Daily Current Affairs Quiz – 14th & 15th July 2024

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Dear Readers, Daily Current Affairs Questions Quiz for SBI, IBPS, RBI, RRB, SSC Exam 2024 of 14th & 15th July 2024. Daily GK quiz online for bank & competitive exam. Here we have given the Daily Current Affairs Quiz based on the previous days Daily Current Affairs updates. Candidates preparing for IBPS, SBI, RBI, RRB, SSC Exam 2024 & other competitive exams can make use of these Current Affairs Quiz.

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1) The Reserve Bank of India (RBI) issued a notice allowing resident persons to create Foreign Currency Accounts (FCAs) in International Financial Services Centres (IFSCs) in GIFT City in Gujarat as part of the Liberalised Remittance Scheme. In which year did the RBI launch the Liberalised Remittance Scheme (LRS) to simplify and streamline the process of remitting monies outside India?

(a) 2004

(b) 2005

(d) 2007

(e) 2008

2) In June 2024, India’s mutual fund sector saw a record influx of Rs 14,370 crore from how many new fund offers (NFOs), the largest ever inflow in new fund offerings?

(a) 10

(b) 11

(d) 13

(e) 15

3) How much money has the National Bank for Agriculture and Rural Development (NABARD) notified its arm about the introduction of the ‘Agri-SURE’ agricultural fund, which is being announced by NABVENTURES for startups and rural businesses?

(a) Rs.550crore

(b) Rs.650crore

(d) Rs.850crore

(e) Rs.450crore

4) Which nation will benefit from a $100 million policy-based loan authorized by the Asian Development Bank (ADB) to assist and facilitate reforms targeted at improving the financial sustainability of the electricity sector?

(a) Bangladesh

(b) Srilanka

(d) Myanmmar

(e) Bhutan

5) The Reserve Bank of India (RBI) granted Jio Financial Services permission to convert from a Non-Banking Financial Company (NBFC) to a Core Investment Company (CIC). With assets of worth more than how many crores, a Core Investment Company (CIC) is a specialized non-bank financial institution?

(a) Rs.25crore

(b) Rs.50crore

(d) Rs.100crore

(e) Rs.200crore

6) According to the Micro-finance Industry Network (MFIN), a borrower’s total amount of microcredit debt should not exceed Rs 2 lakh. Additionally, a debtor may only have a maximum of ________ lenders.

(a) 2

(b) 3

(d) 5

(e) 8

7) Which bank’s research, based on statistics from the Reserve Bank of India (RBI), claims that employment in India increased to 12.5 crore in FY14–23 from just 2.9 crore in FY04–14?

(a) Indian bank

(b) State bank of India

(d) Punjab & National bank

(e) Bank of Baroda

8) Which Small Finance Bank, along with ixigo, announced the release of the RuPay version of their high-end co-branded travel credit card, allowing UPI-based incentives and payments?

(a) Ujjiwan SFB

(b) AU SFB

(d) Jana SFB

(e) Capital SFB

9) What percentage of the Reserve Bank of India’s (RBI) growth in reserves during the April–June quarter came from gold?

(a) 68%

(b) 65%

(d) 69%

(e) 67%

10) The Kotak BSE PSU Index Fund, an open-ended plan that mimics or follows the BSE PSU Index, was introduced by Kotak Mahindra Mutual Fund. How many public sector undertaking (PSU) stocks from different industries are included in the BSE PSU Index?

(a) 52

(b) 54

(d) 56

(e) 55

11) Which year’s emergency was imposed, and for that reason, the federal government designated June 25 as “Samvidhaan Hatya Divas,” or Constitution Murder Day, in remembrance of the “inhuman pain” endured by those imprisoned during it?

(a) 1972

(b) 1974

(d) 1977

(e) 1978

12) In which state will the inaugural World Audio Visual and Entertainment Summit (WAVES) be held in conjunction with the International Film Festival of India, slated for November 20–24?

(a) Odisha

(b) Bihar

(d) Kerala

(e) Goa

13) The Indian government is assessing if it would be better to integrate MTNL into the bigger BSNL or to move MTNL’s activities to the larger company. How much percent of a Revenue decreased from ₹862 crore to ₹728 crore?

(a) 12%

(b) 15%

(d) 10%

(e) 18%

14) As per the report, Russia has granted Prime Minister Narendra Modi the Order of St Andrew the Apostle, which is the ______ major international award of his career.

