Daily Current Affairs August 24 & 25

Dear Champions, as you all know that a lot of competitive exams have been notified consequently. Candidates have to prepare themselves according to the level of competition and expectation of the Recruitment board. Regarding that one of the most important topic is Daily Current Affairs August 24 & 25. Current Affairs in the form of contemporary events of national & international play a crucial role in almost every competitive exams like Banking, Insurance, SSC, UPSC, TNPSC, Railway etc.

Current affairs are the most dynamic yet scoring among all sections and need to be prepared from the right source. Here, we cafunsta team, providing  Daily GK Updates, Current Affairs Questions, and Monthly  current affairs pdf.

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August 24 & 25 | Daily Current Affairs 2024

Sports – Daily Current Affairs August 24 & 25

1. Which Indian cricketer announced his retirement from both domestic and international cricket in August 2024?
A) Rohit Sharma
B) Virat Kohli
C) Shikhar Dhawan
D) MS Dhoni
E) Ajinkya Rahane
Answer: C) Shikhar Dhawan

Event and Location:

• Event: Shikhar Dhawan announced his retirement from international and domestic cricket.
• Location: The announcement was made via a heartfelt video message shared on social media.

Mandates and Objectives:

• Mandate: Shikhar Dhawan decided to retire after a long and successful cricketing career, representing India in all three formats.
• Objectives:
  • To express gratitude towards fans and reflect on his cricket journey.
  • To mark the end of his professional cricket career and focus on future endeavors.

Important Terms Explained:

• Shikhar Dhawan’s Career:
  • International Debut: 2010 in an ODI against Australia.
  • Test Debut: 2013 against Australia in Mohali, where he scored 185 with the fastest century by a debutant.
  • Champions Trophy 2013: Named Player of the Tournament for his performance, contributing to India’s victory.
  • IPL Career: Played 222 matches, scoring 6,769 runs with 2 centuries and 51 half-centuries. Holds the record for most fours (768) in the IPL.

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Obituary – Daily Current Affairs August 24 & 25

2. Which former Swedish tennis player and coach of Roger Federer passed away at the age of 59?
A) Mats Wilander
B) Stefan Edberg
C) Bjorn Borg
D) Peter Lundgren
E) Jonas Björkman
Answer: D) Peter Lundgren

Event and Location:

• Event: The passing of former Swedish tennis player and coach Peter Lundgren.
• Location: Peter Lundgren passed away at the age of 59, as reported by his family on August 23, 2024, in Stockholm, Sweden.

Mandates and Objectives:

• Mandate: Lundgren was a notable figure in the world of tennis, both as a player and as a coach.
• Objectives:
  • Playing Career: Part of the wave of Swedish tennis players in the 1980s, alongside legends like Mats Wilander and Stefan Edberg.
  • Coaching Career: Played a pivotal role in the early career of Roger Federer, coaching him to his first Grand Slam title at Wimbledon in 2003.

Important Terms Explained:

• Peter Lundgren:
  • A prominent Swedish tennis player who peaked at a world ranking of 25th.
  • Won three ATP titles during his career.
  • Known for his sense of humor and warm personality, he was well-respected in the tennis community.
• Coaching Career:
  • Roger Federer: Coached Federer from 2000 to 2003, helping him win 10 ATP titles and his first Grand Slam title at Wimbledon in 2003.

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Ranking – Daily Current Affairs August 24 & 25

3. Which cities ranked 2nd and 3rd globally in the annual housing price rise for prime residential properties during the June quarter of 2024?
A) Miami and Los Angeles
B) Dubai and Manila
C) Mumbai and Delhi
D) Madrid and Lisbon
E) Bengaluru and Seoul
Answer: C) Mumbai and Delhi

Event and Location:

• Event: Mumbai and Delhi secured the 2nd and 3rd ranks, respectively, in the global annual price rise of prime residential properties during the June quarter of 2024.
• Location: The report was released by Knight Frank, a global real estate consultant.

Mandates and Objectives:

• Mandate: The report tracks and ranks the annual price changes of prime residential properties across 44 global cities.
• Objectives:
  • To provide insights into global residential property markets.
  • To highlight the trends in the real estate sector, particularly in high-demand locations.

Important Terms Explained:

• Prime Residential Properties:
  • Refers to the most desirable and expensive homes in a city, often located in central or high-demand areas.
• Knight Frank:
  • A leading global real estate consultancy that provides comprehensive reports and insights into real estate markets worldwide.
• Annual Price Rise:
  • Mumbai: Recorded a 13% increase in prices, moving up from 6th place last year to 2nd place.
  • Delhi: Saw a 10.6% rise in prices, jumping from 26th place last year to 3rd place.

