Pakistan has approved its cricket team’s participation in the T20 World Cup 2026 but said it will not play the scheduled group match against India on February 15 in Colombo. The decision was announced by the Pakistan government. No specific reason was given for skipping the fixture. The move follows controversy after Bangladesh was removed from the tournament over venue concerns. The International Cricket Council said it has not received any formal communication from Pakistan so far. The BCCI also said it is awaiting official confirmation. Under ICC rules, a forfeited match can affect points and net run rate calculations. (PC: India Today)

In the Union Budget 2026–27, Finance Minister Nirmala Sitharaman announced changes in customs duties and taxes affecting consumer prices across India. Several goods are set to become cheaper, including leather goods, footwear, microwave ovens, TV equipment, cameras, video‑game parts, foreign tour packages and cancer drugs, as import duties are reduced or exempted to lower costs and boost industry competitiveness. Conversely, some products will become costlier, such as coal, alcoholic liquor, and items like coffee and vending machines due to increased or reinstated duties. These adjustments aim to balance consumer relief and revenue generation. (PC: NDTV)

In the Union Budget 2026–27, the government allocated ₹95,692.31 crore to the Viksit Bharat‑Guarantee for Rozgar and Ajeevika Mission (Gramin) — a new rural employment programme replacing the long‑standing MGNREGA scheme. The mission, part of the broader Viksit Bharat 2047 vision, promises up to 125 days of work annually for rural households, strengthening livelihood and infrastructure in villages. Alongside, MGNREGA received ₹30,000 crore during the transition year. The combined focus on rural jobs reflects an effort to intensify employment support and uplift agrarian communities across India. (PC: The Hindu)

In early hours of 1 February 2026, unidentified attackers fired four to five shots outside Bollywood director Rohit Shetty’s Juhu residence in Mumbai; no injuries were reported. The notorious Lawrence Bishnoi gang claimed responsibility via social‑media posts by associates, naming individuals linked to the firing and issuing threats against Shetty and the film industry if warnings were ignored. Police have detained five suspects in Pune with alleged links to the gang, and authorities have launched a comprehensive investigation, deploying forensic teams and heightened security around the property. Motive remains under inquiry. (PC: PTI)

In the Union Budget 2026–27, Finance Minister Nirmala Sitharaman significantly increased India’s defence spending, boosting the total allocation to about ₹7.84–7.85 lakh crore, roughly 15% higher than last year’s budget. A capital outlay of ₹5.95 lakh crore — a 22% rise — was earmarked for modernisation, including aircraft, missiles, naval assets and drones to strengthen operational capabilities post Operation Sindoor. This surge also allocates substantial funds for pensions and revenue needs. The enhanced budget underscores New Delhi’s focus on military readiness, advanced technology acquisition and bolstering national security amid regional tensions. 

Billionaire Elon Musk spotlighted International Monetary Fund (IMF) projections showing a major shift in the global economic landscape in 2026, emphasizing that “the balance of power is changing.” According to IMF data, China and India together are expected to contribute about 43.6% of global real GDP growth, with China at 26.6% and India at 17%, markedly higher than the United States’ 9.9% share. The chart Musk shared on social media underlines an eastward shift in growth drivers, with Asia-Pacific economies leading global expansion amid ongoing geopolitical and trade tensions. (PC: Reuters)

In the Union Budget 2026–27, India made no allocation for the strategically important Chabahar port project in Iran, marking a significant shift from previous years when funds were regularly set aside for its development. The Chabahar port, located on the Gulf of Oman, has been a key element of India’s regional connectivity strategy, offering access to Afghanistan and Central Asia while bypassing Pakistan. Analysts link the absence of funding to escalating tensions between the United States and Iran and renewed U.S. sanctions, which have complicated India’s role in the project. The budget also reflects broader reorientation of foreign aid priorities. (PC: X)

Carlos Alcaraz won the Australian Open tennis title and completed his Career Grand Slam after defeating Novak Djokovic in the final in Melbourne. The 22-year-old beat the 10-time champion 2-6, 6-2, 6-3, 7-5 at Rod Laver Arena. He became the youngest men’s player to win all four Grand Slam singles titles. The win gives Alcaraz his seventh major crown. Djokovic, 38, was chasing a record 25th Grand Slam title but fell short after taking the first set. Alcaraz raised his baseline game and secured key breaks from the second set onward. Djokovic later congratulated him at the net. (PC: BBC)

A wave of coordinated militant attacks across Pakistan’s southwestern Balochistan province has become one of the deadliest in years, killing over 150 people, including civilians, security personnel and militants, officials said. Militants of the Baloch Liberation Army struck multiple locations — including Quetta, Gwadar and other towns — targeting security installations, banks and public sites. Pakistan’s military launched intense counter-operations, killing scores of militants and imposing sweeping security restrictions, including cutting mobile internet services to curb coordination. Islamabad vowed retaliation, while India rejected accusations of involvement in the unrest. (PC: Reuters)

In the Union Budget 2026–27, Finance Minister Nirmala Sitharaman mentioned 14 states, outlining major development projects tied to infrastructure, industry, tourism and connectivity. Poll-bound states like West Bengal, Tamil Nadu, Kerala and Assam received targeted initiatives including high-speed and freight rail corridors, eco-tourism trails, and cultural circuit schemes. Critical mineral rare earth corridors were announced for Odisha, Andhra Pradesh, Tamil Nadu and Kerala, aiming to boost domestic manufacturing. Northeastern states will benefit from a Buddhist Circuit tourism plan, while northern hill regions like Himachal Pradesh, Uttarakhand and J&K get mountain train and hiking projects, enhancing region-specific growth. (PC: The Hindu)