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Current Affairs 24th February 2026
IFSCA
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Current Chairperson: Shri K. Rajaraman
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HQ: Gandhinagar, Gujarat
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The International Financial Services Centres Authority (IFSCA) is a unified regulator established in April 2020 under the IFSCA Act, 2019.
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Aims to develop and regulate financial products, services and institutions in India’s IFSCs, primarily located in GIFT City.
1. Vice-President releases Constitution editions in Tamil & Gujarati
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Commemoration of International Mother Language Day: The release was strategically timed for February 21 to highlight the significance of mother tongues in shaping national identity and cultural continuity.
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Release of the 8th Legal Glossary: alongside the regional constitutions, the Vice-President launched the 8th edition of the Legal Glossary (English-Hindi). This updated glossary aims to simplify complex legal terminology for lawmakers, students, and judicial officers.
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Push for Linguistic Inclusivity: The initiative is part of a broader effort to make the country's foundational legal document accessible to all citizens in their native languages. It follows recent releases in other languages like Santhali, Bodo, Dogri, and Nepali.
2. ICRA Forecasts India’s GDP Growth to 7.2% in Q3 FY26
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Sequential Slowdown: The projected 7.2% growth represents a deceleration from the 8.2% recorded in Q2 FY26. This easing is primarily attributed to a slowdown in the services and agriculture sectors, as well as an unfavorable base effect from the previous year.
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Industrial Resilience: While overall growth is expected to slow, the industrial sector is a bright spot. ICRA forecasts industrial Gross Value Added (GVA) to reach a six-quarter high of 8.3%, driven by strong manufacturing output and festive season demand—partially boosted by recent GST rationalization.
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Fiscal and Export Headwinds: A key factor dragging down the Q3 numbers is a sharp 23.4% contraction in government capital expenditure (capex) following heavy front-loading in the first half of the fiscal year. Additionally, weak merchandise exports and a seven-quarter low in services export growth have contributed to the more cautious outlook.
3. PhonePe launches AI-powered search built
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Built with Microsoft Foundry: The feature was developed in collaboration with Microsoft Foundry. It allows users to complete tasks—like paying a contact, recharging a FASTag, or checking gold prices—using simple voice or text commands in natural language, bypassing multiple menu layers.
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Privacy-First Hybrid Model: To ensure data security, the search uses a hybrid AI model that combines on-device processing with cloud inferencing. This ensures that personal and transactional data stays within the secure PhonePe environment and never leaves the app.
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Strategic Pre-IPO Move: This launch coincides with PhonePe's preparations for a 2026 IPO and follows other major updates like biometric authentication for UPI. It aims to make the app more accessible to non-tech-savvy users by understanding user intent (e.g., "Pay Hemanth 20 rupees") rather than just standard inputs.
4. Belgium’s Vandewinkel Clinches Women’s Singles Title
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Dominant Final Performance: The third-seeded Vandewinkel, ranked World No. 124, delivered a clinical performance to defeat Indian wildcard Vaishnavi Adkar with a lopsided score of 6-0, 6-1 in just 56 minutes.
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Back-to-Back Success in India: This victory marked Vandewinkel's second consecutive title win on Indian soil, following her triumph at the W75 Pune tournament just one week prior. This "double" significantly bolsters her standing on the WTA circuit.
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Ending a Historic Run: While Vandewinkel took the trophy, the match was also notable for her opponent. Vaishnavi Adkar became the first Indian woman since Sania Mirza to reach a final of this magnitude (ITF W100), a feat that will propel her into the world's top 500.
5. Union Minister Launches Indigenous Td Vaccine
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Replacement of the TT Vaccine: This new indigenous Td vaccine is set to replace the long-standing Tetanus Toxoid (TT) vaccine in India’s Universal Immunisation Programme (UIP). The shift follows WHO and NTAGI recommendations to provide dual protection against both tetanus and diphtheria, as immunity for the latter often wanes in adulthood.
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Boost to "Atmanirbhar Bharat": Developed and manufactured by the Central Research Institute (CRI), the launch marks a major milestone in self-reliance for the health sector. CRI is slated to supply 55 lakh doses to the UIP by April 2026, with plans to scale up production progressively.
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Milestone in Public Health Infrastructure: During the launch, the Minister highlighted that India has achieved a 99% vaccine coverage rate.
6. Manipuri Film ‘Boong’ Wins BAFTA Award
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First Indian Win in Category: Directed by debutant Lakshmipriya Devi, Boong became the first-ever Indian film to win in this specific BAFTA category. It triumphed over major Hollywood blockbusters, including Disney’s Zootopia 2 and Lilo & Stitch.
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A Plea for Peace: In a moving acceptance speech, director Lakshmipriya Devi used the global stage to pray for peace in her home state of Manipur. She dedicated the award to the "internally displaced children" of the region, emphasizing hope and forgiveness amidst ongoing social and political unrest.
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Backed by Bollywood Excellence: The film was produced by Farhan Akhtar and Ritesh Sidhwani’s Excel Entertainment. The story follows a young boy named Boong who embarks on a journey from a small village to the India-Myanmar border to find his absent father and bring him home as a gift for his mother.
7. Statue of Lutyens to be replaced with Rajagopalachari's
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A "Panch-Pran" Initiative: Prime Minister Narendra Modi, during his 131st Mann Ki Baat address, framed the move as an essential step toward "mental decolonisation." It aligns with the government's pledge to remove all vestiges of a "slave mentality" and replace colonial-era markers with icons of Indian service and culture.
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Symbolic Positioning: The bust of Rajaji, the first and only Indian-born Governor-General of independent India, has been installed at the Grand Open Staircase near Ashok Mandap.
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Launch of Rajaji Utsav: The replacement coincided with the start of 'Rajaji Utsav', a week-long celebration (February 24 to March 1) featuring a photo-and-book exhibition at Amrit Udyan.
8. Shashi Tharoor Conferred Honorary D.Litt
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A "First" in India: While Tharoor has received numerous honorary doctorates from international institutions and earned his PhD "the hard way" from the Fletcher School of Law and Diplomacy, this marks his first-ever honorary doctorate from an Indian university.
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Alumni Connection: The honor was particularly significant as Tharoor is an alumnus of St. Xavier's Collegiate School (1969–1971). He accepted the degree at the university's 7th convocation.
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Focus on Democratic Values: During his acceptance speech at the Biswa Bangla Convention Centre, Tharoor emphasized that education must move "beyond competence to conscience."
WHAT HAPPENED TODAY?
Central Excise Day: 24thFebruary
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Theme 2026: "Digital Integration for Transparent Taxation"
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This theme reflects the government’s push toward a "faceless" & "paperless" tax administration.
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