India's rank in the World Competitiveness Index (WCI) 2023 is 40. This is a slight improvement from its rank of 43 in 2021-22, but it is still below its peak rank of 38 in 2017-18.
The WCI is an annual ranking of countries' competitiveness, based on a survey of business executives and other experts. The index measures factors such as infrastructure, institutions, education, and innovation.
India's strengths in the WCI include its large and growing market, its skilled workforce, and its strong innovation potential. However, the country also faces challenges in areas such as infrastructure, corruption, and the ease of doing business.
The government of India has taken steps to address these challenges, such as investing in infrastructure and simplifying the regulatory environment. However, more needs to be done to improve India's competitiveness.
Here are the top 10 countries in the WCI 2023:
- Denmark
- Ireland
- Switzerland
- Netherlands
- Taiwan
- Hong Kong
- Sweden
- United States
- United Arab Emirates
- Singapore
The index is based on a number of factors, including:
- Institutions: This includes factors such as the rule of law, government effectiveness, and regulatory quality.
- Infrastructure: This includes factors such as the quality of roads, ports, and airports.
- Markets: This includes factors such as the efficiency of the financial system and the openness of the economy.
- Business environment: This includes factors such as the ease of doing business and the protection of property rights.
- Skills and labor: This includes factors such as the quality of education and the availability of skilled workers.
- Innovation: This includes factors such as the level of research and development spending and the number of patents filed.
India has made some progress in recent years in terms of competitiveness. However, there is still a lot of work to be done. If India wants to become a more competitive economy, it will need to continue to improve its institutions, infrastructure, and markets. It will also need to invest in education and skills development, and promote innovation.
Here are some of the most important current affairs events of the week, from July 11 to 18, 2023:
- India to host global summit of food safety regulators. The Food Safety and Standards Authority of India (FSSAI) will host the 2023 Global Summit of Food Safety Regulators in New Delhi from 20-22 July 2023. The summit will bring together food safety regulators from around the world to discuss the latest challenges and best practices in food safety. [Source: The Hindu]
- 13.5 crore Indians escape Multidimensional Poverty in 5 years. A new report by the World Bank has found that 13.5 crore Indians have escaped multidimensional poverty in the last five years. The report, titled "Multidimensional Poverty in India: Measurement, Drivers, and Trends," found that the number of people living in multidimensional poverty in India fell from 27.5% in 2015 to 14.7% in 2021. [Source: The Economic Times]
- PM MITRA Park launched in Amravati, Maharashtra. Prime Minister Narendra Modi launched the PM MITRA Park in Amravati, Maharashtra on 18 July 2023. The park is a one-of-a-kind facility that will provide training and skill development to youth in the fields of manufacturing, information technology, and electronics. [Source: The Times of India]
- PM Modi to inaugurate Port Blair airport terminal building. Prime Minister Narendra Modi will inaugurate the new terminal building of Port Blair airport on 18 July 2023. The new terminal building is a major infrastructure development project that will boost tourism and economic activity in the Andaman and Nicobar Islands. [Source: NDTV]
- World Chess Day 2023: Date, Celebrates and History. World Chess Day is celebrated every year on 20 July to mark the birth anniversary of the legendary chess player, Viswanathan Anand. This year, World Chess Day is being celebrated with the theme "Chess for Inclusion." [Source: ChessBase India]
- India, US to work on MDBs, climate action, inclusion. India and the United States have agreed to work together on a range of issues, including multilateral development banks, climate action, and inclusion. The agreement was reached during a meeting between Indian Prime Minister Narendra Modi and US President Joe Biden on July 11, 2023. [Source: The Hindu]
- Tamil Nadu topped NITI Aayog's Export Preparedness Index 2022. Tamil Nadu has topped NITI Aayog's Export Preparedness Index 2022. The index ranks states on their readiness to export goods and services. Tamil Nadu was followed by Gujarat, Karnataka, and Maharashtra. [Source: The Economic Times]
- DGFT implements the Advance Authorisation Scheme. The Directorate General of Foreign Trade (DGFT) has implemented the Advance Authorisation Scheme, which will allow exporters to get advance permission to import inputs. The scheme is expected to boost exports and reduce the cost of production for exporters. [Source: The Times of India]
- J&K: Operation Trinetra II to neutralise hiding terrorists continue. The Indian Army's Operation Trinetra II to neutralise hiding terrorists in Jammu and Kashmir continued on July 18, 2023. The operation was launched on July 16, 2023, and has so far resulted in the killing of 11 terrorists. [Source: NDTV]
These are just a few of the most important current affairs events of the week. For more news, you can visit the websites of major news organizations or follow them on social media.
