General Knowledge(GK) (or) General Awareness

Correct Answer :   Raj Chetty

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Indian-American economist Raj Chetty has been awarded Harward University's coveted George Ledlie Prize for wielding big data to break myths about who achieves the American Dream and the obstacles faced by others.

Chetty, a professor of Economics at Harvard University is also director of Opportunity Insights, a group of economists based at Harvard who study inequality. He had also advised US President Joe Biden on economic issues.

Harward University Provost and Chief Academic Officer Alan M. Garber said that Chetty's groundbreaking work on economic mobility and his efforts to share this data with policymakers are making the American Dream more accessible to all.

The award is bestowed every two years to a member of the Harvard community who has made the most valuable contribution to science, or in any way for the benefit of mankind, the university said on August 9, 2023.

Correct Answer :   INS Kulish

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Indian Naval Ship Kulish (INS Kulish), a guided missile Corvette which is on a four-day visit to Singapore to take part in a multilateral exercise joined the celebration of the 77th Independence Day here on Tuesday (15th August 2023).

The officers and crew of the ship participated in the 77th Independence Day celebrations at the High Commission of India in Singapore, the Commanding Officer Ashish Delsaria presented a memento to the Acting High Commissioner Pooja Madan Tulli, to commemorate the ship’s visit to the Lion City.

One of the key highlights of the event was also the Naval Jazz band, which enthralled more than 1,000 Indian community members in attendance with patriotic numbers.

The corvette of the Andaman and Nicobar Command (ANC) at Port Blair is visiting Singapore from August 14 to August 18 to take part in the Harbour Phase of multinational exercise SEACAT 2023 aimed at enhancing interoperability and collaboration on maritime security challenges with the participating nations, scheduled between August 14 and August 17, followed by the sea phase till August 25.

The ship will also host a reception for officials from Singapore’s Ministry of Defence, as well as, the Ministry of Foreign Affairs and distinguished members of the Indian diaspora.

Designed to enhance Maritime Domain Awareness, SEACAT addresses geopolitical crises, illegal activities, and contingencies, and standardizes tactics, techniques, and procedures.

Last year, the SEACAT was led by the US Navy's Seventh Fleet, the Republic of Singapore Navy, and the Information Fusion Centre for two weeks in August.

Correct Answer :   7.44%

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In July, retail inflation in India experienced a significant upswing, reaching 7.44%, marking the highest rate since April 2022. This surge contrasts with the preceding four-month period of inflation below the central bank’s 6% tolerance threshold. The increase is largely attributed to an 11.5% spike in food prices, making it the first time since September 2022 that the price rise has crossed the 7% mark.


Food Price Surge Drives Overall Inflation :

The primary driver of the July inflation surge was an impressive 11.5% increase in food prices, causing a ripple effect on the overall inflation rate. Notably, vegetable prices surged by a staggering 37.3%, while cereals and pulses became over 13% more expensive. Consequently, urban consumers saw their food bills rise by over 12.3%, while rural consumers experienced an 11% increase in food inflation. On the whole, rural residents faced a slightly higher overall inflation rate of 7.63% for the same period.

Consumer Price Index and Food Price Dynamics :

The Consumer Price Index (CPI) rose by 2.9% from the previous month, reflecting the swift inflationary pressures. The month-on-month increase in food prices was notable as well, with a 6.7% upsurge. These figures surpassed the expectations of most economists.


Implications for the Economy :

The sudden surge in inflation poses challenges for the central bank’s projections and policy decisions. The 7% inflation rate for two consecutive months raises questions about the possibility of triggering action from the Reserve Bank of India (RBI). Bank of Baroda’s chief economist, Madan Sabnavis, points out that while the probability of an interest rate hike remains low, it cannot be ruled out entirely.

Future Outlook and Monetary Policy :

While a slight reduction in tomato prices might offer some relief in August, other food items such as pulses, spices, milk, and cereals continue to be sources of concern. Additionally, the uncertain monsoon outlook for the coming month and the progress of crop sowing further contribute to the inflation narrative.

