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The correct answer is ​Universalization of primary education.

• The Mid Day Meal Scheme is a scheme of the Government of India, under which lunch is provided free of cost to the students of primary and secondary schools in the country.

• It aims to upgrade the nutritional level of students and universalize primary education.
• This scheme was implemented on August 15, 1995.
• Under this, there was a provision to provide 3 kg of wheat or rice every month to all the students studying in primary schools aided by state government from class 1 to 5, whose attendance is 80%, but on November 28, 2001, In the Supreme Courts order scheme of providing cooked food in primary schools started from 1 September 2004.

The correct answer is All of the above.

• 'Soil Health Circular' ie Soil Health Card Scheme is a scheme brought by the Government of India in February 2015.

• Under this scheme, farmers are given a soiled card, which is free of cost to the farmers, this helps the farmer to get a good crop by studying the quality of the soil.
• This soil card also gives the exact amount of fertilizer required for the crop.
• The cropped area was divided into grids of 10 ha for rainfed and 2.5 ha for irrigated and taken only one soil sample from each grid and test results will be distributed to all the farmers whose area was falling under the grid.
• Soil samples are processed through standard procedures and analyzed for various parameters namely pH, electrical conductivity (EC), Organic Carbon (OC), available N, P, K, S and micronutrients (Zn, Cu, Fe, Mn & B).
• The State Government will collect samples through the staff of their Department of Agriculture or through the staff of an outsourced agency. The State Government may also involve the students of local Agriculture/Science Colleges.
• Soil Samples are collected generally two times in a year, after harvesting of Rabi and Kharif Crop respectively or when there is no standing crop in the field.

The correct answer is a,b and c.

• Soil health card (SHC) :
  • Soil Health Card (SHC) is a Government of India's scheme promoted by the Department of Agriculture & Co-operation under the Ministry of Agriculture and Farmers' Welfare.
  • It is being implemented through the Department of Agriculture of all the State and Union Territory Governments.

• SHC is a printed report that a farmer will be handed over for each of his holdings.
  • It will contain the status of his soil with respect to 12 parameters -
    • Macro-nutrients - Nitrogen(N), Phosphorus(P), Potassium(K) 
    • Secondary-nutrient - Sulfur 
    • Micro-nutrients - Zinc(Zn), Ferrous(Fe), Copper(Cu), Manganese(Mn), Boron (B).
    • Physical parameters - Potential of hydrogen(pH), Electrical Conductivity (EC), Organic Carbon (OC)
  • Based on this, the SHC will also indicate fertilizer recommendations and soil amendments required for the farm.
• How can a farmer use SHC?
  • ​The card will contain an advisory based on the soil nutrient status of a farmer's holding.
  • It will show recommendations on a dosage of different nutrients needed.
  • Further, it will advise the farmer on the fertilizers and their quantities he should apply, and also the soil amendments that he should undertake, so as to realize optimal yields.
• Tag line: ‘Healthy Earth. Green Farm.’

• The government is planning to cover as many as all farmers under the scheme. 
• The scheme will cover all the parts of the country.
• In the form of a Soil card, the farmers will get a report. and this report will contain all the details about the soil of their particular farm.
• A farm will get the soil card once every 3 years.

The correct answer is 1 and 3 only.

• In 1955, the Village and Small-scale Industries Committee, also called the Karve Committee, noted the possibility of using small-scale industries for promoting rural development. Hence, Statement 1 is incorrect.
• A ‘small-scale industry’ is defined as the maximum investment allowed on the assets of a unit.
• This limit has changed over a period of time. In 1950 a small-scale industrial unit was one which invested a maximum of rupees five lakh.
• It was believed that small-scale industries are more ‘labor-intensive’ i.e. they use more labor than the large-scale industries, therefore, generate more employment.
• For this purpose, the production of several products was reserved for the small-scale industry; the criterion of the reservation being the ability of these units to manufacture the goods.
• They were also given concessions such as lower excise duty and bank loans at lower interest rates.

•  The Micro, Small, and Medium Enterprises (MSME) are classified into two enterprises as per the Micro, Small & Medium Enterprises Development (MSMED) Act, 2006. Hence, Statement 2 is correct.
• These are
  • Manufacturing Enterprises
  • Service Enterprises

The correct answer is Both 1 and 2.

• Indian Statistical Institute in Calcutta was founded by Prasanta Chandra Mahalanobis.
• For his contributions, Mahalanobis has been considered the father of modern statistics in India.
• Therefore statement 1 is correct.
• The Second Five Year Plan(1956-61) was based upon the Mahalanobis model and it emphasized the industrial sector, particularly heavy industries.
• Mahalanobis played a key role in formulating the plan. Hence statement 2 is correct.

