QUIZ – 2020: Insights Current Affairs Quiz, 15 March 2021

Solution: d)

GII has two sub-indices: the Innovation Input Sub-Index and the Innovation Output Sub-Index, and seven pillars, each consisting of three sub-pillars, further divided into a total of 80 indicators. The Innovation Input sub-index and the Innovation Output Sub-Index have equal weight in calculating the overall GII. The Innovation Input sub-index has five pillars: (i) Institutions; (ii) Human Capital and Research; (iii) Infrastructure; (iv) Market Sophistication; and (v) Business Sophistication. The Innovation Output Sub-Index has two pillars (i) Knowledge and Technological outputs and (ii) Creative outputs.

Source: Economic Survey 2020-21 Vol-1

Solution: c)

PM-JAY is being used significantly for high frequency, low cost care such as dialysis and continued to be utilised without disruption even during the Covid pandemic and the lockdown. General medicine – the overwhelmingly major clinical specialty accounting for over half the claims – exhibited a V-shaped recovery after falling during the lockdown and reached pre-Covid-19 levels in December 2020.

Source: Economic Survey 2020-21 Vol-1

Solution: a)

Participatory Notes, also called P-Notes or just PNs are instruments that are issued by registered FIIs to overseas investors who want to invest in the stock markets in India, without registering themselves with the market regulatory authority SEBI. PNs are not used within India but by investors abroad. Hence, they are also known as offshore derivative instruments. They are used by clients of FIIs who do not wish to directly participate in the stock market in India, but do it through the FIIs using PNs.

The P-Note holder also does not enjoy any voting rights in relation to security/shares referenced by the P-Note.

Solution: b)

National Disaster Response Fund is defined in Section 46 of the Disaster Management Act, 2005 (DM Act) as a fund managed by the Central Government for meeting the expenses for emergency response, relief and rehabilitation due to any threatening disaster situation or disaster. NDRF is constituted to supplement the funds of the State Disaster Response Funds (SDRF) of the states to facilitate immediate relief in case of calamities of a severe nature.

NDRF amount can be spent only towards meeting the expenses for emergency response, relief and rehabilitation. For projects exclusively for the purpose of mitigation, i.e, measures aimed at reducing the risk, impact or effect of a disaster or threatening disaster situation a separate fund called National Disaster Mitigation Fund has to be constituted.

The NDRF is financed through the levy of a cess on certain items, chargeable to excise and customs duty, and approved annually through the Finance Bill. The requirement for funds beyond what is available under the NDRF is met through general budgetary resources.

Currently, a National Calamity Contingency Duty (NCCD) is levied to finance the NDRF and additional budgetary support is provided as and when necessary. A provision also exists in the DM Act to encourage any person or institution to make a contribution to the NDRF.

NDRF is located in the “Public Accounts” of Government of India under “Reserve Funds not bearing interest”.

Department of Agriculture and Cooperation under Ministry of Agriculture (MoA) monitors relief activities for calamities associated with drought, hailstorms, pest attacks and cold wave /frost while rest of the natural calamities are monitored by Ministry of Home Affairs (MHA).

Source

Solution: a)

The Essential Commodities Act is an act of Parliament of India which was established to ensure the delivery of certain commodities or products, the supply of which if obstructed owing to hoarding or blackmarketing would affect the normal life of the people. 

Additionally, the government can also fix the maximum retail price (MRP) of any packaged product that it declares an “essential commodity”.

The Centre can include new commodities as and when the need arises, and take them off the list once the situation improves.

The act empowers Central and State Governments concurrently to control production, supply and distribution of certain commodities in view of rising pricing. When difference arise between Centre and States, the act specifies that the Centre will prevail.