Daily Current Affairs August 08

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August 08 | Daily Current Affairs 2024

Important Days – Daily Current Affairs August 08

1. Which significant historical movement was launched on August 8, 1942, under the leadership of Mahatma Gandhi?
A) Non-Cooperation Movement
B) Civil Disobedience Movement
C) Quit India Movement
D) Swadeshi Movement
E) Salt Satyagraha
Answer: C) Quit India Movement

Event and Location:

• Event: The Quit India Movement, also referred to as Bharat Chhodo Andolan, was a significant movement aimed at ending British colonial rule in India.
• Location: The movement was officially launched on August 8, 1942, during the All India Congress Committee session in Bombay (now Mumbai).

Mandates and Objectives:

• Primary Objective: To demand an immediate end to British rule in India through mass civil disobedience.
• Leadership: The movement was led by Mahatma Gandhi and supported by key Indian leaders including Jawaharlal Nehru and Sardar Vallabhbhai Patel.
• Slogan: Gandhi’s call to action was “Do or Die”, encouraging Indians to resist British rule non-violently.

Important Terms Explained:

• Cripps Mission: A British mission led by Sir Stafford Cripps in 1942 aimed at securing Indian cooperation during World War II. The mission’s failure led to widespread discontent, fueling the Quit India Movement.
• Non-Violent Civil Disobedience: A form of political protest where participants non-violently resist laws and government orders. This strategy was crucial in the Quit India Movement.

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Sports – Daily Current Affairs August 08

2. Which Indian player scored a brace to secure a historic bronze medal in men’s hockey at the Paris 2024 Olympics?
A) PR Sreejesh
B) Hardik Singh
C) Amit Rohidas
D) Gurjant Singh
E) Harmanpreet Singh
Answer: E) Harmanpreet Singh

Event and Location:

• Event: India vs Spain bronze medal match in men’s hockey at the Paris 2024 Olympics.
• Location: Paris, France.

Mandates and Objectives:

• Result: India defeated Spain 2-1 to secure a historic bronze medal in men’s hockey.
• Scorers:
  • Harmanpreet Singh: Scored two crucial goals, including the equalizer and the winning goal, to lead India to victory.
  • Marc Miralles: Scored the opening goal for Spain in the 2nd quarter.
• Significance: The win marked India’s 13th Olympic hockey medal and the team’s second consecutive bronze, following their success at Tokyo 2020.

Key Moments:

• First Quarter: The match started goalless, with both teams testing each other’s defences.
• Second Quarter: Spain’s captain, Marc Miralles, opened the scoring, putting pressure on India.
• Equalizer: Harmanpreet Singh scored the equalizer just before the half-time hooter, keeping India in the game.
• Third Quarter: Harmanpreet doubled his tally, securing the lead for India.
• Final Quarter: PR Sreejesh, in his final international match, made a critical save to preserve India’s 2-1 lead, ensuring the bronze medal.

Important Terms Explained:

• Brace: In sports, a “brace” refers to a player scoring two goals in a single match.
• Olympic Hockey Medal: India has a rich history in Olympic hockey, with this win marking its 13th medal in the sport.

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Obituary – Daily Current Affairs August 08

3. Which renowned social worker and Gandhian passed away in Pune at the age of 99?
A) Vinoba Bhave
B) Shobhana Ranade
C) Jamnalal Bajaj
D) Kasturba Gandhi
E) Pandurang Balkawde
Answer: B) Shobhana Ranade

Event and Location:

• Event: The passing of Shobhana Ranade, a renowned Gandhian social worker, occurred in Pune at the age of 99.
• Location: Pune, Maharashtra, where she spent much of her life dedicated to social work and Gandhian principles.

Mandates and Objectives:

• Life’s Work: Shobhana Ranade dedicated her life to uplifting the underprivileged, focusing on women and children. She worked extensively in various parts of India, including the Northeast, where she empowered Naga women through vocational training.
• Key Contributions:
  • Bhoodan Movement: Collaborated with Vinoba Bhave in the Bhoodan movement, encouraging landowners to donate land to the poor.
  • Gandhi National Memorial Society (GNMS): Founded and served as the trustee secretary, initiating various social work programs at the Aga Khan Palace, Pune.
  • Vocational Training: As a trustee of the Kasturba Gandhi National Trust, she focused on training women in over 20 village industrial trades and vocational skills.
  • Projects for Vulnerable Girls: Established Bal Griha and Balsadan in Saswad, Pune, for the care of vulnerable girls.

