Daily Current Affairs August 03

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August 03| Daily Current Affairs 2023

Important days – Daily Current Affairs August 03

1. What does August 2nd signify in relation to Earth’s ecological sustainability?
A) Earth Day
B) Earth Overshoot Day
C) World Environment Day
D) World Wildlife Day
E) International Day of Forests
Answer: B) Earth Overshoot Day

• August 2nd marks this year’s Earth Overshoot Day
• In 2022, It observed on 28th July
• The concept of Earth Overshoot Day was first conceived by Andrew Simms of the UK think tank New Economics Foundation, which partnered with Global Footprint Network in 2006 to launch the first global Earth Overshoot Day campaign.
• First – 25 December 1971

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Obituary – Daily Current Affairs August 03

2. Who was NamdeoDhondoMahanor, also known as Na DhoMahanor?
A) An Indian politician and freedom fighter
B) A renowned Indian cricketer
C) A prominent Marathi poet and lyricist
D) A famous Bollywood actor
E) A legendary Indian classical musician
Answer: C) A prominent Marathi poet and lyricist

• Noted Marathi poet and lyricist NamdeoDhondoMahanor, popularly known as Na DhoMahanor, died at a hospital in Maharashtra’s Pune
• NamdeoDhondoMahanor was awarded Padma Shri in 1991.
• He had also been a member of the state legislative council.
• Mahanor penned several popular poems and songs, including ‘JagalaPremArpave’, ‘Ganga Wahu De Nirmal’ and ‘DivelaganichiVel’, and also wrote songs for Marathi movies like ‘EkHotaVidushak’, ‘Jait Re Jait’, ‘Sarja’ and others.
• SahityaAkademiPuraskar for his book Paanzad in 2000.
• He also received the World Film Festival Lyricist Jeevan Gaurav Award in 2015, the KrishiBhushan in 1985, the Vanashree’ for his work in the watershed environment, and the Krishiratna’ Gold Medal for Meritorious Achievement in Agriculture.

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Ranking – Daily Current Affairs August 03

3. What is the current ranking of Reliance Industries on the Fortune Global 500 list?
A) 45
B) 66
C) 88
D) 112
E) 143
Answer: C) 88

• Billionaire MukeshAmbani’s Reliance Industries has maintained its highest ranking among Indian corporates in the latest Fortune Global 500 list, jumping 16 places to rank at number 88.
• Reliance was ranked at number 104 in the 2022 ranking and in the 2023 ranking it is placed at number 88.
• The company has gained a whopping 67 places in the last two years from number 155 in 2021.
• As many as eight Indian companies feature in this year’s Fortune Global 500 ranking.
• State-owned Indian Oil Corporation (IOC) jumped 48 places to rank at number 94.
• Life Insurance Corporation of India (LIC) slipped nine places to rank at 107.
• Tata Motors rose 33 places to rank at number 337 and Rajesh Exports jumped 84 spots to number 353.

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Banking and Finance – Daily Current Affairs August 03

4. Axis Bank and Kiwi have collaborated to provide which type of credit cards digitally?
A) Lifetime free Mastercard credit cards
B) Lifetime free Visa credit cards
C) Lifetime free Rupay credit cards
D) Lifetime free American Express credit cards
E) Lifetime free Discover credit cards
Answer: C) Lifetime free Rupay credit cards

• Kiwi, a fintech that enables credit on UPI, has partnered with Axis Bank to offer a lifetime free Axis Bank KWIK credit card through its app.
• Users can make payments from the Kiwi app using their credit cards at merchant outlets that accept digital payments only via UPI QR code.
• With this partnership, customers can enjoy the benefits of credit card rewards while experiencing the convenience of UPI’s fast and secure payment
• The virtual credit card provides two edge rewards per Rs.200 spent.
• Users also get 1% cash back on scan & pay transactions (using credit card on UPI), and waiver of the 1% Fuel surcharge waiver usually applied by petrol pumps on card payments.
• The wide acceptability of UPI will boost credit card usage
• The Kiwi app offers card management facilities – blocking, setting limits, etc., allowing users to link their existing debit accounts to the app.