​

• Five year plans details are as below-
  • 1. First - 1951-1956, it was based on the Harrod-Domar Model.
  • 2. Second - 1956-61, PC Mahalanobis Model.
  • 3. Third- 1961-66 - Gadgil Plan
  • 4. Plan Holidays - 1966-69
  • 5. Fourth - 1969 to 1974, under the leadership of Indira Gandhi.
  • 6. Fifth - 1974-78, focused on Garibi Hatao.
  • 7. Rolling Plan  - 1978 to 1980.
  • 8. Sixth - 1980 to 1985, based on Investment Yojna.
  • 9. Seventh - 1985-90, under Rajiv Gandhi's leadership.
  • 10. Annual Plans - 1990-92.
  • 11. Eight Plan - 1992-97, priority given to the development of human resources.
  • 12. Ninth Plan - 1997-02, focused on 'growth with justice and equality'.
  • 13. Tenth Plan - 2002-07 - focused to double per capita income.
  • 14. Eleventh Plan - 2007-12 - prepared by C Rangarajan.
  • 15. Twelfth Plan - 2012-17- the theme was 'faster, more inclusive, and sustainable growth'.

The correct answer is 1 and 2.

• The Reserve Bank of India recently announced that retail investors can now invest directly in the government's primary and secondary bond market by opening gilt accounts with the national banks and monetary policy regulators. This structural reform will deepen the bond market in  India. 
• In August 2005, RBI introduced an anonymous screen-based order matching module called Negotiated Dealing System-Order Matching (NDS-OM). Hence, statement 2 is correct.
• This is an order-driven electronic system, where the participants can trade anonymously by placing their orders on the system or accepting the orders already placed by other participants. 
• Access to NDS-OM by the retail segment, comprising of individual investors having Demat account with depositories viz. NSDL and/or CDSL, desirous of participating in the G-Sec market is facilitated by allowing them to use their Demat accounts for their transactions and holdings in G-Sec. Hence, statement 1 is correct.
• This access would be facilitated through any of the existing NDS-OM primary members, who also act as Depository Participants for NSDL and/or CDSL.
• The scheme seeks to facilitate efficient access to the retail individual investor to the same G-Sec market being used by the large institutional investor in a seamless manner.

• Central Depository Services (India) Ltd (CDSL), is the first listed Indian central securities depository based in Mumbai. Central Depository Services (India) Limited (CDSL) was initially promoted by BSE Ltd. which thereafter divested its stake to leading banks.
• CDSL received the certificate of commencement of business from the Securities and Exchange Board of India (SEBI) in February 1999. Hence, statement 3 is incorrect.
• Government of India securities (G-sec), State Development Loans (SDL) and Treasury Bills (T-Bills are issued in the primary market through auctions conducted by the Reserve Bank of India (RBI).
• An investor, depending upon eligibility, may bid in an auction under Competitive Bidding or Non-Competitive Bidding.
• To encourage retail investors in G-sec, SDL and T-Bills, the facility of non-competitive bidding (NCB) has been introduced.
• Under the scheme, eligible retail investors apply for a certain amount of securities in an auction without mentioning price/yield.
• Such bidders are allotted securities at the weighted average price/yield of the auction.
  RBI conducts an auction usually every week to issue G-sec, SDL and T-Bills

The Correct Answer is "Banking sector".

• A CIBIL Score is a consumer's credit score.
• Simply put, this is a three-digit numeric summary of a consumer's credit history and a reflection of the person's credit profile.
• This is based on past credit behavior, such as borrowing and repayment habits as shared by banks and lenders with CIBIL on a regular basis (the details of which are featured in the consumer's CIBIL Report).
• The Score is based on details found in the 'Accounts' and 'Enquiries' sections of the CIBIL Report, including (but not restricted to) loan accounts or credit cards, payment statuses, outstanding amounts, and days past the due date. Ranging from 300 to 900, the closer a CIBIL Score is to 900, the higher are the chances of the consumer's credit card or loan application getting approved.
• TransUnion CIBIL (formerly Credit Information Bureau (India) Limited) is India's leading credit information company with one of the largest collections of consumer information.
• It was established in 2000.

