29 June 2020

ENGLISH QUIZ 27.06.2020

ENGLISH QUIZ 27.06.2020

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1.As per the Moody’s Investors Service in its Global Macro Outlook 2020-21 projected the Indian economy to shrink by what per cent in the fiscal year 2020?

A. 1%

B. 5

C. 5%

D. 2

2.Traditional New Year festival ‘Ashadhi Bij’ is celebrated in which state of India?

A. Maharashtra

B. Gujarat

C. Rajasthan

D. Odisha

3.As per the new Purchasing Power Parities (PPPs) released by the World Bank what is India’s global position as an economy in terms of PPPs?

A. Fourth

B. Fifth

C. The third

D. Sixth

4.What is the budget outlay for the recently approved Animal Husbandry Infrastructure Development Fund (AHIDF) by the Union Cabinet?

A. 20,000 crores

B. 25,000 crores

C. 40,000 crores

D. 15,000 crores

5.The Union Cabinet has approved the declaration of the Kushinagar Airport as an international airport, it is located in which state?

A. Uttar Pradesh

B. Bihar

C. Uttarakhand

D. Jharkhand

6.Famous sportsperson K Raghunath passed away recently, he was associated with which sports?

A. Volleyball

B. Football

C. basketball

D. Baseball

7.Consider the following statements related to anti-dumping duty:

1.India slaps anti-dumping duty on steel from China, Vietnam, Korea.

2.The Government of India created ‘Directorate General of Anti-Dumping and Allied Duties-DGAD’              in place of ‘Directorate General of Anti-Dumping and Allied Duties-DGAD’ in the year 2016.

Which of the above statement/statements are correct?

A. 1 only

B. 2 only

C. Both 1 and 2

D. Neither 1 nor 2

8.Consider the following statements:

1.Government announces 2 per cent interest subsidy for small borrowers under Mudra Yojana.

2.Pradhan Mantri Mudra Yojana has been launched on April 8, 2014 with the objective of providing             loans up to 10 lakh to non-corporate, non-agricultural small / micro enterprises.

3.Loans under PMMY are classified as MUDRA loans.

Which of the statements given above is/are correct?

A. 1 and 2 are correct

B. 1 and 3 are correct

C. 2 and 3 are correct

D. All of the above

9.Consider the following statements:

1.Union Cabinet approves formation of “IN-SPACe”.

2.It has been approved to encourage the participation of private sector in the entire range of space               activities.

Which of the above statement/statements are correct?

A. 1 only

B. 2 only

C. Both 1 and 2

D. Neither 1 nor 2

ANSWERS:-

Answer: 1)A

Explanation

Moody’s Investors Service projected the Indian economy to shrink 3.1 per cent in 2020 and said clashes with China on the border also suggest rising geopolitical risks in the Asian region where countries are particularly vulnerable to changes in geopolitical dynamics.

Global Macro Outlook also indicated that China would be the only G-20 country to record growth of 1% in fiscal year 2020 and expects it to grow at 7.1% in fiscal year 2021. Moody’s also forecasted the growth of G-20 economies and expects it to contract by 4.6% in fiscal year 2020 followed by 5.2% growth in 2021.

Answer: 2)B

Explanation

Ashadhi Bij, the Kutchi New Year is celebrated in Kutch region of Gujarat.  The Prime Minister Narendra Modi has greeted the people on the special occasion. Ashadhi Bij falls on the second day of Shukla paksha of Ashada month of Hindu calendar. The festival is associated with the beginning of rains in the Kutch region of Gujarat. During Ashadhi Bij, the moisture in the atmosphere is checked to predict which crop would do best in the coming monsoon.

Answer: 3)C

Explanation

Recently, the World Bank has released new Purchasing Power Parities (PPPs) for reference year 2017, under International Comparison Program (ICP) that adjusts for differences in the cost of living across economies of the world. The ICP 2017 results, revised results for 2011 and estimates of annual PPPs for the period 2012-2016 are available on the ICP website and the World Bank’s Databank and Data Catalog. In 2017, India retained and consolidated its global position, as the third largest economy and accounted for 6.7% of global GDP in terms of PPPs. China was at first position with 16.4% and the USA at the second position with 16.3%.

India is also the third largest economy in terms of its PPP-based share in Global Actual Individual Consumption (AIC) and Global Gross Fixed Capital Formation (GCF).

