Today’s Daily Current Affairs in Hindi & English |2nd June 2023

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Welcome to our daily current affairs update! In this edition, we bring you the most significant events and news from around the world in both Hindi and English languages. Stay informed and enhance your knowledge with our comprehensive PDF.

National

Boosting Micro-Irrigation: ‘Per Drop More Crop’ Workshop Highlights Effective Measures and Strategies

A workshop on the ‘Per Drop More Crop’ plan focused on micro irrigation and the need to efficiently use water in agriculture. Participants discussed measures to enhance micro irrigation coverage and increase water productivity. The government highlighted the progress made under the Per Drop More Crop scheme and the implementation of micro irrigation systems. A Micro Irrigation Fund was created to provide incentives and expand micro irrigation projects. Leading states shared their practices, and experts emphasized the importance of micro irrigation in groundwater management. The workshop involved participants from various ministries, departments, and organizations in the water management sector.

Mission LiFE: Promoting Litter Minimization and Conservation in Lakshadweep and Beyond

Initiative to promote Mission LiFE on Agatti Island in Lakshadweep emphasizes litter minimization and conservation of ecosystems. Mass mobilization campaign underway to spread awareness. NCSCM undertakes sea floor clean-up and awareness drive, collecting 5 kg of litter. Zoological Survey of India organizes events for mass mobilization of Mission LiFE. GB Pant National Institute conducts awareness programs and cleanliness drives. Environmental Information, Awareness, Capacity Building and Livelihood Programme conducts activities nationwide. Eco-clubs under Environment Education Programme organize events with student participation. Students in Odisha collect seeds for plantation.

Successful training launch of Agni-1 ballistic missile from APJ Abdul Kalam Island, Odisha. The launch validated all operational and technical parameters of the missile.

International

Sri Lanka’s Central Bank Slashes Interest Rates by 250 Basis Points, Aims to Stimulate Economic Growth and Recovery

Sri Lanka’s Central Bank has cut policy interest rates by 250 basis points, the first reduction since the country’s contraction in 2022. The move aims to stimulate economic growth and ease restrictions. The decision is based on declining inflation, the desire to anchor inflation expectations, and the need to alleviate pressures in financial markets. The interest rate cut is expected to support the economy’s recovery and help inflation decelerate. The Lankan rupee has strengthened against the dollar, making imports cheaper. International development partners and progress in debt restructuring are also expected to aid in the recovery.

Indo-Bangla Baul Music Festival Celebrates Fakir Lalon Shah’s 249th Birth Anniversary

The Indo-Bangla Baul Music Festival started in Dhaka to honor Fakir Lalon Shah’s 249th birth anniversary. The event aims to promote Lalon’s work and research and is supported by the Indian High Commission and the Ministry of Cultural Affairs of Bangladesh. The festival highlights Lalon’s humanist worldview and unity among people. Lalon Shah was a prominent figure in the Baul tradition and composed songs inspired by various religions. His influence extended to renowned figures like Rabindranath Tagore, Kazi Nazrul Islam, and Allen Ginsberg.

India and Nepal Sign Seven MoUs for Infrastructure Development and Connectivity

India and Nepal signed seven MoUs to enhance infrastructure development, connectivity, and bilateral relations. The agreements cover various sectors, including the inauguration of integrated check posts, railway projects, cross-border transmission lines, and an oil pipeline. The collaboration aims to foster physical connectivity, trade, and people-to-people ties between the two countries. These agreements represent a significant step in strengthening the bond between India and Nepal.

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Business

India Successfully Achieves 6.4% Fiscal Deficit Target for FY23 with Robust Revenue and Expenditure Management

India successfully meets its fiscal deficit target of 6.4% for the fiscal year 2022-23, with robust revenue receipts and expenditure management contributing to this achievement. The fiscal deficit decreased slightly compared to the previous year, and total receipts surpassed the revised estimate. The country’s economic recovery post-pandemic has led to significant revenue growth, particularly in Goods and Services Tax (GST) receipts. The government aims to further reduce the fiscal deficit in the coming years, reaching 5.9% of GDP in 2023-24 and eventually targeting a 4.5% deficit by FY26. The Chief economic adviser confirms that fiscal consolidation is on track, and the government’s fiscal deficit targets for FY23 are in line with expectations. The data reveals the expenditure and revenue breakdown, including significant allocations for interest payments and subsidies, as well as the sources of revenue.

