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Daily Current Affairs – 2 May, 2026

    GST Collections Rise to a Record of ₹2.43 Lakh Crore in April

    Context

  • The government’s Goods and Services Tax (GST) revenue in April 2026 surged to an all-time high of Rs 2.43 lakh crore, up 8.7% over April last year. 

    • About

  • The growth was once again driven by collections on imports, with revenue from domestic sales growing slower. 
  • Collections in April typically come in higher as both industry and the tax administration make a final push to achieve the financial year-end targets. 
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    Fiscal Position of States

    In News

  • The Ministry of Finance, in its Monthly Economic Review  has cautioned that several Indian states with high revenue deficits and heavy debt burdens will struggle to handle fiscal shocks. 

    • Fiscal stress

  • It refers to a situation where there is a persistent or temporary mismatch between government revenues and expenditures, forcing policymakers to adjust spending, raise revenue, or increase borrowing.
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    Between Polling and Counting, How EVMs are Stored in Strongroom

    Context

  • Days before the counting of votes in the West Bengal Assembly elections, Chief Minister Mamata Banerjee claimed they received reports of manipulation concerning the storage of EVMs.

    • Procedure of Handling EVMS

  • The ECI’s procedure for handling EVMs before, during and after polling is laid out in its Manual on Electronic Voting Machines, 2023.
  • Before the election, EVMs are stored in a warehouse under the control of the District Election Officer (DEO), who is the District Magistrate. 
  • Once elections are underway, the EVMs are randomised in the presence of representatives of national and state-recognised parties and sent to the respective strongrooms in each Assembly constituency.
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    India’s Stressed Asset Resolution Framework & NARCL

    Context

  • National Asset Reconstruction Company Limited (NARCL) strengthens India’s Stressed Asset Resolution Framework, and accelerates recoveries in FY 2025–26.

    • Evolution of India’s Stressed Asset Resolution Framework

  • Early Mechanisms: Debt Recovery Tribunals (DRTs), 1993; SARFAESI Act, 2002; and Asset Reconstruction Companies (ARCs).
  • However, these mechanisms suffered from delays, low recovery rates, and coordination issues.
  • Structural Reform: Insolvency and Bankruptcy Code (IBC), 2016: It introduced a time-bound insolvency resolution process; shifted control from promoters to creditors; and improved recovery rates and credit discipline.
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    Recalibrating Food Systems to Hydrological Realities

    Context

  • The World Bank, in its report “Nourish and Flourish: Water Solutions to Feed 10 Billion People on a Livable Planet,” has highlighted a structural concern that the global food system is fundamentally misaligned with hydrological realities.

    • Key Findings of the report

  • The World Bank estimates that current agricultural water systems can sustainably support food production for only about one-third of the global population by 2050 if inefficiencies persist.
  • The crisis is primarily one of mismanagement rather than absolute water scarcity.
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    News In Short 02-05-2026

    Context

  • A rare handwritten and signed letter of Tatya Tope dating back to 1857 has been discovered in the archives of Madhya Pradesh.

    • About Tatya Tope

  • Early Life: Tatya Tope, originally named Ramachandra Pandurang Tope, was born in 1814 in Nashik, Maharashtra.
  • His father served as a noble in the court of Baji Rao II, the last Maratha Peshwa.
  • He shared a close association with Nana Sahib, the adopted son of Baji Rao II, which later shaped his role in the revolt.
    • Read More
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