Answer: (A)
The passage defines a financial contract whose value is derived from an underlying asset
(like stocks, commodities, or currencies) to hedge risk or speculate as a derivative.
● Derivatives: Financial agreements (e.g., futures, options, swaps) whose payoff depends on the performance of an underlying asset.
● Debenture: A long-term debt instrument used by corporations to borrow money at a fixed rate of interest, not backed by collateral.
● Equity Share: A unit of partial ownership in a corporation.
● Government Bond: A debt security issued by a government to support government spending and obligations.

Therefore, option A is the correct answer.

Consider the following statements with reference to the Index of Industrial Production (IIP):
1. The base year of the All India Index of Industrial Production (IIP) has been revised from 2011–12 to 2022–23.
2. The nine core industries constitute a major component of the IIP, with refinery products carrying the highest weight among the eight industries.
3. Manufacturing accounts for the largest weight in the IIP among the three sectors of mining, manufacturing and electricity.

Answer: (A)
The base year of the Index of Industrial Production (IIP) has been revised from 2011–12 to 2022–23 to better reflect the current structure of the industrial sector. Hence, Statement 1 is correct.
The eight core industries form an important component of the IIP. Among them, refinery products have the highest weight, followed by electricity, steel, coal and other core sectors. Hence, Statement 2 is correct.
The IIP covers three major sectors- Mining, Manufacturing and Electricity. Among these, Manufacturing has the largest weight in the index, making it the most significant sector in determining overall IIP growth. Hence, Statement 3 is correct.

Therefore, option A is the correct answer.

Consider the following statements regarding the IndiaAI Mission:
1. It is implemented by the Ministry of Electronics and Information Technology (MeitY) under seven pillars.
2. AIKosh is India’s AI data platform that provides access to datasets, models and tools.
3. It relies only on government institutions for developing AI solutions.

Answer: (A)
● The IndiaAI Mission is implemented under the administrative control of the Ministry
of Electronics and Information Technology (MeitY) and is systematically
structured around seven distinct pillars (covering compute capacity, foundation
models, datasets, application development, future skills, startup financing, and safe
& trusted AI). Hence Statement 1 is correct.
● AIKosh serves as India's national AI datasets and innovation platform, acting as
a unified hub that provides access to AI-ready non-personal datasets, foundational
AI models, developer tools, and resources. Hence Statement 2 is correct.
● The mission does not rely solely on government institutions. It actively operates
through Public-Private Partnerships (PPPs), collaborating with academic
institutions, industry leaders, startups, and private tech providers to scale compute
infrastructure and accelerate innovation. Hence Statement 3 is Incorrect.

Therefore Option A is the correct answer.

Consider the following statements:
1. A permanent bench of a High Court can be established at a place other than its principal seat.
2. The Governor is the final authority in matters relating to the establishment of a permanent High Court Bench.
3. The Constitution of India clearly defines the jurisdiction and powers of High Courts.

Answer: (D)
Statement 1: Correct. A permanent bench of a High Court can indeed be established at a place other than its principal seat (for example, Madurai Bench of the Madras High Court, or Dharwad Bench of the Karnataka High Court).

Statement 2: Incorrect. The President is the authority empowered to establish a permanent bench by notified order (after consulting the Governor of the State and the Chief Justice of the High Court), making the Governor not the final authority.

Statement 3: Incorrect. The Constitution of India does not explicitly and exhaustively define the precise jurisdiction and powers of every High Court in detail within its text; instead, Article 225 preserves their pre-constitutional powers and leaves their jurisdiction subject to laws made by the appropriate legislature or Parliament.

Therefore, Option D is the correct answer.

Consider the following statements regarding Gaganyaan Mission:
1. Gaganyaan aims to demonstrate India’s capability to conduct human spaceflight to
Low Earth Orbit (LEO).
2. The Crew Module provides a habitable environment for astronauts during the
mission.
3. The Integrated Air Drop Test (IADT) is conducted to test the Crew Escape System
during an emergency at the launch pad.

Answer: (A)
Explanation:
● Statement 1 is Correct: Gaganyaan aims to demonstrate indigenous human-spaceflight capability to LEO.
● Statement 2 is Correct: The Crew Module is the habitable section designed to provide an Earth-like environment for the crew.
● Statement 3 is Incorrect: IADT tests the parachute-based deceleration system of the Crew Module. The Pad Abort Test (PAT) is associated with validating the Crew Escape System during a launch-pad emergency.

Consider the following statements regarding the PM-SETU scheme:
1. It is a centrally sponsored scheme to modernize select Government ITIs using a Hub-and-Spoke model.
2. Upgraded ITI clusters are managed through Special Purpose Vehicles (SPVs) involving private industry partners.
3. It applies exclusively to the modernization of government-run ITIs and select NSTIs.

Answer: (B)
Statement 1 is correct: PM-SETU is a centrally sponsored scheme designed to modernize 1,000 Government ITIs using a Hub-and-Spoke model to better align training with industry requirements.
Statement 2 is correct: The governance model features Special Purpose Vehicles (SPVs) that partner with private industries to manage the upgraded ITI clusters effectively.
Statement 3 is incorrect: The scope of the scheme is not restricted solely to government ITIs; it also includes Component II, which focuses on upgrading select National Skill Training Institutes (NSTIs) into sector-specific National Centres of Excellence.

Hence, option B is the correct answer.

Consider the following statements with reference to the United Nations Security Council:
1. The Security Council was established under the Charter of the United Nations as one of its six principal organs.
2. Each member of the Security Council has one vote, and decisions on procedural matters require the affirmative vote of nine members.
3. A negative vote by any permanent member prevents the adoption of a substantive resolution.