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Current Affairs Quiz: 7 May 2021

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AffairsCloud brings you the complete and important daily Current Affairs 7 May 2021 Quiz to achieve more marks in Banking, Insurance, UPSC, SSC, CLAT, Railways and all other competitive Exams. We have prepared the current affairs quiz question from our daily current affairs 2021 updates.

Our Current Affairs May 2021 events will help you to get more marks in Banking, Insurance, SSC, Railways, UPSC, CLAT and all State Government Exams. Also, try our Current Affairs Quiz.

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Top 10 Questions Based on Current Affairs 7 May 2021

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  1. Which of the following was made applicable to the Unorganised sector worker by the Labour Ministry’s recent (in May’21) clarification on Section 142 of Social Security Code, 2020?
    1) Maternity Benefits
    2) Employees’ Provident Funds
    3) Payment of Gratuity
    4) Aadhaar
    5) Employees’ State Insurance
    Answer-4) Aadhaar
    Explanation:
    Ministry of Labour & Employment has notified Section 142 of the Social Security Code, 2020 which covers the applicability of Aadhar. It will enable the Labour Ministry to collect Aadhar data of workers in the Unorganized Sector.
    i.In September 2020, President Ram Nath Kovind gave assent to 3 Labour codes –
    Code on Social Security 2020
    Occupational Safety, Health and Working Condition Code 2020
    Industrial Relation Code 2020

  2. Which of the following government owned financial institutions was approved (in May’21) for strategic disinvestment by the Cabinet Committee on Economic Affairs?
    1) India Infrastructure Finance Company Ltd (IIFCL)
    2) Industrial Development Bank of India (IDBI)
    3) National Housing Bank (NHB)
    4) Industrial Finance Corporation of India (IFCI)
    5) Industrial Investment Bank of India (IIBI)
    Answer-2) Industrial Development Bank of India (IDBI)
    Explanation:
    The Cabinet Committee on Economic Affairs, chaired by Prime Minister Shri Narendra Modi gave approval for strategic disinvestment and transfer of management control in Industrial Development Bank of India (IDBI Bank).
    i.More than 94% of the equity shares of IDBI Bank was owned by the Government of India (GoI) and Life Insurance Corporation(LIC)
    ii.In March 2021, RBI removed the LIC-controlled IDBI bank from its prompt corrective action (PCA) framework

  3. In May 2021, the Union Cabinet gave approval to several initiatives.
    Which of the following points are correctly related to the approvals?
    A) 5 Kgs of Free Rice will be provided for 8-months (Jan-Aug’21) under Pradhan Mantri Garib Kalyan Anna Yojana (PM-GKAY)
    B) Under National Food Security Act, India provides subsidised food grains to 90% of the Rural Population
    C) India & UK to sign MoU on Global Innovation Partnership (GIP) enabling intercountry E-BAAZAR
    1) All A, B & C
    2) Only B & C
    3) Only C
    4) Only A & C
    5) Only A
    Answer-3) Only C
    Explanation:
    On May 5, 2021, the Union Cabinet chaired by Prime Minister Narendra Modi gave approval for several initiatives.
    i.The cabinet has accorded approval to the allocation of additional foodgrain under Phase-III of PM-GKAY for another period of 2 months – May to June 2021.
    Each beneficiary will get 5 Kg of rice per month for free of cost.
    It is legally entitled, 75% of the rural population & 50% of the urban population to receive subsidized food grains under National Food Security Act, (NFSA) 2013.
    ii.Approval to MoU between India & United Kingdom (UK) on Global Innovation Partnership (GIP)
    GIP is set to develop an open and inclusive e-marketplace (E-BAAZAR) for cross border innovation transfer.