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Banking and Finance – Daily Current Affairs August 24 & 25

4. What is the name of the exclusive savings account launched by Bandhan Bank for women?
A) Nari
B) Shakti
C) Avni
D) Sakhi
E) Lakshmi
Answer: C) Avni

Event and Location:

• Event: Bandhan Bank announced the launch of ‘Avni’, an exclusive savings account for women.

Mandates and Objectives:

• Mandate: The launch of Avni aligns with Bandhan Bank’s commitment to women’s empowerment and the directive from the Reserve Bank of India to innovate banking products and services.
• Objectives:
  • Provide tailored financial services to women, promoting financial inclusion and empowerment.
  • Attract household financial savings through innovative product offerings.
  • Offer additional benefits like airport lounge access, insurance coverage, and discounts on locker rentals and loan processing fees.

Important Terms Explained:

• Avni Savings Account:
  • Target Audience: Women customers.
  • Key Benefits:
    • Free airport lounge access with the debit card.
    • Personal accident insurance cover of ₹10 lakh.
    • Lost card liability of ₹3.5 lakh.
    • 25% discount on locker rentals.
    • 50% discount on gold loan processing fees.
  • Requirements: Customers must maintain an average quarterly balance of ₹25,000.
• Bandhan Bank:
  • A prominent Indian bank known for its focus on financial inclusion and empowering women entrepreneurs.
  • Interim CEO: Ratan Kumar Kesh.
  • Founded: 2015
  • Headquarters: Kolkata, West Bengal
  • Tagline: “Aapka Bhala, Sabki Bhalai”

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5. What new feature has the RBI included under the e-mandate framework?
A) Bill Payments
B) Subscription Services
C) Auto-replenishment of FASTag and NCMC
D) Insurance Premiums
E) Utility Payments
Answer: C) Auto-replenishment of FASTag and NCMC

Event and Location:

• Event: Expansion of the e-mandate framework by the Reserve Bank of India (RBI).
• Location: Announced via an official circular by the RBI.

Mandates and Objectives:

• Mandate: The RBI has expanded the e-mandate framework to include auto-replenishment for FASTag and National Common Mobility Card (NCMC).
• Objectives:
  • Facilitate smooth, recurring transactions for auto-replenishment without fixed periodicity.
  • Allow payments to be automatically deducted when balances fall below a threshold set by the customer.
  • Provide a streamlined process, exempting these payments from the requirement of pre-debit notifications.

Important Terms Explained:

• e-Mandate Framework:
  • Established: 2019 by the RBI to safeguard customers in recurring payments.
  • Purpose: Ensures customer awareness of debits from their accounts, primarily aimed at subscriptions and other periodic payments.
  • Expansion: Now includes auto-replenishment for FASTag and NCMC balances, which are recurring but do not have a fixed schedule.
• FASTag:
  • A prepaid tag used for toll payments on highways across India, linked directly to a customer’s account or wallet.
  • Auto-replenishment: Automatically tops up the FASTag balance when it drops below a customer-defined limit.
• National Common Mobility Card (NCMC):
  • A contactless card used for multiple forms of transportation, including buses, metros, and parking, as well as for retail shopping and toll payments.
  • Auto-replenishment: Ensures that the card remains funded without manual intervention, based on a pre-set threshold.

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6. Which bank has Tata Power Solar Systems Limited partnered with to offer solar panel financing solutions?
A) HDFC Bank
B) State Bank of India
C) Axis Bank
D) ICICI Bank
E) Punjab National Bank
Answer: D) ICICI Bank

Event and Location:

• Event: Tata Power Solar Systems Limited (TPSSL) partners with ICICI Bank to offer financing solutions for solar panel purchases.
• Location: The partnership was announced in India, targeting residential and corporate customers across the country.

Mandates and Objectives:

• Mandate: The collaboration aims to make solar energy more accessible by providing tailored loan solutions for the purchase of solar panels.
• Objectives:
  • To support India’s transition to renewable energy by making solar panel installations financially easier for consumers.
  • To provide flexible financing options, including collateral-free loans up to ₹90 lakh with repayment terms of up to five years, and higher loan amounts with longer tenures available.

Important Terms Explained:

• Tata Power Solar Systems Limited (TPSSL):
  • A subsidiary of Tata Power Renewable Energy Limited (TPREL), TPSSL is a leader in India’s solar energy sector, providing comprehensive solar solutions for residential and commercial markets.
  • Market Presence: Over 70,000 customers across India, with a strong emphasis on solar rooftop solutions.
• ICICI Bank:
  • One of India’s largest private sector banks, ICICI Bank is involved in offering a wide range of banking products and financial services to corporate and retail customers.
• Solar Panel Financing Solutions:
  • Loan Amounts: Up to ₹90 lakh available with collateral-free options.
  • Repayment Tenure: Up to five years for collateral-free loans; up to 20 years for loans with collateral.
  • Down Payment: Flexible options ranging from 20-25% of the loan amount.

