Daily Current Affairs (MCQ) | 24-06-2022

Daily Current Affairs (MCQ) | 24-06-2022

Daily Current Affairs (MCQ) | 24-06-2022

Q1. Taiwan is surrounded by

  1. South China sea, East China sea and Philippine sea
  2. Sea of Japan, Taiwan strait and Philippine sea
  3. South China sea, East China Sea, Sea of Japan
  4. Andman sea, Taiwan strait and Philippine sea

 

Answer (a)

Explanation:

Q2. Consider the following statements about the open network for digital commerce (ONDC)

  1. It is a not-for-profit organisation that will offer a network to enable local digital commerce stores across industries to be discovered and engaged by any network-enabled applications
  2. It is an aggregator application
  3. The ONDC aims to enable buying of products from all participating e-commerce platforms by consumers through a single platform

 

Which of the above statements is/are correct?

  1. 1 and 2 only
  2. 2 only
  3. 1 and 3 only
  4. 1, 2 and 3

 

Answer (c)

Explanation:

  • The government of India announced the launch of the pilot phase of the open network for digital commerce (ONDC) in five cities in late April with an aim to “democratise” the country’s fast-growing digital e-commerce space that is currently dominated by the two U.S.-headquartered firms — Amazon and Walmart.

 

What is ONDC?

  • As per the strategy paper on ONDC, it is a not-for-profit organisation that will offer a network to enable local digital commerce stores across industries to be discovered and engaged by any network-enabled
  • It is neither an aggregator application nor a hosting platform, and all existing digital commerce applications and platforms can voluntarily choose to adopt and be a part of the ONDC network.
  • The ONDC aims to enable buying of products from all participating e-commerce platforms by consumers through a single platform.
  • Currently, a buyer needs to go to Amazon, for example, to buy a product from a seller on Under ONDC, it is envisaged that a buyer registered on one participating e- commerce site (for example, Amazon) may purchase goods from a seller on another participating e-commerce site (for example, Flipkart).
  • The ONDC model is trying to replicate the success of the Unified Payments Interface (UPI) in the field of digital payments

 

What is the current status?

  • Presently, ONDC is in its pilot stage in five cities — Delhi NCR, Bengaluru, Bhopal, Shillong and Coimbatore — with a target of onboarding around 150 retailers.
  • Over the next five years, the ONDC expects to bring on board 90 crore users and 12 lakh sellers on the network.

 

Q3. Which of the following are co-operatives?

  1. Amul
  2. Lijjat Papad
  3. IFFCO

Select the correct answer using the code given below

  1. 1 and 2 only
  2. 2 only
  3. 1 and 3 only
  4. 1, 2 and 3

Answer (b)

Explanation:

  • Union Cooperation Minister Amit Shah said that cooperative banks would not be given “second-grade” treatment, but they should adopt modern and transparent banking methods to stay in the competition. He said cooperatives should give way to younger people in management roles and engage professionals to run day-to-day affairs.
  • He said there were more than 195 cooperative banks that were more than 100 years old. Despite this, the role of urban cooperative banks was negligible in the total banking sector in terms of deposit and advance payment.
  • There are 1,534 urban cooperative banks, 54 scheduled urban cooperative banks but the development is uneven. We need symmetric development of urban cooperative banks.
  • Those who dismissed cooperatives as “irrelevant” should look at the success achieved by Amul, Lijjat Papad and IFFCO.

 

Q4. What is the meaning of Fiscal slippage?

  1. If government crosses the fiscal deficit limit, it’s called ‘Fiscal Slippage’
  2. It is high fiscal deficit
  3. It relates to High borrowing from market
  4. It is dominance of revenue expenditure in the government Budget

 

Answer (a)

Explanation:

  • India’s government will not be able to cut its budget deficit this fiscal year as previously projected, officials said but will seek to cap the shortfall at last year’s level to prevent a major deterioration in public finances.
  • Efforts to maintain fiscal discipline reflect New Delhi’s concern around risks to its sovereign credit rating but will likely limit the government’s firepower to check inflation and provide relief to households and businesses.
  • In February, the government set a fiscal deficit target of 6.4% of GDP for the year to March 2023, compared with a deficit of 7% in the last financial year.
  • Surging costs forced India to cut fuel taxes and change duty structures, hitting revenues by about $19.16 billion, while added fertiliser subsidies lifted expenditure.

 

Risks of slippage

  • The government is wary of the risks fiscal slippage poses to its sovereign credit ratings. Its debt to GDP ratio, which stands at about 95%, is significantly higher than the 60-70% levels for other, similarly rated economies.
  • If government has targeted to keep the fiscal deficit within 4% percent of GDP, but if it crosses that limit, it’s called ‘Fiscal Slippage’.

 

Q5. Consider the following about Pulses

  1. These are legume crops which increase the natural fertility of soils through nitrogen fixation.
  2. India is a leading producer and exporter of pulses in the world.
  3. Pulses are grown mostly in the plains of Ganga and Indus.

 

Which of the above is/are correct?

  1. 1 only
  2. 1 and 2 only
  3. 1, 2 and 3
  4. 1 and 3 only

Answer (a)

Explanation:

Pulses are a very important ingredient of vegetarian food as these are rich sources of proteins. These are legume crops which increase the natural fertility of soils through nitrogen fixation. India is a leading producer of pulses in the world. The cultivation of pulses in the country is largely concentrated in the drylands of the Deccan and Central plateaus and Northwestern parts of the country. Pulses occupy about 11 per cent of the Total Cropped Area in the country. Being the rainfed crops of drylands, the yields of pulses are low and fluctuate from year to year. Gram and Tur are the main pulses cultivated in India.

Barely a year after achieving self-sufficiency in 2018-19, India is going back to importing pulses due to massive Kharif crop damage and bleak prospects for rabi sowing of these protein-rich foods, following the long spell of unseasonal rainfalls in October and November.

 

Q6. Consider the following statements

  1. Lack of access to land is directly correlated with the incidence of poverty in rural areas dependent on agriculture
  2. The contribution of land to agricultural output is more compared to its contribution to the outputs in the secondary and tertiary activities

 

Which of the above statements is/are correct?

  1. 1 only
  2. 2 only
  3. Both 1 and 2
  4. Neither 1 nor 2

Answer (c)

Explanation:

The land resource is more crucial to the livelihood of the people depending on agriculture:

  • Agriculture is a purely land-based activity, unlike secondary and tertiary activities. In other words, the contribution of land in agricultural output is more compared to its contribution in the outputs in the other sectors. Thus, lack of access to land is directly correlated with the incidence of poverty in rural areas.
  • Quality of land has a direct bearing on the productivity of agriculture, which is not true for other activities.
  • In rural areas, aside from its value as a productive factor, land ownership has a social value and serves as a security for credit, natural hazards or life contingencies, and also adds to the social status.