Daily Current Affairs August 12

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August 12 | Daily Current Affairs 2024

Important Days – Daily Current Affairs August 12

1. What is the theme for International Youth Day 2024?
A) Youth and Sustainability: Bridging the Gap
B) Empowering Youth for Global Action
C) Youth in Action: Innovating for a Better Tomorrow
D) From Clicks to Progress: Youth Digital Pathways for Sustainable Development
E) Digital Futures: Youth Driving Change
Answer: D) From Clicks to Progress: Youth Digital Pathways for Sustainable Development

Event and Location:

• Event: International Youth Day 2024
• Location: Celebrated globally

Mandates and Objectives:

• Date: August 12, 2024
• Theme: From Clicks to Progress: Youth Digital Pathways for Sustainable Development
  • Focuses on the role of youth in digital innovation and sustainable development.
  • Emphasizes the importance of digital technologies in enabling young people to contribute to sustainable progress.
• Objective:
  • To recognize the contributions of youth to society.
  • To address the socio-economic and socio-political challenges facing young people.
  • To celebrate youth as essential partners in global development.

Important Terms Explained:

• International Youth Day:
  • Established by the United Nations in 1999, first observed on August 12, 2000.
  • Aims to promote peace, mutual respect, and understanding among youth globally.
  • Emphasizes the importance of youth participation in addressing global challenges.
• Sustainable Development:
  • Development that meets the needs of the present without compromising the ability of future generations to meet their own needs.
  • Involves balancing economic growth, environmental care, and social well-being.

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2. Who was the Chief Guest at the 3rd International Conference on World Biofuel Day 2024 organized by SIAM in New Delhi?
A) Rohit Mathur
B) Prashant K Banerjee
C) Kenneth Félix Haczynski da Nóbrega
D) Vikram S. Kasbekar
E) Mandava Prabhakar Rao
Answer: C) Kenneth Félix Haczynski da Nóbrega

Event and Location:

• Event: 3rd International Conference on World Biofuel Day 2024
• Location: New Delhi, India
• Date: August 10, 2024

Mandates and Objectives:

• Objective:
  • To explore the role of biofuels in India’s transition to sustainable energy.
  • To assess the impact of biofuels on the automotive sector.
• Key Participants:
  • Prashant K Banerjee (Executive Director, SIAM): Emphasized India’s biofuel journey focusing on collaboration, communication, and competency.
  • Kenneth Félix Haczynski da Nóbrega (Ambassador of Brazil): Highlighted the synergy between Brazil and India in the ethanol sector.
  • Rohit Mathur (Joint Secretary, Ministry of Petroleum and Natural Gas): Credited the progress in the biofuel sector to the leadership of Prime Minister Narendra Modi.

Important Terms Explained:

• E20 Economy:
  • Refers to a fuel blend consisting of 20% ethanol and 80% gasoline.
  • Part of India’s strategy to reduce carbon emissions and reliance on fossil fuels.
• Flex-Fuel Vehicles:
  • Vehicles that can run on more than one type of fuel, usually gasoline blended with either ethanol or methanol.
• Ethanol Blending:
  • The process of mixing ethanol with gasoline to reduce emissions and dependence on fossil fuels. India’s ethanol blending has increased from 1.4% in 2013-14 to nearly 20% in 2024.

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Obituary – Daily Current Affairs August 12

3. Who was the former CEO of YouTube who passed away in 2024 after battling cancer?
A) Sheryl Sandberg
B) Susan Wojcicki
C) Marissa Mayer
D) Ruth Porat
E) Meg Whitman
Answer: B) Susan Wojcicki

Event and Location:

• Event: Passing of Former YouTube CEO Susan Wojcicki
• Location: United States

Mandates and Objectives:

• Objective:
  • To commemorate the life and legacy of Susan Wojcicki, a pioneering leader in the tech industry.
• Key Contributions:
  • Early Career:
    • Began her career at Google, where she was the 16th employee.
    • Played a pivotal role in developing AdSense, a significant revenue generator for Google.
  • YouTube Acquisition:
    • Instrumental in Google’s acquisition of YouTube in 2006 for $1.65 billion.
  • Leadership at YouTube:
    • Appointed as CEO of YouTube in 2014.
    • Led the platform through substantial growth, advocating for premium subscriptions, original content, and live streaming.
  • Advocacy for Diversity:
    • Promoted diversity and inclusion, particularly advocating for women in tech.
  • Legacy:
    • Her leadership and strategic vision left a lasting impact on the tech industry.