- India to host a global summit of food safety regulators. The Food Safety and Standards Authority of India (FSSAI) will host the 2023 Global Summit of Food Safety Regulators in New Delhi from 20-22 July 2023. The summit will bring together food safety regulators from around the world to discuss the latest challenges and best practices in food safety. [Source: The Hindu]
- 13.5 crore Indians escape Multidimensional Poverty in 5 years. A new report by the World Bank has found that 13.5 crore Indians have escaped multidimensional poverty in the last five years. The report, titled "Multidimensional Poverty in India: Measurement, Drivers, and Trends," found that the number of people living in multidimensional poverty in India fell from 27.5% in 2015 to 14.7% in 2021. [Source: The Economic Times]
- PM MITRA Park launched in Amravati, Maharashtra. Prime Minister Narendra Modi launched the PM MITRA Park in Amravati, Maharashtra on 18 July 2023. The park is a one-of-a-kind facility that will provide training and skill development to youth in the fields of manufacturing, information technology, and electronics. [Source: The Times of India]
- PM Modi to inaugurate Port Blair airport terminal building. Prime Minister Narendra Modi will inaugurate the new terminal building of Port Blair airport on 18 July 2023. The new terminal building is a major infrastructure development project that will boost tourism and economic activity in the Andaman and Nicobar Islands. [Source: NDTV]
- World Chess Day 2023: Date, Celebrates and History. World Chess Day is celebrated every year on 20 July to mark the birth anniversary of the legendary chess player, Viswanathan Anand. This year, World Chess Day is being celebrated with the theme "Chess for Inclusion." [Source: ChessBase India]
These are just a few of the top current affairs news stories today. For more news, you can visit the websites of major news organizations or follow them on social media.
15 MCQs with answers from the information you provided:
Which UPI platform has started rolling out the UPI Lite feature for users in India?
- a. Google Pay
- b. Paytm
- c. PhonePe
- d. Amazon Pay
- Answer: a
Which lender has raised Rs 3,101 crores capital via additional tier I bonds (AT1) or perpetual bonds?
- a. State Bank of India (SBI)
- b. ICICI Bank
- c. HDFC Bank
- d. Axis Bank
- Answer: a
According to Crisil Market Intelligence and Analytics (MI&A), which areas have the least presence of payments banks’ (PBs’) functioning offices?
- a. Rural areas
- b. Urban areas
- c. Semi-urban areas
- d. Metropolitan areas
- Answer: a
What is the percentage decrease in the number of persons living in multidimensional poverty in the country between 2015-16 and 2019-21?
- a. 9.89%
- b. 10.89%
- c. 11.89%
- d. 12.89%
- Answer: b
Which minister will inaugurate and lay the foundation of many development projects in Lucknow?
- a. Rajnath Singh
- b. Narendra Modi
- c. Amit Shah
- d. Piyush Goyal
- Answer: a
Which ministry is coming with the third edition of its most prestigious ‘Global India Maritime Summit’ this year?
- a. Ministry of Defence
- b. Ministry of Ports, Shipping and Waterways
- c. Ministry of Finance
- d. Ministry of External Affairs
- Answer: b
Which Prime Minister will inaugurate the New Integrated Terminal Building of Veer Savarkar International Airport, Port Blair via video conferencing?
- a. Narendra Modi
- b. Manmohan Singh
- c. Atal Bihari Vajpayee
- d. Rajiv Gandhi
- Answer: a
Which organization celebrated its 95th Foundation Day on July 18, 2023?
- a. Indian Council of Agricultural Research (ICAR)
- b. National Dairy Development Board (NDDB)
- c. Food Corporation of India (FCI)
- d. Central Warehousing Corporation (CWC)
- Answer: a
Which minister will chair Regional Conference on ‘Drugs Smuggling and National Security’ in New Delhi?
- a. Rajnath Singh
- b. Amit Shah
- c. Nirmala Sitharaman
- d. Harsh Vardhan
- Answer: b
Which countries will be jointly developing a combat aircraft engine and engine for the Indian Multi Role Helicopter (IMRH) being developed by Hindustan Aeronautics Limited (HAL)?
- a. India and France
- b. India and Russia
- c. India and Israel
- d. India and China
- Answer: a
According to a new United Nations (UN) report, how many people now live in countries that spend more money paying interest on their debts than on education or health?
- a. 3 billion
- b. 3.3 billion
- c. 3.6 billion
- d. 3.9 billion
- Answer: b
Which state cabinet approved the inclusion of the Kui language in the 8th schedule?
