Daily GK and Current Affairs Quiz – 1st & 2nd August 2021

Correct Answer: A. Narendra Modi

Explanation: PM Modi has launched multiple educational initiatives including the Academic Bank of Credit that will provide multiple entries and exit options for students in Higher education. Academic Bank of Credit is envisaged as a digital bank that holds the credit earned by a student in any course.Academic Bank of Credit is a major instrument for facilitating multidisciplinary and holistic education and multiple entry and exit in higher education. Academic Bank of Credit and the Artificial Intelligence programme to make the youth future-oriented and open the way for an AI-driven economy.

Correct Answer – B. 18.2%

Explanation: The central government’s fiscal deficit stood at Rs 2.74 lakh crore or 18.2 per cent of the full year’s Budget estimate at the end of June, according to data released by the Controller General of Accounts (CGA). The fiscal deficit at the end of June 2020 was 83.2 per cent of the Budget Estimates (BE) of 2020-21.

The fiscal deficit or the gap between expenditure and revenue for 2020-21 was 9.3 per cent of the Gross Domestic Product (GDP), better than 9.5 per cent projected in the revised estimates in the Budget in February.

As per CGA data, the government received Rs 5.47 lakh crore (27.7 per cent of corresponding BE 2021-22 of total receipts) up to June 2021. The amount comprises Rs 4.12 lakh crore of tax revenues, Rs 1.27 lakh crore of non-tax revenues and Rs 7,402 crore of non-debt capital receipts. The receipts were 6.8 per cent of BE at the end of June 2020. Out of the total revenue expenditure, Rs 1.84 lakh crore was for interest payments and about Rs 1 lakh crore was on account of major subsidies.

In the 43rd meeting of the GST Council, the finance minister Nirmala Sitharaman had said a ministerial panel will be constituted to decide on the rates on the vaccines and medical supplies. According to its terms of reference, the GoM will examine the need for GST concession or exemption on Covid vaccines, drugs and medicines for Covid treatment, testing kits for Covid detection, medical-grade oxygen, pulse oximeters, hand sanitisers, oxygen therapy instruments (concentrators, generators and ventilators), PPE kits, N95 masks, surgical masks, temperature checking thermometers and any other items required for Covid relief.

Correct Answer – D. Comic Industry

Explanation: Graphic artist Anand Radhakrishnan has won the prestigious Will Eisner Comic Industry Award, considered the Oscars equivalent of the comics world. The Eisner Awards are given out annually and the award won by Radhakrishnan “Best Painter/Multimedia Artist (interior art)” recognises the creator of a graphic novel’s art and images.

Radhakrishnan shares the award with UK-based colourist John Pearson. They won for their work on UK-based author Ram V’s 145-page graphic novel Blue In Green, published in October 2020 by Image Comics.

About the award:

The Eisner Awards were founded in 1988 by American comics editor Dave Olbrich, in response to the discontinuation of the popular Kirby Awards for comics in 1987. The Eisners are named in honour of the pioneering writer and artist Will Eisner. The awards are announced each year at the San Diego Comic-Con.

Correct Answer – A. 14

Explanation: From India, 14 tiger reserves have received the accreditation of the Global Conservation Assured Tiger Standards (CA|TS), on the occasion of International Tiger Day on July 29, 2021. The National Tiger Conservation Authority (NTCA) recognized the ‘BaghRakshaks’ for their efforts in protecting Tigers and forests. The NTCA’s quarterly newsletter STRIPES was also released during the event.

The 14 tiger reserves of India that have received prestigious global accreditation from CA|TS are:

• Mudumalai and Anamalai Tiger Reserves, Tamil Nadu
• Bandipur Tiger Reserve, Karnataka
• Parambikulam Tiger Reserve, Kerala
• Sunderbans Tiger Reserve, West Bengal
• Dudhwa Tiger Reserve, Uttar Pradesh
• Valmiki Tiger Reserve, Bihar
• Pench Tiger Reserve, Maharashtra
• Satpura, Kanha and Panna Tiger Reserves, Madhya Pradesh

Conservation Assured | Tiger Standards (CA|TS)

• CA|TS has been agreed upon as an accreditation tool by the global coalition of Tiger Range Countries (TRCs) and has been developed by tiger and protected area experts.
• Officially launched in 2013, it sets minimum standards for effective management of target species and encourages the assessment of these standards in relevant conservation areas.
• CA|TS is a set of criteria that allows tiger sites to check if their management will lead to successful tiger conservation.
• The Global Tiger Forum (GTF), an international NGO working on tiger conservation, and World Wildlife Fund India are the two implementing partners of the National Tiger Conservation Authority for CATS assessment in India.