• A CIBIL report is a consolidated credit report that includes the consumer's CIBIL Score and credit summary, personal information, contact information, employment information, and loan account information.
• It is important to note that lenders consider both the CIBIL Score and Report to assess a person's loan eligibility.
• The CIBIL Score is generated by a scoring algorithm, which takes into account a large number of data points and macro-level credit trends.
• It is based on 36 months of credit history.
• Primarily, there are four key factors that impact a consumer's CIBIL Score - payment history, credit mix of secured or unsecured loans, enquiries and credit utilisation. However, the latest CIBIL Score algorithm also includes the depth of credit (that is, the duration of your existing credit history from when your oldest credit account was opened), long term trend of outstanding balances, transaction history on credit cards, the ratio of actual repayment amount to total amount due and new accounts opened/accounts closed.

The correct descending order is II, III, I, IV.

• In the financial year 2015-16, Corporation tax had the highest contribution in tax revenue for the Central Government in India. It was followed by Income Tax, Union Excise Duty and the Service Tax.

The correct answer is Mauritius.

• Mauritius's share in Foreign Direct Investment Equity inflows, in India during 2016 - 17, is on the top.

• FDI in India in 2019-20
  • Singapore emerged as the largest source of FDI in India during the last fiscal with $ 14.67 billion investments.
  • It was followed by Mauritius ($ 8.24 billion), the Netherlands ($ 6.5 billion), the US ($ 4.22 billion),
  • Cayman Islands ($ 3.7 billion), Japan ($ 3.22 billion), and France ($ 1.89 billion). 

• About FDI
  • ‘FDI’ or ‘Foreign Direct Investment’ means investment through capital instruments by a person resident outside India.
  • FDIs are actively utilized in open markets rather than closed markets for investors.
• Types of FDI
  • Horizontal, vertical, and conglomerate are types of FDI’s.
  • Horizontal is establishing the same type of business in another country, while vertical is related but different, and conglomerate is an unrelated business venture. 
• Routes through which India gets FDI
  • Automatic Route: In this, the foreign entity does not require the prior approval of the government or the RBI.
  • Government route: In this, the foreign entity has to take the approval of the government.
  • The Foreign Investment Facilitation Portal (FIFP) facilitates the single window clearance of applications which are through approval route.
• Entities that can invite FDI in India
  • Partnership Firm
  • Proprietary Concern
  • Trusts
  • Limited Liability Partnerships (LLPs)
  • Investment Vehicle
  • Startup Companies
• Sectors in which FDI is prohibited:
  • Lottery Business including Government/private lottery, online lotteries, etc.
  • Gambling and Betting including casinos etc.
  • Chit funds
  • Nidhi company
  • Trading in Transferable Development Rights (TDRs)
  • Real Estate Business or Construction of Farm Houses
  • Manufacturing of cigars, cheroots, cigarillos, and cigarettes, of tobacco or of tobacco substitutes.

• FDI in India in 2019-20
  • Singapore emerged as the largest source of FDI in India during the last fiscal with $ 14.67 billion investments.
  • It was followed by Mauritius ($ 8.24 billion), the Netherlands ($ 6.5 billion), the US ($ 4.22 billion),
  • Cayman Islands ($ 3.7 billion), Japan ($ 3.22 billion), and France ($ 1.89 billion). 

The correct answer is 1 July 2017.

• The 101st Amendment Act of 2016 paved the way for the introduction of goods and services tax - GST in the country.
• The GST was implemented with effect from 1 July 2017.
• The Goods and Services Tax (GST) is a value-added tax levied on most goods and services sold for domestic consumption.
• The GST is paid by consumers, but it is remitted to the government by the businesses selling the goods and services.

GST Council

• Article 279-A in the Constitution empowered the President to constitute a GST Council by an order.
• Accordingly, the President issued the order in 2016 and constituted the Council.
• The council is devised in such a way that the center will have 1/3rd voting power and the states have 2/3rd.
• The decisions are taken by the 3/4th majority.

The correct answer is Securities Transaction Tax.

• Securities Transaction Tax has not been subsumed by Goods and Services tax.
  • It is a tax levied at the time of purchase and sale of securities listed on stock exchanges in India.
  • Securities are tradable investment instruments such as shares, bonds, debentures, equity-oriented mutual funds (MFs).
  • This tax was introduced in the 2004 Union Budget and came into effect from 1 October 2004.
  • The rate of STT differs based on the type of security traded and whether the transaction is a purchase or a sale.

• Goods and Services Tax (GST) is an indirect tax which has been implemented in India on 1 July 2017.
• The main objective behind the implementation of this tax is to make a uniform tax system in the country.
• The Goods and Services Tax (GST) was first implemented in France.
• The first state which implemented the GST was Assam.
• GST has been implemented by the 101st Constitution Amendment Act, 2016.
• The GST was the 122^nd constitutional amendment bill to be introduced in the Parliament of India.

The correct answer is 28%.

