DAILY CURRENT AFFAIRS IAS | UPSC Prelims and Mains Exam – 31st January 2024

Syllabus

• Prelims –ECONOMY

Context: Recently, the International Monetary Fund (IMF) has increased its GDP growth estimate for India to 6.7 per cent for the current financial year.

Background:-

• It is 40 basis points higher than its previous forecast of 6.3 per cent.

About the International Monetary Fund (IMF):-

• It is an international organizationthat works to achieve sustainable growth and prosperity for all of its member countries.
• Established in 1944
• HQ:Washington, D.C. (United States of America)
• Members: 190
  • India is a member.
  • Any other state, whether or not a member of the UN, may become a member of the IMF.

Structure:–

• At the top of its organization is the Board of Governors.
• The day-to-day workof the IMF is overseen by its 24-member Executive Board.
• The Managing Directoris the head of the IMF staff and Chair of the Executive Board.
• S/he is assisted by four Deputy Managing Directors.
• Funding:the IMF’s resources mainly come from the money that countries pay as their capital subscription (quotas) when they become

Objectives of IMF:-

• Foster global monetary cooperation.
• Secure financial stability.
• Facilitate international trade.
• Promote high employment and sustainable economic growth.
• Reduce povertyaround the world. ( Role of IMF)
• Macroeconomic growth.
• Policy advice & financingfor developing countries.
• Promotion of exchange rate stability, and an international payment system.

Functions:-

• Lending
  • The IMF provides loans including emergency loansto member countries experiencing actual or potential balance of payments problems.
  • The aim is to help them rebuild their international reserves, stabilize their currencies, continue paying for imports, and restore conditions for strong economic growth while correcting underlying problems.
• Surveillance
  • The IMF monitors the international monetary systemand global economic developments.
    • It identifies risks and recommends policiesfor growth and financial stability.
  • Capacity Development
    • The IMF provides technical assistance and training to governments, including central banks, finance ministries, revenue administrations, and financial sector supervisory agencies.

FLAGSHIP PUBLICATIONS:-

• World Economic Outlook
• Global Financial Stability Report
• Fiscal Monitor

MUST READ: IMF and World Economic Outlook

SOURCE: AIR

PREVIOUS YEAR QUESTIONS

Q.1) “Rapid Financing Instrument” and “Rapid Credit Facility” are related to the provisions of lending by which of the following: (2022)

1. Asian Development Bank
2. International Monetary Fund
3. United Nations Environment Programme Finance Initiative
4. World Bank

Q.2) With reference to the “G20 Common Framework”, consider the following statements: (2022)

1. It is an initiative endorsed by the G20 together with the Paris Club.
2. It is an initiative to support Low-Income Countries with unsustainable debt.

Which of the statements given above is/are correct?

1. 1 only
2. 2 only
3. Both 1 and 2
4. Neither 1 nor 2

Syllabus

• Prelims –ENVIRONMENT AND ECOLOGY

Context: Recently, a national exhibition and programme of environment-friendly activities on the LiFE (Lifestyle for Environment) themes is being organized on 9th & 10th February 2024, at India Gate, Delhi.

Background:-

• The event will highlight how the youth can inspire behavioural change that leads to individual and collective action towards an environmentally conscious lifestyle.

About LiFE (Lifestyle for Environment):-

• LiFE is an India-led global movement to nudge individuals to take simple yet effective environment-friendly actions in their daily lives.
• Aim: to bring individual behaviours to the forefront of the global climate action
• LiFE envisions replacing the prevalent ‘use-and-dispose’ economy with a circular economy, which would be defined by mindful and deliberate utilisation.

Approach:-

• Focus on Individual Behaviours: Make Life a mass movement (Jan Andolan) by focusing on behaviours and attitudes of individuals and communities.
• Co-create Globally: Crowdsource empirical and scalable ideas from the best minds of the world, through top universities, think tanks and international organisations.
• Leverage Local Cultures: Leverage climate-friendly social norms, beliefs and daily household practices of different cultures worldwide to drive the campaign.

Objectives :-

• It aims to promote an environmentally conscious lifestyle that focuses on ‘mindful and deliberate utilization’ instead of ‘mindless and wasteful consumption’.
• It aims to utilise the power of collective action.
• It aims to nudge individuals across the world to undertake simple climate-friendly actions in their daily lives.
• It aims to create and nurture a global network of individuals, namely ‘Pro-Planet People’ (P3).
• Pro-Planet People’ (P3): to have a shared commitment to adopt and promote environmentally friendly lifestyles.
• It seeks to leverage the strength of social networks to influence social norms surrounding climate.

MUST READ: National Clean Air Programme

SOURCE: PIB

PREVIOUS YEAR QUESTIONS

Q.1)The “Common Carbon Metric” supported by UNEP, has been developed for (2021)

1. Assessing the carbon footprint of building operations around the world.
2. Enabling commercial farming entities around the world to enter carbon emission trading.
3. Enabling governments to assess the overall carbon footprint caused by their countries.
4. Assessing the overall carbon footprint caused by the use of fossil fuels by the world in a unit of time.