(a) 13th

(b) 14th

(d) 16th

(e) 12th

15) According to a July 2024 article, Uttar Pradesh (UP) Chief Minister (CM) Yogi Adityanath declared in Lucknow that the state will sell 40 tons of mangoes to Japan as well as which country?

(a) Singapore

(b) Thailand

(d) Malaysia

(e) Canada

16) Recently in July 2024, Adani Ports plans to invest $1.2 billion at Vizhinjam Port to attract the world’s largest ships. The port intends to attract the world’s largest cargo ships, now bypassing India for deeper ports like Colombo, Dubai, and also which country?

(a) Singapore

(b) Thailand

(d) Malaysia

(e) Canada

17) The Institute of Chartered Accountants of India (ICAI) plans to create a Section 8 business for mediation and arbitration operations. The ICAI has already formed how many Section 8 companies?

(a) 4

(b) 3

(d) 6

(e) 7

18) India’s Index of Industrial Production (IIP) growth increased to 5.9% in May 2024 from what percentage in April 2024?

(a) 5.0%

(b) 5.2%

(d) 5.6%

(e) 5.5%

19) As per the report, the ‘Renofluthrin’ is a patented mosquito repellent chemical produced by Godrej Consumer Products (GCPL).For six to ________ years, GCPL will have the only right to utilize Renofluthrin in its products.

(a) 9years

(b) 10years

(d) 7years

(e) 12years

20) According to Reserve Bank of India Deputy Governor Michael Debabrata Patra, India’s GDP can grow to be the largest by which year and the second largest by 2031?

(a) 2035

(b) 2040

(d) 2050

(e) 2060

21) For the week ending July 5, 2024, how much more money did India’s foreign currency reserves increase to $657.155 billion?

(a) $5.158 billion

(b) $5.148 billion

(d) $5.178 billion

(e) $5.188 billion

22) The government has selected Robert Jerard Ravi as the new chairman and managing director of Bharat Sanchar Nigam Limited (BSNL) for a six-month term. Ravi will be replaced by whom?

(a) PK Purwar

(b) Jagnath Prabu

(d) Gopal Verma

(e) Dhanush Lal

23) In which nation wasthe Golden Sand Master Award bestowed upon Odisha Chief Minister Mohan Charan Majhi’s sand artist Sudarshan Pattnaik for winning the International Sand Sculpture Championship?

(a) China

(b) Japan

(d) UK

(e) USA

24) Which state came in first for “zero hunger” and high-quality education, second for combating climate change, and third for gender equality and “industry, innovation, and infrastructure”?

(a) Uttrakhand

(b) Kerala

(d) Jharkhand

(e) Bihar

25) In which year was July 15 observed as the first World Youth Skills Day, and the theme for 2024 is “Youth Skills for Peace and Development”?

(a) 2012

(b) 2011

(d) 2015

(e) 2018

Answers :

1) Answer: A

Short Explanation:

The Reserve Bank of India (RBI) in a notification allowed resident individuals to open Foreign Currency Account (FCA) in International Financial Services Centres (IFSCs) at GIFT City in Gujarat under the Liberalised Remittance Scheme (LRS).

Availing of financial services or products as per the International Financial Services Centres Authority Act, 2019 within IFSCs.

Conducting current or capital account transactions in any other foreign jurisdiction through a Foreign Currency Account (FCA) held in IFSCs.

Regulatory Basis:The directions have been issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (FEMA).

Introduction:The Liberalised Remittance Scheme (LRS) was introduced by the RBI in 2004 to simplify and streamline the process of remitting funds outside India.

Detailed Explanation:

Availing of financial services or products as per the International Financial Services Centres Authority Act, 2019 within IFSCs.

Conducting current or capital account transactions in any other foreign jurisdiction through a Foreign Currency Account (FCA) held in IFSCs.

Regulatory Basis:The directions have been issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (FEMA).

Introduction:The Liberalised Remittance Scheme (LRS) was introduced by the RBI in 2004 to simplify and streamline the process of remitting funds outside India.

Objective:Designed to overcome international fund transfer restrictions set by the Foreign Exchange Management Act (FEMA), 1999.

Eligibility:All resident individuals, including minors, can remit funds under LRS.