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5. Which bank has launched the SIB EXIM Current Account specially designed for customers involved in the import and export business?
A) State Bank of India (SBI)
B) HDFC Bank
C) ICICI Bank
D) Axis Bank
E) South Indian Bank (SIB)
Answer: E) South Indian Bank (SIB)

• South Indian Bank (SIB) has launched SIB EXIM Current Account specially curated for customers involved in the import and export business.
• The current account is available in two variants SIB EXIM Silver and SIB EXIM Gold with the required Quarterly Forex Throughput (QFT) of $15,000 and $50,000 respectively.
• SIB EXIM Current Account offers competitive rates in trade finance transactions, free and unlimited NEFT/RTGS transactions through digital channels, unlimited free cash withdrawals from any SIB branches, free cash deposit limit of up to 15 times of previous month AMB, free issuance of international debit card and a lot more transactional benefits to cater the needs of this segment.
• Earlier, the bank launched “SIB TF Online” a digital banking platform to facilitate trade finance transactions through corporate internet banking 24X7, in a safe and paperless manner.
• Moreover, South Indian Bank is also authorised by RBI as an Agency Bank for collection of customs duty through ICEGATE portal.

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6. Which private sector lender has partnered with Tiger Fintech – a Bajaj Capital Group company, to launch the IndusInd Bank Tiger Credit Card, a co-branded credit card powered by Visa?
A) HDFC Bank
B) ICICI Bank
C) Axis Bank
D) IndusInd Bank
E) Kotak Mahindra Bank
Answer: D) IndusInd Bank

• Private sector lender IndusInd Bank has partner with Tiger Fintech – a Bajaj Capital Group company, to launch IndusInd Bank Tiger Credit Card, a co-branded credit card powered by Visa.
• With this launch, customers will get access to best-in-class credit card to meet their lifestyle needs.
• The credit card comes with a host of attractive benefits including a carefully crafted ‘Magnificent Rewards Program’ where customers earn up-to 6X accelerated rewards.
• Cardholders will also be able to convert their rewards points to air miles and enjoy discounted foreign currency mark-up of 1.5% on international spends.
• This co-branded credit card also offers access to complimentary benefits like 24×7 concierge facility, domestic and international lounge access at the airports, games/lessons of golf, assured movie tickets and many other entertainment benefits.
  IndusInd Bank commenced its operations in 1994.
• As on June 30, 2023, IndusInd Bank has a customer base of approx. 35 million, with 2,606 branches/banking outlets and 2,875 ATMs spread across geographical locations of the country and covering 1,38,000 villages.

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Business and Economy – Daily Current Affairs August 03

7. How many transactions were recorded through UPI (Unified Payments Interface) in July?
A) 6.78 billion transactions
B) 8.23 billion transactions
C) 9.96 billion transactions
D) 12.45 billion transactions
E) 15.34 billion transactions
Answer: C) 9.96 billion transactions

• Instant payment system Unified Payments Interface (UPI) registered 9.96 billion transactions in July, with the total value for the month hitting Rs 15.34 lakh crore, according to data from the National Payments Corporation of India (NPCI).
• This shows a 6.6% jump in the number of transactions via UPI from 9.34 billion in June.
• The value of transactions in the same period rose 4% from Rs 14.75 lakh crore.
• 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 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.
• According to a PwC India report, UPI transactions are likely to reach 1 billion per day by 2026-27, accounting for 90% of India’s retail digital payments
• UPI was made available in France earlier this year.
• Meanwhile, India and Sri Lanka signed an agreement in July to introduce the payment mode in the island country.
• India and Singapore had signed an agreement in 2021 to link payment systems UPI and PayNow to make cross-border transactions easier for the two countries, a feature that became operational in February this year.
• The UAE, Bhutan, and Nepal have already adopted the UPI payment system.
• PhonePe leads the UPI sweepstakes with 47% market share followed by Google Pay at 35% and Paytm with 13% in terms of the volume of transactions.
• 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.

