February 2026 Flashcards

When was Union Budget 2026–27 presented?: 1 February 2026.
Who presented Union Budget 2026–27?: Finance Minister Nirmala Sitharaman.
What were the three Kartavyas of Budget 2026–27?: Growth, capacity building, and Sabka Sath–Sabka Vikas.
What was the total expenditure estimated for 2026–27?: ₹53.47 lakh crore.
What were estimated non-debt receipts for 2026–27?: ₹36.52 lakh crore.
What fiscal deficit was targeted for 2026–27?: 4.3% of GDP.
What revenue deficit was targeted for 2026–27?: 1.5% of GDP.
What nominal GDP growth was assumed in Budget 2026–27?: 10%.
What new tax law will replace the Income Tax Act, 1961?: Income Tax Act, 2025.
When will the Income Tax Act, 2025 come into effect?: April 2026.
What safe-harbour margin was proposed for IT services?: 15.5%.
What is the new IT safe-harbour threshold?: ₹2,000 crore, up from ₹300 crore.
Until when is the cloud-service tax holiday proposed?: Until 2047 for eligible foreign cloud providers.
What STT rate on futures was proposed?: 0.05%, up from 0.02%.
What is Biopharma SHAKTI?: A ₹10,000-crore programme to strengthen India's biopharma ecosystem.
What is Semiconductor Mission 2.0?: An expanded initiative to deepen India's semiconductor ecosystem.
What was the proposed SME Growth Fund?: ₹10,000 crore.
What is Startup India Fund of Funds 2.0?: A ₹10,000-crore fund to mobilise venture capital for startups.
Which startups are prioritised under Startup India FoF 2.0?: Deep-tech, innovative manufacturing and early-growth startups.
What is the Urban Challenge Fund?: A ₹1 lakh crore central-assistance fund for market-linked urban development.
What total investment can the Urban Challenge Fund potentially enable?: About ₹4 lakh crore over five years.
What share of an Urban Challenge Fund project must come from market sources?: At least 50%.
What new GDP base year was introduced in February 2026?: 2022–23, replacing 2011–12.
What GDP growth was estimated for FY 2025–26 under the new series?: 7.6% at constant prices.
What was estimated nominal GDP for FY 2025–26?: ₹345 lakh crore.
Which ministry released the new GDP series?: Ministry of Statistics and Programme Implementation.
What important methodological change was introduced in the GDP series?: Double deflation was introduced for constant-price estimates.
What was RBI's repo rate after the February 2026 MPC meeting?: 5.25%.
What did RBI's MPC decide about the repo rate in February?: It kept the repo rate unchanged at 5.25%.
What trade framework did India and the US announce in February?: A framework for an interim reciprocal trade agreement.
What reciprocal US tariff rate was announced for Indian exports?: 18%.
What long-term US purchase commitment did India announce?: About US$500 billion by 2031 across specified goods and energy.
What was the major defence procurement approval in February?: DAC cleared proposals worth about ₹3.60 lakh crore.
Which fighter aircraft procurement was approved by DAC?: Multi Role Fighter Aircraft, including Rafale.
What is AS-HAPS?: Air-Ship Based High-Altitude Pseudo Satellite.
Which country hosted President Macron's February 2026 visit?: India.
What new status was given to India-France relations?: Special Global Strategic Partnership.
What bilateral innovation initiative was launched with France?: India-France Year of Innovation 2026.
What new India-France dialogue was established?: An annual Foreign Ministers Dialogue.
Which companies formed a JV to produce HAMMER missiles in India?: BEL and France's Safran.
What advanced-technology body was proposed with France?: Joint Advanced Technology Development Group.
What major health initiative was announced with France?: Indo-French Centre for AI in Health at AIIMS, New Delhi.
Which Brazilian President visited India in February 2026?: Luiz Inácio Lula da Silva.
Which sectors featured prominently in India-Brazil cooperation?: Critical minerals, healthcare, MSMEs, digital partnership and mining.
Which Malaysian leader held talks with PM Modi in February?: Prime Minister Anwar Ibrahim.
What areas were covered in India-Malaysia cooperation?: Disaster management, semiconductors, health, skills and national security.
What disaster-management agreement was signed with Malaysia?: An MoU on cooperation in disaster management.
Which country did PM Modi visit on 25–26 February?: Israel.
Who is Israel's Prime Minister?: Benjamin Netanyahu.
What new status was given to India-Israel relations?: Special Strategic Partnership for Peace, Innovation and Prosperity.
Which emerging technologies are central to India-Israel cooperation?: AI, cyber, critical and emerging technologies.
What fisheries agreement was signed between India and Israel?: An MoU on cooperation in fisheries and aquaculture.
What is the India-Israel Centre for Agriculture?: A proposed platform for cooperation in advanced agricultural technologies.
What was a major India-Israel digital-payment development?: Cooperation on cross-border remittances through UPI.
What was the India AI Impact Summit 2026 theme?: Sarvajan Hitaya, Sarvajan Sukhaya.
What do the three AI Impact Summit Sutras represent?: People, Planet and Progress.
Where was the India AI Impact Summit held?: Bharat Mandapam, New Delhi.
When was the AI Impact Summit held?: 18–19 February 2026.
What was significant about India's AI Impact Summit?: It was the first global AI gathering hosted in the Global South.
How many countries and international organisations endorsed the New Delhi AI Declaration?: 92.