Daily GK and Current Affairs Quiz – 2nd February 2023

Correct Answer:  B. Israel

Explanation:  The Adani Group acquired the strategic Israeli port of Haifa for USD 1.2 billion and vowed to transform the skyline of this Mediterranean city as part of its decision to invest more in the Jewish nation, including opening an artificial intelligence lab in Tel Aviv.  Adani Group chairman Gautam Adani, whose business empire was rocked by allegations of fraud by US short seller Hindenburg Research, appeared alongside Israeli Prime Minister Benjamin Netanyahu for signing of the deal to takeover Haifa Port, and spoke of investment opportunities.

• In July last year, the group announced the acquisition of Haifa Portwith a local partner, Gadot, for $1.15 billion. Prime Minister Netanyahu described the Haifa port deal with the Adani Group as an “enormous milestone”, saying it will significantly improve connectivity between the two countries in many ways.
• Adani said the group has struck many critical partnerships in Israelthat include Elbit Systems, Israel Weapon Systems, and Israel Innovation Authority. We are also in the process of setting up an Artificial Intelligence lab in Tel Aviv which will work in close collaboration with our new AI labs in India and US.

Correct Answer:  B. New India Assurance

Explanation:  The New India Assurance has launched “Pay as You Drive” policy for vehicles. It is a comprehensive motor insurance policy that charges premiums based on vehicle usage. The policy has two components – third-party cover and own-damage cover. This policy offered features like discounts on renewals, coverage beyond the distance limit, and enhanced protections. The discount will be applied to the basic own damage premium.

Correct Answer:  C. 14.19 lakh

Explanation:  According to data, released by the RBI, as of December 2022, the total number of micro ATMs across the country has reached 14.19 lakh. But, there has been no significant surge in the value of money withdrawn through these devices since June 2022.

• There were just about 3.56 lakh micro ATMs in India in 2020
• The cash withdrawal in Dec 2021 was ₹25.2-lakh crore.
• It grew to only about ₹25.5-lakh crore by November 2022
• The data for cash withdrawal for December was not released

Correct Answer:  C. 95 GW

Explanation:  According to the research firm, Mercom Capital, India’s solar module manufacturing capacity would reach approximately 95 GW by the end of 2025. As of September last year, the solar module manufacturing capacity was 39 gigawatts (GW). The Report title: “State of Solar PV Manufacturing in India”. Indian PV manufacturers are strategically poised to expand their production capacities and adopt new technologies. The US-based Mercom Capital Group is a clean energy research firm.

Correct Answer:  D. Rs 2.4 lakh crore

Explanation:  On 1 February, Finance Minister Nirmala Sitharaman made a record allocation of 2.4 lakh crore rupees for the Indian Railways in her budget. Sitharaman allocated Rs 1,40,367.13 crore for the rail industry in the previous budget. This is the highest ever outlay in the history of Railways, nearly nine times the outlay made in 2013-14. Indian Railways plans to build at least 500 Vande Bharat Express trains, achieve 100% electrification, and implement an ambitious station redevelopment plan. Apart from the Vande Bharat Express, the Railways also plans to refurbish the coaches of major trains like Rajdhani, Shatabdi, Duronto, Humsafar and Tejas.

Indian Railways will come up with 35 hydrogen-fuel-based trains to focus on clean energy. Apart from this, the manufacture of 4,500 newly designed automobile carrier coaches with side entry, 5,000 LHB coaches and 58,000 wagons is also expected to get a boost. The government plans to start at least 75 Vande Bharat trains by August 2023. In 2016, the Narendra Modi government merged the Rail Budget with the Main Budget, which was earlier a separate Rail Budget.

Correct Answer:  C. 7.0%

Explanation:  Nominal GDP is projected to grow at 15.4% Y-o-Y in FY2022-23 according to the Fiscal Policy statements. The real GDP is projected to grow by 7% year-on-year (Y-o-Y) as against 8.7% in 2021-22. As per the Fiscal policy statements, the Indian agriculture sector is projected to grow by 3.5% in FY2022-23. India has rapidly emerged as the net exporter of agricultural products in recent years. India’s agriculture exports reached $50.2 Bn in FY 2022-23. The total kharif food grain production is estimated at 149.9 million tonnes. This is higher than the average Kharif food grain production of the last five years. The industry sector and service sector are projected to show growth of 4.1% and 9.1%, respectively, in FY 2022-23.

• Private consumption is estimated to grow at 7.7% in FY 2022-23. Exports are estimated to grow at 12.5% in FY 2022-23.
• The share of exports in GDP (at 2011-12 prices) also increased to 22.7% in FY 2022-23.
• According to the Statement of Fiscal Policy, growth in FY 2023-24 will be supported by solid domestic demand and an improvement in capital investment.
• ‘Statements of Fiscal Policy’ were presented by Union Minister of Finance Nirmala Sitharaman along with Union Budget 2023-24 in Parliament on 01 February 2023.
• Real GDP is the GDP calculated at constant prices, nominal GDP is the GDP calculated at current prices.

Correct Answer:  B. V Ramachandra

Explanation:  V Ramachandra, a former chief general officer of Canara Bank, was appointed by the Reserve Bank on Tuesday to the advisory committees of Srei Infrastructure Finance Limited (SIFL) and Srei Equipment Finance Limited (SEFL).

