Correct Answer :   ₹155.6

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In March 2023, the Indian government’s debt stood at ₹155.6 lakh crore, accounting for 57.1% of the country’s GDP. This represents a reduction from 61.5% of GDP in 2020-21, indicating efforts to manage debt levels.

The government has also implemented various schemes to promote capital expenditure, economic growth, and welfare at both macro and micro levels.

Additionally, a roadmap has been set in place to achieve the ambitious goal of making India a $5 trillion economy, involving digital economy promotion, technology-enabled development, energy transition, and more.


I. Government Debt and Fiscal Management :

* As of March 31, 2023, the central government’s debt amounted to ₹155.6 lakh crore, which represents 57.1% of the GDP.
* This debt-to-GDP ratio has reduced from 61.5% in 2020-21, indicating efforts to manage fiscal deficits and control debt accumulation.
* The debt of state governments is estimated to be around 28% of GDP at the end of the fiscal year 2022-23.


II. Capital Expenditure and Investment :

* Gross Fixed Capital Formation (GFCF) in the Indian economy has increased from ₹45.41 lakh crore in 2018-19 to ₹54.35 lakh crore in 2022-23 (Provisional Estimates).
* The government has implemented the ‘Scheme for Special Assistance to States for Capital Expenditure’ and ‘Scheme for Special Assistance to States for Capital Investment’ to support capital projects in sectors like health, education, irrigation, and power.
* In the fiscal year 2023-24, ₹84,883.90 crore has been sanctioned under the special assistance schemes, with ₹29,517.66 crore disbursed to various states for capital expenditure and investment.

III. Roadmap for India’s $5 Trillion Economy :

* The government’s roadmap for achieving a $5 trillion economy focuses on growth at the macro level and inclusive welfare at the micro level.
* Initiatives include promoting the digital economy, fintech, technology-enabled development, energy transition, climate action, and encouraging a virtuous cycle of investment and growth.
* Major reforms have been implemented since 2014, including GST, IBC, corporate tax rate reduction, Make in India, Start-up India, and Production Linked Incentive Schemes.


IV. Capital Expenditure and Economic Growth :

* The central government’s capital expenditure has increased from 2.15% of GDP in 2020-21 to 2.7% of GDP in 2022-23, reflecting a commitment to infrastructure development and investment.
* The Union Budget 2023-24 has further increased the capital investment outlay by 33% to ₹10 lakh crore (3.3% of GDP) for the third consecutive year.
* This substantial push in capital investment is aimed at fostering economic growth and attracting private investment.

Correct Answer :   44%

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Transactions using the UPI (Unified Payments Interface) network touched a record high in July 2023, both in terms of volume and value, after witnessing a slight dip in June 2023.

Growth in Volume and Value :

The value of total UPI transactions touched ₹15.34-lakh crore, up 4 per cent m-o-m and 44 per cent y-o-y.

The number of transactions touched a high of 996 crore during the month, higher by 6.6 per cent from the previous month and 58 per cent compared to July 2022, according to data provided by the National Payments Corporation of India (NPCI).

The number of monthly transactions crossed the 900-crore in May 2023 and is expected to cross the 1,000-crore mark in the current quarter, according to market participants.

The growth in the value of UPI transactions has been over 40 per cent y-o-y and the growth in the volume has been above 50 per cent y-o-y.

In June, the transactions were 59 per cent higher y-o-y and value of transactions was higher by 45 per cent y-o-y.

Impressive Performance in FY23 :

In FY23, the UPI platform processed a total of 8,376 crore transactions aggregating to ₹139-lakh crore, compared with 4,597 crore transactions worth ₹84-lakh crore in FY22.

UPI-led retail digital payments grew at a CAGR of 50 per cent in volume and 27 per cent in value between FY17 and FY22, per RBI’s annual report for 2022-23.

The central bank’s Digital Payments Index, a measure of the extent of digitisation of payments across the country, rose to 395.57 in March 2023 from 377.46 in September 2022 and 349.30 in March 2022.

