Current Affairs - 01-07-2022

The Goods and Services Tax (GST) Day is observed annually on July 1, in India.

Key Facts

When was GST launched?

What is GST?

GST is an indirect, multi-stage, consumption-based tax system. It subsumes several domestic indirect taxes like service tax, purchase tax, value-added tax, excise duty, and others under one head. However, items including petroleum, liquor, and stamp duty have not been added to GST. These items follow the old tax system.


Idea to launch a new tax regime came into existence, when a committee was set up in 2002 to draft GST laws. This committee submitted its report in 2004. Later in 2006, finance minister proposed to introduce GST on April 1, 2010. It took more than 17 years for GST laws to come into force.

Three taxes under GST

There are three taxes application under the GST namely, CGST, SGST, and IGST. Central government collects CGST on intra-state sale on the other hand, SGST is collected by state government on intra-state sale. Central government collects IGST on an inter-state sale.

Tax Slabs under GST

Currently, there are four tax slabs under GST viz.  5 %, 12 %, 18 %, and 28 %.

Objectives of GST laws

Main objective of GST laws is to eliminate the cascading effect of taxes. It is also aimed at expanding the base of taxpayer in India by simplifying taxation process.

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The Asia Pacific Sustainability Index 2021 was recently launched by Knight Frank, which is a Global property consultant.


Rank of World’s cities

Rank of Indian cities

What is the reason of growth of sustainable development in India?

Sustainable Development in India have been propelled due to new market dynamics. Global commitment towards carbon neutrality and net zero focus on creating environmentally friendly premises. This has led Indian developers to develop their products to meet the requirements.

Green Bond in India

As per report, green bond issuances in India have increased by 523% on yearly basis. It was USD 1.1 billion in 2020 and has increased to USD 6.8 billion in 2021. Currently, India has become the sixth-largest country in Asia-Pacific region, with respect to total amount of green bonds issued in 2021.

Green Bond Issuance in Asia-Pacific Region

As per estimates of Climate Bonds Initiative, in 2021 the region issued USD 126 billion in green bonds. China accounted for largest amount of USD 68 billion.

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The World Bank Board of Executive Directors approved two complementary loans of USD 500 million each, for supporting and enhancing India’s health sector.

Key Facts

India’s health performance

What are the two loans?

The two loans namely, Enhanced Health Service Delivery Program (EHSDP) and Public Health Systems for Pandemic Preparedness Program (PHSPP) have been designed to be complementary and transformational. These loans will support Government’s reform agenda of accelerating universal coverage, increasing the resilience & preparedness and improving quality of India’s health system. Both of these programmes provide unique strengths to central & state governments in supporting the development of high-quality, accessible and affordable health services.

PHSPP’s support

This programme will support:

EHSDP’s support

EHSDP programme will strengthen service delivery by a redesigned primary health care model.

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On June 29, 2022, the United Nations published its report titled “Habitat World Cities Report 2022”.

Key Points of the report

Global Scenario

Natural Growth in Population

As per report, in lower income countries, existing urban populations continuing to increase naturally with increasing birth rates. Urban population is expected to grow from 56 per cent of world’s total in 2021 to 68 per cent by 2050.

Impact of covid-19 pandemic

As per report, large scale flight from major cities to smaller town, amid COVID-19 pandemic, was a short-term response. It will not hinder the course of global urbanisation.

Urban poverty and inequality

According to report, urban poverty and inequality are the most intractable and highly complex problems. Overcrowded slums in Mumbai, Nairobi, Rio de Janeiro, chronic homelessness in London etc highlights that, tackling urban poverty and inequality are key priorities to building inclusive and equitable urban futures.

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On June 30, 2022, Prime Minister Narendra Modi participated in ‘Udyami Bharat’ programme.

Key Facts

  1. Raising and Accelerating MSME Performance(RAMP) scheme
  2. Capacity Building of First-Time MSME Exporters(CBFTE) scheme
  3. New features of Prime Minister’s Employment Generation Programme (PMEGP) to boost the MSME sector.

About RAMP scheme

About CBFTE Scheme

The Capacity Building of First-Time MSME Exporters (CBFTE) scheme aims to encourage MSMEs for offering products and services of international standards to global market. It will also enhance the participation of Indian MSMEs at international value chain. CBFTE will help them in realising their export potential.

