1 June 2024: PIB Summary for UPSC

01 June 2024 PIB
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TABLE OF CONTENTS

1. INDIAN NAVAL SHIP SHIVALIK
2. Gross GST revenue collection

1.INDIAN NAVAL SHIP SHIVALIK

Syllabus: GS-2, International Relations

 

Prelims: Japan-India Maritime Exercise (JIMEX 24) and the Rim of the Pacific Exercise (RIMPAC 24)

 

Context: 

• The Indian Naval Ship (INS) Shivalik, a part of India’s naval fleet, has recently departed from Singapore for further deployment to Yokosuka, Japan. 
• This mission involves participation in two significant naval exercises: Japan-India Maritime Exercise (JIMEX 24) and the Rim of the Pacific Exercise (RIMPAC 24). 
• The deployment aims to bolster maritime cooperation and enhance interoperability with other participating navies, particularly the Japan Maritime Self-Defense Force (JMSDF) and the US Navy.

 

INS Shivalik’s Departure and Mission Objectives

• Departure from Singapore: INS Shivalik departed Singapore on 30 May 2024, heading towards Yokosuka, Japan.
• Naval Exercises Participation: The ship is set to participate in JIMEX 24 and RIMPAC 24, key naval exercises that promote international maritime cooperation.
• Mission Deployment: The deployment covers the South China Sea and Pacific Ocean, highlighting India’s strategic interest in these regions.

 

Activities in Singapore

 

Official Engagements:

• Call on Base Commander: Meeting with the Base Commander at Changi Naval Base.
• Wreath Laying Ceremony: Tribute at the Kranji War Memorial.
• High-Level Visits: Meetings with the High Commissioner of India to Singapore and cross-deck visits with the USS Mobile (LCS).

 

Community and Diplomacy:

• School Visits: Around 80 school children visited the ship, fostering community engagement.
• Diplomatic Visits: Visits by the Indian and Australian High Commissioners onboard, reflecting strong diplomatic ties.

Participation in JIMEX 24 and RIMPAC 24

• JIMEX 24: Bilateral exercise between India and Japan focusing on enhancing interoperability and maritime security.
• RIMPAC 24: The world’s largest international maritime warfare exercise, involving multiple countries to promote stability and security in the Pacific region.

 

Issues

• Geopolitical Tensions: The deployment in the South China Sea and Pacific Ocean comes amid ongoing territorial disputes and regional power dynamics.
• Operational Challenges: Ensuring seamless interoperability with different navies, each with unique operational protocols and equipment.

 

Significance

• Strategic Presence: Demonstrates India’s strategic presence and commitment to maintaining security and stability in the Indo-Pacific region.
• Maritime Cooperation: Enhances bilateral and multilateral maritime cooperation, crucial for addressing common security challenges such as piracy and maritime terrorism.
• Diplomatic Relations: Strengthens diplomatic ties with participating countries, reinforcing India’s role as a key player in regional security frameworks

2.Gross GST revenue collection

Syllabus: GS-3, Economy 

 

Prelims: GST trends

 

Context:

• The gross Goods and Services Tax (GST) revenue collection in India for May 2024 stands at ₹1.73 lakh crore, marking a significant 10% year-on-year (y-o-y) growth. 
• This increase is driven by a substantial rise in domestic transactions and a slowing of imports. 
• The total gross GST revenue for the fiscal year 2024-25 up to May 2024 is ₹3.83 lakh crore, reflecting an 11.3% y-o-y growth.

 

GST Revenue Collection in May 2024

• Gross Revenue: ₹1.73 lakh crore
• CGST: ₹32,409 crore
• SGST: ₹40,265 crore
• IGST: ₹87,781 crore (including ₹39,879 crore on imports)
• Cess: ₹12,284 crore (including ₹1,076 crore on imports)
• Net Revenue (after refunds): ₹1.44 lakh crore
• Growth: 10% y-o-y overall, 15.3% in domestic transactions, -4.3% in imports

 

GST Revenue Collection in FY 2024-25 (till May 2024)

• Gross Revenue: ₹3.83 lakh crore
• CGST: ₹76,255 crore
• SGST: ₹93,804 crore
• IGST: ₹1,87,404 crore (including ₹77,706 crore on imports)
• Cess: ₹25,544 crore (including ₹2,084 crore on imports)
• Net Revenue (after refunds): ₹3.36 lakh crore
• Growth: 11.3% y-o-y overall, 14.2% in domestic transactions, 1.4% in imports

 

Issues

• High Dependence on Domestic Transactions: The significant growth in GST collections is primarily driven by domestic transactions, which could indicate vulnerability if domestic economic activity slows.
• Decline in Imports: A 4.3% decrease in imports contributing to GST revenue could impact overall revenue if not counterbalanced by domestic growth.
• Complex Settlement Process: The need for substantial inter-governmental settlements highlights the complexity of the GST revenue distribution mechanism.

 

Significance

• Economic Indicator: The growth in GST collections serves as a positive indicator of economic activity and consumer spending in India.
• Revenue for Government: Higher GST collections provide the government with increased fiscal space for developmental and welfare programs.
• Policy Efficacy: Reflects the effectiveness of tax administration and compliance measures implemented by the government

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