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8. What was the GST collection for the month of July, as announced by the Ministry of Finance?
A) Rs 1,15,105 crore
B) Rs 1,45,105 crore
C) Rs 1,65,105 crore
D) Rs 1,85,105 crore
E) Rs 2,05,105 crore
Answer: C) Rs 1,65,105 crore

• The GST collection for the month of July was recorded at Rs 1,65,105 crore, the Ministry of Finance said.
• GST collection crossed the Rs 1.6 lakh crore mark for the fifth time since the inception of the goods and services tax.
• Out of Rs 1,65,105 crore, CGST stood at Rs 29,773 crore, SGST at Rs 37,623 crore and IGST at Rs 85,930 crore (including Rs 41,239 crore collected on import of goods), and cess at Rs 11,779 crore (including Rs 840 crore collected on import of goods)
• Maharashtra collected the maximum GST revenue in July 2023 at Rs 26,064 crore.
• While Karnataka was second at Rs 11,505 crore, Tamil Nadu was third at Rs 10,022 crore.
• Gujarat was close behind in the fourth spot with a GST revenue collection of Rs 9,787 crore, while Uttar Pradesh stood fifth with Rs 8,802 crore GST revenue.
• GST revenue for the previous month stood at Rs 1,61,487 crore, which was an increase of 12 per cent on-year.
• However, it was a marked dip from the record-high GST collection of Rs 1.87 lakh crore in April and a sizeable increase from the GST collection of Rs 1,57,090 crore in May.

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Books and Authors – Daily Current Affairs August 03

9. Who is the author of the book “How Prime Ministers Decide”?
A) Neerja Chawla
B) Neerja Chopra
C) Neerja Chowdhury
D) NeerjaNokar
E) Neerja Chatterjee
Answer: C) Neerja Chowdhury

• Book : How Prime Ministers Decide
• Author By: Neerja Chowdhury

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Appointments – Daily Current Affairs August 03

10. The Appointments Committee of the Cabinet (ACC) has approved the extension of service to whom as the Cabinet Secretary for a further period of one year?
A) Shri Rajiv Gauba
B) Shri Narendra Modi
C) Shri Amit Shah
D) Shri Nirmala Sitharaman
E) Shri Piyush Goyal
Answer: A) Shri Rajiv Gauba

• The Appointments Committee of the Cabinet (ACC) has approved extension in service to Shri Rajiv Gauba as Cabinet Secretary for a further period of one year beyond 30.08.2023, in relaxation of AIS (DCRB) Rules, 1958 and Rule 56(d) of the Fundamental Rules
• Before Rajiv Gauba, BD Pande had been the longest serving cabinet secretary from November 2, 1972, to March 31, 1977.
• Rajiv Gauba, a 1982-batch Indian Administrative Service (IAS) officer of the Jharkhand cadre and a former Union home secretary, assumed the country’s top bureaucratic post in 2019, and his tenure was initially set for two years.
• Subsequently, he received extensions twice, first in 2021 and then in August of the following year.
• Rajiv Gauba is credited as the primary architect of the Jammu and Kashmir Reorganisation Act, 2019.
• This act led to the division of the erstwhile state into two union territories – Jammu and Kashmir, and Ladakh, following the abrogation of the special status accorded to the region under Article 370 of the Constitution.
• He had also served as secretary in the Union urban development ministry and additional secretary in the home ministry
• He had served in Jharkhand as the chief secretary for 15 months before returning to serve in the central government in 2016.

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Science and Technology – Daily Current Affairs August 03

11. Which company successfully launched the Intelsat G-37 communications satellite?
A) NASA
B) ESA (European Space Agency)
C) ISRO (Indian Space Research Organisation)
D) SpaceX
E) Roscosmos (Russian Federal Space Agency)
Answer: D) SpaceX

• SpaceX’s Falcon 9 rocket launched the Intelsat G-37 communications satellite from Cape Canaveral Space Force Station in Florida
• This marks the sixth launch for this particular Falcon 9 first-stage booster, which also flew the Crew-5 astronaut mission to the International Space Station.
• The payload launch was the Galaxy 37/Horizons-4 communications satellite that will be jointly operated by Intelsat and JSAT International.
• The Maxar-built satellite will expand television and telecommunications access for North America and help free up swaths of the airwaves for 5G wireless communications service
  The SpaceX Falcon 9 placed the satellite into what’s known as a geosynchronous transfer orbit, an elliptical orbit around 23,000 miles (37,000 km) above Earth that is used as an intermediate step before reaching geosynchronous orbit (an orbit that keeps a spacecraft over the same location on Earth).
• This launch marks the 251st total launch for SpaceX and the 51st mission of the year so far.
• The company launched its heavy-lift Falcon Heavy for the seventh time ever, placing the largest and heaviest geostationary communication satellite ever launched into orbit.
• The Falcon 9 and Falcon Heavy are currently the only operational rockets in SpaceX’s fleet. But the company is hard at work on its massive Starship, the largest and most powerful launch vehicle ever built.
• Starship has launched only once towards space in its fully-stacked configuration atop a Super Heavy booster, which ended in an explosion on the April 20 test flight.