New features of the PMEGP

New features of Prime Minister’s Employment Generation Programme (PMEGP) include:

  1. Increase in maximum project cost from Rs 25 lakhs to Rs 50 lakhs for manufacturing sector
  2. For service sector, it has increased from Rs 10 lakhs to Rs 20 lakhs.

MSME Idea Hackathon, 2022

The Hackathon was organised with the aim of promoting and supporting the untapped creativity of individuals and promoting latest technologies & innovation among MSMEs.

National MSME Awards 2022

The award recognises the contributions of MSMEs, Aspirational Districts, states/UTs, and Banks for their outstanding performance in terms of growth and development of MSME sector in India.

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47th GST Council Meeting was held in Chandigarh. In a two-day meeting GST Council recommended rate changes on certain items. These changes will be made effective from July 18, 2022.

Recent Rate Changes

GST Council

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India Forum for Nature-Based Solutions was launched at the 11th World Urban Forum in Poland. The forum was collectively launched by National Institute of Urban Affairs (NIUA), World Resources Institute India (WRI India),  Climate Centre for Cities (NIUA C-Cube),  and their partners launched India Forum for Nature-Based Solutions.


  1. Defining a shared language and by communicating benefits that caters to actions at the local level including scaling up of existing NbS interventions.
  2. Creating awareness about urban ecosystem-based services and nature-based solutions in India through informing policy, plans and project interventions.
  3. Driving investment and promoting delivery mechanisms with coordination from multi-stakeholder.

Nature Based Solutions (NbS)

As per IUCN, NbS are defined as “actions to protect, sustainably manage, and restore natural or modified ecosystems, that address societal challenges effectively and adaptively, simultaneously providing human well-being and biodiversity benefits.”

Cities4Forests Initiative

World urban forum (WUF)

United Nations had established WUF in 2001 to examine the problem of rapid urbanisation and its impact on communities, economies, climate change, cities, and policies. The first WUF was held in 2002, in Nairobi, Kenya. It is being held since then. It is co-organised by UN-Habitat, Municipal Office of Katowice and Ministry of Development Funds and Regional Policy of Poland.

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The Indian Space Research Organisation (ISRO) launched PSLV-C53 mission from Sri harikota, Andhra Pradesh. It carried three satellites from Singapore.  


New Space India Limited (NSIL)

NSIL is a Central Public Sector Enterprise of the Government of India. It functions as the commercial arm of ISRO. It is headquartered at Bengaluru. NSIL was established in 2019 and is working under the administrative control of the Department of Space. It has the responsibility to enable Indian industries to take up high technology space related activities. It deals with capacity building of local industries for space manufacturing

ISRO- Key Facts

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Cabinet has approved computerisation of primary agricultural credit societies (PACS) with total outlay of 2516 crore rupees.


 About PACS

Kisan Credit Card (KCC) Scheme

The Kisan Credit Card (KCC) scheme was launched in 1998. It is aimed at  providing credit support from the banking system under a single window with flexible and simple procedure to the farmers for their cultivation and other services such as purchase of agriculture inputs including seeds, fertilizers, pesticides etc. It also allow them to take cash for their production needs.

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Defence Research and Development Organisation (DRDO) successfully flight-tested Abhyas, which is a high-speed expendable aerial target (HEAT). This was flight-tested from Integrated Test Range (ITR) in Chandipur, off the Bay of Bengal coast in Odisha.



About Aeronautical Development Establishment (ADE)

Aeronautical Development Establishment is an Aeronautical Systems Design House involved in the design and development of the Unmanned Aerial Vehicles (UAVs) and Aeronautical Systems and technologies to meet the requirements of the Indian Armed forces. Major R&D activities are in the areas of Unmanned Aerial Vehicles, Pilotless target aircraft, Flight simulators, Air Weapons and Flight control systems.

About DRDO

It was established in 1958 with a mission to Design, develop and lead to production state-of-the-art sensors, weapon systems, platforms and allied equipment for our Defence Services. Dr G Satheesh Reddy is the current chairman of DRDO.

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