Daily Current Affairs โ 04 August 2026
Daily Current Affairs ยท 04 August 2026
10 fully-analysed topics ยท 30 bilingual MCQs ยท 3 embedded videos ยท built for UPSC Prelims & Mains
๐ฏ 30 MCQs
๐ฌ 3 Videos
๐ฎ๐ณ Hindi + English
UPSC Current Affairs MCQ โ 04 August 2026
10 UPSC-standard bilingual MCQs covering today's top stories ยท 10-sec timer per question
Score yourself as you go. Get a feel for how UPSC-level questions are framed around the day's news.
History
150th Birth Anniversary of Pingali Venkayya
The Prime Minister paid tributes to Pingali Venkayya on his 150th birth anniversary (2nd August)
- Early Life: Born on 2nd August 1876, in Krishna District, Andhra Pradesh, he joined the British Army at age 19 and fought in the Second Boer Warโฆ
- Design of the National Flag: During the 1921 Indian National Congress (INC) session in Vijayawada
- The design was officially adopted by the INC in 1931, becoming the basis of the modern Indian Tricolour.
- In 1947, an ad hoc committee of the Constituent Assembly recommended retaining the 1931 tricolour while replacing the Charkha with the Ashoka Chakra
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- Role in the National Movement: He was an active participant in the freedom struggle from 1906 to 1922
- A Renowned Polymath: Venkayya possessed diverse expertise
- 'Patti (Cotton) Venkayya': Earned for his dedicated agricultural research, specifically regarding Cambodia Cotton.
- 'Diamond Venkayya': A geology graduate, he set records in diamond mining in Andhra Pradesh, authored the 1955 book "The Mother of Diamonds", andโฆ
- He was honored with a commemorative postage stamp in 2009, and in 2015, All India Radio (AIR) Vijayawada was renamed in his honor.
Which statement correctly describes 150th Birth Anniversary of Pingali Venkayya?
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History
Pingali Venkayya, the Man Behind Tricolour
The Prime Minister paid tributes to Pingali Venkayya on his birth anniversary (2nd August).
- He also urged citizens to support the Har Ghar Tiranga movement by unfurling the tricolour between 9th and 15th August, 2024.
- In 1916, Pingali Venkayya published a booklet titled A National Flag for India, featuring nearly 30 designs for a potential Indian flag, inspired byโฆ
- Venkayya's design for the National Flag was finally approved by Mahatma Gandhi in a Congress meeting in Vijayawada in 1921.
- The initial flag, called the Swaraj flag, consisted of two red and green bands (representing the Hindus and the Muslims religious communities)
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- The colors stood for qualities and not communities i.e.
Which statement correctly describes Pingali Venkayya, the Man Behind Tricolour?
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Polity
National Flag of India
India will celebrate its 74th Independence Day in 2020, and like every year the Prime Minister of India will hoist the National Flag at the Red Fort to commemorate the day.
- Design: The design of the Indian tricolour is largely attributed to Pingali Venkayya, an Indian freedom fighter
- 1906: Arguably the first national flag of India is said to have been hoisted on 7th August 1906, in Kolkata at the Parsee Bagan Square (Green Park)
- Saffron on top symbolises "strength and courage"
- The Ashok Chakra with 24 spokes replaced the spinning wheel as the emblem on the flag
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- The National Flag should be rectangular in shape with a length to width ratio of 3:2.
- The Constituent Assembly adopted the motion of national flag on 22nd July 1947
- Offence of insulting the Constitution of India,
- Offence of preventing the singing of the National Anthem.
Which statement correctly describes National Flag of India?
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History
Birth Anniversary of Mahatma Gandhi and Shri Lal Bahadur Shastri
Prime Minister of India paid tributes to Mahatma Gandhi and Shri Lal Bahadur Shastri on their birth anniversaries, recalling their invaluable contributions to India's freedom, integrity, and nation-building.
- Early Life: Born on 2nd October 1869 at Porbandar, Gandhi married Kasturbai in 1882 and studied law in England (1888โ91)
- Experiences in South Africa: In 1893, racial humiliation at Pietermaritzburg shaped his resolve against injustice
- He promoted Khadi and the Charkha as tools of self-reliance and dignity of labour
- Gandhi revered as the "Father of the Nation," his legacy of truth and non-violence remains globally relevant.
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- 2nd October is celebrated as Gandhi Jayanti and globally as the International Day of Non-Violence, as declared by the United Nations.