• The council meeting was held to 'reduce' the tax rates on certain items based on customer preferences.
• Hence, no additional items were added to the highest GST rates slab of 28%.
• The GST rates for various products are subject to change from time to time without prior information.

•  The GST council has fitted over 1300 goods and 500 services under four tax slabs of 5%, 12%, 18%, and 28% under GST.
  • This is aside from the tax on gold that is kept at 3% and rough precious and semi-precious stones that are placed at a special rate of 0.25% under GST.
  • Though there are five slab rates, consultancy services fall under 18% slab only. Other GST slabs are 0%, 5%, 12%, 18% and 28%.
  • Goods and Service Tax (GST) is levied on the supply of goods and services. Goods and Services Tax Law in India is a comprehensive, multi-stage, destination-based tax that is levied on every value addition.
  • GST is a single domestic indirect tax law for the entire country.

The correct answer is None of the above is incorrect.

• Bharat Interface for Money (BHIM) is a payment app that lets you make simple, easy and quick transactions using Unified Payments Interface (UPI).
• It allows transfer of money from one bank account to another instantly via one's mobile phone.
• Payments can be made via app on mobile device only.
• The Unified Payment Interface is a real-time payment system.
• It is developed by National Payments Corporation of India (NPCI).
• It was launched on 30th December 2016.
• It aims to bring in Financial Inclusion to the nation and a digitally empowered society.
• Mobile wallets will not be necessary, because your mobile number is directly linked with the bank account.
• Advantages:
  • Increment in digital currency.
  • Effective direct transfer of subsidies to poor people.
  • FDI inflows will increase.
  • Secure: Single Click 2 Factor Authentication.
  • Universal Application for all transaction.
  • Leveraging existing infrastructure.
  • No risk of storing customer’s virtual address.

The correct answer is 1,2,3,4 and 6.

• Transfer payments are unilateral payments without any quid pro quo eg: gifts, donations, grants, unemployed allowances etc.( not included in National Income)
• Windfall gains : lottery prizes, prize money from game show etc.(not included National Income).

• Agriculture labour is a factor of production; it is included in National Income.

What is National Income?
The total value of final goods and services produced by the normal residents during an accounting year, after adjusting depreciation.

• It is Net National Product (NNP) at Factor Cost (FC).
• It does not include taxes, depreciation, and non-factor inputs (raw materials)
• Domestic Income – Total value of final goods and services produced within a domestic territory during an accounting year, after adjusting depreciation.
• It is NDP at FC
• Both NNP and NDP can be measured at constant prices (real income) or market prices (nominal income)
• Domestic Income + NFIA = National Income

The correct answer is 1 only.

• AGMARK- It is a certification mark employed on agricultural products in India, assuring that they conform to a set of standards. Hence, statement 1 is correct.
• The grade standard is notified by the Directorate of Marketing and Inspection. Hence, statement 2 is incorrect.
• The Directorate of Marketing and Inspection is an attached office of the Department of Agriculture, Cooperation and Farmers Welfare under the Ministry of Agricultural & Farmers Welfare.
• The AGMARK is legally enforced in India by the Agricultural Produce (Grading and Marking) Act of 1937 (and amended in 1986).

• The present AGMARK standards cover quality guidelines for more than 200 different commodities spanning a variety of Pulses, Cereals, Essential Oils, Vegetable Oils, Fruits & Vegetables, and semi-processed products like Vermicelli.
• These standards differentiate between quality and 2-3 grades are prescribed for each commodity
• The fully state-owned Agmark laboratories located across the nation act as testing and certifying centres.
• In addition to the Central AGMARK Laboratory (CAL) in Nagpur, there are Regional AGMARK Laboratories (RALs) in 11 nodal cities (Mumbai, New Delhi, Chennai, Kolkata, Kanpur, Kochi, Guntur, Amritsar, Jaipur, Rajkot, Bhopal).

The correct answer is All of the above.

• In rural areas agriculture is the most prominent employment available. Around 50% population is engaged in Agriculture.
• But most of the employment found in agriculture is Disguised unemployment means more people are engaged in the work than required, for the same amount of work.
• Due to stagnant growth or no presence of industries in a rural area, the major source of employment is agriculture or self-employment. Hence statement A is Correct.
• Wage employment is nothing but workers doing work on a daily basis. It also forms a substantial portion of the population because of the landholding structure of the population.
• The dependence on wage employment leads to total dependence on the employer. In such a situation, there is the exploitation of the workers engaged in such activities.
• Due to more employment opportunities in industries, the wage employable workers number will increase. It will create more purchasing power among the workers and ultimately the demand for goods will increase which will increase the asset base of the rich people as the people tend to increase the production of goods due to increase in demand.
• This ultimately increases the gap between rich and poor. Hence All the statements are correct.