Correct Answer – B. 36th

Explanation: The 36th edition of CORPAT between India and Indonesia is being held on 30 and 31 July 2021, in the Indian Ocean region. The Indian Naval Ship (INS) Saryu, an indigenously built Offshore Patrol Vessel and Indonesian Naval Ship KRI Bung Tomo is undertaking coordinated patrol (CORPAT).

Besides this, Maritime Patrol Aircraft from both nations are also participating. The exercise is being conducted as a ‘non-contact, at sea only’ exercise in view of the COVID-19 pandemic. India and Indonesia have been conducting the Coordinated Patrols along the International Maritime Boundary Line (IMBL) since 2002 twice a year.

About the CORPAT:

The basic aim of CORPAT is to keep the Indian Ocean Region safe and secure for commercial shipping, international trade and conduct of legitimate maritime activities. CORPATs help build understanding and interoperability between navies and facilitate the institution of measures to prevent and suppress Illegal Unreported Unregulated (IUU) fishing, drug trafficking, maritime terrorism, armed robbery and piracy.

Correct Answer – E. London

Explanation:  A consignment of ‘Raja Mircha’, also referred to as King Chilli or Bhoot Jolokia, from Nagaland, has been exported to London for the first time. Naga king chilli is constantly on the top five in the list of the world’s hottest chillies based on the Scoville Heat Units. It got a GI tag in 2008. It was declared the hottest chilli pepper in the world by Guinness World Records in 2007.

Correct Answer – E. Mike Hendrick
Explanation:  Former England and Derbyshire bowler, Mike Hendrick has passed away. He played a major role in two of England’s Ashes-series victories and took 87 wickets in 30 Tests for his country between 1974 and 1981.Hendrick, who took 770 wickets in 267 first-class matches and 35 wickets in 22 ODIs, was also the first professional coach of Ireland.

Correct Answer – B. Madgaum Urban Co-operative Bank Limited

Explanation: The Reserve Bank of India has cancelled the licence of Madgaum Urban Co-operative Bank Limited, Margao, Goa, as the bank with its current financial position would be unable to pay its present depositors in full. According to the RBI, as per the data submitted by the bank, about 99 per cent of the depositors will receive full amounts of their deposits from the Deposit Insurance and Credit Guarantee Corporation (DICGC). The bank ceases to carry on banking business with effect from the close of business on July 29, 2021.

The Registrar of Cooperative Societies, Goa, has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank. On liquidation, every depositor would be entitled to receive deposit insurance claim amount of his/her deposits up to a monetary ceiling of Rs five lakh from the DICGC subject to the provisions of the DICGC Act, 1961. With the cancellation of licence and commencement of liquidation proceedings, the process of paying the depositors of the bank as per the DICGC Act, 1961 will be set in motion.

Correct Answer – B. 27%

Explanation:  The centre has announced 27% reservation for OBCs and a 10% quota for students from the economically weaker sections (EWS) for undergraduate and postgraduate medical and dental courses under the All-India Quota (AIQ) scheme. Under the AIQ scheme, 15% of seats at the UG level and 50% seats at the PG level are kept domicile free in government medical and dental colleges against which students from other states to are offered admission while the rest of the seats are kept only for students from within the state.

This will immensely help thousands of our youth every year get better opportunities and create a new paradigm of social justice in our country. A statement by the government said that the decision would benefit nearly 1500 OBC students in MBBS and 2500 OBC students in PG while it will also impact around 550 EWS students in MBBS and around 1000 EWS students in PG medicine.

About the AIQ scheme:

The AIQ scheme was introduced in 1986 under the direction of the Supreme Court to provide for domicile-free merit-based opportunities to students from any state to aspire to study in a good medical college located in another State.

Correct Answer – A. CBSE

Explanation: Intel in collaboration with the Central Board of Secondary Education (CBSE), Ministry of Education, announced the launch of the AI For All initiative with the purpose of creating a basic understanding of artificial intelligence (AI) for everyone in India.Based on Intel’s AI For Citizens program, AI For All is a 4-hour, self-paced learning program that demystifies AI in an inclusive manner.It is as applicable to a student, a stay at home parent as it is to a professional in any field or even a senior citizen. The program aims to introduce AI to 1 million citizens in its first year.Partnerships and Initiatives at Intel. 

Important Points for all competitive exams:

• Intel Chief Executive Officer: Pat Gelsinger;
• Intel Founded: 18 July 1968;
• Intel Headquarters: Santa Clara, California, United States;
• Intel Founders: Gordon Moore and Robert Noyce

Correct Answer – A. First Time

Explanation:The Indian women’s hockey team scripted history by qualifying for the Olympic Games semifinals for the first time.India stunned three-time champions Australia by a solitary goal in the biggest upset of the Olympics.A day after the Indian men’s team entered the Olympic semifinals following a 49-year gap, the world no. 9 women’s side also entered the history books with a phenomenally gritty performance.India’s best performance in the Olympics came way back in the 1980 Moscow Games where they finished fourth out of six teams.