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12. IIM Ahmedabad’s CIIE.CO and SIDBI have partnered to establish a pre-seed fund for which type of start-ups?
A) Agricultural start-ups
B) E-commerce start-ups
C) Deep-tech start-ups
D) Healthcare start-ups
E) Social impact start-ups
Answer: C) Deep-tech start-ups

• IIM Ahmedabad’s CIIE.CO and SIDBI have partnered to establish a pre-seed fund, especially for deep-tech start-ups.
• The MoU signed between the two organisations laid the foundation for the fund with a total corpus of ₹40 crore, equally contributed by both SIDBI and CIIE.CO.
• The partnership was formalised during an event at CIIE.CO, located in IIM Ahmedabad’s New Campus. Attendees included Shri S Ramann, CMD of SIDBI, Prof.ChitraSingla, and Prof.Ankur Sinha from IIM Ahmedabad, Shri S P Singh, CGM of SIDBI, and KunalUpadhyay, co-founder of CIIE.CO, among others.
• CIIE.CO has also been recognised as a Center of Excellence by the Department of Science and Technology, Government of India.

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National Affairs – Daily Current Affairs August 03

13. Which two oil sector companies were upgraded by the Finance Ministry to Maharatna and Navratna categories of central public sector enterprises (CPSEs), respectively?
A) Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL)
B) Indian Oil Corporation Limited (IOCL) and GAIL (India) Limited
C) Oil India and ONGC Videsh
D) Oil and Natural Gas Corporation (ONGC) and Petronet LNG
E) Reliance Industries Limited (RIL) and Cairn India
Answer: C) Oil India and ONGC Videsh

• The finance ministry gave its approval to upgrade ONGC Videsh Ltd (OVL) to ’navratna’ Central Public Sector Enterprise (CPSE) from category-I ‘miniratna’.
• ONGC Videsh, under the ministry of petroleum and natural gas, will be the 14th ’navratna’ among CPSEs.
• As per the Navratna company criteria, the company must have miniratna status, with four independent board directors.
• Moreover, the company must get a score of 60 out of 100 in parameters like net worth, net profit, total production cost, manpower cost, service cost, capital employed, and profit before depreciation, interest, and taxes (PBDIT).
• The finance ministry also approved upgrading Oil India Ltd (OIL) to a ‘maharatna’ Central Public Sector Enterprise (CPSE), taking the total number of such entities to 13.
• The other 12 Maharatna CPSEs at present are REC, Power Finance Corporation, Bharat Heavy Electricals Ltd, Bharat Petroleum Corp. Ltd, Coal India Ltd, GAIL (India) Ltd, Hindustan Petroleum Corp. Ltd, Indian Oil Corp. Ltd, NTPC Ltd, Oil & Natural Gas Corp. Ltd, Power Grid Corp. of India Ltd, and Steel Authority of India Ltd
• OIL is a fully integrated exploration and production company in the upstream sector, with its origins dating back to 1889 — the year of oil discovery in India.
• The state-owned enterprise is under the administrative control of the Ministry of Petroleum and Natural Gas and is the second largest national oil and gas company in India.
• Oil India Private Limited was incorporated on February 18, 1959, to expand and develop the newly discovered oilfields of Naharkatiya and Moran in the north-eastern region of India.
• In 1961, it became a joint venture company of Government of India and Burmah Oil Company Limited, UK.
• In 1981, OIL became a wholly owned Government of India enterprise.
• The Maharatna scheme was introduced for CPSEs, with effect from May 19, 2010, in order to empower them to expand operations and emerge as global giants. Some of the important CPSEs are BHEL, Indian Oil, ONGC, Indian Oil, BPCL, HPCL and SAILs.
• India now has 13 maharatna companies,14 navratna firms, and 74 miniratna CPSEs.