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7. What recent initiative has the Insolvency and Bankruptcy Board of India (IBBI) proposed to support MSMEs under the Insolvency and Bankruptcy Code (IBC)?
A) Introduction of a new MSME loan scheme
B) Launch of a special MSME insurance program
C) Amendment to corporate insolvency regulations
D) Establishment of an MSME investment fund
E) Waiver of taxes for MSMEs
Answer: C) Amendment to corporate insolvency regulations

Event and Location:

• Event: The Insolvency and Bankruptcy Board of India (IBBI) has unveiled a plan to accelerate the resolution process for Micro, Small, and Medium Enterprises (MSMEs) under the Insolvency and Bankruptcy Code (IBC).
• Location: Announced in a discussion paper published by the IBBI on August 25, 2024.

Mandates and Objectives:

• Mandate: The IBBI has proposed an amendment to the corporate insolvency regulations to better support the resolution process for MSMEs.
• Objectives:
  • MSME Registration and Disclosure Framework: The discussion paper outlines a framework specifically designed for MSMEs under the Corporate Insolvency Resolution Process (CIRP).
  • Public Consultation: Stakeholders are invited to submit their comments on the proposed framework by September 12, 2024.
  • Accelerated Resolutions: The amendment aims to expedite the resolution process for MSMEs, ensuring quicker and more efficient outcomes.

Important Terms Explained:

• Insolvency and Bankruptcy Code (IBC):
  • A legal framework in India that provides a process for the resolution of insolvency and bankruptcy for individuals, partnerships, and companies.
• Insolvency and Bankruptcy Board of India (IBBI):
  • Established: 2016
  • Function: Regulates the insolvency process and oversees the implementation of the Insolvency and Bankruptcy Code (IBC).
• Corporate Insolvency Resolution Process (CIRP):
  • The process under the IBC through which the insolvency of a corporate debtor is resolved. It involves restructuring the debtor’s business or selling the debtor’s assets.

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Business and Economy – Daily Current Affairs August 24 & 25

8. What are the revised GDP growth forecasts for India in 2024 and 2025 according to Goldman Sachs?
A) 6.9% in 2024, 6.6% in 2025
B) 6.7% in 2024, 6.4% in 2025
C) 6.8% in 2024, 6.5% in 2025
D) 7.0% in 2024, 6.7% in 2025
E) 6.6% in 2024, 6.3% in 2025
Answer: B) 6.7% in 2024, 6.4% in 2025

Event and Location:

• Event: Goldman Sachs lowers India’s GDP growth forecasts for 2024 and 2025.
• Location: The revised forecasts were reported by Goldman Sachs economists, led by Santanu Sengupta.

Mandates and Objectives:

• Mandate: The revision in India’s GDP growth forecast is driven by multiple factors, including government expenditure cuts and slower consumption growth.
• Objectives:
  • To reflect the impact of a significant contraction in central government expenditure during the April-June quarter of 2024.
  • To consider the effects of the government’s commitment to reducing the fiscal deficit below 4.5% of GDP.

Important Terms Explained:

• GDP Growth Forecast:
  • 2024: Revised to 6.7% (down by 20 basis points).
  • 2025: Revised to 6.4% (down by 20 basis points).
• Fiscal Deficit:
  • The gap between the government’s revenue and expenditure. The Indian government aims to reduce the fiscal deficit to below 4.5% of GDP, which may slow down economic growth.
• Monetary Policy:
  • Goldman Sachs expects the Reserve Bank of India (RBI) to begin easing monetary policy in December 2024, which could help mitigate the impact of slower consumption growth.

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Books and Authors – Daily Current Affairs August 24 & 25

9. Who released the autobiography of activist Kalpana Sankar in August 2024?
A) Sridhar Vembu
B) Anu Hasan
C) Soumya Swaminathan
D) Swaady Martin
E) M. S. Swaminathan
Answer: C) Soumya Swaminathan

Event and Location:

• Event: Release of the autobiography of Kalpana Sankar, titled The Scientist Entrepreneur: Empowering Millions of Women.
• Location: The event took place on Cathedral Road, Chennai, on August 21, 2024.

Mandates and Objectives:

• Mandate: The autobiography details the life and work of Kalpana Sankar, focusing on her efforts in empowering women and her role in micro-finance initiatives.
• Objectives:
  • To highlight the impact of Hand in Hand India, a non-profit co-founded by Kalpana Sankar, in uplifting vulnerable communities.
  • To inspire young men and women through the lessons from Kalpana’s journey in establishing successful micro-finance initiatives.