Correct Answer – C. Italy

Explanation: Italy’s Lamont Marcell Jacobs won the gold medal in men’s 100m in 9.80s.American Fred Kerley clocked 9.84sec to take silver.Canada’s Andre de Grasse, a bronze medallist at the 2016 Rio Games, won bronze medal this year too.In women’s section, Jamaican sprinter Elaine Thompson-Herah won the gold medal in women’s 100 metres in 10.61 seconds.She defeated Shelly-Ann Fraser-Pryce, the 2008 and 2012 champion.

Correct Answer – A. Priyanka Chopra

Explanation: Italian luxury brand Bvlgari has appointed actor Priyanka Chopra Jonas as global brand ambassador.In her new role, the company Priyanka will support the Roman high jewellery house in amplifying the brand around the world, with a particular focus on themes of women empowerment, diversity and inclusion.Bvlgari is known for its gemstone jewellery, watches, fragrances, accessories and leather goods.Chopra Jonas is also a global UNICEF Goodwill Ambassador, and recipient of the prestigious Danny Kaye Humanitarian award, serving as a symbol of power and strength for millions of young women.

Correct Answer: D. Cyrus Poonawalla

Explanation: Chairman of Serum Institute of India (SII), Cyrus Poonawalla has been selected for the prestigious Lokmanya Tilak National Award for 2021.He has been named for his work during COVID-19 pandemic by manufacturing Covishield vaccine.Lokmanya Tilak national award.It comprises cash prize of Rs 1 Lakh and a momento.It is presented annually since 1983 on August 1 (death anniversary of Lokmanya Tilak by the Lokmanya Tilak Trust).

Correct Answer: C. 47.19

Explanation: The country’s exports grew 47.19 percent to USD 35.17 billion in July 2021 on account of healthy growth in petroleum, engineering, and gems, and jewelry segments. Imports during the month also rose by 59.38 per cent to USD 46.40 billion leaving a trade deficit of USD 11.23 billion. Exports of oilseeds, rice and meat, dairy and poultry products recorded negative growth in July 2021.

Correct Answer: B. 2015

Explanation: Over 29.55 crore loans amounting to Rs15.52 lakh crore have been sanctioned till July 2021, under Pradhan Mantri Mudra Yojana (PMMY) across the country since its inception in April 2015.Under the PMMY, institutional credit up to Rs10 lakh is provided by Member Lending Institutions (MLI) for entrepreneurial activities to micro and small business units, including for new enterprises.​Government allocates annual targets regarding the amount to be sanctioned under PMMY to MLIs.For the current financial year (FY), a target of sanction of Rs. 3.00 lakh crore has been fixed for MLIs. Pradhan Mantri Mudra Yojana (PMMY) and Stand-Up India Scheme (SUPI are the flagship Schemes implemented by the Department of Financial Services (DFS) for extending loans to entrepreneurs.

Correct Answer: C. Freakout Entertainment

Explanation: Movie promotion company Freakout Entertainment has been awarded the prestigious Dadasaheb Phalke Indian Television Award 2021 as a mark of recognition for its contribution to the Indian film and television industry over the last nearly decade.It is credited with having successfully managed more than 200 film city tour promotions in India and overseas, including the UK, US, and Dubai.​Freakout Entertainment has promoted many super hit films, including Kabir Singh, Golmaal, Tanhaji, Simba, Super 30, Pink, Padman, Singh is King, Brothers, Heropanti, Panipat, and Hindi Medium, to name a few.The film 83, based on India’s 1983 cricket world cup victory, which features Ranveer Singh in the role of legendary cricketer Kapil Dev, is Freakout Entertainment’s latest film project.

Correct Answer: B. Singing

Explanation: Popular playback singer Kalyani Menon passed away on 2 August 2021 due to an age-related illness.Born in Kerala, Menon has sung over 100 songs in Malayalam and Tamil movies and rendered many hit songs in Malayalam, including Narayaneeyam, Mukundamala, and MookambikaStotram.Kalyani Menon was the recipient of Kalaimamani Award by Tamil Nadu Government.

Correct Answer: D. Fincare Small Finance Bank

Explanation: Digital lender Fincare Small Finance Bank has received SEBI’s approvals to raise ₹1,330 crores through an initial share sale.The initial public offer (IPO) comprises a fresh issue of equity share of the bank worth ₹330 crores and an offer for sale aggregating up to ₹1,000 crores by promoter Fincare Business Services Limited.This offer includes a reservation for subscriptions by employees.