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4. Which former External Affairs Minister of India passed away at the age of 93 in 2024?
A) Pranab Mukherjee
B) Sushma Swaraj
C) Natwar Singh
D) Jaswant Singh
E) Yashwant Sinha
Answer: C) Natwar Singh

Event and Location:

• Event: Passing of Former External Affairs Minister Natwar Singh
• Location: Gurugram, India

Mandates and Objectives:

• Objective:
  • To commemorate the life and contributions of Natwar Singh, a veteran diplomat and politician.
• Key Contributions:
  • Born: 1931 in Bharatpur, Rajasthan.
  • Diplomatic Career: Served as India’s Ambassador to Pakistan and held various senior diplomatic positions.
  • Political Career:
    • Joined Congress in the 1980s and became a minister in the Rajiv Gandhi Cabinet.
    • Served as India’s External Affairs Minister from 2004 to 2005 under the UPA-I government led by Prime Minister Manmohan Singh.
  • Resignation: Resigned from the UPA-I government and quit Congress in 2008 following his implication in the Iraqi food-for-oil scandal.
  • Author: Wrote several books, including ‘The Legacy of Nehru: A Memorial Tribute’, ‘My China Diary 1956-88’, and his autobiography ‘One Life is Not Enough’.
  • Awards: Awarded the Padma Bhushan in 1984 for his contributions to the nation.

Important Terms Explained:

• Iraqi Oil-for-Food Scandal:
  • A United Nations humanitarian program that was marred by corruption, where certain individuals and entities were implicated in receiving kickbacks and unauthorized benefits from the regime of Saddam Hussein.
• Padma Bhushan:
  • The third-highest civilian award in India, recognizing distinguished service of a high order to the nation in any field.

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Ranking – Daily Current Affairs August 12

5. Which institution topped the NIRF 2024 rankings in the ‘Overall’ category for the sixth consecutive year?
A) IIT Delhi
B) IIT Bombay
C) IISc Bengaluru
D) IIT Madras
E) Jawaharlal Nehru University
Answer: D) IIT Madras

Event and Location:

• Event: NIRF 2024 Rankings Announcement
• Location: New Delhi, India

Mandates and Objectives:

• Objective:
  • To rank Indian higher education institutions based on various performance metrics under the National Institutional Ranking Framework (NIRF).
  • IIT Madras secured the top spot in the ‘Overall’ category for the sixth consecutive year and also ranked first in the ‘Engineering’ category for the ninth consecutive year.
• Key Highlights:
  • IISc Bengaluru was ranked first in the ‘University’ category for the ninth year in a row.
  • Hindu College, Delhi University claimed the top spot in the ‘College’ category, ending Miranda House’s seven-year reign.
  • AIIMS New Delhi topped the ‘Medical College’ category.
  • IIM Ahmedabad maintained its position as the top ‘Management Institution’.

Important Terms Explained:

• NIRF (National Institutional Ranking Framework):
  • Launched in 2016 by the Ministry of Education, India, it ranks institutions based on various parameters like teaching, learning, research, graduation outcomes, and outreach.
• NEP 2020 (National Education Policy 2020):
  • A comprehensive policy aimed at transforming India’s education system by emphasizing flexibility, skills development, and a holistic approach to learning.

