Dear Readers, Daily Current Affairs Questions Quiz for SBI, IBPS, RBI, RRB, SSC Exam 2024 of 25th June 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.

 

Start Quiz

 

1) In June 2024, To address the credit gap for micro, small, and medium-sized enterprises (MSME), the government is considering the establishment of a new bank. How much crore was the MSE Refinance allocation for FY24?

(a) Rs. 82000crore

(b) Rs. 80000crore

(c) Rs. 84000crore

(d) Rs. 86000crore

(e) Rs. 88000crore

2) As reinsurance and coinsurance are not regarded as the provision of a service, they are not subject to the Goods and Services Tax (GST) Council's clarification. With regard to tax demands totaling around how many crores, this ruling offers relief to insurance businesses?

(a) Rs.10000crore

(b) Rs.12000crore

(c) Rs.14000crore

(d) Rs.16000crore

(e) Rs.18000crore

3) Which bank chairman revealed plans to open 400 new branches across the country by FY25?

(a) Canara bank

(b) Indian bank

(c) State bank of India

(d) HDFC bank

(e) Punjab National bank

4) In June 2024, IBBI will strengthen creditors' rights over personal guarantors. Which ministry regulates the IBBI?

(a) Ministry of Home Affairs

(b) Ministry of Corporate affairs

(c) Ministry of Commerce & Industry

(d) Ministry of MSME

(e) Ministry of Defence

5) The Ministry of New & Renewable Energy (MNRE) is leading the National Green Hydrogen Mission (NGHM), which aims to produce how many million tons of green hydrogen per year by 2030?

(a) 4MT

(b) 5MT

(c) 6MT

(d) 7MT

(e) 9MT

6) In June 2024, an Union Home Minister Amit Shah launched the 'Fast Track Immigration-Trusted Traveller Programme (FTI-TTP)' at which airport's Terminal 3 to improve the travel experience for Indian nationals and OCI cardholders?

(a) Mumbai

(b) Delhi

(c) Kochi

(d) Trichy

(e) Bengaluru

7) As per report, aFinance Minister Nirmala Sitharaman has recently addressed concerns surrounding GST (Goods and Services Tax) assessments and gave updates following the GST Council meeting. Less than two percent of taxpayers received CGST notices. Which section of the CGST Act proposes a waiver of interest and penalties for demand notices from 2017-18 to 2019-20, conditional on complete payment by March 2025?

(a) Sec 71

(b) Sec 72

(c) Sec 73

(d) Sec 74

(e) Sec 75

8) In June 2024, Union Tribal Affairs Minister Jual Oram has declared that his government will review the forest clearance papers for how many crore infrastructure project on Great Nicobar Island?

(a) Rs.70000crore

(b) Rs.72000crore

(c) Rs.74000crore

(d) Rs.76000crore

(e) Rs.78000crore

9) A high-level government committee has expressed concern over delays in payments to enterprises participating in Production Linked Incentive (PLI) schemes. The PLI initiative was designed to increase indigenous manufacturing capability while also reducing imports and creating jobs. When was the PLI plan launched?

(a) 2019

(b) 2016

(c) 2018

(d) 2020

(e) 2021

10) According to the National Statistical Office's (NSO) examination of the Annual Survey of Unincorporated Sector firms (ASUSE), which sector witnessed large losses in unincorporated firms between July 2015-June 2016 and October 2022-September 2023?

(a) Allied service

(b) Agriculture

(c) Manufacturing

(d) Service

(e) Insurance

11) A proposal to issue sovereign green bonds totaling roughly ₹25,000 crore to how many crore is expected to be included in the forthcoming Union budget for FY25?

(a) Rs.35000crore

(b) Rs.30000crore

(c) Rs.45000crore

(d) Rs.40000crore

(e) Rs.50000crore

12) The gross budgetary support (GBS) is expected to either stay at the level specified in the Interim Budget or maybe rise to how many trillion, according to a senior Ministry of Railways official?

(a) Rs.2.5trillion

(b) Rs.2.4trillion

(c) Rs.2.6trillion

(d) Rs.2.7trillion

(e) Rs.2.9trillion

13) Which country will hold the annual sugar meet of the international body, the International Sugar Organization (ISO), from June 25 to June 27 as Chair?

(a) China

(b) Japan

(c) India

(d) Singapore

(e) USA

14) In June 2024, An External Affairs Minister Jaishankar and Sri Lankan President form the Maritime Rescue Coordination Centre. How many million dollars has India granted Sri Lanka to improve marine security and coordination?

(a) USD 6 million

(b) USD 7 million

(c) USD 8 million

(d) USD 5 million

(e) USD 4 million

15) The Bihar government's increase in reservations for backward classes from 50% to what percentage is overturned by the Patna High Court?

(a) 55%

(b) 65%

(c) 60%

(d) 70%

(e) 75%

16) The Bureau of Indian Standards (BIS) has released new safety standards to improve the safety and performance of electric vehicles (EVs) in the L, M, and N categories in India. What does the term "N" type category refer to?

(a) 2 wheeler

(b) e-rickshaws

(c) 4 wheeler

(d) Good trucks

(e) Commerical vehicles

17) The Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman, chaired the ________ GST Council meeting, which was held in New Delhi.

(a) 52nd

(b) 53rd

(c) 51st

(d) 54th

(e) 55th

18) India witnessed a notable upsurge in deep tech startups in 2023, so confirming its status as the __________ largest global powerhouse for these kinds of endeavors.

(a) 1st

(b) 2nd

(c) 3rd

(d) 4th

(e) 5th

19) In FY24, India Inc. reduced dividends despite posting a record profit. What percentage of the total dividend payout fell year-over-year (Y-o-Y), from the record high of Rs 4.23 trillion in FY23 to Rs 4.03 trillion this year?