Important Terms Explained:

• Bhoodan Movement: A voluntary land reform movement in India, initiated by Vinoba Bhave in 1951, where landowners voluntarily donated a portion of their land to the landless.
• Gandhian Philosophy: A way of life based on the teachings of Mahatma Gandhi, emphasizing non-violence, simplicity, and self-reliance.

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4. Which former Chief Minister of West Bengal, known for advocating rapid industrialisation, passed away in August 2024?
A) Jyoti Basu
B) Mamata Banerjee
C) Siddhartha Shankar Ray
D) Buddhadeb Bhattacharjee
E) Pranab Mukherjee
Answer: D) Buddhadeb Bhattacharjee

Event and Location:

• Event: The passing of Buddhadeb Bhattacharjee, former Chief Minister of West Bengal.
• Location: He passed away at his residence in Kolkata, West Bengal, on August 8, 2024.

Mandates and Objectives:

• Political Career:
  • Buddhadeb Bhattacharjee served as the Chief Minister of West Bengal from 2000 to 2011. He succeeded CPI(M) leader Jyoti Basu and was known for advocating rapid industrialisation in West Bengal.
  • Under his leadership, the Left Front government adopted liberal policies to attract private investment and aimed to transform the state’s anti-industry image.
  • However, controversial land acquisition policies, particularly in Singur and Nandigram, led to widespread protests and contributed to the Left Front’s defeat in the 2011 state elections, ending its 34-year rule.

Legacy:

• Bhattacharjee was respected across the political spectrum for his simplicity, dedication to public service, and contributions to Bengali literature. Despite health issues that kept him away from public life in his later years, his influence on the state’s modern history remained significant.

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Banking and Finance – Daily Current Affairs August 08

5. What measure is the Reserve Bank of India (RBI) taking to protect customers from fraudulent digital lending applications?
A) Imposing stricter penalties on fraudulent apps
B) Creating a repository of digital lending apps
C) Increasing interest rates for digital loans
D) Reducing the number of digital lending licenses
E) Partnering with banks to monitor digital lending
Answer: B) Creating a repository of digital lending apps

Event and Location:

• Event: The Reserve Bank of India (RBI) is creating a public repository of digital lending applications.
• Location: Mumbai, India, as announced on August 8, 2024.

Mandates and Objectives:

• Objective: The primary goal is to protect customers from fraudulent digital lending players by providing a publicly accessible repository of legitimate digital lending applications.
• Details: The repository will be based on data submitted by the regulated entities (REs) directly to the repository without any intervention by the RBI. This ensures that the information is up-to-date and accurate as the REs report the details.

Significance:

• Consumer Protection: This measure aims to curb the activities of digital loan sharks by offering transparency and helping customers verify the authenticity of digital lending apps.
• Accessibility: The repository will be available on the RBI’s website, making it easy for consumers to access and use.

Important Terms Explained:

• Digital Lending Applications: These are online platforms or mobile apps that provide loans to customers through digital processes.
• Regulated Entities (REs): These are financial institutions that are regulated by the RBI and are authorized to submit data for the repository.

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6. What decision did the Reserve Bank of India’s Monetary Policy Committee (MPC) make regarding the repo rate in its August 2024 meeting?
A) Increased to 6.75%
B) Reduced to 6.25%
C) Unchanged at 6.5%
D) Increased to 7.0%
E) Reduced to 6.0%
Answer: C) Unchanged at 6.5%

Event and Location:

• Event: The Reserve Bank of India (RBI) held its third bi-monthly Monetary Policy Committee (MPC) meeting for FY25.
• Location: Mumbai, India.

