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14th May 2023
15th May 2023
16th May 2023
17th May 2023

Correct Answer : Option (B) - 15th May 2023

Robert E. Lucas Jr., a Nobel Prize-winning economist whose revolutionary theories transformed the field of macroeconomics and our understanding of economic policy, died 15th May 2023. He was 85.

* A member of the University of Chicago faculty for four decades, Lucas, AB’59, PhD’64, was the John Dewey Distinguished Service Professor Emeritus in Economics and the College.

* He won the Nobel Prize in 1995 for developing and applying the hypothesis of rational expectations, which holds that people make economic choices based on their previous experiences and future expectations.

* In announcing the Nobel, the Swedish Academy of Sciences called Lucas “the economist who has had the greatest influence on macroeconomic research since 1970.”

* Lucas’ pioneering research had a profound effect on the field of economics. His work has shown that because people make rational decisions about their economic welfare, their actions can alter the expected results of government policies.

* It had ripple effects in macroeconomic analysis and economic policy, because it gave governments and central banks a more critical way to think about fiscal intervention...

Source : Uchicago

Published On : May 17, 2023
Tamil Nadu

Correct Answer : Option (D) - Kerala

In a first in the country, the Kerala government on Monday (15th May 2023) launched a welfare fund for Mahatma Gandhi Rural Employment Guarantee Scheme (MGNREGS) workers in the State.

* Launching the initiative, Chief Minister Pinarayi Vijayan said the workers who have completed the age of 60 will be entitled for pension under the fund which will also provide financial assistance for medical treatment, education, marriage, among other benefits.

* He said 27 lakh people in the State depend on the MGNREGS and the Left government intends to make use of the scheme for the social development of Kerala. In a Facebook post, Vijayan said the workers need to pay a nominal monthly amount of Rs 50 as contribution to the fund and the government will also contribute an equal amount.

* He said for those who have paid the contributions for ten or more years, their families will get the benefits in case of beneficiary’s death.

* The welfare fund has been formed as per the Kerala Employment Guarantee Workers’ Welfare Fund Act, 2021. The current BJP government at the Centre is reducing the funds for the MGNREGS.

* In 2020-21, Rs 1,12,000 crore was allocated for the scheme but that was reduced to Rs 60,000 crore this year (2023), Vijayan claimed.

* The Chief Minister said under the scheme, a family gets an average of 50 days of work at national level whereas in Kerala an average of 64 days of work was being provided. "At least 90 per cent of the work (jobs) under the scheme in Kerala goes to women. In the State, 27 lakh people depend on this scheme.".

Source : Outlook India

Published On : May 17, 2023

Correct Answer : Option (A) - Paytm

One97 Communications Limited (OCL), which owns Paytm, has elevated Bhavesh Gupta as the company’s Chief Operating Officer and President.

* In his role as President and Chief Operating Officer, Gupta will be responsible to lead verticals of lending, insurance, payments – online and offline, Consumer payments, and drive key initiatives, including User Growth, Operations Risk, Fraud Risk, and Compliance, Paytm said in an exchange filing.

* Prior to this elevation, Gupta was a senior Vice President of the company. Gupta is a financial service professional with over 25 years of experience building businesses from the ground up in payments, technology and analytics platforms, retail loans, digital lending, SME banking, retail banking, etc.

* Prior to joining Paytm in 2020, Gupta held multiple leadership roles, including CEO of Clix Capital (formerly known as GE Capital), Head of SME & Business Banking at IDFC Bank, and was also associated with ICICI Bank in various roles.

* He is a graduate from Delhi University and completed his MBA from Institute of Management Studies, Indore.

* In FY23, Paytm’s revenues grew by 61% YoY to ₹7,990 crore, becoming India’s highest-earning new-age company. In Q4 FY23, Paytm reported a 51% jump in revenue from operations at ₹2,334 crore, while its operating profit was ₹234 crore, including the full-year UPI incentive recorded during the quarter. ..

Source : The Hindu Businessline

Published On : May 17, 2023
Manoj Saunik
Naresh Kumar
Smt. Santhi Kumari
Durga Shankar Mishra

Correct Answer : Option (D) - Durga Shankar Mishra

Chief secretary Durga Shankar Mishra inaugurated an online rural education programme ‘Pahal’ at Government Uttar Pradesh Sainik Inter College, Sarojini Nagar here on Monday (15th May 2023).

* This programme has been prepared by the department of secondary education in collaboration with IIT Kanpur.

* Under this programme, free online education will be provided at 10 government secondary schools of the state in the initial phase. In his address, the chief secretary said that the online rural education ‘Pahal’ is a new and good beginning.

* Through these classes, students of rural areas will be able to get the latest information related to science and mathematics.

