UPSC Quiz – 2021 : IASbaba’s Daily Current Affairs Quiz 30th JUNE 2021

Solution (d)

Anandamath is a Bengali fiction, written by Bankim Chandra Chattopadhyay and published in 1882. 

It is inspired by and set in the background of the Sannyasi Rebellion in the late 18th century, it is considered one of the most important novels in the history of Bengali and Indian literature.

Its importance was heightened by the fact that it became synonymous with the struggle for Indian independence from colonial rule.

Article Link: PM pays homage to Rishi Bankim Chandra Chattopadhyay on his Jayanti

Solution (a)

The Debt-to-GDP ratio is the ratio between a country’s government debt and its gross domestic product (GDP). It measures the financial leverage of an economy. It indicates country’s ability to pay back its debts.

Public debt is the total amount, including total liabilities, borrowed by the government to meet its development budget. It has to be paid from the Consolidated Fund of India. The sources of public debt are dated government securities (G-Secs), treasury bills, external assistance, and short-term borrowings.

The Fiscal Responsibility and Budget Management (FRBM) Act, as amended in 2008, mandated the debt-to-GDP ratio to serve as the medium-term anchor for fiscal policy, with the fiscal deficit as the operational target. It mandated the debt-to-GDP ratio of the Centre to be brought down to 40% and that of states to 20% by 2024-25.

Article Link: Debt at 58.8% of GDP as economy contracts

Solution (c)

SFURTI: The Ministry of Micro Small and Medium Enterprises (MSME) Government of India, launched Scheme of Fund for Regeneration of Traditional Industries (SFURTI) to promote MSME cluster development in the country. Objectives of SFURTI are:

• To organize the artisans and traditional industries into clusters for better competitiveness
• To provide them support for enhancing employment opportunities and to increase marketability of products of such clusters
• To improve the skills of artisans
• To make provision for improved tools and equipment for artisans
• With the active participation of the stakeholders, strengthening the cluster governance systems

DHRUV: The Pradhan Mantri Innovative Learning Programme – DHRUV has been started by Ministry of Human Resource Development, Government of India to identify and encourage talented children to enrich their skills and knowledge. In centres of excellence across the country, gifted children will be mentored and nurtured by renowned experts in different areas, so that they can reach their full potential. The main objective of the program is to allow students to realize their complete potential and contribute to the society.

ASPIRE: Scheme for promotion of innovation, entrepreneurship and Agro-Industry (ASPIRE) is promoted by the Ministry of Micro, Small and Medium Enterprises. The main objectives of the ASPIRE scheme are to:

• Create new jobs and reduce unemployment
• Promote entrepreneurship culture in India
• Grassroots economic development at the district level
• Facilitate innovative business solution for unmet social needs
• Promote innovation to further strengthen the competitiveness of the MSME sector

Article Link: International MSME Day

Solution (a)

Recently, the Minister of State for New & Renewable Energy launched ‘The India Story’ booklet, a compilation of Indian initiatives that are shaping India’s energy transition.

He informed that:

• India’s Renewable Energy capacity is the 4th largest in the world.
• In the past six years, India’s installed renewable energy capacity has increased by over two-and-a-half times and stands at more than 141 gigawatts (including large hydro), which is about 37 per cent of the country’s total capacity.
• During the same period, the installed solar energy capacity has increased over 15 times and stands at 41.09 GW. India’s renewable energy capacity is the fourth largest in the world.
• India’s annual renewable energy addition has been exceeding that of coal-based thermal power since 2017.
• During the last 7 years, over USD 70 billion investment has been made in Renewable Energy in India.
• India has a very liberal foreign investment policy for renewables allowing 100% Foreign Direct Investment (FDI) through the automatic route in the sector.
• Rules are being framed for a ‘green tariff’ policy that will help electricity Distribution Companies (Discoms) supply electricity generated from clean energy projects at a cheaper rate as compared to power from conventional fuel sources.

Article Link: Renewable energy sector in India gets $70 bn investment in 7 years

Solution (d)

The Financial Action Task Force (on Money Laundering) (FATF), is an intergovernmental organisation founded in 1989 on the initiative of the G7 to develop policies to combat money laundering.

 In 2001, its mandate was expanded to include terrorism financing.

The objectives of FATF are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system. FATF is a “policy-making body” that works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas.

FATF monitors progress in implementing its Recommendations through “peer reviews” (“mutual evaluations”) of member countries.

Recently, Financial Action Task Force decided to retain Pakistan on “grey list” till next performance review.

Article Link: Another shade of grey: On Pakistan staying in FATF list