Current Affairs

 

1. GST DAY 2024: CELEBRATING INDIA’S UNIFIED TAX SYSTEM –

• Goods and Services Tax (GST) Day is an important annual event in India’s economic calendar. This day commemorates the implementation of a transformative tax system that revolutionized the country’s fiscal landscape. As we approach GST Day 2024, let’s explore its history, significance, and impact on India’s economy.
• GST Day is observed on July 1 each year. The upcoming celebration in 2024 will mark the seventh anniversary of the GST system in India. This comprehensive indirect tax was introduced to simplify the complex web of taxes previously levied by central and state governments.
• The concept of GST was first introduced in India in the early 2000s. The Kelkar Task Force, a dedicated team of experts, proposed a comprehensive indirect tax system to replace the existing framework that was hindering the country’s economic growth.

 

2. SPACEX WINS $843-MILLION NASA CONTRACT TO DESTROY THE INTERNATIONAL SPACE STATION –

• NASA has awarded SpaceX an $843 million contract to construct a spacecraft aimed at safely deorbiting the International Space Station (ISS) by around 2030. While SpaceX will build the vehicle, NASA will oversee its operation and take ownership of the craft once completed.
• According to the space agency’s plans, SpaceX’s specially designed deorbit vehicle will drag the football field-size ISS back to Earth sometime after the end of its operational life in 2030. The ISS will smash into our planet’s atmosphere at a speed of more than 17,000 mph (27,500 km/h) before landing in a crashdown spot in the ocean.
• The floating laboratory’s first parts were launched in 1998, and it has been occupied by astronauts from the U.S., Japan, Russia, Canada and Europe since 2000, who have completed more than 3,300 scientific experiments in a close orbit above Earth.
• But the space station is showing its age: technical faults and leaks continue to cause issues for crews, and the contracts between the five participating national space agencies, which marked an era of global cooperation in space following the end of the Cold War, will end by 2030.

 

3. THALES INKS PACT WITH ADANI DEFENCE TO MANUFACTURE 70MM ROCKETS IN INDIA –

• Adani Defence & Aerospace has signed an agreement with Thales Group to manufacture 70mm rockets locally. This strategic collaboration aligns with the Indian government’s “Make in India” initiative, aiming to enhance self-reliance in defence production.
• Earlier this month, Adani Defence and Aerospace signed a landmark agreement with EDGE Group – one of the world’s leading advanced technology and defence groups in the UAE. The Drishti-10 Starliner is an Indian medium-altitude long- endurance UAV based on the Israeli Elbit Hermes 900, manufactured by Adani Defence and Aerospace for the Indian Armed Forces. The UAV reportedly has an indigenous content of over 70%.
• The agreement aims to establish a global platform leveraging the defence and aerospace capabilities of both companies to bring together their respective product portfolios and cater to the requirements of global and local customers.