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
Consider the following statements about Overnight Index Swap
- It is a derivative instrument where returns under a fixed rate asset are swapped against a pre-determined published index
- The primary purpose of an OIS is to manage interest rate risk.
Choose the correct statements:
Correct
Solution (c)
Statement Analysis
Statement 1 Statement 2 Correct Correct · It is a derivative instrument where returns under a fixed rate asset are swapped against a pre-determined published index of a daily overnight reference rate for an agreed period of time. · An overnight index swap rate is calculated each day.
· The primary purpose of an OIS is to manage interest rate risk, particularly the risk associated with fluctuations in the overnight lending rate. · This rate is based on the average interest rate institutions with loans based on the overnight rate have paid for that day.
Context: Overnight index swap rates at 10-month high; government bond yields rise
Incorrect
Solution (c)
Statement Analysis
Statement 1 Statement 2 Correct Correct · It is a derivative instrument where returns under a fixed rate asset are swapped against a pre-determined published index of a daily overnight reference rate for an agreed period of time. · An overnight index swap rate is calculated each day.
· The primary purpose of an OIS is to manage interest rate risk, particularly the risk associated with fluctuations in the overnight lending rate. · This rate is based on the average interest rate institutions with loans based on the overnight rate have paid for that day.
Context: Overnight index swap rates at 10-month high; government bond yields rise
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Question 2 of 5
2. Question
Consider the following statements about Lucy Mission
- It is a 12-year mission which will take close observations of nine of Jupiter’s Trojans.
- It is a joint initiative of NASA and ESA
- Trojan asteroids are a group of asteroids that share Jupiter’s orbit around the sun.
How many of the statements given above are correct?
Correct
Solution (b)
Statement Analysis
Option b Correct Dinkinesh asteroid: · It was discovered in 1999 by the LINEAR survey.
· Dinkinesh is a slow rotator with moderately large light-curve amplitude.
· It is an S-type asteroid means it is composed mainly of silicates and some metal.
· It will be the first fly-by target of the Lucy mission on 2023 November 1, during its cruise to the Trojan clouds.
· The observations were made by Lucy’s high-resolution camera, the Lucy LOng Range Reconnaissance Imager ( L’LORRI instrument ).
Key Facts about Lucy Mission
· It was launched by NASA from the Cape Canaveral Space Force Station in Florida in 2021.
· It is a 12-year mission which will take close observations of nine of Jupiter’s Trojans and two main belt asteroids along with that.
· It is the first spacecraft sent to study the Trojan asteroids, which orbit the Sun in the same path that the planet Jupiter takes.
· It has recently captured the images of Eurybates, Polymele, Leucus and Leucus asteroids.
Context: Lucy captures first image of Dinkinesh on its way to ancient asteroids
Incorrect
Solution (b)
Statement Analysis
Option b Correct Dinkinesh asteroid: · It was discovered in 1999 by the LINEAR survey.
· Dinkinesh is a slow rotator with moderately large light-curve amplitude.
· It is an S-type asteroid means it is composed mainly of silicates and some metal.
· It will be the first fly-by target of the Lucy mission on 2023 November 1, during its cruise to the Trojan clouds.
· The observations were made by Lucy’s high-resolution camera, the Lucy LOng Range Reconnaissance Imager ( L’LORRI instrument ).
Key Facts about Lucy Mission
· It was launched by NASA from the Cape Canaveral Space Force Station in Florida in 2021.
· It is a 12-year mission which will take close observations of nine of Jupiter’s Trojans and two main belt asteroids along with that.
· It is the first spacecraft sent to study the Trojan asteroids, which orbit the Sun in the same path that the planet Jupiter takes.
· It has recently captured the images of Eurybates, Polymele, Leucus and Leucus asteroids.
Context: Lucy captures first image of Dinkinesh on its way to ancient asteroids
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Question 3 of 5
3. Question
Consider the following statements about India-Saudi Arabia Strategic Partnership Council
- The council will be headed by the Prime Minister of India and Crown Prince Mohammed.
- The council will meet twice in one year.
- India is the fourth country with which Saudi Arabia has formed such a strategic partnership, after the UK, France and China.
How many of the statements given above are incorrect?
Correct
Solution (d)
Statement Analysis
Option d Correct · Saudi Arabia’s Crown Prince Mohammed bin Salman Al Saud and Prime Minister Narendra Modi held extensive talks, agreeing to expand trade and security ties. · The leaders also co-chaired the first summit-level meeting of the India-Saudi Arabia Strategic Partnership Council (SPC).
· The council will be headed by the Prime Minister of India and Crown Prince Mohammed.
· The council will meet twice in one year.
· India is the fourth country with which Saudi Arabia has formed such a strategic partnership, after the UK, France and China.
What is the India-Saudi Arabia Strategic Partnership Council?
· The pact to establish the SPC was signed during PM Modi’s visit to Saudi Arabia in October 2019.
· The Strategic Partnership Council essentially aimed to establish a high-level council to steer the Indo-Saudi relationship.
The SPC has two main pillars:
· Committee on Political, Security, Social and Cultural Cooperation; and
· Committee on Economy and Investments.
Both sub-committees have four functional levels of engagements:
· Summit level (Prime Minister & Crown Prince);
· Ministerial-level;
· Senior Officials’ Meetings; and
· Joint Working Groups (JWGs).
