CURRENT AFFAIRS

India and the United States have signed an interim trade agreement aimed at restoring trade flows after a period of tariff escalation. While presented as a breakthrough in bilateral ties, the pact has triggered debates over its economic impact, agricultural implications, and concerns regarding strategic autonomy.

The Union Minister for Home and Cooperation recently informed the Rajya Sabha about the implementation and progress of the Ayushman Sahakar Scheme, highlighting its role in strengthening cooperative-led healthcare infrastructure across the country.

Parliament has passed the SHANTI Act, introducing sweeping reforms to India’s nuclear power framework by opening the sector to private participation and significantly modifying the country’s nuclear liability regime.

On February 12, 2026, the Ministry of Statistics and Programme Implementation (MoSPI) released India’s first retail inflation data under the new Consumer Price Index (CPI) series (Base Year: 2024=100).

The Idukki Hydroelectric Project, Kerala’s largest hydel power project, has completed 50 years of operation. Over five decades, the Moolamattom underground power plant has generated 115,852.672 million units (MU) of electricity, marking a historic milestone in India’s hydroelectric development.

The United States has revised its official factsheet on the India–US trade deal, softening language on India’s commitments and removing references to digital services taxes and tariff cuts on pulses. The joint statement has also been modified to reflect non-binding intent, signalling a recalibration of expectations on both sides.

The Union Budget 2026–27 announced the India Semiconductor Mission (ISM) 2.0, giving a new direction to India's technological aspirations. At a time when semiconductors 

India will host the AI Impact Summit 2026 from February 16 to 20, marking the first time this global AI governance forum is being held in the Global South.

The Reserve Bank of India’s Monetary Policy Committee (MPC) decided to keep the repo rate unchanged at 5.25%, maintaining the status quo on interest rates. Consequently, bank lending and deposit rates — and EMIs on home and personal loans — are expected to remain stable.

In the recently presented Union Budget 2026–27, the Finance Minister announced the launch of the Mahatma Gandhi Gram Swaraj Initiative (MGGSI), which aims to strengthen traditional sectors such as khadi, handloom, and handicrafts.