Daily Current Affairs July 18

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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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July 18 | Daily Current Affairs 2024

Important Days – Daily Current Affairs July 18

1. What is the main significance of the Kataragama Esala festival celebrated in Sri Lanka?
A) Celebrating the harvest season
B) Honoring the independence of Sri Lanka
C) Bridging religious and cultural bonds between India and Sri Lanka
D) Commemorating the end of a war
E) Celebrating the Buddhist New Year
Answer: C) Bridging religious and cultural bonds between India and Sri Lanka

Event and Location:

• Event: Kataragama Esala Festival
• Location: Kataragama, Sri Lanka
  • Devotees travel from various locations, including Jaffna in the northern peninsula.

Mandates and Objectives:

• Purpose: The festival aims to celebrate and honor the Hindu God of War, Skanda, who is also revered by Buddhists and Muslims.
• Journey: Devotees undertake a challenging pilgrimage known as Pada Yatra, walking over 500 kilometers.
• Celebration: The festival is a multi-faith event that includes various rituals and ceremonies.

Important Terms Explained:

• Kataragama Esala Festival: An annual festival celebrated in Kataragama, Sri Lanka, known for its cross-faith significance and extensive pilgrimage.
• Pada Yatra: A traditional foot pilgrimage undertaken by devotees, covering long distances and difficult terrains.
• Skanda (Kataragama Deviyo): The Hindu God of War with multiple heads and arms, also worshipped by Buddhists and associated with the Muslim figure Hazrat Khizr.
• Perahara: A grand procession featuring various religious and cultural displays, including the fire-walking event.

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Obituary – Daily Current Affairs July 18

2. Who was the first Vice-Chancellor of Manipal Academy of Higher Education (MAHE)?
A) Dr. A. P. J. Abdul Kalam
B) Dr. M. G. K. Menon
C) Dr. C. N. R. Rao
D) Professor M. S. Valiathan
E) Dr. R. Chidambaram
Answer: D) Professor M. S. Valiathan

Event and Location:

• Event: Passing away of Professor M. S. Valiathan
• Location: Manipal, India

Mandates and Objectives:

• Purpose: Announcement of the passing of Professor M. S. Valiathan.
• Key Achievements:
  • First Vice-Chancellor of MAHE: Played a significant role in the establishment and growth of the institution.
  • Instrumental Contribution: Founding the Sree Chitra Tirunal Institute for Medical Sciences and Technology.

Personal Background:

• Name: Professor Marthanda Varma Sankaran Valiathan
• Age: 90
• Family: Survived by his wife, a son, and a daughter.

Operational Focus:

• Professional Achievements:
  • Cardiac Surgery: Distinguished cardiac surgeon with significant contributions to medical science and education.
  • Leadership: Led MAHE as its first Vice-Chancellor, contributing to its development into a prominent educational institution.

Important Terms Explained:

• MAHE (Manipal Academy of Higher Education): A prestigious educational institution in India known for its diverse programs and emphasis on research and innovation.
• Sree Chitra Tirunal Institute for Medical Sciences and Technology: An institute in Kerala known for its advanced research and development in medical sciences and technology.

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Banking and Finance – Daily Current Affairs July 18

3. What is the primary objective of LTIMindtree’s contract extension with Absa Bank?
A) Increasing marketing budget
B) Enhancing Absa Bank’s digital infrastructure
C) Reducing the workforce
D) Expanding physical branches
E) Increasing interest rates
Answer: B) Enhancing Absa Bank’s digital infrastructure

Event and Location:

• Event: Announcement of contract extension between LTIMindtree and Absa Bank
• Location: LTIMindtree (Global), Absa Bank (Africa)

Mandates and Objectives:

• Purpose: To bolster Absa Bank’s digital infrastructure and support its technology transformation journey.
• Key Services Provided:
  • Digital Transformation
  • Applied AI
  • Cloud Acceleration
  • Data-Driven Decision Making
  • Core Banking Modernization

Important Terms Explained:

• Digital Transformation: The integration of digital technology into all areas of a business, fundamentally changing how it operates and delivers value to customers.
• Applied AI: Practical application of artificial intelligence technologies to solve real-world problems.
• Cloud Acceleration: Enhancing the adoption and utilization of cloud computing services.
• Core Banking Modernization: Upgrading and improving the core banking systems that are essential for daily banking operations.

