Current Affairs MCQs for UPSC & State PSC Exams (15 July 2022)

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

Date: 15 July 2022

Q1. The Indian rupee is fully convertible:

1. In respect of the current account of the balance of payment.
2. In respect of capital account of the balance of payment.
3. Into gold.

Which of the above statement/s is/are correct?

a) 1 only
b) 1 and 2 only
c) 2 and 3 only
d) None of the above

Answer: (A)

Explanation:

  • Convertibility is the extent to which one form of currency or security can be exchanged for another.
  • Presently convertibility implies such a system in which a country's currency becomes convertible in foreign exchange and vice-versa.
  • Since August 19, 1994 Indian Rupee has been made fully convertible in current account transactions related to goods and services.
  • Current account convertibility refers to the convertibility of a currency for payment for goods and services and transfer payments.
  • Capital account convertibility refers to the convertibility of currency for transfer of claims to money or titles to investment.
  • In India, we have partial rupee convertibility, i.e., the rupee is fully convertible on the current account but not on the capital account.

Q2. Canalized goods in foreign trade of India refers to

a) Items to be imported by the private agencies.
b) Items to be subsidized.
c) Items that cannot be exported or imported.
d) Items that may only be imported using specific procedures or methods of transport.

Answer: (D)

Explanation:

  • Canalized goods are items that may only be imported using specific procedures or methods of transport.
  • Goods in this category can be imported only through canalizing agencies.
  • The main canalized items are currently petroleum products, bulk agricultural products, such as grains and vegetable oils, and some pharmaceutical products.

Q3. Consider the following statements about Commission for Air Quality Management in National Capital Region and Adjoining Areas:

1. It was constituted under Air pollution Act, 1981 as per Supreme Court order.
2. It also dissolves the Environment Pollution Prevention and Control Authority established in the NCR in 1998.
3. The powers of the Commission also supersede that of any other body in matters of air pollution.

Which of above statements is/are correct?

a) 1 only
b) 2 and 3 only
c) 1 and 3 only
d) All of these

Answer: (B)

Explanation:

  • The Commission for Air Quality Management in National Capital Region and Adjoining Areas Ordinance, 2020 sets up a Commission for Air Quality Management in National Capital Region (NCR) and Adjoining Areas.
  • But Commission for Air Quality Management in National Capital Region and Adjoining Areas, Act 2021 provide it a statutory status.
  • The Commission has replaced the Supreme Court-appointed Environment Pollution (Prevention and Control) Authority (EPCA) which had been running for 22 years.
  • The powers of the Commission will also supersede that of any other body in matters of air pollution.

Q4. Consider the following statements:

1. In FY 2022 China is the largest trading partner of India.
2. Among India’s top 10 trading partners, the US is the only country with which India has a positive trade balance.

Which of the above statements is/are correct?

a) 1 only
b) 2 only
c) Both 1 and 2
d) Neither 1 nor 2

Answer: (B)

Explanation:

  • US Emerges as India's Largest Trade Partner in FY 2022, Surpasses China. The US surpassed China to become India's top trading partner in FY 2021-22. Statement 1 Not correct
  • India maintained a positive trade balance with the US, recording a surplus trade of US$32.79 billion. In fact, as per the statistics, among India’s top 10 trading partners, the US is the only country with which India has a positive trade balance. Statement 2 correct.

Q5. Consider the following statements:

1. The term unicorn refers to a privately held start-up company with a value of over $1 billion.
2. A decacorn is a company that has attained a valuation of more than $ 10 billion.
3. No company in India has still achieved a decacorn status.

Which of the statements given above is/are correct?

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

Answer: (A)

Explanation:

  • The term unicorn refers to a privately held start-up company with a value of over $1 billion. It is commonly used in the venture capital industry. The term was first popularised by venture capitalist Aileen Lee.
  • A decacorn is a company that has attained a valuation of more than $ 10 Bn.
  • As of May 2022, 47 companies the world over have achieved the decacorn status.
  • India has four start-ups namely, Flipkart, BYJU’s, Nykaa and Swiggy, added in the decacorn cohort.