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May 7, 2024 Current Affairs

1. What is 'Kutch Ajrakh' known for and recently earned a Geographical Indication (GI) tag?

A.    Handloom Sarees

B.    Pottery Art

C.   Traditional Textile Craft

D.   Metal Sculptures

Answer: Option C

Explanation:

The journey into the world of Kutch Ajrakh takes us on a captivating exploration of traditional textile art. Its timeless beauty, intricate designs, and sustainable practices make it a true treasure. With its well-deserved GI tag, Kutch Ajrakh is poised to continue captivating hearts and minds, ensuring that this extraordinary craft remains alive for generations to come.


 

2. Which company launched India’s 1st commercial MCU Chip?

A.    Nvidia

B.    Samsung

C.   Intel

D.   Mindgrove

Answer: Option D

Explanation:

Mindgrove's launch of India's first commercial MCU chip, Secure IoT, marks a significant milestone in the country's technological journey. With its exceptional features and the potential to revolutionize various industries, this indigenous SoC technology empowers local businesses and positions India as a force to be reckoned with in the semiconductor domain. As Secure IoT gains traction globally, it not only showcases the prowess of Indian innovation but also sets the stage for a promising future in the field of technology and manufacturing.


 

3. Which company recently secured the first-ever NBFC license for revenue-based finance (RBF) start-up in India?

A.    GetVantage

B.    Chiratae Ventures

C.   Varanium

D.   InCred

Answer: Option A

Explanation:

GetVantage's achievement of securing the first-ever NBFC license for a revenue-based finance start-up in India marks a significant milestone for the company and the financing landscape as a whole. With their unwavering commitment to supporting emerging SMEs and fostering financial innovation, GetVantage is poised to revolutionize the way businesses access funding in India. As they continue to expand their reach and make a lasting impact, GetVantage's pioneering spirit sets the stage for a more inclusive and dynamic entrepreneurial ecosystem in the country.


 

4. Who is set for her third space mission aboard Starliner's maiden crewed flight?

A.    Faith Abigail

B.    Sunita Williams

C.   Grace Hope

D.   Charity Victoria

Answer: Option B

Explanation:

Sunita Williams' inclusion in Starliner's maiden crewed flight exemplifies her remarkable journey as an astronaut and her pivotal role in advancing space exploration. With her third space mission on the horizon, Williams continues to push the boundaries of human achievement, inspiring generations to dream beyond the confines of Earth. As she prepares to embark on this historic venture, the world eagerly awaits the discoveries and advancements that will undoubtedly arise from her remarkable journey.


 

5. Which country has witnessed its lowest population growth rate in 8 decades, standing at 0.92% per annum in the past decade?

A.    Sri Lanka

B.    Bhutan

C.   Nepal

D.   Maldives

Answer: Option C

Explanation:

Nepal has witnessed its lowest population growth rate in 8 decades, standing at 0.92% per annum in the past decade. Factors such as socio-economic changes, advancements in healthcare and education, as well as evolving cultural and social norms have all played a role in shaping this demographic shift. As Nepal moves forward, it becomes crucial to monitor and understand the implications of this trend for the country's future development.


 

6. As per the revised guidelines by RBI, what is the maximum risk for custodian banks issuing irrevocable payment commitments (IPCs)?

A.    20%

B.    30%

C.   40%

D.   50%

Answer: Option B

Explanation:

The RBI's decision to lower the maximum risk for custodian banks issuing IPCs from 50% to 30% signifies a proactive approach towards risk management in the banking sector. By aligning the risk exposure with the shortened trade settlement cycle, these revised guidelines aim to safeguard the financial system from potential downward price movements. Custodian banks must adapt to these changes, reassess their risk management strategies, and strike a delicate balance between risk mitigation and profitability. Overall, these revised guidelines represent a significant step towards ensuring the stability and resilience of the Indian financial market.


 

7. Which country is set to host the ninth ICC Women's T20 World Cup 2024?

A.    Bangladesh

B.    New Zealand

C.   Australia

D.   England

Answer: Option A

Explanation:

Bangladesh's selection as the host nation for the ninth ICC Women's T20 World Cup 2024 is a testament to the country's growing influence in the cricketing world. With its well-equipped stadiums, passionate fans, and commitment to promoting women's cricket, Bangladesh is poised to deliver an exceptional tournament. As cricket enthusiasts eagerly await the start of the event, the stage is set for an unforgettable showcase of skill, sportsmanship, and the power of women's cricket.


 

8. What is India Ratings and Research's revised GDP growth estimate for FY25?

A.    6.5%

B.    6.9%

C.   7.0%

D.   7.1%

Answer: Option D

Explanation:

India Ratings and Research's revised GDP growth estimate for FY25 at 7.1% brings a promising outlook for the country's economic future. With robust government spending, improved corporate and banking sector health, and the potential increase in private corporate capital expenditure, India is well-positioned for growth. However, the challenges of uneven consumption demand and global economic sluggishness must be addressed to ensure a sustainable and inclusive recovery. The complexity of India's economic landscape calls for strategic planning and a proactive approach to navigate the path to success.


 

9. Which football club clinched the La Liga 2023-24 season title?

A.    Barcelona

B.    Girona

C.   Real Madrid

D.   Cadiz

Answer: Option C

Explanation:

Real Madrid's triumphant journey in the La Liga 2023-24 season signifies their enduring legacy in Spanish football. With their 36th title secured, they continue to solidify their reputation as one of the most successful clubs globally. This remarkable achievement is a testament to their unwavering dedication, exceptional skill, and unwavering support from their fans. As the season came to a close, Real Madrid stood tall, basking in the glory of their well-deserved victory.


