National Affairs

PM Narendra Modi Inaugurates 2nd India–AI Impact Summit 2026
Prime Minister Narendra Modi inaugurated the five-day global India–AI Impact Summit 2026 at Bharat Mandapam, New Delhi. This marks the first major AI event hosted by the Global South.

• Organisers: Ministry of Electronics and Information Technology (MeitY) in collaboration with NASSCOM, NITI Aayog, and academic institutions.
• The Three Sutras: The summit is guided by the foundational pillars of People, Planet, and Progress.
• Official Partnership: The USA-India Strategic Partnership Forum (USISPF) joined as an Official Partner to advance bilateral AI collaboration.
• Major Launches:
  • Six AI Impact Casebooks featuring 170+ deployed innovations.
  • SAHI: A framework for Safe and Accountable Healthcare AI.
  • BODH: A health AI benchmarking platform developed by IIT Kanpur and the National Health Authority (NHA).

Telangana Hosts 23rd Edition of BioAsia 2026 in Hyderabad
Chief Minister A. Revanth Reddy inaugurated BioAsia 2026, Asia’s premier life sciences and health-tech forum, at the HITEX Exhibition Centre, Hyderabad.

• Theme: “TechBio Unleashed – AI, Automation and the Biology Revolution.”
• Key Policy: The Next-Gen Life Sciences Policy (2026–2030) was unveiled, aiming to attract USD 25 billion in investments and create 5 lakh jobs by 2030.
• Global Status: Hyderabad was reaffirmed as the “Vaccine Capital of the World,” producing one-third of global vaccines.
• Innovation Awards: Five startups, including Achala Health Services and Exquinz Life Sciences, received the BioAsia 2026 Innovation Awards.

FCI & WFP Sign MoU for Global Hunger Relief
The Food Corporation of India (FCI) signed a strategic Memorandum of Understanding (MoU) with the World Food Programme (WFP) to supply rice for international humanitarian aid.

• Key Target: Supply of 2 lakh Metric Tonnes (MT) of rice (maximum 25% broken rice) to meet global quality standards.
• Time Period: Valid for 5 years starting February 17, 2026.
• Price: Fixed at ₹2,800 per quintal until March 31, 2026, with annual price negotiation provisions.

IICA Sets Up High-Level Advisory Group on Ease of Doing Business
The Indian Institute of Corporate Affairs (IICA) established a high-level panel to modernize India’s corporate regulatory framework and compliance under the Companies Act, 2013.

• Chairperson: Gyaneshwar Kumar Singh, Director General & CEO of IICA.
• Secretariat: The School of Business Environment (SoBE), IICA.
• Research Study: Launched a study titled “Re-envisioning Ease of Doing Business for Viksit Bharat 2047” in partnership with the Ministry of Corporate Affairs (MCA).

Cochin Shipyard Bags USD 360 Million Order from France’s CMA CGM
In a historic move, French shipping giant CMA CGM signed a deal with Cochin Shipyard Limited (CSL) for six LNG-fuelled feeder container vessels.

• The Milestone: This is the first-ever ‘Made in India’ container ship order awarded by a global major to an Indian shipyard.
• Cost & Capacity: Total deal valued at USD 360 million (~₹3,200 crore) for six 1,700 TEU vessels.
• Design: Vessels will be designed by Korea Maritime Consultants (KOMAC) and built in Kochi, Kerala.

GEAPP Launches USD 25 Million ‘India Grids of the Future Accelerator’
The Global Energy Alliance for People and Planet (GEAPP) launched a modernization initiative for India’s power sector during Mumbai Climate Week 2026.

• Financial Target: GEAPP committed USD 25 million to mobilize USD 100 million by 2030 through blended finance.
• D4 Framework: Focuses on Digitalisation, Distributed Energy, Democratisation, and Development.
• Coverage: Aims to support 15 DISCOMs, impacting 300 million people. Delhi and Rajasthan DISCOMs have been signed as “Champion Utilities.”

India & UK Launch ‘Offshore Wind Task Force’ under Vision 2035
Union Minister Pralhad Joshi and UK Deputy PM David Lammy launched the India–UK Offshore Wind Taskforce to fast-track the growth of the renewable sector.

