Daily current affairs: 3 February 2026

Long Description : Following a high-level telephonic conversation between PM Modi and President Trump, the US announced a significant reduction in tariffs on "Made in India" products. Previously facing rates as high as 50%, Indian exports will now be taxed at a reciprocal rate of 18%. This move is seen as a strategic pivot to strengthen India’s role as a US ally and a counterweight to China in the global supply chain. In return, India has committed to lowering trade barriers for American energy, technology, and agricultural imports, fostering a more balanced bilateral trade relationship.

Long Description : Raksha Mantri Rajnath Singh approved the grant of Miniratna Category-I status to Yantra India Limited, a move aimed at enhancing the functional autonomy and operational efficiency of the defense firm. YIL, which specializes in the manufacturing of ammunition and ordnance components, has shown consistent profitability and a strong net worth. This status allows the company to incur capital expenditure on new projects without government approval up to a certain limit, thereby accelerating the modernization of India’s defense manufacturing ecosystem under the 'Atmanirbhar Bharat' initiative.

Long Description : On the second day of her visit to Odisha and Chhattisgarh (Feb 2–7), President Droupadi Murmu addressed the students of Fakir Mohan University during their convocation. She emphasized the importance of value-based education and the role of youth in achieving the 'Viksit Bharat 2047' vision. The President also inaugurated a modern auditorium on the campus, highlighting the government’s focus on improving educational infrastructure. Her visit continues with tribal interactions in Simlipal and the inauguration of the 'Bastar Pandum' festival in Chhattisgarh later this week.

Long Description : The Ministry of Electronics & IT (MeitY) announced that over 35,000 registrations from 100+ countries have been received for the upcoming India-AI Impact Summit 2026. The event will focus on three "Sutras": People, Planet, and Progress. It aims to showcase real-world AI applications in governance and sustainable development, moving beyond theoretical risks. With 500+ startups and 20 Heads of Government expected, the summit positions India as a leader in shaping responsible and inclusive AI frameworks tailored for developing nations.

Long Description : Proposed in the Union Budget 2026-27, the Biopharma SHAKTI (Strategy for Healthcare Advancement through Knowledge, Technology and Innovation) initiative aims to capture 5% of the global biopharma market. The scheme focuses on end-to-end development of high-value treatments like vaccines and gene therapies. Key components include establishing 1,000 accredited clinical trial sites and upgrading National Institutes of Pharmaceutical Education and Research (NIPERs). This marks a shift from producing generic medicines to innovation-driven biopharmaceuticals, reducing import dependence for life-saving drugs.

Long Description : In a major step toward paperless global trade, India and the European Union signed an agreement on Advanced Electronic Signatures and Seals. This collaboration between MeitY and DG CONNECT (European Commission) aims to promote the mutual recognition of digital certificates. By creating a secure, interoperable framework for digital identity and signatures, the agreement will significantly reduce the cost and time involved in cross-border business transactions, facilitating smoother trade between Indian and European markets.

Long Description : Bharat-VISTAAR is a newly proposed multilingual AI tool designed to enhance farm productivity by providing real-time, data-backed advisory to farmers. The platform integrates agricultural resources to offer guidance on weather patterns, soil health, and pest management in the farmer’s native language. By reducing the risks associated with traditional farming and improving decision-making through high-tech support, this initiative aligns with the government's "Digital Agriculture Mission" to boost rural incomes and ensure food security through precision farming.

Long Description : The third edition of the Future Warfare Course began in New Delhi, focusing on training senior military officers in emerging domains like cyber warfare, electronic warfare, and AI-integrated combat. The course aims to bridge the gap between traditional tactics and technology-heavy modern battlefields. It involves experts from the defense industry and academia to deliberate on multi-domain operations and "grey zone" warfare. This initiative is part of the broader military transformation to ensure the Indian Armed Forces are future-ready for diverse security challenges.

Long Description : Gold prices in India saw a massive rebound on February 3, with the 24-karat rate crossing the ₹1.5 lakh mark. The surge was triggered by the announcement of the India-US trade deal and a partial US government shutdown, which led investors to seek stability in bullion. Financial analysts noted that the reduction in US tariffs improved sentiment for Indian exports, but global economic uncertainty pushed spot gold prices higher internationally. Silver also saw a significant recovery, gaining 6% to reclaim the ₹2.5 lakh per kg level on the MCX.

Long Description : The Royal Swedish Academy of Sciences awarded the 2026 Crafoord Prize to Indian-origin scientist Veerabhadran Ramanathan for his groundbreaking research on climate change. Ramanathan’s work on non-CO2 pollutants, such as black carbon and "brown clouds," has been pivotal in understanding global warming patterns. His research demonstrated how short-lived climate pollutants significantly contribute to regional climate shifts, particularly in the Himalayas and the Indian subcontinent. The prize includes a 6 million Swedish krona award and recognizes his lifelong contribution to environmental sustainability and atmospheric science.

Long Description : Addressing the long-standing water dispute between Tamil Nadu and Karnataka, the Supreme Court mandated the formation of a formal tribunal for the Pennaiyar River. Tamil Nadu had raised concerns over Karnataka’s construction of dams and diversions on the river, claiming it violated prior agreements and impacted downstream flow. This directive brings the focus back on the Inter-State River Water Disputes Act, 1956. The tribunal will be responsible for adjudicating the water-sharing ratio and ensuring equitable distribution among the riparian states.

Long Description : The 39th edition of the Surajkund Mela, themed "Local to Global," has commenced in Faridabad. This year, Egypt is the designated Partner Country, showcasing its rich heritage alongside Indian artisans. Uttar Pradesh and Meghalaya are the Theme States, highlighting a blend of North Indian and North-Eastern culture. The fair serves as a global platform for traditional handicrafts and is expected to attract millions of visitors. It also features a strong focus on the International Solar Alliance (ISA), headquartered nearby in Gurugram, promoting sustainable artisan practices.

Long Description : In a significant political development for the North-East, the BJP has initiated the process of forming a new government in Manipur by appointing Tarun Chugh as the central observer. This move signals the restoration of a stable, elected government in the state after a period of intense administrative focus. Chugh will oversee the internal election process of the legislative leader, ensuring consensus among the newly elected representatives. This is a critical step in restoring the standard democratic framework and addressing the administrative challenges in the border state.

Long Description : The National Statistics Office has scheduled a comprehensive Survey on Migration starting July 2026. The survey aims to capture the evolving patterns of internal migration in India, which were significantly altered during the post-pandemic years. The data collected will be used to refine government schemes related to urban planning, labor welfare, and social security. By understanding why and where people are moving, the government plans to better allocate resources for the "City Economic Regions" (CERs) proposed in the latest budget, ensuring balanced regional development.

Long Description : The India AI Impact Expo, to be held alongside the main summit in New Delhi, will serve as a platform for scaling AI prototypes into real-world solutions. It will feature 10 thematic pavilions covering sectors like healthcare, agriculture, and smart cities. The expo aims to foster collaboration between Indian AI startups and global tech giants. By showcasing indigenous AI models like "Bhashini," the event highlights India's capability in building multi-lingual AI systems. This is expected to attract significant investment into the Indian semiconductor and data center ecosystems.

Long Description : Co-hosted by the UAE, the second India-Arab League Summit saw high-level participation from 22 Arab nations. The primary focus was on securing energy supply chains and fast-tracking the implementation of the IMEC. Both sides discussed expanding trade beyond oil, focusing on food security, renewable energy, and digital payments. The summit is a crucial part of India's "Link West" policy, aiming to deepen strategic ties with West Asia and secure a stable investment environment for Indian companies in the region.