(a) 4.7%

(b) 4.5%

(c) 4.8%

(d) 4.6%

(e) 4.9%

20) Which ministry has named Pradeep Singh Kharola, a retired Indian administrative officer, the National Testing Agency's (NTA) new director general, effective until a regular incumbent is appointed?

(a) Ministry of Home Affairs

(b) Ministry of Corporate affairs

(c) Ministry of Commerce & Industry

(d) Ministry of MSME

(e) Ministry of Education

21) How many crore Kalvari submarine agreement is Mazagon Dockyard Limited negotiating for in advanced talks with the Defence Ministry?

(a) Rs.35,000-crore

(b) Rs.25,000-crore

(c) Rs.15,000-crore

(d) Rs.45,000-crore

(e) Rs.55,000-crore

22) Where has the third and final landing experiment of the Indian Space Research Organization's (ISRO) Reusable Launch Vehicle (RLV) "Pushpak" hosted?

(a) Maharashtra

(b) Karnataka

(c) Kerala

(d) TamilNadu

(e) Gujarat

23) At the 2023 World Athletics Championships in Budapest, Hungary, India's Neeraj Chopra created history once more by taking home the gold medal in the men's javelin throw. _______________________ meters, an exceptional throw

(a) 88.16m

(b) 88.17m

(c) 88.15m

(d) 88.18m

(e) 88.12m

24) Max Verstappen opened the triple-header race weekends with a commanding performance in Barcelona, winning the____________ Grand Prix for the third time in a row.

(a) Canada

(b) Mexico

(c) Spain

(d) Australia

(e) French

25) Where is Pant Wildlife Sanctuary located?

(a) Assam

(b) Bihar

(c) Maharashtra

(d) Karnataka

(e) Jharkhand

Answers :

1) Answer: C

Short Explanation:

• The government is considering a proposal to set up a separate bank for direct lending to the micro, small and medium enterprises (MSMEs) to deepen credit flows to the under-penetrated sector and thereby boost economic activity and job creation.
• Large banks don’t understand the requirements of the MSMEs.
• Current Credit Scenario:Currently, the Small Industries Development Bank of India (SIDBI) largely provides refinancing to banks that lend to MSMEs, which helps reduce the cost of finance for these units.
• Micro and small enterprise (MSE) Refinance allocation for FY24 was Rs 84,000 crore.

Detailed Explanation:

• The government is considering a proposal to set up a separate bank for direct lending to the micro, small and medium enterprises (MSMEs) to deepen credit flows to the under-penetrated sector and thereby boost economic activity and job creation.
• Large banks don’t understand the requirements of the MSMEs.
• Current Credit Scenario:Currently, the Small Industries Development Bank of India (SIDBI) largely provides refinancing to banks that lend to MSMEs, which helps reduce the cost of finance for these units.

SIDBI Background:

• Established under an Act of Parliament in 1990.
• Majority shareholders include the Government of India (20.85%), State Bank of India (15.65%), Life Insurance Corporation of India (13.33%), and National Bank for Agriculture and Rural Development (9.36%).
• Accesses low-cost funds provided by banks against shortfalls in meeting their priority sector lending (PSL) targets.
• Micro and small enterprise (MSE) Refinance allocation for FY24 was Rs 84,000 crore.
• State Financial Corporations: Other entities like state financial corporations and state industrial development corporations also lend directly to MSMEs.
• Credit Penetration:MSME credit penetration in India is 14%, compared to 50% in the US and 37% in China.
• There is a credit gap of Rs 25 trillion for the Indian MSME sector, indicating a large untapped credit market.
• MSME Sector Impact:The 64 million-strong MSMEs are the backbone of the Indian economy.
• MSMEs are crucial to the Indian economy, accounting for over 110 million jobs (23% of the labor force).
• They contribute 27% of India’s GDP, 38.4% of total manufacturing output, and 45% of total exports.
• Interest Rates: There is a suggestion that MSMEs should receive loans at the same interest rates as housing loans (6% for exports and 8% for domestic production).
• Currently, interest rates for MSMEs are 11-13% and 8-9% for exports.
• Declining Credit Share: MSME credit as a share of their output has declined to around 8.3% from 12% earlier.

2) Answer: B

Short Explanation:

• The Goods and Services Tax (GST) Council has clarified that reinsurance and coinsurance are not considered as the supply of a service and hence are not liable for GST.
• This spells a significant breather to insurance companies facing thousands of crores in tax demands.
• This decision provides relief to insurance companies facing tax demands amounting to approximately Rs 12,000 crore.
• Coinsurance, in this instance, refers to insurers sharing insurance-bearing liabilities.
• Reinsurance is the cover an insurer buys to insure itself through the payment of premiums.
• Background and Industry Concerns:The Directorate General of Goods and Services Tax Intelligence (DGGI) had issued notices to about 20 insurance companies for non-payment of GST on coinsurance and reinsurance premiums.

Detailed Explanation:

• The Goods and Services Tax (GST) Council has clarified that reinsurance and coinsurance are not considered as the supply of a service and hence are not liable for GST.
• This spells a significant breather to insurance companies facing thousands of crores in tax demands.
• This decision provides relief to insurance companies facing tax demands amounting to approximately Rs 12,000 crore.
• Coinsurance, in this instance, refers to insurers sharing insurance-bearing liabilities.
• Reinsurance is the cover an insurer buys to insure itself through the payment of premiums.
• Background and Industry Concerns:The Directorate General of Goods and Services Tax Intelligence (DGGI) had issued notices to about 20 insurance companies for non-payment of GST on coinsurance and reinsurance premiums.
• GST Council's Decision:The GST Council clarified that coinsurance premiums apportioned by the lead insurer to the coinsurer for supplying insurance services are considered "no supply" under Schedule III of the CGST Act, 2017.
• Past cases are to be regularized on an "as is-where is" basis, providing relief to affected companies.
• Implications and Benefits:These decisions are aimed at reducing ongoing litigation and compliance burdens in the insurance sector.
• Other Decisions by GST Council:Addressing ambiguity regarding the applicability of the flexible valuation framework on import of services by related parties, including transactions between head and branch offices.
• Exemption of compensation cess on imports at special economic zones for authorized operations, effective from July 1, 2017.
• Exemption of GST on services provided by special purpose vehicles to the Indian Railways and statutory collections made by state Real Estate Regulatory Authorities.