Important Terms Explained:

• Hand in Hand India:
  • An international non-profit organization co-founded by Dr. Kalpana Sankar.
  • Focuses on empowering women and alleviating poverty through micro-finance, skill training, and education.
• Soumya Swaminathan:
  • Chairperson of M. S. Swaminathan Research Foundation.
  • Former Chief Scientist at the World Health Organization (WHO).
• Kalpana Sankar:
  • Activist and co-founder of Hand in Hand India.
  • Focuses on rural micro-finance and women empowerment.

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Appointments – Daily Current Affairs August 24 & 25

10. Who has been appointed as the new CEO of Nestlé, succeeding Mark Schneider?
A) Brian Niccol
B) Philipp Navratil
C) Scott Gray
D) Laurent Freixe
E) Thomas Kelly
Answer: D) Laurent Freixe

Event and Location:

• Event: Laurent Freixe appointed as the new CEO of Nestlé.
• Location: Global announcement by Nestlé’s Board of Directors.

Mandates and Objectives:

• Mandate: Laurent Freixe, a seasoned Nestlé executive, has been appointed to lead the company as CEO following Mark Schneider’s resignation.
• Objectives:
  • To continue Nestlé’s strategic direction with a focus on consistent and sustainable value creation.
  • To navigate the company through ongoing market challenges and further strengthen its position globally.

Important Terms Explained:

• Nestlé:
  • Founded: 1867
  • Headquarters: Vevey, Switzerland
  • CEO: Laurent Freixe (as of August 2024)
  • Tagline: “Good Food, Good Life”
• Laurent Freixe:
  • Joined Nestlé in 1986.
  • Managed the company’s European and Americas segments.
  • Appointed CEO Zone Latin America in 2022.
  • Has been on Nestlé’s Executive Board since 2008.
• Mark Schneider:
  • Served as Nestlé CEO from January 2017 to August 2024.
  • Played a crucial role in the Global Coffee Alliance with Starbucks and the acquisition of Blue Bottle Coffee.
  • Oversaw Nestlé’s expansion into the specialty coffee market.

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11. Where has former DRDO Chairman G Satheesh Reddy joined as Distinguished Senior Faculty?
A) Indian Institute of Science (IISc)
B) Indian Institute of Technology (IIT) Bombay
C) Birla Institute of Technology and Science (BITS) Pilani
D) Defence Research and Development Organisation (DRDO)
E) Indian Institute of Technology (IIT) Delhi
Answer: C) Birla Institute of Technology and Science (BITS) Pilani

Event and Location:

• Event: G Satheesh Reddy, former Chairman of the Defence Research and Development Organisation (DRDO), has joined BITS Pilani as Distinguished Senior Faculty.
• Location: He has joined the Hyderabad campus of BITS Pilani.

Mandates and Objectives:

• Mandate: In his new role, Dr. Reddy will support research and innovation efforts at BITS Pilani, focusing on national security.
• Objectives:
  • Research Leadership: Guide advanced research initiatives at the Center for Research Excellence in National Security (CRENS) at BITS Pilani, Hyderabad.
  • Collaboration: Foster collaboration with industry, security agencies, and startups to drive technological advancements in national security.
  • Academic Excellence: Strengthen the university’s research initiatives and enhance its academic programs.

Important Terms Explained:

• G Satheesh Reddy:
  • Former Position: Chairman of DRDO and Scientific Advisor to Raksha Mantri (Defense Minister of India).
  • Experience: Nearly 39 years at DRDO, where he played a pivotal role in advancing India’s defense capabilities through various high-impact projects and innovations.
• BITS Pilani:
  • Institution: A premier engineering and science university in India, known for its emphasis on research and innovation.
  • Hyderabad Campus: One of the campuses of BITS Pilani, focusing on cutting-edge research and academic excellence.
• Center for Research Excellence in National Security (CRENS):
  • A research center at BITS Pilani, Hyderabad, dedicated to national security research, where Dr. Reddy will lead research efforts.

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Awards – Daily Current Affairs August 24 & 25

12. Which individual received the Achiever Award in Tamil Literature at the 11th Puthiya Thalaimurai Tamilan Awards 2024?
A) K.S. Ravikumar
B) Perumal Murugan
C) W.V. Raman
D) Arogyaswamy Velumani
E) Palam Kalyanasundaram
Answer: B) Perumal Murugan

Event and Location:

• Event: The 11th edition of the Puthiya Thalaimurai Tamilan Awards was held, honoring individuals across various fields.
• Location: The awards ceremony, celebrating contributions from various domains, took place in Chennai, Tamil Nadu.

Mandates and Objectives:

• Mandate: The awards recognize excellence in Tamil Literature, Arts, Sports, Business, Science & Technology, and Social Work.
• Objectives:
  • To honor established achievers with the Achiever Award.
  • To encourage emerging talents with the Promising Talent Award.

