CURRENT AFFAIRS
03 July, 2025
1. 8 YEARS OF GST –
• As Goods and Services Tax (GST) completes 8 years since its launch on 1st July 2017, experts acknowledge its success in tax integration and digitisation, while emphasizing the need for simplification, rate rationalisation, and reduced compliance burden.
What are the Key Achievements of GST over the Past 8 years?
• Record Revenue Growth: GST revenues have consistently grown, crossing Rs 1.8 lakh crore in FY 2024-25, with an average monthly collection of Rs 1.67 lakh crore.
• This growth has outpaced nominal GDP, reflecting better compliance, reduced tax evasion, and increased economic formalization.
• Digital Transformation & Compliance Efficiency: GST has undergone digitization—from manual filings to e-invoicing, real-time credit matching, automated returns, and e-way bills—reducing errors and fraud.
• While MSMEs, once hesitant, now see it as a gateway to credit, government procurement, and national market access.
• Expanded Taxpayer Base: As of 30th April, 2025, India boasts over 1.51 crore active GST registrations, marking a significant increase from 65 lakh in 2017.
• This growth underscores the success of GST in formalizing the economy and enhancing tax compliance.
• Ease of Doing Business: GST has removed inter-state tax barriers, lowering logistics costs and enhancing supply chain efficiency, while the elimination of entry taxes and octroi has led to further business cost savings.
• GST’s ‘One Nation, One Tax’ framework replaced the multi-layered tax system, reducing cascading effects while the Input Tax Credit (ITC) mechanism ensured seamless credit flow, lowering business costs and boosting competitiveness.
2. INDIA PLANS TO BUILD MORE OIL RESERVES FOR A SAFER FUTURE –
• India is working on a smart plan to make sure it never runs out of oil, even in times of trouble. The government wants to build three new strategic oil reserves. These are very large storage areas where the country can keep crude oil safe for future use.
• This extra oil can help the country if there is a problem with supply from other countries or if prices go too high. With more oil saved, India will be better prepared for emergencies.
Where the Oil Reserves Will Be Built
• The new oil reserves will be built in Chandikhole in Odisha, Bikaner in Rajasthan, and Rajkot in Gujarat. These places were chosen because they are good locations for storing oil and can be connected easily to other parts of the country.
• The new reserves will be added to the ones India already has. Right now, India has oil storage in places like Visakhapatnam, Mangaluru, and Padur. With the new ones, the country will be able to store much more oil.
3. JIO BECOMES WORLD’S LARGEST FIXED WIRELESS ACCESS PROVIDER –
• Jio has officially crossed 20 million FWA subscribers as of mid-2025, surpassing T-Mobile’s 19.8 million, marking a historic shift in the global broadband market. The achievement showcases India’s rise as a digital powerhouse and Jio’s innovation in delivering high-speed internet to underserved regions through 5G-based fixed wireless solutions.
Key Highlights
• Jio’s FWA Journey
• Launched Jio AirFiber in September 2023.
• Offers plug-and-play broadband via 5G technology.
• Entry-level plans start at ₹599/month.
• Over 20 million FWA subscribers in less than 2 years.
4. VIRUDHUNAGAR TO BECOME GLOBAL TEXTILE HUB UNDER PM MITRA SCHEME –
• The PM Mega Integrated Textile Region and Apparel (PM MITRA) Park in Tamil Nadu recently received final approval and funding from the Central Government. This development is significant as it positions Tamil Nadu as a key player in value-added textile production and supports India’s broader goal of becoming a global textile manufacturing leader.
Key Features
• Location: Virudhunagar district, Tamil Nadu
• Area: 1,052 acres
• Central Government Investment: ₹1,900 crore
• Target Year for Completion: By 2026
5. UNION MINISTER C.R. PATIL LAUNCHES C-FLOOD, INDIA’S FIRST UNIFIED FLOOD FORECASTING PLATFORM –
• The C-FLOOD platform was officially launched by Union Minister Shri C.R. Patil in New Delhi on July 2, 2025. Its launch marks a significant technological advancement in India’s flood forecasting capabilities, enabling early warnings and real-time inundation mapping.
• This tool is expected to support national and state disaster management authorities in planning timely evacuations and reducing flood-induced losses.
Objectives and Features of C-FLOOD
• Offers two-day advance flood forecasts up to the village level.
• Disseminates forecasts through flood inundation maps and water level predictions.
• Acts as a unified platform integrating flood modelling from national and regional agencies.
• Designed to serve as a decision-support system for disaster management authorities.
MCQ QUIZ
Q1. What is the name of the application recently launched by Ministry of Railways to provide one-stop railway-related services ?
a) RailYatra
b) RailOne
c) RailSewa
d) RailConnect
Q2. Employment Linked Incentive Scheme was announced in which Union Budget ?
a) Union Budget 2023–24
b) Union Budget 2022–23
c) Union Budget 2024–25
d) Union Budget 2021–22
Q3. INS Tabar, that was recently seen in news, belongs to which class of frigates ?
a) Shivalik-class
b) Talwar-class
c) Nilgiri-class
d) Brahmaputra-class
Q4. In the context of Balance of Payments (BoP), which of the following are considered private transfers ?
1. Remittances from overseas workers
2. Gifts or donations from individuals abroad
3. Loans extended by foreign governments
4. Funds transferred during migration by individuals
Select the correct answer using the code below:
a) 1 and 2 only
b) 1, 2 and 4 only
c) 1, 3 and 4 only
d) 2, 3 and 4 only
Explanation-
• Private transfers are unilateral and non-governmental.
• Loans by foreign governments are official and capital account items, not private transfers.
Q5. Which of the following statements about cloud seeding is correct ?
a) Cloud seeding is effective only in a dry environment and does not use silver iodide.
b) Cloud seeding is a scientific process that condenses water vapor in clouds to produce rain or snowfall.
c) Cloud seeding works only on warm clouds and does not involve the use of dry ice.
d) Cloud seeding results in a 50-60 percent increase in rainfall.
Explanation-
• Option A is incorrect because cloud seeding is not effective in a dry environment; it requires the presence of moist or supercooled clouds. Additionally, silver iodide is a key component used in the process.
• Option B is correct because cloud seeding is a scientific process that uses substances like silver iodide, salt, or dry ice to condense water vapor, leading to rain or snowfall.
• Option C is incorrect because cloud seeding works on both warm and cold clouds, and dry ice is used in cold cloud seeding.
• Option D is incorrect because, according to the content, cloud seeding results in an average rainfall increase of 5-15 percent, not 50-60 percent.
Answer Key
1 | 2 | 3 | 4 | 5 |
B | C | B | B | B |