3) Answer: C

Short Explanation:

• As a part of the network expansion plan, State Bank of India (SBI) is planning to open 400 branches across the country in the current financial year.
• The country's biggest lender opened 137 branches last fiscal.
• Of the total, 59 new rural branches were launched.
• SBI has a network of 22,542 branches across the country as of March 2024.

Detailed Explanation:

• As a part of the network expansion plan, State Bank of India (SBI) is planning to open 400 branches across the country in the current financial year.
• The country's biggest lender opened 137 branches last fiscal.
• Of the total, 59 new rural branches were launched.
• SBI has a network of 22,542 branches across the country as of March 2024.
• Capital Infusion in SBI General Insurance: SBI infused additional capital amounting to Rs 489.67 crore in SBI General Insurance Company Ltd during FY24.
• This investment slightly reduced SBI's stake from 69.95% to 69.11%.
• Financial Performance of SBI General Insurance: SBI General Insurance reported a 30.4% increase in net profit to Rs 240 crore for the financial year ended March 2024, up from Rs 184 crore in the previous fiscal year.
• SBI Payment Services Private Limited: SBI Payment Services Private Limited, which is in the merchant acquiring business, is 74% owned by SBI, while the remaining stake is with Hitachi Payment Services.

4) Answer: B

Short Explanation:

• The Insolvency and Bankruptcy Board of India (IBBI) has proposed amendments to the Insolvency Resolution Process for Corporate Process regulations, to enhance efficiency and reduce costs, and sought stakeholder inputs by July 10, 2024.
• These amendments are expected to enhance the efficiency and transparency of the Corporate Insolvency Resolution Process (CIRP), and benefit creditors and other stakeholders involved in the CIRP.
• IBBI Parent Department : Ministry of Corporate Affairs
• The IBBI is the regulator for overseeing insolvency proceedings and entities like Insolvency Professional Agencies (IPA), Insolvency Professionals (IP) and Information Utilities (IU) in India.

Detailed Explanation:

• The Insolvency and Bankruptcy Board of India (IBBI) has proposed amendments to the Insolvency Resolution Process for Corporate Process regulations, to enhance efficiency and reduce costs, and sought stakeholder inputs by July 10, 2024.
• These amendments are expected to enhance the efficiency and transparency of the Corporate Insolvency Resolution Process (CIRP), and benefit creditors and other stakeholders involved in the CIRP.
• Valuation for Small Entities : For companies with an asset size of up to Rs 1,000 crore and micro, small and medium enterprises (MSMEs), the board proposes to appoint only one registered valuer for providing the estimates of the fair value and the liquidation value.
• Cost Reduction:This measure is intended to reduce CIRP costs and expedite the process for small entities.
• Rights of Creditors:The proposal addresses the release of guarantees in the resolution plan.

About IBBI :

• Headquarters : New Delhi, Delhi
• Chairman : Ravi Mittal
• Parent Department : Ministry of Corporate Affairs
• The IBBI is the regulator for overseeing insolvency proceedings and entities like Insolvency Professional Agencies (IPA), Insolvency Professionals (IP) and Information Utilities (IU) in India.
• It was established on 1 October 2016 and given statutory powers through the Insolvency and Bankruptcy Code, which was passed by Lok Sabha on 5 May 2016.

5) Answer: B

Short Explanation:

• The Ministry of New & Renewable Energy (MNRE) is spearheading the National Green Hydrogen Mission (NGHM), aiming to achieve a production capacity of 5 million tonnes per annum of Green Hydrogen by 2030.
• Objective: To achieve a production capacity of 5 million tonnes per annum of Green Hydrogen by 2030.
• Launch Date: January 4, 2023.
• Financial Outlay: ₹19,744 crores up to FY 2029-30.

Detailed Explanation:

• The Ministry of New & Renewable Energy (MNRE) is spearheading the National Green Hydrogen Mission (NGHM), aiming to achieve a production capacity of 5 million tonnes per annum of Green Hydrogen by 2030.
• Objective: To achieve a production capacity of 5 million tonnes per annum of Green Hydrogen by 2030.
• Launch Date: January 4, 2023.
• Financial Outlay: ₹19,744 crores up to FY 2029-30.
• Key Benefits:
  • Significant decarbonization of the economy.
  • Reduced dependence on fossil fuel imports.
  • Establishing India as a leader in Green Hydrogen technology and market.

SIGHT Programme - Component II

• Component II: Incentive for Procurement of Green Ammonia Production (under Mode 2A):
  • Focus: Primarily caters to the fertilizer sector.
  • Initial Allocation: 5,50,000 tonnes per annum of Green Ammonia.
  • Amended Allocation: Increased by 2 lakh tonnes per annum to a new total of 7,50,000 tonnes per annum.

Recent Developments

1. Scheme Guidelines Issued:
   • Date: January 16, 2024.
   • Purpose: To provide detailed guidelines for the implementation of the SIGHT Programme’s Component II.
2. Solar Energy Corporation of India (SECI) Action:
   • Issued Request for Selection (RfS) to select Green Ammonia Producers through a cost-based competitive bidding process.
3. Amendment to Scheme Guidelines:
   • Reason: To respond to the increasing demand for Green Ammonia from the fertilizer sector.
   • New Allocation: Increased from 5,50,000 tonnes to 7,50,000 tonnes per annum.

