General Knowledge(GK) (or) General Awareness

Correct Answer :   ₹1.59 Trillion

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In August 2023, India witnessed a notable surge in Goods and Services Tax (GST) collection, amounting to ₹1.59 trillion, signifying an 11% increase compared to the same period last year (2023). This impressive growth can be attributed to enhanced compliance and anti-evasion measures put in place.


Comparison with Previous Months :

* August 2023’s collection marked a significant rise from the ₹1.43 trillion collected in August 2022.
* However, it’s important to note that GST collection moderated compared to the previous month, which recorded ₹1.65 trillion in July.


Factors Behind the Moderation :

* The moderation in collection is primarily attributed to subdued growth in integrated GST (IGST) and the cess on imports, which increased by only 3% in August.
* Importantly, both imports and IGST collections have experienced fluctuations in recent months.

Government’s Expectations :

* The government has set an ambitious target for the financial year, aiming for an average monthly GST collection between ₹1.6 trillion and ₹1.65 trillion.
* Experts anticipate the growth momentum to continue, although certain inhibiting factors are not ruled out.


Distribution of Tax Collection :

* Following the settlement of taxes for inter-state sales, the Centre collected ₹65,909 crore, while the states garnered ₹67,202 crore in August.


Year-on-Year Improvement :

* In comparison to the same month in the previous year, August 2023’s GST revenues showed an impressive 11% increase.
* Revenue from the import of goods increased by 3%, and revenue from domestic transactions (including import of services) grew by 14% compared to the same period last year, according to the finance ministry.


Strong Performance in Major States :

* Several major states reported robust growth rates in GST collection.
* Maharashtra recorded a remarkable 23% increase at ₹23,282 crore, Karnataka’s collection surged by 16% to ₹11,116 crore, and Gujarat’s collection increased by 12% to ₹9,765 crore, as per official data.


Source : Business Standard

Correct Answer :   6.7%

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Global rating agency Moody's Investor Service on Friday (1st August 2023) raised India's economic growth forecast to 6.7% in 2023 from 5.5% pegged earlier.

It has, however, slashed India's 2024 gross domestic product (GDP) growth forecast to 6.1% from 6.5% earlier since the second quarter outperformance has created a high base this year.

Strong services expansion and capital expenditures propelled India's 7.8% real GDP growth in the second quarter from a year ago. We have accordingly raised our 2023 calendar year growth forecast for India from 5.5% to 6.7%," it said in a note.

On lowering the 2024 growth forecast, Moody's said, "Since the second quarter outperformance creates a high base in 2023, we have lowered our 2024 growth forecast from 6.5% to 6.1%."

Given the robust underlying economic momentum, the agency also recognises further upside risk to India’s economic growth performance.

India's monsoon season, which runs from June to October, could also see below-average rainfall, resulting in higher food prices, Moody's said. "So far, as of August 29, 2023, the India Meteorological Department has estimated a 9% rain deficiency across the country.

If El Niño this year proves to be particularly strong in the second half of 2023 and early 2024, agricultural commodity prices could shoot up."

The Reserve Bank of India’s monetary policy committee has left the repo rate unchanged for a third time this month. The recent uptick in food price inflation and uncertain El Niño-related weather conditions will delay monetary policy easing consideration to early next year, Moody's noted.

The agency further said that domestic demand in India remains buoyant, and as long as core inflation remains relatively stable, rate hikes are also unlikely.

Meanwhile, India's GDP for the first quarter (April-June) of the ongoing financial year accelerated to 7.8%, according to data released by the Ministry of Statistics and Programme Implementation on August 31.

The GDP growth stood at 6.1% in the fourth quarter of the previous financial year..

Source : CNBC

Correct Answer :   PNB

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Punjab National Bank launched the PNB GST Sahay App for MSME borrowers to access loans up to Rs 2 lakh digitally using GST invoices.

Aim : To streamline the lending process for micro, small, and medium-sized businesses.


key features of the PNB GST Sahay App include :

End-to-End Digital Lending Process : The app facilitates a completely digital lending process, reducing the need for manual intervention. This not only saves time but also minimizes errors and inefficiencies in the loan application process.