Price of Commercial Gas Cylinders Reduced, Providing Relief to Consumers

The price of 19 kg commercial gas cylinders has been reduced by up to Rs 83.50, providing relief to consumers. The new rates came into effect on June 1. The price reductions vary across cities, with Delhi, Kolkata, Mumbai, and Chennai experiencing decreases. However, there have been no changes in the price of domestic cooking gas. Previously, the price of commercial LPG cylinders had also been lowered. The government has implemented a subsidy for beneficiaries of the Pradhan Mantri Ujjwala Yojana to shield them from high LPG prices and promote sustained LPG adoption. The program, launched in May 2016, aims to provide deposit-free LPG connections to adult women from poor households.

Resilient Indian Economy: GDP Growth Rate Surpasses Expectations

Indian economy shows resilience with GDP growth rate accelerating to 6.1% in Q4 2022-23 and 7.2% for the full financial year, surpassing earlier predictions of 7%. The performance in the January-March quarter exceeded expectations, reflecting optimism and promising macro-economic indicators. Prime Minister Modi emphasizes the robustness of the Indian economy despite global challenges.

India’s Transformation under PM Modi: Morgan Stanley Report Highlights 10 Major Changes

India transformed under PM Modi in less than a decade, according to Morgan Stanley. The brokerage company highlights 10 major changes since 2014, including corporate tax rate parity with other countries, increased infrastructure investment, and growth in GST collection and digital transactions. India is seen as a stronger player in Asian and global growth, carving its niche in the world order.

Indo-Pacific Economic Framework: Supply Chains Agreement Boosts India’s Manufacturing and Integration in Global Trade

Negotiations for the Supply Chains (Pillar-II) Agreement concluded during the second Indo-Pacific Economic Framework (IPEF) Ministerial Meeting. The agreement is expected to benefit India by shifting production centers, boosting domestic manufacturing, mobilizing investments, integrating India into global supply chains, enhancing exports, and mitigating economic disruptions. The goal is to make IPEF supply chains more resilient and contribute to regional economic development. The agreement focuses on crisis response measures, cooperation for business continuity, improving logistics and connectivity, promoting investments, and enhancing worker skills across IPEF partner countries.

Record-Breaking Coal Production: May 2023 Sees Surge in Output and Dispatch

Coal production in May 2023 reached 76.26 million tons, a 7.10% increase compared to May 2022. Coal dispatch also increased, reaching 162.44 million tons, with a growth of 8.47%. The coal stock as of May 31, 2023, is 112.41 million tons, showing a growth of 35.48%. The Ministry of Coal aims to ensure reliable and abundant coal supply while prioritizing responsible mining practices.

Exchange Rate Notification No. 39/2023: New Currency Exchange Rates for Imports and Exports

The Central Board of Indirect Taxes and Customs has issued Exchange Rate Notification No. 39/2023, which determines the exchange rates for various foreign currencies with the Indian rupee. The rates will be effective from June 2, 2023, and apply to both imported and export goods. The notification provides a schedule of exchange rates for different currencies, including the Australian Dollar, Euro, Pound Sterling, US Dollar, and others. Additionally, Schedule-II specifies rates for Japanese Yen and Korean Won.

Sports

Indian Deaf Cricket Team Honored for Winning IDCA TR-Nation ODI against Bangladesh

Indian Deaf Cricket Team honored by Ministry for winning IDCA TR-Nation ODI against Bangladesh. Secretary of Department of Empowerment of Persons with Disabilities felicitates the team and expresses hope for their success in upcoming Deaf ICC ODI World Cup. IDCA aims to promote cricket among deaf athletes and is a member of DICC.

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