Q.2) “R2 Code of Practices” constitute a tool available for promoting the adoption of (2021)

1. Environmentally responsible practices in the electronics recycling industry.
2. Ecological management of ‘’Wetlands of International Importance” under the Ramsar Convention.
3. Sustainable practices in the cultivation of agricultural crops in degraded lands.
4. ‘’Environmental Impact Assessment’’ in the exploitation of natural resources.

Syllabus

• Prelims –ECONOMY

Context: Recently, PFRDA has invited bids for the selection of a System Integrator (SI) for the design, development, implementation and maintenance of PFRDA-TRACE (Tracking Reporting Analytics & Compliance E-Platform).

Background:-

• PFRDA-TRACE will serve as a comprehensive tool for submitting regulatory and supervisory compliance reports by intermediaries.

About Pension Fund Regulatory and Development Authority (PFRDA):-

• The Pension Fund Regulatory and Development Authority (PFRDA) is a statutory regulatory body established under the Pension Fund Regulatory and Development Authority Act, 2013.
• It was established to oversee the National Pension System (NPS) and regulate India’s pensions sector.

Functions:-

• The Pension Fund Regulatory and Development Authority (PFRDA) is a legislative body created by Parliament to regulate, promote, and maintain the orderly expansion of the National Pension System (NPS) and pension schemes covered by this Act.
• It is a central autonomous body that functions as a quasi-government organisation with executive, legislative, and judicial powers similar to the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), Insurance Regulatory and Development Authority (IRDA), and the Insolvency and Bankruptcy Board of India (IBBI).
• PFRDA administers and regulates the National Pension System (NPS) and also administers the Atal Pension Yojana.
• It is responsible for appointing numerous intermediary agencies, such as Pension Fund Managers and the Central Record Keeping Agency (CRA), among others.

MUST READ: The Securities Appellate Tribunal (SAT)

SOURCE: PIB

PREVIOUS YEAR QUESTIONS

Q.1) Consider the following statements: (2022)

1. In India, credit rating agencies are regulated by the Reserve Bank of India.
2. The rating agency popularly known as ICRA is a public limited company.
3. Brickwork Ratings is an Indian credit rating agency.

Which of the statements given above is correct?

1. 1 and 2 only
2. 2 and 3 only
3. 1 and 3 only
4. 1, 2 and 3

Q.2) With reference to the Indian economy, consider the following statements. (2022)

1. An increase in Nominal Effective Exchange Rate (NEER) indicates the appreciation of the rupee.
2. An increase in the Real Effective Exchange Rate (REER) indicates an improvement in trade competitiveness.
3. An increasing trend in domestic inflation relative to inflation in other countries is likely to cause an increasing divergence between NEER and REER.

Which of the above statements is correct?

1. 1 and 2 only
2. 2 and 3 only
3. 1 and 3 only
4. 1, 2 and 3

Syllabus

• Prelims – INTERNATIONAL RELATIONS

Context: Recently, Prime Minister, Shri Narendra Modi today praised a Republic Day joint India-Oman musical performance performed at the Embassy Reception at Indian embassy in Oman.

Background:-

• The Prime Minister posted on X :

“Very creative. I appreciate all those who were a part of this effort.”

About Oman:-

IMAGE SOURCE: WorldAtlas

• Capital: Muscat.
• Oman, occupies the southeastern coast of the Arabian Peninsula at the confluence of the Persian Gulf and Arabian Sea.
• In contrast to the stark interior, the coastal regions are much more hospitable.
• Oman’s lush northern coast lies between the sea and inland mountains.
• Northern Oman is dominated by three physiographic zones.
• The long narrow coastal plain known as Al-Bāṭinah stretches along the Gulf of Oman.
• The high, rugged Ḥajar Mountains extend southeastward, parallel to the gulf coast, from the Musandam Peninsula to a point near Cape al-Ḥadd at the easternmost tip of the Arabian Peninsula.
• Much of the range reaches elevations above 4,800 feet (1,463 metres).
• Mount Shams (“Sun Mountain”), at an elevation of 9,777 feet (2,980 metres), is the country’s highest point.
• The climate is hot and dry in the interior and hot and humid along the coast.
• Arabic is the official language.
• The population of Oman is primarily urban but has a number of traditional rural settlements.

MUST READ: India-Oman Defence Relations

SOURCE: PIB

PREVIOUS YEAR QUESTIONS

Q.1) Recently, India signed a deal known as ‘Action Plan for Prioritization and Implementation of Cooperation Areas in the Nuclear Field’ with which of the following countries? (2019)

1. Japan
2. Russia
3. The United Kingdom
4. The United States of America

Q2). What is the importance of developing Chabahar Port by India? (2017)

1. India’s trade with African countries will enormously increase.
2. India’s relations with oil-producing Arab countries will be strengthened.
3. India will not depend on Pakistan for access to Afghanistan and Central Asia.
4. Pakistan will facilitate and protect the installation of a gas pipeline between Iraq and India.

Syllabus

• Prelims – GEOGRAPHY

Context: Recently, Dhenkanal Magji got the GI Tag.