• Identified Zones: Early development projects earmarked for Gujarat and Tamil Nadu.
• Financial Support: The Viability Gap Funding (VGF) scheme allocated ₹7,453 crore for early-stage offshore wind projects.
• Capacity Update: India’s non-fossil fuel capacity has crossed 272 GW as of 2026.

International Affairs

IIT Madras Launches First International AI Innovation Centre in Dubai
The IIT Madras Global Research Foundation established its first overseas Applied AI Innovation Centre at Dubai CommerCity, UAE.

• Startup Support: Will host six AI startups with a combined valuation of USD 118 million.
• Focus: Product development, IP creation, and accelerating AI deployment in the Gulf region.
• Alignment: Part of the India-UAE Comprehensive Economic Partnership Agreement (CEPA).

India & Nepal Sign Mutual Legal Assistance Agreement
India and Nepal signed a landmark agreement in Kathmandu to strengthen judicial cooperation on criminal matters.

• Purpose: Combating transnational crimes including financial fraud, money laundering, terrorism, and cybercrime.
• Mechanism: Facilitates the sharing of evidence and information through designated Central Authorities in both nations.

Banking & Finance

RBI Mandates Unique Transaction Identifier (UTI) for OTC Derivatives
The Reserve Bank of India (RBI) has issued new directions mandating the use of UTI for all Over-the-Counter (OTC) derivative transactions.

• New Deadline: Effective from January 01, 2027 (postponed from April 2026).
• Structure: Maximum 52 characters, incorporating the Legal Entity Identifier (LEI) of the generating entity.

ASK Asset & Wealth Management Receives SEBI Approval for MF Business
SEBI has granted final regulatory approval to ASK Asset & Wealth Management to launch its Mutual Fund (MF) business.

• Market Context: ASK becomes the 52nd fund house in India. The MF industry’s AUM stood at ₹81 lakh crore as of January 2026.
• Expansion: The license allows the firm to offer active equity, passive strategies, and hybrid products beyond its existing PMS and AIF services.

Axis Bank Partners with IndiGo to Launch Co-branded Credit Cards
Axis Bank and IndiGo have collaborated to launch two travel-focused cards: ‘IndiGo Axis Bank’ and ‘IndiGo Axis Bank Premium’.

• Loyalty Integration: Rewards are linked to the IndiGo BluChip programme.
• Key Benefits: The Premium variant offers 5,000 BluChips on joining, international lounge access, and a reduced forex markup of 2.5%.

Economy & Business

TVS SCS Partners Italy’s ALA Group for Aerospace Supply Chain
TVS Supply Chain Solutions (TVS SCS) signed an MoU with ALA Group to tap into India’s USD 28 billion aerospace and defence (A&D) market.

• Objective: To provide integrated logistics, MRO (Maintenance, Repair, and Overhaul), and inventory optimization for the defence sector.
• Standards: Solutions will align with NATO Stock Numbers (NSN) standards to integrate India into global aerospace value chains.

Important Days

State News

Tamil Nadu Presents ₹2.55 Lakh Crore Interim Budget for FY27
Finance Minister Thangam Thennarasu presented the interim budget ahead of the 2026 state assembly elections.

• Total Expenditure: Estimated at ₹4,67,264 crore (7.3% increase over previous estimates).
• Major Allocations: Education received the highest share at ₹57,039 crore, followed by Urban Development (₹35,773 crore).

Madhya Pradesh Unveils ₹4.38 Lakh Crore ‘GYANII’ Budget for FY27
FM Jagdish Devda presented a thematic budget focused on holistic development.

• The GYANII Model: Covers Garib (Poor), Yuva (Youth), Annadata (Farmers), Nari (Women), Infrastructure, and Industry.
• Kisan Kalyan Year: 2026 declared as the Year of Farmers' Welfare with ₹1.15 lakh crore for agriculture.
• Women Empowerment: ₹23,883 crore allocated for the Ladli Behna Yojana.

Delhi Rollout of ‘Bhu-Aadhaar’ to Digitise Land Records
The Delhi Government launched the Unique Land Parcel Identification Number (ULPIN), branded as ‘Bhu-Aadhaar’.

• The System: Every land parcel in Delhi will receive a unique 14-digit ID.
• Technology: Uses drone surveys and high-resolution ortho-imaging (2 TB of geospatial data) for precise mapping.
• Status: Initial rollout started in 48 villages under the SVAMITVA scheme.