Important Terms Explained:

• Puthiya Thalaimurai Tamilan Awards:
  • Annual awards celebrating excellence across six key fields: Arts, Literature, Business, Science & Technology, Sports, and Social Work.
  • Each field recognizes an Achiever and a Promising Talent.
• Achiever Award Recipients (2024):
  • Tamil Literature: Perumal Murugan, known for his impactful works like Poonachi and One Part Woman.
  • Arts: K.S. Ravikumar, a veteran film director with decades of contributions to Tamil cinema.
  • Sports: W.V. Raman, former cricketer and influential coach.
  • Business: Arogyaswamy Velumani, founder of Thyrocare, known for revolutionizing diagnostics in India.
  • Science & Technology: P. Veeramuthuvel, ISRO scientist, key in advancing India’s space program.
  • Social Work: Palam Kalyanasundaram, retired librarian dedicated to philanthropy.

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International Affairs – Daily Current Affairs August 24 & 25

13. What significant announcement did Union Minister Dr. Jitendra Singh make during the bilateral meeting on US-India Civil Nuclear Commerce?
A) Launch of a new space mission
B) Indian astronaut joining the International Space Station
C) Introduction of a new nuclear energy policy
D) Development of a joint AI research center
E) Establishment of a US-India Clean Energy Fund
Answer: B) Indian astronaut joining the International Space Station

Event and Location:

• Event: Bilateral meeting on US-India Civil Nuclear Commerce chaired by Union Minister Dr. Jitendra Singh.
• Location: Held at Prithvi Bhavan, with discussions on deepening cooperation between India and the US in science, technology, and clean energy.

Mandates and Objectives:

• Mandate: Strengthen Indo-US collaboration in critical areas such as civil nuclear commerce, space, clean energy, and emerging technologies.
• Objectives:
  • Space Collaboration: Announced that an Indian astronaut from the Gaganyaan Mission will join the International Space Station (ISS), marking a milestone in Indo-US space cooperation.
  • Climate Goals: Emphasized India’s commitment to global climate goals through the Green Hydrogen Mission and exploration of Small Modular Reactors (SMRs).
  • Technological Advancements: Highlighted the importance of innovation in Artificial Intelligence (AI), machine learning, and Lithium-Ion Battery development as part of India’s strategic priorities.

Important Terms Explained:

• Gaganyaan Mission:
  • India’s first manned space mission aimed at sending Indian astronauts to space. As part of this collaboration, one of the astronauts is set to join the International Space Station.
• Green Hydrogen Mission:
  • A key initiative by the Indian government to promote the use of green hydrogen in decarbonizing industries, transportation, and power generation, contributing to India’s climate goals.
• Small Modular Reactors (SMRs):
  • A new generation of nuclear reactors designed to be smaller, more flexible, and safer, contributing to India’s clean energy transition.
• Indo-US Space Cooperation:
  • A collaborative effort between India and the United States to advance space exploration, research, and technology, including the participation of Indian astronauts in international missions.

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14. During which round of India-Australia CECA negotiations were intense discussions held on Goods, Services, Digital Trade, and Agri tech in Sydney?
A) 8th Round
B) 9th Round
C) 10th Round
D) 11th Round
E) 7th Round
Answer: C) 10th Round

Event and Location:

• Event: The 10th Round of India-Australia Comprehensive Economic Cooperation Agreement (CECA) negotiations.
• Location: Held in Sydney, Australia from August 19-22, 2024.

Mandates and Objectives:

• Mandate: The 10th round of negotiations aimed to advance discussions on key areas including Goods, Services, Digital Trade, Government Procurement, Rules of Origin, and Agri tech to bring about convergence in the remaining provisions.
• Objectives:
  • Bilateral Trade and Investment Relations: To strengthen and enhance economic ties between India and Australia, building on the positive effects of the India-Australia Economic Cooperation and Trade Agreement (ECTA).
  • Negotiation Tracks: Address domestic sensitivities and ensure meaningful benefits for both sides in the CECA negotiations.
  • Future Plans: Plan for intersessional meetings through virtual modes before the next round of negotiations in India, likely in November 2024.

Important Terms Explained:

• Comprehensive Economic Cooperation Agreement (CECA):
  • A proposed trade agreement aimed at enhancing economic cooperation between India and Australia by addressing issues related to trade in goods, services, and investment.
• India-Australia ECTA (Economic Cooperation and Trade Agreement):
  • Came into force on December 29, 2022, aiming to reduce tariffs and increase trade and investment between India and Australia.
• Intersessional Meetings:
  • Meetings held between formal negotiation rounds to facilitate ongoing discussions and resolve outstanding issues.
• Agri Tech Forum (IAATF):
  • A newly established forum to promote technology transfer and knowledge sharing in agriculture and horticulture between India and Australia.