*Uttar Pradesh is going to become the growth engine of the country, and the children of the state will give strength to this growth engine,” chief secretary said.

* He said that the government has been making efforts to provide such education to the school children so that the students can contribute to the rapid growth of the country’s economy.

* On the occasion, the rural online education programme was started in 10 government schools in Uttar Pradesh. He said that this facility will be provided in 40,000 schools in the state in the coming days.

* He said that Prime Minister Narendra Modi had given the mantra of Triple S (skill, scale and speed), first you learn, scale-up and then through speed, benefit all the people. This will be possible only when people of the state use technology...

Source : Hindustan Times

Published On : May 17, 2023

Correct Answer : Option (C) - HPCL

Himachal Pradesh Chief Minister Sukhvinder Sukhu said on Tuesday (16th May 2023) that an ethanol plant would be set up in Una district by Hindustan Petroleum Corporation Limited (HPCL) on 30 acres of land with an outlay of Rs 500 crore.

* The Chief Minister was presiding over a meeting to discuss the aspects of construction of the proposed ethanol plant.

* Sukhu said the government is ready to invest 50 per cent equity in the project and would extend cooperation to the company setting up the plant.

* HPCL assured the Chief Minister to take up the government's proposal with the company's Board of Directors.

* The Chief Minister also directed the district administration to start land acquisition for the approach road from Bhanjal to Jeetpur Behri within 10 days and to ensure that all obstacles in the construction of the plant are removed.

* Sukhu said the plant would provide employment and self-employment opportunities to the local people and farmers from Kangra, Hamirpur and Bilaspur, while the neighbouring districts of Punjab will also benefit from the grain-based ethanol plant...

Source : India Times

Published On : May 17, 2023
14th May
15th May
16th May
17th May

Correct Answer : Option (C) - 16th May

The International Day of Living Together in Peace is celebrated annually on May 16th to encourage peace, tolerance, inclusivity, understanding, and solidarity among individuals and communities globally.

* Its goal is to emphasize the significance of cultivating peaceful coexistence, mutual respect, and harmony among people of different backgrounds.

* The International Day of Living Together in Peace is an opportunity for people from all over the world to come together and celebrate peace. It is also a time to reflect on the challenges that we face in building a more peaceful world.

International Day of Living Together in Peace History :

* In the aftermath of World War II, the United Nations recognized the importance of preventing future wars and addressing global inequality.

* To promote peace and equality, the UN initiated efforts like the International Year for the Culture of Peace in 2000 and the International Decade for a Culture of Peace and Non-Violence for Children of the World from 2001 to 2010.

* The adoption of the Declaration and Programme of Action on a Culture of Peace in 1999 further highlighted the need for long-lasting peace and non-violence.

* In 2017, the UN General Assembly reaffirmed its commitment by designating May 16 as the International Day of Living Together in Peace. This day aims to foster inclusion, tolerance, solidarity, and peace among diverse communities worldwide.

International Day of Living Together in Peace 2023 Significance :

* The day holds great importance in promoting diversity, dialogue, and cultural bridges. It encourages the rejection of violence, discrimination, and exclusion, while fostering a culture of peace and understanding. It reminds us of the vital role peaceful coexistence plays in creating a just, inclusive, and sustainable world.

* Governments, organizations, and individuals can take part in various activities to promote living together in peace. These include interfaith dialogues, cultural exchanges, peace education programs, community-building initiatives, and campaigns against prejudice and discrimination. The day serves as a moment of reflection on the significance of unity, empathy, and compassion in building peaceful and resilient societies.

Published On : May 16, 2023
May 15
May 16
May 17
May 18

Correct Answer : Option (B) - May 16

The International Day of Light is observed on May 16 every year to commemorate Theodore Maiman’s successful operation of the laser in 1960.

This day serves as a reminder to enhance scientific collaboration and leverage its capacity to promote peace and sustainable progress. The International Day of Light is an annual event that recognizes the crucial significance of light in science, culture, art, education, and sustainable development.

International Day of Light History :

The United Nations Educational, Scientific, and Cultural Organization (UNESCO) officially established the International Day of Light on December 20, 2017.

* This significant day was created to mark the anniversary of a groundbreaking scientific achievement—the successful operation of the laser by physicist and engineer Theodore Maiman on May 16, 1960.

* Since its inception, the International Day of Light has grown into an annual global event that emphasizes the significance of light-based technologies and their influence on society.   

International Day of Light Significance :

* The International Day of Light holds great significance as it recognizes and highlights the essential role that light plays in various aspects of our lives. It raises awareness about the importance of light-based technologies in fields such as science, culture, art, education, and sustainable development.

* The day serves as a platform to promote scientific knowledge, innovation, and cooperation among different sectors of society. It also underscores the potential of light-based technologies in addressing global challenges and building a more sustainable and inclusive future.

