[MISSION 2023] RTM(Revision through MCQs)- 31 Oct 2022

Ans: (b)

Explanation:

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

Refer: https://www.insightsonindia.com/2022/10/31/how-rbi-fell-behind-the-curve-in-containing-inflation/

Ans: (a)

Explanation:

• Statement 1: It decides the repo rates, CRR, SLR etc. It replaced the earlier system of policy rate veto by the RBI governor.
• Statement 2: It consists of six members (RBI Governor, Deputy Gov RBI, One RBI officer and three members nominated by the government), and they hold office for a period of four years.
• Statement 3: The Governor of the RBI is the ex-officio Chairperson of MPC.

Refer: https://www.insightsonindia.com/2022/10/31/how-rbi-fell-behind-the-curve-in-containing-inflation/

Ans: (c)

Explanation:

• In economics, the GDP deflator is a measure of the level of prices of all new, domestically produced, final goods and services in an economy in a year.
• Like the consumer price index (CPI), the GDP deflator is a measure of price inflation/deflation with respect to a specific base year.
• The GDP deflator is a more comprehensive inflation measure than the CPI index because it isn’t based on a fixed basket of goods.
• When GDP deflator is negative, nominal GDP is less than real DP. It means that there is deflation in the economy.

Refer: https://www.insightsonindia.com/2022/10/31/how-rbi-fell-behind-the-curve-in-containing-inflation/

Ans: (d)

Explanation:

• Chhath Puja, an ancient Hindu Vedic festival, is dedicated to the solar deity Surya and Shashthi Devi.
• Thanking them for bestowing life on earth, as part of the tradition, women (and some men too) fast for the well-being of their sons and the happiness of their families.
• Chhath Puja is also known as Pratihar, Dala Chhath, Chhathi and Surya Shashthi.
• Primarily observed in the states of Bihar, Jharkhand and Uttar Pradesh and even in
• Festival period: worshipping of the Sun God spans four days.

Refer: facts for prelims: https://www.insightsonindia.com/2022/10/31/mission-2023-insights-daily-current-affairs-pib-summary-31-october-2022/

Ans: (d)

Explanation:Sardar Vallabh Bhai Patel

• Vallabhbhai Jhaverbhai Patel (31 October 1875 – 15 December 1950), popularly known as Sardar Patel, was the first Deputy Prime Minister and Home minister of India.
• He was one of the main leaders of Kheda Satyagraha (1918) and Bardoli Satyagraha (1928).
• The women of Bardoli gave him the title of “Sardar”.
• He was appointed as the 49th President of the Indian National Congress, organising the party for elections in 1934 and 1937 while promoting the Quit India Movement.
• For his commitment to national integration, he is known as the “Iron Man of India”.
• He is also remembered as the “patron saint of India’s civil servants” for having established modern all-India services.
• The Statue of Unity, the world’s tallest statue, was dedicated to him on 31 October 2018 and is approximately 182 metres (597 ft) in height.
• He was a major driving force behind the liberal industrial policy resolution of 1948.
• He headed the following committee of the Constituent Assembly:
• Advisory Committee on Fundamental Rights.
• Committee on Minorities and Tribal and Excluded Areas.
• Provincial Constitution
• In 2014, the Government of India decided to celebrate the birthday of Sardar Vallabhbhai Patel as “National Unity Day” to honour Sardar Patel’s contribution to integrated India.

Refer: facts for prelims: https://www.insightsonindia.com/2022/10/31/mission-2023-insights-daily-current-affairs-pib-summary-31-october-2022/

Ans: (a)

Explanation:

• Constitutional direction regarding UCC:
  • Article 44 of the Constitution lays down that the state shall endeavour to secure a UCC for the citizens throughout the territory of India.
• Goa is the only state where UCC has been implemented

Refer: facts for prelims: https://www.insightsonindia.com/2022/10/31/mission-2023-insights-daily-current-affairs-pib-summary-31-october-2022/

Ans: (c)

Explanation:

• IEPFA was established in 2016 under the Ministry of Corporate Affairs. It administers the Investor Education protection fund and makes a refund of shares/unclaimed dividends/matured deposits to investors.
• IEPF is funded by amounts such as dividends, applications money, matured deposits etc, which have remained unpaid or unclaimed for a period of 7 years. The fund is maintained under the Consolidated Fund of India (Article 266).

Refer: facts for prelims: https://www.insightsonindia.com/2022/10/31/mission-2023-insights-daily-current-affairs-pib-summary-31-october-2022/

Ans: (c)

Explanation:

• World Energy Outlook: It is released by the International Energy Agency annually. It presents detailed projections of energy demand, production, trade and investment, fuel by fuel and region by region.
• International Energy Agency (IEA): Established in 1974 as per the framework of the OECD, IEA is an autonomous intergovernmental organisation, which aims to ensure reliable, affordable and clean energy for its member countries and beyond.

Refer: facts for prelims: https://www.insightsonindia.com/2022/10/31/mission-2023-insights-daily-current-affairs-pib-summary-31-october-2022/

Ans: (d)

Explanation: Global Climate Observing System (GCOS) conference

• GCOS conference was hosted by Exploitation of Meteorological Satellites (EUMETSAT). The Global Climate Observing System was established in 1992 as an outcome of the Second World Climate Conference.
• Objectives: To ensure that the observations and information needed to address climate-related issues are obtained and made available to all potential users.

Refer: facts for prelims: https://www.insightsonindia.com/2022/10/31/mission-2023-insights-daily-current-affairs-pib-summary-31-october-2022/

Ans: (d)

Explanation:

• Protection Status: Dolphins have been included in Schedule I of the Indian WildLife (Protection) Act 1972, in Appendix I of the Convention on International Trade in Endangered Species (CITES), in Appendix II of the Convention on Migratory Species (CMS).
• IUCN Status: Endangered
• They are also one among the 22 species identified under the centrally sponsored scheme, “Development of Wildlife Habitat”.
• The Ganges river dolphin has been recognized by the government of India as its National Aquatic Animal and is the official animal of the Indian city of Guwahati.

Refer: facts for prelims: https://www.insightsonindia.com/2022/10/31/mission-2023-insights-daily-current-affairs-pib-summary-31-october-2022/