Daily Current Affairs: 8 February 2026

World Bank (WB) Recommends Karnataka PSU Borrowing Model for State Fiscal Transparency

[World Bank (WB), Karnataka]

Key Updates:

• The World Bank (WB) report for the 16th Finance Commission (FC) identified Karnataka as a template for including Public Sector Undertaking (PSU) and Special Purpose Vehicle (SPV) debt in state liabilities.
• Karnataka amended the Karnataka Fiscal Responsibility Legislation Act in February 2014 to broaden the definition of liabilities and curb off-budget borrowing (OBB).
• The Union Government brought 93 per cent of its off-budget liabilities, approximately ₹3.7 trillion, onto its balance sheet by Financial Year (FY) 2022.
• The WB found discrepancies in OBB reporting for 2021-22, noting Tamil Nadu reported ₹594 crore against the Comptroller and Auditor General of India (CAG) estimate of ₹12,357 crore.
• West Bengal disclosed ₹1,089 crore in OBB compared to the CAG audit figure of ₹4,311 crore for an earlier year.
• In 2022-23, spending under Minor Head 800 – Others accounted for over 15 per cent of expenditure in Madhya Pradesh, nearly 15 per cent in Tamil Nadu, and close to 12 per cent in Andhra Pradesh.
• State entities borrowed between ₹3.1 trillion and ₹4.9 trillion annually from Public Sector Banks (PSBs) from 2018-19 to 2022-23.
• Major lenders for state-level OBB include the National Bank for Agriculture and Rural Development (NABARD), Housing and Urban Development Corporation (HUDCO), REC, and Power Finance Corporation (PFC).
• The report proposed a standardised reporting framework for OBB to be enforced by the CAG under Article 150 of the Constitution.

Reserve Bank of India (RBI) introduces risk-based deposit insurance premium from April 2026

[Reserve Bank of India (RBI)]

Key Updates:

• Reserve Bank of India (RBI) on Friday issued the risk-based premium framework for deposit insurance.
• Deposit Insurance and Credit Guarantee Corporation (DICGC) will implement the new system from April 1, 2026.
• Category A banks, considered the safest, will pay 8 paise per ₹100 of deposits.
• Category D banks will continue to pay the current rate of 12 paise per ₹100 of deposits.
• All banks now pay the same premium of 12 paise for every ₹100 of assessable deposits under the flat premium system.
• DICGC has been providing deposit insurance since 1962 using a flat premium system.
• Banks will be grouped into 4 risk categories: A, B, C and D.
• Risk assessment will be based on audited financial data and supervisory ratings.

Kotak Mahindra Bank issues India's first fully digital Foreign Portfolio Investor (FPI) licence

[Kotak Mahindra Bank]

Key Updates:

• Kotak Mahindra Bank has become the first custodian in India to issue a Foreign Portfolio Investor (FPI) licence through a fully digital onboarding process.
• The bank completed the entire account-opening process for overseas investors using electronic signatures.
• The bank has already issued two FPI licences based entirely on digitally signed documents.
• The move follows the Securities and Exchange Board of India (SEBI) operationalising a unified digital workflow in January 2026.

Startup India programme widened to include deep-tech firms and cooperative societies

Key Updates:

• Department for Promotion of Industry and Internal Trade (DPIIT) notified revised norms expanding Startup India eligibility.
• General startups now recognised up to 10 years from incorporation with annual turnover not exceeding ₹200 crore.
• Deep-tech startups eligible for 20 years from incorporation with turnover cap raised to ₹300 crore.
• Multi-state and state-registered cooperative societies included as eligible entities under the framework.
• Entity formed by splitting or reconstruction of an existing business cannot qualify as a startup.
• Deep-tech startup must focus on new scientific or engineering knowledge, incur high R&D expenditure, and create significant novel intellectual property.
• Recognised startups gain access to government funding schemes, tax exemptions and regulatory relief.
• India has recognised more than 200,000 startups since Startup India launch in 2016.

RailOne app replaces UTS app with 3% digital payment incentive

Key Updates:

• Ministry of Railways (MoR) will discontinue the UTS mobile app from 1 March 2026.
• Passengers must migrate to the RailOne super app launched in 2025.
• RailOne supports existing UTS and RailConnect login credentials.
• Users booking unreserved tickets via RailOne receive a 3% discount on all digital payment modes from 14 January 2026 to 14 July 2026.
• The 3% R-wallet cashback for unreserved tickets continues unchanged.