- Early Life: Lal Bahadur Shastri was born on 2nd October 1904 at Mughalsarai, Uttar Pradesh
- He is well known for resigning as Railway Minister (1956) taking moral responsibility for a train accident, a rare act of political accountability.
- As Prime Minister (1964โ66), Shastri showed firm leadership in the 1965 Indo-Pak war
- Shastri died suddenly in Tashkent on 11th January 1966, shortly after signing the Tashkent Declaration.
- Mahatma Gandhi was instrumental in the abolition of the system of 'indentured labour'.
3. What was Lal Bahadur Shastri's famous slogan and its significance? "Jai Jawan
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Polity
National Emblem
The Prime Minister of India unveiled the 6.5 metre-tall National Emblem on top of the under-construction new Parliament building recently.
- About: The State Emblem of India is the national emblem of the Republic of India and is used by the union government
- The State emblem is an adaptation from the Sarnath Lion Capital of Ashoka (Varanasi, Uttar Pradesh)
- Carved out of a single block of polished sandstone, the capital is crowned by the Wheel of the Law (Dharma Chakra).
- In the State emblem, adopted by the Government of India on 26th January 1950, only three lions are visible, the fourth being hidden from view.
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- The wheel appears in relief in the centre of the abacus with a bull on right and a horse on left and the outlines of other wheels on extreme rightโฆ
- The State emblem of India is the official seal of the Government of India.
- Four animals are shown representing four directions: A Galloping Horse: West The Horse represents the horse Kanthaka
- The Elephant depicts the dream of Queen Maya, where a white elephant enters her womb.
- The Bull depicts the Zodiac sign of Taurus, the month in which Budhha was born.
- The Lion shows the attainment of enlightenment.
Which statement correctly describes National Emblem?
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๐ฐ Indian Economy MCQ Quiz ยท เคญเคพเคฐเคคเฅเคฏ เค เคฐเฅเคฅเคตเฅเคฏเคตเคธเฅเคฅเคพ
10 bilingual MCQs ยท Indian Economy ยท Members Only on YouTube
Today's rotation: Indian Economy. Take this break between news topics to sharpen the core concept.
History
150th Anniversary of Indiaโs National Song "Vande Mataramโ
The Prime Minister inaugurated year-long celebrations marking 150 years of Vande Mataram on 7th November 2025.
- Vande Mataram: Also pronounced "Bande Mataram," It is composed by Bankim Chandra Chatterjee
- On 24th January 1950, Dr. Rajendra Prasad, the first President of India, announced that while Jana Gana Mana would be the National Anthem, Vandeโฆ
- India's Constitution does not explicitly mention a national song
- Vande Mataram became the battle cry of resurgent nationalism, symbolising devotion to the motherland and resistance against colonial rule
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- It was also sung during the proclamation of the Provisional Government of Azad Hind.
- At the Varanasi session of the Indian National Congress (1905), the song 'Vande Mataram' was adopted for all-India occasions.
- Members held Prabhat Pheris every Sunday, singing Vande Mataram and collecting voluntary donations.
- Thinkers like Sri Aurobindo believed Vande Mataram carried spiritual force and awakened collective consciousness
- In 1905, during the anti-partition movement in Bengal, nearly 40,000 people gathered at Calcutta Town Hall and sang Vande Mataram in protest.
- Its influence was so strong that Lord Curzon ordered police to arrest anyone who sang it, highlighting its political impact.
Which statement correctly describes 150th Anniversary of Indiaโs National Songโฆ?
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Economy
Indian Rupee: From Overvaluation to Undervaluation
The Reserve Bank of India (RBI) Governor Sanjay Malhotra stated that the Indian rupee is "undervalued" in both nominal and Real Effective Exchangeโฆ
- The remarks reaffirm the RBI's assessment that recent currency weakness reflects global financial headwinds rather than deterioration in India'sโฆ
- Definition: NEER is a weighted average index measuring the nominal (face-value) strength of the Indian rupee against a basket of currencies ofโฆ
- The Basket: The RBI publishes NEER indices using two trade-weighted currency baskets: 6-Currency Basket: Comprises the USD
- 40-Currency Basket: Includes 40 currencies accounting for nearly 88% of India's annual merchandise trade
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- The base year is 2015โ16, with an index value fixed at 100.
