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1. What was India’s GDP growth rate in the second quarter of the financial year 2023-24?
a. 8.5%
b. 7.8%
c. 7.6%
d. 6.8%
Answer: c. 7.6%
Who released the GDP growth rate figures?
– The National Statistical Office (NSO) released these figures on November 30, 2023.
Second quarter of 2023-24: July to September 2023
– GDP growth rate: 7.6% (compared to the second quarter of the previous fiscal year)
– Total GDP in rupees: 41.74 lakh crore (41,74,312 crore)
First quarter of 2023-24: April to June 2023
– GDP growth rate: 7.8% (compared to the first quarter of the previous fiscal year)
– Total GDP in rupees: 40.37 lakh crore (40,37,144 crore)
What is GDP?
– Gross Domestic Product (GDP) is one of the most common indicators used to track the health of the economy.
– GDP refers to the total value of all goods and services produced in a country during a year or a quarter.
– GDP is the largest measure of a country’s economic development.
– Higher GDP indicates economic growth and increased job creation, while lower GDP indicates economic decline and rising unemployment.
This is calculated as > GDP = C + I + G + (X-M)
C = Consumer expenses
I = Industries’ investment
G = Government expenditure
X = Exports
M = Imports
There are two types of GDP:
– GDP comes in two types – Real GDP and Nominal GDP.
– Real GDP calculates the value of goods and services based on the base year’s value or stable prices. Presently, the base year for calculating GDP is 2011-12.
– On the other hand, Nominal GDP is calculated at current prices.
Why is the growth rate higher than expected?
– The GDP growth for the second quarter is 1.1% higher than RBI’s estimate.
– RBI had estimated it to be at 6.5% for the second quarter.
– The reason for higher than expected growth is strong urban consumption, manufacturing, and high government spending.
– Manufacturing growth stood at 13.9%, while construction growth was 13.3%.
Which sector grew by how much?
– Agriculture, animal husbandry, forestry, and fishing: 1.2%
– Mining: 10%
– Manufacturing: 13.9%
– Electricity, gas, water supply, and other utility services: 10.1%
– Construction: 13.3%
– Trade, hotel, transport, communication: 4.3%
– Financial, real estate, professional services: 6%
– Public administration, defense, and other services: 7.6%
GVA remained at 7.4%, it was estimated to be 6.8%
– Gross Value Added, i.e., GVA, remained at 7.4% for the second quarter – it was estimated to be 6.8%.
– Meanwhile, GVA was at 7.8% in the first quarter. A year ago, the growth rate in the same quarter was 5.4%.
What is GVA?
– Simply put, GVA reveals the total output and income in an economy within a specific period.
– It indicates how much money’s worth of goods and services were produced after deducting input costs and raw material prices within a certain period.
– It also shows the production level in specific sectors, industries, or sectors.
– From the perspective of national accounting, after subtracting subsidies and taxes from GDP at the macro level, what remains is GVA.
– Chief Economic Advisor: V Anantha Nageswaran
– Finance Minister: Nirmala Sitharaman
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2. Who was elected the new President of Argentina?
a. Sergio Massa
b. Javier Milei
c. Agustín Rossi
d. Cecilia Moreau
Answer: b. Javier Milei
– He is a staunch nationalist and right-wing leader.
– According to a BBC report, Javier is often referred to as a ‘crazy guy’ by his critics.
– During the presidential election campaign, Javier promised massive cuts in bureaucracy and government spending. He aims to shut down the culture, women, health, and education ministries.
‘
Political Earthquake’
– Javier’s victory is being termed a ‘political earthquake’.
– Local media often refers to Javier as ‘Argentina’s Donald Trump’.
– Former US President Donald Trump congratulated Javier on his win, saying he would make Argentina great again.
– One thing everyone will focus on is the closure of ministries. In fact, Javier wants significant cuts in the funds spent on welfare schemes.
– Javier’s electoral promises don’t end here. This hardliner leader had also assured voters of doing some peculiar tasks.
– According to him, they’ll liberalize gun laws in Argentina. The country had approved the abortion law in 2020, which they intend to repeal, and they’ll legalize the trade of human organs.
– During the election campaign, Javier used to walk with a cart. Essentially, he wanted to convey to voters that government spending has destroyed the country and it needs severe budget cuts. However, after criticism, he stopped walking with the cart.
