[MISSION 2023] INSIGHTS CURRENT AFFAIRS (24 June 2022 ) REVISION THROUGH MCQS

Ans: (d)

Explanation:

• The New Development Bank (NDB) was established in 2015 by BRICS countries – Brazil, Russia, India, China and South Africa. The Bank’s membership is open to members of the United Nations. NDB commenced the admission of its first new member countries in the second half of 2021.
• The bank is headquartered in Shanghai, China.

Refer: https://www.insightsonindia.com/2022/06/24/brics-support-dialogue-between-russia-ukraine/

Ans: (c)

Explanation: About MGNREGA:

• The scheme was introduced as a social measure that guarantees “the right to work”. The key tenet of this social measure and labour law is that the local government will have to legally provide at least 100 days of wage employment in rural India to enhance their quality of life.

Refer: https://www.insightsonindia.com/2022/06/24/group-wants-new-order-on-mgnrega-workers-revoked/

Ans: (b)

Explanation:

• A currency crisis results in a sharp depreciation of domestic currency and may force the authorities to sell foreign exchange reserves and take measures (for e.g. raise domestic interest rates) to defend the downfall in currency.
• S1: If a country has a strong export performance, a currency crisis is difficulty to occur. Since S1 leads to greater exports, it will reduce the risk.
• S2:Increase in government expenditure may actually increase imports and adversely affect the currency crisis. Usually, austerity in public spending is one of the measures prescribed to contain a foreign exchange or currency crisis.  
• S3:Greater flow of remittances would help avert the currency crisis since greater inflow of foreign currency (which is converted into rupees by the recipient of the remittance in India) raises the demand for domestic currency.
• Decline in the value of a country’s currency is known as Currency Crisis that negatively affects the economy by creating instabilities in currency exchange rates. The foreign currency earnings of India’s Information Technology (IT) sector and remittances from Indians abroad together can reduce the risk of a currency crisis in India.

Refer: https://www.insightsonindia.com/2022/06/24/what-fpis-market-exit-means/

Ans: (b)

Explanation:

• The Urban Banks Department of the Reserve Bank of India is vested with the responsibility of regulating and supervising primary (urban) cooperative banks, which are popularly known as Urban Cooperative Banks (UCBs).
• A cooperative bank can, with prior approval of the RBI, issue equity shares, preference shares, or special shares to its members or to any other person residing within its area of operation, by way of public issue or private placements.
• Large cooperative banks with paid-up share capital and reserves of Rs.1 lakh were brought under the purview of the Banking Regulation Act 1949 through an amendment in 1966.

Refer: https://www.insightsonindia.com/2022/06/24/modernise-co-operative-banks/

Ans: (b)

Explanation

• The CCPA is constituted under Section 10(1) of The Consumer Protection Act, 2019.
• It has the powers to inquire or investigate into matters relating to violations of consumer rights or unfair trade practices
  • Suo motu, or on a complaint received, or
  • On a direction from the central government.
• It has a Chief Commissioner as head, and only two other commissioners as members — one of whom will deal with matters relating to goods while the other will look into cases relating to services.

Refer: https://www.insightsonindia.com/2022/06/24/regulating-misleading-advertisements/

Ans: (c)

Explanation: Syama Prasad Mookerjee

• Remembering Syama Prasad Mookerjee, the founder of Bharatiya Jana Sangh, on His 69th Death Anniversary
• Syama Prasad Mookerjee was the founder of Bharatiya Jana Sangh. He was also independent India’s first Minister of Industry and Supply. He was initially a part of the Indian National Congress. Between 1977 and 1979, he co-founded the Janata Party which later became the Bharatiya Janata Party.
• Mookerjee other members of the Hindu Mahasabha were against the Quit India Movementthey thought that the Quit India movement will destroy the integrity of society.

Refer: facts for prelims: https://www.insightsonindia.com/2022/06/24/mission-2023-insights-daily-current-affairs-pib-summary-24-june-2022/

Ans: (a)

Explanation: Open Network for Digital Commerce (ONDC)

• It is an initiative of the Department for Promotion of Industry and Internal Trade (DPIIT) under the Ministry of Commerce and Industry.
• ONDC is a network based on open protocol and will enable local commerce across segments, such as mobility, grocery, food order and delivery, hotel booking and travel, among others, to be discovered and engaged by any network-enabled application.

Refer: facts for prelims: https://www.insightsonindia.com/2022/06/24/mission-2023-insights-daily-current-affairs-pib-summary-24-june-2022/

Ans: (c)

Explanation:

• The World Health Organization will decide whether to declare monkeypox a global health emergency
• A “public health emergency of international concern” is WHO’s highest level of alert.
• Monkeypoxis a viral zoonosis (a virus transmitted to humans from animals) with symptoms similar to those seen in the past in smallpox patients, although it is clinically less severe.
• Monkeypox does not spread nearly as easily as COVIDand there are vaccines and treatments available, unlike the coronavirus when it emerged. But it has still raised alarm.
• The viral disease, which causes flu-like symptoms and skin lesions, is endemicin parts of Africa.

Refer: facts for prelims: https://www.insightsonindia.com/2022/06/24/mission-2023-insights-daily-current-affairs-pib-summary-24-june-2022/

Ans: (a)

Explanation:

• India currently has around 14 million hectares of land under millets cultivation and produces around 14 million tonnes a year with Rajasthan, Maharashtra, and Karnatakaleading in millet farming. Readmore>>
• MoS for M/o Food Processing Industries, inaugurates the National Conference on Millets on the theme ‘The Future Super Food for India’.
• Millets are a group of highly variable small-seeded grasses, widely grown around the world as cereal crops or grains for fodder and human food.
• Millets in India: jowar (sorghum), bajra (pearl millet) and ragi (finger millet) and varities of small millets like kodo, kutki, chenna and sanwa.
• Major producers: Rajasthan, Andhra Pradesh, Telangana, Karnataka, Tamil Nadu, Maharashtra, Gujarat and Haryana.
• Superfood: Millets are low cost and are rich in iron, calcium, magnesium, and antioxidants ( e.g. Ragi is known to have the highest calcium content) among all the food grains.
• Climate Resilient: They are also harder and drought-resistant crops with a short growing season and lower water requirement.

Refer: facts for prelims: https://www.insightsonindia.com/2022/06/24/mission-2023-insights-daily-current-affairs-pib-summary-24-june-2022/

Ans: (b)

Explanation:

• S1, S3 and S4: KCC meets the short term credit requirements for cultivation of crops and
  • Post harvest expenses
  • Produce marketing loan
  • Consumption requirements of farmer household
  • Working capital for maintenance of farm assets and activities allied to agriculture, like dairy animals, inland fishery etc.
  • Investment credit requirement for agriculture and allied activities like pumpsets, sprayers, dairy animals etc.
• S2 and S5: Investment credit requirement is covered by KCC, so it might seem that purchase of combine harvesters, tractors and mini trucks comes under it. But, we withhold a judgment on this since S5 is clearly wrong (house building is not covered under KCC). So, the only option available to mark is B.

Refer: UPSC CSE 2020