- Definition: REER is the inflation-adjusted version of the NEER
- Significance: Economists rely on REER because it is a more reliable indicator of a country's actual global trade competitiveness
- A REER value below 100 indicates the currency is undervalued, which theoretically improves export competitiveness.
- Furthermore, it is less effective in capturing the dynamics of India's services-led export economy, as it is traditionally weighted towardโฆ
- Rupee Shifted from Overvaluation to Undervaluation: The Indian rupee has undergone a significant correction in its external valuation
What is the Real Effective Exchange Rate (REER)?
Which statement correctly describes Indian Rupee: From Overvaluation toโฆ?
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Economy
RBI Governor Secures "A+" Global Rating
Prime Minister of India recently congratulated Reserve Bank of India (RBI) Governor Shaktikanta Das for receiving an 'A+' rating in the Globalโฆ
- Shaktikanta Das is one of only three central bankers globally to receive an "A+" rating
- The rating, assessed by Global Finance magazine, evaluates central bank governors of almost 100 important nations based on their performance in keyโฆ
- Global Finance's Central Banker Report Cards, initiated in 1994, serve as a key indicator of a central bank's effectiveness in managing economicโฆ
- The recognition underscores the RBI's success in balancing inflation control with economic growth
Which statement correctly describes RBI Governor Secures "A+" Global Rating?
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Economy
Increasing Real Effective Exchange Rate in India
Recently, the Reserve Bank of India (RBI) reported that the Real Effective Exchange Rate (REER) of the rupee reached 108.14 in November 2024 from 107.20 in October 2024, marking its highest level this year.
- Record High REER Values: The rupee's REER of 108.14 indicates overvaluation since 2015-16
- At the same time, it reduces import costs, potentially widening the trade deficit.
- Definition: NEER: The Nominal Effective Exchange Rate (NEER) is a weighted average of a currency's bilateral exchange rates relative to multipleโฆ
- A rise in NEER indicates nominal appreciation, while a fall signals depreciation.
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- REER is calculated as the NEER multiplied by the ratio of domestic price indices to foreign price indices
- The NEER/REER indices have been revised to include a broader basket of 36 currencies.
- Trade-weighted Index: NEER gauges a currency's nominal performance against multiple trading partners, reflecting broad external currency trends.
- Limited Insight: Since it ignores inflation differences, NEER may not accurately reflect actual trade competitiveness or purchasing power.
- Macroeconomic Use: Policymakers use NEER to understand trends in currency strength and plan nominal interventions when needed.
- Indicator of Competitiveness: REER measures a country's external competitiveness by accounting for inflation
Which statement correctly describes Increasing Real Effective Exchange Rate in India?
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Economy
RBIโs Intervention to Defend the Rupee
The Indian Rupee (INR) has faced severe depreciation, nearing a historic low of 97 against the US Dollar in May 2026.
- Spot Market Dollar Sales: The RBI's first line of defense is directly selling US Dollars from its Foreign Exchange Reserves into the spot market
- However, selling dollars sucks out rupee liquidity from the domestic banking system
- To counter this, the RBI conducts "Sterilized Interventions." When it sells dollars (draining rupees), it simultaneously conducts Open Marketโฆ
- Conversely, during periods of massive capital inflows, to prevent excess liquidity from causing inflation, the RBI issues short-dated governmentโฆ
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- Buy/Sell Swap (To Inject Rupees): The RBI buys US Dollars from banks and gives them Indian Rupees in return with a forward agreement to buy them backโฆ
- Sell/Buy Swap (To Absorb Rupees): The RBI sells US Dollars to banks and takes back rupees
- Repo Rate Hikes: The Monetary Policy Committee (MPC) will hike the benchmark Repo Rate
- This temporarily pushes up the overnight call money rate
- Breaking the Speculative Loop: To prevent panic during consecutive days of depreciation, the RBI deploys "pre-market" interventions
- The RBI restricts domestic banks' net open forex positions and occasionally intervenes directly in the NDF market to inflict losses on speculatorsโฆ
2. What is sterilized intervention? It is when the RBI offsets the liquidity impact of forex intervention through tools like Open Market Operationsโฆ
Which statement correctly describes RBIโs Intervention to Defend the Rupee?
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Simple Current Affairs MCQ โ 04 August 2026
10 accessible MCQs covering the same topics ยท great for quick revision
End your study session with these simpler MCQs to lock in recall of today's current affairs.