The Economic Survey for 2022-23 said that UPI transactions, on an average, grew 121 per cent in value and 115 per cent in volume between FY19 and FY22. It further said that India has the highest fintech adoption rate of 87 per cent compared to the global average of 64 per cent, helping the country to achieve the third place in digital payments behind the US and China.

Future Projections and Dominance of UPI Payments :

UPI transactions are expected to breach 100 crore transactions per day by FY27, per a report by PwC India.

According to the report, UPI payments will dominate the retail digital payments landscape, accounting for 90 per cent of total transaction volumes over the next 5 years..


Source : The Hindu Businessline

Correct Answer :   28%

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The 51st meeting of the Goods and Services Tax (GST) Council has decided to impose a 28% tax on the full face value of bets placed on online gaming, which will be implemented from 1st October 2023.

GST Council’s Decision and Implementation :

* The Finance Minister of India, Nirmala Sitharaman, announced that the 28% GST on online gaming will take effect from 1st October 2023.
* The decision aims to provide clarity on the taxation of supplies in casinos, horse racing, and online gaming.
* The council recommended amendments in the CGST Act 2017 and IGST Act 2017 to facilitate this implementation.
* Additionally, a specific provision in the IGST Act, 2017 will be inserted to address the liability to pay GST on the supply of online money gaming from suppliers located outside India to individuals within India.


Valuation of Online Gaming and Casinos :

* The GST Council recommended that the valuation of supply for online gaming and actionable claims in casinos should be based on the amount paid or payable to the supplier by the player, excluding the amount entered into games/bets from previous winnings.
* This decision is aimed at providing clarity on how to determine the taxable value and streamline the taxation process for these sectors.

State Minister Opposition and Varied Opinions :

While some states, including Delhi, opposed the levy of the 28% tax on online gaming, others like Goa and Sikkim expressed their preference for taxing the Gross Gaming Revenue (GGR) rather than the face value of bets. On the other hand, states like Karnataka, Gujarat, Maharashtra, and Uttar Pradesh supported the decision taken at the last GST Council meeting for the implementation of the new levy.


About the GST Council :
 
* The GST Council, a constitutional body with the responsibility of proposing measures for the implementation of the Goods and Services Tax (GST) in India, conducted its first session in September 2016. Since its inception, it has been meeting regularly to deliberate and decide on various GST-related issues.
* According to Article 279A (1) of the amended Constitution, the President must constitute the GST Council within 60 days of the commencement of Article 279A. The Council has been instrumental in making significant decisions regarding the GST, encompassing tax rates, exemptions, thresholds, and administrative procedures.

Correct Answer :   Beijing

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China's capital city is facing nature's fury in the form of record-breaking rainfall in past few days. Beijing witnessed its heaviest-ever-rainfall in at least 140 years.

Many car sweeping away due to flood after heavy rains in Beijing, China 🇨🇳 (31.07.2023)

TELEGRAM JOIN 👉 https://t.co/9cTkji5aZq pic.twitter.com/f8Dj58WAIw

— Disaster News (@Top_Disaster) July 31, 2023

The city recorded 744.8 milimeters of rainfall(29.3 inches) between Saturday and Wednesday (2nd August 2023) morning. Beijing and the surrounding province of Hebei have been hit by severe flooding because of the record rainfall. Torrential rainfall has also resulted in water levels rising to dangerous levels. Videos of cars being swept away due to severe flooding in Beijing are widely shared on the internet.

 Heavy rainfall caused destruction of roads, power cuts, water supply cut in many cities of the country. The flooded rivers surrounding the capital left cars submerged in water.

Hardest hit areas in China :

Out of all the Western China, Zhuozhou is the worst hit city. It is located in Hebei province that borders Beijing's southwest. On Tuesday night, police there issued a plea on social media for lights to assist with rescue work. There is still no clear numbers about the number of people trapped in flood-stricken areas the city and surrounding villages.

On Wednesday (2nd August 2023), waters in Gu'an county in Hebei, which borders Zhuozhou, reached as high as halfway up a pole where a surveillance camera was installed.

