Daily Current Affairs

The 16th Finance Commission report, tabled in Parliament on 1 February 2026, recommended that vertical devolution be retained at 41% of the divisible pool of central taxes for the 2026-31 award period. 

• FC constituted under Article 280(1) every 5 years, Chairman + 4 members.
• 16th FC headed by Dr Arvind Panagariya (ex-NITI Vice-Chairman).
• Recommendations for 2026-31.
• Vertical devolution (Centre to States share) retained at 41% of divisible pool (same as 15th FC).
• Horizontal devolution criteria weights changed.

Note:

Horizontal Devolution: While the total vertical share remains the same, the horizontal formula (how it is divided among states) was revised to include a new 10% weight for “Contribution to GDP,” aimed at rewarding economic performance

New START (Strategic Arms Reduction Treaty) between US and Russia, successor to START-I (1991) and SORT (2002). Limited each side to 1,550 deployed strategic warheads, 700 deployed missiles/bombers. Last remaining arms control treaty, expiry marks end of bilateral nuclear limits. Relevance for global strategic stability, NPT regime.

Bharat Taxi is India’s first government-backed, driver-owned cooperative ride-hailing app, designed as a fair alternative to Ola and Uber. Established by cooperative organizations under the Ministry of Co-operation, it operates with zero commission, allowing drivers to earn more while offering stable, surge-free pricing to passengers

The Frontier Nagaland Territorial Authority (FNTA) agreement signed on February 5, 2026, covers six (6) districts in Eastern Nagaland. These districts are Mon, Tuensang, Kiphire, Longleng, Noklak, and Shamator. The agreement grants these districts, inhabited by eight major tribes, greater administrative and financial autonomy.

Reserve Bank of India (RBI) has proposed a maximum compensation of ₹25,000 for victims of small-value digital fraud.

• Compensation Cap: Victims can receive 85% of the lost amount or ₹25,000, whichever is lower.
• Eligible Fraud Limit: Only fraud incidents involving amounts up to ₹50,000 are eligible for this compensation mechanism.

World Wetlands Day is celebrated annually on February 2nd to raise global awareness about the vital role wetlands play for people and the planet.

• It marks the anniversary of the adoption of the Ramsar Convention on Wetlands in 1971.
• The 2026 theme is “Wetlands and traditional knowledge: Celebrating cultural heritage.

World Cancer Day is held every year on February 4th to raise global awareness, improve education, and catalyze action against cancer.

• 2026 theme ‘United by Unique’, part of 2025-27 campaign.

The 1837 Serengsia Battle, commemorated by the Jharkhand government in February 2026, was a fierce armed resistance led by the Ho Adivasis against the British East India Company in the Serengsia valley of present-day West Singhbhum, Jharkhand.

• The Battle (1837): Fought in November 1837 (with consequences into early 1838), the battle involved Ho fighters using guerrilla tactics—such as bow-and-arrow assaults, burning cow dung, and using beehives—against British forces.

COP30 in Belém (November 2025) introduced the Belém Package, a comprehensive set of 29 decisions focused on implementing Paris Agreement goals through strengthened finance, adaptation tracking, and just transition measures. Key frameworks include the “Global Mutirão” for collective action and the “Belém Action Mechanism for a Global Just Transition” (BAM).

NGT banned rat-hole mining in Meghalaya in 2014 due to safety and environmental concerns. Continues illegally in East Jaintia Hills. Feb 2026 tragedy killed 25 miners.

Rat-hole mining is a dangerous, largely illegal, and unregulated method of extracting thin coal seams primarily in Meghalaya. Miners dig narrow vertical pits (3-4 feet wide) and horizontal tunnels—resembling rat holes—to extract coal manually without safety supports, often leading to fatal tunnel collapses, flooding, and severe environmental damage, including acid mine drainage

Before the Ukraine war (February 2022), Russia accounted for a very small share of India’s energy imports, generally estimated at less than 1% to 2.5% of India’s total crude oil imports. Historically, India relied on the Middle East, with Russia representing only about 0.2% to 1% of its energy import basket.

Following the Ukraine conflict, imports rose sharply, with Russia supplying up to 35-40% of India’s crude oil at peak times.