UPSC Quiz – 2024 : IASbaba’s Daily Current Affairs Quiz 19th September 2024

IASbaba Daily Prelims Quiz

For Previous Daily Quiz (ARCHIVES) – CLICK HERE

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.

Gear up and Make the Best Use of this initiative.

Do remember that, “the difference between Ordinary and EXTRA-Ordinary is PRACTICE!!”

Important Note:

Don’t forget to post your marks in the comment section. Also, let us know if you enjoyed today’s test 🙂
After completing the 5 questions, click on ‘View Questions’ to check your score, time taken, and solutions.

Time limit: 0

Test-summary

0 of 5 questions completed

Questions:

Information

To view Solutions, follow these instructions:

Click on – ‘Start Test’ button
Solve Questions
Click on ‘Test Summary’ button
Click on ‘Finish Test’ button
Now click on ‘View Questions’ button – here you will see solutions and links.

You have already completed the test before. Hence you can not start it again.

Test is loading...

You must sign in or sign up to start the test.

You have to finish following test, to start this test:

Results

0 of 5 questions answered correctly

Your time:

Time has elapsed

You have scored 0 points out of 0 points, (0)

Average score
Your score

Categories

Not categorized 0%

Your result has been entered into leaderboard

Name: E-Mail:

Captcha:

maximum of 10 points
Pos.	Name	Entered on	Points	Result
Table is loading
No data available

Answered
Review

Question 1 of 5

1. Question

Consider the following statements about Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE)

It aims to facilitate access to credit for the unserved and underserved MSE segment of the MSME Sector.
The corpus of CGTMSE is being contributed by the Government of India and SIDBI in the ratio of 2:3.
In cases of default, the trust settles the claim up to 75% of the amount in default of the credit facility extended.

How many of the statements given above are correct?

a) Only one
b) Only two
c) All three
d) None

Correct

Solution (b)

Statement Analysis

Statement 1

Statement 2

Statement 3

Correct

Incorrect

Correct

· Ministry of Micro, Small & Medium Enterprises (M/o MSME) started Credit Guarantee Scheme for Micro & Small Enterprises (MSEs) in the year 2000.

· Objective: To catalyze the flow of institutional credit to Micro & Small Enterprises (MSEs).

· The scheme was formally launched on August 30, 2000, and is operational with effect from 1st January 2000.

· The scheme aims to facilitate access to credit for the unserved and underserved MSE segment of the MSME Sector, making the availability of credit from conventional lenders to new generation entrepreneurs and underprivileged, that lack supporting their loan proposal with collateral security and/or a third-party guarantee.

· In order to implement the Credit Guarantee Scheme, CGTMSE was jointly set up by the M/o MSME, Government of India,and Small Industries Development Bank of India (SIDBI).

· Funding: The corpus of CGTMSE is being contributed by the Government of India and SIDBI in the ratio of 4:1.

Eligible Lending Institutions:

· Scheduled commercial banks (Public Sector Banks/Private Sector Banks/Foreign Banks) and select Regional Rural Banks (which have been classified under the ‘Sustainable Viable’ category by NABARD).

· National Small Industries Corporation Ltd. (NSIC), North Eastern Development Finance Corporation Ltd. (NEDFi), SIDBI, selected Small Finance banks, and NBFCs have also been made eligible institutions.

· In cases of default, the trust settles the claim up to 75% (85%/80% wherever applicable) of the amount in default of the credit facility extended by the lending institution.

Context: Women-owned micro and small enterprises will get enhanced credit guarantee coverage of 90 percent under the CGTMSE scheme, after its board approved the new guidelines recently.

Incorrect

Solution (b)

Statement Analysis

Statement 1

Statement 2

Statement 3

Correct

Incorrect

Correct

· Ministry of Micro, Small & Medium Enterprises (M/o MSME) started Credit Guarantee Scheme for Micro & Small Enterprises (MSEs) in the year 2000.