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14. International Battery Company (IBC) has signed an investment pact worth Rs 8,000 crore ($971.89 million) with which government to build a battery manufacturing facility?
A) Maharashtra government
B) Gujarat government
C) Tamil Nadu government
D) Karnataka government
E) Telangana government
Answer: D) Karnataka government

• International Battery Company (IBC) has signed an investment pact worth Rs 8,000 crore ($971.89 million) with the Karnataka government to build a battery manufacturing facility.
• The development was confirmed by the state’s Minister for Commerce & Industries, Infrastructure
• The facility will be spread across 100 acres in the state
• The unit, the second such plant in Karnataka, is expected to be established on a 100-acre land at the Information Technology Investment Region (ITIR) at Devanahalli in the Bengaluru Rural district.
• IBC India Pvt Ltd President VenkateshValluri and Department of Commerce and Industries Principal Secretary Dr Selvakumar signed the MoU while Patil was present

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15. Which scheme has been launched by the Indian government to settle contractual disputes?
A) Vivad se Vishwas 1.0
B) Vivad se Vishwas 2.0
C) Contract Dispute Settlement Scheme
D) Legal Contract Resolution Initiative
E) Dispute Resolution for Contracts (DRC) Scheme
Answer: B) Vivad se Vishwas 2.0

• To provide a much-needed impetus to the resolution of contractual disputes involving the government and government undertakings, the Department of Expenditure, Ministry of Finance, launched the “Vivad se Vishwas 2″ scheme
• The move is aimed at promoting ease of doing business and will cover disputes up to 30 September 2022.
• To ensure the scheme’s seamless implementation, the Department of Expenditure has issued detailed guidelines for “Vivad se Vishwas-2 (Contractual Disputes)” on 29 May 2023.
• The deadline for submitting claims under the scheme is 31 October 2023.
• To facilitate a smooth and transparent process, the government e-marketplace (GeM) has created a dedicated web-page for the implementation of the “Vivad se Vishwas-2 (Contractual Disputes)” scheme.
• Eligible claims will be processed exclusively through the GeM platform, streamlining the settlement process and ensuring expeditious resolution.
• For contractors dealing with non-GeM contracts of the ministry of railways, they may register their claims on the IREPS platform (www.ireps.gov.in).

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16. According to the announcement by Union Health Minister Mansukh Mandaviya, which drugmakers will be required to mandatorily adopt good manufacturing practices (GMP) within six months?
A) Drugmakers with an annual turnover of over Rs 100 crore
B) Drugmakers with an annual turnover of over Rs 200 crore
C) Drugmakers with an annual turnover of over Rs 250 crore
D) Drugmakers with an annual turnover of over Rs 500 crore
E) Drugmakers with an annual turnover of over Rs 1000 crore
Answer: C) Drugmakers with an annual turnover of over Rs 250 crore

• Union Health Minister Mansukh Mandaviya announced that all drugmakers with an annual turnover of over Rs 250 crore will have to mandatorily adopt good manufacturing practices (GMP) within six months.
• Companies with a turnover of less than Rs 250 crore will be given a year to complete the process
• Schedule M of the Drugs and Cosmetics Act has not been implemented properly by the majority of the drugmakers, but “that is going to change now”.
• Those who do not follow the timelines will be penalised according to the provisions of the law after two reviews are conducted — after six months and one year.
• Schedule M of the Drugs and Cosmetics Act, 1940, deals with GMP for pharmaceutical manufacturing units, including specific requirements pertaining to premises, plant and equipment.
• GMP are mandatory standards which build and bring quality into product by way of control on materials, methods, machines, processes, personnel and facility or environment etc.
• GMP were first incorporated in Schedule M in 1988.
• The norms were last amended in 2018.
• There are around 10,500 manufacturing units in the country, of which around 8,500 fall under micro, small and medium level enterprises, or MSMEs.