Corporates, partnership firms, HUFs, trusts, etc., are excluded from the scheme.

Remittance Limits:Individuals can remit up to USD 250,000 per financial year (April–March).

2) Answer: B

Short Explanation:

In June,2024 India’s mutual fund industry achieved a record inflow of Rs 14,370 crore through 11 new fund offers (NFOs), marking the highest ever inflow in new fund offerings.

This surpassed the previous high recorded in July 2021, where 4 NFOs accumulated Rs 13,709 crore, with ICICI Prudential MF’s flexicap NFO alone mobilising Rs 9,808 crore.

Ongoing NFOs: Currently, 7 more active and passive equity NFOs are open for subscription, including ICICI Prudential MF’s Energy Opportunities Fund, Franklin Templeton MF’s Multicap NFO, and Edelweiss MF’s Business Cycle Fund.

Detailed Explanation:

In June,2024 India’s mutual fund industry achieved a record inflow of Rs 14,370 crore through 11 new fund offers (NFOs), marking the highest ever inflow in new fund offerings.

This surpassed the previous high recorded in July 2021, where 4 NFOs accumulated Rs 13,709 crore, with ICICI Prudential MF’s flexicap NFO alone mobilising Rs 9,808 crore.

Equity Scheme Inflows: Equity mutual fund schemes saw their highest inflows in May 2024 with Rs 34,697 crore, including Rs 9,563 crore from NFOs.

This increased to a new high of Rs 40,608 crore in June, driven by the record NFO collection.

3) Answer: C

Short Explanation:

National Bank for Agriculture and Rural Development (NABARD) informed its arm that it has launched a Rs 750-crore agri fund for startups and rural enterprises.

The fund called ‘Agri-SURE’ is announced by NABVENTURES, a subsidiary of NABARD, with an initial corpus of Rs 750 crore with Rs 250 crore each from NABARD and the Ministry of Agriculture, and Rs 250 crore from other institutions.

Detailed Explanation:

National Bank for Agriculture and Rural Development (NABARD) informed its arm that it has launched a Rs 750-crore agri fund for startups and rural enterprises.

Aim of the fund : To promote investment in innovative, technology-driven, high-risk, and high-impact activities in agriculture and allied areas.

Fund Management : Managed by NABVENTURES, a wholly-owned subsidiary of NABARD, the fund is structured to support approximately 85 agri startups with investment sizes of up to Rs 25 crore each by the end of its term.

4) Answer: B

Short Explanation:

The Asian Development Bank (ADB) approved a $100 million policy-based loan to support and facilitate reforms aimed at enhancing the financial sustainability of the power sector in Sri Lanka.

The loan is part of the “Power Sector Reforms and Financial Sustainability Program.”

Renewable Energy Development:Support renewable energy expansion plans for 2023–2030.

Detailed Explanation:

The loan is part of the “Power Sector Reforms and Financial Sustainability Program.”

Renewable Energy Development:Support renewable energy expansion plans for 2023–2030.

Key initiatives:

Periodic revision of feed-in tariffs for small power plants and rooftop solar users.

Facilitate integration of renewable energy projects into the national grid.

Implement a competitive procurement framework for renewable energy projects.

Women’s Participation:Promote equitable participation of women in the power sector.

Technical Assistance:ADB to provide an additional $1 million technical assistance grant from its Technical Assistance Special Fund.

5) Answer: D

Short Explanation:

Jio Financial Services received approval from the Reserve Bank of India (RBI) to become a Core Investment Company (CIC) from a Non-Banking Financial Company (NBFC).

Jio Financial Services applied to the RBI for conversion on November 21, 2023.

Definition : A Core Investment Company (CIC) is a specialised NBFC with an asset size greater than ₹100 crore.

Detailed Explanation:

Jio Financial Services received approval from the Reserve Bank of India (RBI) to become a Core Investment Company (CIC) from a Non-Banking Financial Company (NBFC).

Jio Financial Services applied to the RBI for conversion on November 21, 2023.

Definition : A Core Investment Company (CIC) is a specialised NBFC with an asset size greater than ₹100 crore.

RBI Circular: Based on the RBI circular from December 20, 2016, the primary function of a CIC is the acquisition of shares and securities.

Asset Requirement: A CIC must hold at least 90% of its net assets in the form of investments in equity shares, preference shares, bonds, debentures, debt, or loans in group companies.

