QUIZ – 2017: Insights Current Affairs Quiz, 25 January 2019

Solution: b)

Debt to GDP ratio: The Committee suggested using debt as the primary target for fiscal policy. A debt to GDP ratio of 60% should be targeted with a 40% limit for the centre and 20% limit for the states. The targeted debt to GDP ratio should be achieved by 2023.

Fiscal Council: The Committee proposed to create an autonomous Fiscal Council with a Chairperson and two members appointed by the centre. To maintain its independence, it proposed a non-renewable four-year term for the Chairperson and members. Further, these people should not be employees in the central or state governments at the time of appointment.

Deviations: The Committee noted that under the FRBM Act, the government can deviate from the targets in case of a national calamity, national security or other exceptional circumstances notified by it.

Source

Solution: d)

The formation of ILO Global Commission on the Future of Work marks the second stage in the ILO Future of Work Initiative.

• Its job is to undertake an in-depth examination of the future of work that can provide the analytical basis for the delivery of social justice in the 21st century.
• Its job also includes identifying the key challenges facing the world of work and making practical recommendations about how these may be addressed in the future.

Source

Solution: b)

Cabinet has approved creation of National Bench of the Goods and Services Tax Appellate Tribunal (GSTAT).

It shall be situated at New Delhi.

• Composition: Presided over by its President and shall consist of one Technical Member (Centre) and one Technical Member (State).
• It is the forum of second appeal in GST laws and the first common forum of dispute resolution between Centre and States.

Source

            Solution: a)

Aadi Mahotsav is an effort to scale up the livelihood and income generating opportunity for tribals by giving them the opportunity to interact and sell their goods directly to the customers. Ministry of Tribal affairs and TRIFED through Aadi Mahotsav’s provides them market access across the country.

The festival will feature exhibition-cum-sale of tribal handicrafts, art, paintings, fabric, jewellery and much more.

Source

Solution: b)

The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) is a regional organization comprising seven Member States lying in the littoral and adjacent areas of the Bay of Bengal constituting a contiguous regional unity. This sub-regional organization came into being on 6 June 1997 through the Bangkok Declaration. In 2018, the 4th BIMSTEC Summit concluded in Kathmandu.