Cost-Effective and Smooth Process : By eliminating manual steps, the lending process becomes more cost-effective and smoother for both the bank and the borrowers. This efficiency can translate into faster loan approvals and disbursements.

Direct Loan Crediting : Loans approved through the app are directly credited to the borrower's current account maintained with PNB. This ensures a seamless and quick transfer of funds.

Technology-Driven Assessment : The app uses technology to assess market reports, appraisals, and other factors that determine loan eligibility. This reduces bottlenecks and delays in loan processing.

Loan Range and Repayment Options : The app offers loans ranging from Rs 10,000 to Rs 2 lakh per invoice, with a maximum cap of Rs 10 lakh per borrower. Borrowers also have the option of hassle-free one-time repayment and pre-payment.

Integration with GST Profile : The loans are linked to the borrower's GST profile, which can provide the bank with valuable information about the borrower's business operations and financial health.

Focus on MSMEs : The initiative aligns with the Indian government's focus on supporting and promoting micro, small, and medium-sized enterprises (MSMEs), which play a crucial role in the country's economy.

PNB's efforts to digitize the credit journey and provide streamlined access to credit for MSMEs are commendable. This move not only enhances customer experience but also aligns with the broader trend of using technology to improve financial services.

PNB's position as a leading MSME lender, as indicated by the number of collateral-free loans it has disbursed, showcases the bank's commitment to supporting small businesses. Other banks, such as Bank of Maharashtra and Union Bank of India, have also been active in extending collateral-free loans to MSMEs.

Overall, the launch of the PNB GST Sahay App seems like a positive development that can contribute to the growth and development of MSMEs in India by providing them with easier access to credit and financial support..

Source : Caclub India

Correct Answer :   Silver

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Only four days after winning a historic gold medal at the 2023 World Athletics Championships, Neeraj Chopra stood second in the Zurich leg of the 2023 Diamond League, courtesy of an 85.71m throw.

Czech Republic’s Jakub Vadlejch finished at the top of the table with an 85.86m attempt.

Neeraj was not seen at his best in Switzerland, as having recently recorded throws of 88.77m and 88.17m in Hungary, he struggled to breach the 85m mark. In his first attempt, the 25-year-old could only record 80.79m.

8⃣5⃣.7⃣1⃣m - Another Neeraj Chopra 🚀

The Men's Javelin Throw World Champion 💪🏻 sealed qualification for the #DiamondLeague final in Eugene 🔥

Keep watching #WandaDiamondLeague on #JioCinema & #Sports18 ✨ pic.twitter.com/K5S8hhTHdb

— JioCinema (@JioCinema) August 31, 2023

Correct Answer :   Mazagon Dock Shipbuilders

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India’s latest warship, Mahendragiri, will be launched at the Mazagon Dock Shipbuilders, Mumbai, on 1st September 2023, marking a major step in the country's defence indigenisation programme, the defence ministry said.

Mahendragiri, named after a mountain peak in Eastern Ghats located in the state of Odisha, is the seventh ship of the Project 17A Frigates. These warships are follow-ons of the Project 17 Class Frigates (Shivalik Class), with improved stealth features, advanced weapons and sensors and platform management systems.

"The newly christened Mahendragiri is a technologically advanced warship and stands as a symbol of India's determination to embrace its rich naval heritage, while propelling itself towards a future of indigenous defence capabilities," the ministry said.

Under the Project 17A program, a total of four ships by M/s MDL and three ships by M/s GRSE are under construction. The first six ships of the project have been launched so far by MDL & GRSE, between 2019-2023.

According to the ministry, Project 17A ships have been designed in-house by Indian Navy’s Warship Design Bureau, the pioneer organisation for all warship design activities.

Aligning with the country's resolute commitment to 'Aatma Nirbharata', a substantial 75% of the orders for equipment and systems of Project 17A ships have been ordered on indigenous firms, including Micro, Small, and Medium Enterprises (MSMEs).

“The launch of Mahendragiri is an apt testament to the incredible progress our nation has made in building a self-reliant naval force," it added..