Expected Impact

• Decarbonization: The mission will lead to significant reductions in carbon emissions by promoting the use of Green Hydrogen and its derivatives.
• Economic Benefits:
  • Enhanced energy security.
  • Reduced reliance on imported fossil fuels.
  • Promotion of technological advancements in Green Hydrogen.
• Global Leadership: India is poised to become a global leader in the Green Hydrogen sector, driving innovation and setting benchmarks for sustainable energy practices.

6) Answer: B

Short Explanation:

• Union Home Minister Amit Shah inaugurated the ‘Fast Track Immigration-Trusted Traveller Programme (FTI-TTP)’ at Delhi Airport’s Terminal 3, aimed at enhancing the travel experience for Indian nationals and OCI cardholders.
• About FTI-TTP:

Fast Track Immigration - Trusted Travellers' Programme (FTI-TTP) has been initiated to speed up the Immigration clearance process for eligible persons from the following categories:

1. Indian Nationals
2. Foreign Nationals holding OCI Card

Detailed Explanation:

• Union Home Minister Amit Shah inaugurated the ‘Fast Track Immigration-Trusted Traveller Programme (FTI-TTP)’ at Delhi Airport’s Terminal 3, aimed at enhancing the travel experience for Indian nationals and OCI cardholders.

Overview of FTI-TTP

• Objective: Provide faster, easier, and more secure travel experience for Indian passport holders and OCI cardholders.
• Implemented by: the Ministry of Home Affairs (MHA), Ministry of Civil Aviation, and Bureau of Immigration.
• Inspiration: Similar to the Global Entry Program of the United States Department of Homeland Security.
• Benefits:
  • Allows use of dedicated e-gates at Terminal 3 to bypass regular immigration queues.

About FTI-TTP:

Fast Track Immigration - Trusted Travellers' Programme (FTI-TTP) has been initiated to speed up the Immigration clearance process for eligible persons from the following categories:

1. Indian Nationals
2. Foreign Nationals holding OCI Card

7) Answer: C

Short Explanation:

• Finance Minister Nirmala Sitharaman recently addressed concerns regarding GST (Goods and Services Tax) assessments and issued updates following the GST Council meeting.
• Notice Statistics: Only 1.96% of active GST assessees (1,14,939 out of 58,62,882) received notices from the Central GST administration as of December 31, 2023.
• Interest and Penalty Waiver: Waiver proposed on interest and penalties for demand notices under Section 73 of the CGST Act for the period from 2017-18 to 2019-20, conditional upon full remittance by March 2025.

Detailed Explanation:

• Finance Minister Nirmala Sitharaman recently addressed concerns regarding GST (Goods and Services Tax) assessments and issued updates following the GST Council meeting.

Simplification and Assessee Notices

• Intent: The government aims to simplify the GST process for taxpayers and reduce complexity.
• Notice Statistics: Only 1.96% of active GST assessees (1,14,939 out of 58,62,882) received notices from the Central GST administration as of December 31, 2023.
• State Notices: States have the authority to issue their own notices, but this falls outside the Central GST administration's purview.

GST Council Decisions

• Interest and Penalty Waiver: Waiver proposed on interest and penalties for demand notices under Section 73 of the CGST Act for the period from 2017-18 to 2019-20, conditional upon full remittance by March 2025.

Future Steps

• Legislative Amendment: Recommendations from the GST Council, including those related to waivers and procedural changes, are likely to be incorporated into the upcoming Finance Bill alongside the Union Budget for 2024-25.

8) Answer: B

Short Explanation:

• Union Tribal Affairs Minister Jual Oram has announced that his ministry will scrutinize the forest clearance documentation related to the ₹72,000-crore infrastructure project on Great Nicobar Island.

Detailed Explanation:

• Union Tribal Affairs Minister Jual Oram has announced that his ministry will scrutinize the forest clearance documentation related to the ₹72,000-crore infrastructure project on Great Nicobar Island.
• The project, pushed by the NDA government, will undergo a comprehensive assessment to determine the next course of action.

Focus on Tribal Land and Forest Rights

• In an exclusive interview with The Hindu, Minister Oram highlighted his commitment to prioritizing the forest and land rights of tribal communities.

9) Answer: D

Short Explanation:

• A high-level government committee has expressed concerns regarding delays in payments to companies participating in the Production Linked Incentive (PLI) schemes.
• The committee, chaired by the Cabinet secretary and comprising representatives from DPIIT, NITI Aayog, the Department of Economic Affairs, and Department of Financial Services, has highlighted the need for corrective actions to ensure smooth implementation of the PLI schemes.
• The PLI scheme was conceived to scale up domestic manufacturing capability, accompanied by higher import substitution and employment generation.
• Launched in March 2020, the scheme initially targeted three industries.

Detailed Explanation:

• A high-level government committee has expressed concerns regarding delays in payments to companies participating in the Production Linked Incentive (PLI) schemes.
• The committee, chaired by the Cabinet secretary and comprising representatives from DPIIT, NITI Aayog, the Department of Economic Affairs, and Department of Financial Services, has highlighted the need for corrective actions to ensure smooth implementation of the PLI schemes.

Financial Allocation and Implementation Status

What is the Production Linked Incentive Scheme (PLI)?

• The PLI scheme was conceived to scale up domestic manufacturing capability, accompanied by higher import substitution and employment generation.
• Launched in March 2020, the scheme initially targeted three industries:
• Mobile and allied Component Manufacturing
• Electrical Component Manufacturing and
• Medical Devices.
• The second round of the scheme was announced in 2021 for 14 sectors like telecommunication, white goods, textiles, manufacturing of medical devices, automobiles, speciality steel, food products, high-efficiency solar PV modules, advanced chemistry cell battery, drones, and pharma.