Answer: 4)D

Explanation

The government  announced a Rs 15,000 crore infrastructure development fund with an interest subsidy scheme to promote investment by private players and MSMEs in dairy, meat processing and animal feed plants, a move which is expected to create 35 lakh jobs.

The fund is part of the Rs 20 lakh crore stimulus package announced in May to help people affected by the lockdown to prevent the spread of COVID-19.

Answer: 5)A

Explanation

Union Cabinet has given International Airport status to Kushinagar Airport in Uttar Pradesh. The International status to the Airport will end in boosting of domestic/international tourism and economic development of the regions. It will be a crucial strategic location with the international border accessible.

A 3-km-long runway strip has already been made. Now, even an enormous aircraft of Airbus can land at the airport. Kushinagar is located within the north-eastern a part of Uttar Pradesh about 50 km east of Gorakhpur and is one among the important Buddhist pilgrimage sites.

Answer: 6)C

Explanation

Former Karnataka basketball star K Raghunath passed away.Fondly referred to as ‘Pappachi’, Raghunath was one of the founding members of the still-popular Beagles Basketball Club.Raghunath’s tryst with basketball began in 1958, and before long he was winning accolades for the Malleswaram High School and subsequently National College and Government Science College (B.Sc).

The shooter, who was diagnosed with cancer during the Nationals in Kerala two years ago, started her career in Mumbai before shifting base to Pune.

Answer: 7)A      

Explanation

Indian government on Tuesday imposed anti-dumping duty on imports of ”Flat rolled product of steel, plated or coated with alloy of Aluminium and Zinc” originated from China, Vietnam, South Korea for a period of five years to safeguard domestic manufacturers from cheap imports.The duty imposed is in the range of USD 13.07 per tonne to USD 173.1 per tonne on imports of ‘Flat rolled product of steel, plated or coated with alloy of Aluminium and Zinc’ from these three countries.

Directorate General of Trade Remedies (DGTR)

  • The Government of India created ‘Directorate General of Anti-Dumping and Allied Duties-DGAD’ in place of ‘Directorate General of Anti-Dumping and Allied Duties-DGAD’ in the year 2018.
  • DGTR was created with the objective of building a comprehensive and speedy trade protection system in the country.

Meaning of dumping and anti-dumping duty?

  • The term dumping is most commonly used to refer to international trade law, where dumping refers to the export of a product by a manufacturer of a country to a country either below its domestic price or below its cost of production. Doing it happens.
  • It is noteworthy that dumping affects the price of that commodity in the importing country as well as reduces the profitability of the domestic industry there.
  • According to global trade norms, a country is allowed to levy a duty on this type of dumping to protect its domestic manufacturers and provide them an equal opportunity.
  • However, this fee can be levied only after a thorough investigation by a quasi-judicial body such as the Directorate General of Trade Treatment (DGTR) in India.
  • With the approval of the World Trade Organization (WTO-World Trade Organization), Article VI of the General Agreement on Tariffs and Trade General Agreement on Tariff & Trade-GATT allows countries to choose to take action against dumping.
  • Thus, we can say that when a country imposes a duty equal to the difference between the cost of the product and the price of the product in the exporting country to protect its domestic industries and reduce their losses, then it is the same anti-dumping duty i.e. -Dumping fee is called.

Answer: 8)B

Explanation

The Union Cabinet approved a scheme for 2 per cent interest subvention to all Shishu loan accounts for a period of 12 months under the flagship Pradhan Mantri Mudra Yojana (PMMY). Under the Shishu category, collateral free loans of up to Rs 50,000 are given to beneficiaries.

Implementation strategy

  • The Scheme will be implemented through the Small Industries Development Bank of India (SIDBI) and will be in operation for 12 months.
  • For borrowers, who have been allowed a moratorium by their respective lenders, as permitted by RBI under the ‘COVID 19 Regulatory Package’, the Scheme would commence post completion of the moratorium period till a period of 12 months i.e. from September 01, 2020 till August 31, 2021.
  • For other borrowers, the scheme would commence w.e.f. June 01, 2020 till May 31, 2021.

Major Impact

  • The Scheme has been formulated as a specific response to an unprecedented situation and aims to alleviate financial stress for borrowers at the ‘bottom of the pyramid’ by reducing their cost of credit.
  • The Scheme is expected to provide much needed relief to the sector, thereby enabling small businesses to continue functioning without laying off employees due to lack of funds.
  • By supporting small businesses to continue functioning during these times of crisis, the Scheme is also expected to have a positive impact on the economy and support its revival, which is necessary for employment generation in future.