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4. What is the primary focus of Brio Agri’s newly launched fintech investment platform?
A) Real estate investments
B) Sustainable agriculture
C) Renewable energy
D) Technology startups
E) Health and wellness
Answer: B) Sustainable agriculture

Event and Location:

• Event: Launch of Brio Agri’s fintech investment platform
• Location: Mangaluru
  • Date: July 18, 2024

Mandates and Objectives:

• Purpose: To facilitate retail investor participation in funding sustainable agriculture.
• Key Features:
  • Investment Opportunities: Focuses on hydroponics and other sustainable agriculture practices.
  • Platform Goals: Enable retail investors to contribute to and benefit from investments in sustainable agricultural ventures.

Operational Focus:

• Sustainable Agriculture:
  • Hydroponics: Cultivating plants without soil using nutrient-rich solutions.
  • Retail Participation: Broadening access to investment opportunities in agriculture through a fintech platform.

Important Terms Explained:

• Hydroponics: A method of growing plants in nutrient solutions rather than soil. It is often used in controlled environments to optimize growth conditions.
• Fintech Investment Platform: An online platform designed to connect investors with investment opportunities, particularly in niche sectors such as agriculture.

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Business and Economy – Daily Current Affairs July 18

5. What GDP growth rate does FICCI forecast for India in 2024-25?
A) 6.0%
B) 6.5%
C) 7.0%
D) 7.5%
E) 8.0%
Answer: C) 7.0%

Event and Location:

• Event: FICCI’s Economic Outlook Survey projections for India’s GDP growth
• Location: India

Mandates and Objectives:

• Purpose: To provide an economic forecast for the fiscal year 2024-25.
• Key Findings:
  • GDP Growth: Projected at 7.0%, with estimates ranging from 6.6% to 7.5%.
  • Sectoral Growth:
    • Agriculture and Allied Activities: Expected to grow by 3.7%.
    • Industry Sector: Projected growth of 6.7%.
    • Services Sector: Expected growth of 7.4%.
  • Inflation:
    • CPI-based Inflation: Median forecast at 4.5%.
    • Policy Repo Rate: Expected to moderate to 6.0% by the end of the fiscal year.
  • Trade:
    • Exports: Forecasted at USD 455.0 billion.
    • Imports: Forecasted at USD 725.0 billion.
  • Current Account Deficit (CAD): Projected at 1.0% of GDP.
  • USD/INR Exchange Rate: Expected to be 83.5 by the end of the fiscal year.

Operational Focus:

• Focus Areas in Budget:
  • Fiscal management and expenditure
  • Taxation reforms
  • Employment generation and skill development
  • Agriculture, manufacturing, housing, MSMEs
  • Education and healthcare
  • Sustainability and innovation
• Economic Drivers:
  • Stable kharif production
  • Strong investments in government and private sectors
  • Recovery in agricultural production
  • Easing inflation levels

Important Terms Explained:

• GDP (Gross Domestic Product): A measure of the economic performance of a country.
• CPI-based Inflation: Consumer Price Index-based inflation, indicating changes in the price level of a basket of consumer goods and services.
• Policy Repo Rate: The interest rate at which the central bank (RBI) lends money to commercial banks.
• Current Account Deficit (CAD): A measure of a country’s trade where the value of the goods and services it imports exceeds the value of the products it exports.
• Kharif Production: Agricultural crops sown in the rainy season (June to September) in India.

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Appointments – Daily Current Affairs July 18

6. Who has been named the next chief executive of HSBC?
A) Noel Quinn
B) John Flint
C) Sir Mark Tucker
D) Georges Elhedery
E) Georges Elhedery as CFO
Answer: D) Georges Elhedery

Event and Location:

• Event: Appointment of new CEO at HSBC
• Location: London, UK
  • Georges Elhedery to assume the role on 2 September.

