Current Affairs
Date: 03-01-2026
CURRENT AFFAIRS
1. Carlsen's Golden Comeback in Blitz Worlds, Erigaisi's Brilliant Bronze Medal Performance
At the World Rapid and Blitz Chess Championship 2025 held in Doha, Magnus Carlsen added another golden chapter to chess history by winning his ninth World Blitz title. This victory was not easy, as he faced time management issues and some serious mistakes in the round-robin stage. Despite this, his experience, mental fortitude, and ability to make decisions under pressure proved decisive in the knockout rounds.
2. Government Launches Market Access Support Scheme to Boost Indian Exports
The Government of India has launched the Market Access Support (MAS) scheme worth ₹4,531 crore to enhance the global competitiveness of domestic exporters. This scheme will be implemented from FY 2026 to 2031 and is specifically focused on MSMEs, first-time exporters, and priority sectors such as agriculture, handlooms, leather, and toys.
3. Central Government's Fiscal Deficit Exceeds 62% of FY26 Target
Between April and November 2025, the first eight months of fiscal year 2026, the central government's fiscal deficit reached ₹9.77 trillion, approximately 62.3 percent of the full-year budget estimate. This situation reflects the government's rapid spending and relatively slower revenue collection. Capital expenditure, particularly to boost infrastructure-led development, has seen a significant increase, supporting economic activity but also putting pressure on the deficit in the short term.
4. Goa to Get a Third District with Headquarters in Quepem
The Goa government has announced the formation of a third district in the state, a significant step towards administrative reform. This new district will be carved out of South Goa, with its headquarters established in Quepem, aiming to bring administration closer to the common citizens.
5. Warren Buffett Resigns as CEO of Berkshire Hathaway
The legendary investor Warren Buffett, known worldwide as the “Oracle of Omaha,” has stepped down as CEO of Berkshire Hathaway after leading the company for nearly six decades. At the age of 95, he has handed over executive responsibilities to Greg Abel, while remaining the company's chairman. This decision marks the end of one of the longest and most influential leadership tenures in corporate history.
6. Slowdown in Deposit Growth Pushes Credit Growth to Near 12%
Demand for credit in the Indian banking system remains strong, but the relatively slower growth in deposits is putting increasing pressure on liquidity. According to data available as of December 15, 2025, credit growth has reached approximately 12 percent, while deposit growth has slowed to around 9.35 percent. The gap between credit and deposit growth has widened to 263 basis points, indicating a deepening resource crunch in the banking system.
7. NITI Aayog Report: Gujarat Biotechnology University – A New Dimension, A Model for Global Higher Education
A recent report by NITI Aayog has highlighted the establishment of the Gujarat Biotechnology University (GBU) as a pioneering and exemplary initiative in the context of the globalization of higher education. According to the report, the Gujarat government took a visionary step in line with the National Education Policy 2020 by establishing GBU in 2020.
8. Savitribai Phule Jayanti
Savitribai Phule's birth anniversary is celebrated every year on January 3rd, and this day is considered extremely important in the history of women's education and social reform in India. Savitribai Phule was born on January 3, 1831, in Maharashtra and is known as India's first female teacher. Along with her husband, Jyotirao Phule, she established the first school for girls in Pune in 1848, a revolutionary step at the time.
QUIZ (With Explanation)
1. Who won the World Blitz Chess Championship for the ninth time in 2025?
A - Arjun Erigaisi
B - Nodirbek Abdusattorov
C - Magnus Carlsen
D - Viswanathan Anand
Explanation:
At the World Rapid and Blitz Chess Championship 2025 held in Doha, Magnus Carlsen made history by winning his ninth World Blitz title. Despite a challenging round-robin stage, his experience and mental fortitude in the knockout rounds proved decisive. Indian player Arjun Erigaisi delivered a stellar performance, winning the bronze medal and defeating several top players.
