[Mission 2022] QUIZ – 2021: Insights Current Affairs Quiz , 02 April 2022

Solution: d)

Natural gas is a naturally occurring hydrocarbon gas mixture consisting primarily of methane, but commonly including varying amounts of other higher alkanes, and sometimes a small percentage of carbon dioxide, nitrogen, hydrogen sulfide, or helium. It is formed when layers of decomposing plant and animal matter are exposed to intense heat and pressure under the surface of the Earth over millions of years.

Natural gas is a non-renewable hydrocarbon used as a source of energy for heating, cooking, and electricity generation. It is also used as a fuel for vehicles and as a chemical feedstock in the manufacture of plastics and other commercially important organic chemicals.

Natural gas is found in deep underground rock formations or associated with other hydrocarbon reservoirs in coal beds and as methane clathrates.

Solution: b)

Article 356 empowers the President to issue a proclamation, if he is satisfied that a situation has arisen in which the government of a state cannot be carried on in accordance with the provisions of the Constitution.

Notably, the president can act either on a report of the governor of the state or otherwise too (ie, even without the governor’s report).

A proclamation imposing President’s Rule must be approved by both the Houses of Parliament within two months from the date of its issue. If approved by both the Houses of Parliament, the President’s Rule continues for six months.

Solution: a)

“The Governor shall from time to time summon the House or each House of the Legislature of the State to meet at such time and place as he thinks fit…” says Article 174 of the Constitution. The provision also puts on the Governor the responsibility of ensuring that the House is summoned at least once every six months.

Although it is the Governor’s prerogative to summon the House, according to Article 163, the Governor is required to act on the “aid and advice” of the Cabinet. So when the Governor summons the House under Article 174, this is not of his or her own will but on the aid and advice of the Cabinet.

There are a few instances where the Governor can summon the House despite the refusal of the Chief Minister who heads the Cabinet. When the Chief Minister appears to have lost the majority and the legislative members of the House propose a no-confidence motion against the Chief Minister, then the Governor can decide on his or her own on summoning the House.

But the actions of the Governor, when using his discretionary powers can be challenged in court.

Solution: b)

RBI primarily factors in retail inflation while making its bi-monthly monetary policy. 

A broad-based domestic and global economic recovery should improve aggregate demand, posing an upside risk to inflation.

Solution: b)

A development finance institution (DFI) also known as a development bank is a financial institution that provides risk capital for economic development projects on non-commercial basis. 

During the pre-liberalised era, India had DFIs which were primarily engaged in development of industry in the country.

In India, the first DFI was operationalised in 1948 with the setting up of the Industrial Finance Corporation (IFCI). Subsequently, the Industrial Credit and Investment Corporation of India (ICICI) was set up with the backing of the World Bank in 1955.

The Industrial Development Bank of India (IDBI) came into existence in 1964 to promote long-term financing for infrastructure projects and industry.