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Banking and Finance – Daily Current Affairs August 12

6. Which organization surpassed 100,000 cross-border UPI Person-to-Merchant (P2M) transactions in Nepal?
A) Reserve Bank of India (RBI)
B) National Payments Corporation of India (NPCI)
C) NPCI International Payments Limited (NIPL)
D) Fonepay
E) Nepal SBI Bank Limited (NSBL)
Answer: C) NPCI International Payments Limited (NIPL)

Event and Location:

• Event: UPI Merchant Transactions in Nepal Surpass 100,000 Milestone
• Location: Nepal and India

Mandates and Objectives:

• Objective:
  • To highlight the achievement of NPCI International Payments Limited (NIPL) in surpassing 100,000 cross-border Unified Payments Interface (UPI) Person-to-Merchant (P2M) transactions in Nepal.
  • To underscore the growing adoption of UPI as a cross-border payment platform.
• Key Details:
  • NIPL: International arm of National Payments Corporation of India (NPCI).
  • Collaboration: NIPL partnered with Fonepay, Nepal’s largest payment network, to launch cross-border P2M UPI acceptance in March 2024.
  • UPI Growth: UPI is widely accepted in several countries, making it one of the largest real-time payment platforms globally.

Important Terms Explained:

• Unified Payments Interface (UPI):
  • A real-time payment system developed by NPCI that facilitates inter-bank transactions through mobile platforms.
  • UPI enables instant money transfers between bank accounts using a mobile number or UPI ID.
• Person-to-Merchant (P2M) Transactions:
  • Transactions where individuals make payments to merchants using UPI for goods and services.
• Fonepay:
  • Nepal’s largest payment network, which has collaborated with NIPL to facilitate UPI transactions in Nepal.

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7. What recent regulatory change has the Reserve Bank of India (RBI) introduced for Housing Finance Companies (HFCs)?
A) Increased deposit limits for HFCs
B) Extended maximum deposit period for HFCs
C) Halved the ceiling on deposits and deposit period for HFCs
D) Reduced interest rates on HFC deposits
E) Exempted HFCs from regulatory scrutiny
Answer: C) Halved the ceiling on deposits and deposit period for HFCs

Event and Location:

• Event: RBI Tightens Norms for Housing Finance Companies (HFCs)
• Location: India

Mandates and Objectives:

• Objective:
  • To bring Housing Finance Companies (HFCs) under stricter regulatory norms, aligning them with Non-Banking Finance Companies (NBFCs).
  • Key Change:
    • Ceiling on Deposits: The maximum amount of public deposits that HFCs can accept has been halved.
    • Maximum Deposit Period: The maximum period for which HFCs can accept deposits has also been halved.
  • Rationale:
    • These changes are aimed at increasing regulatory parity between HFCs and NBFCs, ensuring that deposit-taking HFCs are subject to similar regulatory scrutiny and limits as NBFCs.

Important Terms Explained:

• Housing Finance Companies (HFCs):
  • Specialized financial institutions that primarily offer housing loans. They are regulated by the National Housing Bank (NHB) and the RBI.
• Non-Banking Finance Companies (NBFCs):
  • Financial institutions that provide banking services without holding a banking license. They are regulated by the RBI and are subject to certain regulatory norms similar to banks.
• Public Deposits:
  • Deposits collected by financial institutions from the public, usually at a fixed rate of interest, which are repayable after a specified period.

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Business and Economy – Daily Current Affairs August 12

8. What was the retail inflation rate in India for July 2024, marking a 5-year low?
A) 4.2%
B) 5.08%
C) 3.5%
D) 5.42%
E) 7.44%
Answer: C) 3.5%

Event and Location:

• Event: Retail Inflation Eases to 5-Year Low in India
• Location: India

Mandates and Objectives:

• Objective:
  • To report the reduction in retail inflation based on the Consumer Price Index (CPI) for July 2024.
  • Retail Inflation Rate: Dropped to 3.5%, the lowest since August 2019.
  • Food Inflation: Decreased to 5.1%, a 13-month low.
• Key Details:
  • The significant drop in inflation is largely attributed to the base effect from high inflation in the previous year.
  • Previous Rates:
    • July 2023: Retail inflation was 7.44%.
    • June 2024: Retail inflation was 5.08%.
  • RBI Target Rate: Inflation fell below the Reserve Bank of India’s (RBI) target rate of 4% for the first time since September 2019.

