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1st August 2023 Current Affairs Quiz – Step into the world of current affairs with our engaging 1st August 2023 Current Affairs Quiz! This Current Affairs 1st August 2023 will test your knowledge on the latest events and developments from around the globe that took place on this significant date. From politics to technology, from sports to entertainment, we have compiled the most noteworthy news to keep you informed and updated. So, let’s embark on this journey of exploration and see how well you remember the current affairs of 1st August 2023!
1st August 2023 Current Affairs | Today GK Quiz
1. Which sector demonstrated the highest growth rate in June 2023?
A) Electricity Sector
B) Steel Sector
C) Coal Sector
D) Cement Sector
Answer: B) Steel Sector
Explanation: In June 2023, the Steel Sector demonstrated the highest growth rate of 21.9%, which was twice the growth rate recorded in May (10.9%). This remarkable growth contributed significantly to the overall sector’s growth in the Indian economy.
2. What is the significance of the Index of Industrial Production (IIP) in India?
A) It measures the changes in the volume of production of agricultural products.
B) It is used to calculate the growth rate of industrial sectors categorized under mining, manufacturing, and electricity.
C) It is a composite indicator that measures the growth rate of the services sector.
D) It is compiled and published annually by the Ministry of Commerce and Industry.
Answer: B) It is used to calculate the growth rate of industrial sectors categorized under mining, manufacturing, and electricity.
Explanation: The Index of Industrial Production (IIP) is an indicator that measures changes in the volume of production of industrial products in India during a specific period. It is a composite indicator that measures the growth rate of industry groups categorized under broad sectors such as Mining, Manufacturing, and Electricity, as well as use-based sectors like Basic Goods, Capital Goods, and Intermediate Goods. IIP is crucial for policy-making purposes by government agencies, including the Ministry of Finance and the Reserve Bank of India, and is used to calculate quarterly and advance GDP (Gross Domestic Product) estimates.
3. What is the tallest statue in the world as of 2023?
A) Spring Temple Buddha
B) Laykyun Sekkya
C) Statue of Unity
D) Ushiku Daibutsu
Answer: C) Statue of Unity
Explanation: As of 2023, the tallest statue in the world is the “Statue of Unity,” which stands at a height of 182 meters (597 feet). It is located near the Narmada dam in Gujarat, India, and depicts Sardar Vallabhbhai Patel, a prominent leader of the Indian independence movement.
4. Which country has the second tallest statue in the world as of 2023?
A) China
B) Myanmar
C) India
D) Japan
Answer: A) China
Explanation: As of 2023, the second tallest statue in the world is the “Spring Temple Buddha” in China. This statue has a height of 128 meters (420 feet) and is located in Lushan, Henan. It represents Buddha (Vairocana) and was completed in the year 2008.
5. What is the recent change in the Goods and Services Tax (GST) rules announced by the Central Board of Indirect Taxes and Customs (CBIC) in India?
A) Companies with a turnover of more than ₹10 crore must generate electronic invoices (e-invoices) for B2B transactions.
B) Companies with a turnover of more than ₹5 crore must generate e-invoices for B2B transactions or exports.
C) Companies with a turnover of more than ₹10 crore must generate e-invoices for B2B transactions or exports.
D) Companies with a turnover of any amount must generate e-invoices for all transactions.
Answer: B) Companies with a turnover of more than ₹5 crore must generate e-invoices for B2B transactions or exports.
Explanation: The recent change in the GST rules announced by CBIC in India is that, as of August 1, 2023, companies with an aggregate turnover of more than ₹5 crore in any financial year are required to produce e-invoices for their business-to-business (B2B) transactions and exports. Previously, this requirement applied only to companies with an annual revenue of ₹10 crore or above. The move aims to boost tax collections and compliance under the GST regime.
6. What are the benefits of the inclusion of Micro, Small, and Medium Enterprises (MSMEs) in the e-invoicing regime, according to the content?
A) It will reduce the overall cost for MSMEs.
B) It will help in identifying and tracking risky taxpayers.
C) It will ensure faster invoice processing for MSMEs.
D) It will boost the sector’s growth and improve input tax credit flow for suppliers.
Answer: D) It will boost the sector’s growth and improve input tax credit flow for suppliers.
Explanation: According to the content, the inclusion of MSMEs in the e-invoicing regime is seen as a positive step that can boost the sector’s growth. It is also believed that the expansion of e-invoicing to MSMEs will improve the flow of input tax credit and reduce credit-related issues for suppliers. While the content mentions other benefits of e-invoicing, such as reducing overall costs, ensuring faster invoice processing, and tackling tax evasion, the specific benefit related to MSMEs is the improvement in their growth and the enhancement of input tax credit flow for suppliers.
7. What is the RBI-DPI (Reserve Bank of India Digital Payments Index)?
A) A measure of inflation and price stability in the Indian economy.
B) A comprehensive gauge of payment digitization and adoption in India.
C) An index that tracks the performance of Indian stock markets.
D) A measure of the growth rate of India’s gross domestic product (GDP).
Answer: B) A comprehensive gauge of payment digitization and adoption in India.
Explanation: The RBI-DPI (Reserve Bank of India Digital Payments Index) is a comprehensive gauge of payment digitization and adoption in India. It encompasses five major parameters that represent crucial aspects of the digitization of payments, including payment enablers, payment infrastructure – demand side factors, payment infrastructure – supply side factors, payment performance, and consumer centricity. The index provides a reliable measure of the extent of digital payment adoption in the country and is updated semi-annually.
8. What has played a pivotal role in driving the surge in digital payments in India, according to the content?
A) Credit card transactions.
B) Mobile banking services.
C) Unified Payments Interface (UPI).
D) Cash-based transactions.
Answer: C) Unified Payments Interface (UPI).
Explanation: According to the content, the Unified Payments Interface (UPI) has played a pivotal role in driving the surge in digital payments in India. UPI transactions are projected to reach 1 billion transactions per day by 2026-27, and in the retail segment, UPI transactions have accounted for approximately 75% of the total transaction volume during the fiscal year 2022-2023 period. UPI is a real-time payment system that enables instant money transfer between bank accounts through mobile devices and has significantly contributed to the growth of digital payments in the country.
9. Who is the world’s richest person according to the Real-Time Billionaires list as of 31st July 2023?
A) Bernard Arnault & family
B) Jeff Bezos
C) Elon Musk
D) Larry Ellison
Answer: C) Elon Musk
Explanation: According to the Real-Time Billionaires list as of 31st July 2023, Elon Musk stands on the first position and is the world’s richest person with a net worth of $240.7 billion. He is known for co-founding companies like SpaceX and Tesla, which contribute significantly to his wealth.
10. Which individual is the CEO of the world’s largest luxury goods company “Moet Hennessy Louis Vuitton (LVMH)” and stands on the second position in the Real-Time Billionaires list as of 31st July 2023?
A) Larry Page
B) Bernard Arnault & family
C) Sergey Brin
D) Steve Ballmer
Answer: B) Bernard Arnault & family
Explanation: Bernard Arnault is the CEO of the world’s largest luxury goods company “Moet Hennessy Louis Vuitton (LVMH)” and stands on the second position in the Real-Time Billionaires list as of 31st July 2023. LVMH encompasses approximately 70 renowned fashion and cosmetics brands, and Arnault’s net worth is reported to be $231.4 billion.
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