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National Affairs – Daily Current Affairs August 24 & 25

15. Which initiative did Prime Minister Narendra Modi present to Ukraine in August 2024 to assist with medical emergencies?
A) SWASTH Cube
B) ASHA Cube
C) SEWA Cube
D) BHISHM Cube
E) PRAYAS Cube
Answer: D) BHISHM Cube

Event and Location:

• Event: Presentation of BHISHM Cubes to Ukraine.
• Location: The presentation took place on August 23, 2024, during an official interaction between Prime Minister Shri Narendra Modi and President of Ukraine H.E. Mr. Volodymyr Zelenskyy.

Mandates and Objectives:

• Mandate: The BHISHM Cubes are intended to support Ukraine by providing immediate medical assistance to the injured, particularly in emergency situations.
• Objectives:
  • Supply medical care during emergencies, including trauma, burns, fractures, and other critical injuries.
  • Equip basic surgical operations that can handle 10-15 surgeries daily.
  • Ensure self-sufficiency in generating power and oxygen for the Cube.
  • Provide training to Ukrainian medical personnel on operating the Cube.

Important Terms Explained:

• BHISHM (Bharat Health Initiative for Sahyog Hita & Maitri):
  • BHISHM Cubes are specialized medical units designed for quick deployment in crisis areas.
  • Each Cube includes essential medical supplies, surgical equipment, and basic operational capacity to manage a variety of medical emergencies.
  • Capable of managing approximately 200 diverse cases in emergency scenarios.
  • Equipped to generate its own power and oxygen, ensuring autonomous operation.

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16. What is the name of the scholarship scheme launched by the Department of Posts to promote philately among students?
A) Deen Dayal UPADHYAY Yojana
B) Deen Dayal SPARSH Yojana
C) Deen Dayal SAMARTH Yojana
D) Deen Dayal SHIKSHA Yojana
E) Deen Dayal PRAGATI Yojana
Answer: B) Deen Dayal SPARSH Yojana

Event and Location:

• Event: Launch of the Deen Dayal SPARSH Yojana scholarship by the Department of Posts to promote philately.
• Location: Announced by Shri Krishna Kumar Yadav, Postmaster General of North Gujarat Region, Ahmedabad.

Mandates and Objectives:

• Mandate: The scheme is designed to inculcate the hobby of Philately (stamp collection) among students.
• Objectives:
  • To encourage students to take up philately as a hobby and integrate it into the educational system.
  • To grant a scholarship of ₹ 6,000/- per annum to meritorious students from classes 6 to 9 who are interested in philately.
  • To enhance the students’ knowledge through a philately quiz and project work.

Important Terms Explained:

• Deen Dayal SPARSH Yojana:
  • SPARSH stands for Scholarship for Promotion of Aptitude & Research in Stamps as a Hobby.
  • Scholarship provided to students from classes 6 to 9 who are interested in philately and have good academic records.
  • The scholarship amount is ₹ 6,000/- per annum, distributed at ₹ 500/- per month on a quarterly basis.
  • Each Postal Circle will offer 40 scholarships, 10 for each class from 6th to 9th grade.
• Philately:
  • Philately is the collection and study of postage stamps, postmarks, and related materials, serving as both a hobby and a valuable educational tool.

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17. What is the name of the women’s empowerment scheme announced by Odisha CM Mohan Charan Majhi?
A) Kalyani
B) Sakhi
C) Subhadra
D) Shakti
E) Lakshmi
Answer: C) Subhadra

Event and Location:

• Event: Announcement of the Subhadra scheme for women’s empowerment.
• Location: Announced by Odisha Chief Minister Mohan Charan Majhi in the state legislative assembly.

Mandates and Objectives:

• Mandate: The Subhadra scheme is aimed at empowering women in Odisha by providing financial assistance.
• Objectives:
  • Financial aid of ₹10,000 annually for women aged 21 to 59 years.
  • Disbursement of aid in two instalments, on Rakhi Purnima Day and International Women’s Day.
  • Promote digital transactions with additional incentives for top performers.

Important Terms Explained:

• Subhadra Scheme:
  • Beneficiaries: Women aged 21-59, excluding economically well-off, government servants, Income Tax payees, or those already receiving substantial government assistance.
  • Financial Aid: ₹10,000 per annum, dispersed in two instalments of ₹5,000 each.
  • Duration: 2024-2029.
  • Outlay: ₹55,825 crore over five years.
  • Implementation: Payments will be made via Direct Benefit Transfer (DBT) using Aadhaar-enabled accounts. A Subhadra Debit Card will also be issued.
  • Digital Transactions Incentive: Additional ₹500 for top 100 digital transaction performers in each Gram Panchayat and Urban Local Body.

