein movement and aid in drug discovery. Proteins are building blocks of the body, polymers of amino acids; most abundant in Spirulina algae; ribosomes are protein factories.
• Astra Missile: Indigenous Beyond Visual Range Air-to-Air Missile (BVRAAM) successfully tested in Odisha by DRDO and the Indian Air Force using a Sukhoi aircraft. It features an indigenous Radio Frequency Seeker.

Sports

• Neeraj Chopra: Won gold at the Paris Diamond League with an 88.16m throw. Also won gold at Ostava Golden Spike 2025.
• Sachin Tendulkar: His portrait unveiled at the MCC Museum in Lord's, London.
• Rishabh Pant: First Indian and second overall wicketkeeper to score centuries in both innings of a Test match.

Other Important News

• World Rare Earth Elements Reserves: India ranks 3rd.
• World Population Day: Observed on July 11th.
• PARAKH National Achievement Survey 2024: Punjab ranked top.
• 27th Eastern Zonal Council Meeting: Held in Ranchi.
• E-Kubera Platform: Launched by RBI.
• Nvidia: Became the world's first company to reach a $4 trillion market capitalization. (Clarification: India's market cap has reached $4.1 trillion, surpassing England).
• Cruise Bharat Mission: Gujarat is the first state to join.
• National Fish Farmers Day: Celebrated in Bhubaneswar.
• Chinta Ravindram Award: Awarded to Sharan Kumar Limbale.
• Garcinia Kusume (Plant Species): Discovered in Assam, named after a mother.
• 25th Central Zonal Council Meeting: Held in Varanasi.
• The One (Book): Written by Shikhar Dhawan.
• Hurrun Global Unicorn Index: India ranked 3rd.
• Delhi Mumbai Expressway: Features India's longest animal overpass/corridor near Ranthambore Tiger Reserve.
• Colombo Dockyard: Mazagon Dock Limited acquired a 52.96% controlling stake.
• Operation Bihali: Launched by the Indian Army in Jammu & Kashmir.
• Constitution Assassination Day: First observed on June 25th (marking 1975 Emergency).
• All India Household Income Survey: Committee formed under Surjit Bhalla to begin in 2026.