NATIONAL UPDATES:
1. India to host the 46th Antarctic Treaty Consultative Meeting: India will host the 46th Antarctic Treaty Consultative Meeting (ATCM 46) and the 26th Meeting of the Committee for Environmental Protection (CEP 26) from 20 to 30 May 2024 in Kochi, Kerala. The meeting is organized by the Ministry of Earth Sciences (MoES) through the National Centre for Polar and Ocean Research (NCPOR), these meetings aim to facilitate global discussions on environmental conservation and scientific cooperation in Antarctica.
2. India Reduces Windfall Tax on Petroleum Crude: India has cut its windfall tax on petroleum crude to 8,400 Indian rupees ($100.66) a metric ton from 9,600 rupees with effect from May 1.
The tax, which is revised every fortnight, was left unchanged at zero for diesel and aviation turbine fuel. The government had on April 16 raised the windfall tax on petroleum crude to 9,600 rupees a metric ton from 6,800 rupees. This tax is levied as the Special Additional Excise Duty (SAED).
3. Hitesh Sethia appointed as MD & CEO of Jio Financial Services: Corporate Affairs Ministry (MCA) has given its nod for appointment of Hitesh Kumar Sethia as Managing Director and CEO of Jio Financial Services for three years period. The appointment effective from November 15, 2023, is valid for three years, Jio Financial Services said in a regulatory filing.
4. Pratima Singh appointed as Director in DPIIT: Pratima Singh (IRS) has been selected for the appointment as Director of the Department of Promotion of Industry and Internal Trade (DPIIT).
She has been selected for the appointment under the Central Staffing Scheme for a period of five years. Singh is an Indian Revenue Service (IRS) officer of 2009-batch. She was recommended for the Central deputation by the Department of Revenue.
INTERNATIONAL UPDATES:
1. India to train Bangladeshi’s civil servants for the next 5 years: The government of India has signed an agreement with the government of Bangladesh to renew the Memorandum of Understanding (MoU) to train 1500 Bangladeshi officers from 2025 to 2030. The agreement was signed by the Department of Administrative Reforms and Public Grievances (DARPG), the government of India and the Bangladeshi Ministry of Public Administration, Government of Bangladesh. An MoU was signed between the National Centre for Good Governance (NCGG), India and the Bangladesh Ministry of Public Administration in 2014 to train the Bangladeshi civil servants.
OTHER UPDATES:
DEFENCE
1. Indian Army and Punit Balan Group develop Constitution Park in Pune: Constitution Park, jointly developed by Indian Army and Punit Balan Group, was inaugurated in The park was inaugurated by GOC-in-C, Southern Command, Lt Gen Ajai Kumar Singh. It delineates our Fundamental Rights and underscores our Fundamental Duties. It’s crucial for every citizen to understand their rights and fulfill their duties.
2. DRDO successfully test SMART missile system for Indian Navy: The Defence Research and Development Organisation (DRDO) has successfully tested the next-generation Supersonic Missile-Assisted Release of Torpedo (SMART) system from Dr APJ Abdul Kalam Island off the coast of Odisha. SMART is a next-generation missile-based light-weight torpedo delivery system designed and developed by DRDO to enhance the anti-submarine warfare capability of the Indian Navy far beyond the conventional range of lightweight torpedoes. This canister-based missile system incorporates several advanced subsystems, including a two-stage solid propulsion system, electromechanical actuator system, and precision inertial navigation system.
SCIENCE AND TECHNOLOGY
1. China to launch Chang’e-6 Lunar probe mission: China is set to launch the Chang’e-6 lunar probe on a round trip to the Moon. It aims to gather soil and rock samples from the far side of the Moon, a region that has remained permanently hidden from Earth’s view. This will be the first-ever attempt to retrieve lunar samples from the far side, providing valuable insights into the early evolution of the Moon and the inner solar system. This mission will also involve the first-ever ascent from the Moon’s far side during its return journey to Earth.
2. China launches sea trials for next-generation aircraft carrier: China has launched sea trials for the Fujian, its third and most advanced aircraft carrier. The start of tests by the Chinese navy came nearly two years after the aircraft carrier was first unveiled in June 2022. The Fujian, entirely designed and built domestically, is larger and more advanced than the Shandong, commissioned in late 2019, and the Liaoning, which China bought second-hand from Ukraine in 1998.
BANKING AND FINANCE
1. GST revenue collection hits record high of Rs 2.10 lakh cr in April: India’s Gross Goods and Services Tax (GST) collections hit a record high of Rs 2.10 lakh crore in April, growing 12.4 per cent on year-on-year basis. GST collection in March stood at Rs 1.78 lakh crore. Previously, the highest-ever GST collection figure stood at Rs 1.87 lakh crore in April 2023. This is also the first time GST collection has crossed the ₹2 trillion mark, since the unified indirect tax regime was rolled out seven years ago.
2. UPI transactions dip marginally in April to Rs 19.64 trn: Unified Payment Interface (UPI) transactions declined in volume and value in April by 1 per cent and 0.7 per cent, compared to March 2024. Transactions stood at Rs 19.64 trillion in value terms, down from Rs 19.78 trillion in March. There were 3 billion transactions in April, compared to 13.44 billion in March. Y-o-Y, UPI transactions increased by 50 per cent in terms of volume and 40 per cent in value. In February 2024, transactions stood at 12.10 billion and Rs 18.28 trillion, respectively. Immediate Payment Service (IMPS) transactions declined by 7 per cent in value and 5 per cent in volume in April compared to March.
3. NaBFID expects cumulative loan sanctions to top ₹2-lakh cr in FY25: The Government-owned National Bank for Financing Infrastructure and Development (NaBFID) expects its loan sanctions pipeline to swell to about ₹2 lakh crore by March-end 2025 against about ₹1 lakh crore as of March-end 2024. To support loan growth, the development financial institution (DFI) is planning to mop up about ₹53,000 crore this year via bond market, bank and multilateral credit lines. The All India Financial Institution was set up in 2022 under the NABFID Act, 2021, as the principal entity for infrastructure financing in the country.
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