UPSC Quiz – 2024 : IASbaba’s Daily Current Affairs Quiz 17th January 2024

·       An interim budget generally includes the current state of the economy, plan and non-plan expenditures and receipts, changes in tax rates, revised estimates of the current financial year, and estimates for the coming financial year.

·       Despite being presented for the entire year, similar to a regular budget, the interim budget is subject to constraints imposed by the Election Commission.

·       These constraints aim to prevent the government from implementing policies that could unduly influence the general public before the commencement of voting.

·       Like a full budget, an interim budget will be discussed and passed in the Lok Sabha, and in the case of a vote-on-account, it will be passed without any formal discussion as such.

·       In other words, it accounts for only expenditures to be borne by the outgoing government for a period of two months, which may be extended to four months on special circumstances.

·       An interim budget can propose changes in the tax regime, whereas a vote-on-account cannot change the tax regime under any circumstances.

·       Vote-On-Account is a parliamentary approval for withdrawing money from the Consolidated Fund of India from April to June/July or until the new Government presents its full-fledged budget.

·       It can be termed an advance grant, interim arrangement, and authorisation for the outgoing government to draw the money from the above-said fund and meet short-term expenditures.

·       As far as validity is concerned, the interim budget is valid throughout the year whereas the vote-on-account is valid only for a period of two to four months.

·       High antiquity of its early texts/recorded history over a period of 1500-2000 years;

·       A body of ancient literature/texts, which is considered a valuable heritage by generations of speakers;

·       The literary tradition be original and not borrowed from another speech community;

·       The classical language and literature being distinct from modern, there may also be a discontinuity between the classical language and its later forms or its offshoots.

·       Two major annual international awards for scholars of eminence in classical Indian languages.

·       A Centre of Excellence for studies in Classical Languages is set up.

·       The University Grants Commission is requested to create, to start with at least in the Central Universities, a certain number of Professional Chairs for the Classical Languages so declared.”

·       The IndIa-Thailand Bilateral Exercise is being named as ‘Ex-Ayutthaya’, which literally translates to ‘The Invincible One’ or ‘Undefeatable’.

·       It symbolises the significance of two of the oldest cities Ayodhya in India and Ayutthaya in Thailand, the historic legacies, rich cultural ties and shared historical narratives dating back to several centuries.

·       Indigenously built Indian Naval ships Kulish and IN LCU 56 participated in the inaugural edition of the exercise.

·       With the institution of a Bilateral Exercise, both navies have taken a step towards strengthening operational synergy and progressively increasing the exercise complexity.

·       During the maiden edition of the exercise, participating units from both navies conducted surface and anti-air exercises including weapon firing, seamanship evolutions and tactical manoeuvres.

·       The 36th edition of India-Thailand Coordinated Patrol (Indo-Thai CORPAT) was also conducted along with the maiden bilateral exercise.

·       Maritime Patrol Aircraft from both navies participated in the Sea Phase of the exercise.

·       As part of Government of India’s vision of SAGAR (Security And Growth for All in the Region), the Indian Navy has been proactively engaging with countries in the Indian Ocean Region towards enhancing regional maritime security.

·       The Indian Navy and Royal Thai Navy have maintained a close and friendly relationship which has strengthened over the years.

·       The term “windfall” refers to an unexpected rise in profits, and the tax on windfall gains is known as the windfall tax.

·       Rather, it is related to a one-off external event for which the business is not responsible.

·       Consequently, a Windfall Tax is imposed on an industry’s profits when it experiences a sharp increase in revenue due to unrelated external events.

·       A recent example is the sudden rise in the profits of the oil and gas industries due to the Russia-Ukraine conflict.

·       The unexpected windfalls are taxed by the government over and above the normal tax rates.

·       The most common industries that fall target to windfall gains tax include oil, gas, and mining.

·       Took Samadhi at the age of 33, at Kedar tirth.

·       He was a devotee of Shiva.

·       Propounded the Doctrine of Advaita (Monism) and wrote many commentaries on the Vedic canon (Upanishads, Brahma Sutras and Bhagavad Gita) in Sanskrit.

·       He was opposed to Buddhist philosophers.

·       Brahmasutrabhasya (Bhashya or commentary on the Brahma Sutra).

·       Bhajagovinda Stotra.

·       Nirvana Shatakam.

·       Prakaran Granths.

Other Contributions:

·       Was responsible for reviving Hinduism in India to a great extent when Buddhism was gaining popularity.

·       Established four Mathas in the four corners of India at Shingeri, Puri, Dwaraka and Badrinath– for propagation of Sanathana Dharma.