Daily Current Affairs Quiz
Daily Quiz — February 1, 2026
Question 1 of 10
Under the new income tax regime (applicable from April 1, 2026), what is the tax rate for income between Rs 8,00,001 and Rs 12,00,000?
Under the revised new tax regime slabs confirmed in Union Budget 2026-27, income between Rs 8,00,001 and Rs 12,00,000 is taxed at 10%. The new regime is the default regime; taxpayers must actively opt out to use the old regime with exemptions.
💡 Concept Note
The new regime slabs (FY 2026-27): Nil (up to Rs 4L); 5% (Rs 4-8L); 10% (Rs 8-12L); 15% (Rs 12-16L); 20% (Rs 16-20L); 25% (Rs 20-24L); 30% (above Rs 24L). Budget 2026-27 made no change to these slabs, retaining the structure introduced in Budget 2025-26. The new Income Tax Act 2025 replaces the Income Tax Act 1961 from April 1, 2026, simplifying compliance without changing the slab rates.
Question 2 of 10
The Union Budget 2026-27 announced VB-G RAM G as a restructured successor to MGNREGS. What does VB-G RAM G stand for?
VB-G RAM G stands for Viksit Bharat - Guarantor for Rozgar and Ajeevika Mission - Gramin. It replaces the MGNREGS structure, raises the employment guarantee from 100 to 125 days per household per year, and adds livelihood linkages. Budget allocation: Rs 95,692 crore. Unlike MGNREGS (Centre bearing ~90% cost), VB-G RAM G uses a 60:40 Centre-State cost-sharing pattern.
💡 Concept Note
MGNREGS (Mahatma Gandhi National Rural Employment Guarantee Scheme) was enacted under the MGNREGS Act, 2005. It guarantees 100 days of wage employment per rural household per year as a right-based entitlement, grounded in DPSP Article 41 (right to work) and Article 43 (living wage). VB-G RAM G raises the guarantee to 125 days while adding skill and livelihood components. States will have six months to transition from MGNREGS to the new scheme.
Question 3 of 10
The Union Budget 2026-27 set the fiscal deficit target at what percentage of GDP, continuing India's fiscal consolidation path?
Budget 2026-27 targets a fiscal deficit of 4.3% of GDP, down from 4.4% in the 2025-26 Revised Estimates. India's central government debt-to-GDP ratio is estimated at 55.6% in FY27, down from 56.1% in FY26 RE, with a medium-term target of 50% (plus or minus 1%) by March 2031 under the FRBM Act, 2003 framework.
💡 Concept Note
Fiscal deficit = Total Expenditure minus Total Receipts (excluding borrowings). India's consolidation path: 5.1% (FY24) to 4.8% (FY25) to 4.4% (FY26 RE) to 4.3% (FY27 BE). Revenue deficit is 1.5% of GDP. FRBM Act 2003 mandates prudent fiscal management and defines limits on government borrowing. Interest payments (about 26% of total expenditure) remain the largest single expenditure item, reflecting accumulated debt.
Question 4 of 10
According to the Economic Survey 2025-26 tabled in Parliament on January 30, 2026, what was India's Real GDP growth rate for FY26 as per the NSO First Advance Estimate?
The NSO First Advance Estimate placed India's Real GDP growth for FY26 at 7.4% (GVA growth: 7.3%), making India the fastest-growing major economy. The Economic Survey 2025-26 was tabled on January 30, 2026 by Chief Economic Adviser V. Anantha Nageswaran. FY27 growth is projected at 6.8-7.2%.
💡 Concept Note
NSO (National Statistical Office) releases the First Advance Estimate of GDP in January, based on April-September actuals and Q3-Q4 estimates. The Economic Survey is prepared by the Finance Ministry's Economic Division under the CEA and tabled before the Budget. Private Final Consumption Expenditure grew 7% in FY26, reaching 61.5% of GDP — the highest since 2012. Gross Fixed Capital Formation grew 7.8%, holding steady at ~30% of GDP.
Question 5 of 10
What was the total capital expenditure proposed in Union Budget 2026-27?
Budget 2026-27 proposes direct capital expenditure of Rs 12.2 lakh crore (3.1% of GDP), up from Rs 11.2 lakh crore in BE 2025-26 — an increase of about 11.5%. When grants-in-aid to states for capital works are included, the effective capital expenditure rises to Rs 17.1 lakh crore (4.4% of GDP).
💡 Concept Note
Capital expenditure (capex) creates productive assets (roads, railways, ports) unlike revenue expenditure (salaries, subsidies). Higher capex improves economic capacity and crowds in private investment. The government has been scaling capex since FY21 to compensate for sluggish private capital formation. The Budget also announced an Infrastructure Risk Guarantee Fund to provide partial credit guarantees to lenders during the construction phase of projects.
