2 May 2024, The Indian EXPRESS
Over Rupees 2 lakh cr: Highest monthly GST collection
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GS3- Government Budgeting
- Gross Goods and Services tax (GST) collections rose 12.4 per cent to touch a record-high of Rs 2.10 lakh crore in April (for year-end sales in March), data released by the Union Finance Ministry on Wednesday showed.
- The increase was driven mainly by 13.4 per cent year-on-year higher domestic transactions, along with a higher compliance in the backdrop of anti-evasion measures and audits taken by authorities.
- This is the highest level of GST collections recorded since the indirect tax reform kicked in almost seven years ago in July 2017, and the first time that the overall mop-up crossed the Rs 2 lakh crore mark.
- The previous highest level was registered in April 2023 at Rs 1.87 lakh crore, reflecting year-end sales of March 2023.
Disquiet in Delhi over US, Aussie reports on ‘Indian spy operations’
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GS2- Effect of Policies and Politics of Developed and Developing Countries on India’s interests
- Reports in the US and Australian media about operations allegedly by Indian “intelligence officials” overseas has caught the establishment off-guard and there is a sense of disquiet in New Delhi at what it sees as a “concerted pushback” from its key Western strategic partners, sources said.
- On Tuesday, the Australian Broadcasting Corporation (ABC) reported that “Indian spies were kicked out of Australia after being caught trying to steal secrets about sensitive defence projects and airport security, as well as classified information on Australia’s trade relationships”.
The trade push
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GS3- Indian Economy and issues relating to Planning, Mobilization of Resources, Growth, Development
- Over the past few years, global trade has been very volatile, first on account of the Covid-19 pandemic and then due to geopolitical conflicts.
- Since the middle of 2022, the value of global merchandise trade has shrunk continuously as per data from the United Nations Conference on Trade and Development.
- In fact, in 2023, global merchandise exports fell by 4.6 per cent. The January-March 2024 quarter, though, saw some sequential improvement.
- India’s performance has been largely in line, with merchandise exports falling 4.7 per cent in 2023.
- This, however, was better than developing Asia as a whole, which saw merchandise exports decline by 6.8 per cent.
- In 2023-24, India’s merchandise exports stood at $437.1 billion, down 3.1 per cent from 2022-23.
- But the monthly data does suggest a pick up — after a 8.9 per cent contraction in the first half of the year, exports grew by 2.8 per cent in the second half.
- In the last quarter of the 2023-24 — a period when the threat of Red Sea disruptions on exports was partly playing out — exports grew at a faster pace of 4.5 per cent.
Is pvt property community resource? SC reserves verdict, to lay down parameters
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GS2- Indian Constitution—Historical Underpinnings, Evolution, Features, Amendments, Significant Provisions and Basic Structure
- Holding that considering every private resource of an individual as part of the material resource of the community will be “far-fetched” and only help scare away investors who may be wary of the level of protection they get, the Supreme Court Wednesday reserved its order on the question whether private property would fall within the definition of material resource of the community in Article 39(b) of the Constitution.
Navy starts converting warships’ propulsion from steam to diesel
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GS3- Achievements of Indians in Science & Technology; Indigenization of Technology and Developing New Technology
- The Navy has begun the process of converting the propulsion systems of its warships from steam to diesel in a major upgrade aimed at significantly enhancing their life, maintenance support and capability, The Indian Express has learnt.
- Officials aware of the development said the conversion of the propulsion system of INS Beas — a Brahmaputra-class frigate — began in early April.
- The work is being carried out in collaboration with the government-owned Cochin Shipyard Ltd.
Hindu marriage is not an event for wining & dinning; invalid without proper ceremonies: SC
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GS2- Indian Constitution—Historical Underpinnings, Evolution, Features, Amendments, Significant Provisions and Basic Structure
- A Hindu marriage is not an event for "song and dance", "wining and dining" or a commercial transaction, the Supreme Court has observed and said it cannot be recognised in the "absence of a valid ceremony" under the Hindu Marriage Act.
- A Bench of Justices B.V. Nagarathna and Augustine George Masih said a Hindu marriage is a 'samskara' and a sacrament which has to be accorded its status as an institution of great value in Indian society.
DRDO successfully tests missile-assisted torpedo release system
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GS3- Achievements of Indians in Science & Technology; Indigenization of Technology and Developing New Technology
- The Defence Research and Development Organisation (DRDO) Wednesday tested a next-generation torpedo release system aimed at boosting the Navy’s anti-submarine warfare capabilities, the Defence Ministry said.
- The Supersonic Missile-Assisted Release of Torpedo (SMART) system has been designed and developed by the DRDO.
- This missile-based mechanism to launch lightweight torpedoes can target submarines hundreds of kilometres away — far beyond the conventional range of lightweight torpedoes.
- It will be particularly employed in the absence of other assets for immediate action when an enemy submarine is detected.
US Fed holds rates, flags ‘lack of further progress’ on inflation
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GS3- Indian Economy and issues relating to Planning, Mobilization of Resources, Growth, Development
- The US Federal Reserve on Wednesday (May 1) said it is holding its benchmark rate steady after an uptick in inflation, and that it would continue to watch incoming price data before taking a call on when to cut rates.
- This could be significant given that at the start of this year, most analysts had predicted a Fed rate cut at its May 1 meeting and a total of three rate cuts in 2024.
The challenge and necessity of ‘balance’ in use of fertilisers
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GS3- Issues related to Direct and Indirect Farm Subsidies and Minimum Support Prices
- Balanced fertilisation — discouraging farmers from applying too much urea, di-ammonium phosphate (DAP) or muriate of potash (MOP), which only have primary nutrients in high concentrations — is likely to be a key policy goal for the government taking over after the Lok Sabha elections.
- The fiscal ended March 2024 saw urea consumption hit a record 35.8 million tonnes (mt), 16.9% higher than the 30.6 mt in 2013-14, the year before the Narendra Modi government came to power.
- The consumption of urea, containing 46% nitrogen (N), actually fell during 2016-17 and 2017-18, which was attributed to the mandatory coating of all urea with neem oil from May 2015.
Why is China more important for Tesla than India?
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GS2- India and its Neighborhood- Relations
- Within a week of postponing his much-anticipated visit to India, Tesla CEO Elon Musk landed in Beijing to push for Full Self-Driving (FSD), underscoring the importance of China in the global supply chain for the world’s most valuable electic vehicle maker.