· Objective: To catalyze the flow of institutional credit to Micro & Small Enterprises (MSEs).

· The scheme was formally launched on August 30, 2000, and is operational with effect from 1st January 2000.

· In order to implement the Credit Guarantee Scheme, CGTMSE was jointly set up by the M/o MSME, Government of India,and Small Industries Development Bank of India (SIDBI).

· Funding: The corpus of CGTMSE is being contributed by the Government of India and SIDBI in the ratio of 4:1.

Eligible Lending Institutions:

· In cases of default, the trust settles the claim up to 75% (85%/80% wherever applicable) of the amount in default of the credit facility extended by the lending institution.

Context: Women-owned micro and small enterprises will get enhanced credit guarantee coverage of 90 percent under the CGTMSE scheme, after its board approved the new guidelines recently.

Question 2 of 5

2. Question

Consider the following statements about Windfall Tax

It is a higher tax imposed on specific industries when they make unusual and above-average profits.
Individual taxes such as inheritance tax or taxes on lottery or game-show winnings can also be construed as a windfall tax.

Choose the correct statements:

a) 1 only
b) 2 only
c) Both 1 and 2
d) Neither 1 nor 2

Correct

Solution (c)

Statement Analysis

Statement 1

Statement 2

Correct

Windfall Tax:

· It is a higher tax imposed on specific industries when they make unusual and above-average profits.

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

· The increase in profits is not attributed to any expansion or investment strategy of a business but to a favourable external factor for which the business is not responsible.

· A windfall tax is levied on industries or businesses that make disproportionate profitsduring unexpected situations like commodity shortages, wars, pandemics, changes in government policy, etc.

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

· Some individual taxes—such as inheritance tax or taxes on lottery or game-show winnings—can also be construed as a windfall tax.

Objective:

· The primary objective of windfall taxes is to appropriate a portion of these extraordinary profits, which are perceived to exceed normal returns, for the public good.

· Governments assert that these profits are not solely due to the taxed entity’s efforts but also due to external factors, justifying the redistribution of such gains to benefit society as a whole.

· It is also used as a supplementary revenue stream for the government.

Context: The government recently slashed the windfall tax on domestically produced crude oil to ‘nil’ per tonne.

Incorrect

Solution (c)

Statement Analysis

Statement 1

Statement 2

Correct

Windfall Tax:

· It is a higher tax imposed on specific industries when they make unusual and above-average profits.

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

· The increase in profits is not attributed to any expansion or investment strategy of a business but to a favourable external factor for which the business is not responsible.

· A windfall tax is levied on industries or businesses that make disproportionate profitsduring unexpected situations like commodity shortages, wars, pandemics, changes in government policy, etc.

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

· Some individual taxes—such as inheritance tax or taxes on lottery or game-show winnings—can also be construed as a windfall tax.

Objective:

· The primary objective of windfall taxes is to appropriate a portion of these extraordinary profits, which are perceived to exceed normal returns, for the public good.

· It is also used as a supplementary revenue stream for the government.

Context: The government recently slashed the windfall tax on domestically produced crude oil to ‘nil’ per tonne.

Question 3 of 5

3. Question

Which of the following are the benefits of Seaweeds?

Sources of polysaccharides
Production of a protein
Binding agents in toothpaste
Protects the body from damages caused by freeradicals

Choose the correct code:

a) Only one
b) Only two
c) Only three
d) All four

Correct

Solution (d)

Option d

Correct

· “Seaweed” is the common name for countless species of marine plants and algae that grow in the ocean as well as in rivers, lakes, and other water bodies.

· They range in colours from red, green, brown and black and also vary in size, from microscopic to large underwater forests.

· Seaweeds are generally anchored to the sea bottom or other solid structures by rootlike “holdfasts,” which perform the sole function of attachment and do not extract nutrients as do the roots of higher plants.

Uses:

· A number of seaweed species are edible, and many are also of commercial importance to humans.

