IASbaba Daily Prelims Quiz
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The Current Affairs questions are based on sources like ‘The Hindu’, ‘Indian Express’ and ‘PIB’, which are very important sources for UPSC Prelims Exam. The questions are focused on both the concepts and facts. The topics covered here are generally different from what is being covered under ‘Daily Current Affairs/Daily News Analysis (DNA) and Daily Static Quiz’ to avoid duplication. The questions would be published from Monday to Saturday before 2 PM. One should not spend more than 10 minutes on this initiative.
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Question 1 of 5
1. Question
Which of the following are treated as Revenue expenditure of the Centre?
- Making interest payments on debt
- Subsidies
- Grants in aid
- All grants given to the State Governments/UTs
Choose correct answer:
Correct
Solution (d)
Revenue expenditure includes expenses incurred in the normal running of Government departments and for rendering of various services, making interest payments on debt, subsidies, grants in aid, etc. All grants given to the State Governments/UTs and others are also treated as revenue expenditure.
Article reference: Union Budget 2021 | Aiming for better-quality growth
Incorrect
Solution (d)
Revenue expenditure includes expenses incurred in the normal running of Government departments and for rendering of various services, making interest payments on debt, subsidies, grants in aid, etc. All grants given to the State Governments/UTs and others are also treated as revenue expenditure.
Article reference: Union Budget 2021 | Aiming for better-quality growth
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Question 2 of 5
2. Question
Which of the following statements best denote the term “primary deficit”?
Correct
Solution (c)
The Budget mentions four types of deficits. The fiscal deficit, revenue deficit, effective revenue deficit and primary deficit.
Fiscal deficit – It is the difference between total receipts (excluding borrowing) and total expenditure. This number captures the essence of the Centre’s finances; the extent to which the required expenses are being met by the available income.
The fiscal deficit also denotes the extent to which the Centre will have to borrow in the fiscal year to meet the revenue shortfall.
Revenue deficit – It is the difference between revenue receipts and revenue expenditure and shows if the government is being run within the means available.
Effective revenue deficit – It is calculated by excluding the grants given by the Centre to States and Union Territories for creation of capital assets.
Primary deficit – It is obtained by deducting the interest payments on previous borrowings from the fiscal deficit.
Incorrect
Solution (c)
The Budget mentions four types of deficits. The fiscal deficit, revenue deficit, effective revenue deficit and primary deficit.
Fiscal deficit – It is the difference between total receipts (excluding borrowing) and total expenditure. This number captures the essence of the Centre’s finances; the extent to which the required expenses are being met by the available income.
The fiscal deficit also denotes the extent to which the Centre will have to borrow in the fiscal year to meet the revenue shortfall.
Revenue deficit – It is the difference between revenue receipts and revenue expenditure and shows if the government is being run within the means available.
Effective revenue deficit – It is calculated by excluding the grants given by the Centre to States and Union Territories for creation of capital assets.
Primary deficit – It is obtained by deducting the interest payments on previous borrowings from the fiscal deficit.
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Question 3 of 5
3. Question
Recent Budget has finally proposed the setting up of a bad bank. Which of the following statements best denote the term “bad bank”?
Correct
Solution (a)
A ‘bad bank’ simply put is a bank that purchases the bad loans of other lenders and financial institutions at market price. Next, the bad bank resolves these bad assets over a period of time. The banks in the process though would be forced to go for write-downs and will be free from the fetters of NPA and can draw a fresh approach toward fresh lending.
Article reference: FM proposes bad bank to tide over NPAs
Incorrect
Solution (a)
A ‘bad bank’ simply put is a bank that purchases the bad loans of other lenders and financial institutions at market price. Next, the bad bank resolves these bad assets over a period of time. The banks in the process though would be forced to go for write-downs and will be free from the fetters of NPA and can draw a fresh approach toward fresh lending.
Article reference: FM proposes bad bank to tide over NPAs
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Question 4 of 5
4. Question
Consider the following statements:
- The total demand for gold in India dwindled by 35 per cent in 2020.
- India is only behind China in overall consumption of gold.
Which of the statements given above is/are incorrect?
Correct
Solution (d)
In an attempt to boost consumer demand and to keep a check on smuggled imports, Finance Minister recently announced rationalisation of import duty on gold and silver. It has been brought down to 7.5 per cent from 12.5 per cent (brought in during the July 2019 Budget).
The total demand for gold in India dwindled by 35 per cent in 2020 to 446.4 tonnes — lowest in the last 25 years — from 690.4 tonnes in 2019. Even in 2019, it had fallen by about 9 per cent year-on-year.
Do you know?
- India is only behind China in overall consumption.
Article link: Can reduced import duty trigger gold demand?
Incorrect
Solution (d)
In an attempt to boost consumer demand and to keep a check on smuggled imports, Finance Minister recently announced rationalisation of import duty on gold and silver. It has been brought down to 7.5 per cent from 12.5 per cent (brought in during the July 2019 Budget).
The total demand for gold in India dwindled by 35 per cent in 2020 to 446.4 tonnes — lowest in the last 25 years — from 690.4 tonnes in 2019. Even in 2019, it had fallen by about 9 per cent year-on-year.
Do you know?
- India is only behind China in overall consumption.
Article link: Can reduced import duty trigger gold demand?
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Question 5 of 5
5. Question
Recently, the PM addressed 125th anniversary celebrations of ‘Prabuddha Bharata’, a monthly journal which was started by –
Correct
Solution (a)
The Prime Minister recently addressed the 125th anniversary celebrations of ‘Prabuddha Bharata’, a monthly journal of the Ramakrishna Order, started by Swami Vivekananda.
Prime Minister said that Swami Vivekananda named the journal Prabuddha Bharata to manifest the spirit of our nation. Swami ji wanted to create an ‘Awakened India’, beyond just a political or territorial entity. “Swami Vivekananda saw India as a cultural consciousness that has been living and breathing for centuries”, said the Prime Minister.
Article reference: PM addresses 125th anniversary celebrations of ‘Prabuddha Bharata’
Incorrect
Solution (a)
The Prime Minister recently addressed the 125th anniversary celebrations of ‘Prabuddha Bharata’, a monthly journal of the Ramakrishna Order, started by Swami Vivekananda.
Prime Minister said that Swami Vivekananda named the journal Prabuddha Bharata to manifest the spirit of our nation. Swami ji wanted to create an ‘Awakened India’, beyond just a political or territorial entity. “Swami Vivekananda saw India as a cultural consciousness that has been living and breathing for centuries”, said the Prime Minister.
Article reference: PM addresses 125th anniversary celebrations of ‘Prabuddha Bharata’