Regulation: All CICs with an asset size above ₹100 crore are regulated by RBI laws.

6) Answer: C

Short Explanation:

Micro-finance Industry Network (MFIN), announced that Micro-credit indebtedness per borrower should be limited to Rs 2 lakh, while the number of lenders to a debtor should also be restricted to a maximum of four.

Impact on Borrowers: Nearly 80% of micro-loans have durations of 18 months or more.

Detailed Explanation:

Impact on Borrowers: Nearly 80% of micro-loans have durations of 18 months or more.

A Rs 2 lakh limit would reduce the repayment burden on borrowers.

Responsibility of Lenders: MFIN emphasizes that managing indebtedness is the responsibility of microfinance lenders, aiming to promote responsible lending practices and ensure sustainable sector growth.

Sector Overview: The microfinance sector targets borrowers with annual incomes below Rs 3 lakh and is supported by favourable regulations.

7) Answer: B

Short Explanation:

According to the State Bank of India (SBI) study based on Reserve Bank of India (RBI) data, India has created 12.5 crore jobs during FY14-23, compared to only 2.9 crore during FY04-14.

City-Level Hiring Increase:Bengaluru recorded the highest increase in hiring at 24%.

Coimbatore followed with a 23% increase, and Jaipur saw a 21% increase.

Detailed Explanation:

According to the State Bank of India (SBI) study based on Reserve Bank of India (RBI) data, India has created 12.5 crore jobs during FY14-23, compared to only 2.9 crore during FY04-14.

Employment in MSMEs : Total employment reported by Micro, Small, and Medium Enterprises (MSMEs) registered with the MSME Ministry has surpassed the 20-crore mark.

Data from the Udyam registration portal as of July 4 indicates 4.68 crore Udyam-registered MSMEs reported 20.19 crore jobs.

City-Level Hiring Increase:Bengaluru recorded the highest increase in hiring at 24%.

Coimbatore followed with a 23% increase, and Jaipur saw a 21% increase.

Labour Force Data:The KLEMS data shows the total labour force in India is 597 million.

8) Answer: B

Short Explanation:

ixigo, India’s leading OTA for the next billion users and AU Small Finance Bank, the largest Small Finance Bank of India, announced the launch of the RuPay variant for its premium co-branded ixigo-AU Small Finance Bank travel credit card, enabling UPI-based payments and rewards.

Detailed Explanation:

Reward Points:

10 reward points for online UPI transactions.

5 reward points for offline UPI transactions.

Additional Benefits:

Concierge Services: Access to premium 24/7 concierge services.

Insurance Cover: Comprehensive insurance cover of up to INR 2 Lakhs, including Personal Accident Insurance and Permanent Disability Cover.

Travel-Specific Benefits:

Discounts: 10% discount on flights, buses, and hotels.

Zero PG Charges: Zero payment gateway charges on train bookings via the ixigo app.

9) Answer: D

Short Explanation:

Gold accounted for 69% of the Reserve Bank of India’s (RBI) reserves increase during the April-June quarter.

Total Reserves Increase:RBI added $5.6 billion to its stock of reserves in the June quarter.

Turkey and China’s central bank purchased more gold than India according to World Gold Council data.

Detailed Explanation:

Gold accounted for 69% of the Reserve Bank of India’s (RBI) reserves increase during the April-June quarter.

Total Reserves Increase:RBI added $5.6 billion to its stock of reserves in the June quarter.

Gold value in reserves rose by $3.8 billion.

Foreign currency assets increased by $1.9 billion during the same period.

Current Reserves Status:As of June 28,2024 India’s foreign currency reserves stand at $652 billion.

Gold Purchases:As per the latest available data with the RBI the RBI bought around 9 tonnes of gold between end March and end May.

Turkey and China’s central bank purchased more gold than India according to World Gold Council data.

10) Answer: D

Short Explanation:

Kotak Mahindra Mutual Fund has launched the Kotak BSE PSU Index Fund, an open-ended scheme that replicates or tracks the BSE PSU Index.

The BSE PSU Index comprises 56 public sector undertaking (PSU) stocks from various sectors.

Investment Allocation:Equity Allocation: 95-100% of the fund is allocated to equity and equity-related securities covered by the index.

