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02 April 2025 UPSC Current Affairs - Daily News Headlines
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On April 2, 2025, India's financial markets braced for the impact of U.S. President Donald Trump's reciprocal tariffs, set to take effect immediately, aiming to address trade imbalances with countries like India. Analysts predicted that these tariffs could lead to a depreciation of the Indian rupee, erasing recent gains against the U.S. dollar. In response, the Indian government considered reducing tariffs on $23 billion worth of U.S. imports to mitigate potential economic repercussions. Additionally, India's benchmark stock indices, Nifty 50 and Sensex, were expected to open higher, recovering from previous losses, as investors assessed the evolving trade situation.
India's efforts to eliminate cervical cancer gained momentum, with thousands of doctors being trained to promote the HPV vaccine, aiming to increase awareness and uptake nationwide. Furthermore, the Indian Navy announced plans to conduct a multinational naval exercise, the Africa-India Key Maritime Engagement (AIKEYME), with several African nations in April, enhancing maritime cooperation and security in the Indian Ocean region.
Awareness regarding daily UPSC current affairs is crucial for cracking the UPSC prelims, excelling in UPSC mains. It helps perform well in the UPSC personality test, thus becoming an informed and effective UPSC civil servant
Daily UPSC Current Affairs 02-04-2025
Below are the headlines of the day taken from The Hindu, Indian Express, Press Information Bureau & All India Radio as required for UPSC preparation:
Tensions in the Arctic Region
Source: The Hindu
Syllabus: GS Paper 2 (International Affairs)
IN NEWS :
- Geopolitical tensions in the Arctic are rising, with concerns about resource competition, territorial claims, and military buildup.
- Climate change is rapidly melting Arctic ice, creating new trade routes and access to natural resources.
- Russia ’ s increased military presence and NATO’ s response have heightened strategic competition.
What is the Issue?
- The Arctic is warming nearly four times faster than the global average, opening new shipping routes and resource extraction opportunities.
- The lack of a strong international legal framework (unlike Antarctica) has led to competing territorial claims and military activities.
- The Arctic Council, which governs regional cooperation, has become inactive due to geopolitical rivalries, especially after Russia’s invasion of Ukraine.
What is the Arctic Council?
The Arctic Council is an intergovernmental forum created in 1996 by the Ottawa Declaration to promote cooperation among Arctic states. It focuses on environmental protection, scientific research, and indigenous rights but does not address military issues. The Council is made up of eight Arctic nations and several observer states, including India.
Background:
- Pre-1990s: The Arctic was largely ignored due to extreme weather and inaccessibility.
- 1996: Arctic Council was formed under the Ottawa Declaration.
- 2007: Russia planted a flag on the North Pole seabed, asserting its territorial claim.
- 2028: China declared itself a "Near-Arctic State ", increasing its involvement.
- 2022-Present: Russia’s invasion of Ukraine led to the halt of Arctic Council meetings, worsening tensions.
Who is in Control?
The Arctic region is governed by eight nations:
Country |
Territorial Claim |
Canada |
Claims the Northwest Passage as internal waters |
Denmark |
Controls Greenland |
Finland |
Arctic stakeholder but lacks coastline |
Iceland |
Strategic location in the North Atlantic |
Norway |
Claims Svalbard and its surrounding waters |
Russia |
Largest Arctic coastline, major military presence |
Sweden |
Arctic stakeholder but lacks coastline |
United States |
Controls Alaska and nearby Arctic waters |
GST e-Invoicing
Source: The Hindu
Syllabus: GS Paper 3 (Economy)
In News:
The GST Council has introduced new rules regarding GST e-invoicing that come into effect from April 1, 2025.
What is GST e-Invoicing?
- E-invoicing refers to the digital reporting of Business-to-Business (B2B) and export invoices on the GST e-invoice portal for validation.
- Once reported, the Invoice Registration Portal (IRP) generates a Unique Invoice Reference Number (IRN) and a QR code, making the invoice digitally verifiable.
When was GST e-Invoicing introduced?
- 37th GST Council Meeting (Sept 20, 2029): Approved e-invoicing standard.
- October 2020: Introduced for businesses with AATO > ₹500 crore.
- January 2021: Expanded to businesses with AATO ₹100 - ₹500 crore. April 2025: Expanded further to businesses with AATO > ₹10 crore.
E-Invoicing Process:
- Businesses generate GST invoices in their own ERP/billing system. The invoice is uploaded to the IRP portal for validation.
- The IRP issues a Unique Invoice Reference Number (IRN) and a QR code.
- The validated invoice is issued to the buyer and automatically reflected in GST returns and e-way bills.
Who is exempt from e-Invoicing?
- Special Economic Zone (SEZ) units. Insurance & banking sectors, including NBFCs.
- Multiplex cinemas (ticketing invoices).
- Goods transport agencies (road transport).
- Passenger transport services.
Monthly Current Affairs Compilation
UPSC Prelims Current Affairs FAQs
What changed in GST e-invoicing from April 1, 2025?
From April 1, 2025, businesses with ₹10 crore turnover must upload e-invoices within 30 days of issue; delays can lead to invoice rejection and loss of input tax credit.
Why is the Arctic strategically important?
The Arctic holds vast untapped resources and key shipping routes. Melting ice increases accessibility, drawing global interest from powers like Russia, the US, and China for strategic dominance.
What’s causing rising tensions in the Arctic?
Resource competition, increased military activities by Arctic nations, and China's expanding interest are intensifying geopolitical friction, making the Arctic a potential hotspot for future strategic and territorial disputes.
How does Arctic tension impact India?
India, as an observer in the Arctic Council, monitors developments for climate research and strategic partnerships, ensuring energy security and safeguarding its interests amid rising global competition in the region.
What is GST e-invoicing?
GST e-invoicing is a system where B2B invoices are reported to a government portal for authentication, ensuring transparency, preventing fraud, and easing input tax credit (ITC) claims.