Current Affairs MCQs for UPSC & State PSC Exams (08 June 2023)

Current Affairs MCQs Quiz for UPSC, IAS, UPPSC/UPPCS, MPPSC. BPSC, RPSC & All State PSC Exams

Date: 08 June 2023

1. Consider the following statements with reference to Minimum Support Price (MSP):

Statement I: The Government of India started announcing the Minimum Support Prices (MSP) in 1966–67 for rice which was expanded to cover many more crops in the coming years in the wake of the Green Revolution.
Statement II: It is a minimum price at which the government will purchase farmers’ crops—whatever may be the market price for the crops.

Which one of the following is correct in respect to the above statements?

(a) Both Statement I and Statement II are correct and Statement II is the correct explanation for Statement I.
(b) Both Statement I and Statement II are correct and Statement II is not the correct explanation for Statement I.
(c) Statement I is correct but Statement II is incorrect.
(d) Statement I is incorrect but Statement II is correct.

Answer: (D)

Explanation:

  • The Government of India started announcing the Minimum Support Prices (MSP) in 1966–67 for wheat which was expanded to cover many more crops in the coming years in the wake of the Green Revolution which might have resulted into fall in prices of wheat depleting farmer’s profit. Hence, statement 1 is incorrect.
  • It is a minimum price at which the government will purchase farmers’ crops—whatever may be the market price for the crops. The MSPs are announced by the Union government and as such, it is the government’s decision. But the government largely bases its decision on the recommendations of the Commission for Agricultural Costs and Prices (CACP). The MSPs aim to be at least one-and-a-half times the all-India weighted average cost of production. Hence, statement 2 is correct.
  • New MSPs have been set for major pulses, including moong and tur. The MSP for moong is ₹8,558 per quintal, while tur has been set at ₹7,000 per quintal. Bajra is expected to have the highest margin for farmers (82% over the cost of production), followed by tur (58%), soybean (52%), and urad (51%).

2. Which of the following countries are part of Organization of the Petroleum Exporting Countries (OPEC)?

1. Azerbaijan
2. Saudi Arabia
3. Russia
4. UAE
5. Qatar

Select the correct answer using the code given below:

(a) Only one
(b) Only two
(c) Only three
(d) Only four

Answer: (B)

Explanation:

  • OPEC is a permanent, intergovernmental organization. The Organization of the Petroleum Exporting Countries (OPEC) was founded in Baghdad, Iraq, with the signing of an agreement in September 1960 by five countries namely Islamic Republic of Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. They were to become the Founder Members of the Organization. It is headquartered in Vienna, Austria. Current OPEC members are Algeria, Angola, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, the Republic of the Congo, Saudi Arabia, the United Arab Emirates and Venezuela. Meanwhile, Ecuador, Indonesia and Qatar are former OPEC members.
  • Opec+ refers to the alliance of crude producers, who have been undertaking corrections in supply in the oil markets since 2017. OPEC plus countries include Azerbaijan, Bahrain, Brunei, Kazakhstan, Malaysia, Mexico, Oman, Russia, South Sudan and Sudan. OPEC+ (Organization of Petroleum Exporting Countries and 10 non-OPEC countries) announced further cuts to crude oil production for 2024.
  • OPEC+ (Organization of Petroleum Exporting Countries and 10 non-OPEC countries) announced further cuts to crude oil production for 2024. Softening oil prices benefit India, which imports over 80% of its crude oil needs. India's crude oil imports from Russia at lower-than-market prices have complicated the situation. Hence, option (b) is correct.

3. Which state government has launched ‘one district two products’ scheme?

(a) Madhya Pradesh
(b) Gujarat
(c) Uttarakhand
(d) Rajasthan

Answer: (C)

Explanation: The One District Two Products (ODTP) scheme, launched by the Uttarakhand government in October 2021, strives to promote and generate self-employment opportunities by boosting local products. Under the scheme, specific products unique to each district are identified and developed. This includes a wide range of items such as sweets, snacks, herbal products, handicrafts, brass craft, woollens, baked goods, mushrooms, candles, honey products, kidney beans, temple artifacts, and more. The scheme not only focuses on domestic promotion but also aims to showcase and promote these local products at the national and international levels. This can lead to increased export opportunities and further contribute to the economic growth of Uttarakhand. Hence, option (c) is correct.

4. Consider the following statements:

1. Bank Board Bureau is a competent body for selecting the chiefs of PSU banks.
2. FSIB is a statutory body set up under the Department of Financial Service of the Finance Ministry.
3. FSIB advises the Government on the desired management structure at the Board level for Public Sector banks.

How many of the above statements are correct?

(a) Only one
(b) Only two
(c) All three
(d) None

Answer: (A)

Explanation:

  • The Delhi High Court’s ruling in 2021 that the Bank Board Bureau is not a competent body to select the general managers and directors of state-owned general insurers necessitated the amendments in Nationalized Banks (Management and Miscellaneous Provisions) Scheme,1980. Hence, statement 1 is not correct.
  • Financial Services Institutions Bureau has been constituted effective from July 01, 2022, by Central Government for the purpose of recommending persons for appointment as whole-time directors and non-executive chairpersons on the Boards of financial services institutions and for advising on certain other matters relating to personnel management in these institutions. It’s a government body set up under the Department of Financial Service of the Finance Ministry by central government in 2022. It is not a statutory or Constitutional body. Hence statement 2 is not correct.
  • The Financial Sector Institutional Reforms (FSIB) serves as an advisory body to the government, providing guidance on matters such as appointments, transfers, and termination of services of directors in financial institutions. It also advises on the management structure at the board level for Public Sector Banks (PSBs), Public Financial Institutions (PFIs), and Public Sector Insurers (PSIs). Hence, statement 3 is correct.

5. Recently, Scientists have successfully identified an element by using X-rays to examine a single atom. Which of the following statement(s) is/are correct in the context X-Rays?

1. Like visible light, X-rays are electromagnetic radiation.
2. X-rays were discovered by Wilhelm Conrad Roentgen in 1885.
3. X− rays cannot pass through substances made of heavier elements like bones.

Choose the correct answer using the given code below:

(a) 1 and 2 only
(b) 2 and 3 only
(c) 3 only
(d) 1 and 3 only

Answer: (D)

Explanation:

  • X-rays are a form of electromagnetic radiation, similar to visible light. Unlike light, however, x-rays have higher energy and can pass through most objects, including the body. Medical x-rays are used to generate images of tissues and structures inside the body. Hence, statement 1 is correct.
  • W.C. Roentgen reported the discovery of X-rays in December 1895 after seven weeks of assiduous work during which he had studied the properties of this new type of radiation able to go through screens of notable thickness. He named them X-rays to underline the fact that their nature was unknown. Hence statement 2 is not correct.
  • X− rays can pass through matter of lighter elements such as flesh (which is composed of oxygen, hydrogen and carbon) but cannot pass through substances made of heavier elements like bones (which are made of phosphorus and calcium). Hence, statement 3 is correct.