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17. What has the Indian government released for public consultation?
A) National Deep Tech Startup Policy draft
B) National Rural Employment Guarantee Act (NREGA) guidelines
C) National Health Insurance Scheme draft
D) National Education Policy draft
E) National Industrial Policy draft
Answer: A) National Deep Tech Startup Policy draft

• National Deep Tech Startup Policy (NDTSP) Consortium has announced the draft policy for public consultation; seeking public feedback till September 15, 2023.
• The Prime Minister’s Science, Technology, and Innovation Advisory Council (PM-STIAC), in its 21st meeting held on July 7, 2022, recommended the creation of a National Consortium and a Working Group to propose a comprehensive policy framework to address the needs and strengthen the Indian deep tech startup ecosystem.
• Chaired by the Principal Scientific Adviser to the Government of India, Prof. Ajay Kumar Sood, the apex-level National Consortium represents a broad spectrum of stakeholders.
• Under the overall guidance of the National Consortium, steered by the Expert Working Group, a draft version of the National Deep Tech Startup Policy (NDTSP) has been developed through an extensive multi-stakeholder consultative process involving startups, incubation centres, industry associations, academic institutions, and relevant government agencies.
• The draft NDTSP captures various new policy instruments and suggests necessary policy changes under the following themes:
  • Nurturing Research, Development & Innovation
  • Strengthening the Intellectual Property Regime
  • Facilitating Access to Funding
  • Enabling Shared Infrastructure and Resource Sharing
  • Creating Conducive Regulations, Standards, and Certifications
  • Attracting Human Resources & Initiating Capacity Building
  • Promoting Procurement & Adoption
  • Ensuring Policy & Program Interlinkages
  • Sustaining Deep Tech Startups

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18. What is the name of the mobile application introduced by the National Highways Authority of India (NHAI) to provide comprehensive information and efficient complaint redressal for national highway users?
A) Highway Connect
B) RoadSathi
C) HighwayEase
D) Rajmargyatra
E) Highway Buddy
Answer: D) Rajmargyatra

• To enhance highway user experience, the National Highways Authority of India (NHAI) has introduced ‘Rajmargyatra,’ a unified mobile application aimed at providing comprehensive information and efficient complaint redressal for national highway users.
• The app is currently available in Hindi and English
• The app offers real-time weather conditions, timely broadcast notifications, and details about nearby toll plazas, petrol pumps, hospitals, hotels, and other essential services, ensuring a seamless and safe journey on National Highways.
• Users can report highway-related issues and attach geo-tagged videos or photos for clarity.
• Complaints will be handled promptly, with system-generated escalations to higher authorities in case of delays. Users can track the status of their grievances for transparency.
• Additionally, ‘Rajmargyatra’ integrates FASTag services, allowing users to recharge their FASTags, avail monthly passes, and access other related banking services within the app.
• The app also sends over-speeding notifications and offers voice-assistance to promote responsible and safe driving behavior.

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19. Who unveiled the new logo of NMDC (National Mineral Development Corporation)?
A) Prime Minister Narendra Modi
B) Minister of Finance Nirmala Sitharaman
C) Minister of Home Affairs Amit Shah
D) Union Minister of Steel Shri Jyotiraditya M. Scindia
E) Minister of External Affairs S. Jaishankar
Answer: D) Union Minister of Steel Shri Jyotiraditya M. Scindia

• Union Minister of Steel and Civil Aviation Sh. Jyotiraditya M. Scindia unveiled the new logo of NMDC at New Delhi.
• On this occasion, Sh. Nagendra Nath Sinha, Secretary, Ministry of Steel, Sh. Amitava Mukherjee, CMD, NMDC and other officials of Ministry of Steel and NMDC were also present.
• NMDC’s new logo represents how India’s largest producer of iron ore, is all set for the mining at a global scale in a sustainable and green environment.
• This logo communicates the responsibilities of NMDC towards mining in harmony with nature and people, towards ensuring mineral security & building mineral accountability, and towards infusing self-reliance in our sector.
• Forward-looking new logo which symbolizes their harmonious relationship with nature
• The vibrant green color symbolizes growth, renewal, and harmony with nature.
• Blue cog representing the mineral mining cycle, symbolizing the steadfastness and trust we have earned over the decades

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