Criticism from China and Brazil
– Javier is seen as anti-China. He openly criticizes Brazil as well. He states that he won’t make any deals with any communist country.
Argentina
– It’s a South American nation.
– Capital: Buenos Aires
– Official Language: Spanish
– Neighboring Countries: Chile, Bolivia, Paraguay
– Population: 47.3 million
– Currency: Argentine Peso
– The inflation rate is at 143%.
40% of the country’s population is impoverished.
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3. The newly elected President of which country announced the promise of closing the central bank and making the US dollar its currency?
a. France
b. Japan
c. Argentina
d. Sri Lanka
Answer: c. Argentina
– Argentina’s newly elected President Javier Milei is talking about shock therapy for Argentina’s economy.
– He has promised a new arrangement to revive the economy by abolishing the Central Bank.
– He has pledged to make the US dollar the legal currency instead of their national currency, the peso.
– This process is known as dollarization, where a country replaces its national currency as legal tender with another country’s currency.
Economic Situation in Argentina
– Argentina is currently troubled by high inflation of 140%, which has been caused by significant budget deficits.
– The new government is burdened with a $44 billion debt from the International Monetary Fund (IMF), which it will have to repay.
– The exchange rate is approximately 360 Argentine pesos to one US dollar.
– Other economic issues include high-interest rates being used to control currency depreciation, increasing unemployment, and declining economic growth and living standards.
Is Dollarization a Good Idea for Argentina?
– Many economists consider Argentina’s dollarization a bad idea.
The Hindu states that dollarization works best between countries that are geographically close and are already integrated through previous trade and other arrangements. For instance, Mexico, Canada, and the United States are neighboring countries in North America and are integrated through the North American Free Trade Agreement (NAFTA). Yet, they have their individual currencies as they are not ready to abandon their monetary sovereignty. However, this wouldn’t work for Argentina.
– Making the US dollar a legal currency in Argentina will worsen the situation of the prevalent budget and trade deficits, currency depreciation rates, and lower interest rates. It will lead the economy towards recession and unemployment, potentially causing social unrest and riots, similar to what occurred in the early 2000s.
Countries That Have Dollarized
– Apart from Puerto Rico and the US Virgin Islands, most Central American countries like Panama, Ecuador, El Salvador, and Guatemala have adopted the US dollar as their legal tender.
– Dollarization has helped these countries eliminate transaction costs, safeguard against foreign exchange risks, acquire similar currency depreciation and interest rates as the US, enhance budgetary discipline, safeguard against foreign currency crises, and assist in foreign exchange and trade controls and international financial integration.
– These countries benefit from high levels of policies including agriculture, labor, trade, and investment, their geographical proximity, and trade integration. However, this cannot be said for Argentina and the United States.
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4. To whom has the Central Government given the additional charge of Director General (DG) of CRPF?
a. Anish Dayal Singh
b. Manoj Soni
c. Rajiv Gauba
d. Tapan Deka
Answer: a. Anish Dayal Singh
– Anish Dayal Singh is the Director-General of ITBP. He has been given additional charge of CRPF.
– In reality, the former DG of CRPF, S.L. Thaosen, retired on November 30, 2023.
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5. UP government gave free travel facility in buses to women of which age group?
a. More than 40 years
b. More than 50 years
c. More than 60 years
d. More than 70 years
Answer: c. More than 60 years
– The Uttar Pradesh government made this announcement during the supplementary budget of the state.
– Transport Minister (independent charge) Dayashankar Singh stated that women over 60 years of age will be provided with free travel on Roadways buses.
– Approximately one thousand new buses will be added to the Uttar Pradesh State Road Transport Corporation fleet, including over a hundred electric buses.
– A provision of 100 crores rupees has been allocated in the supplementary budget for the purchase of new buses.
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6. When is National Pollution Control Day celebrated?
a. 1 December
b. 2 December
c. 3 December
d. 4 December
Answer: b. 2 December
– This day is observed in remembrance of those who lost their lives in the Bhopal gas tragedy.
– The Bhopal gas tragedy is considered the world’s worst industrial disaster.
– The objective of this day is to raise awareness among people about pollution control laws and industrial disasters.
About the Bhopal Gas Tragedy:
– When did the incident occur: During the night of December 2nd and 3rd, 1984
– Factory involved in the disaster: Union Carbide in Bhopal (now Dow Chemicals)
– Gas leaked: Toxic gas Methyl Isocyanate (MIC)
– Approximate death toll: Over 15,000 people
– Injured or affected: Over 500,000 people
– The main accused of this incident was Warren Anderson, who was the CEO of the company at that time.
