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Daily Current Affairs
01 January, 2025
1. What is the current status of the fiscal deficit of the Union Government as of November 2024?
- (A) 46.5% of Budget Estimates
- (B) 52.5% of Budget Estimates
- (C) 35% of Budget Estimates
- (D) 58.5% of Budget Estimates
- (E) 50% of Budget Estimates
Answer: (B) 52.5% of Budget Estimates
Explanation: By the end of November 2024, the fiscal deficit of the Union Government had reached 52.5% of the total Budget Estimates for 2024-25, up from 46.5% the previous month.
2. Which organization removed the UPI user onboarding limit for WhatsApp Pay?
- (A) Reserve Bank of India
- (B) SEBI
- (C) National Payments Corporation of India (NPCI)
- (D) Ministry of Finance
- (E) TRAI
Answer: (C) National Payments Corporation of India (NPCI)
Explanation: NPCI allowed WhatsApp Pay to extend UPI services to all its users by removing the onboarding limit with immediate effect.
3. What is the status of small savings rates for the January-March 2025 quarter?
- (A) Increased by 0.5%
- (B) Decreased by 0.25%
- (C) Unchanged
- (D) Increased for senior citizens only
- (E) Linked to inflation
Answer: (C) Unchanged
Explanation: The government decided to keep the small savings rates, including the Public Provident Fund (PPF), unchanged for the January-March 2025 quarter.
4. What significant achievement did the domestic equity markets record in 2024?
- (A) Achieved a 20% growth
- (B) Recorded annual profit for the ninth consecutive year
- (C) Experienced a 5-year high in IPO activity
- (D) Witnessed a decline in trading volume
- (E) Saw the highest bank credit growth in a decade
Answer: (B) Recorded annual profit for the ninth consecutive year
Explanation: Domestic equity markets achieved annual profit for the ninth consecutive year in 2024, with gains close to 10% below all-time highs.
5. Which organization introduced new eligibility criteria for passively managed mutual funds in 2024?
- (A) RBI
- (B) SEBI
- (C) Ministry of Finance
- (D) National Stock Exchange
- (E) Association of Mutual Funds in India
Answer: (B) SEBI
Explanation: SEBI issued new rules for passively managed mutual funds to simplify compliance, increase competition, and facilitate easier entry for less risky schemes.
6. What led to the decline in procurement from MSEs by central public sector enterprises (CPSEs) in FY24?
- (A) Inflationary pressures
- (B) Elections and budget presentation delays
- (C) Decrease in government spending
- (D) Increased competition from private enterprises
- (E) Policy changes
Answer: (B) Elections and budget presentation delays
Explanation: A 43% decline in procurement from MSEs occurred due to delays caused by elections and the late budget presentation in FY24.
7. What is the significance of the Gini coefficient in the recent survey on India?
- (A) It showed an increase in consumption inequality
- (B) It indicated a decline in consumption inequality
- (C) It highlighted income growth among urban households
- (D) It focused on industrial productivity
- (E) It tracked employment trends
Answer: (B) It indicated a decline in consumption inequality
Explanation: The latest survey found a decrease in the Gini coefficient, which measures consumption inequality, for the period from August 2023 to July 2024.
8. What caused the recent surge in gold prices, making it the highest in 14 years?
- (A) Increase in global inflation
- (B) Geopolitical risks and central bank purchases
- (C) Economic slowdown in emerging markets
- (D) Higher demand for industrial use
- (E) Weakening of major currencies
Answer: (B) Geopolitical risks and central bank purchases
Explanation: Gold prices rose by 27% in 2024 due to US monetary easing, sustained geopolitical risks, and increased central bank purchases.
9. What is the current level of gross non-performing assets (NPAs) in India’s banking sector as of 2024?
- (A) 5.6%
- (B) 4.3%
- (C) 3.1%
- (D) 2.6%
- (E) 6.5%
Answer: (D) 2.6%
Explanation: According to the RBI Financial Stability Report, gross NPAs in the banking sector dropped to a 12-year low of 2.6% in September 2024.
10. What are India’s eight core sectors collectively referred to as?
- (A) Index of Economic Strength
- (B) Infrastructure Core Index
- (C) Index of Eight Core Industries (ICI)
- (D) National Core Economic Metrics
- (E) Core Industrial Development Index
Answer: (C) Index of Eight Core Industries (ICI)
Explanation: The Index of Eight Core Industries (ICI) measures the performance of eight key industries that form the backbone of India’s economy, including electricity, steel, cement, and more.