 

10. Which country is India aiming to finalize a local currency settlement system agreement with to boost bilateral trade?

A.    Brazil

B.    Mexico

C.   Japan

D.   Nigeria

Answer: Option D

Explanation:

The Local Currency Settlement System Agreement between India and Nigeria holds immense potential for boosting bilateral trade. By allowing transactions to be settled in local currencies, it eliminates hurdles and promotes seamless trade processes. This agreement signifies the commitment of both nations towards strengthening their economic ties and fostering mutually beneficial collaboration. As India and Nigeria move forward with this progressive initiative, it is expected to unlock new opportunities, enhance trade volumes, and contribute to the overall growth and prosperity of both countries.


 

11. Which country has unveiled an AI-generated spokesperson named Victoria Shi for its foreign ministry?

A.    Russia

B.    Ukraine

C.   China

D.   United States

Answer: Option B

Explanation:

Ukraine's unveiling of Victoria Shi, an AI-generated spokesperson for its foreign ministry, showcases the country's dedication to embracing technology in diplomacy. This innovative step blends cutting-edge AI technology with the finesse of international relations, allowing for efficient communication and accurate official statements. As AI continues to shape various sectors, the presence of AI-powered digital spokespersons like Victoria Shi highlights the transformative potential of technology in the field of diplomacy.


 

12. When is World Asthma Day 2024 observed?

A.    May 7

B.    May 1

C.   May 10

D.   May 15

Answer: Option A

Explanation:

World Asthma Day 2024, observed on May 7, 2024, presents an opportunity to emphasize the significance of asthma education. By raising awareness, promoting understanding, and empowering individuals with knowledge, we can improve the lives of people living with asthma. Let us come together on this day to advocate for better asthma care, support initiatives that prioritize education, and work towards a world where asthma is effectively managed, allowing individuals to lead healthy and fulfilling lives.


 

13. Recently, where was the 26th ASEAN-Indian Senior Officials’ meeting held?

A. New Delhi

B. Jaipur

C. Chennai

D. Hyderabad

Answer: Option A

Explanation:

The 26th ASEAN-Indian Senior Officials’ Meeting held in New Delhi served as a platform for fruitful discussions and collaborations, strengthening the ASEAN-India partnership. Through a comprehensive review of relations, a focus on implementing the Prime Ministers’ 12-Point Proposal, and preparations for the ASEAN-India Summit, the meeting paved the way for greater cooperation and mutual understanding between the two entities. India's unwavering support for ASEAN and regional architecture was acknowledged and celebrated, further solidifying the bond between ASEAN and India.


 

14. What is ‘MQ-9B Predator’, recently seen in the news?

A. A technique used to remove pest from crop

B. High Altitude Unmanned Aerial Vehicle

C. Nuclear Ballistic Submarine

D. Earth Observation Satellite

Answer: Option B

Explanation:

The MQ-9B Predator is a high altitude unmanned aerial vehicle that has gained prominence in recent years. With its advanced features, long endurance, and versatile capabilities, it has become a valuable asset for military operations. The acquisition of MQ-9B Predators by India signifies the country's commitment to enhancing its surveillance and defense capabilities. As these drones continue to evolve, they will undoubtedly play a crucial role in shaping the future of aerial warfare.


 

15. Recently, which country clinched Men’s AFC U-23 Asian Cup 2024 by defeating Uzbekistan?

A. China

B. Indonesia

C. Japan

D.  Kazakhstan

Answer: Option C

Explanation:

Japan's victory in the Men’s AFC U-23 Asian Cup 2024 is a testament to their skill, teamwork, and unwavering determination. Their triumph in the final match against Uzbekistan, highlighted by Yamada's winning goal and the goalkeeper's heroics, secured their place in the 2024 Paris Olympics. This achievement will undoubtedly inspire a new generation of footballers in Japan and further elevate the country's reputation in the world of Asian football.


 

16. Recently, José Raúl Mulino has been elected as the new President of which country?

A. Guatemala

B. Cuba

C. Panama

D. Nicaragua

Answer: Option C

Explanation:

José Raúl Mulino's election as the new President of Panama marks a significant turning point in the country's political landscape. His victory, supported by the legacy of Ricardo Martinelli, has generated a sense of optimism and anticipation for a brighter future. As Mulino assumes his new role, the eyes of the nation will be upon him, eagerly awaiting the fulfillment of his promises and the realization of his vision for Panama.


 

17. Which asset management company has recently launched India’s first Nifty Non-Cyclical Index Fund?

A. Groww Mutual Fund

B. Axis Mutual Fund

C. UTI Mutual Fund

D. Invesco Mutual Fund

Answer: Option A

Explanation:

The introduction of India's first Nifty Non-Cyclical Index Fund by Groww Mutual Fund brings a fresh investment avenue for individuals seeking long-term growth and stability. By investing in non-cyclical stocks, investors can mitigate the impact of economic fluctuations and tap into the consistent demand for essential consumer goods and services. With the Nifty Non-Cyclical Index Fund, Groww Mutual Fund is empowering investors to diversify their portfolios and potentially achieve their financial goals.


 

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