choose the correct answer
Anonymous Quiz
17%
A. Fiscal policy
66%
B. Monetary policy
10%
C. External trade
6%
D. Inflation
3. With reference to Ashtamudi Lake, which of the following statements is/are correct?
1) It is located in the state of Kerala.
2) The Kallada river is a major river which drains into the Ashtamudi lake.
1) It is located in the state of Kerala.
2) The Kallada river is a major river which drains into the Ashtamudi lake.
Select the correct answer using the codes given below
Anonymous Quiz
14%
A. 1 only
21%
B. 2 only
63%
C. Both 1 and 2
2%
D. Neither 1 nor 2
Answer: B
Explanation:
● These terms indicate the central bank’s monetary policy stance on deciding policy rates like
repo rate.
● “Accommodative” indicates that the central bank is telling the market to expect a rate cut
anytime, “neutral” means that RBI could either increase or reduce repo rates as per liquidity
conditions, “calibrated tightening” means that a cut in the repo rate is unlikely in the current
rate cycle.
Explanation:
● These terms indicate the central bank’s monetary policy stance on deciding policy rates like
repo rate.
● “Accommodative” indicates that the central bank is telling the market to expect a rate cut
anytime, “neutral” means that RBI could either increase or reduce repo rates as per liquidity
conditions, “calibrated tightening” means that a cut in the repo rate is unlikely in the current
rate cycle.
Answer: C
Explanation
● Both the statements are correct.
● Ashtamudi lake is located in Kollam District of Kerala.
● It is a gateway to several backwaters in Kerala.
● The Kallada river is a major river which drains into the Ashtamudi lake.
● The lake is surrounded by vegetation such as mangrove forests, coconut groves, and palm trees.
● Munroe Island, a cluster of eight tiny islands, lies in the Ashtamudi Lake.
Explanation
● Both the statements are correct.
● Ashtamudi lake is located in Kollam District of Kerala.
● It is a gateway to several backwaters in Kerala.
● The Kallada river is a major river which drains into the Ashtamudi lake.
● The lake is surrounded by vegetation such as mangrove forests, coconut groves, and palm trees.
● Munroe Island, a cluster of eight tiny islands, lies in the Ashtamudi Lake.
4. Consider the following statements.
1. A country has a trade deficit when the value of its imports exceeds the value of its exports.
2. In the year 2023-24, India recorded a trade deficit with its largest trading partner.
3. The US is India’s largest trading partner in 2023-24.
1. A country has a trade deficit when the value of its imports exceeds the value of its exports.
2. In the year 2023-24, India recorded a trade deficit with its largest trading partner.
3. The US is India’s largest trading partner in 2023-24.
How many of the above statements is/are correct?
Anonymous Quiz
10%
A. Only one
66%
B. Only two
23%
C. All the three
2%
D. None of the above
choose the best answer
Anonymous Quiz
3%
A. Russia-Georgia War
22%
B. Crimea Annexation
68%
C. Russia-Ukraine War
7%
D. Nagorno-Karabakh Conflict
5. Kursk Oblast became a strategic location in global news due to its involvement in which of
the following conflicts?
the following conflicts?
Answer: B
Soln:
● India has recorded a trade deficit with nine of its top 10 trading partners, including China,
Russia, Singapore, and Korea, in 2023-24.
● A country has a trade deficit when the value of its imports exceeds the value of its exports.
Hence, statement 1 is correct.
● China has emerged as India's largest trading partner with $118.4 billion of two-way
commerce in 2023-24, edging past the US.
● The data also showed that the deficit with China ($85 billion), Russia ($57.2 billion), Korea
($14.71 billion), and Hong Kong ($12.2 billion) increased in the last fiscal compared to 2022-
23, while the trade gap with the UAE, Saudi Arabia, Russia, Indonesia, and Iraq narrowed.
Hence, statement 2 is correct and statement 3 is incorrect.
● India has a trade surplus of $36.74 billion with the US in 2023-24.
● America is one of the few countries with which India has a trade surplus. The surplus is also
there with the UK, Belgium, Italy, France and Bangladesh.
● India's total trade deficit in the last fiscal narrowed to $238.3 billion as against $264.9 billion
in the previous fiscal.
Soln:
● India has recorded a trade deficit with nine of its top 10 trading partners, including China,
Russia, Singapore, and Korea, in 2023-24.
● A country has a trade deficit when the value of its imports exceeds the value of its exports.
Hence, statement 1 is correct.
● China has emerged as India's largest trading partner with $118.4 billion of two-way
commerce in 2023-24, edging past the US.
