CURRENT AFFAIRS

The Union Budget for 2026–27, to be presented by Finance Minister Nirmala Sitharaman, will outline: The government’s growth expectations and spending priorities,Projected revenues from tax and non-tax sources, andThe level of borrowing (fiscal deficit) required to bridge the gap between income and expenditure.

As the Union Budget 2026–27 approaches, policy focus is shifting away from short-term consumer relief measures towards other growth drivers. This makes it timely to assess whether household consumption—despite income tax cuts and GST rationalisation—has genuinely strengthened, or whether underlying wage and income weaknesses continue to constrain demand.

Recently, the Department of Fisheries, Ministry of Fisheries, Animal Husbandry and Dairying, Government of India, approved the proposal for the development of a Smart and Integrated Fishing Harbour at Mayabunder in the Andaman and Nicobar Islands.

At the India–EU Leaders’ Summit, Prime Minister of India, European Council President António Luís Santos da Costa, and European Commission President Ursula von der Leyen announced the successful conclusion of negotiations of the India–EU Free Trade Agreement (FTA).

The Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman, tabled the Economic Survey 2025–26 in Parliament on 29 January 2026. The Survey presents a comprehensive assessment of India’s macroeconomic performance, sectoral trends, structural reforms, and future outlook.

The Reserve Bank of India (RBI) has advised the Indian government to encourage BRICS countries to collaborate on using digital currencies for cross-border payments. Such a move could reduce transaction costs, speed up settlements, and lower dependence on the US dollar.

The Employees’ Provident Fund Organisation (EPFO), India’s premier retirement fund body, is undertaking a new phase of digital and institutional reforms under EPFO 3.0. These reforms aim to simplify access, enhance portability, and prepare the institution for expanded social security coverage under the Labour Codes.

As Union Budget 2026 approaches, India’s macroeconomic indicators project stability and relatively strong growth amid global uncertainty.

The Reserve Bank of India (RBI), in its State of the Economy article, has assessed India’s macroeconomic conditions using high-frequency indicators for December 2025.

Recently, the Department of Financial Services, Ministry of Finance, launched a comprehensive salary account package for central government employees in public sector banks.