Daily Current Affairs 2nd & 3rd July, 2023

Daily Current Affairs 2 & 3 July 2023 for Banking/Insurance/SSC and other related exams.

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India Post, Canada Post launch ITPS from July 1 to facilitate e-commerce exports
Post office departments of India and Canada recently entered into an agreement to introduce International Tracked Packet Service (ITPS) between the two countries.

  • It is intended to facilitate e-commerce exports, an official release from India’s Ministry of Communications said.The service became operational on July 1, 2023.

GSI Discovers India’s largest Natural Arch in Odisha
The Geological Survey of India’s (GSI) state unit has discovered a magnificent “Natural Arch” located in the Kanika range of Sundargarh forest division.

  • This natural arch originated approximately 184 million years ago during the Lower to Middle Jurassic period.The GSI has proposed a Geo Heritage tag for the arch, which aims to become the largest natural arch in India with this recognition.


‘Maitreyi’, Piramal Finance’s first all-women branch opens at Tripunithura near Kochi
Piramal Finance, a leading housing finance company, has opened its first all-women branch “Maitreyi” in the country at Tripunithura, a suburban area in Kochi.

  • This is part of strategic expansion and the company has identified four more cities such as Jaipur, Mumbai, Mohali and New Delhi to open branches shortly, said Jairam Sridharan, Managing Director, Piramal Finance.


Government reduces GST rate on electronics item
In a major relief for the people of India, the Union Finance Ministry has announced a reduction in Goods and Service Taxes (GST) on the purchase of electronic items on the 6th anniversary of the GST implementation. Along with the announcement, the government has issued a list of items, on which taxes will be reduced following the GST implementation.

  • As a part of this, customers will not have to pay the 31.3 percent GST while buying electronic items including smart TVs and mobile phones among others. Now, the government has lowered the GST rate to 12 per CENT. As a result, mobile phone companies can reduce the prices of their phones, making them cheaper for consumers.
  • In addition, the government has also reduced the GST on TVs with a screen size of 27 inches or less. The GST rate has been lowered from 31.3 per cent to 18 per cent for these TVs. However, smart TVs have screen sizes of 32 inches or more, which still attract a GST rate of 31.3 per cent.

Tamil Nadu emerges as India’s top electronics exporter, triples exports to $5.37 bn in FY23
Tamil Nadu’s electronics nearly tripled in one year to $5.37 billion in FY23 from $1.86 billion in the previous year. From the fourth spot in FY22, Tamil Nadu moved to the top spot in FY23.

  • Companies like Tata Electronics and Pegatron starting production have helped Tamil Nadu overtake three states – Uttar Pradesh, Karnataka and Maharashtra – to become India’s top exporter of electronic goods in FY23. Tamil Nadu retained the top spot in the first two months of the current fiscal year.
  • In 2020-21, of India’s total electronics goods export of $15.59 billion, Tamil Nadu’s share was 11.98 per cent. However, this zoomed to 22.83 per cent, out of a total value of $23.57 billion, according to Central government data.

India’s external debt reaches $624.7 billion at End-March 2023
India’s external debt rose marginally to $624.7 billion annually at end-March 2023, although the debt-GDP ratio declined, as per a Reserve Bank data released. The external debt rose by $5.6 billion from $619.1 billion at end-March 2022.

  • The external debt to GDP ratio declined to 18.9 percent at end-March 2023 from 20 percent at end-March 2022,” said the Reserve Bank’s data on India’s External Debt as at end-March 2023.
  • Valuation gains due to the appreciation of the US dollar compared to the Indian rupee and major currencies such as yen, SDR, and euro were placed at $20.6 billion.


Max Verstappen wins Austrian GP 2023
Red Bull’s Max Verstappen won the Austrian Grand Prix, the 10th round of the 2023 Formula 1 World Championship.

  • Verstappen won both the main F1 race and the shorter sprint race from pole position at the Austrian Grand Prix, topped every section of qualifying and led the only practice session on his way to collecting a fifth straight win, and a seventh in nine races so far this season.


Govt extends Brajendra Navnit’s tenure as India’s ambassador to WTO by 9 months
The government has extended the tenure of Brajendra Navnit as Ambassador and Permanent Representative of India to the World Trade Organisation (WTO) for nine months till 31 March next year.

  • Navnit had assumed charge as Ambassador on 29 June 2020, and his tenure was till 28 June 2023.

Centre re-appoints Tushar Mehta as Solicitor General of India, 6 ASGs for SC
Senior advocate and Solicitor General Tushar Mehta has been reappointed as the Solicitor General of India for a further period of three years along with his team of six additional solicitor generals (ASG) in the Supreme Court.

  • The decision was taken by the Appointments Committee of Cabinet (ACC) as Mehta’s term along with that of other law officers in the top court came to an end. Mehta has been continuing as SG since October 2018.


Twelve start-ups from 9 Indian states emerge winners at Youth Co:Lab National Innovation Dialogue 2022
Twelve top start-ups from across 9 Indian states working in agriculture, ed-tech, women’s livelihood, circular economy, and biodiversity were announced as winners at the 5th Edition of Youth Co:Lab National Innovation Dialogue India.

  • Youth Co:Lab was launched in India in 2019 in partnership with Atal Innovation Mission (AIM), NITI Aayog. The 2022-23 edition received 378 applications from 28 states across the country.

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