Daily Current Affairs 1 June 2023 for Banking/Insurance/SSC and other related exams.
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Meghalaya govt reconstitutes committee reviewing the state reservation policy
The Meghalaya government has reconstituted a committee to review the state reservation policy in the backdrop of an indefinite hunger strike launched by the opposition Voice of the People’s Party (VPP) seeking changes to the existing reservation formula, an official said.
- The committee will be headed by the state Law Minister Ampareen Lyngdoh.
- The party, which has four MLAs in the 60-member House, is demanding a review of the 40:40 job reservation for Khasi-Jaintia community and Garos. The party claims that the population of the Khasis has increased and hence there was a need for a review.
OTT platforms to display anti-tobacco warnings, India is first country to pass notification
India has become the first country to make it mandatory for over-the-top (OTT) platforms to display anti-tobacco warnings and disclaimers as seen in movies screened in theatres and television programmes.
- It notified the amended rules under the Cigarettes and Other Tobacco Products Act, 2004, making it mandatory for OTT platforms to display anti-tobacco warnings as are seen in movies screened in theatres and TV programmes.
Tripura Assembly to embrace digital platform from budget session in June
Digitalisation of the assembly proceedings in Tripura will begin from the upcoming budget session, scheduled to be held in June.
- The Centre has set up a National e-Vidhan Application (NeVA) aimed at making legislatures of all the states and UTs into paperless or digital ecosystem as part of the Digital India Mission.
- The budget session of the Tripura Assembly is set to commence next month as a full-fledged budget could not be placed in the House due to the state polls in February.
After Darwin’s evolution theory, NCERT removes periodic table from Class 10 textbooks
After NCERT’s decision last month to remove Charles Darwin’s Theory of Evolution from Class 9 and Class 10 science textbooks, it has courted controversy once again by removing the periodic table from Class 10 textbooks.
- This move by the National Council of Educational Research and Training (NCERT) comes after a period of syllabus rationalisation during the pandemic, where these chapters were temporarily excluded from the curriculum.
- Only students who elect to study chemistry in the final two years of education (before university) will learn about the periodic table. Students, though, can still learn about these subjects, but only if they opt for the relevant subject in Class 11 and Class 12.
BANKING & FINANCE
Razorpay launches ‘Turbo UPI’ payment service
Razorpay has announced the launch of ‘Turbo UPI’ that allows customers of online merchants to make UPI payments directly without getting redirected to a third-party UPI app during checkout.
- According to the company, the new feature streamlines the payment process and helps businesses in successful completion of UPI payments.
- Turbo UPI also offers insights into the end-users’ drop-off pattern and enables merchants to control the entire payment experience of their customers, end-to-end. For end-users, this means a 1-step UPI payment experience, as opposed to 5 steps.
BUSINESS & ECONOMY
Centre keeps fiscal deficit at revised estimates target of 6.4% in FY23
The central government has met its fiscal deficit target of 6.4 percent of GDP for 2022-23, data released by the Controller General of Accounts on May 31 showed.
- At Rs 17.33 lakh crore, the fiscal deficit for 2022-23 amounts to 6.4 percent of the GDP. However, in absolute terms, it is lower than the revised estimate of Rs 17.55 lakh crore by Rs 22,188 crore.
GST collections in May cross Rs 1.57 lakh crore, up 12% YoY
The revenue from Goods and Services Tax (GST) crossed Rs 1.57 lakh crore– mark in May for the fifth time since inception of GST, Ministry of Finance said on June 1.
- At Rs 1.57 lakh crore, the GST collected in May is lower than April’s record Rs 1.87 lakh crore. However, the government has collected monthly GST revenues more than Rs 1.4 lakh crore for 14 months in a row now.
6.1% GDP expansion in Q4 seen taking FY23 growth to 7.2%
India’s economy grew 6.1% in the January-March quarter, accelerating from revised 4.5% in the previous quarter and 4.1% in Q4FY22 helped by a pickup in manufacturing activity, showed government data.
- For the 2022/23 fiscal year, economic growth was revised upwards to 7.2% from an earlier estimate of 7%. After this, the Indian economy is now $3.3 trillion in size.
- Growth in the January-March period was higher than the revised 4.5% expansion in the previous October-December quarter of 2022-23. The growth was boosted by a 5.5% expansion in agriculture and a 4.5% growth in manufacturing. Other sectors of the economy – construction, services and mining – too posted handsome growth rates.
Khelo India University Games: Savitribai Phule Pune University clinches first Gold medal with win over Osmania University in women’s tennis event
Khelo India University games, Savitribai Phule Pune University conquered their final quest with a 2-0 victory over defending champions Osmania University to clinch their first Gold medal in the women’s tennis event in Ekana International Tennis Stadium Lucknow.Meanwhile, women tennis players of Jain University outdid the University of Madras 2-0 to clinch the bronze medal.
- Defending champions Anna University had to sweat it out against Bharthiar University as it went to a decider double where ultimately they pulled off a win in the super tie-break.
- For the bronze medal as well it was a nail-biting finish for Gujarat University as they overcame Kalinga Institute of Industrial Technology (Deemed to be University) (KIIT) by 2-1.
Amarendu Prakash takes charge as SAIL chairman
Amarendu Prakash has taken charge as the new Chairman and Managing Director of Steel Authority of India Ltd (SAIL) from May 31. He was previously the Director (In-charge) of SAIL’s Bokaro steel plan.
- He succeeds Soma Mondal, who retired from the post on April 30, 2023.
- Prakash was previously involved in driving business transformation and financial turnaround of SAIL, which resulted in bringing back the company from a three year streak of losses, from FY16 toFY18, to being back in the black in FYI9.