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Current Affairs 12 February 2026

In short

  • Uttar Pradesh and Rajasthan Present Annual State Budgets
  • US-India Trade Deal Reduces Tariffs to 18%

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Uttar Pradesh and Rajasthan Present Annual State Budgets

Both Uttar Pradesh and Rajasthan state governments presented their annual budgets on 11 February 2026. Uttar Pradesh unveiled its first-ever Economic Survey 2025-26, which outlines a strategic roadmap to transform the state into a $1 trillion economy through investment-led growth initiatives. These budget presentations are significant fiscal events that demonstrate each state's economic priorities and spending allocations for the financial year. The budgets address key areas of state development and resource allocation across multiple sectors. These state budgets are particularly important for understanding fiscal federalism principles and how individual states manage their finances within India's federal structure.

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Which two states presented their annual budgets on 11 February 2026?

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US-India Trade Deal Reduces Tariffs to 18%

President Donald Trump and Prime Minister Narendra Modi confirmed a major trade deal on 2 February 2026, significantly reducing US tariffs on Indian goods from 50% to 18% with immediate effect. As part of the agreement, India committed to cease purchasing Russian oil and increase procurement of US energy, technology, and agricultural products worth over $500 billion. The deal aims to enhance India's export competitiveness and boost bilateral trade relations. The tariff reduction is expected to improve capital inflows and support the Indian rupee in foreign exchange markets. Combined with other trade agreements, this deal is projected to boost India's trade prospects and economic growth in FY27.

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By how much were US tariffs on Indian goods reduced in the February 2026 trade deal?

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Current Affairs by JobSafal