10) Answer: C

Short Explanation:

• According to an analysis of the Annual Survey of Unincorporated Sector Enterprises (ASUSE) by the National Statistical Office (NSO), unincorporated enterprises in the manufacturing sector experienced significant declines between July 2015-June 2016 and October 2022-September 2023.
• During this period, the manufacturing sector witnessed a reduction of nearly 1.8 million unincorporated establishments, marking a decline from 19.7 million to 17.82 million enterprises.

Detailed Explanation:

• According to an analysis of the Annual Survey of Unincorporated Sector Enterprises (ASUSE) by the National Statistical Office (NSO), unincorporated enterprises in the manufacturing sector experienced significant declines between July 2015-June 2016 and October 2022-September 2023.
• During this period, the manufacturing sector witnessed a reduction of nearly 1.8 million unincorporated establishments, marking a decline from 19.7 million to 17.82 million enterprises.
• Correspondingly, the sector shed approximately 5.4 million jobs, with employment falling from 36.04 million to 30.6 million workers.

11) Answer: B

Short Explanation:

• The upcoming Union budget for FY25 is anticipated to include a proposal to issue sovereign green bonds amounting to approximately ₹25,000 crore to ₹30,000 crore.
• In FY23, the government raised ₹16,000 crore through sovereign green bonds, a figure increased to ₹20,000 crore in FY24.
• The projected increase to ₹25,000-30,000 crore for FY25 reflects ongoing efforts to expand green finance initiatives significantly.

Detailed Explanation:

• The upcoming Union budget for FY25 is anticipated to include a proposal to issue sovereign green bonds amounting to approximately ₹25,000 crore to ₹30,000 crore.
• Green bonds serve as fixed-income investments aimed at financing projects with positive environmental impacts, aligning investor financial goals with environmental sustainability.

Previous Issuances and Future Plans

• In FY23, the government raised ₹16,000 crore through sovereign green bonds, a figure increased to ₹20,000 crore in FY24.
• The projected increase to ₹25,000-30,000 crore for FY25 reflects ongoing efforts to expand green finance initiatives significantly.

Details of FY25 Green Bond Plan

• For H1 of FY25, the government plans to raise ₹12,000 crore through green bonds.
• Previously, the FY24 budget did not initially mention green bonds but later included a phased ₹20,000 crore plan for the latter half of the borrowing calendar.

12) Answer: C

Short Explanation:

• According to a senior official in the Ministry of Railways, the gross budgetary support (GBS) is likely to either maintain the same level as announced in the Interim Budget or potentially increase to Rs 2.6 trillion.
• In the Interim Budget for 2024-25, Finance Minister Nirmala Sitharaman had already allocated Rs 2,52,200 crore as GBS to the railways, supplemented by an additional Rs 10,000 crore from extra-budgetary resources (EBR).

Detailed Explanation:

• According to a senior official in the Ministry of Railways, the gross budgetary support (GBS) is likely to either maintain the same level as announced in the Interim Budget or potentially increase to Rs 2.6 trillion.
• In the Interim Budget for 2024-25, Finance Minister Nirmala Sitharaman had already allocated Rs 2,52,200 crore as GBS to the railways, supplemented by an additional Rs 10,000 crore from extra-budgetary resources (EBR).

Continued Infrastructure Focus

• The government's commitment to infrastructure development, particularly in the railways sector, remains steadfast.
• This sector is deemed critical for long-term investment and is expected to receive sustained attention over the next decade.

Financial Flexibility with RBI Dividend

• With the Reserve Bank of India (RBI) poised to provide a record-breaking dividend of Rs 2.11 trillion to the government, fiscal manoeuvrability is enhanced.

Conclusion

• The anticipated allocation of Rs 2.6 trillion or higher to the railways sector in the upcoming budget underscores the government's proactive stance towards infrastructure development.

13) Answer: C

Short Explanation:

• India, as the Chair of the International Sugar Organisation (ISO), will host the global body's annual sugar meet in New Delhi from June 25 to June 27.
• The main inauguration event is scheduled for June 25 and will be officiated by Food Minister Pralhad Joshi.

Detailed Explanation:

• India, as the Chair of the International Sugar Organisation (ISO), will host the global body's annual sugar meet in New Delhi from June 25 to June 27.
• The main inauguration event is scheduled for June 25 and will be officiated by Food Minister Pralhad Joshi.
• The ISO serves as a crucial intergovernmental organization dedicated to enhancing the global sugar market. It represents:
• 87% of world sugar production
• 64% of world sugar consumption With a membership comprising approximately 88 nations, including India, the ISO facilitates cooperation and dialogue among diverse countries.

Functions and Objectives

The ISO administers the International Sugar Agreement (ISA), 1992, with key objectives:

• Promoting international cooperation in sugar-related matters
• Facilitating intergovernmental discussions to enhance the global sugar economy
• Collecting and disseminating comprehensive market information
• Encouraging the diversification of sugar use, particularly in non-traditional applications

14) Answer: A

Short Explanation:

• External Affairs Minister (EAM) Jaishankar met Sri Lankan President Wickremesinghe and commissioned the Maritime Rescue Coordination Centre (MRCC).
• Purpose : To enhance maritime security and coordination in Sri Lanka, funded by a USD 6 million grant from India.
• This was Jaishankar’s first bilateral visit overseas after being re-appointed in the Cabinet.

Detailed Explanation:

• External Affairs Minister (EAM) Jaishankar met Sri Lankan President Wickremesinghe and commissioned the Maritime Rescue Coordination Centre (MRCC).
• Purpose : To enhance maritime security and coordination in Sri Lanka, funded by a USD 6 million grant from India.
• This was Jaishankar’s first bilateral visit overseas after being re-appointed in the Cabinet.
• Housing Projects:Jaishankar and Wickremesinghe handed over 48 houses, 24 each in Colombo and Trincomalee, built under the Model Village Housing Project.
• They also handed over 106 houses in three up-country estates, built under Phase III of the Indian Housing Project, funded by India.
• Details of MRCC:The MRCC was commissioned with a $6 million grant from India.
• The MRCC includes a centre at Navy headquarters in Colombo and a sub-centre in Hambantota.
• There are unmanned installations at Galle, Arugambay, Batticaloa, Trincomalee, Kallarawa, Point Pedro, and Mollikulam.
• The sub-centre in Hambantota is notable as the port is managed by China.

