Current Affairs MCQs for UPSC & State PSC Exams (26 December 2022)

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

Date: 26 December 2022

Q.1 Consider the following statements with respect to the Administered Price Mechanism (APM) for gas in India:

1. APM links India’s natural gas prices to the international market.
2. Petroleum and Natural Gas Regulatory Board declares the APM gas price.

Which of the statements given above is/are correct?

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

Answer: (D)

Explanation:

  • APM gas is set by the government whereas Non-APM/free market gas links India’s natural gas prices to the international market. Hence, Statement 1 is incorrect.
  • Petroleum Planning and Analysis Cell (PPAC) attached to the Ministry of Petroleum and Natural Gas declares the APM gas price. Hence, Statement 2 is also incorrect.

Q2. With reference to the “Tea Board” in India, consider the following statements: (UPSC Prelims - 2022)

1. The Tea Board is a statutory body.
2. It is a regulatory body attached to the Ministry of Agriculture and Farmers Welfare.
3. The Tea Board’s Head Office is situated in Bengaluru.
4. The Board has overseas offices in Dubai and Moscow.

Select the correct answer using the code given below.

a. 1 and 3 only
b. 2 and 3 only
c. 3 and 4 only
d. 1 and 4 only

Answer: (D)

Explanation:

  • The Tea Board of India is a statutory body created under the Tea Act, 1953 and it was established for the purposes of regulating the Indian tea industry and protecting the interests of tea producers in India.
  • It is functioning as a statutory body of the Central Government under the Ministry of Commerce.
  • Tea Board of India’s Head Office is situated in Kolkata.
  • The Tea Board of India has overseas offices in Moscow, Dubai, Hamburg, London and New York.

Q3. With reference to Commodity market exchange, consider the following:

1. In India, Commodity market exchange is regulated by the RBI.
2. In the spot market, traders exchange physical commodities for immediate delivery.
3. Futures and Forwards are two types of commodity derivatives that are used in derivatives markets in India.

Which of the options is correct.

A. 1 and 2 only
B. 2 and 3 only
C. 3 only
D. 1, 2 and 3

Answer: (B)

Explanation:

  • Till 2015, the market was regulated by the Forward Markets Commission which was finally merged with SEBI to create a unified regulatory environment for commercial investing. Hence, statement 1 is not correct.
  • Spot markets are also known as “cash markets” or “physical markets” where traders exchange physical commodities, and that too for immediate delivery. Therefore, statement 2 is correct.
  • Derivatives markets in India involve two types of commodity derivatives: Futures and Forwards. Hence, statement 3 is also correct.

Q4. Recently a few employees in the Department of Telecom have been given forced retirement. Under which of the following provisions has it been done?

a) Pension Rule 48 of CCS (Pension) Rules, 1972.
b) Prevention of Corruption Act 1988.
c) Supreme Court Judgement in Gujarat Vs. Umedbhai M. Patel, 2001.
d) None of the above

Answer: (A)

Explanation:

  • This is the first-time employees in the Department of Telecom have been given forced retirement under section 56 (J) under Pension Rule 48 of CCS (Pension) Rules, 1972.
  • The objective of FR 56(j)/(l) and Rule 48 of CCS Pension Rules, 1972 is ‘to strengthen the administrative machinery by developing responsible and efficient administration at all levels and to achieve efficiency, economy and speed in the disposal of Government function’.

Hence (a) is the correct answer.

Q5. Consider the following statements regarding the Fisheries sector in India.

1. Fishing is a Union subject but states have responsibility for management of marine fisheries.
2. India is the second largest fish producer in the world.
3. The fisheries sector contributes about 2.5 % to the country’s Gross Value Added (GVA).

Choose the CORRECT answer using the codes given below:

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

Answer: (B)

Explanation:

  • Fishing is a State subject and the management plan for marine fisheries in territorial waters is the job of the State. (Statement-1 is incorrect)
  • The Fishing Sector in India, with about 7.56% of the global fish production, is the second largest fish producer in the world.(Economic Survey, 2021-22) (Statement-2 is correct)
  • The sector has contributed about 1.24% to the country’s Gross Value Added (GVA) and over 7.28% to the agricultural GVA. (Statement-3 is incorrect).