Gu'an county resident Liu Jiwen, 58, was evacuated from his village on Tuesday night. “There’s nothing we can do. It’s natural disaster," he said. Two other people who were passing through the flooded areas to rescue people stranded in the nearby village.

Torrential region in the capital city has caused arund 20 deaths and left more than 27 people misssing. Nature's fury forced more than 850,000 people to relocate to relief and rescue camps, local authorities in Hebei province said.

Last time when the city was lashed with such a severe level of flood was in 1891, the Beijing Meteorological Bureau said Wednesday, when the city received 609 millimeters (24 inches) of rain. The earliest precise measurements made by machines are from 1883..

Source : Mint

Correct Answer :   Elon Musk

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The world’s Billionaires List or Real-Time Billionaires list is an annual ranking of the world’s wealthiest billionaires based on their recorded net worth.

It is produced and published by Forbes Magazine every March. The first edition of this ranking was published in 1987.

The net total worth of each person is approximated on the basis of their reported assets and accounting for debt and other considerations. The ranking published the net total worth of each person in US dollar. These rankings do not include royalty or dictators whose wealth is derived from their status.

List of Top 10 Billionaires (Till 3rd August 2023) :

Elon Musk stands in the first position on the list of Billionaires. He is the world’s richest person with a net worth of $239.3B. He is getting a significant portion of his wealth from Telsa and SpaceX.

Correct Answer :   Uttar Pradesh

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The Uttar Pradesh Cabinet on Tuesday (1st August 2023) approved a policy that aims at making the state a water tourism and adventure sports destination.


Approval and validity :

The Uttar Pradesh Water Tourism and Adventure Sports Policy, 2023, will be valid for 10 years from the date notified by the state government, an official release quoting Tourism Minister Jaiveer Singh said.

Hills in the Vindhya and the Bundelkhand regions, about 16,620 sq km in the foothills of the Himalayas as well as forest areas, rivers and waterfalls, dams, reservoirs and lakes have a lot of potential for water-based tourism, adventure sports and water sports, he said.

Policy Details :

“Keeping this in mind, we brought the policy, which has got the approval from the Council of Ministers. This policy will be valid for 10 years from the date notified by the state government,” the tourism minister said.

This policy will be applicable to all inland land-based, air-based and water routes, dams, reservoirs, lakes, rivers and ponds, and all adventure activities to be carried out on various water bodies and land parcels within the jurisdiction of Uttar Pradesh, he said.

He said that under the policy, the nodal agency will create adventure sports units at the divisional level. Ex-servicemen will be included in adventure sports units for which the Uttar Pradesh State Tourism Development Corporation will sign an agreement with the Uttar Pradesh Ex-Servicemen Welfare Corporation, he said.

Besides this, approval was also given to the proposal of the tourism department to develop and operate loss-making or non-operational tourist accommodation houses on public-private partnership (PPP) mode..

Source : The Print

Correct Answer :   Microsoft

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Microsoft has appointed Puneet Chandok as the new Corporate Vice President of Microsoft India and South Asia, effective from September 1, 2023.

He will take over operational responsibilities from Anant Maheshwari and will lead the integration of Microsoft’s businesses across South Asia, including countries like Bangladesh, Bhutan, Maldives, Nepal, and Sri Lanka.

Aim : Puneet aims to strengthen Microsoft’s presence in the region and focus on key industries through a customer-centric approach, with generative AI as a core technology.

This appointment comes during a period of significant market expansion for Microsoft, especially in cloud technology and digital innovation.

With a massive partner ecosystem globally, including a substantial network in India generating high cloud revenue, and investments in local infrastructure, such as a new data center in Hyderabad, Microsoft’s growth aligns with India’s emergence as a global innovation hub.

The company is dedicated to serving the market with transformative digital technology to contribute to India’s economic progress and inclusive growth agenda.

Puneet Chandok Experience :

Puneet joins Microsoft after leading the India and South Asia business for AWS, where he worked closely with enterprises, digital businesses, startups, and SMBs to drive innovation and agility. Before that, he held senior roles at McKinsey and IBM.

