In November 2024, India's Goods and Services Tax (GST) revenue rose by 8.5% to ₹1.82 lakh crore compared to the same month last year. Which of the following components showed the highest GST collection in November 2024?

Integrated IGST (₹91,828 crore): The highest collection component in November 2024 was Integrated IGST, which contributed the most to the overall GST revenue. This figure reflects the revenue generated from the import of goods and services, as well as inter-state transactions. Central GST (₹34,141 crore): While significant, it was lower than the IGST collection. State GST (₹43,047 crore): This component also showed healthy growth but was not the highest among the four. Cess (₹13,253 crore): Cess collection was the smallest among the four components. Refunds (₹19,259 crore): Refunds issued were substantial but represent amounts returned, not collected.

02nd December 2024 Current Affairs (Daily GK Update)

Table of Contents

International News

Indian-Origin Kash Patel Takes Charge of Director of FBI

US President-elect Donald Trump has announced Kash Patel as the next Director of the Federal Bureau of Investigation (FBI), succeeding Christopher Wray. Patel, a long-time Trump loyalist known for his confrontational stance against the “deep state” and criticism of federal agencies, brings a history of staunch support for Trump’s policies.

State News

Telangana Joins Mineral Auction Regime, Auctions Limestone Blocks

Telangana has joined India’s mineral auction regime, with the auction of two limestone blocks at Sultanpur and Saidulnama in November. These blocks, essential for cement manufacturing, were auctioned to NCL Industries and Deccan Cement. This marks the state’s entry into the Centre’s mineral auction system, making it the 14th state to participate. The Centre had earlier urged Telangana to auction 11 limestone blocks, with a deadline set for the first phase; failure to comply would have led the Centre to conduct the auction itself.

‘Mission Himveer’: Empowering Arunachal’s Economy

The Government of Arunachal Pradesh has launched Mission Arun Himveer to enhance market linkages for local agricultural and horticultural producers. In a significant move, the Arunachal Pradesh Agriculture Marketing Board (APAMB) signed a Memorandum of Understanding (MoU) with the Indo-Tibetan Border Police (ITBP), North East Frontier, in the presence of Chief Minister Pema Khandu.

UP Declares Maha Kumbh Area a New District for 2025 Mela

Uttar Pradesh government has declared the Maha Kumbh area in Prayagraj as a new district, named the Maha Kumbh Mela district, ahead of the grand religious event scheduled for January 2025. This decision marks a crucial step to streamline the administrative and logistical efforts for the smooth organization of the Kumbh Mela, which attracts millions of pilgrims from across the world. The creation of the new district aims to enhance coordination, law enforcement, and resource management for the event.

Defence News

India-Cambodia Joint Exercise CINBAX Begins in Pune

The Indian Army and the Cambodian Army have commenced their first-ever Joint Table Top Exercise, CINBAX, at the Foreign Training Node in Pune. Scheduled from 1st to 8th December 2024, the exercise aims to foster strategic cooperation, trust, and interoperability between the two nations. The contingents, each comprising 20 personnel from the respective armies, are set to focus on wargaming counter-terrorism (CT) operations under Chapter VII of the United Nations Charter.

Economy News

GST Collection for November Rises by 8.5% to ₹1.82 Trillion

India’s Goods and Services Tax (GST) revenue rose by 8.5% to ₹1.82 lakh crore in November 2024, compared to ₹1.68 lakh crore in the same month last year. The growth is primarily driven by higher revenues from domestic transactions, with GST from domestic transactions increasing by 9.4%. This increase is significant, though it follows a previous high of ₹1.87 lakh crore in October, which marked the second-best collection in GST history. In April 2024, India recorded its highest-ever GST collection of over ₹2.10 lakh crore.

FDI Inflows Jump 45% to USD 29.79 Billion in H1 FY 2024-25

India’s foreign direct investment (FDI) surged by 45% to USD 29.79 billion in the first half of FY 2024-25, compared to USD 20.5 billion in the same period last year. This growth is attributed to strong inflows in the services, computer, telecom, and pharma sectors, driven by key investors from Mauritius, Singapore, and the US. The July-September quarter alone saw a 43% increase, amounting to USD 13.6 billion, highlighting robust foreign confidence in India’s economic landscape. Maharashtra was the top recipient of FDI, further cementing its role as India’s financial hub.