● The data also showed that the deficit with China ($85 billion), Russia ($57.2 billion), Korea
($14.71 billion), and Hong Kong ($12.2 billion) increased in the last fiscal compared to 2022-
23, while the trade gap with the UAE, Saudi Arabia, Russia, Indonesia, and Iraq narrowed.
Hence, statement 2 is correct and statement 3 is incorrect.
● India has a trade surplus of $36.74 billion with the US in 2023-24.
● America is one of the few countries with which India has a trade surplus. The surplus is also
there with the UK, Belgium, Italy, France and Bangladesh.
● India's total trade deficit in the last fiscal narrowed to $238.3 billion as against $264.9 billion
in the previous fiscal.
Answer: C
Explanation
● Kursk Oblast has been in the news due to its strategic location near the Russia-Ukraine border.
● Kursk Oblast is a region in Russia that shares its western border with Ukraine.
● It lies in the southwestern part of Russia, with the city of Kursk as its administrative center.
Explanation
● Kursk Oblast has been in the news due to its strategic location near the Russia-Ukraine border.
● Kursk Oblast is a region in Russia that shares its western border with Ukraine.
● It lies in the southwestern part of Russia, with the city of Kursk as its administrative center.
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Which of the following statements is correct regarding windfall taxes?
choose the correct answer
Anonymous Quiz
3%
A. Windfall taxes are generally permanent and unchangeable.
88%
B. Windfall taxes are designed to capture additional revenue experiencing unexpected profit surges.
4%
C. Windfall taxes are applicable to all sectors uniformly.
6%
D. Windfall taxes are only imposed during economic booms.
Answer: B
Explanation
● Windfall taxes are designed to tax the profits a company derives from an external,
sometimes unprecedented event— for instance, the energy price-rise as a result of the
Russia-Ukraine conflict. Hence option B is the correct answer.
● These are profits that cannot be attributed to something the firm actively did, like an
investment strategy or an expansion of business.
● Governments typically levy a one-off tax retrospectively over and above the normal
rates of tax on such profits, called windfall tax.
● One area where such taxes have routinely been discussed is oil markets, where price
fluctuation leads to volatile or erratic profits for the industry.
● They are not necessarily permanent, applicable to all sectors uniformly, or restricted to times of economic booms.
Explanation
● Windfall taxes are designed to tax the profits a company derives from an external,
sometimes unprecedented event— for instance, the energy price-rise as a result of the
Russia-Ukraine conflict. Hence option B is the correct answer.
● These are profits that cannot be attributed to something the firm actively did, like an
investment strategy or an expansion of business.
● Governments typically levy a one-off tax retrospectively over and above the normal
rates of tax on such profits, called windfall tax.
● One area where such taxes have routinely been discussed is oil markets, where price
fluctuation leads to volatile or erratic profits for the industry.
● They are not necessarily permanent, applicable to all sectors uniformly, or restricted to times of economic booms.
2. With reference to the PM Vishwakarma scheme, consider the following statements.
1. It is a Central Sector Scheme fully funded by the Central government.
2. It aims to provide end-to-end support to artisans and craftspeople.
3. The scheme covers both rural and urban areas.
1. It is a Central Sector Scheme fully funded by the Central government.
2. It aims to provide end-to-end support to artisans and craftspeople.
3. The scheme covers both rural and urban areas.
How many of the statements given above is/are correct?
Anonymous Quiz
4%
A. Only one
37%
B. Only two
57%
C. All the three
2%
D. None of the above
Answer: C
Explanation:
● Statements 1 & 2 are correct: PM Vishwakarma is a Central Sector Scheme launched
recently to provide end-to-end support to artisans and craftspeople who work with
their hands and tools.
● It is a new scheme with an outlay of Rs 13,000 crore and is fully funded by the Central
government. The Ministry of Micro, Small & Medium Enterprise is the nodal ministry of
PM Vishwakarma Yojana.
● The prime focus of PM Vishwakarma is at improving the quality as well as the reach of
products and services of artisans and craftspeople and to ensure that they are integrated
with the domestic and global value chains.
● Statement 3 is correct: The scheme will provide support to artisans and craftspeople of
rural and urban areas across India.