Puneet’s educational background includes an MBA from the Indian Institute of Management Calcutta, a bachelor’s degree in commerce, and diplomas in Computer Programming, Networking, and High-level Computer Systems.

Correct Answer :   Diego Godin

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Former Uruguay defender Diego Godin retired from professional soccer on Monday (31st July 2023), ending a 20-year career at age 37.

Godin played in four World Cups and spent much of his club career in Spain, notably at Atlético Madrid from 2010 to 2019. This season, he played in Argentina for Velez Sarsfield.

“Dear soccer, today I am finishing a stage of my life. A stage that was my life,” Godin said in his social media channels. “I am coming back home with my family now. That’s something I always wanted. Since the moment I left, I wanted to enjoy my country and my family.”

Godin announced his retirement a day after his final appearance for Velez in a 1-0 loss to Huracan.

The Uruguayan also had spells at Villarreal, Inter Milan and Cagliari. He arrived at Velez in the second half of 2022 after a disappointing stint at Brazil’s Atletico Mineiro.

Godin played more than 600 professional matches and scored 38 goals in his career. He lifted 10 titles, including two at the Europa League.

He played for Uruguay at the past four World Cups..

Source : News18

Correct Answer :   Jitendra Singh

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Union Minister, Dr Jitendra Singh on Tuesday (1st August 2023) launched India’s first indigenously developed, affordable, lightweight, ultrafast, high field (1.5 Tesla), next generation Magnetic Resonance Imaging (MRI) Scanner.

Dr Jitendra said, as an indigenous MRI scanner is made available, the cost of MRI scanning is expected to reduce considerably for the common man thus allowing a wider access to the otherwise highly priced MRI scans.

He said, additionally, the capital investment of procurement of MRI scanners from the international market will be substantially reduced which in turn will save a lot of foreign exchange, the twin mission objectives of Prime Minister Narendra Modi and the overall objective of Atma Nirbharta in cutting edge diagnostic and therapeutic manufacturing in India.

The Minister said, in coming years, there will be “Make in India-Made for the World”.

Dr Jitendra said that it is indeed a milestone achievement for National Biopharma Mission (NBM), Biotechnology Industry Research Assistance Council (BIRAC) and Department of Biotechnology (DBT) as we unveil the first indigenously developed state-of-the-art MRI Scanner under Public-Private Partnership mode.

The Minister said, India will address many of these problems by making available the first indigenously developed MRI Scanner which is affordable compared to the already available machines.

In his address, Secretary, DBT, Dr Rajesh Gokhale said that Department of Biotechnology (DBT) through its various programs has made enormous efforts in strengthening the biopharma sector with attention to devices and diagnostics ecosystem India..

Source : State Times

Correct Answer :   Thuraiya Hamid Alhashmi

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BRICS’ New Development Bank (NDB) has elected Thuraiya Hamid Alhashmi, Director of International Financial Relations and Organisations Department at the UAE Ministry of Finance, as a member of its Board of Directors and a Constituency Director.

Alhashmi will become the first Emirati and Arab woman to assume a Director’s position at the multilateral bank, established by the grouping by Brazil, Russia, India, China and South Africa (BRICS) in July 2015.

Her appointment followed an internal voting process during NDB’s 8th annual meeting, held recently in Shanghai, China.

In her new role, Alhashmi will be able to serve the UAE and its global contributions across financial areas.

The UAE’s national talents have supported infrastructure projects and sustainable development goals (SDGs), and Alhashmi’s expertise will enrich the UAE’s contribution to NDB, which plays a key global role in realising SDGs and stimulating international collaboration on infrastructure and sustainable development across various emerging and developing economies.

Alhashmi, a master’s degree holder in international business from Tufts University, USA, was involved in managing the UAE’s relationship with international financial organisations, including the World Bank, the International Monetary Fund (IMF), the European Bank for Reconstruction and Development (EBRD), NDB, the OPEC Fund for International Development, the Islamic Development Bank (IsDB), and the G20 Finance Track.

She has also represented the UAE in numerous international meetings and forums, and sits on the boards of multiple international institutions.

Source : Arabian Business