[Mission 2023] Current Affairs Quiz ,23 November 2022

Solution: d)

The G20 was formed in 1999 in the backdrop of the financial crisis of the late 1990s that hit East Asia and Southeast Asia in particular. Its aim was to secure global financial stability by involving middle-income countries. Its prominent members are: Australia, Brazil, China, France, Germany, India, Japan, Republic of Korea, Russia, Saudi Arabia, South Africa, Turkey, the UK, the US, and the EU. Spain is invited as a permanent guest.

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Solution: a)

“G20 is the premier forum for international economic cooperation representing around 85 per cent of the global GDP, over 75 per cent of the global trade, and about two-thirds of the world population. 

The presidency of the G20 rotates every year among members, and the country holding the presidency, together with the previous and next presidency-holder, forms the ‘Troika’ to ensure continuity of the G20 agenda.

During India’s presidency, India, Indonesia and Brazil will form the troika. “This would be the first time when the troika would consist of three developing countries and emerging economies

The G20 has no permanent secretariat. The agenda and work are coordinated by representatives of the G20 countries, known as ‘Sherpas’, who work together with the finance ministers and governors of the central banks. India has announced that ex-NITI Aayog CEO Amitabh Kant would be the G20 Sherpa after Piyush Goyal.

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Solution: a)

At the 27th Session of Conference of Parties (COP27), this year’s UN climate summit, the Mangrove Alliance for Climate (MAC) was launched with India as a partner on Tuesday (November 8).

An initiative led by the United Arab Emirates (UAE) and Indonesia, the Mangrove Alliance for Climate (MAC) includes India, Sri Lanka, Australia, Japan, and Spain. It seeks to educate and spread awareness worldwide on the role of mangroves in curbing global warming and its potential as a solution for climate change.

However, the intergovernmental alliance works on a voluntary basis which means that there are no real checks and balances to hold members accountable. Instead, the parties will decide their own commitments and deadlines regarding planting and restoring mangroves. The members will also share expertise and support each other in researching, managing and protecting coastal areas.

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Solution: d)

The International Commission of Jurists (ICJ) is an international human rights non-governmental organization. It is a standing group of 60 eminent jurists—including senior judges, attorneys and academics—who work to develop national and international human rights standards through the law. Commissioners are known for their experience, knowledge and fundamental commitment to human rights. The composition of the Commission aims to reflect the geographical diversity of the world and its many legal systems.

Solution: a)

Tax revenue is charged on income earned by an individual or an entity (direct tax) and on the value of transaction of goods and services (indirect tax). On the other hand, non-tax revenue is charged against services provided by the government. It also includes interest charged on loans advanced by the government for various purposes.