Daily GK and Current Affairs Quiz – 25th February 2023

Correct Answer:  C. Karnataka

Explanation:  Prime Minister Shri Narendra Modi will inaugurate ‘Barisu Kannada Dim Dimava’ cultural festival at Talkatora Stadium, Delhi on 25th February, 2023. Prime Minister will also address the gathering on the occasion. ‘Barisu Kannada Dim Dimava’ cultural festival is being organized to celebrate Karnataka’s culture, traditions and history.

• Barisu Kannada Dim Dimava Festival is being held in line with the Prime Minister’s vision of ‘Ek Bharat Shreshtha Bharat’.
• The Barisu Kannada Dim Dimava Festival festival is being held under the aegis of Azadi Ka Amrit Mahotsav.
• Barisu Kannada Dim Dimava Festival will provide an opportunity to hundreds of artists to showcase Karnataka cultural heritage through dance, music, drama, poetry etc.

Correct Answer:  D. Dr. Mansukh Mandaviya

Explanation:  Union Health Minister Dr. Mansukh Mandaviya releases working paper by Stanford University and Institute for Competitiveness. Dr. Mansukh Mandaviya, Union Minister for Health and Family Welfare virtually addressed the ‘The India Dialog’ session on the Economic Impact of Vaccination & Related Matters. The dialog was organized by Institute for Competitiveness and US-Asia Technology Management Center, Stanford University. He also released the working paper by Stanford University and Institute for Competitiveness titled “Healing the Economy: Estimating the Economic Impact on India’s vaccination and related issues”.

The paper discusses the role of containment as a measure to prevent the spread of the virus. It highlights that, as against the top-down approach, a bottom-up approach was critical in containing the virus. Moreover, the Stanford report remarkably notes that robust measures at the ground level, like contact tracing, mass testing, home quarantine, distribution of essential medical equipment, revamping healthcare infrastructure, and constant coordination among stakeholders at the centre, state, and district levels, not only helped contain the spread of the virus but also in augmenting the health infrastructure.

Correct Answer:  C. IDFC Mutual Fund

Explanation:  IDFC Mutual Fund (MF)—a fund house known for its debt funds—is all set to launch the IDFC US Treasury Bond 0-1 Year FOF (fund of funds), the industry’s first international debt fund. This opens the doors for Indian retail investors to gain access to the ultra-safe and currently high-yield US treasury securities, and also hedge their exposure to the dollar in a convenient way. It gives investors an opportunity to diversify beyond India, and into US treasurys which are seen as a safe-haven asset in times of economic uncertainty.

The FOF will be investing in JPMorgan BetaBuilders US Treasury Bond 0-1 year UCITS ETF, an exchange traded fund with exposure to 0-1-year US treasurys. The FOF will have 100% exposure to US treasury except for some cash holdings for liquidity needs.

Correct Answer:  B. National Stock Exchange

Explanation:  The NSE has got the greenlight from the capital markets regulator to launch its Social Stock Exchange, the board said. The Securities and Exchange Board of India (Sebi) had given an in-principle approval to National Stock Exchange (NSE) for setting up the exchange last December. A framework for the Social Stock Exchange was provided by a working group constituted by the Sebi. Enterprises will have to be engaged in 16 broad areas of social activity prescribed by the working group to qualify for listing on the exchange. Corporate foundations, trade associations, political and religious organisations, infrastructure companies are not eligible to list on social stock exchange.

• The idea of a social stock exchange was first mooted in the Union Budget 2019-20 to enable entities involved in social activities such as charitable trusts and non-profit organisations (NPO) to access the capital market for funds.
• NPOs and even for-profit social enterprises (FPE) will need to register on the exchange and mobilise funds through instruments such as zero coupon zero principal (ZCZP) through a public offering or even a private placement.

The idea of social stock exchange gained currency during the pandemic in the wake of growing need for capital for social enterprises at reasonable cost. The minimum issue size stands at Rs 1 crore now and the minimum application size for subscription is Rs 2,00,000. Subscription to such issues would be considered as philanthropic.

