UPSC Quiz – 2021 : IASbaba’s Daily Current Affairs Quiz 25th November 2021

Solution (d)

The Finance Minister of Kerala had strongly objected to observations in a recent audit report by the Comptroller and Auditor General (CAG) for 2020 (the State Finance Report that was tabled in the Assembly on November 11 on the Kerala Infrastructure Investment Fund Board (KIIFB)’s “off-Budget borrowings

Kerala Infrastructure Investment Fund Board (KIIFB) is a body corporate constituted by the Government of Kerala to mobilize financial resources for infrastructure development of the State. It was established on November 11, 1999 through legislation — Kerala Infrastructure Investment Fund Act 1999 — passed by the Kerala State Assembly

KIIFB intends to raise funds through term loans from public sector banks and other financial institutions. Another source is the money raised through a chit fund scheme for non-resident Indians (Pravasi chitti scheme). In addition, in May 2019, KIIFB became the first ever State Government agency in India to access the offshore debt market when it raised ₹2,150 crore through Masala bonds, an instrument approved by the Reserve Bank of India. 

At the same time, KIIFB is assured of funding from the State Government, 

The CAG pointed out that the borrowings by KIIFB are outside of the State budget and, therefore, do not have legislative approval. At the same time, the CAG expressed fears that the State Government may have to repay the liabilities of KIIFB in future.

Article Link:

https://www.thehindu.com/news/national/kerala/kiifb-debt-financed-expenditure-offering-a-lifeline-during-a-difficult-financial-period/article37619922.ece

Solution (b)

Government has approved the hybrid annuity model (HAM) for building National Highways (NH) to speed up the construction of roads in the country by renewing interest of private developers in highway projects. 40% the Project Cost is to be provided by the Government as Construction Support during the construction period and the balance 60% as annuity payments over the operations period along with interest thereon to the concessionaire.

The objective is to maximize the quantum of implemented projects within the available financial resources of the Government and to revive private sector participation in the sector. Toll fee collection from the highways projects developed under the hybrid annuity model is the responsibility of the Government/Authority.

In BOT model all risks is borne by private sector. 

The HAM is a mix EPC and BOT model, with the government and the private companies sharing the total project cost in the ratio of 40:60 respectively.

Apart from 60% project cost, the private player will also build the road and on completion will hand it over to the government.

The government shoulders the responsibility of revenue collection (by toll). The government will then pay the fixed amount of annuity annually to the private player for the defined period. 

The government will select that private player in competitive bidding

Article Link:

https://pib.gov.in/Pressreleaseshare.aspx?PRID=1592673

https://www.thehindu.com/todays-paper/central-nod-for-six-laning-of-nh-66/article37618456.ece

Solution (a)

The Indira Gandhi Peace Prize, also known as Indira Gandhi Prize for Peace, Disarmament and Development, is the prestigious award accorded annually by Indira Gandhi Memorial Trust to individuals or organizations in recognition of creative efforts toward promoting international peace, development and a new international economic order; ensuring that scientific discoveries are used for the larger good of humanity, and enlarging the scope of freedom.

The prize carries a cash award of 2.5 million Indian rupees and a citation. 

A written work, in order to be eligible for consideration, should have been published. 

The panel constituted by the Indira Gandhi Memorial Trust consists of prominent national and international personalities including previous recipients. The recipients are chosen from a pool of national and international nominees.

Pratham, a civil society organisation dedicated to improving the quality of education among underprivileged children in India and across the world, has been conferred the Indira Gandhi Prize for Peace, Disarmament and Development for 2021.

Article Link:

https://www.thehindu.com/news/national/pratham-awarded-indira-gandhi-prize-for-peace-for-2021/article37613070.ece#:~:text=Pratham%2C%20a%20civil%20society%20organisation,Disarmament%20and%20Development%20for%202021.

Solution (b)

Markets regulator SEBI came out with an investor charter aimed at protecting the interest of investors in the securities market

The move is to ensure transparency, timely delivery of services

The vision of the investor charter is “to protect the interests of investors by enabling them to understand the risks involved and invest in a fair, transparent, secure market, and to get services in a timely and efficient manner.”

The rights include getting fair and equitable treatment, and expecting redressal of investor grievances filed in the SCORES portal in a time-bound manner.

“This also includes getting quality services from SEBI-recognised market infrastructure institutions and SEBI-registered intermediaries, regulated entities and asset management companies,” the charter said.

Article Link:

https://www.thehindu.com/business/markets/sebi-unveils-investor-charter/article37549577.ece

Solution (b)

The Maldives has made no decision on opening an Indian consulate in its southern Addu Atoll, President Ibrahim Mohamed Solih said after the Indian Cabinet cleared a proposal for it

Apart from its strategic location in the Indian Ocean, Addu is the second largest city in the Indian Ocean archipelago, home to over 30,000 people. Indian government sources familiar with the proposal said the rationale for the consulate was to help Addu residents with speedy visa services. 

Addu Atoll, also known as Seenu Atoll, is the southernmost atoll of the Maldives.

Unlike other atolls of the Maldives, Addu Atoll has a lagoon that is a natural anchorage, accessible through four natural channels.

An atoll sometimes known as a coral atoll is a ring-shaped coral reef, including a coral rim that encircles a lagoon partially or completely. There may be coral islands or cays on the rim. Atolls are located in warm tropical or subtropical oceans and seas where corals can grow. Most of the approximately 440 atolls in the world are in the Pacific Ocean.

Article Link:

https://en.wikipedia.org/wiki/Addu_Atoll