Source : Mint

Correct Answer :   130

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* In continuation with its steps to strengthen intelligence and surveillance systems along the LAC, the Indian Army on Monday signed a contract with local manufacturers for the supply of tethered drone systems and tank driving simulators.

* The Indian Army in a message confirmed the signing of a contract for the procurement of 130 tethered drones and 19 tank-driving simulators. “The induction of the new equipment will enhance the overall operational preparedness of the Army,” said the force.

* Contract for the drone system for long-distance surveillance and intelligence gathering along the borders was signed with indigenous company New space Research Technologies Pvt Ltd. The contract for the other equipment was signed with Zen Technologies Limited, which will also involve skill development.

* The Request for Technical and Commercial Proposals for the drones was issued by the armoured branch of the Integrated Headquarters of the Ministry of Defence in January this year, under the fast-track procedure.

* As per the RFI, these systems are sought to fly not less than six hours in tethered mode and around 45 minutes in un-tethered mode.

* These drones are connected to a ground-based tethered system with a flexible wire or cable for power and communications and can provide surveillance of beyond-line-of-sight targets for a prolonged period.

Significance :

* Tethered drone systems are ideal for extended surveillance and security overwatch missions such as border control. Traditional drones have a greater range allowing them to perform missions the sensor cannot capture from a distance.


Advantages :

* Tethered UAVs are perfect for data capture and telemetry due to the reliability of tethered connections.
* They dramatically reduce technical and human error crashes in flight.
* They provide a secure line of communication between the ground station and the aircraft.
* It also does not require GPS navigation.
* Many tethered drones have longer flight times compared to free-flying, battery-operated drones.
* Due to the restricted movement of a tethered drone, the operator does not need piloting skills and can mainly focus on their tasks..

Source : The Hindu

Correct Answer :   NASA

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NASA is set to demonstrate a new end-to-end communication system in space that it claims to be more efficient than conventional systems currently in use at the International Space Station.

The American space agency is launching a groundbreaking technology demonstration known as the Integrated LCRD Low Earth Orbit User Modem and Amplifier Terminal (ILLUMA-T) to the Space Station in 2023.

This move marks a significant step forward in Nasa's efforts to enhance space communications capabilities.

The ISS, a spacecraft the size of a football field orbiting Earth, has been a unique platform for scientific research and investigation for over two decades.

The ILLUMA-T, along with the Laser Communications Relay Demonstration (LCRD) launched in December 2021, will complete Nasa’s first two-way, end-to-end laser relay system.

Laser communication systems, which use invisible infrared light, offer higher data rates, allowing missions to send more images and videos back to Earth in a single transmission. Once installed on the ISS, ILLUMA-T will demonstrate the potential benefits of these higher data rates for missions in low Earth orbit.

"Laser communications offer missions more flexibility and an expedited way to get data back from space," said Badri Younes, former deputy associate administrator for Nasa's SCaN program. "We are integrating this technology on demonstrations near Earth, at the Moon, and in deep space."

ILLUMA-T, approximately the size of a standard refrigerator, will be secured to an external module on the ISS to conduct its demonstration with LCRD.

The LCRD is currently showcasing the benefits of a laser relay in geosynchronous orbit by beaming data between two ground stations and conducting experiments to refine Nasa’s laser capabilities.

"Once ILLUMA-T is on the space station, the terminal will send high-resolution data, including pictures and videos to LCRD at a rate of 1.2 gigabits-per-second," said Matt Magsamen, deputy project manager for ILLUMA-T. "Then, the data will be sent from LCRD to ground stations in Hawaii and California. This demonstration will show how laser communications can benefit missions in low Earth orbit."

ILLUMA-T is scheduled to launch on SpaceX’s 29th Commercial Resupply Services mission for Nasa. After its launch, ILLUMA-T will be installed on the station’s Japanese Experiment Module-Exposed Facility (JEM-EF), also known as “Kibo” — meaning “hope” in Japanese.

Following installation, the ILLUMA-T team will perform preliminary testing and in-orbit checkouts before transmitting its first beam of laser light through its optical telescope to LCRD.

