Current Affairs 05 August 2022

CONTENTS:

1. Inflation is driving GST revenue rise
2. 1.5°C warmer world to be catastrophic for India
3. CJI Ramana recommends Justice Uday Umesh Lalit as his successor
4. Rare earth elements

Inflation is driving GST revenue rise

Context:

As per the recent SBI research, High inflation is driving about 8% of the current surge in Goods and Services Tax revenues, and inflation adjusted GST collections so far this year are 26% higher than pre-COVID level.

Relevance:

GS III- Indian Economy

Dimensions of the Article:

1. Key Points
2. What is GST?
3. Goods and Services Tax (GST) Act
4. What are GST Slabs?
5. GST Council
6. Matters on which GST Council makes recommendation

Click Here To Read More: Inflation is driving GST revenue rise

1.5°C warmer world to be catastrophic for India

Context:

The latest analysis of IPCC data shows that 1.5°C warmer world can significantly impact temperature, rainfall patterns and other associated Climate risks in India’s states

Relevance:

GS-III: Environment and Ecology (Climate Change and its impact)

Dimensions of the Article:

1. Impact of Climate Change on India
2. Causes of Climate Change
3. About COP26
4. About Kyoto Protocol

Click Here To Read More: 1.5°C warmer world to be catastrophic for India

CJI Ramana recommends Justice Uday Umesh Lalit as his successor

Context:

The Chief Justice of India, N V Ramana names Justice Uday Umesh Lalit, the second most senior judge of the Supreme Court, as his successor.

• CJI Ramana retires on August 26 following which Justice Lalit will take over as the 49th Chief Justice of India. He will remain in office till November 8, 2022.
• As per convention, the incumbent CJI recommends the name of his successor only upon receiving the communication from the Law Ministry urging him/her to do so.

Relevance:

GS-II: Governance, GS-II: Polity and Constitution

Dimensions of the Article:

1. What is the Collegium System?
2. Working of the Collegium System and NJAC
3. Appointment procedure of HC Judges
4. Transfer procedure of HC Judges

Click Here To Read More: CJI Ramana recommends Justice Uday Umesh Lalit as his successor

Rare earth elements

Context:

India is keen to join a global alliance to ensure the supply of rare earth elements

Relevance:

Geography (Distribution of Key Natural Resources, Mineral & Energy Resources), GS Paper-II: International Relations (India and its Neighborhood)

Dimensions of the Article:

1. Supply chain disruptions
2. About Minerals Security Partnership (MSP)
3. What are REMs?
4. Strategic importance of REMs
5. Heavy dependence
6. Rare Earth Minerals Reserves – India Ranks 3rd in the World

Click Here To Read More: Rare earth elements