Happy New Year 🥳

Let AI invade your news.

January 02, 2024

Happy new year people! 🥳

Heres whats going on in 🇮🇳

  • India's economic growth soars

  • Robust growth in GST revenue collection

  • India's First Dedicated Mission to Study Cosmic X-rays

India's Economic Growth Soars: Doubling of Airports and Cargo Handling Capacity

Prime Minister Narendra Modi highlighted India's remarkable economic growth, with the number of airports doubling from 74 to nearly 150 in the past decade. He also mentioned that major ports' cargo handling capacity has doubled since 2014. Additionally, he emphasized the significance of trade deals with important economies, which will create numerous opportunities for the country's youth. Mr. Modi made these remarks at the 38th Convocation Ceremony of Bharathidasan University in Tamil Nadu.

Why it's important: India's exponential economic growth, exemplified by the doubling of airports and major ports' cargo handling capacity, showcases the country's progress. The trade deals with important economies will not only expand markets for Indian goods and services but also generate countless opportunities for the youth. This signifies India's increasing global presence and potential for further development.

Robust Growth in GST Revenue Collection Signals Economic Progress in India

In December 2023, the gross Goods and Services Tax (GST) revenue collection reached one lakh 64 thousand and 882 crore rupees, marking a 10.3 percent increase compared to the same month in the previous year. The Finance Ministry reported that the total GST revenue collected included 30 thousand 443 crore rupees for Central GST, 37 thousand 935 crore rupees for State GST, 84 thousand 255 crore rupees for Integrated GST, and 12 thousand 249 crore rupees for cess. Overall, GST collection has seen a robust growth of 12 percent, reaching 14.97 lakh crore rupees in the last nine months.

Why it's important: The increase in GST revenue collection in December 2023, compared to the previous year, highlights the growth and stability of the Indian economy. This indicates a positive trend in consumer spending and business activities, which contributes to overall economic development. The significant amount of revenue collected demonstrates the effectiveness of the GST system in generating funds for the government to support various initiatives and public services.

ISRO Launches XPoSat: India's First Dedicated Mission to Study Cosmic X-rays

Indian Space Research Organisation (ISRO) successfully launched the X-ray Polarimeter Satellite (XPoSat) along with ten other scientific payloads from Satish Dhawan Space Centre in Sriharikota, Andhra Pradesh. This marks India's first dedicated scientific mission to study the polarisation of cosmic X-rays. XPoSat has been placed into a 650 km Low Earth Orbit and is expected to have a mission life of five years.

Why it's important: India's successful launch of XPoSat makes it the second country, after the United States, to send a specialised astronomy observatory to study black holes and neutron stars in our galaxy. This mission will provide valuable insights into the polarisation of cosmic X-rays and contribute to our understanding of celestial sources.

Global Chronicles 🌐 

  • Japan is dealing with the aftermath of a deadly earthquake and tsunami, with 30 confirmed dead and ongoing search and rescue efforts.

  • The expansion of the BRICS summit signifies a shift towards a multipolar world, with Saudi Arabia and the UAE expected to benefit from new investment opportunities.

Market Movers 🤑 

  • The government has extended the tenure of the PLI Scheme for Automobile and Auto Components by one year with partial amendments, ensuring a level playing field for approved companies.

  • The gross GST revenue collection in December 2023 was 1,64,882 crore rupees, marking a 10.3% increase compared to the same month last year.

Sports Spectacle 🏅 

  • David Warner, the Australian batter, has retired from ODIs but will remain available for selection in the 2025 Champions Trophy.

  • Dommaraju Gukesh, R Praggnanandhaa, and Vidit Gujrathi are the three Indian players competing in the prestigious Candidates tournament, with the winner facing China's Ding Liren in the World Chess Championship.

Meme of the day

Thank you for being awesome readers and staying informed with our news updates! We look forward to having you join us again on the next one for more exciting stories.

Stay curious and keep smiling!
Synapses 🔗