Current Affairs Questions and Answers 21st May 2024

21st May May Current Affairs 2024 Quiz

Q1. What was the GVA growth rate in the third quarter of 2023-24?

(a) 6.7%

(b) 7.0%

(c) 6.5%

(d) 8.4%

(e) 7.2%

Q2. Who benefits from the Surety Bond Bima insurance product?

(a) Only contractors

(b) Only principals

(c) Only project owners

(d) Both contractors and principals

(e) Only insurance companies

Q3. What is the primary aim of the recent revisions made by IRDAI to the regulations governing surety bonds?

(a) To expand the surety insurance market

(b) To restrict the availability of surety insurance products

(c) To reduce liquidity for contractors

(d) To increase administrative burden on insurers

(e) To limit insurers’ flexibility in managing contracts

Q4. Which US defense company was sanctioned by China for arms sales to Taiwan?

(a) Lockheed Martin

(b) Boeing

(c) Northrop Grumman

(d) Raytheon

(e) General Dynamics

Q5. What is the primary change introduced by SEBI in its LODR regulations?

(a) Introduction of a sunset clause

(b) Shifting to average market capitalization calculation

(c) Increasing the minimum promoters’ contribution

(d) Streamlining regulatory processes for board meetings

(e) None of the above

Q6. What did the India Meteorological Department predict for heat wave conditions during May 18-22, 2024?

(a) Heat wave conditions in isolated pockets over Rajasthan

(b) Severe heat wave conditions in Punjab and Haryana

(c) Heat wave conditions in parts of Uttar Pradesh and West Bengal

(d) Severe heat wave conditions in Bihar and Jharkhand

(e) Heat wave conditions in Gujarat and Madhya Pradesh

Q7. What percentage of India’s GDP is contributed by the MSME sector?

(a) 20%

(b) 25%

(c) 30%

(d) 35%

(e) 40%

Q8. How will Fusion Micro Finance utilize the initial disbursement of the loan?

(a) To expand business operations

(b) For employee training programs

(c) To enhance technological infrastructure

(d) For marketing and advertising campaigns

(e) To establish new branch offices

Q9. What regulatory process does SEBI aim to streamline according to the consultation paper?

(a) Prior intimation of board meetings

(b) Regulatory clearance for appointment of key management personnel

(c) Disclosure requirements for public issues

(d) Corporate governance guidelines for listed companies

(e) None of the above

Q10. Which of the following bonds is NOT included in the Surety Bond Bima insurance product?

(a) Bid bonds

(b) Advance payment bonds

(c) Performance bonds

(d) Retirement bonds

(e) Retention money bonds

Solutions

S1. Ans. (c)

Sol. The Gross Value Added (GVA) growth rate for the third quarter of 2023-24 was 6.5%. The GDP growth was higher at 8.4% due to significant tax collections during this period.

S2. Ans.(d)

Sol. The Surety Bond Bima insurance product benefits both contractors and principals (contract awarding authority) involved in infrastructure projects. It provides protection against breaches during bidding and performance stages, thus insulating both parties from potential risks and ensuring project completion.

S3. Ans.(a)

Sol.  The recent revisions made by IRDAI to the regulations governing surety bonds aim to expand the surety insurance market by enhancing the availability of such products and creating opportunities for more insurers to serve the increasing demand across various sectors of the economy. This is expected to benefit contractors by increasing liquidity and boosting project execution, particularly in the infrastructure sector.

S4. Ans.(b)

Sol. Boeing’s Defence, Space & Security unit was one of the three US defense companies sanctioned by China for their involvement in arms sales to Taiwan. This move highlights the sensitivity of cross-strait relations and the consequences faced by companies engaging in such transactions.

S5. Ans.(b)

Sol. SEBI has revised its LODR regulations by introducing a shift from determining the applicability of provisions based on a single day’s market capitalization to calculating average market capitalization over a defined period. This change aims to provide a more accurate reflection of a company’s market value and regulatory compliance requirements.

S6. Ans.(d)

Sol . According to the India Meteorological Department’s forecast mentioned in the article, severe heat wave conditions were predicted in Bihar and Jharkhand during May 18-22, 2024, highlighting the regional impact of the anticipated heat waves.

S7. Ans.(c)

Sol. The MSME sector in India contributes over 30% to the country’s GDP.

S8. Ans.(a)

Sol.  Fusion Micro Finance plans to use the initial disbursement of $20 million for the expansion of business operations. This includes advancing financial inclusion efforts and empowering rural women entrepreneurs, aligning with the company’s growth strategy.

S9. Ans.(a)

Sol. SEBI’s consultation paper suggests streamlining the process of prior intimation of board meetings to stock exchanges, particularly focusing on fund-raising proposals involving the issue of securities and determination of issue price. This proposal aims to enhance efficiency in regulatory compliance while ensuring transparency in corporate governance practices.

S10. Ans.(d)

Sol. The Surety Bond Bima insurance product by SBI General includes various types of bonds such as bid bonds, advance payment bonds, performance bonds, and retention money bonds. However, retirement bonds are not part of this insurance product.