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7. Who became the first airport woman firefighter in the country to operate a Crash Fire Tender (CFT)?
a. Surekha Sharma
b. Shivani Singh
c. Disha Naik
d. Ayesha Khan
Answer: c. Disha Naik
– The CEO of GMR Goa International Airport Limited (GGIAL) said that this is a historic achievement in the area of airport rescue and firefighting.
– Disha Naik achieved this accomplishment in November 2023.
– She underwent six months of training to operate the Crash Fire Tender (CFT).
– Currently, she is serving in the Aerodrome Rescue and Firefighting (ARFF) unit at the Manohar Parrikar International Airport in North Goa.
– She joined the firefighting department in the year 2021.
– ARFF is a firefighting unit that works in aviation disasters and emergency situations for rescue operations.
Note:
– The country’s first female firefighter at an airport – Disha Naik from Goa
The country’s first Muslim female fighter pilot – Saniya Mirza from Uttar Pradesh
What is Crash Fire Tender (CFT)?
– Crash Fire Tender (CFT) is a specialized firefighting engine used for aircraft rescue and firefighting at airports, military airbases, and airstrips. CFTs are powerful machines engineered precisely using modern technologies.
Here are some basic requirements for Crash Fire Tenders:
– Water tank capacity: 6,500 liters
– Foam tank capacity: 800 liters or 12% of water capacity
– Primary extinguishing (extinguishing agent): Foam
Goa:
Capital – Panaji
CM – Pramod Sawant
Governor – P.S. Sreedharan Pillai
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8. When is World Computer Literacy Day celebrated?
a. 1 December
b. 2 December
c. 3 December
d. 4 December
Answer: b. 2 December
– This day was initiated by NIIT.
– Its objective is to increase digital literacy worldwide.
– The aim is to promote technical skills among children and women.
– It aims to inspire them to make their work easier through the use of computers.
– This day was first observed in the year 2001.
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9. When is International Slavery Abolition Day celebrated?
a. 1 December
b. 2 December
c. 3 December
d. 4 December
Answer: b. 2 December
2023 Theme:
– Fighting slavery’s legacy of racism through transformative education
– The United Nations General Assembly declared this day in 1986.
– The purpose of this day is to prevent human trafficking, sexual exploitation, and child labor.
Rising Modern Slavery:
– According to the latest estimates from the International Labour Organization (ILO), there has been a significant increase in forced labor and forced marriage over the past five years.
– In comparison to the global estimates in 2016, in 2021, over a hundred million more people were affected by modern slavery, bringing the total number of people worldwide to 5 crore (50 million).
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10. Which West Indies country refused to host the ICC T20 World Cup 2024?
a. America
b. Dominica
c. Guyana
d. Barbados
Answer: b. Dominica
Reason for Declining Hosting
– Dominica has delayed in preparing match and practice venues, hence it declined hosting.
– According to The Hindu newspaper, Dominica was one among the seven West Indies nations selected for hosting matches in the tournament with the United States in June 2023.
Note: America is hosting a major cricket tournament for the first time.
As hosting venues in America
– Grand Prairie Stadium in Dallas
– Broward County Stadium in Florida
– Nassau County Stadium in New York
Hosting venues in the Caribbean and West Indies
– Sir Vivian Richards Stadium: Antigua and Barbuda
– Kensington Oval Stadium: Barbados
– Windsor Park Stadium: Dominica (removed from hosting in November 2023)
– Providence Stadium: Guyana
– Darren Sammy National Cricket Stadium: St. Lucia
– Arnos Vale Stadium: St. Vincent and the Grenadines
– Queen’s Park Oval Stadium: Trinidad and Tobago
ICC T20 World Cup
– This tournament will be held from June 4, 2024, to June 30, 2024.
– It will feature 20 teams for the first time.
– They will be divided into four groups (5 teams each).
About the West Indies
– The West Indies is a subregion of Northern America, surrounded by the North Atlantic Ocean and the Caribbean Sea.
– It comprises 13 independent island countries and three island groups (Greater Antilles, Lesser Antilles, and Leeward Islands).
– There are 19 dependencies within these three island groups.
About Dominica
– It is an island nation in the Caribbean region of North America.
– The island is volcanic and largely mountainous.
– Its capital is Roseau.”