FASTag Annual Pass Crosses 50 Lakh User Mark with ₹3,000 One-Time Fee

Key Updates:

• The Ministry of Road Transport and Highways (MoRTH) reported that the FASTag Annual Pass has crossed 50 lakh users with over 26.55 crore transactions recorded within six months of launch.
• The initiative was launched on August 15, 2025, to provide financial relief to commuters using national highways.
• The pass is applicable for all non-commercial vehicles with a valid FASTag and requires a one-time fee payment of ₹3,000.
• The validity of the pass is for one year or 200 toll plaza crossings, applicable at approximately 1,150 fee plazas on National Highways and National Expressways.
• Chandigarh leads in usage accounting for 14 per cent of total transactions, followed by Tamil Nadu at 12.3 per cent and Delhi at 11.5 per cent.
• Bijwasan Fee Plaza in Delhi NCR is the leading location with 57 per cent of car crossings using the pass, followed by Mundaka in Delhi NCR and Jhinjholi in Sonipat at 53 per cent each.
• The pass can be activated within two hours through the Rajmargyatra App or the National Highways Authority of India (NHAI) website.

NITI Aayog Unveils ASSET Blueprint for Andhra Pradesh Clean Energy Hub by 2035 with ₹7.5 Lakh Crore Investment

[Andhra Pradesh]

Key Updates:

• National Institution for Transforming India (NITI Aayog) unveiled a draft blueprint under the Accelerating Sustainable State Energy Transition (ASSET) platform to transform Andhra Pradesh into a top renewable energy hub by 2035.
• The plan proposes a total sectoral investment of ₹7.5 lakh crore, comprising ₹3.3 - ₹3.4 lakh crore for the state energy transition and ₹4 - ₹4.2 lakh crore for a renewable energy export hub.
• Private players are expected to contribute 90% of the total investment, which is projected to create 5-6 lakh new jobs.
• For domestic needs, the state aims to add 35 Gigawatt (GW) of solar, 12 GW of wind, and 55-60 Gigawatt-hour (GWh) of storage capacity by 2035.
• The export-oriented capacity targets include 30 GW of solar, 25-30 GW of wind, and 10-12 GW of pumped storage projects for national supply.
• Infrastructure investments include ₹65,000-₹70,000 crore for transmission modernisation through green corridors and High Voltage Direct Current (HVDC) lines, plus ₹40,000 crore for distribution networks.
• NITI Aayog estimates power purchase costs will fall to ₹3.90 - ₹4 per unit, while supply costs will be maintained below ₹6 per unit.
• The blueprint is scheduled for finalisation by March 2026, with implementation beginning in mid-March 2026 under the monitoring of a dedicated Energy War Room.

Odisha hosts Black Swan Summit India on AI, FinTech, and InsurTech

Key Updates:

• The Black Swan Summit India, a two-day conference on AI, FinTech, and InsurTech, commenced.
• President Droupadi Murmu and Odisha Chief Minister Mohan Charan Majhi are expected to participate.
• The summit is organised by the Odisha government and GFTN.
• Visha Dev, additional chief secretary of the electronics and information technology department, stated Odisha aims to establish Bhubaneswar as a key centre for AI-driven financial technologies.
• The summit aligns with the state's commitment to contribute to 'Viksit Bharat' through technology-led governance and digital infrastructure.
• Over 1,700 delegates from 24 countries and nearly 100 speakers across five continents are attending the summit.

India and United States reach framework for first-phase bilateral trade agreement

[United States]

Key Updates:

• India and the United States announced a framework for the first phase of a bilateral trade agreement on Saturday.
• The framework will be converted into a legal agreement expected to be signed by mid-March.
• India will eliminate or reduce tariffs on all US industrial goods and a wide range of American food and agricultural products including dried distillers' grains, red sorghum for animal feed, tree nuts, fresh and processed fruit, soybean oil, wine and spirits.
• India will grant duty concessions on US goods such as walnuts, almonds, pistachios, some lentils, high-end cars and motorcycles.
• India agreed to address long-standing barriers to trade in US medical devices and eliminate restrictive import licensing procedures for US Information and Communication Technology (ICT) goods.
• Minimum import prices have been fixed on certain products like apples to protect interests of MSMEs and farmers.
• India will eliminate import duties on certain US goods on the day the agreement comes into force, while duties on other items may be phased out over time.
• India will extend duty benefits on certain American medicines for neuro, heart and diabetes, cosmetics, medical devices, X-ray valves, diagnostic reagents, pacemakers, imaging apparatus, hearing aid, and artificial joints.
• India will allow American aircraft, semiconductor chips, and high quality machinery into its market.
• India's exports to the US including spices, tea, coffee, copra, coconut oil, areca nut, cashew, Brazil nut, chestnut, avocado, banana, guava, mango, kiwi, papaya, pineapple, shiitake mushroom, vegetable planting material and saplings, roots and tubers such as taro, barley, canary seeds, bakery goods, cocoa and cocoa products, sesame seeds, poppy seeds, and fruit jams and pastes will attract zero reciprocal tariffs in the American market.