Detailed Explanation:

Kotak Mahindra Mutual Fund has launched the Kotak BSE PSU Index Fund, an open-ended scheme that replicates or tracks the BSE PSU Index.

The BSE PSU Index comprises 56 public sector undertaking (PSU) stocks from various sectors.

Investment Allocation:Equity Allocation: 95-100% of the fund is allocated to equity and equity-related securities covered by the index.

Benchmark: The fund is benchmarked against the BSE PSU Index (Total Return Index).

Investment Objective: The fund aims for long-term capital appreciation.

Fund Managers: The fund is managed by Mr. Abhishek Bisen and Mr. Devender Singhal, who have significant experience in fund management and equity research.

11) Answer: C

Short Explanation:

The central government has declared June 25 as “Samvidhaan Hatya Divas” (Constitution Murder Day) to remember the “inhuman pain” suffered by those jailed during the Emergency imposed on June 25, 1975.

On June 25, 1975, then Prime Minister Indira Gandhi declared a state of Emergency, which lasted until March 21, 1977.

Detailed Explanation:

On June 25, 1975, then Prime Minister Indira Gandhi declared a state of Emergency, which lasted until March 21, 1977.

“Samvidhaan Hatya Divas” will be observed annually on June 25 to serve as a reminder of the perils of undermining the Constitution.

The observance will pay homage to those who suffered during the Emergency, highlighting the importance of upholding democratic principles.

12) Answer: E

Short Explanation:

India will host the first World Audio Visual and Entertainment Summit alongside the International Film Festival of India in Goa, scheduled from November 20-24.

Information and Broadcasting Minister Ashwini Vaishnaw emphasized strengthening intellectual property (IP) rights protection in the media and entertainment sector.

Detailed Explanation:

India will host the first World Audio Visual and Entertainment Summit alongside the International Film Festival of India in Goa, scheduled from November 20-24.

Information and Broadcasting Minister Ashwini Vaishnaw emphasized strengthening intellectual property (IP) rights protection in the media and entertainment sector.

Value: IP rights hold significant importance in the media sector.

Commitment: Government to enhance the ecosystem for protecting IP rights.

Vision for WAVES

The inaugural WAVES summit aims to bolster India’s presence in global M&E sectors, fostering innovation, and ensuring robust IP protection.

With a strategic focus on technology integration and sectoral growth, the event underscores India’s commitment to shaping the future of media and entertainment globally.

13) Answer: B

Short Explanation:

The Indian government is evaluating whether to transfer the operations of the public sector telecom operator MTNL to the larger BSNL instead of pursuing a full merger.

Financial Performance of MTNL:

Increased Loss: ₹3,303 crore for FY 2023-24, up from ₹2,911 crore in the previous year.

Revenue Decline: Revenue fell 15% to ₹728 crore from ₹862 crore.

Debt Increase: Debt rose to ₹25,795 crore from ₹23,500 crore over the past year.

Detailed Explanation:

The Indian government is evaluating whether to transfer the operations of the public sector telecom operator MTNL to the larger BSNL instead of pursuing a full merger.

Financial Performance of MTNL:

Increased Loss: ₹3,303 crore for FY 2023-24, up from ₹2,911 crore in the previous year.

Revenue Decline: Revenue fell 15% to ₹728 crore from ₹862 crore.

Debt Increase: Debt rose to ₹25,795 crore from ₹23,500 crore over the past year.

Interest Payment Issues: Announced inability to make interest payments to bondholders due to insufficient funds.

MTNL vs. BSNL:

MTNL Services: Limited to Delhi and Mumbai.

BSNL Services: Offers pan-India services, excluding Delhi and Mumbai.

Customer Base Trends:

MTNL: Subscriber base decreased from 4.66 million in Jan-Mar 2023 to 4.1 million in 2024.

Private Operators: Growth in subscriber base for Reliance Jio and Bharti Airtel.

14) Answer: C

Short Explanation:

Prime Minister Narendra Modi has been awarded the Order of St Andrew the Apostle by Russia, marking the 15th prestigious international accolade of his career.

PM Modi has been recognized globally throughout his ten years as Prime Minister, receiving numerous high-level awards from various countries.

Detailed Explanation:

Prime Minister Narendra Modi has been awarded the Order of St Andrew the Apostle by Russia, marking the 15th prestigious international accolade of his career.

PM Modi has been recognized globally throughout his ten years as Prime Minister, receiving numerous high-level awards from various countries.