2. What is the total amount of the Market Access Support (MAS) scheme?
A - ₹3,000 crore
B - ₹4,531 crore
C - ₹5,260 crore
D - ₹25,060 crore
Explanation:
The Indian government has launched a Market Access Support (MAS) scheme worth ₹4,531 crore to make domestic exporters globally competitive, effective from FY 2026 to 2031. This scheme specifically targets MSMEs, first-time exporters, and priority sectors such as agriculture, handlooms, leather, and toys.
3. What was the central government's fiscal deficit during April–November 2025?
A - ₹7.50 trillion
B - ₹8.90 trillion
C - ₹9.77 trillion
D - ₹10.50 trillion
Explanation:
During the first eight months of FY 2026, from April to November 2025, the central government's fiscal deficit reached ₹9.77 trillion, approximately 62.3 percent of the annual budget estimate. This is primarily due to a sharp increase in capital expenditure to boost infrastructure development and relatively weaker net tax revenues.
4. Where will the headquarters of the proposed new district in Goa be located?
A - Ponda
B - Mormugao
C - Quepem
D - Salsette
Explanation:
The Goa government has announced the formation of a third district in the state, aimed at streamlining administration and accelerating regional development. This new district will be carved out of South Goa and will have its headquarters in Quepem. Comprising the talukas of Sanguem, Dharbandora, Quepem, and Canacona, the district is expected to provide easier access to administrative services for people in the interior and semi-rural areas.
5. Who is known as the "Oracle of Omaha"?
A - Elon Musk
B - Jeff Bezos
C - Warren Buffett
D - Bill Gates
Explanation:
Warren Buffett, known as the "Oracle of Omaha," has stepped down as CEO of Berkshire Hathaway after nearly six decades of historic leadership. At the age of 95, he has handed over executive responsibilities to Greg Abel, while remaining the company's chairman.
6. What was the approximate bank credit growth by December 2025?
A - 8%
B - 9%
C - 12%
D - 15%
Explanation:
Loan demand in the Indian banking system remains robust, but slower deposit growth is putting pressure on liquidity. As of December 2025, loan growth stood at approximately 12 percent, while deposit growth slowed to around 9.35 percent. The 263 basis point difference between loans and deposits indicates that banks are facing increasingly limited resources for lending.
7. Which university was described as a model for the globalization of higher education in a NITI Aayog report?
A - IIT Gandhinagar
B - Gujarat University
C - Gujarat Biotechnology University
D - Jamia Millia Islamia
Explanation:
A recent NITI Aayog report has highlighted the Gujarat Biotechnology University (GBU) as a model for the internationalization of higher education. Established in 2020, this university aligns with the National Education Policy 2020 and furthers the goal of making India a global education hub.
8. What is Savitribai Phule known for?
A - India's first female doctor
B - India's first female teacher
C - India's first female governor
D - India's first female writer
Explanation:
Savitribai Phule's birth anniversary is celebrated on January 3rd, a day that symbolizes the struggle for women's education and social reform in India. Born in 1831, Savitribai Phule was India's first female teacher, who, along with Jyotirao Phule, established the first school for girls in Pune in 1848.
ONE LINER
Which Indian player won the bronze medal at the World Rapid and Blitz Chess Championship 2025? – Arjun Erigaisi
For what period has the Market Access Support (MAS) scheme been implemented? – Financial Year 2026 to 2031
Which university has been described as a model for the globalization of higher education in a NITI Aayog report? – Gujarat Biotechnology University
What percentage of the budget estimate was the central government's fiscal deficit in the first eight months of FY26? – Approximately 62.3 percent
By how many basis points did the gap between bank credit and deposit growth reach by December 2025? – 263 basis points
Where will the headquarters of Goa's proposed third district be established? – Quepem
Who will take over as the new CEO of Berkshire Hathaway from January 1, 2026? – Greg Abel
On which date is the birth anniversary of Savitribai Phule, India's first female teacher, celebrated every year? – January 3
What is the name of the ₹4,531 crore scheme launched to connect Indian exporters with the global market? – Market Access Support (MAS) Scheme
Who won the World Blitz Chess Championship 2025 in Doha for the ninth time? – Magnus Carlsen