Mandates and Objectives:

• Purpose: Transition of leadership to sharpen focus on Asia.
• New CEO: Georges Elhedery
  • Current role: Finance Chief (CFO) of HSBC.
  • Joined HSBC in 2005 and held various roles, including co-head of trading and investment banking advisory operations.
• Outgoing CEO: Noel Quinn
  • Announced retirement in April.
  • Tenure: CEO on an interim basis in 2019 and permanent since March 2020.
  • Key achievements: Oversaw sales of global businesses, steered HSBC through the pandemic, and fought off a major shareholder’s pressure to break up the bank.

Important Terms Explained:

• Chief Executive Officer (CEO): The highest-ranking executive in a company, responsible for major corporate decisions and overall operations.
• Finance Chief (CFO): Senior executive responsible for managing the financial actions of a company.
• Pre-tax Profit: A company’s earnings before tax is applied.

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Awards – Daily Current Affairs July 18

7. Which ship was awarded the Best Ship of the Eastern Fleet for 2024?
A) INS Shivalik
B) INS Kavaratti
C) INS Sumedha
D) INS Delhi
E) INS Sumitra
Answer: D) INS Delhi

Event and Location:

• Event: Fleet Awards Function 2024
• Location: Visakhapatnam, India
  • Date: July 14, 2024

Mandates and Objectives:

• Purpose: To honor the exceptional operational achievements of the Eastern Fleet over the past year.
• Awards and Recognition:
  • INS Delhi: Best Ship of the Eastern Fleet
  • INS Kavaratti: Best Ship among Corvettes, OPVs, and LSTs
  • Commended Ships: INS Shivalik, INS Sumedha, and INS Sumitra for their spirited contributions.

Important Terms Explained:

• Guided-Missile Frigate: A warship equipped with guided missiles and designed for quick maneuverability and high-performance missions.
• OPVs (Offshore Patrol Vessels): Ships designed for patrolling and monitoring coastal areas.
• LSTs (Landing Ship Tanks): Naval vessels designed to transport large quantities of vehicles, cargo, and troops directly onto shore.

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8. Who is the first Indian recipient of the COSPAR Harrie Massey Award?
A) C. V. Raman
B) Vikram Sarabhai
C) A. P. J. Abdul Kalam
D) Prahlad Chandra Agrawal
E) Homi J. Bhabha
Answer: D) Prahlad Chandra Agrawal

Event and Location:

• Event: Prahlad Chandra Agrawal honored with COSPAR Harrie Massey Award 2024
• Location: 45th COSPAR Scientific Assembly, Busan, South Korea
  • Date: July 15, 2024

Mandates and Objectives:

• Purpose: Recognizing outstanding contributions to space research with a leadership role.
• Key Achievements:
  • AstroSat Project:
    • Principal Investigator for India’s first dedicated multi-wavelength space telescope.
    • Launched on September 28, 2015.
    • Resulted in significant discoveries, including findings about the black hole binary source Swift J1727.8-1623.
    • Observations cited in over 500 research papers and contributed to more than 30 PhD theses.
  • Recognition: Naming of a Minor Planet (20064 Prahladagrawal) after him.
• Awards:
  • Medal and citation from COSPAR.

Important Terms Explained:

• COSPAR (Committee on Space Research): An international scientific organization concerned with the promotion of scientific research in space.
• AstroSat: India’s first dedicated multi-wavelength space telescope aimed at studying celestial sources in different wavelengths.
• Minor Planet (20064 Prahladagrawal): A celestial body named in honor of Prahlad Chandra Agrawal.

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National Affairs – Daily Current Affairs July 18

9. What is one of the key themes emphasized during Jaishankar’s visit to Mauritius?
A) Increasing tourism between India and Mauritius
B) Strengthening the India-Mauritius partnership
C) Promoting Indian culture exclusively
D) Establishing new trade routes
E) Reducing bilateral trade
Answer: B) Strengthening the India-Mauritius partnership

Event and Location:

• Event: Official visit of External Affairs Minister S Jaishankar to Mauritius
• Location: Mauritius
  • He was received at the airport by Maneesh Gobin, Mauritius’ Minister of Foreign Affairs, Regional Integration and International Trade.