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18. What is the primary focus of the BioE3 (Biotechnology for Economy, Environment and Employment) Policy approved by the Union Cabinet?
A) Promoting digital economy
B) Fostering high-performance biomanufacturing
C) Expanding fossil fuel industries
D) Reducing international trade barriers
E) Encouraging traditional agriculture
Answer: B) Fostering high-performance biomanufacturing

Event and Location:

• Event: Approval of the BioE3 Policy by the Union Cabinet.
• Location: Announced by the Union Cabinet, chaired by Prime Minister Shri Narendra Modi in New Delhi, on August 24, 2024.

Mandates and Objectives:

• Mandate: The BioE3 Policy aims to foster high-performance biomanufacturing in India, promoting sustainable and circular bioeconomy practices.
• Objectives:
  • Innovation-Driven Support: Accelerate research, development, and entrepreneurship in biotechnology.
  • Technology Development: Establish Biomanufacturing & Bio-AI hubs and Biofoundry to promote advanced biotechnological processes.
  • Job Creation: Expand India’s skilled workforce and generate employment opportunities.
  • Sustainability: Contribute to the ‘Net Zero’ carbon economy and ‘Lifestyle for Environment’ initiatives.
  • Circular Bioeconomy: Promote green growth by advancing biomanufacturing that supports a sustainable, circular economy.

Important Terms Explained:

• Biomanufacturing:
  • The use of biological systems and processes to produce commercially important products like medicines, chemicals, and bio-based materials.
  • High Performance Biomanufacturing: Involves the integration of advanced biotechnological processes to produce products efficiently and sustainably.
• Circular Bioeconomy:
  • An economic system aimed at eliminating waste and the continual use of resources through regenerative practices. It involves the production of renewable biological resources and their conversion into food, feed, bio-based products, and bioenergy.

Static GK Information:

Tabular Summary:

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19. What is the primary objective of the ‘Vigyan Dhara’ scheme approved by the Union Cabinet?
A) Promote digital economy
B) Enhance agricultural productivity
C) Strengthen the Science, Technology, and Innovation ecosystem
D) Expand fossil fuel industries
E) Improve public transportation
Answer: C) Strengthen the Science, Technology, and Innovation ecosystem

Event and Location:

• Event: The Union Cabinet, chaired by Prime Minister Shri Narendra Modi, approved the continuation and merging of three umbrella schemes into the unified ‘Vigyan Dhara’ scheme.
• Location: The announcement was made by the Department of Science and Technology (DST) in New Delhi on August 24, 2024.

Mandates and Objectives:

• Mandate: The Vigyan Dhara scheme aims to enhance the Science, Technology, and Innovation (STI) ecosystem in India by merging three central sector schemes into one unified program.
• Objectives:
  • S&T Institutional and Human Capacity Building: Strengthen the capacity of academic and research institutions in science and technology.
  • Research and Development (R&D): Promote basic and translational research, focusing on areas like sustainable energy, water, and international collaborations.
  • Innovation and Technology Development: Support the development and deployment of innovative technologies, with a focus on industry and startup collaboration.

Important Terms Explained:

• Vigyan Dhara Scheme:
  • Components:
    • S&T Institutional and Human Capacity Building
    • Research and Development (R&D)
    • Innovation, Technology Development, and Deployment
  • Objective: Promote S&T capacity building, research, innovation, and technology development, contributing to the Science, Technology, and Innovation (STI) ecosystem.
  • Proposed Outlay: ₹10,579.84 crore during the 15th Finance Commission period (2021-22 to 2025-26).
  • Gender Parity: Focused interventions to enhance the participation of women in S&T.
• Anusandhan National Research Foundation (ANRF):
  • A framework within which the R&D component of the Vigyan Dhara scheme will be aligned, ensuring that national research priorities are met.

Static GK Information:

Tabular Summary:

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20. Which organization has the Rubber Board partnered with to facilitate compliance with the European Union Deforestation Regulation (EUDR)?
A) Tata Consultancy Services
B) Infosys
C) TrayamBhu Tech Solutions Private Limited (TRST01)
D) Wipro
E) HCL Technologies
Answer: C) TrayamBhu Tech Solutions Private Limited (TRST01)

Event and Location:

• Event: The Rubber Board signed a Memorandum of Understanding (MoU) to ensure compliance with the European Union Deforestation Regulation (EUDR).
• Location: The MoU was signed with the Hyderabad-based TrayamBhu Tech Solutions Private Limited (TRST01).