Mandates and Objectives:

• Repo Rate Decision: The RBI’s MPC, chaired by Governor Shaktikanta Das, decided to keep the repo rate unchanged at 6.5% for the ninth consecutive meeting. This decision reflects a hawkish pause, indicating caution in changing the rate amid current economic conditions.
• Policy Stance: The MPC maintained its policy stance of ‘withdrawal of accommodation’, which means the RBI is gradually withdrawing the extra liquidity support it had provided earlier to stimulate the economy.

Key Highlights:

• GDP Growth Estimates:
  • FY25: The RBI retained its GDP growth estimate for FY25 at 7.2%.
  • Quarterly Estimates: Q1FY25 estimate slightly reduced to 7.1%, with subsequent quarters retained around 7.2% to 7.3%.
• CPI Inflation Forecast:
  • FY25: The CPI inflation forecast was kept unchanged at 4.5%.
  • Quarterly Estimates: Adjustments were made, with Q2FY25 raised to 4.4%, Q3FY25 to 4.7%, and Q4FY25 lowered to 4.3%.
• Additional Measures Announced:
  • Public Repository: Creation of a public repository for digital lending apps to protect customers.
  • Credit Information Reporting: Increased frequency of reporting credit information to Credit Information Companies (CICs).
  • UPI Enhancements: Introduction of delegated payments through UPI and increased transaction limits for tax payments via UPI.
  • Cheque Clearing: Introduction of ‘on-realisation-settlement’ in the Cheque Truncation System (CTS) for continuous cheque clearing.

Important Terms Explained:

• Repo Rate: The rate at which the RBI lends money to commercial banks, a key tool used to control inflation and stimulate economic growth.
• CPI Inflation: Consumer Price Index (CPI) measures the average change in prices paid by consumers for goods and services, used as an indicator of inflation.

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7. What is the new transaction limit for tax payments through UPI as announced by RBI Governor Shaktikanta Das in August 2024?
A) ₹2 lakh
B) ₹3 lakh
C) ₹4 lakh
D) ₹5 lakh
E) ₹6 lakh
Answer: D) ₹5 lakh

Event and Location:

• Event: Announcement of an increase in the transaction limit for tax payments through the Unified Payments Interface (UPI) by the Reserve Bank of India (RBI).
• Location: Mumbai, India.

Mandates and Objectives:

• Transaction Limit Increase: The RBI Governor, Shaktikanta Das, announced that the transaction limit for tax payments via UPI will be raised from ₹1 lakh to ₹5 lakh per transaction.
• Objective: This increase aims to facilitate smoother and higher-value tax payments through UPI, making it easier for consumers to manage their tax obligations.

Context and Significance:

• Monetary Policy Review: The announcement was made during the RBI’s bi-monthly monetary policy review on August 8, 2024.
• UPI Enhancements: The increase in the UPI transaction limit specifically for tax payments reflects the growing importance of digital payment methods in India and the need to accommodate larger transactions.

Important Terms Explained:

• Unified Payments Interface (UPI): A real-time payment system developed by the National Payments Corporation of India (NPCI), which allows instant money transfer between two bank accounts on a mobile platform.
• RBI: The central banking institution of India that controls monetary policy and regulates the financial system.

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8. Which regulatory body issued guidelines for the Committee of Creditors to expedite resolutions under the Insolvency and Bankruptcy Code (IBC) in August 2024?
A) SEBI
B) RBI
C) NCLT
D) IBBI
E) Ministry of Corporate Affairs
Answer: D) IBBI

Event and Location:

• Event: The Insolvency and Bankruptcy Board of India (IBBI) issued guidelines aimed at expediting the resolution process under the Insolvency and Bankruptcy Code (IBC).
• Location: The announcement was made on August 8, 2024.

Mandates and Objectives:

• Purpose of Guidelines: The guidelines are designed to ensure that the resolution process is completed in a time-bound manner, which is critical to maximizing the value of the corporate debtor’s assets.
• Focus Areas: Key aspects of the guidelines include:
  • Objectivity and Impartiality: Ensuring decisions are made fairly and without bias.
  • Professional Competence: Emphasizing the need for skilled and knowledgeable members within the Committee of Creditors (CoC).
  • Cooperation and Confidentiality: Encouraging collaboration among stakeholders while maintaining confidentiality throughout the process.

