[Mission 2024] QUED ( Questions from Editorials ) 20 December 2023

Solution: c)

Increasing the rate of interest on savings and fixed deposits attracts people to park their money in the banks, which in turn helps to reduce inflation.

Solution: d)

ONDC is an interoperable network based on the BeckN protocol that anyone can piggyback on. It seeks to break down silos in digital commerce by enabling platforms of varying configurations (big or small) to connect and operate seamlessly on it.

It comprises different entities called ‘Network Participants’, including Buyer Applications, Seller Applications, and Gateways that perform the search and discovery function. Imagine a scenario where all the large e-commerce platforms, from food delivery to clothing and fashion to conveyance, are accessible in one place, along with your neighbourhood start-ups, shops, and kirana stores.

How does this help, and why is it significant?

By moving the exchange of goods and services from a platform-centric approach to a network-centric approach, ONDC eliminates the need for buyers and sellers to use the same application, and promotes the discoverability of local digital stores across industries.

What is ONDC’s inclusive governance approach?

The ONDC entity, a not-for-profit company incorporated under Section 8 of the Companies Act 2013, manages and operates the ONDC Network.

It is responsible for building and maintaining the underlying infrastructure (common registries and protocols) as well as defining the rules of engagement and code of conduct for the Network Participants through the ONDC Network Policy and the ONDC Network Participant Agreement.

To what extent will the government be involved in ONDC?

ONDC has been endorsed by the Department for Promotion of Industry and Internal Trade (DPIIT) under the Union Ministry of Commerce and Industry. DPIIT is not involved in ONDC’s funding, but is at the forefront of its evangelisation through light-touch governmental oversight.

To ensure a market+community driven approach to decision-making, the board includes representatives from banks, the government, and independent industry and civil society members.

Solution: c)

Quantum Technology is based on the principles of quantum theory, which explains the nature of energy and matter on the atomic and subatomic level. It concerns the control and manipulation of quantum systems, with the goal of achieving information processing beyond the limits of the classical world.

In 2019, the Centre declared quantum technology a “mission of national importance”. The government in its budget 2020 also announced a National Mission on Quantum Technologies & Applications (NM-QTA) for a period of five years to be implemented by the Department of Science & Technology (DST).

Solution: b)

Statement 1 is incorrect.

FATF is an international watchdog monitoring money laundering, terror financing, and other threats to global financial networks. The grey list signals to international financial and banking systems that there are increased risks in transacting with the country in question, impacting the country’s economic growth. To get out of the grey list, a country has to fulfil tasks recommended by the FATF, such as confiscating properties of individuals associated with terrorist groups.

Solution: d)

Article 340 of the Constitution of India provides for the appointment of a Commission to investigate the conditions for the improvement of backward classes.

The President may by order appoint a Commission comprising of such persons that he thinks fit to investigate the conditions and background of socially and educationally backward classes that lie within the territory of India.

Article 340 of the Constitution resulted in two Backward Classes commissions:

• Kaka Kalelkar Commission (1953-1955)
• Mandal Commission (1978-80)