Singapore Tops FDI Inflows to India, Contributing 50% in Q3

In the July-September quarter of 2024-25, Singapore emerged as the largest source of Foreign Direct Investment (FDI) for India, contributing a significant 50% of the total inflows, which amounted to USD 13.6 billion. This marks a 43% increase in overall FDI inflows to India, reflecting a strong recovery after a period of weak investment. Singapore’s cumulative FDI into India, spanning from April 2000 to March 2024, stands at approximately USD 159.94 billion, highlighting the country’s longstanding and vital role in India’s economic growth.

Banking News

Banking Laws (Amendment) Bill, 2024 Set To Introduce in the Lok Sabha

Union Finance Minister Nirmala Sitharaman is set to introduce the Banking Laws (Amendment) Bill, 2024 in the Lok Sabha on 2nd December, 2024. The bill aims to amend several key banking-related legislations, including the Reserve Bank of India Act, 1934, the Banking Regulation Act, 1949, the State Bank of India Act, 1955, and the Banking Companies (Acquisition and Transfer of Undertakings) Acts of 1970 and 1980. The amendments are expected to enhance the functioning and regulation of the banking sector, and the bill will be considered for debate and passage in the lower house of Parliament.

Schemes News

Women-Centric Welfare Schemes in FY25: Key Allocations and Initiatives

In FY25, women-centric welfare schemes collectively account for 0.5% of India’s GDP, reflecting their growing prominence in state policies and national budgets. Maharashtra leads with the largest allocation of $5.4 billion (1.1% of its GDP), while nine states collectively allocate $18 billion for such initiatives.

These schemes, including cash transfers and developmental programs, have emerged as pivotal political tools to attract women voters, as seen in Maharashtra’s “Ladki Bahin Yojana,” a significant factor in the BJP-led coalition’s electoral success. Haryana proposes the highest monthly cash transfer at ₹2,100 for eligible women, impacting 1.7% of its GDP, the highest among states.

Summits and Conferences News

AOMSUC-14 Innovating Weather Monitoring

The 14th Asia-Oceania Meteorological Satellite Users’ Conference (AOMSUC-14) is scheduled to take place from December 4–6, 2024, in New Delhi, India. Hosted by the India Meteorological Department (IMD) under the Ministry of Earth Sciences, this event will bring together meteorologists, satellite operators, scientists, and young researchers from across the globe. Aimed at fostering collaboration and advancing satellite meteorology, the conference will include oral and poster presentations, panel discussions, and a training workshop.

Awards News

Filmfare OTT Awards 2024 Celebrating Digital Excellence

The 5th edition of the Filmfare OTT Awards 2024 was a grand celebration of the best in digital entertainment. The event highlighted the outstanding contributions from both films and series in the OTT space, with notable achievements in various categories.

Important Days News

International Day for the Abolition of Slavery 2024

The International Day for the Abolition of Slavery, observed annually on December 2, serves as a global call to action to combat modern forms of slavery. This day emphasizes the eradication of human trafficking, forced labour, and other contemporary forms of exploitation while promoting the fundamental rights and dignity of individuals.

World AIDS Day 2024: Date, Theme, and History

World AIDS Day, observed annually on December 1 since its inception in 1988, is a significant global event that brings together communities, organizations, and governments to raise awareness about HIV/AIDS and demonstrate solidarity in the fight against this epidemic. It serves as a reminder of the progress achieved in prevention, treatment, and care while also highlighting the ongoing challenges. Recognized as a crucial international health observance, this day aims to promote understanding, reduce stigma, and commemorate the lives lost to AIDS. It also reflects on the role of combating HIV/AIDS in achieving Universal Health Coverage (UHC) and the Right to Health.

Sports News

Jay Shah Became A Youngest ICC Chairman in History

Jay Shah, an experienced cricket administrator and Secretary of the Board of Control for Cricket in India (BCCI), has officially commenced his tenure as the Chairman of the International Cricket Council (ICC). At 36, Shah becomes the youngest to ever hold the prestigious position. His leadership comes at a critical juncture for global cricket, with significant opportunities and challenges in expanding the sport’s reach and inclusivity.

Miscellaneous News

Vikrant Massey Retires from Acting at 37

After a career spanning nearly two decades, acclaimed actor Vikrant Massey has announced his retirement from acting at the age of 37. Known for his versatility and powerful performances in TV, films, and OTT platforms, Vikrant made the announcement via an emotional note on Instagram. His decision has left fans shocked and emotional, as he plans to complete two final projects before stepping away in 2025.