This mission brings Nasa closer to operational infusion of laser communication technology, supplementing the radio frequency systems most space-based missions currently use. These tests are aimed to refine laser communication capabilities for future missions to the Moon, Mars, and deep space..

Source : India Today

Correct Answer :   Dharmendra Pradhan

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Union Education and Skill Development & Entrepreneurship Minister Shri Dharmendra Pradhan, launched a novel comic book titled "Let’s Move Forward." The launch event was held on August 29, 2023, at Kaushal Bhawan, New Delhi.

Secretary, School Education Education and Literacy, Shri Sanjay Kumar; Secretary, Ministry of Skill Development & Entrepreneurship, Shri Atul Kumar Tiwari; Director, NCERT, Dr. Dinesh Prasad Saklani; officials of the Ministry of Education and UNESCO and students were also present at the event.

Speaking on the occasion, Shri Dharmendra Pradhan highlighted that this book will motivate students to prioritize holistic well-being while entertaining them through storytelling, with key focus on good health and wellness.

He also stressed on the importance of stories in conveying important messages such as mental health and hoped that more such comic books will be developed in future. Good stories are extremely important for developing societal harmony and well-being, he stated.

He also mentioned the importance of the partnership with UNESCO at the time of India’s G20 Presidency and the subject of FLN which can be spread with the help of comic books. He urged UNESCO to spread Indian stories so that it benefits not only the youth of India but that of the entire world.

'Explore', 'Experiment' and 'Experience' are going to be of great significance, he mentioned. With the Amrit Kaal, a wave has to be created to spread the Indian knowledge in the entire world as a guiding light, he said..

Source : PIB

Correct Answer :   J P Nadda

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BJP President J P Nadda 28th August 2023 released the Outlook Group's Coffee Table Book 'Sikhs and Modi (A Journey of Nine Years) at a function in New Delhi authored by Prabhleen Singh.

Speaking on the occasion, Mr Nadda said that the teachings of Sikh Gurus contributed towards the unity of the society, patriotism, and dedication towards religion.

He added that all the Prime Ministers have delivered their speech from the ramparts of the Red Fort on Independence Day, but Prime Minister Narendra Modi is the first Prime Minister of the country, who organized the main event at the Red Fort, to celebrate the 400th birth anniversary of Guru Tegh Bahadur Singh.

He also highlighted that the Narendra Modi government granted Foreign Contribution Regulation Act registration to Sri Harmandir Sahib, and now Sikhs from across the world can make contributions to the temple. He said, Besides, the Modi government also gave massive relief to Gurudwaras by waiving GST on langar items..

Source : AIR

Correct Answer :   Axis Bank

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Axis Bank on Tuesday (29th August 2023) announced the launch of new savings account variant – ‘Infinity Savings Account’ to cater to digitally savvy customers who are frequent adopters of subscription-based models.

This savings account offers Axis Bank’s customers with exclusive privileges, such as waived Average Monthly Balance (AMB) requirement, complimentary debit cards and waiver of all the domestic charges against a small monthly recurring fee of Rs 150 or annual fee of Rs 1,650, the lender said.

The new variant is introduced with the aim to revolutionize the banking experience. The customers can open the account in a completely digital manner through Video KYC process.

The bank offers two subscription-based flexible plans - Monthly and Annual. The monthly plan is charged at Rs 150 (inclusive of GST) and has a minimum subscription period of 6 months.

After the initial 6 months, the plan continues on a 30-day cycle, with Rs 150 deducted every 30 days. The annual plan is charged at Rs 1,650 (inclusive of GST) and offers Infinity benefits for 360 days. The plan is automatically renewed after this period.

With this product, customers will also get additional benefits such as cashback on Axis Bank Grab Deals platform, which has 30+ partners such as Amazon, Flipkart and Myntra among others. Moreover, customers will get 1 percent cashback on all transactions made using the E Debit Card, along with all other Debit card linked benefits, such as Rs 500 Grab Deals voucher on Debit Card usage within 30 days, 15 percent off up to Rs 500 at Easy Diner with Online Rewards Card and much more..

Source : CNBC