Context: Recently the first summit-level meeting of the India-Saudi Arabia Strategic Partnership Council (SPC) was co-chaired by Saudi Arabia’s Crown Prince Mohammed bin Salman Al Saud and Prime Minister Narendra Modi
Incorrect
Solution (d)
Statement Analysis
Option d Correct · Saudi Arabia’s Crown Prince Mohammed bin Salman Al Saud and Prime Minister Narendra Modi held extensive talks, agreeing to expand trade and security ties. · The leaders also co-chaired the first summit-level meeting of the India-Saudi Arabia Strategic Partnership Council (SPC).
· The council will be headed by the Prime Minister of India and Crown Prince Mohammed.
· The council will meet twice in one year.
· India is the fourth country with which Saudi Arabia has formed such a strategic partnership, after the UK, France and China.
What is the India-Saudi Arabia Strategic Partnership Council?
· The pact to establish the SPC was signed during PM Modi’s visit to Saudi Arabia in October 2019.
· The Strategic Partnership Council essentially aimed to establish a high-level council to steer the Indo-Saudi relationship.
The SPC has two main pillars:
· Committee on Political, Security, Social and Cultural Cooperation; and
· Committee on Economy and Investments.
Both sub-committees have four functional levels of engagements:
· Summit level (Prime Minister & Crown Prince);
· Ministerial-level;
· Senior Officials’ Meetings; and
· Joint Working Groups (JWGs).
Context: Recently the first summit-level meeting of the India-Saudi Arabia Strategic Partnership Council (SPC) was co-chaired by Saudi Arabia’s Crown Prince Mohammed bin Salman Al Saud and Prime Minister Narendra Modi
-
Question 4 of 5
4. Question
Consider the following statements about Sovereign Wealth Fund (SWF)
- It is a state-owned investment fund comprised of money generated by the government, often derived from a country’s surplus reserves.
- The National Infrastructure and Investment Fund (NIIF) is India’s first-ever sovereign wealth fund.
Choose the correct statements:
Correct
Solution (c)
Statement Analysis
Statement 1 Statement 2 Correct Correct · Sovereign wealth fund – It is a state-owned investment fund comprised of money generated by the government, often derived from a country’s surplus reserves. · An SWF is used to invest in capital assets such as real estate, metals, stocks, and bonds.
· SWFs also invest in alternative investments such as private equity funds and hedge funds.
· The main objective of the SWFs is to allocate funds for the betterment of the country’s economy. · India’s SWF – The National Infrastructure and Investment Fund (NIIF) is India’s first-ever sovereign wealth fund (SWF).
· The funding for a SWF can come from a variety of sources.
Context: The investments of SWFs in India have seen a steady rise over the past few years.
Incorrect
Solution (c)
Statement Analysis
Statement 1 Statement 2 Correct Correct · Sovereign wealth fund – It is a state-owned investment fund comprised of money generated by the government, often derived from a country’s surplus reserves. · An SWF is used to invest in capital assets such as real estate, metals, stocks, and bonds.
· SWFs also invest in alternative investments such as private equity funds and hedge funds.
· The main objective of the SWFs is to allocate funds for the betterment of the country’s economy. · India’s SWF – The National Infrastructure and Investment Fund (NIIF) is India’s first-ever sovereign wealth fund (SWF).
· The funding for a SWF can come from a variety of sources.
Context: The investments of SWFs in India have seen a steady rise over the past few years.
-
Question 5 of 5
5. Question
BRSR framework, sometimes seen in news related to?
Correct
Solution (c)
Option c Correct BRSR – Business Responsibility and Sustainability Reporting. · Launched by- SEBI (Securities and Exchange Board of India) in 2021.
· Predecessor – Business Responsibility Report (BRR), launched in 2012, has evolved into BRSR.
· Aim – To encourage listed companies to adopt sustainable business practices and disclose information related to their environmental, social, and governance (ESG) performance.
· Features – It mandates the top 1,000 listed entities (by market capitalisation) to file BRSR as part of the Annual Report with SEBI.
· Principle – These listed entities report on their performance against the 9 principles as per ‘National Guidelines on Responsible Business Conduct’ (NGBRCs).
Advantages
· Increased value creation
· Attraction and retention of talent
· Stronger brand positioning
Context: IICA and UNICEF jointly organize workshop to provide a comprehensive understanding of the BRSR framework.
Incorrect
Solution (c)
Option c Correct BRSR – Business Responsibility and Sustainability Reporting. · Launched by- SEBI (Securities and Exchange Board of India) in 2021.
· Predecessor – Business Responsibility Report (BRR), launched in 2012, has evolved into BRSR.
· Aim – To encourage listed companies to adopt sustainable business practices and disclose information related to their environmental, social, and governance (ESG) performance.
· Features – It mandates the top 1,000 listed entities (by market capitalisation) to file BRSR as part of the Annual Report with SEBI.
· Principle – These listed entities report on their performance against the 9 principles as per ‘National Guidelines on Responsible Business Conduct’ (NGBRCs).
Advantages
· Increased value creation
· Attraction and retention of talent
· Stronger brand positioning
Context: IICA and UNICEF jointly organize workshop to provide a comprehensive understanding of the BRSR framework.
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