QUIZ – 2020: Insights Current Affairs Quiz, 25 January 2021

Solution: c)

How can MSP be made legally binding?

There are two ways it can be done.

The first is to force private buyers to pay it. In this case, no crop can be purchased below the MSP, which would also act as the floor price for bidding in mandi auctions.

The second route is, of course, the government itself buying the entire crop that farmers offer at the MSP.

Commercial crops like cotton, copra and raw jute are covered under MSP.

The marketed surplus ratio for different crops is estimated to range from below 50% for ragi and 65-70% for bajra (pearl-millet) and jowar (sorghum) to 75% for wheat, 80% for paddy, 85% for sugarcane, 90% for most pulses, and 95%-plus for cotton, jute, soyabean and sunflower.

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Solution: c)

A clutch of Indian startup entrepreneurs and investors have come together to form a new association to ensure a level-playing field between Indian digital businesses and global enterprises such as Google, Facebook, Microsoft, others in the booming digital economy. The association named Atmanirbhar Digital India Foundation (ADIF) will also represent the digital ecosystem for advising the government and sector regulators with respect to required legal and policy framework to promote local digital entities.

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Solution: d)

Quantum Technology is based on the principles of Quantum mechanics developed in the early 20th century to describe nature at the scale of atoms and elementary particles. Using quantum superposition, a set of unbreakable codes or super-speedy information processing, quantum computers are able to mimic several classical computers working in parallel. Quantum technology is manifested through applications in secure communication, disaster management through better prediction, computing, simulation, chemistry, healthcare, cryptography, imaging among others. Scientists have expanded quantum theory to understand biological phenomena such as smell, consciousness, enzyme catalysis, photosynthesis, avian navigation like that of the Robin, origin of life and effects on coronavirus.

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Solution: b)

Monetary policy refers to the policy of the central bank with regard to the use of monetary instruments under its control to achieve the goals specified in the Act.

The Reserve Bank of India (RBI) is vested with the responsibility of conducting monetary policy. This responsibility is explicitly mandated under the Reserve Bank of India Act, 1934.

The primary objective of monetary policy is to maintain price stability while keeping in mind the objective of growth. Price stability is a necessary precondition to sustainable growth.

In May 2016, the Reserve Bank of India (RBI) Act, 1934 was amended to provide a statutory basis for the implementation of the flexible inflation targeting framework.

The amended RBI Act also provides for the inflation target to be set by the Government of India, in consultation with the Reserve Bank, once in every five years. Accordingly, the Central Government has notified in the Official Gazette 4 per cent Consumer Price Index (CPI) inflation as the target for the period from August 5, 2016 to March 31, 2021 with the upper tolerance limit of 6 per cent and the lower tolerance limit of 2 per cent.

Prior to the amendment in the RBI Act in May 2016, the flexible inflation targeting framework was governed by an Agreement on Monetary Policy Framework between the Government and the Reserve Bank of India of February 20, 2015.

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Solution: b)

Nameri Tiger Reserve is in Assam.