Correct Answer:  C. Girish Chandra Murmu

Explanation:  The International Labour Organization (ILO), Geneva has chosen the Comptroller and Auditor General of India (CAG) to serve as its external auditor for a four-year term from 2024 to 2027, the apex auditor announced. The CAG is Girish Chandra Murmu.

• The Supreme Audit Institute of the Philippines, the current external auditor of ILO, will be replaced by CAG.
• The CAG provided specifics, stating that ILO had established a panel for the nomination of an external auditor and had requested proposals from the Superior Audit Institutions (SAIs).
• The ILO selected three Supreme Audit Institutions (India, Canada, and United Kingdom) for technical presentations based on their technical expertise and other factors.
• A three-person team from CAG of India presented their strengths, methodology, and skill set to the ILO’s tripartite selection panel in Geneva, along with their extensive expertise auditing international organisations.
• The CAG’s strategy for creating a strategic partnership with ILO, through which it seeks to support ILO in achieving its goals while retaining crucial independence and oversight in carrying out the duties of the external auditor, impressed the selection panel.

The World Health Organization (2020-2023), Food and Agriculture Organization (2020-2025), International Atomic Energy Agency (2022-2027), Organization for the Prohibition of Chemical Weapons (2021-2023), and Inter Parliamentary Union are currently being externally audited by the Comptroller and Auditor General of India (2020-2022).

Correct Answer:  C. Aramane Giridhar

Explanation:  Defence Secretary Aramane Giridhar has been given extension in service till October next year. The Appointments Committee of the Cabinet has approved his extension in service as Secretary, Department of Defence, beyond the age of superannuation for a period upto 31st of October, 2024. Mr. Giridhar is a 1988-batch Indian Administrative Service officer of the Andhra Pradesh cadre.

Correct Answer:  D. Roscosmos

Explanation:  Roscosmos recently launched an empty SOYUZ spacecraft to bring back the stranded astronauts in space. Three astronauts were stranded in space as the Soyuz MS-22 capsule started leaking coolant. The astronauts were to return to the earth in the capsule. Now, with the leak, the astronauts will return only by September. The leak was due to a micrometeoroid, possibly the size of a small rock hitting the satellite. Soyuz MS-22 is one of the major life-threatening impacts that happened in space missions. The consequences of space impacts have never been this serious.

• The temperature of the module is increasing due to a coolant leak. The Soyuz MS23 capsule was launched in automatic mode and it will bring back the astronomers safely.
• Russia is to leave the International Space Station in 2028. The country is to start its own space station just like China. Tiangong is a Chinese space station.
• It was launched at the International Space Station with three cosmonauts. It was a rotational mission.

Correct Answer:  D. Himachal Pradesh

Explanation:  Himachal Pradesh will become first state to organise cultivation of Liquorice (Mulethi). For the first time, planting material of Mulethi (Glycyrrhiza glabra) was distributed to the farmers to cultivate it commercially. The demand for Mulethi is high in India as it is not only used as a spice but also used in ayurvedic medicines. Currently, Mulethi is largely imported in India from other countries like Afghanistan, Nepal and China. Now, Himachal has become the first state in India to have organised cultivation of Mulethi.

“One week-One Laboratory” programme has been launched at CSIR- Institute of Himalayan Bioresource Technology (IHBT), Palampur. Mulethi is a perennial herb that has sweet roots owing to the presence of glycyrrhizin (50 times sweeter than sucrose). It is used as a natural sweetener in herbal medicines and falvouring in candies and tobacco. Mulethi is mainly grown in Afghanistan. It is also produced in small quantities in Pakistan, China, Nepal and India.

Correct Answer:  C. Ajay Banga

Explanation:  From Washington, US President Joe Biden is nominating former Mastercard Chief Executive Ajay Banga to lead the World Bank, after its current chief David Malpass announced plans to step down early. Banga’s nomination comes amid a push for development lenders to revamp and address global problems like environmental issues more effectively. The development lender has just started accepting candidate nominations in a process set to run until March 29, with the bank saying that women candidates would be “strongly” encouraged. The president of the World Bank is typically American, while the leader of the International Monetary Fund is customarily European.