Interest rate adjustments are now under scrutiny, with rating agency ICRA expecting the earliest rate cut around the second quarter of 2024-25. This projection includes a “fairly shallow” rate cut cycle, anticipated to be around 50-75 basis points from the current levels. As one basis point equals 0.01%, such adjustments could have a measured impact on the broader economy.

Correct Answer :   76

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President Smt Droupadi Murmu has given her approval for 76 Gallantry awards to members of the Armed Forces and Central Armed Police Forces on the occasion of Independence Day 2023.

Among these honors are four Kirti Chakra awards (awarded posthumously), 11 Shaurya Chakra awards (including five posthumous), two Bar to Sena Medals (Gallantry), 52 Sena Medals (Gallantry), three Nao Sena Medals (Gallantry), and four Vayu Sena Medals (Gallantry).

Additionally, the President has sanctioned 30 Mention-in-Despatches awards to Army personnel, including a posthumous award for Army dog Madhu, and one for an Air Force member.

These recognitions acknowledge their significant contributions in various military operations, such as Operation Rakshak, Operation Snow Leopard, Operation Casualty Evacuation, Operation Mount Chomo, Operation Pangsau Pass, Operation Meghdoot, Operation Orchid, Operation Kalisham Valley, Rescue Operation, and Operation Evacuation.

Following is the list of Gallantry awards approved by the President :

KIRTI CHAKRA :

SHAURYA CHAKRA :

BAR TO SENA MEDAL (GALLANTRY) :

NAO SENA MEDAL (GALLANTRY) :

VAYU SENA MEDAL (GALLANTRY) :

Correct Answer :   Lilia Vu

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American golfer Lilia Vu won the Women’s British Open to claim her second major title of 2023, taking any potential drama out of the final round by shooting 5-under 67 for a six-stroke victory on Sunday (13th August 2023).

The 25-year-old Californian, who also won the Chevron Championship in April, became the first female player to win two majors in the same year since Jin Young Ko in 2019, and the first American woman since Juli Inkster in 1999.

Lilia Vu began the final round tied for the lead with Charley Hull, with 11 players within five shots of them. After 10 holes, Vu led by five as all of her rivals faltered and the American stayed out of trouble at Walton Heath.

Hull holed out from a greenside bunker for eagle at the par-5 11th to trim the lead to three shots, but Vu birdied No. 12 and was never threatened down the stretch, finishing with a birdie at No. 18 before being drenched in champagne.

Vu finished on 14-under par for the tournament.

Hull, passionately backed at a course near to where she grew up, shot 73 and was runner-up for the second time in the last three majors..

Source : The Hindu

Correct Answer :   Aditya-L1

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The first space-based Indian observatory to study the Sun - Aditya-L1, is getting ready for its launch next month. ISRO said that the satellite, developed at U R Rao Satellite Centre Bengaluru, has arrived at its spaceport in Sriharikota in Andhra Pradesh.

The spacecraft is expected to be placed in a halo orbit around the Lagrange point - L1 of the Sun-Earth system, which is about 1.5 million kilometres from the Earth.

A satellite placed in the halo orbit around the L1 point has a major advantage of continuously viewing the Sun without any eclipses. This will provide a greater advantage of observing the solar activities and its effect on space weather in real-time.

The spacecraft will carry seven payloads to observe the photosphere, chromosphere and the outermost layers of the Sun's corona using electromagnetic and particle field detectors.

Using its special vantage point, four payloads will directly view the Sun and the other three payloads would carry out in-situ studies of particles and fields around it, thus providing important scientific studies of the propagatory effect of solar dynamics in the interplanetary medium..

Source : AIR

Correct Answer :   Bank of Maharashtra

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State-owned Bank of Maharashtra (BoM) has emerged as the top performer among public sector lenders in loan and deposit growth in percentage terms during the first quarter (Q1) of the current financial year FY2023-2024.

The deposit and advances of the Pune-based lender recorded nearly 25 per cent rise, the highest by any public sector bank during the April-June quarter.

With a growth rate of 24.98 per cent the gross domestic advances of the bank rose to Rs 1,75,676 crore at the end of June 2023, according to published quarterly numbers of the public sector banks (PSBs).