Award: Order of St Andrew the Apostle

Country: Russia

Significance: The Order of St Andrew the Apostle is Russia’s highest civilian honour. PM Modi received this award during a two-day visit to Russia.

15) Answer: D

Short Explanation:

Uttar Pradesh (UP) Chief Minister (CM) Yogi Adityanath announced in Lucknow that the State would be exporting 40 tonnes of mangoes to Japan and Malaysia.

For the first time in its 160-year history, Lucknow’s famous Dussehri is to be exported to the United States.

The festival is held at Awadh Shilp Gram from July 12–14, 2024.

Detailed Explanation:

Uttar Pradesh (UP) Chief Minister (CM) Yogi Adityanath announced in Lucknow that the State would be exporting 40 tonnes of mangoes to Japan and Malaysia.

For the first time in its 160-year history, Lucknow’s famous Dussehri is to be exported to the United States.

The festival is held at Awadh Shilp Gram from July 12–14, 2024.

Inaugurated by UP CM Yogi Adityanath.

Price Comparison:In India, Dussehri mangoes are priced between ₹60 and ₹100 per kilogram.

In the U.S The price of Dussehri mangoes has risen to ₹900 per kilogram.

The cost of sending one kilogram of mangoes to the U.S., including duties and transportation, could be ₹250-300.

Mango Production in UP :U.P. produces 58 lakh metric tonnes of mangoes on 3,15,000 hectares, accounting for approximately 30% of India’s mango production.

16) Answer: A

Short Explanation:

Adani Ports and Special Economic Zone Ltd. (APSEZ) plans to invest 100 billion rupees ($1.2 billion) to enhance the Vizhinjam port in Kerala.

This investment marks the second phase of the project, expected to be completed by 2028.

The port aims to attract the world’s largest container ships, currently bypassing India for deeper harbors in Colombo, Dubai, and Singapore.

Detailed Explanation:

Adani Ports and Special Economic Zone Ltd. (APSEZ) plans to invest 100 billion rupees ($1.2 billion) to enhance the Vizhinjam port in Kerala.

This investment marks the second phase of the project, expected to be completed by 2028.

The port aims to attract the world’s largest container ships, currently bypassing India for deeper harbors in Colombo, Dubai, and Singapore.

Adani Ports plans to invest up to 60 billion rupees annually to expand the port’s capacity.

Chief Executive Director Karan Adani emphasized the group’s commitment to growing the port’s infrastructure to accommodate the increasing demand and vessel size.

17) Answer: C

Short Explanation:

The Institute of Chartered Accountants of India (ICAI) is set to establish a Section 8 company focused on mediation and arbitration activities.

Section 8 companies are formed for not-for-profit objectives and must apply profits or other income to promote their objectives.ICAI has previously established five Section 8 companies.

Detailed Explanation:

The Institute of Chartered Accountants of India (ICAI) is set to establish a Section 8 company focused on mediation and arbitration activities.

Section 8 companies are formed for not-for-profit objectives and must apply profits or other income to promote their objectives.

The Insolvency and Bankruptcy Board of India (IBBI) has requested ICAI to assist in developing valuation standards for ‘Land & Building’ and ‘Plant & Machinery.’

Existing Section 8 Companies by ICAI:

ICAI has previously established five Section 8 companies, namely:

ICAI Accounting Research Foundation (ARF)

XBRL India (Extensible Business Reporting Language)

IIIPI (Indian Institute of Insolvency Professionals of ICAI)

ICAI RVO (Registered Valuers Organisation)

ISAI (ICAI Social Audit Initiative)

18) Answer: A

Short Explanation:

Retail Inflation: India’s Consumer Price Index (CPI) inflation in June 2024 stood at 5.08%, the highest in four months.

IIP Growth: India’s Index of Industrial Production (IIP) growth rose to 5.9% in May 2024 from 5% in April 2024.

Detailed Explanation:

Retail Inflation: India’s Consumer Price Index (CPI) inflation in June 2024 stood at 5.08%, the highest in four months.

IIP Growth: India’s Index of Industrial Production (IIP) growth rose to 5.9% in May 2024 from 5% in April 2024.

