Business and Economy – Daily Current Affairs April 20 & 21

2. What was the percentage increase in net direct tax collections in FY 2023-24 compared to the previous fiscal year?
A) 10.26%
B) 17.7%
C) 24.26%
D) 25.23%
E) 13.06%
Answer: B) 17.7%

Event and Location:

• Event: The reporting on the net direct tax collections for the financial year 2023-24.
• Location: India

Mandates and Objectives:

• Objective of Tax Collections: To fund government expenditures by collecting income and corporate taxes which are major components of direct taxes in India.
• Significance of Increase: The significant increase in tax collections indicates economic buoyancy and rising income levels among individuals and corporations.

Important Terms Explained:

• Direct Taxes: Taxes that are levied directly on the income of individuals and corporations. These include income tax and corporate tax.
• Net Collections: The amount collected after subtracting refunds. This is the actual revenue available to the government.
• Gross Collections: Total collections without subtracting any refunds.
• Securities Transaction Tax (STT): A tax imposed on the trade of securities (like stocks) in the financial markets.

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Defence- Daily Current Affairs April 20 & 21

3. What was the primary objective of the Indian Navy’s Exercise Poorvi Lehar conducted on the East Coast?
A) To celebrate the Indian Navy’s anniversary.
B) To test the naval communication systems.
C) To assess the Indian Navy’s preparedness for maritime security challenges.
D) To initiate new recruits into the navy.
E) To conduct diplomatic negotiations with neighboring countries.
Answer: C) To assess the Indian Navy’s preparedness for maritime security challenges.

Event and Location:

• Event: Exercise Poorvi Lehar conducted by the Indian Navy.
• Location: East Coast of India

Mandates and Objectives:

• Objective of the Exercise: To validate operational procedures and assess the Indian Navy’s readiness to address maritime security challenges in the region.
• Focus Areas: The exercise involved multiple phases including tactical combat training and weapon testing to demonstrate precision in ordnance delivery.

Important Terms Explained:

• Maritime Security Challenges: These refer to threats to national security and peace in maritime regions, including piracy, smuggling, territorial disputes, and illegal fishing.
• XPOL: Exercise Poorvi Lehar, emphasizing extensive planning and execution of naval operations.
• Interoperability: The ability of different military branches and units to operate together effectively.

Static GK Information:

• Eastern Naval Command: One of the major formations of the Indian Navy. It has its headquarters at Visakhapatnam, Andhra Pradesh.
• Flag Officer Commanding-in-Chief, Eastern Naval Command: The senior-most officer in the Eastern Command, responsible for the operational control of the naval forces in the eastern part of India.

Tabular Summary:

4. What is the purpose of the Cadet Training Ships being constructed by M/s L&T for the Indian Navy?
A) To serve as operational warships in combat scenarios.
B) To facilitate advanced weapons testing.
C) To provide training for officer cadets at sea.
D) To conduct surveillance and patrol missions.
E) To transport personnel and equipment.
Answer: C) To provide training for officer cadets at sea.

Event and Location:

• Event: Steel cutting ceremony of the third Cadet Training Ship at M/s L&T Shipyard, Kattupalli.
• Location: Kattupalli, India

Mandates and Objectives:

• Purpose of the Ships: The Cadet Training Ships are designed to train officer cadets at sea, enhancing practical maritime skills following their basic training ashore. They also aim to extend training facilities to cadets from friendly foreign countries.
• Significance: These ships represent a key component in bolstering the training capabilities of the Indian Navy and fostering international maritime collaboration.

Important Terms Explained:

• Steel Cutting: A significant event in shipbuilding that marks the beginning of construction.
• Indigenous Shipbuilding: The practice of constructing ships locally to promote self-reliance and reduce dependency on foreign technology and resources.
• Aatmanirbhar Bharat: A government initiative aimed at making India self-reliant across all sectors.
• Make in India: An initiative launched by the Government of India to encourage companies to manufacture their products in India and incentivize dedicated investments into manufacturing.

Static GK Information:

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International Affairs – Daily Current Affairs April 20 & 21

5. Which country did India hand over the BrahMos supersonic cruise missiles to, as per the $376 million deal signed two years ago?
A) Vietnam
B) Indonesia
C) Philippines
D) Malaysia
E) Thailand
Answer: C) Philippines

Event and Location:

• Event: Delivery of BrahMos supersonic cruise missiles to the Philippines.
• Location: Philippines

Mandates and Objectives:

• Objective of the Delivery: To augment the deterrence capabilities of the Philippines, particularly in their maritime defense, as the country faces security challenges in regions like the South China Sea.
• Strategic Importance: The delivery of these missiles enhances the Philippines’ defensive capabilities along its coastlines and boosts India’s role and image as a supplier of advanced military technology on the international stage.

Important Terms Explained:

• BrahMos Missile: A supersonic cruise missile developed by a joint venture between India’s DRDO and Russia’s NPO Mashinostroyeniya, known for its speed (Mach 2.8 to 3.0), precision, and range (up to 400 km).
• C-17 Globemaster: A large military transport aircraft used by the Indian Air Force for rapid strategic airlift of troops and cargo to main operating bases or forward operating bases.

Static GK Information:

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