Daily Current Affairs Notes for 02 May 2023

World Tuna Day 2023: Every year on May 2nd, people observe World Tuna Day with the aim of increasing awareness about the significance of tuna fish and promoting sustainable fishing practices. Tuna is a highly consumed fish species worldwide and has a vital role in maintaining the marine ecosystem. This date represents the joint effort of fishing communities, scientists, and environmentalists who worked together to protect tuna schools across the globe and establish a sustainable fishing framework.

Here are some reasons why World Tuna Day is significant:

• Tuna is an important source of food: Millions of people worldwide rely on tuna as a vital source of protein and essential nutrients, particularly in coastal communities where fishing is a major industry.
• Tuna supports local economies: Tuna fishing and processing offer employment opportunities for thousands of individuals in numerous countries, especially in the Pacific Islands where tuna is a significant export.
• Tuna is under threat: Many tuna species are at risk of extinction due to overfishing and unsustainable fishing methods. World Tuna Day is observed with the intention of increasing awareness about the importance of conserving tuna populations and promoting sustainable fishing practices. 
• Tuna plays a crucial role in the marine ecosystem: Being a top predator in the ocean, tuna plays a significant role in regulating the population of smaller fish species. Additionally, tuna contributes to the balance of the ocean ecosystem, and its reduction could result in far-reaching consequences.

To summarize, World Tuna Day is significant as it emphasizes the crucial role of tuna as a source of food and income for numerous individuals, as well as increases awareness about the necessity of safeguarding this valuable species and promoting sustainable fishing methods.

World Tuna Day: History

Canned tuna has been a helpful addition to our pantries during the pandemic. However, despite the market's exceptional circumstances caused by the pandemic, we must acknowledge that this product has long been a victim of its nutritional success. Tuna is a rich source of Omega-3, minerals, proteins, and vitamin B12, among other benefits.

Due to the exceptional characteristics of tuna, the fish are at risk of being overexploited because of high demand. Latest statistics indicate that out of the seven primary tuna species, 33.3 percent of the stocks are estimated to be fished at levels that are not biologically sustainable.

That is why in December 2016, the United Nations General Assembly voted to officially observe World Tuna Day.

This action emphasizes the significance of conservation management to establish systems that prevent tuna stocks from collapsing. Tuna resources are essential for numerous countries in terms of food security and nutrition, economic growth, job opportunities, government revenue, livelihoods, culture, and recreational activities.

Record-high GST Revenue Collected in India for April 2023:

India's gross GST revenues in April 2023 hit a historic high of ₹1,87,035 crore, marking a 12% rise from last year's highest tax collection of ₹1.67 lakh crore for the same month.

Increase in Domestic GST Revenues:

In April, the domestic GST revenues, including the import of services, increased by 16% year on year. Although the figures for goods import were not disclosed, they had gone up by 8% in March, as stated by the Finance Ministry.

Record-Breaking GST Compensation Cess Collections:

In April, the GST Compensation Cess collections achieved a new peak of ₹12,025 crore, including ₹900 crore from imports, exceeding the previous high of ₹11,931 crore recorded in February.

Highest Ever Single-Day GST Collection:

On April 20, taxpayers set a new record for the highest single-day GST collection, contributing ₹68,228 crore through 9.8 lakh transactions.

Breakdown of GST Revenue Collection:

According to the Finance Ministry, the total gross GST revenue collected in April 2023 was ₹1,87,035 crore, with CGST accounting for ₹38,440 crore, SGST for ₹47,412 crore, IGST for ₹89,158 crore (which included ₹34,972 crore collected on import of goods), and cess for ₹12,025 crore.

Comparison with Last Year’s Figures:

Last year, the highest GST collection was ₹1.68 lakh crore in April. The Finance Ministry has reported that the revenues collected in April 2023 have surpassed the previous record, reaching a gross GST revenue of ₹1,87,035 crore. This is a 12% increase in GST revenues compared to the same month last year. The revenues from domestic transactions, including imports of services, have also increased by 16% in April 2023 compared to April last year, according to the ministry.

Overall Fiscal Year Collection:

The gross collection for the fiscal year 2022-23 amounted to ₹18.10 lakh crore, showing a 22% increase from the previous year.

India’s manufacturing PMI reaches four-month high at 57.2 in April:

According to the S&P Global India Manufacturing PMI report, India's manufacturing purchasing manager's index (PMI) reached a four-month high of 57.2 in April. This is an improvement from March's PMI of 56.2, February's PMI of 55.3, and January's PMI of 53.7. A reading above 50 signifies an overall increase in output as compared to the previous month.

New orders and production growth accelerate in April:

According to the S&P Global India Manufacturing PMI report, new orders for goods producers surged in April, marking the quickest pace since December 2022. The increase was driven by favorable market conditions, strong demand, and publicity. Additionally, factory orders and production showed the strongest growth rates in April compared to the rest of the year. The report also highlights that job creation and increased input purchasing efforts by companies contributed to this growth.

Input inventories expand as suppliers perform well:

In April, there was a record expansion in the inventories of inputs, as there was no pressure on supplier capacity. The rate of stock accumulation also increased, with 26% of the surveyed participants reporting higher production volumes. Despite the surge in purchasing activity, suppliers were able to deliver inputs in a timely manner during April, resulting in an improvement in vendor performance to the greatest extent in eight months.

Manufacturers optimistic towards growth prospects:

Manufacturers in India are optimistic about the growth prospects as per the S&P Global India Manufacturing PMI report. Their optimism has improved from the previous month's eight-month low, attributed to the increase in pending contracts' approval, rising client enquiries, marketing initiatives, and demand resilience. S&P Global had predicted earlier that Indian manufacturers would improve customer relations, release new products and increase advertising to support sales and production in FY24.