Important Terms Explained:

• Consumer Price Index (CPI):
  • A measure that examines the average change over time in the prices paid by consumers for a basket of goods and services, often used to assess inflation.
• Base Effect:
  • The impact of the previous year’s data on the current year’s inflation rate. High inflation in the base year can make current inflation appear lower by comparison.
• Retail Inflation:
  • Inflation as experienced by consumers, which measures the change in the price of goods and services purchased by households.

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Awards – Daily Current Affairs August 12

9. Which Bollywood icon was honored with the Lifetime Achievement Award at the 2024 Locarno Film Festival?
A) Amitabh Bachchan
B) Shah Rukh Khan
C) Salman Khan
D) Aamir Khan
E) Ranbir Kapoor
Answer: B) Shah Rukh Khan

Event and Location:

• Event: 77th Locarno Film Festival
• Location: Locarno, Switzerland

Mandates and Objectives:

• Objective:
  • To honor Shah Rukh Khan with the Lifetime Achievement Award (Pardo alla Carriera) for his remarkable contributions to Indian cinema.
• Key Details:
  • Date: August 2024
  • Award: Golden Leopard for Lifetime Achievement.
  • Significance:
    • Shah Rukh Khan, often referred to as “King Khan,” is celebrated for his impactful career in Bollywood, spanning over 35 years and including more than 100 films across various genres.
    • The festival also screened his 2002 hit film Devdas as part of the tribute.
    • Khan entertained the crowd with his wit and charm, reflecting on his career and the significance of cinema.

Important Terms Explained:

• Pardo alla Carriera:
  • The Career Leopard award is given at the Locarno Film Festival to honor outstanding achievements in cinema.
• Locarno Film Festival:
  • An annual film festival held in Locarno, Switzerland, known for its prestigious awards and focus on artistic and auteur cinema.

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Defence – Daily Current Affairs August 12

10. Which aircraft did the Indian Air Force use during Exercise Udara Shakti 2024 in Malaysia?
A) MiG-29
B) Rafale
C) Su-30MKI
D) Tejas
E) Mirage 2000
Answer: C) Su-30MKI

Event and Location:

• Event: Exercise Udara Shakti 2024
• Location: Kuantan, Malaysia

Mandates and Objectives:

• Objective:
  • To enhance interoperability and operational efficiency between the Indian Air Force (IAF) and the Royal Malaysian Air Force (RMAF).
  • To engage in air combat missions and exchange maintenance practices.
• Duration: August 05 to August 09, 2024

Key Highlights:

• Aircraft Involved:
  • IAF: Su-30MKI fighter jets.
  • RMAF: Su-30MKM fighter jets.
• Purpose:
  • The exercise allowed both air forces to familiarize themselves with each other’s operational protocols.
  • The goal was to enhance the interoperability, commonality, and overall effectiveness of Su-30 aircraft operations.

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11. Which nuclear-powered ballistic missile submarine is India set to commission next?
A) INS Arihant
B) INS Chakra
C) INS Arighat
D) INS Sindhurakshak
E) INS Vikrant
Answer: C) INS Arighat

Event and Location:

• Event: Commissioning of INS Arighat and Expansion of India’s Nuclear Submarine Capabilities
• Location: India

Mandates and Objectives:

• Objective:
  • To enhance India’s maritime defense capabilities through the commissioning of INS Arighat, its second nuclear-powered ballistic missile submarine (SSBN).
  • To expand the Indian Navy’s nuclear submarine fleet with the construction of six additional nuclear submarines (SSNs).

Key Details:

• INS Arighat:
  • The second SSBN, following INS Arihant, which was inducted in 2016.
• Capabilities:
  • Equipped with four launch tubes, capable of carrying either four K-4 missiles (range over 3,500 km) or twelve K-15 missiles (range approximately 750 km).
  • Speed: 12-15 knots on the surface, 24 knots underwater.
  • Commissioning Timeline: Expected to enter service within the next two months.
• Expansion:
  • Approval to construct six additional SSNs at an estimated cost of over Rs 1 lakh crore (~$12 billion).
  • Technological Integration: Advanced stealth technology and autonomous drones for enhanced maritime warfare capabilities.
• Strategic Importance:
  • SSNs offer superior underwater speed and endurance, crucial for countering regional threats, especially in the Indo-Pacific.

