- The Union Cabinet chaired by the Prime Minister Narendra Modi approved the National Sports Policy (NSP) 2025.
- Sports in India have ancient roots, originating from survival skills like archery and wrestling that evolved into modern sports.
- After independence in 1947, sports received limited focus due to national priorities like poverty and education, although India hosted the first Asian Games in 1951 and formed the All-India Council of Sports in 1954.
- Despite modest funding and policy inactivity for decades, India’s hockey team excelled internationally, and notable athletes emerged in athletics.
- The 1982 Asian Games sparked change, leading to the creation of a dedicated Department of Sports and India’s first National Sports Policy (NSP) in 1984, which aimed to improve infrastructure, mass participation, and elite performance. Read More
Home / Daily Current Affairs / 02-07-2025
Daily Current Affairs – 2 July, 2025
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- India has completed eight years since the implementation of the Goods and Services Tax (GST) on July 1, 2017, a significant reform aimed at creating a "One Nation, One Tax" regime.
- Destination-Based Indirect Tax: GST is a destination-based tax, meaning the tax revenue accrues to the State where the goods or services are consumed, not where they are produced.
- This is a key shift from the earlier origin-based taxation system.
- Dual GST Model: India has adopted a dual GST model, meaning both the Centre and States/Union Territories (UTs) levy taxes on the supply of goods and services.
- Input Tax Credit (ITC): GST enables seamless flow of input tax credit across the supply chain. Businesses can claim credit for taxes paid on inputs used to supply taxable goods/services, thereby avoiding cascading of taxes. Read More
8 Years of Goods and Services Tax (GST)
In Context
Key Aspects of GST
- The fourth International Conference on Financing for Development (FfD4) is being held in Spain which brings focus on the massive debt burden on developing countries.
- Since 2010, sovereign debt in developing countries has grown twice as fast in developed economies — with its share in global total increasing to 30% in 2023, from just 16% in 2010.
- As per the World Bank 2024 Report, Developing countries spent a record $1.4 trillion to service their foreign debt as their interest costs climbed to a 20-year high in 2023.
- Currently, more than half of developing countries allocate at least 8% of government revenues to interest payments, a figure that has doubled over the past decade.
- The rising pressure of interest payments is substantial across regions, particularly in Africa and Latin America and the Caribbean. Read More
Sovereign Debt is Rising in Developing World
Context
Sovereign debt on Developing Countries
- The Digital India program was launched by the Government on July 1, 2015, envisions transforming India into a knowledge-based economy and digitally empowered society.
- The digital economy is growing fast, contributing 11.74% to the national income in 2022–23 and expected to reach 13.42% by 2024–25.
- According to the State of India’s Digital Economy Report 2024, released by ICRIER, India now ranks third in the world for digitalisation of the economy.
- By 2030, India’s digital economy is projected to contribute nearly one-fifth of the country’s overall economy, outpacing the growth of traditional sectors. Read More
10 Years of the Digital India Journey
Context
Digital Economy
- The Union Cabinet has approved the Research Development and Innovation (RDI) Scheme with a corpus of Rs. One lakh Crore.
- The 2024-25 Economic Survey noted that even though India has increased the gross expenditure on research and development (GERD) from approximately ₹60,196 crore in 2011 to about ₹127,381 crore in 2021, it still is a mere 0.64% of the GDP.
- The survey noted that this remains “insufficient and remains low compared to many countries that have forged ahead in R&D”. Read More
Cabinet Approved Research Development and Innovation (RDI) Scheme
Context
Need For the Scheme
- The Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES) marks 50 years since it entered into force.
- CITES was the first global agreement to address wildlife trade at an international level, providing a framework for cooperation to prevent over-exploitation and extinction due to trade. Read More
50 Years of Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES)
In News
Significance
- The Union Ministry of Environment, Forest and Climate Change has issued the ‘Model Rules for Felling of Trees in Agricultural Lands’, with the objective of supporting States and Union Territories in simplifying regulatory frameworks and promoting agroforestry.
- Agroforestry is a combination of practising agriculture and forestry together on the same unit of land.
- Agroforest trees in India are remnant trees from forests cleared for agricultural use, offer shade, soil fertilization and other benefits to the land. Read More
Regulatory Framework for Promoting Agroforestry
Context
What is Agroforestry?
- The Kerala government is working to transform Munnar into a Responsible Tourism Destination, aiming to make it a net-zero tourist hub that protects its fragile ecosystem.
- It is a serene hill station in Kerala's Idukki district and sits 1,600 meters above sea level at the confluence of three rivers—Muthirapuzha, Nallathanni, and Kundala.
- It is bordered by the Anamalai Hills and the Cardamom Hills.
- Known for its breathtaking landscapes, it features rolling hills, misty valleys, lush tea plantations, and cascading waterfalls.
- It was originally inhabited by the Muthuvan tribal community and became a tea hub in the late 19th century when European planter A.H. Sharp established the first plantations. Read More