Inflation Details:

Comparative Inflation Rates:

May 2024: 4.75%

February 2024: Last high at 5.09%

June 2023: 4.87%

Food Basket Inflation:

June 2024: 9.36%

May 2024: 8.69%

June 2023: 4.55%

Expert Commentary:

Upasna Bhardwaj, Chief Economist at Kotak Mahindra Bank:

CPI Inflation: Slightly higher than expected.

Food Inflation Risks: Expected to dominate in the near term.

19) Answer: C

Short Explanation:

Godrej Consumer Products (GCPL) has developed ‘Renofluthrin’, a patented mosquito repellent molecule.

Product Integration: Renofluthrin will be integrated into GCPL’s household insecticide products.

Usage Rights: GCPL holds exclusive rights to use Renofluthrin in its products for six to eight years.

Detailed Explanation:

Godrej Consumer Products (GCPL) has developed ‘Renofluthrin’, a patented mosquito repellent molecule.

Product Integration: Renofluthrin will be integrated into GCPL’s household insecticide products.

Significant Leap in Mosquito Control: Renofluthrin promises to double the effectiveness of existing liquid vaporiser solutions.

Collaborative Effort: Developed in collaboration with GCPL’s partner, Shogun.

Duration of Development: A decade of research and investment went into creating Renofluthrin.

Development Costs: The company has not disclosed the amount spent on developing the molecule.

Usage Rights: GCPL holds exclusive rights to use Renofluthrin in its products for six to eight years.

20) Answer: E

Short Explanation:

Michael Debabrata Patra, Deputy Governor of the Reserve Bank of India, asserts that India can become the second-largest economy by 2031 and the largest by 2060.

OECD Projection: The Organisation for Economic Cooperation and Development (OECD) predicts India will overtake the US by 2048 in purchasing power parity (PPP) terms to become the second-largest economy.

Detailed Explanation:

Michael Debabrata Patra, Deputy Governor of the Reserve Bank of India, asserts that India can become the second-largest economy by 2031 and the largest by 2060.

Potential Economic Milestones:

2031: India could become the second-largest economy.

2060: India could become the largest economy globally.

2027: India’s $5 trillion GDP milestone translates to $16 trillion in PPP terms.

Current Economic Standing:

Exchange Rate: India is the 5th largest economy with a GDP of $3.6 trillion.

PPP Terms: India is the 3rd largest economy with a GDP of $14.5 trillion, behind China ($34.6 trillion) and the US ($27.4 trillion).

Importance of PPP:

Explanation by Patra: Purchasing power parity (PPP) is a more accurate measure for cross-country comparisons as it considers the price of an average basket of goods and services in each country, avoiding exchange rate volatility.

21) Answer: A

Short Explanation:

India’s foreign exchange reserves rose by $5.158 billion to reach $657.155 billion for the week ending July 5, 2024.

Previous Decline: The reserves had decreased by $1.713 billion in the two weeks prior, falling to $651.997 billion for the week ending June 28, 2024.

Current Reserve Status:

Total Forex Reserves: $657.155 billion (week ending July 5, 2024).

Previous High: $655.817 billion (all-time high on June 7, 2024).

Detailed Explanation:

India’s foreign exchange reserves rose by $5.158 billion to reach $657.155 billion for the week ending July 5, 2024.

Previous Decline: The reserves had decreased by $1.713 billion in the two weeks prior, falling to $651.997 billion for the week ending June 28, 2024.

Current Reserve Status:

Total Forex Reserves: $657.155 billion (week ending July 5, 2024).

Previous High: $655.817 billion (all-time high on June 7, 2024).

Components of Forex Reserves:

Foreign Currency Assets:

Increase: Up by $4.228 billion to $577.11 billion.

Details: These assets include the effects of appreciation or depreciation of non-U.S. currencies like the euro, pound, and yen.

Gold Reserves:

Increase: Up by $904 million to $57.432 billion.

Special Drawing Rights (SDRs):

Increase: Up by $21 million to $18.036 billion.

Reserve Position with the IMF:

Increase: Up by $4 million to $4.578 billion.

22) Answer: A

Short Explanation:

The government has appointed Robert Jerard Ravi as the new Bharat Sanchar Nigam Limited (BSNL) chairman and managing director (CMD) for a period of 6 months.

Ravi will replace PK Purwar, whose tenure is expiring on July 14. Purwar assumed charge as BSNL CMD in July 2019.

