11th October 2023 Current Affairs Quiz – Let’s explore the ever-changing world of current events on 11th October 2023, through a quiz. This fun and informative quiz will help you stay up to date with the most recent happenings that influence our world, such as politics, economics, and science. Join us in this exciting challenge to gauge your understanding of the important topics that are hitting the news today.
11th October 2023 Current Affairs | Today GK Quiz
1. What is the primary factor behind the remarkable increase in India’s net direct tax collections?
A) A surge in corporate taxes
B) Growth in Securities Transaction Tax
C) An increase in personal income tax revenues
D) Decreased annual Budget estimates
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Answer: C) An increase in personal income tax revenues
Explanation: The remarkable increase in India’s net direct tax collections is primarily attributed to a 32.5% rise in personal income tax revenues.
2. What are some of the challenges faced by taxpayers in receiving tax refunds?
A) Pending tax demands from the past
B) Incorrect bank branch codes
C) High refund thresholds
D) Technological transition errors
Answer: B) Incorrect bank branch codes
Explanation: Approximately 35 lakh taxpayers are facing difficulties related to bank account validation due to incorrect bank branch codes provided by taxpayers, which adds to the challenges in the refund process.
3. What is the primary reason for the IMF’s upward revision of India’s economic growth forecast for the fiscal year 2023-24 in its October 2023 World Economic Outlook (WEO) report?
A) A decrease in global economic trends
B) A reduction in private consumption
C) Stronger-than-expected consumption during April-June
D) Higher inflation rates
Answer: C) Stronger-than-expected consumption during April-June
Explanation: The IMF revised India’s economic growth forecast upward to 6.3% for 2023-24 due to stronger-than-expected consumption during April-June.
4. According to the IMF’s World Economic Outlook (WEO) report, what is the IMF’s projection for India’s current account deficit in fiscal year 2024 and 2025?
A) 1.8% of GDP for both years
B) 2.9% of GDP for both years
C) 6.3% of GDP for both years
D) 4.6% of GDP for both years
Answer: A) 1.8% of GDP for both years
Explanation: The IMF anticipated India’s current account deficit to remain at 1.8% of GDP in both fiscal year 2024 and 2025, indicating a stable external economic position for the nation.
5. What led to Gautam Adani’s significant dip in wealth, as mentioned in the 360 ONE Wealth Hurun India Rich List for 2023?
A) A massive stock market decline in Reliance Industries
B) A report from Hindenburg Research alleging accounting frauds
C) An increase in fortunes of the Adani Group’s firms
D) A rise in stock market manipulation within the Adani Group
Answer: B) A report from Hindenburg Research alleging accounting frauds
Explanation: Gautam Adani’s significant dip in wealth was primarily due to a report published by Hindenburg Research in January, which alleged accounting frauds and stock market manipulation within the Adani Group, as stated in the article.
6. Who is the third wealthiest individual in India according to the 360 ONE Wealth Hurun India Rich List for 2023?
A) Shiv Nadar, founder of HCL Technologies
B) Mukesh Ambani, chairman of Reliance Industries
C) Radhakishan Damani, founder of D-Mart
D) Cyrus Poonawalla, Managing Director of Serum Institute of India
Answer: D) Cyrus Poonawalla, Managing Director of Serum Institute of India
Explanation: Cyrus Poonawalla retained his position as the third wealthiest individual in India, with a significant jump in his fortune.
7. What significant milestone did India achieve in the field of biofuel blending, as announced by Shri Hardeep Singh Puri during the 26th Energy Technology Meet?
A) Exceeding a 10 percent biofuel blending rate by 2025
B) Meeting a 20 percent biofuel blending rate by 2025
C) Reaching a 10 percent biofuel blending rate by November 2022
D) Achieving a 20 percent ethanol blending rate for automobiles
Answer: B) Meeting a 20 percent biofuel blending rate by 2025
Explanation: Shri Hardeep Singh Puri announced that India has exceeded its biofuel blending targets, advancing the goal of achieving a 20 percent biofuel blending rate to 2025.
8. What is one significant development in the automobile industry that showcases India’s transition toward a more sustainable energy future?
A) Introduction of electric cars
B) Introduction of flexible-fuel vehicles
C) Adoption of hydrogen-powered motorcycles
D) Launch of Green Hydrogen Bus by India Oil
Answer: D) Launch of Green Hydrogen Bus by India Oil
Explanation: The introduction of the Green Hydrogen Bus by India Oil as an example of the automobile industry’s transition toward a more sustainable energy future.
9. Who has been elected as the new Chairman of the Association of Mutual Funds in India (AMFI), succeeding A Balasubramanian?
A) Radhika Gupta
B) Anthony Heredia
C) Navneet Munot
D) A Balasubramanian
Answer: C) Navneet Munot
Explanation: Navneet Munot, the Managing Director and CEO of HDFC Asset Management, has been elected as the new Chairman of AMFI.
10. Who will take over the role of Vice-Chairman of AMFI from Radhika Gupta?
A) A Balasubramanian
B) Navneet Munot
C) Anthony Heredia
D) Radhika Gupta
Answer: C) Anthony Heredia
Explanation: Anthony Heredia, MD and CEO of Mahindra Manulife Mutual Fund, has been elected as the new Vice-Chairman of AMFI, taking over the role from Radhika Gupta.
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