Daily Current Affairs 2 September 2023
Stay Informed with the Latest September 22023 Daily Current Affairs - Your Source for Up-to-Date News and Insights with Avengers of UPSC
 |
| Daily Current Affairs 2 September 2023 |
National:
- India's First Solar Observatory Mission (Aditya-L1): India's space agency, ISRO, launched its first solar observatory mission called Aditya-L1.
- Congress Leader Adhir Ranjan Chowdhury: He declined to join a panel discussing "one nation, one election," a proposed electoral reform in India.
- Odisha's Rehabilitation Efforts: Odisha plans to rehabilitate people displaced by the construction of the Hirakud dam across the Mahanadi River in the 1950s.
- Fourth G20 Sherpa Meeting: The fourth G20 Sherpa meeting is set to begin in the Nuh district of Haryana.
- Chandrayaan-3's Rover Pragyan: The rover Pragyan, part of India's Chandrayaan-3 mission, was put to sleep after completing its tasks on the lunar surface
Economy & Corporate:
- Jet Airways Founder Arrested: Naresh Goyal, the founder of Jet Airways, was arrested by the Enforcement Directorate (ED) in a money laundering case.
- Uday Kotak Resigns: Uday Kotak resigned as the Managing Director and CEO of Kotak Mahindra Bank (KMB
- Ukraine's Peace Proposal: Ukraine's President proposed a 10-point peace formula, and India is set to be part of its implementation.
- Vulnerability in Sri Lanka: Over 12 million out of Sri Lanka's 22.16 million population are considered vulnerable, according to UNDP.
- Thailand's New Cabinet: Thailand's King formally endorsed members of a new Cabinet.
- Australia-China Talks: Australia is planning to hold talks with China to stabilize diplomatic ties.
Sports:
- Indian Men's Hockey Victory: The Indian Men's Hockey team won the inaugural Men's Hockey 5s Asia Cup by beating Pakistan in a thrilling final.
- Xiamen Diamond League: Indian athlete Avinash Sable qualified for the 3000m steeplechase final at the Xiamen Diamond League event.
Indian economy
Fiscal Deficit;
- India's fiscal deficit for April-July 2023 reached 33.9% of the full-year target of 5.9% of GDP, a significant increase compared to the same period last year.
- The increase in the fiscal deficit is attributed to slower revenue collection and higher government spending.
- Net tax revenue collection in April-July 2023 was 25% of the budget estimate (BE), down from 34.4% in the same period last year.
- Total government expenditure in the same period was 30.7% of the BE, up from 28.6% in the previous year.
GDP Growth:
- India's GDP growth accelerated to 7.8% in the first quarter of fiscal year 2023-24, a notable increase from the previous quarter's 6.1%.
- This growth is primarily driven by the services sector, which expanded by 8.4%, and a significant increase in capital expenditure, growing by 27.9%.
- The Reserve Bank of India (RBI) had initially projected India's real GDP growth for the entire fiscal year at 6.5%, with an estimated Q1 growth rate of 8%.
- The Q1 figures suggest that the economy is performing better than expected and may outperform these projections.
- In summary, India's fiscal deficit has widened due to a slowdown in revenue collection and increased government spending, while the GDP growth in the first quarter of FY24 has shown a robust acceleration driven by the services sector and higher capital expenditure, potentially exceeding initial expectations.
That wraps up today's Daily Current Affairs for September 2nd, 2023! Stay connected with the world's latest developments, trends, and significant events to enrich your knowledge and keep your finger on the pulse of the world.
Stay informed about international, national, business, economic, and miscellaneous news headlines with our daily updates. Knowledge is power, and we're here to empower you!
Want to dive deeper into these stories or catch up on what's happening around you? Follow us on Instagram for a daily dose of current affairs, insights and be a part of our growing community.