Question 6 of 10
Budget 2026-27 announced the Biopharma SHAKTI Mission with an allocation of Rs 10,000 crore over 5 years. What is its primary focus?
The Biopharma SHAKTI Mission (Strategy for Healthcare Advancement through Knowledge, Technology and Innovation) focuses on biologics and biosimilars manufacturing. It includes 3 new NIPERs (National Institutes of Pharmaceutical Education and Research), upgrading 7 existing ones, establishing 1,000 clinical trial sites, and training 1.5 lakh caregivers.
💡 Concept Note
India is the world's largest supplier of generic medicines (about 20% of global generic volume by value). However, in biologics (large-molecule drugs made from living cells) India lags behind the US, EU, and South Korea. Biosimilars are generic versions of biologics — a fast-growing market globally. About $300 billion worth of pharma patents expire by 2030, presenting a major opportunity. NIPERs are premier pharmaceutical research institutions established under the NIPER Act, 1998.
Question 7 of 10
The Economic Survey 2025-26 reported that India's Female Labour Force Participation Rate (LFPR) reached 41.7% in 2023-24. What was it in 2017-18?
India's Female LFPR was 23.3% in 2017-18 (PLFS data), rising to 41.7% in 2023-24 — an increase of 18.4 percentage points over six years. The increase is primarily driven by rural female LFPR rising from about 24.6% to 47.6%, largely reflecting self-employment and agricultural work. PLFS (Periodic Labour Force Survey) is conducted annually by the NSO.
💡 Concept Note
Labour Force Participation Rate = (employed + seeking employment) / working-age population. Low female LFPR is both a social equity failure and an economic loss — the World Bank estimates India loses ~1.5% of GDP annually from female labour force exclusion. The increase is partly structural (better education, reduced fertility) and partly statistical (improved PLFS methodology capturing unpaid work). Urban female LFPR (~30.5%) remains significantly lower than rural (~47.6%).
Question 8 of 10
Which constitutional article mandates the presentation of the Annual Financial Statement (Union Budget) to Parliament?
Article 112 of the Indian Constitution requires the President to cause to be laid before both Houses of Parliament a statement of the estimated receipts and expenditure of the Government for that year — this is the Annual Financial Statement, commonly called the Union Budget. The Finance Bill gives legal effect to the tax proposals in the Budget.
💡 Concept Note
Key constitutional provisions: Article 110 (Money Bill definition); Article 112 (Annual Financial Statement); Article 265 (no tax without law); Article 266 (Consolidated Fund of India); Article 267 (Contingency Fund, Rs 500 crore corpus); Article 280 (Finance Commission). The Budget is a Money Bill — Lok Sabha has primacy; Rajya Sabha can make recommendations but cannot reject or amend tax or expenditure provisions.
Question 9 of 10
India received record remittances in FY25, remaining the world's largest remittance recipient. What was the figure according to the Economic Survey 2025-26?
India received USD 135.4 billion in remittances in FY25 — a record, and the highest for any country globally. The top source countries are UAE (27%), USA (23%), Saudi Arabia (10%), and UK (8%). Key receiving states include Uttar Pradesh, Kerala, Maharashtra, and Tamil Nadu. Remittances helped stabilise India's current account despite the merchandise trade deficit.
💡 Concept Note
Remittances are transfers from Indian diaspora working abroad to families in India. India consistently ranks 1st globally in remittance receipts (World Bank data). Remittances are more stable than FDI during global crises. They contribute to foreign exchange reserves, support consumption, and fund education and health expenditure in rural areas. The share of remittances from advanced economies has grown, reflecting an increasing contribution from skilled and professional workers.
Question 10 of 10
Budget 2026-27 announced a Carbon Capture, Utilization and Storage (CCUS) Mission. Which of the following sectors is considered hardest to abate and therefore most relevant to CCUS deployment in India?
Cement, steel, and fertiliser manufacturing are hard-to-abate sectors because their production processes inherently generate CO2 (from limestone calcination in cement, coke in steel, and methane reforming in fertilisers) that cannot be eliminated by switching to renewable electricity alone. CCUS captures this process CO2 and stores or utilises it. Budget 2026-27 allocated Rs 20,000 crore over 5 years for CCUS, with the mission covering power, steel, cement, refineries, and chemicals.
💡 Concept Note
India committed to net-zero emissions by 2070 under the Paris Agreement (COP26, Glasgow, 2021). India's updated NDC targets a 45% reduction in emissions intensity of GDP by 2030 (compared to 2005 levels) and 50% non-fossil electricity capacity. CCUS is a bridge technology for sectors where direct electrification is impossible or insufficient. The Budget CCUS mission signals India will not prematurely abandon coal or industrial processing without viable alternatives.