● Eighteen traditional crafts will be covered under PM Vishwakarma. These include (i)
Carpenter; (ii) Boat Maker; (iii) Armourer; (iv) Blacksmith ; (v) Hammer and Tool Kit
Maker; (vi) Locksmith; (vii) Goldsmith; (viii) Potter; (ix) Sculptor, Stone breaker; (x)
Cobbler (Shoesmith/ Footwear artisan); (xi) Mason (Rajmistri); (xii) Basket/Mat/Broom
Maker/Coir Weaver; (xiii) Doll & Toy Maker (Traditional); (xiv) Barber; (xv) Garland maker;
(xvi) Washerman; (xvii) Tailor; and (xviii) Fishing Net Maker.
Benefits of the scheme
● The Scheme envisages provisioning of the following benefits to the artisans and
craftspersons:
○ (i) Recognition: Recognition of artisans and craftspeople through PM Vishwakarma
certificate and ID card.
○ (ii) Skill Upgradation: Basic Training and Advanced Training, with a stipend of Rs.
500 per day;
○ (iii) Toolkit Incentive: A toolkit incentive of upto Rs. 15,000 in the form of e-
vouchers at the beginning of Basic Skill Training.
○ (iv) Credit Support: Collateral free ‘Enterprise Development Loans’ of upto Rs. 3 lakh at a concessional rate of interest.
○ (v) Incentive for Digital Transaction: An amount of Re. 1 per digital transaction,
upto maximum 100 transactions monthly for each digital pay-out or receipt.
○ (vi) Marketing Support: Marketing support in the form of quality certification,
branding, onboarding on e-commerce platforms, advertising, publicity, etc.
Explanation:
● Statements 1 & 2 are correct: PM Vishwakarma is a Central Sector Scheme launched
recently to provide end-to-end support to artisans and craftspeople who work with
their hands and tools.
● It is a new scheme with an outlay of Rs 13,000 crore and is fully funded by the Central
government. The Ministry of Micro, Small & Medium Enterprise is the nodal ministry of
PM Vishwakarma Yojana.
● The prime focus of PM Vishwakarma is at improving the quality as well as the reach of
products and services of artisans and craftspeople and to ensure that they are integrated
with the domestic and global value chains.
● Statement 3 is correct: The scheme will provide support to artisans and craftspeople of
rural and urban areas across India.
● Eighteen traditional crafts will be covered under PM Vishwakarma. These include (i)
Carpenter; (ii) Boat Maker; (iii) Armourer; (iv) Blacksmith ; (v) Hammer and Tool Kit
Maker; (vi) Locksmith; (vii) Goldsmith; (viii) Potter; (ix) Sculptor, Stone breaker; (x)
Cobbler (Shoesmith/ Footwear artisan); (xi) Mason (Rajmistri); (xii) Basket/Mat/Broom
Maker/Coir Weaver; (xiii) Doll & Toy Maker (Traditional); (xiv) Barber; (xv) Garland maker;
(xvi) Washerman; (xvii) Tailor; and (xviii) Fishing Net Maker.
Benefits of the scheme
● The Scheme envisages provisioning of the following benefits to the artisans and
craftspersons:
○ (i) Recognition: Recognition of artisans and craftspeople through PM Vishwakarma
certificate and ID card.
○ (ii) Skill Upgradation: Basic Training and Advanced Training, with a stipend of Rs.
500 per day;
○ (iii) Toolkit Incentive: A toolkit incentive of upto Rs. 15,000 in the form of e-
vouchers at the beginning of Basic Skill Training.
○ (iv) Credit Support: Collateral free ‘Enterprise Development Loans’ of upto Rs. 3 lakh at a concessional rate of interest.
○ (v) Incentive for Digital Transaction: An amount of Re. 1 per digital transaction,
upto maximum 100 transactions monthly for each digital pay-out or receipt.
○ (vi) Marketing Support: Marketing support in the form of quality certification,
branding, onboarding on e-commerce platforms, advertising, publicity, etc.
How many of the statements given above is/are correct?
Anonymous Quiz
9%
A. Only one
55%
B. Only two
34%
C. All the three
2%
D. None of the above
3. Consider the following statements about the GSLV Mk-III launch vehicle.
1. It is a four stage vehicle powered by a cryogenic engine in the upper stage.
2. GSLV Mk III is designed to carry 4 tonne class of satellites into Geosynchronous Transfer
Orbit or about 10 tonnes to Low Earth Orbit.
3. GSLV Mk III vehicle is proposed to be used in Gaganyaan mission.
1. It is a four stage vehicle powered by a cryogenic engine in the upper stage.
2. GSLV Mk III is designed to carry 4 tonne class of satellites into Geosynchronous Transfer
Orbit or about 10 tonnes to Low Earth Orbit.
3. GSLV Mk III vehicle is proposed to be used in Gaganyaan mission.