Current Affairs MCQs for UPSC & State PSC Exams (29 January 2022)

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

Date: 29 January 2022

Q1. Consider the following statement(s) about Capital sector in India:

1. Scheme on Enhancement of Competitiveness in the Indian Capital Goods Sector is the first ever policy for Capital Goods sector with a clear objective of increasing production of capital goods.
2. India's capital goods sector contributes around 60 % of India's manufacturing gross value added and 18% of India's GDP.

Which of the statement(s) given above is/are correct?

a) 1 only
b) 2 only
c) Both 1 and 2
d) None of these

Answer: (D)

Explanation:

  • National Capital Goods Policy 2016 is the first ever policy for Capital Goods sector with a clear objective of increasing production of capital goods.
  • India's capital goods sector contributes around 12% of India's manufacturing gross value added and 1.8% of India's GDP

Q2. Consider the following statement(s) about Retrospective Tax:

1. A retrospective tax is one that is charged for transactions in the long past.
2. In World, India and china are the only country which have retrospectively taxed firms.

Which of the statement(s) given above is/are correct?

a) 1 only
b) 2 only
c) Both1 and 2
d) None of these

Answer: (A)

Explanation:

  • A retrospective tax is one that is charged for transactions in the long past. It can be a new or additional charge on transactions done in the past
  • Not only India, but many other countries like the US, UK, Australia, Netherlands, Belgium, Canada, and Italy have retrospectively taxed firms.

Q3. Which among the following diseases are caused by viruses belonging to Coronavirus family:

1. SARS
2. MERS
3. Polio
4. Covid-19
5. Tuberculosis

Select from the options given below:

A. 1 and 2 only
B. 2, 3 and 4
C. 1, 2 and 4
D. 2, 3 and 5

Answer: (C)

Explanation: Coronavirus is a larger family of viruses that cause illnesses such as the common cold, severe acute respiratory syndrome (SARS), and the Middle East respiratory syndrome (MERS), Covid-19 etc.

Q4. Consider the following statement(s) regarding FRBM Act, 2003:

1. It was enacted to provide for an institutional framework to ensure fiscal responsibility.
2. After its enactment, India’s fiscal deficit has continuously decreased.
3. It has been amended multiple times.

Which of the statement(s) given above is/are correct:

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

Answer: (C)

Explanation: Finance Minister Yashwant Sinha in his budget speech for FY01 called for a strong institutional framework to ensure fiscal responsibility. This resulted in the enactment of the ‘Fiscal Responsibility and Budget Management (FRBM) Act, 2003’.

When FRBM was enacted, the idea was to limit the fiscal deficit under 3 per cent of GDP by the end of FY08. But that never happened. The fiscal deficit declined from 5.9 per cent in FY12 to 3.4 per cent in FY19. In FY20 it went up to 3.8 per cent.

To ensure it was within the law, the government periodically amended the FRBM Act to reset the fiscal deficit target.

Q5. Consider the following statements regarding the Fungal Networks present in the soil:

1. Fungal networks are called as "coral reefs of the soil".
2. Fungal Networks are threatened by agricultural expansion, deforestation and urbanisation.

Select the correct answer using the code given below.

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

Answer: (C)

Explanation:

  • Fungal networks are a massive carbon sink, and are called "coral reefs of the soil".
  • Fungal Networks are threatened by agricultural expansion, deforestation and urbanisation.

Q6. Consider the following statements regarding Bad Bank:

1. The first idea to establish a Bad Bank in India was given in the Budget 2020-21 and it was suggested to name it 'PARA' (Public Sector asset Rehabilitation Agency).
2. Bad Bank buys NPAs or bad loans of commercial banks at cheap prices and recovers this bad loan.

Choose the correct option:

a) 1 only
b) 2only
c) both 1 and 2
d) none of these

Answer: (B)

Explanation:

  • The first idea to establish a Bad Bank in India was given in the Economic Survey 2017 and it was suggested to name it 'PARA' (Public Sector asset Rehabilitation Agency)
  • Bad Bank buys NPAs or bad loans of commercial banks at cheap prices and recovers this bad loan.

Q7. Question- Consider the following Pairs -

(I) Telangana – Mission Kakatiya Program
(II) Gujarat – K- MARK Project
(III) Punjab- Sujalam Sufalam Yojana
(IV) Maharashtra- Kapil Dhara Yojana

Find the wrongly matched pair and select the correct answer using the code given below.

(A) I and III only
(B) I and IV only
(C) III and IV only
(D) I, II and II only

Answer: (C)

Explanation:

  • Gujarat- Sujalam Sufalam Yojana
  • Madhya Pradesh - Kapil Dhara Yojana