15) Answer: B

Short Explanation:

• The Patna High Court set aside amendments passed by the Bihar legislature in 2023, which sought to increase reservation for Backward Classes (BC), Extremely Backward Classes (EBC), Scheduled Castes (SC), and Scheduled Tribes (ST) from 50% to 65% in educational institutions and government jobs.
• A Public Interest Litigation (PIL) challenging the increase in reservation was filed on November 27, 2023.

Detailed Explanation:

• The Patna High Court set aside amendments passed by the Bihar legislature in 2023, which sought to increase reservation for Backward Classes (BC), Extremely Backward Classes (EBC), Scheduled Castes (SC), and Scheduled Tribes (ST) from 50% to 65% in educational institutions and government jobs.
• A Public Interest Litigation (PIL) challenging the increase in reservation was filed on November 27, 2023.
• After hearings, the court reserved its decision on March 11, 2024, and announced its decision on June 20, 2024, overturning the amendments.
• Following the caste-based survey report, the government of Chief Minister Nitish Kumar decided to increase the reservation for BC, EBC,SC and ST.
• The PIL plea has been filed by Gaurav Kumar and others.
• Public Interest Litigation (PIL) refers to legal action initiated in a court of law to safeguard the broader interests of the public.
• Government's Justification: The State Government argued that the increased reservation was necessary due to inadequate representation of these classes and was not based on a proportionate basis.
• Constitutional Challenges: Arguments included violations of Article 14 and Article 15(6)(b) of the Indian Constitution, particularly regarding the cancellation of 10% reservation for Economically Weaker Sections (EWS) in the general category.

The existing 3% reservation for BC women has been scrapped.

16) Answer: D

Short Explanation:

• The Bureau of Indian Standards (BIS) has introduced new safety guidelines to enhance the safety and performance of electric vehicles (EVs) in India.
• These guidelines apply to a range of vehicles, including two-wheelers, four-wheelers, goods trucks, e-rickshaws, and e-karts.

Key Highlights of the New BIS Guidelines:

1. Categories Covered:
   • L Category: Two-wheelers.
   • M Category: Four-wheelers.
   • N Category: Goods trucks.

Detailed Explanation:

• The Bureau of Indian Standards (BIS) has introduced new safety guidelines to enhance the safety and performance of electric vehicles (EVs) in India.
• These guidelines apply to a range of vehicles, including two-wheelers, four-wheelers, goods trucks, e-rickshaws, and e-karts.

Key Highlights of the New BIS Guidelines:

2. Categories Covered:
   • L Category: Two-wheelers.
   • M Category: Four-wheelers.
   • N Category: Goods trucks.
3. New Regulations:
   • IS 18590: 2024: Focuses on the essential components of electric cars, buses, and trucks, with a specific emphasis on the powertrain, which includes the motor and transmission systems.
   • IS 18606: 2024: Also targets critical components of EVs, underscoring the safety and performance of batteries to ensure they are robust and secure.
4. E-Rickshaws and E-Karts:
   • IS 18294: 2023: Sets specific safety standards for e-rickshaws and e-karts, addressing various aspects from construction to functionality. These standards aim to ensure the safety of both drivers and passengers.

17) Answer: B

Short Explanation:

• The 53rd GST Council met under the Chairpersonship of Union Minister for Finance & Corporate Affairs Nirmala Sitharaman in New Delhi.
• The GST Council inter alia made the following recommendations relating to changes in GST tax rates, measures for facilitation of trade and measures for streamlining compliances in GST.

Detailed Explanation:

• The 53rd GST Council met under the Chairpersonship of Union Minister for Finance & Corporate Affairs Nirmala Sitharaman in New Delhi.
• The GST Council inter alia made the following recommendations relating to changes in GST tax rates, measures for facilitation of trade and measures for streamlining compliances in GST.

Changes in GST rates of goods

1. A uniform rate of 5% IGST will apply to imports of ‘Parts, components, testing equipment, tools and tool-kits of aircrafts, irrespective of their HS classification to provide a fillip to MRO activities subject to specified conditions.
2. All milk cans (of steel, iron and aluminium) irrespective of their use will attract 12% GST.
3. GST rate on ‘carton, boxes and cases of both corrugated and non-corrugated paper or paper-board’ (HS 4819 10; 4819 20) to be reduced from 18% to 12%.
4. All solar cookers whether single or dual energy source, will attract 12% GST.
5. To amend existing entry covering Poultry keeping Machinery attracting 12% GST to specifically incorporate “parts of Poultry keeping Machinery” and to regularise past practice on ‘as is where is’ basis in view of genuine interpretational issues.
6. To clarify that all types of sprinklers including fire water sprinklers will attract 12% GST and to regularise the past practice on ‘as is where is’ basis in view of genuine interpretational issues.
7. To extend IGST exemption on imports of specified items for defence forces for a further period of five years till 30th June, 2029.
8. To extend IGST exemption on imports of research equipment/buoys imported under the Research Moored Array for African-Asian-Australian Monsoon Analysis and Prediction (RAMA) programme subject to specified conditions.
9. To exempt Compensation Cess on the imports in SEZ by SEZ Unit/developers for authorised operations w.e.f. 01.07.2017.