Detailed Explanation:

The government has appointed Robert Jerard Ravi as the new Bharat Sanchar Nigam Limited (BSNL) chairman and managing director (CMD) for a period of 6 months.

This will be Ravi’s second stint at BSNL.

Earlier, he had served as an additional general manager at the state-run firm for about 6 years.

Ravi will replace PK Purwar, whose tenure is expiring on July 14. Purwar assumed charge as BSNL CMD in July 2019.

Ravi is currently appointed as deputy director general, standards, research and innovation at the department of telecommunications (DoT).

23) Answer: C

Short Explanation:

Odisha Chief Minister Mohan Charan Majhi honoured sand artist Sudarshan Pattnaik for winning the Golden Sand Master Award at the International Sand Sculpture Championship in Russia.

Pattnaik’s award-winning sand sculpture depicted Mahaprabhu Jagannath and the devotee Balaram Das.

Odisha Chief Minister Mohan Charan Majhi honoured sand artist Sudarshan Pattnaik for winning the Golden Sand Master Award at the International Sand Sculpture Championship in Russia.

Pattnaik’s award-winning sand sculpture depicted Mahaprabhu Jagannath and the devotee Balaram Das.

Pattnaik’s Sculpture: A 12-foot sand sculpture featuring Mahaprabhu Jagannath and Balaram Das, a prominent 14th-century poet.

Detailed Explanation:

Odisha Chief Minister Mohan Charan Majhi honoured sand artist Sudarshan Pattnaik for winning the Golden Sand Master Award at the International Sand Sculpture Championship in Russia.

Pattnaik’s award-winning sand sculpture depicted Mahaprabhu Jagannath and the devotee Balaram Das.

Pattnaik’s Sculpture: A 12-foot sand sculpture featuring Mahaprabhu Jagannath and Balaram Das, a prominent 14th-century poet.

Competition Details: The event featured 21 master sand sculptors from around the world, with Pattnaik being the sole Indian participant.

Mahaprabhu Jagannath: A revered deity in Odisha with a rich cultural and spiritual significance.

Balaram Das: Celebrated as a significant poet and devotee of Jagannath in 14th-century Odisha.

24) Answer: B

Short Explanation:

Kerala and Uttarakhand secured the top spot in the SDG India Index 2023-24 with a composite score of 79 points.

Kerala excelled in ‘zero hunger’ and quality education, ranked second in climate action, and third in gender equality and ‘industry, innovation, and infrastructure.’

Both states are recognised as ‘achievers’ in affordable and clean energy.

Detailed Explanation:

Kerala and Uttarakhand secured the top spot in the SDG India Index 2023-24 with a composite score of 79 points.

Kerala excelled in ‘zero hunger’ and quality education, ranked second in climate action, and third in gender equality and ‘industry, innovation, and infrastructure.’

Both states are recognised as ‘achievers’ in affordable and clean energy.

Overall National Progress:

India’s overall Sustainable Development Goal (SDG) score increased to 71 in 2023-24 from 66 in 2020-21.

Top and Bottom States:

Following Kerala and Uttarakhand, Tamil Nadu (78) and Goa (77) were among the top-performing states.

Bihar (57), Jharkhand (62), and Nagaland (63) were the lowest-performing states.

Union Territories:

Among the union territories, the top performers were Chandigarh, Jammu and Kashmir, Puducherry, Andaman & Nicobar Islands, and Delhi.

25) Answer: D

Short Explanation:

On July 15th World Youth Skills Day 2024 is celebrated to mention the significance of developing skills among young people worldwide.

World Youth Skills Day 2024, the theme “Youth Skills for Peace and Development”

The first World Youth Skills Day was celebrated on July 15, 2015.

Detailed Explanation:

On July 15th World Youth Skills Day 2024 is celebrated to mention the significance of developing skills among young people worldwide.

World Youth Skills Day 2024, the theme “Youth Skills for Peace and Development”

The United Nations General Assembly (UNGA) proclaimed this day in November 2014 to highlight the importance of investing in youth skills development.

World Youth Skills Day was created by the United Nations General Assembly on November 11, 2014, through a resolution initiated by Sri Lanka, and supported by some other countries.

The first World Youth Skills Day was celebrated on July 15, 2015.

This post was last modified on July 16, 2024 12:10 pm

4 months ago

Daily Current Affairs Quiz – 14th & 15th July 2024

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