India and Malaysia Strengthen Comprehensive Strategic Partnership During PM Modi's Visit on 7 February 2026

[Malaysia]

Key Updates:

• Prime Minister (PM) Narendra Modi departed for a two-day visit to Malaysia on 7 February 2026 at the invitation of Malaysian PM Anwar Ibrahim.
• This visit is the first since bilateral relations were elevated to a Comprehensive Strategic Partnership in August 2024 and marks the third visit by PM Modi to the country.
• The Ministry of External Affairs (MEA) identified defence collaboration opportunities including the sale of Dornier aircraft and the maintenance of Scorpene submarines and SU-30 aircraft.
• Malaysia is home to a 2.9 million-strong Indian diaspora, the third-largest globally, and a 2.75 million-strong Persons of Indian Origin (PIO) community.
• Malaysia serves as a key pillar in India’s Act East Policy and is a significant partner in the Association of Southeast Asian Nations (ASEAN) and the Indo-Pacific region.
• PM Modi previously met PM Ibrahim at the Brazil, Russia, India, China, and South Africa (BRICS) Summit in Rio De Janeiro and attended the 22nd ASEAN-India Summit virtually in October 2025.
• India and the United States (US) announced an interim trade agreement framework to support the Make in India initiative and the goal of building a Viksit Bharat.
• The trade framework is designed to benefit farmers, entrepreneurs, Micro, Small and Medium Enterprises (MSMEs), StartUp innovators, and fishermen while generating employment for women and youngsters.

National Statistics Office (NSO) launches Model Context Protocol (MCP) server for AI data integration

[National Statistics Office (NSO)]

Key Updates:

• The National Statistics Office (NSO) under the Ministry of Statistics and Programme Implementation (MoSPI) launched a beta version of the Model Context Protocol (MCP) server on February 6.
• The MCP server is integrated with the eSankhyiki portal, which serves as the national repository for official statistics.
• The technology allows users to query datasets in real time without downloading large files, enabling direct integration of official statistics into artificial intelligence tools and analytics platforms.
• The beta release includes seven major statistical products: Periodic Labour Force Survey (PLFS), Consumer Price Index (CPI), Annual Survey of Industries (ASI), Index of Industrial Production (IIP), National Accounts Statistics (NAS), Wholesale Price Index (WPI), and Environmental Statistics.
• The launch precedes the AI Impact Summit scheduled to be held from February 15 to February 20, 2026.

Cancer cells reprogram neutrophils to produce CCL3, aiding tumour growth: University of Geneva-led study

[University of Geneva, Switzerland]

Key Updates:

• Cancer cells reprogram neutrophils to produce the chemokine CCL3, which promotes tumour growth.
• The study was conducted by researchers at the University of Geneva and the Ludwig Institute for Cancer Research in Switzerland.
• Neutrophils, usually defenders against infection, lose their pro-tumour action when CCL3 is absent.
• The findings were published in the Cancer Cell journal.

South Africa releases first locally produced foot-and-mouth disease vaccine by Agricultural Research Council (ARC)

[South Africa, Agricultural Research Council (ARC)]

Key Updates:

• Agricultural Research Council (ARC) released the first batch of South Africa’s locally produced foot-and-mouth disease (FMD) vaccine developed at ARC-Onderstepoort.
• The initial batch comprises 12 900 multi-strain doses produced by the ARC Onderstepoort Veterinary Institute (ARC OVI) Transboundary Animal Diseases Campus.
• The vaccine is registered as a stock remedy under the Fertilizers, Farm Feeds, Seeds and Remedies Act (No. 36 of 1947) and meets required quality, safety and efficacy standards.
• Local production enables faster outbreak response, closer strain matching to regional circulating viruses, and improved supply control.
• Since 2019 the outbreak has spread to eight of South Africa’s nine provinces, severely disrupting the commercial livestock value chain.
• Milk South Africa (Milk SA) welcomed the 12 900 doses but warned volumes fall far short of national requirements and urged rapid scale-up of both domestic and imported vaccines.

Jharkhand women defeat Rajasthan to win Para Throwball National Federation Cup 2026

[Jharkhand, Rajasthan]

Key Updates:

• Jharkhand’s women’s team clinched the gold medal in Women’s Category at the Para Throwball National Federation Cup 2026 with a 21-17 victory over hosts Rajasthan in the final at Jhunjhunu.
• The tournament was held from February 3 to 5, 2026.
• In the men’s category, Andhra Pradesh lifted the title, Telangana finished runners-up, Haryana claimed the bronze medal, and Jharkhand placed fourth.

RSS launches Kashmir to Kanyakumari 'Dhwaj Yatra'

Key Updates:

• Rashtriya Swayamsevak Sangh (RSS) started the 'Dhwaj Yatra' flag rally from Kashmir to Kanyakumari.
• The yatra began symbolically at Lal Chowk and culminated at the Tourist Reception Centre in Kashmir.
• Participant Veer Kapoor stated the yatra aims to clear misgivings that RSS is against some people.
• A movie titled 'Shatak' has been made to celebrate 100 years of RSS and is scheduled for release on February 19.