Correct Answer:  B. Sajjan Jindal

Explanation:  Sajjan Jindal, the chairman and managing director of JSW Group, was  awarded as the EY Entrepreneur of the Year (EOY) 2022. The seven-member jury led by former ICICI Bank chairman K V Kamath selected Jindal as the EOY 2022 winner for his “exceptional entrepreneurial journey in scaling the global conglomerate with presence in steel, cement, infrastructure, energy, and paints to revenues of US$22 billion. Jindal has created a track record of executing large capital-intensive, technically complex, and state-of-the-art steel manufacturing facilities on principles of cost efficiency and operational excellence.

• Mahesh Pratapneni, co-founder and group CEO of MedGenom, who was awarded in the startup category.
• IDFC First Bank MD V Vaidyanathan bagged the award in the financial services category;
• Borosil Group executive chairman Pradeep Kheruka in manufacturing;
• Safexpress MD Rubal Jain in services;
• Vedant Fashions chairman Ravi Modi in products & retail; and
• Gujarat Fluorochemicals MD Vivek Jain in business transformation category.

Correct Answer:  B. Spain

Explanation:  Paris Saint-Germain’s and former Real Madrid defender Sergio Ramos has announced that he is retiring from international football. After a record 180 appearances for Spain. Ramos, who was part of Spain’s World Cup and Euro winning teams had represented Real Madrid in La Liga and now plays for PSG in Ligue 1. Ramos made his Spain debut in 2005 while still a teenager playing for Sevilla. He played in seven major tournaments for his country, winning three, but was left out of the squad by Luis Enrique for Euro 2020, played in 2021, and the 2022 World Cup. His last appearance for La Roja came on March 31, 2021, when he played four minutes in a 3-1 win over Kosovo.

Correct Answer:  C. Abu Dhabi

Explanation:  The first conference of I2U2 Business Forum, a joint initiative of India, Israel, the US and the United Arab Emirates, was held on 22 February 2023 in Abu Dhabi (UAE). According to the Indian Ministry of External Affairs, the I2U2 Forum brought together representatives from the private and public sectors of India, Israel, the United States and the United Arab Emirates to discuss opportunities for cooperation between their business communities. This is the first such event after its official launch at the I2U2 Leaders’ Summit in July 2022. Economic cooperation is going on in many areas among the member countries of I2U2. Which includes food security, water, energy, space, transport, health and technology. The Forum aims to leverage private sector capital and expertise to help modernise infrastructure, decarbonize industries, improve public health, and promote the development of green technologies.

• It is also known as the ‘West Asian Quad’as it was referred to as the ‘International Forum for Economic Cooperation‘ in 2021.
• I2U2 aims to encourage joint investments in six mutually identified sectors – water, energy, transport, space, health and food security.
• India and the US are already members of the QUAD and India has individual bilateral defence cooperationwith each country.
• Now I2U2 is set to boost trade and connectivity between partners.

Correct Answer:  A. Carlos Alcaraz

Explanation:  World No. 2 Carlos Alcaraz recently produced a stellar performance to win the Argentina Open by defeating second seed Cameron Norrie in the final in Buenos Aires. Carlos Alcaraz (Spain) won his seventh ATP Tour title by defeating last year’s Wimbledon semi-finalist Cameron Norrie (Great Britain) 6-3, 7-5. In addition, 19-year-old tennis player Alcaraz became the first Spaniard since Rafael Nadal in 2015 to win the Buenos Aires trophy. Alcaraz began the year as the youngest-ever world No. 1, but a hamstring injury forced him to miss the Australian Open, resulting in him slipping from the top spot. Currently, Serbian tennis player Novak Djokovic remains at number one.

Correct Answer:  C. 42nd

Explanation:  The annual International IP Index evaluates the protection of IP rights in 55 of the world’s leading economies, together representing around 90% of global GDP. The annual International IP Index evaluates the protection of IP rights in 55 of the world’s leading economies, together representing around 90% of global GDP. The report covers everything from patent and copyright laws to the ability to monetise IP assets and the ratification of international agreements. By analysing the IP landscape in global markets, the index aims to help nations navigate toward a brighter economic future marked by greater innovation, creativity, and competitiveness, according to a media release.