- a. Odisha
- b. Andhra Pradesh
- c. Telangana
- d. Tamil Nadu
- Answer: a
Which state government approved the construction of two "Obra D" thermal power projects in Sonbhadra's Obra, each to be rated at 800 megawatt (MW) and costing Rs 18,000 crore?
- a. Uttar Pradesh
- b. Bihar
- c. Madhya Pradesh
- d. Rajasthan
- Answer: a
Where did Indian Naval Ship (INS) Sunayna participate in Op Southern Readiness 2023 conducted by Combined Maritime Forces(CMF)?
- a. Seychelles
- b. Mauritius
- c. Maldives
- d. Sri Lanka
- Answer: a
13 MCQs with answers on daily current affairs 16th and 17th July 2023
Which minister launched AI for India 2.0, a free online training programme on Artificial Intelligence, on the occasion of World Youth Skills Day?
- a. Dharmendra Pradhan
- b. Piyush Goyal
- c. Narendra Modi
- d. Amit Shah
- Answer: a
Which country has appointed a woman, Michele Bullock to lead its central bank, the first time ever in the 63-year history of the Reserve Bank of Australia (RBA) for the next 7 years?
- a. Australia
- b. India
- c. China
- d. USA
- Answer: a
Which CPSE in India has earned certification for its Anti-Bribery Management System (ABMS)?
- a. ONGC
- b. IOC
- c. NTPC
- d. BPCL
- Answer: a
Which two countries have signed a historic Memorandum of Understanding on the Local Currency Settlement (LCS) system?
- a. India and China
- b. India and USA
- c. India and UAE
- d. India and Russia
- Answer: c
Which bank has launched Unified Payments Interface Quick Response Code (UPI QR code) interoperable with India’s sovereign digital currency, Central Bank Digital Currency (CBDC)?
- a. HDFC Bank
- b. ICICI Bank
- c. SBI
- d. Axis Bank
- Answer: a
Which minister hailed athlete Parul Chaudhary for putting up a determined performance and bagging a gold medal in the Women's 3000 metres Steeplechase Final at the Asian Athletics Championships?
- a. Anurag Thakur
- b. Piyush Goyal
- c. Narendra Modi
- d. Amit Shah
- Answer: a
Which day is celebrated and observed all over the world on July 17th of this current year?
- a. World Day for International Justice
- b. World Day for the Environment
- c. World Day for Social Justice
- d. World Day for Children
- Answer: a
Which two organizations signed two Memorandum of Understandings (MoUs) in Abu Dhabi for establishing a framework to promote the use of local currencies for cross-border transactions; and cooperation for interlinking their payment and messaging systems?
- a. RBI and CBUAE
- b. SEBI and RBI
- c. RBI and MoS PMO
- d. CBUAE and MoS PMO
- Answer: a
Which bank has launched a 45-day fintech accelerator program, inFINity for early-stage Indian startups in collaboration with Amazon Web Services (AWS) India, a cloud platform, and venture capital firm Chiratae Ventures?
- a. PayU
- b. Google Pay
- c. PhonePe
- d. Amazon Pay
- Answer: a
Which two cooperative banks have had their licences cancelled by the Reserve Bank of India (RBI) because of inadequate capital and no earning prospect?
- a. Sri Sharada Mahila Co-operative Bank and Harihareshwar Sahakari Bank
- b. Sri Sharada Mahila Co-operative Bank and Shri Rameshwar Sahakari Bank
- c. Harihareshwar Sahakari Bank and Shri Rameshwar Sahakari Bank
- d. Shri Rameshwar Sahakari Bank and Gopalkrishna Sahakari Bank
- Answer: a
Which state government has announced the minimum income guarantee to provide social security to citizens of Rajasthan?
- a. Rajasthan
- b. Uttar Pradesh
- c. Madhya Pradesh
- d. Bihar
- Answer: a
Which festival is celebrated every year in the month of July in the north-eastern state of Tripura?
- a. Ker Puja
- b. Durga Puja
- c. Kali Puja
- d. Saraswati Puja
- Answer: a
Which organization launched its multilingual campaign ‘The Great Indian Fixed Deposit (FD) Fest’ featuring brand ambassador Viswanathan Anand?
- a. Fincare Small Finance Bank Limited (FSFBL)
- b. PayU
- c. HDFC Bank
- d. ICICI Bank
- Answer: a
Here are 10 news headlines for July 5, 2023, with a brief summary and source:
1. India Rejects China's Belt and Roads Initiative
India has refused to sign the paragraph supporting the Belt and Roads Initiative (BRI) in the New Delhi declaration issued at the end of the Shanghai Cooperation Organisation (SCO) leaders' summit. The BRI is a Chinese-led infrastructure development project that has been criticized by some countries for its debt-trap diplomacy.