Mandates and Objectives:

• Purpose: To underscore the importance of the India-Mauritius relationship.
  • Reflection of India’s ‘Neighbourhood First Policy’, Vision SAGAR, and commitment to the Global South.
• Meetings and Discussions:
  • Jaishankar and Mauritius Prime Minister Pravind Jugnauth discussed:
    • Development Partnership
    • Defence and Maritime Cooperation
    • Economic and Trade Ties
    • People-to-people Linkages
• Commitments:
  • India’s unwavering support to Mauritius’s progress and prosperity.
  • Strengthening the partnership crucial for the Indian Ocean region’s future.

Important Terms Explained:

• Neighbourhood First Policy: India’s foreign policy that prioritizes relations with its neighboring countries.
• Vision SAGAR (Security and Growth for All in the Region): India’s strategic vision for the Indian Ocean region.
• Global South: A term often used to describe regions of Latin America, Asia, Africa, and Oceania.

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10. What is the primary benefit provided under the ‘Ladla Bhai Yojana’ for youths in Maharashtra?
A) Free education
B) Monthly stipend during on-job training
C) Free healthcare services
D) Housing subsidies
E) Transportation allowances
Answer: B) Monthly stipend during on-job training

Event and Location:

• Event: Announcement of the ‘Ladla Bhai Yojana’ by Maharashtra CM Eknath Shinde
• Location: Maharashtra, India

Mandates and Objectives:

• Purpose: To provide financial support and apprenticeship opportunities for young job seekers.
• Target Beneficiaries:
  • Youths who have passed the 12th examination
  • Diploma holders
  • Graduates
• Financial Support:
  • 12th grade pass-outs: Rs 6,000 per month
  • Diploma holders: Rs 8,000 per month
  • Graduates: Rs 10,000 per month
• Implementation:
  • The stipend is provided by the state government during the youths’ apprenticeship in the industry.
• Significance:
  • First time in history the state government has started such a scheme.
  • Scheme aims to support young job seekers during their on-job training.

Important Terms Explained:

• Ladla Bhai Yojana: A new scheme announced by Maharashtra CM Eknath Shinde providing monthly stipends to youths during their apprenticeship.
• Apprenticeship: On-job training provided to young job seekers in various industries, supported by a government stipend.
• Mukhyamantri Majhi Ladki Bahin Yojana: A similar scheme for women, providing an allowance of Rs 1,500 per month to eligible women aged 21 to 60.

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11. What significant geological discovery was made by scientists from the National Geophysical Research Institute (NGRI) in Andhra Pradesh?
A) Discovery of a new mineral
B) Evidence of recent volcanic activity
C) Historic collision between India and East Antarctica
D) Presence of a large oil reserve
E) Identification of a new fault line
Answer: C) Historic collision between India and East Antarctica

Event and Location:

• Event: Geological discovery revealing ancient links between the Indian subcontinent and Antarctica.
• Location: Darsi and Addanki regions, Andhra Pradesh, India.

Mandates and Objectives:

• Purpose: To uncover and understand the ancient geological connections of the Indian subcontinent.
• Key Findings:
  • Discovery of a hidden ridge beneath Darsi and Addanki regions.
  • Evidence of a historic collision between India and East Antarctica over a billion years ago.
  • Reprocessing of seismic data revealed Proterozoic sediment layers.
  • Identification of seismic activity and signs of a marginal ocean basin along the east coast during the Columbia and Rodinia supercontinent assembly periods.

Important Terms Explained:

• Proterozoic Era: A geological eon spanning from 2.5 billion to 541 million years ago, preceding the Phanerozoic Eon.
• Gondwana: An ancient supercontinent that included present-day South America, Africa, Arabia, Madagascar, India, Australia, and Antarctica.
• Columbia and Rodinia Supercontinents: Ancient supercontinents that existed during the Proterozoic era.

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