Significance:

• Impact: These guidelines are expected to strengthen the institution of the Committee of Creditors (CoC), ensuring that decisions are made swiftly and effectively, thereby enhancing the overall efficiency of the IBC process.

Important Terms Explained:

• Committee of Creditors (CoC): A group of financial creditors of a company undergoing insolvency proceedings, responsible for making key decisions regarding the resolution plan.
• Insolvency and Bankruptcy Code (IBC): A comprehensive legal framework in India that consolidates the laws relating to insolvency and bankruptcy, aimed at facilitating the resolution of corporate insolvency in a time-bound manner.

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Business and Economy – Daily Current Affairs August 08

9. What is the predicted economic growth rate for India in FY25 according to Deloitte India?
A) 6.0% to 6.2%
B) 6.5% to 6.7%
C) 7.0% to 7.2%
D) 7.5% to 7.7%
E) 8.0% to 8.3%
Answer: C) 7.0% to 7.2%

Event and Location:

• Event: Deloitte India has released its economic outlook, predicting strong economic growth for India in FY25.
• Location: The forecast is part of Deloitte’s India Economic Outlook report for August 2024.

Mandates and Objectives:

• Predicted Growth Rate: Deloitte forecasts India’s economic growth to be between 7.0% and 7.2% in FY25, driven by robust economic fundamentals.
• Comparison: This growth prediction surpasses the Economic Survey’s prediction but aligns with the Reserve Bank of India’s (RBI) outlook.
• FY24 Growth Prediction: Deloitte also revised its FY24 GDP growth prediction upward to 7.6% to 7.8% from the previous estimate of 6.9% to 7.2%.

Important Terms Explained:

• GDP Growth: Refers to the increase in the economic output and value of goods and services produced by a country over a period, indicating the health of the economy.
• Economic Survey: An annual document prepared by the Ministry of Finance, Government of India, which reviews the developments in the Indian economy over the past fiscal year.
• Reserve Bank of India (RBI): The central banking institution of India, which controls the monetary policy of the Indian rupee and regulates the country’s financial system.

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Appointments – Daily Current Affairs August 08

10. Who has been appointed as the new Director – Refinery of Mangalore Refinery and Petrochemicals Ltd (MRPL) in August 2024?
A) Ramesh Kumar
B) Anil Kumar Jain
C) Nandakumar Velayudhan Pillai
D) Ravi Shankar
E) Suresh Prabhu
Answer: C) Nandakumar Velayudhan Pillai

Event and Location:

• Event: Nandakumar Velayudhan Pillai has been appointed as the new Director – Refinery of Mangalore Refinery and Petrochemicals Ltd (MRPL).
• Location: Mangalore, Karnataka.

Mandates and Objectives:

• Appointment Details: Pillai’s appointment was confirmed by a letter dated August 7, 2024, issued by the Union Ministry of Petroleum and Natural Gas. He has taken charge of his new role immediately.
• Experience: With over 30 years of experience, Pillai has been closely associated with all the major milestones in MRPL’s growth.

Significance:

• Role and Responsibility: As Director – Refinery, Pillai will be responsible for overseeing the operations and management of the refinery, ensuring efficient production, and supporting the strategic growth initiatives of MRPL.

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Awards – Daily Current Affairs August 08

11. Who was awarded the highest honor, Vigyan Ratna Puraskar, in the 2024 Rashtriya Vigyan Puraskars?
A) Dr. Govindarajan Padmanabhan
B) Dr. Annapurini Subramanian
C) Prof. Umesh Varshney
D) Prof. Bhim Singh
E) Roxy Mathew Koll
Answer: A) Dr. Govindarajan Padmanabhan

Event and Location:

• Event: The Rashtriya Vigyan Puraskars are the newly introduced national science awards by the Indian government to recognize outstanding contributions in science, technology, and innovation.
• Location: The awards will be presented on August 23, 2024, during a ceremony on National Space Day, marking Chandrayaan-3’s successful moon landing.