• The RBI had created a three-member advisory council to support the administrator of the two crisis-ridden enterprises after replacing the boards of SIFL and SEFL in October 2021.
• During the corporate insolvency resolution process, the Advisory Committee shall provide advice to the Administrator regarding the management of SIFL and SEFL.
• Venkat Nageshwar Chalasani, a former deputy managing director at the State Bank of India, and T. Srinivasaraghavan, a former managing director at Sundaram Finance Limited, make up the other two members of the committee.
• The National Company Law Tribunal’s Kolkata Bench received applications from the RBI in

The three-member committee established pursuant to the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019, “will remain as the advisory body” following the NCLT’s admission of the petitions.

Correct Answer:  A. India and USA

Explanation:  India and US have agreed to form a task force to boost cooperation in the semiconductor industry. They have agreed to form a task force involving India’s Semiconductor Mission, India Electronics Semiconductor Association and the US Semiconductor Industry Association. The aim is to develop a readiness assessment in order to identify near-term opportunities and help in the longer-term development of semiconductor ecosystems.

India and US also set up a quantum coordination mechanism with participation from industry and academia. They agreed to focus on the shared production of key items of mutual interest in the field of defense manufacturing. A new innovation Bridge will be established to connect defense startups on both sides. India and US agreed to launch a public-private dialogue that will cover 5G and 6G and Open Radio Access Network (ORAN).

Correct Answer:  C. Dr Manmohan Singh

Explanation:  Former prime minister Dr Manmohan Singh was recently conferred a Lifetime Achievement Honour by the India-UK Achievers Honours in London for his contribution to economic and political life. The India-UK Achievers Honours by NISAU UK, in partnership with the British Council in India and the UK’s Department for International Trade (DIT), celebrate the achievements of Indian students who studied at British universities and the Lifetime Achievement Honour is a nod to Dr Singh’s academic achievements at the Universities of Oxford and Cambridge. To mark 75 years of India’s independence, the first-ever India UK Achievers Honours covered 75 high achievers and some key Outstanding Achievers who bolster the India-UK diaspora living bridge.

• British Indian peer Lord Karan Bilimoria received the Living Legend Honour at the awards ceremony on January 25.
• Opposition Labour Party MP Virendra Sharma, another a patron of NISAU UK, was also conferred the Living Legend Honour.
• Among the Outstanding Achievers honoured included Bollywood actor Parineeti Chopra, Aam Aadmi Party (AAP) spokesperson Raghav Chadha, Serum Institute of India CEO Adar Poonawalla and Indian women’s football team goalkeeper Aditi Chauhan.

Correct Answer:  B. Chennai

Explanation:  The first G20 Education working group meeting is being organized in Chennai on 1st Feb 2023 and will continue till 2nd Feb 2023. The Minister of State for Information and Broadcasting, Dr. L. Murugan inaugurated the session. Discussion topic: K-12 education, tech-enabled learning, and skill development. A seminar on the ‘Role of Digital Technology in Education’ – a unique initiative under India’s Presidency was organized at the IIT Madras Research Park.

Correct Answer:  A. 1-7 February

Explanation:  World Interfaith Harmony Week is an annual event observed during the first week of February(1-7), after General Assembly designation in 2010. These celebrations focus on creating mutual understanding and interreligious dialogue to promote harmony between people regardless of their faith. The General Assembly encourages all countries to voluntarily disseminate the message of interfaith tolerance and goodwill in accordance with their religious traditions or convictions.

World Interfaith Harmony Week (WIHW), conceived to promote a culture peace and nonviolence, was first proposed by King Abdullah II of Jordan at the United Nations in 2010. This was quickly adopted by the UN General Assembly (resolution A/RES/65/5), declaring the first week of February each year as World Interfaith Harmony week, calling on governments, institutions and civil society to observe it with various programs and initiatives that would promote the aim of the WIHW objectives.

Correct Answer:  C. Seven

Explanation:  Union Finance Minister, Nirmala Sitharaman is presenting the Union Budget 2023 for the 5th time in a row. She will be presenting the financial statements and tax proposals for the fiscal year 2023-24 (April 2023 to March 2024). A Made in India tablet has replaced the traditional ‘Bahi Khata’ as Union Finance Minister Nirmala Sitharaman leaves the Finance Ministry’s office to go to the Parliament to present the Budget. This is the first budget in ‘Amritkal‘ This Budget hopes to build on the foundations laid in the previous Budget and the blueprint drawn for India@100. Indian economy is on the right track and heading towards a bright future. The Budget 2023 focuses on seven priorities, which the FM called the “Saptrishis guiding us through Amrit Kaal”. 

7 Priorities of Budget2023

1. Inclusive development
2. Reaching last mile
3. Infrastructure and investment
4. unleashing potential
5. Green growth
6. Youth Power
7. Financial Sector

Correct Answer:  C. 13%, 21%

Explanation:  The Government has proposed to reduce the basic customs duty rates on goods, other than textiles and agriculture, to 13% from 21%. This has necessitated minor changes in the basic customs duties, cesses and surcharges on some items including toys, bicycles, automobiles and naphtha.

Correct Answer:  C. 10.5%

Explanation:  The Union Budget has pegged India’s nominal GDP at 10.5% in the financial year 2023-24. Nominal GDP includes changes in prices due to inflation and presumes importance in the Budget as other numbers are calculated on this projection. According to the Fiscal Policy statements the Nominal GGP was projected to grow at 15.4 % year-on-year (Y-o-Y) in FY2022-23.