National News:
India’s Union Budget 2025-26
Finance Minister Nirmala Sitharaman presented the Union Budget for the fiscal year 2025-26, focusing on stimulating economic growth, providing tax relief to the middle class, and investing in key sectors. The budget aims to enhance the spending power of the middle class, promote inclusive growth, and encourage private investment.
Check Current Affairs for 31st January
Key Highlights:
- Income Tax Reforms: The government has raised the nil tax slab threshold to ₹1.2 million annually and recalibrated tax slabs and rates. The maximum tax rate of 30% now applies to incomes of ₹2.4 million and above under the new tax regime. These measures are expected to boost consumer demand by increasing disposable income. reuters.com
- Fiscal Projections: The government anticipates a nominal GDP growth of 10.1% and has set a fiscal deficit target of 4.4% of GDP for 2025-26. Total budget spending is estimated at ₹50.65 trillion. reuters.com
- Agriculture Initiatives: The budget proposes boosting farm output with specific missions for pulses and cotton. A high-yield crop program targeting 17 million farmers has been launched, aiming to enhance subsidized credit and support agricultural productivity. apnews.com
- Manufacturing and Investment: A National Manufacturing Mission has been established to promote manufacturing and exports. The government plans to raise the foreign direct investment limit in insurance to 100% and introduce incentives and funds to support startups, small firms, and manufacturing. reuters.com
- Infrastructure Development: Significant investments are planned for infrastructure development, including regional air connectivity and critical minerals development. The Shipbuilding Financial Assistance Policy will be revamped, and large ships above a specified size will be included in the infrastructure harmonized master list. pib.gov.in
- Nuclear Energy Mission: The budget introduces a Nuclear Energy Mission for research and development of Small Modular Reactors (SMRs) with an outlay of ₹20,000 crore. The plan includes making five indigenously developed SMRs operational by 2033. pib.gov.in
These initiatives reflect the government’s commitment to fostering economic growth, enhancing the standard of living for the middle class, and strengthening various sectors of the economy.
International News:
US Military Jet Crash
A U.S. Air Force F-35 fighter jet crashed during a training mission at Eielson Air Force Base in Alaska. The pilot safely ejected and was reported to be in good condition. The incident occurred during a routine training exercise, and an investigation is underway to determine the cause of the crash.
Economic News:
UK Financial Updates
In the United Kingdom, households are preparing for significant increases in various bills throughout 2025. Notably, energy bills are set to rise from January 1 due to an increase in the price cap. Other expected increases include mortgage rates, alcohol duties, rail costs, mobile and broadband charges, council tax, water bills, flight costs, and TV licence fees. Consumers are advised to seek better deals and consider financial planning to mitigate these costs.
Environmental News:
Microplastics Found in Groundwater
A study has found microplastics in the groundwater of a major city, raising concerns about environmental pollution and its impact on health. The presence of microplastics in groundwater sources poses potential risks to drinking water quality and highlights the need for further research and mitigation strategies to address environmental contamination.