Important Terms Explained:

• SSBN (Ship Submersible Ballistic Nuclear):
  • A submarine equipped with ballistic missiles, forming a critical component of a nation’s nuclear deterrent force.
• SSN (Ship Submersible Nuclear):
  • A nuclear-powered submarine designed for longer underwater endurance and higher speed compared to conventional submarines.
• K-4 and K-15 Missiles:
  • K-4 Missile: Submarine-launched ballistic missile (SLBM) with a range of over 3,500 km.
  • K-15 Missile: SLBM with a shorter range of approximately 750 km.

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International Affairs – Daily Current Affairs August 12

12. Which countries signed a customs cooperation arrangement to ease trade in 2024?
A) India and Australia
B) India and Japan
C) India and New Zealand
D) India and Canada
E) India and Singapore
Answer: C) India and New Zealand

Event and Location:

• Event: Signing of Customs Cooperation Arrangement
• Location: Wellington, New Zealand

Mandates and Objectives:

• Objective:
  • To facilitate and ease trade between India and New Zealand through enhanced customs cooperation.
  • The agreement aims to streamline customs procedures, reduce trade barriers, and boost bilateral trade.
• Key Details:
  • Bilateral Discussions: Held between President Droupadi Murmu of India and Prime Minister Christopher Luxon and Deputy Prime Minister and Foreign Affairs Minister Vinston Peters of New Zealand.
  • Areas of Cooperation:
    • Customs Cooperation: The primary focus of the agreement to enhance trade facilitation.
    • Traditional Medicine: Exchange of best practices through the Global Centre for Traditional Medicine in Jamnagar, India.
    • Renewable Energy: New Zealand ratified the International Solar Alliance (ISA), opening avenues for joint research and development in solar energy.

Important Terms Explained:

• International Solar Alliance (ISA):
  • An alliance of 124 countries initiated by India, aimed at promoting solar energy and reducing dependency on fossil fuels.
• Global Centre for Traditional Medicine:
  • A WHO-backed center located in Jamnagar, India, focused on traditional medicine research, practices, and policies.

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13. Which satellite, developed in Nepal, is set to be launched by India’s NSIL?
A) Sagarmatha
B) Pashupatinath
C) Munal
D) Himalaya
E) Lumbini
Answer: C) Munal

Event and Location:

• Event: Signing of MoU for Launching Nepalese Munal Satellite
• Location: India and Nepal

Mandates and Objectives:

• Objective:
  • To facilitate the launch of Nepal’s Munal satellite using India’s Polar Satellite Launch Vehicle (PSLV).

Key Details:

• MoU Signatories:
  • Anurag Srivastava: Joint Secretary (North), Ministry of External Affairs (MEA), India.
  • Arunachalam A: Director, NewSpace India Limited (NSIL), the commercial arm of ISRO.
• Satellite Details:
  • Munal Satellite:
    • Developed by the Nepal Academy of Science and Technology (NAST) with assistance from Antarikchya Pratishan Nepal (APN).
    • Purpose: To create a vegetation density database of Earth’s surface using AI-supported imagery functions.
    • Launch Vehicle: NSIL’s Polar Satellite Launch Vehicle (PSLV).
• Significance:
  • Marks a milestone in space collaboration between India and Nepal.
  • Strengthens Nepal-India relations, particularly in the field of space research.

Important Terms Explained:

• NewSpace India Limited (NSIL):
  • The commercial arm of the Indian Space Research Organisation (ISRO) responsible for providing launch services and promoting space technology.
• Polar Satellite Launch Vehicle (PSLV):
  • A highly reliable launch vehicle developed by ISRO, used to deploy satellites into polar orbits.

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