About Dhenkanal Magji:-

• Location: Odisha.
• Dhenkanal Magji is a type of sweet made from cheese from buffalo milk, with distinct characteristics in terms of appearance, taste, flavour, shape, and size.
• It also has unique nutritional values that distinguish it from other cheese-based sweets.
• Thousands of people were said to be earning their livelihood through animal husbandry, especially buffalo rearing, during the British era.
• The region was the hinterland of buffalo milk production and cheese was the third largest produce, after milk and curd.
• The Mandar-Sadangi area of Gondia block is believed to be the centre of origin of the sweet stuff, which has now been spread to the entire district.
• The sweet is prepared by draining moisture from the cheese and then frying it, finally forming balls from the mixture.

MUST READ: GI Tag for Mithila Makhana

SOURCE: THE HINDU

PREVIOUS YEAR QUESTIONS

Q.1) System of Rice Intensification” of cultivation, in which alternate wetting and drying of rice fields is practised, results in: (2022)

1. Reduced seed requirement
2. Reduced methane production
3. Reduced electricity consumption

Select the correct answer using the code given below:

1. 1 and 2 only
2. 2 and 3 only
3. 1 and 3 only
4. 1, 2 and 3

Q.2) With reference to pre-packed items in India, it is mandatory to the manufacturer to put which of the following information on the main label, as per the Food Safety and Standards (Packaging and Labelling) Regulation, 2011? (2016)

1. List of ingredients including additives
2. Nutrition information
3. Recommendations, if any, made by the medical profession about the possibility of any allergic reaction
4. Vegetarian/non-vegetarian

Select the correct answer using the codes given below:

1. 1, 2 and 3 only
2. 2, 3 and 4 only
3. 1, 2 and 4 only
4. 1 and 4 only

Syllabus

• Prelims –DEFENSE

Context: Recently, the Indian Navy’s INS Sumitra rescued fishermen hijacked by pirates along the east coast of Somalia and the Gulf of Aden.

Background:-

• The Iranian-flagged Fishing Vessel (FV) Iman was hijacked by pirates along the East coast of Somalia and the Gulf of Aden.

About INS Sumitra:-

• Designed and constructed: Goa Shipyard Limited.
• INS Sumitra is a new-generation naval offshore patrol vessel which has joined the Eastern Naval Command in Chennai.
• It is the fourth and last Saryu-class patrol vessel of the Indian Navy.
• It is based on an indigenous design .
• The ship has a range of 6,500 nautical miles.
• It is propelled by two diesel engines.
• It is capable of embarking one Dhruv/Chetak helicopter.
• It was commissioned in 2014 and is based in Chennai under the Eastern Naval Command.
• The primary role of the ship is to undertake surveillance of the country’s exclusive economic zone (EEZ) besides other operational tasks such as anti-piracy patrols, fleet support operations, maritime security of offshore assets, and escort operations.
• It is designed to undertake fleet support operations, coastal and offshore patrolling, ocean surveillance and monitoring of sea lines of communications and offshore assets and escort duties.

MUST READ: NAVDEX 23 and IDEX 23

SOURCE: HINDUSTAN TIMES

PREVIOUS YEAR QUESTIONS

Q.1) What is “Terminal High Altitude Area Defense (THAAD)”, sometimes seen in the news? (2018)

1. An Israeli radar system
2. India’s indigenous anti-missile programme
3. An American anti-missile system
4. A defense collaboration between Japan and South Korea

Q.2) With reference to Agni-IV Missile, which of the following statements is/are correct? (2014)

1. It is a surface-to-surface missile.
2. It is fueled by liquid propellant only.
3. It can deliver one-ton nuclear warheads about 7500 km away.

Select the correct answer using the code given below:

1. 1 only
2. 2 and 3 only
3. 1 and 3 only
4. 1,2, and 3

Q1) Consider the following pairs:

How many of the above pairs are correctly matched?

1. Only one
2. Only two
3. All three
4. None

Q2) Consider the following statements

Statement-I :

International Monetary Fund (IMF) was established in 1947.

Statement-II :

It has 190 members.

Which one of the following is correct in respect of the above statements?

1. Both Statement-I and Statement-II are correct and Statement-II is the correct explanation for Statement-I
2. Both Statement-I and Statement-II are correct and Statement-II is not the correct explanation for Statement-I
3. Statement-I is correct but Statement II is incorrect
4. Statement-I is incorrect but Statement II is correct

Q3) With reference to Dhenkanal Magji, consider the following statements:

1. The sweet is prepared by draining moisture from the cheese and then frying it, finally forming balls from the mixture.
2. It also has unique nutritional values that distinguish it from other cheese-based sweets.
3. It is a type of sweet made from cheese from buffalo milk.

How many of the statements given above is/are correct?

1. 2 only
2. 1, 2 and 3 only
3. 2 and 3 only
4. 3 only

Comment the answers to the above questions in the comment section below!!

ANSWERS FOR ’  31st January 2024 – Daily Practice MCQs’ will be updated along with tomorrow’s Daily Current Affairs.st

Q.1) – a

Q.2) – b

Q.3) – c