Mandates and Objectives:

• Purpose: These awards aim to celebrate scientific achievements across various fields by consolidating and replacing over 300 previous awards from different scientific departments.
• Categories:
  • Vigyan Ratna: Recognizes lifetime achievements.
  • Vigyan Shri: For distinguished contributions.
  • Vigyan Yuva – Shanti Swarup Bhatnagar Award: For exceptional young scientists.
  • Vigyan Team: For teams with significant collaborative contributions.

Important Terms Explained:

• Vigyan Ratna Puraskar: The highest award, recognizing lifetime contributions to science. Dr. Govindarajan Padmanabhan, a noted biochemist and former director of the Indian Institute of Science, received this award for his contributions to biochemistry.
• Vigyan Yuva – Shanti Swarup Bhatnagar Award: Continues the legacy of the Shanti Swarup Bhatnagar Prize, honoring young scientists under the age of 45.

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Defence – Daily Current Affairs August 08

12. Which military exercise focused on high-altitude warfare was recently conducted by the Indian Army in Ladakh?
A) Yudh Abhyas
B) Parvat Prahaar
C) Vayu Shakti
D) Vajra Prahar
E) Desert Eagle
Answer: B) Parvat Prahaar

Event and Location:

• Event: The Indian Army conducted the ‘Parvat Prahaar’ exercise, a strategic military drill focusing on high-altitude warfare.
• Location: Ladakh, near the India-China border, particularly in the region close to the Line of Actual Control (LAC).

Mandates and Objectives:

• Focus: The exercise is centered on preparing the Army for combat in mountainous and rugged terrains, which are characteristic of regions like Eastern Ladakh.
• Participants: The exercise involved various military units, including infantry, armoured, artillery, and support units.
• Deployment: Over 500 tanks and 50,000 troops have been stationed in the Ladakh region since 2020, enhancing India’s military readiness in response to the ongoing standoff with China.
• Key Assets: The drill showcased the operability of K-9 Vajra artillery guns, air-defense systems, UAVs, and other aviation assets, emphasizing the Army’s war preparedness in high-altitude environments.

Strategic Importance:

• Mountain Strike Corps: The Mountain Strike Corps of the Northern Command, responsible for operations in this sensitive region, led the exercise.
• Geopolitical Context: The exercise comes amid a prolonged military standoff between India and China, with the region’s strategic location near the LAC making this drill crucial for maintaining readiness against any further attempts to alter the status quo by China.

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National Affairs – Daily Current Affairs August 08

13. Which organizations signed an MoU to promote Indian Sign Language, focusing on enhancing sign language skills among Army Public School faculty?
A) ISLRTC and CBSE
B) AWES and NIOS
C) ISLRTC and AWES
D) NCERT and ISLRTC
E) AWES and CBSE
Answer: C) ISLRTC and AWES

Event and Location:

• Event: The Indian Sign Language Research and Training Centre (ISLRTC) signed a Memorandum of Understanding (MoU) with the Army Welfare Association Society (AWES) to promote Indian Sign Language (ISL).
• Location: The MoU was signed in New Delhi under the chairpersonship of Shri Rajesh Aggarwal, Secretary, Department of Empowerment of Persons with Disabilities (DEPwD).

Mandates and Objectives:

• Objective: The partnership aims to train school administrators, students, parents, and teachers, particularly in Army Public Schools, to enhance their sign language skills. This initiative is part of a broader goal to create an accessible and supportive learning environment for students who are deaf or hard of hearing.
• Significance: The collaboration is a significant milestone in promoting Indian Sign Language and contributing to the empowerment and inclusion of the Deaf community.

Key Participants:

• Director (ISLRTC): Dr. N. Honnareddy
• Managing Director (AWES): Maj. Gen. P.R. Murali
• Other Attendees: Col. K.K. Sharma, Director of Schools at AWES; Ms. Manisha Verma, faculty of Inclusive Education at AWES; and Dr. Abhishek Kr. Srivastava, Assistant Professor at ISLRTC.

Important Terms Explained:

• Indian Sign Language (ISL): A visual language used by the Deaf community in India, where hand signs, facial expressions, and body language are used to communicate.
• Army Welfare Association Society (AWES): An organization responsible for managing and overseeing Army Public Schools and other educational institutions affiliated with the Indian Army.

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