Other Miscellaneous Changes

10. To exempt Compensation cess on the supply of aerated beverages and energy drinks to authorised customers by Unit Run Canteens under the Ministry of Defence.
11. To provide Adhoc IGST exemption on imports of technical documentation for AK-203 rifle kits imported for  Indian Defence forces.

18) Answer: C

Short Explanation:

• In 2023, India experienced a remarkable surge in deep tech startups, solidifying its position as the third-largest hub globally for such ventures.
• Here are the key highlights and challenges outlined in the report by Nasscom and Zinnov:

Growth in Deeptech Startups

• New Ventures: India witnessed the establishment of 480 new deeptech startups in 2023, marking a significant increase compared to previous years.

Detailed Explanation:

• In 2023, India experienced a remarkable surge in deep tech startups, solidifying its position as the third-largest hub globally for such ventures.
• Here are the key highlights and challenges outlined in the report by Nasscom and Zinnov:

Growth in Deeptech Startups

• New Ventures: India witnessed the establishment of 480 new deeptech startups in 2023, marking a significant increase compared to previous years.
• Total Ecosystem: The country now hosts over 3600 deeptech startups, reflecting a robust and expanding ecosystem in advanced technology sectors.

Challenges Faced by Deeptech Startups

• Funding Winter: Despite the growth in numbers, there's a concerning trend of reduced funding. In 2023, Indian deep tech startups raised approximately $850 million, a steep decline of 77% from $3.7 billion raised in 2022.

Focus Areas and Technologies

• Artificial Intelligence (AI): AI emerged as the dominant technology driving new startups and attracting investor interest. 74% of deeptech startups established in 2023 were AI-driven, and 86% of the startups that raised funding in the same year focused on AI.

19) Answer: A

Short Explanation:

• Despite a significant surge in corporate profitability, listed firms in FY24 experienced a decline in dividend payouts.
• The total dividend payout decreased by 4.7% year-on-year (Y-o-Y), amounting to Rs 4.03 trillion, down from the previous year's record high of Rs 4.23 trillion in FY23.

Detailed Explanation:

• Despite a significant surge in corporate profitability, listed firms in FY24 experienced a decline in dividend payouts.
• The total dividend payout decreased by 4.7% year-on-year (Y-o-Y), amounting to Rs 4.03 trillion, down from the previous year's record high of Rs 4.23 trillion in FY23.

Robust Profit Growth

• In contrast to the reduction in dividend payouts, combined net profits of all companies in the Business Standard sample soared by 29.9% Y-o-Y, reaching an unprecedented Rs 14.75 trillion in the last financial year, up from Rs 11.36 trillion in FY23.
• This growth reflects a robust performance across various sectors despite broader economic challenges.

Strategic Considerations

• The decline in dividend payouts amidst heightened profitability suggests strategic adjustments by listed firms.

20) Answer: E

Short Explanation:

• Amid the NEET-UG, UGC NET, and CSIR UGC NET cancellation and postponement, the Ministry of Education (MoE) has appointed retired Indian Administrative Officer Pradeep Singh Kharola as the new director general of the National Testing Agency (NTA) till the appointment of a regular incumbent.
• Subodh Kumar Singh, the previous National Testing Agency (NTA) DG, has been removed and placed on compulsory wait in the Department of Personnel and Training (DoPT) amid controversy over exam irregularities.

Detailed Explanation:

• Amid the NEET-UG, UGC NET, and CSIR UGC NET cancellation and postponement, the Ministry of Education (MoE) has appointed retired Indian Administrative Officer Pradeep Singh Kharola as the new director general of the National Testing Agency (NTA) till the appointment of a regular incumbent.
• Subodh Kumar Singh, the previous National Testing Agency (NTA) DG, has been removed and placed on compulsory wait in the Department of Personnel and Training (DoPT) amid controversy over exam irregularities.
• The decision was taken by the Appointments Committee of the Cabinet.
• The Education Ministry has also set up a 7-member panel headed by former ISRO chief K Radhakrishnan to review the agency's functioning and recommend exam reforms.

New Law to Curb Malpractices:

• The Centre has implemented a stringent law targeting malpractice and irregularities in competitive exams.
• Offenders could face a maximum jail term of 10 years and a fine of up to₹1 crore.

21) Answer: A

Short Explanation:

• Talks on acquiring additional Kalvari-class (Scorpene) submarines for the Indian Navy have progressed, with state-owned Mazagaon Dockyard Limited (MDL) in advanced discussions for a potential ₹35,000-crore deal that will help boost India's underwater strength.
• Navy's Urgent Requirement:The Navy urgently needs conventional submarines as the existing fleet of Russian-origin Kilo class submarines are nearing the end of their service life.
• The Navy is also pursuing the construction of 6 conventional submarines under Project 75I.

Detailed Explanation:

• Talks on acquiring additional Kalvari-class (Scorpene) submarines for the Indian Navy have progressed, with state-owned Mazagaon Dockyard Limited (MDL) in advanced discussions for a potential ₹35,000-crore deal that will help boost India's underwater strength.
• Indigenous Content: At least 60% of the new submarines' content will be indigenous, involving Indian sub-suppliers and the MSME sector, ensuring significant technology transfer and local job creation.
• Job Creation: The deal is expected to create approximately 5,000 jobs over the years.
• Local Ecosystem: A major part of the contract value will remain within India, benefiting the local economy and technological capabilities.
• Current Projects:MDL is Currently constructing the Kalvari-class submarines under Project 75 with French assistance.
• The sixth and final submarine of the current batch is likely to be delivered by the end of this year
• Delivery Timeline: As per MDL's proposal, the additional submarines can be delivered within six years.
• Navy's Urgent Requirement:The Navy urgently needs conventional submarines as the existing fleet of Russian-origin Kilo class submarines are nearing the end of their service life.
• The Navy is also pursuing the construction of 6 conventional submarines under Project 75I.