Mandates and Objectives:

• Mandate: The Rubber Board’s partnership with TrayamBhu Tech Solutions is focused on ensuring compliance with the European Union Deforestation Regulation (EUDR).
• Objectives:
  • EUDR Compliance: Facilitate the issuance of due diligence certificates for natural rubber and related products exported to the European Union (EU).
  • Technology Integration: Utilize advanced technology solutions provided by TRST01 to streamline the certification process.

Important Terms Explained:

• European Union Deforestation Regulation (EUDR):
  • Purpose: A regulation aimed at preventing the import of products linked to deforestation into the EU. It requires companies to demonstrate that their supply chains are free from deforestation-related activities.
  • Relevance to Rubber: Natural rubber exports to the EU must comply with EUDR, ensuring that the production and sourcing processes do not contribute to deforestation.
• TrayamBhu Tech Solutions Private Limited (TRST01):
  • A Hyderabad-based technology firm selected by the Rubber Board to facilitate compliance with EUDR through innovative technology solutions.
• Rubber Board:
  • Established: 1947
  • Headquarters: Kottayam, Kerala, India
  • Function: The Rubber Board is responsible for the development of the rubber industry in India, including production, processing, and export.

Static GK Information:

Tabular Summary:

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21. What is the key feature of the newly approved Unified Pension Scheme (UPS) for Central Government employees?
A) 60% assured pension based on last drawn salary
B) 50% assured pension based on average basic pay of the last 12 months
C) Option for lump-sum pension payment
D) Pension linked to market performance
E) Mandatory enrollment in the National Pension System (NPS)
Answer: B) 50% assured pension based on average basic pay of the last 12 months

Event and Location:

• Event: Approval of the Unified Pension Scheme (UPS) for Central Government employees by the Union Cabinet.
• Location: Announced in New Delhi on August 24, 2024.

Mandates and Objectives:

• Mandate: The Unified Pension Scheme (UPS) is designed to provide financial security and dignity to Central Government employees after retirement.
• Objectives:
  • Assured Pension: Guarantee 50% of the employee’s average basic pay of the last 12 months before superannuation as a pension.
  • Family Pension: A second pillar of the scheme includes an assured family pension.
  • Employee Choice: Employees can choose between the National Pension System (NPS) and the new Unified Pension Scheme.
  • Comprehensive Coverage: The scheme covers approximately 23 lakh Central Government employees.

Important Terms Explained:

• Unified Pension Scheme (UPS):
  • First Pillar: Assures 50% of the average basic pay of the last 12 months as a pension.
  • Second Pillar: Provides assured family pension benefits.
  • Employee Option: Offers the choice between continuing with the NPS or switching to the UPS.
  • Coverage: Targets around 23 lakh Central Government employees.
• National Pension System (NPS):
  • A market-linked, contribution-based pension scheme where employees and the government contribute to the pension fund, with benefits depending on the market performance.

Static GK Information:

• Cabinet Secretary: The highest-ranking civil servant in the Government of India, responsible for overseeing the administration of the government.
  • Current Cabinet Secretary: TV Somanathan (as of the article date).
• Ministry of Personnel, Public Grievances and Pensions:
  • Responsible For: Overseeing policies related to government employees, including pensions and retirement benefits.

Tabular Summary:

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22. During the Lakhpati Didi Sammelan, how much revolving fund was released by Prime Minister Narendra Modi for Self-Help Groups (SHGs)?
A) ₹1,000 crores
B) ₹2,500 crores
C) ₹3,000 crores
D) ₹5,000 crores
E) ₹6,000 crores
Answer: B) ₹2,500 crores

Event and Location:

• Event: Prime Minister Shri Narendra Modi addressed the Lakhpati Didi Sammelan in Jalgaon, Maharashtra.
• Location: The event took place in Jalgaon, Maharashtra on August 25, 2024.

Mandates and Objectives:

• Mandate: The Lakhpati Didi Sammelan aims to empower women through the Lakhpati Didi Yojana, providing financial support to women-led Self-Help Groups (SHGs).
• Objectives:
  • Revolving Fund Release: PM Modi released a ₹2,500 crore revolving fund, benefiting about 48 lakh members of 4.3 lakh SHGs.
  • Bank Loans Disbursement: Disbursed ₹5,000 crore in bank loans, benefiting 25.8 lakh members of 2.35 lakh SHGs.
  • Empowerment of Women: The goal is to make 3 crore women “Lakhpati Didis” under this initiative, further boosting their financial and social status.

Important Terms Explained:

• Lakhpati Didi Yojana:
  • An initiative aimed at empowering women by enabling them to earn at least one lakh rupees, thereby improving their economic status and social standing.
• Self-Help Groups (SHGs):
  • Community-based groups typically composed of women who come together to support each other in savings and income-generating activities. SHGs play a crucial role in rural development and financial inclusion.

Static GK Information:

Tabular Summary:

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Over All Review

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