  4. Where was the 2021 G20 Tourism Ministers’ Meeting held which saw the virtual participation of Indian Tourism Minister Prahlad Singh Patel?
    1) Germany
    2) Mexico
    3) Italy
    4) France
    5) Indonesia
    Answer-3) Italy
    Explanation:
    On 4th May 2021, Union Minister of State for Tourism & Culture (I/c) Prahlad Singh Patel virtually participated in the 2021 G20 Tourism Ministers’ Meeting held in Italy.
    About G20:
    Establishment – 1999
    2021 Presidency – Italy

  5. Which bank was selected as the digital payments partner of the National Agriculture Market (eNAM) in May 2021?
    1) Bank of Baroda
    2) HDFC Bank
    3) State Bank of India
    4) Axis Bank
    5) Kotak Mahindra Bank
    Answer-5) Kotak Mahindra Bank
    Explanation:
    Kotak Mahindra Bank was selected as a digital payments partner by the National Agriculture Market (eNAM) to facilitate online transactions for all stakeholders on the eNAM platform.
    i.eNAM is an agri e-marketplace that facilitates buying & selling of agricultural commodities. It was established by networking Agricultural Produce Market Committees (APMCs).

  6. Guidelines for _______ travel insurance plans were introduced by IRDAI with health coverage upto _______ on hospitalization.
    1) 4, Rs10 lakh
    2) 5, Rs1 lakh
    3) 4, Rs1 crore
    4) 3, Rs1 crore
    5) 5, Rs10 lakh
    Answer-5) 5, Rs10 lakh
    Explanation:
    IRDAI issued guidelines on Bharat Yatra Suraksha, the Standard Domestic Travel Insurance Product (SDTIP) of india. The standard product consists of 5-different plans under the standard travel insurance product.
    i.Plan Covers travel through Cab/Bus, Train, Air & Ship with various health coverages.
    ii.The coverage provides indemnity-based payment for hospitalization expenses ranging from Rs1 lakh to Rs10 lakh and an accidental death benefit ranging from Rs1 lakh to Rs1 crore.

  7. What is India’s GDP projections for FY22 as per Fitch Ratings, as of May 2021?
    1) 8.9%
    2) 12.8%
    3) 9.5%
    4) 11.4%
    5) 10.8%
    Answer-3) 9.5%
    Explanation:
    Fitch Ratings reduced India’s GDP growth forecast for FY22 to 9.5% due to COVID-19, it earlier estimated a 12.8% growth for FY22 in March 2021.
    On May 05, 2021, S&P Global Ratings revised India’s GDP growth forecast for FY22 to 9.8%.

  8. NASA’s Spacecraft Parker Solar Probe discovered that __________ planet produces natural radio signals & it has an Ionosphere layer.
    1) Mars
    2) Jupiter
    3) Saturn
    4) Mercury
    5) Venus
    Answer-5) Venus
    Explanation:
    The NASA Spacecraft Parker Solar Probe has discovered a natural radio signal from Venus.
    According to the findings of Parker Solar Probe, just like the earth, planet Venus also has an electrically charged layer of gas in its upper atmosphere called the Ionosphere.

  9. Match the following Deserts with their countries:
    i. Great Sandy Desert      a. Australia
    ii. Tabernas Desert          b. Spain
    iii. Taklamakan Desert    c. China
    iv. Atacama Desert          d. Chile
    1) i-a, ii-d, iii-c, iv-b
    2) i-b, ii-a, iii-c, iv-d
    3) i-b, ii-a, iii-c, iv-d
    4) i-a, ii-b, iii-c, iv-d
    5) i-d, ii-b, iii-c, iv-a
    Answer-4) i-a, ii-b, iii-c, iv-d
    Explanation:

    Desert Country 
    Great Sandy Desert Australia 
    Tabernas Desert Spain 
    Taklamakan Desert China
    Atacama Desert Chile 


  10. Which country will hold the Presidency of G20 in 2022?
    1) India
    2) Italy
    3) Brazil
    4) Indonesia
    5) France
    Answer-4) Indonesia
    Explanation:
    G20 Presidency
    Italy – 2021
    Indonesia – 2022
    India – 2023
    Brazil – 2024