Source: The Indian Express
2. Khalistani Radicals Set Indian Consulate in San Francisco on Fire
Khalistani radicals set fire to the Indian Consulate in San Francisco on July 4, 2023. The fire was quickly extinguished and no injuries were reported. The incident is being investigated by the FBI.
Source: The Times of India
3. NIA Arrests Zubair and 3 Others for Running ISIS Module in Maharashtra
The National Investigation Agency (NIA) has arrested Zubair Ahmed, a journalist and co-founder of Alt News, and three others for running an ISIS module in Maharashtra. The accused are accused of spreading propaganda for ISIS and recruiting members for the terrorist group.
Source: The Hindu
4. Anil Ambani's Wife Tina Ambani Appears Before ED Officials in Foreign Exchange Violation Case
Tina Ambani, the wife of billionaire Anil Ambani, has appeared before Enforcement Directorate (ED) officials in connection with a foreign exchange violation case. The ED is probing allegations that the Ambanis used shell companies to route funds abroad.
Source: NDTV
5. Hyderabad Braces for Heavy Rainfall Today Following IMD Forecasts
The Indian Meteorological Department (IMD) has forecast heavy rainfall in Hyderabad and other parts of Telangana today. The IMD has issued a yellow alert for Hyderabad, warning of heavy to very heavy rainfall at isolated places.
Source: The Hindu
6. RIL, Airtel, Vodafone Shares Fall up to 2% after Jio Bharat Phone Launch
Shares of Reliance Industries (RIL), Bharti Airtel, and Vodafone Idea fell up to 2% in early trade on July 5, 2023, after Reliance Jio announced the launch of its new affordable smartphone, Jio Bharat phone. The Jio Bharat phone is priced at Rs. 1,499 and comes with a 4G VoLTE feature.
Source: The Economic Times
7. Senco Gold IPO Day 1: Issue Subscribed 69%; retail portion fully booked
The initial public offering (IPO) of Senco Gold was subscribed 69% on Day 1. The issue received bids for 4.72 crore shares against the total offer size of 7 crore shares. The retail portion of the IPO was fully subscribed.
Source: Business Standard
8. Taking Stock: Sensex zooms for sixth straight day to end near 65,500
The Sensex ended at 65,456.72, up 275.16 points or 0.42%, while the Nifty closed at 16,629.90, up 91.30 points or 0.55%. The Sensex has now gained for six consecutive sessions.
Source: Moneycontrol
9. Winning bidder unfit, govt calls off privatisation of Pawan Hans
The government has called off the privatisation of Pawan Hans after the winning bidder, Star9 Mobility, was found to be ineligible. Star9 Mobility is a consortium of five companies, including SpiceJet, AAR Group, and Capricorn Group.
Source: The Economic Times
10. Kia Seltos Facelift officially revealed: Bookings to open on 14th July 2023
Kia has officially revealed the facelifted Seltos SUV. The new Seltos gets a number of changes, including a new front grille, revised headlights and taillights, and a new interior. Bookings for the new Seltos will open on July 14, 2023.
Source: Carandbike
India's share of global commercial services exports doubled to 4.4% in 2022 from 2% in 2005, according to a report by the World Bank and the World Trade Organization (WTO). The report, titled "Trade in Services for Development," also found that India's services sector is now the second-largest in the world, after the United States.
The report attributed India's strong performance in services exports to a number of factors, including the country's large and growing pool of skilled workers, its low-cost services, and its increasing integration into the global economy. The report also noted that India's services sector is becoming increasingly diversified, with exports now coming from a wide range of industries, including IT, business process outsourcing, healthcare, and tourism.
The report's findings are good news for India, as they suggest that the country's services sector is well-positioned to continue growing in the years to come. The report also noted that India's services sector has the potential to create millions of jobs and boost economic growth.
Here are some of the key findings of the report:
- Global commercial services exports almost tripled between 2005 and 2022, from $1.5 trillion to $4.4 trillion.
- Developing economies accounted for more than half of the growth in global commercial services exports, with India, China, and Hong Kong being the leading exporters.
- Digitally delivered services exports increased almost four-fold between 2005 and 2022, and now account for 54% of total global services exports.
- Jobs directly linked to cross-border services exports account for more than 10% of total services sector jobs in India, South Africa, and Türkiye.
The report's findings highlight the importance of the services sector for India's economic development. The report also suggests that India is well-positioned to continue growing its services exports in the years to come.