* Additionally, the International Day of Light pays tribute to groundbreaking scientific achievements and honors the contributions of scientists, engineers, and researchers in advancing our understanding and utilization of light.

Published On : May 16, 2023
Amit Shah
J. P. Nadda
Narendra Modi
Droupadi Murmu

Correct Answer : Option (A) - Amit Shah

Union Home Minister Amit Shah on Monday (5th May 2023) inaugurated a training programme on Legislative Drafting here in the national capital, stressing the need to draft a very “simple and clear law”.

* Addressing the gathering at the event, Shah stressed the need to draft a “simple and clear act” to avoid interference from the court and any kind of dispute.

* Noting that legislative drafting is an ongoing process, the Home Minister also emphasised upgrading the skill while drafting any act.

* “We should focus on drafting a very simple and clear act so that it should be beyond any dispute and it avoid the intervention of the court,” Shah said.

* “Drafting of legislation is an ongoing process so there is a necessity for skill upgradation. If we fail to do so we would be irrelevant,” he added.

* The Programme, being organized by the Institute of Constitutional and Parliamentary Studies (ICPS) in collaboration with the Parliamentary Research and Training Institute for Democracies (PRIDE), aimed at creating an understanding of the principles and practices of legislative drafting among officers of Parliament, State Legislatures and various ministries, statutory bodies and other government departments.

* The Legislative drafting has a major impact on the interpretation of the policies and the regulations implemented for the welfare of society and the state.

* Since legislative draftsmen are responsible for producing legislation which promotes democratic governance and gives effect to the rule of law, so it is necessary that they are imparted training from time to time to sharpen their skills. The training programme will help them in their capacity building...

Source : The Print

Published On : May 16, 2023
NITI Aayog
Ministry of Corporate Affairs
Ministry of Commerce and Industry
Ministry of External Affairs

Correct Answer : Option (B) - Ministry of Corporate Affairs

* The Ministry of Corporate Affairs (MCA) has set up the Centre for Processing Accelerated Corporate Exit (C-PACE) to centralise the process of striking off companies from the MCA Register.

* According to the ministry, the C-PACE will reduce the burden on the registry and provide stakeholders with hassle-free filing, timely and process-bound striking off of their company’s names from the register. The establishment of C-PACE is part of MCA’s efforts towards ease of doing business and ease of exit for companies.

* The C-PACE institution, established under sub-section (1) of section 396, will be operational through the Registrar of Companies (RoC) for the purpose of processing and disposal of applications.

* R.K. Dalmia, director, inspection and investigation, MCA, inaugurated the Office of C-PACE on May 1, 2023. Harihara Sahoo, ICLS, has been appointed as the first registrar of the office of C-PACE, which will work under the supervision of the Director General of Corporate Affairs (DGCoA), New Delhi.

* The C-PACE will help keep the registry clean and provide stakeholders with more meaningful data. With the establishment of the C-PACE, companies can look forward to a hassle-free exit process...

Source : Mint

Published On : May 16, 2023
India& France
India & Brazil
India & Bangladesh
India & Australia

Correct Answer : Option (C) - India & Bangladesh

The first group of 10 start-up companies under the 50 start-ups exchange programme between India and Bangladesh returned to Dhaka after completing a successful five-day visit to India from 8 May to 12 May 2023.

* These Start-ups belong to sectors such as e-commerce, health, transport and logistics, energy, education and skill development.

* Under this programme, 50 Start-ups from Bangladesh and 50 Start-ups from India will exchange visits to each other’s countries for exploring partnerships, expanding business relations, sharing experience and knowledge and expanding youth and entrepreneurial cooperation. The framework of the programme was decided by the Prime Ministers of the two countries during their recent bilateral summits.

* During their stay, they were introduced to India’s ‘Start-up India’ initiative. They participated in interactive sessions focused on establishing a Start-up and business model creation process, role of incubator, marketing of projects and services, cyber security and artificial intelligence including data protection, start-up evaluation and methods to secure funding.

* The High Commission of India in Bangladesh organised an interactive session in Dhaka on Sunday (14th May 2023) with the group of 10-startups who visited India.

* During the interaction High Commissioner Pranay Verma highlighted the vibrant start-up ecosystems in both India and Bangladesh based on their growing emphasis on innovation and technology.

* He underlined the potential for the Bangladeshi Start-ups to tap into the Indian markets, especially in the North-Eastern states of India. He emphasised that the start-up community in both India and Bangladesh had the opportunity to enhance cooperation as the two countries explored ways to further enhance ease of doing business, including trade settlement in local currencies and collaboration in digital payment platforms..

Source : AIR

Published On : May 16, 2023