Current Affairs Questions and Answers 01st July 2024

01st July Current Affairs 2024 Quiz

Q1. Which publication, published by IMF, provides comprehensive economic analysis and growth projections for individual countries and the global economy?

(a) Global Financial Stability Report (GFSR)

(b) Regional Economic Outlook (REO)

(d) Fiscal Monitor

(e) Monetary and Capital Markets Department Reports

Q2. Which institution retained India’s economic growth forecast for the current fiscal year at 6.4%?

(a) International Monetary Fund (IMF)

(b) World Bank

(d) Asian Development Bank

(e) Federal Reserve

Q3. Why did the International Monetary Fund (IMF) raise India’s GDP growth forecast for the current fiscal year to 6.1%?

(a) Stronger domestic investments

(b) Reduced chances of a US recession

(d) Resolving US debt ceiling standoff

(e) Subdued exports due to global slowdown

Q4. Who is the current Director General of the World Trade Organization (WTO)?

(a) Christine Lagarde

(b) Angela Merkel

(d) Justin Trudeau

(e) Xi Jinping

Q5. Who has been elected as the chair of the 13th Ministerial Conference of the World Trade Organization (WTO) to be held in Abu Dhabi in February 2024?

(a) Dr. Thani Al Zeyoudi

(b) Thuraiya Hamid Alhashmi

(d) Thani Al Zeyoudi

(e) Thuraiya Alhashmi

Q6. The New Development Bank (NDB) was established by which group of countries?

(a) G7

(b) ASEAN

(d) NAFTA

(e) SAARC

Q7. What percentage of ₹2000 denomination banknotes issued before March 2017 have reached the end of their useful life?

(a) 45%

(b) 62%

(d) 89%

(e) 95%

Q8. Which state saw the highest increase in MGNREGA job card deletions from 2021-22 to 2022-23?

(a) West Bengal

(b) Andhra Pradesh

(d) Gujarat

(e) Uttar Pradesh

Q9. What is the current interest rate approved by the Union government for EPF deposits for the financial year 2022-23?

(a) 7.85%

(b) 8.10%

(d) 8.25%

(e) 8.50%

Q10. Which ministry oversees the functioning of the Employees Provident Fund Organisation (EPFO)?

(a) Ministry of Finance

(b) Ministry of Labour and Employment

(d) Ministry of Home Affairs

(e) Ministry of Human Resource Development

Q11. What percentage of MGNREGA workers were women in 2022-23?

(a) 38.57%

(b) 45.21%

(d) 57.43%

(e) 64.79%

Q12. What percentage of an employee’s wages is contributed to the Employees’ Provident Fund (EPF) account?

(a) 8%

(b) 10%

(d) 15%

(e) 18%

Q13. Exercise Talisman Sabre is an annual military exercise conducted between which two countries?

(a) Australia and Canada

(b) Australia and New Zealand

(d) Australia and the United States

(e) Australia and the United Kingdom

Q14. What is the main objective of the Gruha Lakshmi Yojana launched by the Karnataka Government?

(a) To provide financial assistance to men heads of households.

(b) To provide financial assistance to women heads of households.

(d) To support women’s education and skill development.

(e) To provide housing subsidies to women beneficiaries.

Q15. Which of the following is NOT an initiative taken by the Ministry of Cooperation to strengthen Primary Cooperatives (PACS)?

(a) Formation of new Farmer Producer Organization (FPOs) by PACS.

(b) PACS eligible for LPG Distributorship for diversifying its activities.

(d) Rupay Kisan Credit Card to Members of Milk Cooperatives.

(e) All of the above are initiatives taken by the Ministry of Cooperation.

Solutions

S1. Ans.(c)

Sol. The World Economic Outlook (WEO) is the publication that provides comprehensive economic analysis, growth projections, and macroeconomic forecasts for both individual countries and the global economy.

S2. Ans.(d)

Sol. The Asian Development Bank retained India’s economic growth forecast for the current fiscal year at 6.4% in its latest projection.

S3. Ans.(a)

Sol. The IMF raised India’s GDP growth forecast to 6.1% due to stronger domestic investments, which contributed to the growth momentum observed in the fourth quarter of 2022 (FY23).

S4. Ans.(c)

Sol. Ngozi Okonjo-Iweala is the current Director General of the WTO, becoming the first woman and the first African to hold this position.

S5. Ans.(a)

Sol. Dr. Thani Al Zeyoudi. He has been elected as the chair of the 13th Ministerial Conference of the WTO, which is scheduled to take place in Abu Dhabi in February 2024. This role will involve leading discussions and setting the roadmap for future work within the organization.

S6. Ans.(c)

Sol. The New Development Bank (NDB) is a multilateral development institution established by Brazil, Russia, India, China, and South Africa (BRICS) to finance sustainable development projects in emerging economies.

S7. Ans.(d)

Sol. According to the RBI, 89% of ₹2000 denomination notes were issued prior to March 2017 and are nearing the end of their useful life.

S8. Ans.(a)

Sol. The number of MGNREGA job card deletions in West Bengal increased by over 5,000% from 1,57,309 in 2021-22 to 83,36,115 in 2022-23.

S9. Ans.(c)

Sol. The Union government has approved an 8.15% interest rate on Employees Provident Fund (EPF) deposits for the financial year 2022-23. This decision was taken after the EPFO trustees ratified the proposal to increase the interest rates, which were previously at a four-decade low of 8.10%.

S10. Ans.(b)

Sol. The Employees Provident Fund Organisation (EPFO) operates under the Ministry of Labour and Employment, Government of India. It is responsible for managing the EPF, a social security scheme for salaried employees in India.

S11. Ans.(d)

Sol. In 2022-23, 57.43% of MGNREGA workers were women, indicating significant female participation in the scheme.

S12. Ans.(c)

Sol. Employees contribute 12% of their wages to their EPF accounts. This contribution is mandatory for salaried employees, and it forms a part of their retirement savings.

S13. Ans.(d)

Sol. Exercise Talisman Sabre is Australia’s largest bilateral military exercise, conducted jointly with the United States. It aims to enhance interoperability and strengthen relationships between the participating military forces.

S14. Ans.(b)

Sol. The Gruha Lakshmi Yojana launched by the Karnataka Government aims to provide financial assistance of Rs. 2,000 per month to women who are the heads of their households in the state.

S15. Ans.(e)

Sol. Each of the mentioned initiatives (a to d) is a step taken by the Ministry to strengthen Primary Cooperatives (PACS). These initiatives aim to make PACS more transparent, economically vibrant, and multipurpose entities, diversifying their activities and improving their access to various services.