· Some are used as fertilizers or as sources of polysaccharides.

· High amount of antioxidants present in seaweed protects the body from damages caused by freeradicals and protects cells from their impact.

· Animal studies have found that substances found in seaweed help increase the production of a protein that metabolises fat effectively.

· Research suggests that consuming seaweed can help in managing diabetes by balancing the sugar levels in the blood.

· Many seaweeds contain anti-inflammatory and anti-microbial agents.

· They are effective binding agents (emulsifiers) in such commercial goods as toothpaste and fruit jelly, and popular softeners (emollients) in organic cosmetics and skin-care products.

Context: Recently, the Department of Fisheries under the Ministry of Fisheries, Animal Husbandry and Dairying has designated the ICAR-Central Marine Fisheries Research Institute (CMFRI) as a centre of excellence for seaweed cultivation.

Incorrect

Solution (d)

Option d

Correct

· “Seaweed” is the common name for countless species of marine plants and algae that grow in the ocean as well as in rivers, lakes, and other water bodies.

· They range in colours from red, green, brown and black and also vary in size, from microscopic to large underwater forests.

Uses:

· A number of seaweed species are edible, and many are also of commercial importance to humans.

· Some are used as fertilizers or as sources of polysaccharides.

· High amount of antioxidants present in seaweed protects the body from damages caused by freeradicals and protects cells from their impact.

· Animal studies have found that substances found in seaweed help increase the production of a protein that metabolises fat effectively.

· Research suggests that consuming seaweed can help in managing diabetes by balancing the sugar levels in the blood.

· Many seaweeds contain anti-inflammatory and anti-microbial agents.

· They are effective binding agents (emulsifiers) in such commercial goods as toothpaste and fruit jelly, and popular softeners (emollients) in organic cosmetics and skin-care products.

Question 4 of 5

4. Question

Consider the following statements about Rangeen Machhli Application

It is an initiative to meet the growing needs of the ornamental fisheries sector.
It is jointly developed by Indian Council of Agricultural Research, Central Institute of Freshwater Aquaculture (ICAR-CIFA).

Choose the incorrect statements:

a) 1 only
b) 2 only
c) Both 1 and 2
d) Neither 1 nor 2

Correct

Solution (d)

Statement Analysis

Statement 1

Statement 2

Correct

· The Rangeen Machhli App is an initiative to meet the growing needs of the ornamental fisheries sector.

· It provides the crucial knowledge and important resources for hobbyists, aquarium shop owners and fish farmers.

· Developed by – ICAR-CIFA (Indian Council of Agricultural Research, Central Institute of Freshwater Aquaculture) with support from the Pradhan Mantri Matsya Sampada Yojana (PMMSY).

· “Find Aquarium Shops” tool – Is a standout feature of the app that enables users to discover nearby aquarium stores.

· This dynamic directory is regularly updated by shop owners, promoting local businesses while providing users with reliable sources for ornamental fish and aquarium-related products.

· “Basics of Aquarium Care” – Is a module covers essential topics such as types of aquariums, fishes, water filtration, lighting, feeding, day to day maintenance.

· “Ornamental Aquaculture” – Is a module focuses on breeding, rearing of different ornamental fish.

· Ornamental Fishes – India boasts a rich diversity of ornamental fish, with over 195 indigenous varieties reported from the North-East Region and Western Ghats, and nearly 400 species from marine ecosystems.

· Pradhan Mantri Matsya Sampada Yojana – A scheme to bring about ecologically healthy, economically viable, and socially inclusive development of the Fisheries sector of India.

· It is implemented by the Department of Fisheries, Ministry of Fisheries, Animal Husbandry and Dairying.

· It aids to bring about Blue Revolution through sustainable and responsible development of fisheries sector in India.

Context: The “Rangeen Machhli” app was launched recently that provides multilingual information on popular ornamental fish species in eight Indian languages.