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Monthly Current Affairs Digest: February 2026

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Monthly Current Affairs Digest: February 2026

238

1 February 2026 - 28 February 2026

February 2026

  • A Month That Redefined India's Economic and Technological Ambitions
  • February 2026 was one of the most consequential months in recent policy memory, packed with landmark budgetary decisions, trail-blazing technology diplomacy, sweeping diplomatic outreach, and critical governance reforms.
  • Spanning 238 published current-affairs articles across economy, governance, science and technology, environment, international relations, defence, and Rajasthan-specific developments, the month painted a picture of an India determined to accelerate its Viksit Bharat 2047 agenda on multiple fronts simultaneously.
  • **1.
  • Union Budget 2026-27: A Capex-Driven Growth Blueprint**
  • The month opened with Finance Minister Nirmala Sitharaman presenting her ninth consecutive Union Budget on February 1, setting the tone for the entire month.
  • The budget targeted a record total expenditure of ₹53.47 lakh crore with capital expenditure at an all-time high of ₹12.2 lakh crore and a fiscal deficit of 4.3% of GDP.
  • Railway capex reached ₹2.78 lakh crore supporting seven new high-speed rail corridors.
  • The defence budget rose 15% to ₹7.85 lakh crore — making India the world's fourth-largest military spender, with 75% of capital procurement reserved for domestic industry.

Sectoral highlights were equally significant

  • agriculture received ₹1.63 lakh crore in departmental allocation; India Semiconductor Mission 2.0 was announced with ₹40,000 crore; the Biopharma SHAKTI scheme received ₹10,000 crore to build biomanufacturing capacity; and renewable energy allocations reinforced India's net-zero trajectory.
  • VB-G RAM G (replacing MGNREGA) was allocated ₹95,692 crore, extending employment guarantees to 125 days.
  • Startup tax holidays were extended by five years; deep-tech startups received a 15-year holiday; and angel tax was abolished entirely.
  • PMGSY Phase-5 was announced to connect 25,000 villages while PMAY-Rural received ₹54,917 crore — a 69% jump over the previous year.
  • Rare Earth Dedicated Corridors and the REPM scheme (₹7,280 crore) were announced, directly benefiting Rajasthan's Aravalli rare earth deposits.
  • **2.
  • India-US Interim Trade Deal and the RBI's Policy Stance**
  • The single most discussed economic development of the month was the India-US Interim Trade Agreement announced on February 2, under which the US agreed to reduce its reciprocal tariff on Indian goods from 25% (and at points 50%) to 18%, with India committing to $500 billion in US energy and technology purchases over five years.
  • The deal opened significant market access but also triggered protests from farmer unions under Samyukt Kisan Morcha, who feared harm to 140 million farm families from agricultural market opening.
  • Opposition leader Rahul Gandhi warned the deal could cost 4.5 crore textile jobs, spotlighting Bhilwara and Pali in Rajasthan as vulnerable hubs.
  • Complementing the trade outlook, the Reserve Bank of India unanimously held the repo rate at 5.25% with a neutral stance, projecting GDP growth at 7.4% and CPI inflation at a historically low 2.1% for FY26.
  • The Economic Survey 2025-26 estimated GDP growth at 7.4% with services leading at 9.1%.
  • MoSPI then released a new GDP series with base year 2022-23 alongside revised CPI and IIP base years in late February, providing an updated statistical framework.
  • February 2026 CPI inflation under the new base year came in at 3.21%.
  • **3.
  • India AI Impact Summit 2026: A Global South First**
  • The India AI Impact Summit 2026, held at Bharat Mandapam from February 16–19 and inaugurated by PM Modi, was the world's first Global South-hosted AI summit.
  • More than 100 nations and 20+ heads of state participated.
  • Key outcomes included: the New Delhi Declaration on AI endorsed by 89–92 countries; BharatGen Param2 (17 billion parameters, 22 Indian languages) launched as India's flagship large language model; India's GPU pool expanded to 58,000 units; Reliance Industries pledged ₹10 lakh crore AI investment over seven years; Google announced a $15 billion AI hub in Visakhapatnam; Microsoft pledged $50 billion for low-income nations; and total summit investment commitments crossed $200 billion.
  • India set a Guinness World Record for 2.5 lakh AI responsibility pledges.
  • The IT Rules 2026 Amendment took effect, mandating 3-hour content takedown and AI content labelling.
  • MeitY also signed a Statement of Intent with Sweden on AI cooperation.
  • The summit firmly established India's aspiration to lead inclusive, development-first AI governance globally.
  • **4.
  • Naval Diplomacy and Defence: MILAN 2026, Vayu Shakti, and Sukhoi-57**