It was followed by UCO Bank with 20.70 per cent growth, while Bank of Baroda with 16.80 per cent and Indian Overseas Bank with 16.21 per cent growth were at third and fourth spot respectively.

Country's largest lender State Bank of India stood at fifth spot with 15.08 per cent rise in domestic advances growth..

Source : India Times

Correct Answer :   India

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The Indian hockey team defeated Malaysia and won for the fourth time at the Asian Champions Trophy 2023 final at the Mayor Radhakrishnan Hockey Stadium in Chennai.

* With four Asian Champions Trophy titles, India is in the first spot in the history of the tournament.

* Pakistan, with three titles, is in the second spot now.

* Tamil Nadu Chief Minister MK Stalin lauded Team India on their Asian Champions Trophy win and announced a cash prize of ₹1.1 crore for the winning team.

* The Indian men's hockey team on Saturday (12th August 2023) produced a resilient performance and staged an incredible comeback to defeat Malaysia 4-3, clinching its fourth Asian Champions Trophy title here at the Mayor Radhakrishnan Hockey Stadium in Chennai.

Correct Answer :   Pumpkin

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Indian Pumpkin, commonly known as “Kaddu” in Hindi, holds the distinction of being India’s national vegetable.

Its widespread growth throughout the country, coupled with its adaptability to varying soil conditions, makes it a staple in Indian cuisine. This versatile vegetable can be cultivated as both a climber and a creeper.

Ubiquitous Presence and Easy Cultivation : India’s Pumpkin popularity is owed to its resilience and ease of cultivation. It thrives all over India, without needing special soil. Whether it climbs or spreads like a vine, Indian Pumpkin is known for being able to grow easily and give plenty of vegetables.

The Humble Yet remarkable Vegetable : Regarded as a humble vegetable, Indian Pumpkin stands out for its accessibility and nutritional value. Its straightforward cultivation process results in abundant and high-quality vegetables.

Pumpkin is often associated with simplicity, fittingly earning the label of a “poor person’s vegetable.” Its ability to grow easily and yield abundant produce makes it a valuable addition to the Indian diet.

Why Indian Pumpkin?
Indian pumpkin’s status as the national vegetable is not by chance. Here are a few reasons behind this distinction:

Versatility in Cooking: Indian Pumpkin can be easily cooked and pairs well with various flavors. Its adaptability in the kitchen makes it a go-to ingredient for a multitude of dishes.
Sweet and Savory: The pumpkin’s sweet taste complements not only other vegetables but also lentils and spices, making it a delightful addition to diverse recipes.
Tropical Delight: Thriving in the tropical regions of India, Indian pumpkin stands strong even during the hottest days of the year.
Year-Round Friend: Its ability to grow in the hottest months ensures a steady supply of this vegetable for Indian households.

Correct Answer :   (-) 1.36%

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The wholesale price-based inflation remained in the negative territory for the fourth straight month in July 2023 at (-)1.36% on easing prices of fuel, even though food articles turned costlier.

* The wholesale price index (WPI) based inflation rate has been in the negative since April and was (-)4.12% in June. In July 2022, it was 14.07%.

* Inflation in food articles skyrocketed 14.25% in July against 1.32% in June.

* "Decline in the rate of inflation in July 2023 is primarily contributed by fall in prices of mineral oils, basic metals, chemical and chemical products, textiles and food products," the Commerce and Industry Ministry said on Monday.

* Fuel and power basket inflation eased to (-)12.79% in July from (-)12.63% in June.

* In manufactured products, the inflation rate was (-)2.51% as against (-)2.71% in June.

* The RBI, last week, kept interest rates unchanged at 6.5% for the third straight meeting but signalled tighter policy if food prices drive inflation higher.

* "The job on inflation is still not done," RBI Governor Shaktikanta Das had said. "Inflationary risks persist amidst volatile international food and energy prices, lingering geopolitical tensions, and weather-related uncertainties."

* The RBI raised its inflation forecast for FY24 to 5.4% from 5.1% earlier, citing pressures from food prices.

* The central bank takes into account retail or consumer price index based inflation for formulating monetary policy. Retail inflation data for July is scheduled to be released later in the day..

Source : The Hindu Businessline