22) Answer: B

Short Explanation:

• The Indian Space Research Organisation (ISRO) successfully conducted the third and final landing experiment of its Reusable Launch Vehicle (RLV) ‘Pushpak’ at the Aeronautical Test Range in Chitradurga, Karnataka.
• The RLV LEX-03 which stands for Reusable Launch Vehicle Landing Experiment 3, demonstrated the autonomous landing capability under more severe wind conditions.

Detailed Explanation:

• The Indian Space Research Organisation (ISRO) successfully conducted the third and final landing experiment of its Reusable Launch Vehicle (RLV) ‘Pushpak’ at the Aeronautical Test Range in Chitradurga, Karnataka.
• The RLV LEX-03 which stands for Reusable Launch Vehicle Landing Experiment 3, demonstrated the autonomous landing capability under more severe wind conditions.
• The Chinook helicopter released the Reusable Launch Vehicle Pushpak at an altitude of 4.5 kms from the runway.
• Landing Velocity : Due to this vehicle’s low lift-to-drag ratio aerodynamic configuration, the landing velocity exceeded 320 kilometre per hour (kmph), compared to 260 kmph for a commercial aircraft and 280 kmph for a typical fighter aircraft.
• Guidance Algorithm : Through this mission, the advanced guidance algorithm catering to longitudinal and lateral plane error corrections, which is essential for the future Orbital Re-entry Mission has been validated.
• Sensor Systems : The RLV-LEX uses multisensor fusion including sensors like Inertial sensor, Radar altimeter, Flush air data system, Pseudolite system and
• Collaborative Effort:Lead Center: Vikram Sarabhai Space Centre (VSSC)

23) Answer: B

Short Explanation:

• India’s Neeraj Chopra made history again by winning the gold medal in the men’s javelin throw at the World Athletics Championships 2023 held in Budapest, Hungary.
• With an outstanding throw of 88.17 meters, the Olympic champion became the first Indian athlete to clinch a gold medal at the senior world championships.

Detailed Explanation:

• India’s Neeraj Chopra made history again by winning the gold medal in the men’s javelin throw at the World Athletics Championships 2023 held in Budapest, Hungary.
• With an outstanding throw of 88.17 meters, the Olympic champion became the first Indian athlete to clinch a gold medal at the senior world championships.

Neeraj Chopra's Historic Achievements:

• World Athletics Championships 2023: Gold with a throw of 88.17m.
• Tokyo 2020 Olympics: Gold, marking India's first-ever Olympic gold in track and field.
• Diamond League 2022: Champion, first Indian to win this prestigious title.
• Junior World Championships 2016: Gold, setting a world junior record.
• Asian Athletics Championships 2017: Gold.
• Asian Games 2018: Gold.
• Commonwealth Games 2018: Gold.

Comprehensive Set of Titles:

Neeraj Chopra's victory in Budapest completes an impressive set of major titles in javelin throw, showcasing his dominance in the sport. His achievements include:

• Olympic Gold: Tokyo 2020.
• World Championship Gold: Budapest 2023.
• Diamond League Title: 2022.
• Asian Athletics Championships Gold: 2017.
• Asian Games Gold: 2018.
• Commonwealth Games Gold: 2018.

24) Answer: C

Short Explanation:

• Max Verstappen notched his third consecutive victory at the Spanish Grand Prix, kicking off the triple-header race weekends with a dominant performance in Barcelona.

Lindblad Makes History as Youngest-Ever F3 Feature Race Winner

• Arvid Lindblad achieved a remarkable milestone by becoming the youngest-ever winner of an F3 Feature race, highlighting his burgeoning talent in motorsport.

Bell's Dominance in New Hampshire: Xfinity and Cup Series Success

• Christopher Bell secured a clean sweep at New Hampshire Motor Speedway, triumphing in both the Xfinity and Cup series races to mark a standout weekend in his racing career.

Detailed Explanation:

• Max Verstappen notched his third consecutive victory at the Spanish Grand Prix, kicking off the triple-header race weekends with a dominant performance in Barcelona.

Lindblad Makes History as Youngest-Ever F3 Feature Race Winner

• Arvid Lindblad achieved a remarkable milestone by becoming the youngest-ever winner of an F3 Feature race, highlighting his burgeoning talent in motorsport.

Bell's Dominance in New Hampshire: Xfinity and Cup Series Success

• Christopher Bell secured a clean sweep at New Hampshire Motor Speedway, triumphing in both the Xfinity and Cup series races to mark a standout weekend in his racing career.

Hat-Trick at Circuit de Barcelona-Catalonia

This victory marks Verstappen’s:

• 7th win in 10 races this season
• 3rd consecutive triumph at the Spanish track

Other Notable Performances at the Spanish Grand Prix

• Oscar Piastri (McLaren): 7th Place Oscar Piastri showcased a solid performance, securing 7th place in the Spanish Grand Prix, demonstrating his skill and consistency on the track.
• Sergio Pérez (Red Bull): Overcomes Grid Penalty to Finish 8th Sergio Pérez started 11th due to a grid penalty but made an impressive climb to finish 8th, showcasing his racecraft and determination in challenging circumstances.
• Pierre Gasly (Alpine): Claims 9th Place Pierre Gasly drove a competitive race, securing a respectable 9th place, highlighting his ability to capitalize on opportunities during the Spanish Grand Prix.
• Esteban Ocon (Alpine): Rounds Out Top 10 with 10th Place Finish Esteban Ocon completed the top 10 with a solid performance, earning valuable points for Alpine and demonstrating his capability in competitive racing conditions.

25) Answer: B

About Bihar :

• Governor : Rajendra Arlekar
• Chief Minister : Nitish Kumar
• Capital : Patna
• Wildlife Sanctuaries : Gautam Budha Wildlife Sanctuary, Pant Wildlife Sanctuary, Kaimur Wildlife Sanctuary