February 2026 saw a naval trifecta in Visakhapatnam

  • India's largest multilateral naval exercise MILAN 2026 (13th edition, 74 nations, 85 warships), the Indian Fleet Review (IFR 2026), and the 9th IONS Conclave were all held simultaneously.
  • India assumed the IONS chairmanship for 2026–28.
  • MHA unveiled "PRAHAAR," India's first National Counter-Terrorism Policy built on a seven-pillar framework.
  • President Droupadi Murmu flew the indigenously developed HAL Prachand Light Combat Helicopter (LCH) near the Pakistan border at Jaisalmer and witnessed Exercise Vayu Shakti 2026 at Pokhran — a powerful demonstration of India's air-land capability.
  • Reports also emerged that India was set to procure a fifth-generation stealth fighter, with the Sukhoi-57 emerging as the frontrunner.
  • **5.
  • International Diplomacy: Israel, GCC, Brazil, and France**
  • February 2026 saw a burst of bilateral and multilateral diplomatic activity.
  • India-Israel ties were elevated to a "Special Strategic Partnership" when PM Modi addressed the Israeli Knesset, with 27 bilateral outcomes including three Labour Mobility Protocols allowing 50,000 Indian workers over five years.
  • India and the GCC signed a joint statement formally launching Free Trade Agreement negotiations — a milestone opening a potential $2 trillion market.
  • India and Brazil signed a critical minerals pact and set a $20 billion trade target during President Lula's state visit; the two nations also signed an MoU on postal sector cooperation and mutual cooperation frameworks.
  • India and France signed a protocol to amend their Double Taxation Avoidance Convention in line with global BEPS standards.
  • India and Nepal signed an MoU on forests, wildlife, biodiversity conservation, and climate change.
  • The 6th India-UK Home Affairs Dialogue focused on Khalistan extremism and cybersecurity.
  • **6.
  • Governance Reforms, Infrastructure, and Rajasthan**
  • The Union Cabinet approved renaming Kerala to "Keralam" under Article 3 of the Constitution.
  • The RAJMARG PRAVESH portal was upgraded to streamline National Highway NOC approvals.
  • India launched a CBDC-based Digital Food Currency pilot under PMGKAY in Puducherry.
  • PM Modi inaugurated India's first semiconductor ATMP (Assembly, Testing, Marking and Packaging) facility at Sanand, Gujarat, marking Micron Technology's commercial shipments — a milestone for India's chip manufacturing ambitions.
  • The 16th Finance Commission recommended designating heatwaves and lightning as national disasters, allocating ₹2,04,401 crore for SDRF and SDMF (2026–2031).
  • The Delhi-Meerut Namo Bharat Corridor (82 km, 160 km/h) was fully commissioned as India's first Regional Rapid Transit System.
  • For Rajasthan, the month brought the Rajasthan Budget 2026-27 (announced February 9 by Finance Minister Diya Kumari: 42,000 km of new roads, 1 lakh jobs, ₹10 lakh interest-free loans), the Bharat-VISTAAR AI agricultural platform launched in Jaipur integrating 10 government schemes via toll-free 155261, India's second lion safari inaugurated at Sajjangarh Biological Park in Udaipur, PM Modi's nationwide HPV vaccination drive launched from Ajmer, Exercise Vayu Shakti 2026 at Pokhran, the Rajasthan Cabinet's constitution of RRIED (Revenue Intelligence and Economic Offences Directorate), and the approval of the Industrial Park Promotion Policy 2026.
  • Rajasthan also retained its position as India's leader in renewable energy with over 31,500 MW installed capacity.
  • National Science Day 2026 (February 28) was celebrated with the theme "Women in Science: Catalysing Viksit Bharat," reinforcing gender inclusion in India's science and innovation narrative.
  • Sachin Tendulkar was designated UN Global Champion for Road Safety.
  • IIRIS signed an MoU with NLU Jodhpur for India's first Information Security Chair.
  • The excise policy case saw a Delhi court discharge Arvind Kejriwal, Manish Sisodia, K. Kavitha, and 20 others.

February 2026 thus emerges as a defining month

  • a budget anchoring India's capex-led growth story, a trade deal reshaping global supply chains, an AI summit cementing India's technology diplomacy, and a cascade of governance, infrastructure, and Rajasthan-specific milestones — all converging to mark India's most ambitious policy month in years.

Top stories

238

Subject-wise compilation

7
Rajasthan14

Bharat-VISTAAR AI Agricultural Platform Launched in Jaipur

Bharat-VISTAAR AI agricultural platform launched in Jaipur on Feb 17, 2026, by CM Bhajanlal Sharma and Union Ministers Shivraj Singh Chouhan and Arjun Ram Meghwal. Rajasthan highlighted as leader in micro-irrigation.