Pradhan Mantri Mudra Yojana

  • Pradhan Mantri Mudra Yojana has been launched on April 8, 2015 with the objective of providing loans up to 10 lakh to non-corporate, non-agricultural small / micro enterprises.
  • Loans under PMMY are classified as MUDRA loans.
  • These loans are provided by commercial banks, regional rural banks, small finance banks, micro finance institutions and non-banking financial companies.

Three types of loans were arranged under the Pradhan Mantri Mudra Yojana

  1. Shishu – Loans up to Rs 50,000
  2. Kishor – Loans ranging from Rs 50,001 to Rs 5 lakh
  3. Tarun – Loans ranging from 500,001 to 10 lakh rupees.

Planning Strategy

  • The scheme will be implemented through Small Industries Development Bank of India (SIDBI) with an operational duration of 12 months.
  • For loans granted under RBI’s ‘COVID-19 regulatory package’, the operational period of the scheme will be from 01 September 2020 to 31 August 2021. While for other borrowers, the operational period of the scheme will be from 01 June 2020 to 31 May 2021.

Importance of the scheme

  • The implementation of the scheme will help the micro and small enterprises to deal with the financial problems caused by the COVID-19 epidemic.
  • Small businessmen are facing shortage of funds at the time of the pandemic, so they are retrenchment of employees.
  • The scheme will help small businesses to continue their operations without retrenchment of employees.

Answer: 9)C      

Explanation

Union Cabinet chaired by Prime Minister Shri Narendra Modi has approved the establishment of Indian National Space Promotion and Authorization Centre (IN-SPACe). It has been approved to encourage the participation of private sector in the entire range of space activities. It will also enable Indian Industry in becoming an important player in global space economy.

objective

  • The main objective of the formation of this body is to ensure that the Indian Space Research Organization (ISRO) can focus on its essential activities such as research and development, planetary exploration and strategic use of space, etc. and other supporting functions to the private sector. Be transferred.
  • In addition, this body will provide greater access to India’s space assets to students and researchers etc., which will ensure better utilization of India’s space resources and space technologies.

Benefit

  • According to experts, this landmark decision of the government will allow ISRO to focus more on R&D activities.
  • These reforms will enable ISRO to focus more on R&D activities, new technologies, search missions and manned space flight programs. It is noteworthy that the government is also considering opening some planetary search missions for the private sector.
  • It is to be noted that India is one of the few major countries with advanced capabilities in the space sector and these reforms will provide new energy and dynamism to the country’s space sector which will help India to move ahead rapidly in the next phase of space activities.
  • This will not only accelerate the space sector of India, but the Indian space industry will also be able to play an important role in the world’s space economy. With this decision, large scale employment opportunities will be created in the technology sector.

Private Sector and India

  • The role of the private sector in India’s space sector has so far been limited. Private sector services have been used only for less important works. Important works like assembly and integration and testing-AIT have been carried out by ISRO till date.
  • It is noteworthy that New Space India Limited (NSIL) was officially inaugurated last year in Bangalore, which is a commercial arm of ISRO. The objective of NSIL was to increase industry participation in Indian space programs.
  • Recently, Finance Minister Nirmala Sitharaman had announced that India’s private sector will play an important role in India’s space related programs in the coming times. The finance minister had clarified that the government is considering sharing ISRO facilities with the private sector.

Private Sector in Space Industry – Benefits

  1. Constantly increasing demand

There has been some increase in the Indian Space Research Organization (ISRO) annual budget in recent years, reflecting the growth of ISRO, although the demand for space-based services in the country is also increasing at a rapid pace, due to which ISRO Not able to meet these demands. In such a situation, the role of the private sector becomes very important to fulfill the demand.

  1. Overall Development of Space

Many analysts believe that the overall development of the Indian space sector cannot be ensured without private sector participation. In such a situation, if India has to make overall development of the space sector, then it will have to create a favorable environment for the private sector.

  1. Appropriate use of human capital

By restricting space activities to ISRO only, proper utilization of the human capital present in the country is not possible. In this way, opening up the space industry to the private sector will make full use of the available human capital resources in the country.

  1. Technological advancement

Ensuring private sector participation in the space industry will enable the development of better and important technologies. This will lead to the integration of many other technologies such as artificial intelligence (AI) into space exploration activities.

  1. Reduction in risk

Each space-related launch entails different types of risk, so the private sector can help share the risk of the cost factor.

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