Rajasthan Cabinet Approves Industrial Park Promotion Policy 2026

Rajasthan Cabinet approved the Industrial Park Promotion Policy 2026 on February 24, offering four development models, 20% capital subsidy (capped ₹20-40 cr), 50% CETP reimbursement (capped ₹12.5 cr), and single-window clearance via Raj Nivesh Portal. Minimum 50 acres and 10 units required for private parks.

National16

India and GCC Sign Joint Statement, Formally Launch Free Trade Agreement Negotiations

India and GCC signed a Joint Statement on February 24, 2026 formally launching FTA negotiations. Bilateral trade stands at USD 178.56 billion (15.42% of India's global trade). The FTA covers goods, services, digital trade, and technology — with major implications for Rajasthan's gems, textiles, and Gulf diaspora remittances.

International16

India and GCC Sign Joint Statement, Formally Launch Free Trade Agreement Negotiations

India and GCC signed a Joint Statement on February 24, 2026 formally launching FTA negotiations. Bilateral trade stands at USD 178.56 billion (15.42% of India's global trade). The FTA covers goods, services, digital trade, and technology — with major implications for Rajasthan's gems, textiles, and Gulf diaspora remittances.

Economic75

India-GCC Sign Terms of Reference to Formally Restart Free Trade Agreement Negotiations

India and the GCC signed Terms of Reference on February 6, 2026 to formally restart FTA negotiations, chaired by Piyush Goyal and GCC Chief Negotiator. With India-GCC trade at ~$180 billion and the GCC home to nearly ten million members of the Indian community, a concluded FTA would significantly boost gems, textiles, and Rajasthan's diaspora-dependent economy.

India Completes Formation of 10,000 Farmer Producer Organisations (FPOs) Under Central Scheme; 21.96 Lakh Women Farmers Enrolled

India achieved its target of forming 10,000 FPOs under the 2020 Central Sector Scheme (NABARD/SFAC/NCDC), with 21.96 lakh women farmers enrolled. The scheme provides up to ₹18 lakh per FPO for management, plus matching equity grant up to ₹15 lakh per FPO to empower small/marginal farmers — Rajasthan FPOs active in spices, oilseeds, and pulses clusters.

Union Budget 2026-27 Presented: Nirmala Sitharaman's Ninth Budget Targets Viksit Bharat with ₹53.47 Lakh Crore Expenditure

Finance Minister Nirmala Sitharaman presented Union Budget 2026-27 on February 1, 2026 — her ninth consecutive budget — with total expenditure of ₹53.47 lakh crore, capex of ₹12.22 lakh crore, fiscal deficit target of 4.3% of GDP, and key initiatives including the Biopharma SHAKTI scheme (₹10,000 crore), three new AIIMS, and the Bharat-VISTAAR AI agriculture platform.

Science & Tech33
Sports2
Miscellaneous98

Zimbabwe Launches Lenacapavir HIV-Prevention Injection — India Generics Link

Zimbabwe launched the twice-yearly lenacapavir HIV-prevention injection across 24 sites. Gilead's voluntary licences cover six generic manufacturers — Dr Reddy's Laboratories, Emcure, Eva Pharma, Ferozsons Laboratories, Hetero and Mylan (Viatris) — to supply the drug across 120 primarily low- and lower-middle-income, high-incidence resource-limited countries, highlighting India's pharma role in global health equity.

Exercise MILAN 2026 Opening Ceremony at Visakhapatnam — 74 Nations

Exercise MILAN 2026, the 13th edition, was inaugurated on February 19 at Visakhapatnam with record participation of 74 nations and 85 warships. It is India's largest multilateral naval exercise, highlighting India's role as a net security provider in the Indo-Pacific.

World Wetlands Day 2026: 50th Anniversary Celebrated with Theme 'Wetlands and Traditional Knowledge — Celebrating Cultural Heritage'; India's Ramsar Tally Stands at 98

February 2, 2026 marked World Wetlands Day with the theme 'Wetlands and Traditional Knowledge: Celebrating Cultural Heritage'. India's Ramsar site count stands at 98 after the January 30 additions. Rajasthan's Sambhar Lake and traditional water conservation practices like johads and baoris reflect the theme's focus on indigenous knowledge.

India Launches CBDC-Based Digital Food Currency Pilot Under PMGKAY in Puducherry on February 26

On February 26, 2026, India launched a CBDC-based pilot in Puducherry under PMGKAY where beneficiaries receive programmable e₹ digital tokens redeemable only at Fair Price Shops. The pilot began with a limited number of beneficiaries in Puducherry and is planned for expansion to Chandigarh and Dadra & Nagar Haveli, while PMGKAY serves over 80 crore beneficiaries nationally.

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