The correct answer is 1 and 2 only.

• The unorganized sector means an enterprise owned by individuals engaged in the production or sale of goods/services and where the enterprise employs workers, the number of such workers is less than ten.
• The unorganised sector is characterised by-
  • small and scattered units which are largely outside the control of the government.
  • Jobs here are low-paid and often not regular.
  • No provision for overtime, paid leave, holidays, leave due to sickness etc.
  • Employment is not secured.
  • The employer cannot be sued if he wrongfully terminates his employee. Hence, Statement 3 is NOT correct.

• In the urban areas, unorganised sector comprises mainly of workers in small-scale industry, casual workers in construction, trade and transport etc., and those who work as street vendors, head load workers, garment makers, rag pickers etc.

The correct answer is It distorts the level-playing field between investors in the stock market and makes the markets susceptible to heavy speculation.

• Insider trading is the trading of a public company‘s stock or other securities (such as bonds or stock options) by individuals with access to non-public information about the company.
• In various countries, insider trading based on inside information is illegal.
• This is because it is seen as unfair to other investors who do not have access to the information.

• The Securities and Exchange Board of India (SEBI) has prescribed internal controls on sharing of information.
• It has decided to hold company promoters, irrespective of their shareholding status, responsible for violation of insider trading norms if they possess unpublished price-sensitive information (UPSI) regarding the company without any ‘legitimate’ purpose.
• SEBI has specified that the term “legitimate purpose” will include sharing of the UPSI in the ordinary course of business by an insider with partners, collaborators, lenders, customers, suppliers, merchant bankers, legal advisors, auditors, insolvency professionals or other advisors or consultants, provided that such sharing has not been carried out to evade or circumvent the prohibitions of these regulations.
• Simply put, a promoter who is not an advisor in official capacity or does not hold any position on the board will not be considered a person having “legitimate purpose” to hold the UPSI.
• It has recommended that the board of directors shall ensure that a structured digital database is maintained containing the names of such persons or entities, as the case may be, with whom the information is shared.

• SEBI’s decision is based on the recommendations of the TK Viswanathan committee on fair market conduct.

The correct answer is Human Capital.

• As per OECD, Human capital is defined as-
  • “the knowledge, skills, competencies and other attributes embodied in individuals or groups of individuals acquired during their life and used to produce goods, services or ideas in market circumstances”. 
• Human capital formation is considered as outcomes of investment in-
  • education
  • health
  • skill
  • migration
• The Seventh Five Year Plan says, “Human resources development (read human capital) has necessarily to be assigned a key role in any development strategy, particularly in a country with a large population. Trained and educated on sound lines".

 Physical capital and Human capital

• Physical capital is related to non-human assets in the production process. for example- buildings, infrastructure etc. It is further categorized into two categories.
  • Working capital
  • Fixed capital
• Human Capital refers to the stock of skill, ability, expertise, education and knowledge in a nation at a point of time.

​

• India ranked 116th in the Human Capital Index, 2020. It is launched by the World Bank.
• Singapore topped this index with a score of 0.88.
• World Bank headquarters are located at Washington, USA.

The correct answer is Madras.

• Madras Municipal Corporation was the first Municipal Corporation to introduced the Midday meal program.

• The Midday meal scheme:
  • In 1925, a Mid Day Meal Programme was introduced for disadvantaged children in Madras Municipal Corporation. 
  • By the mid-1980s three States viz. Gujarat, Kerala and Tamil Nadu and the UT of Pondicherry had universalized a cooked Mid Day Meal Programme with their own resources for children studying at the primary stage by 1990-91 the number of States implementing the mid-day meal programme with their own resources on a universal or a large scale had increased to twelve states.
  • With a view to enhancing enrollment, retention and attendance and simultaneously improving nutritional levels among children, the National Programme of Nutritional Support to Primary Education (NP-NSPE) was launched as a Centrally Sponsored Scheme on 15th August 1995, initially in 2408 blocks in the country.

• By the year 1997-98, the National Programme of Nutritional Support to Primary Education (NP-NSPE) was introduced in all blocks of the country.
• It was further extended in 2002 to cover not only children in classes I -V of Government, Government aided and local body schools, but also children studying in the Education Guarantee Scheme (EGS) and/or Alternative and Innovative Education (AIE).
• In September 2004 the scheme was revised to provide cooked mid-day meal with 300 calories and 8-12 grams of protein to all children studying in classes I – V in Government and aided schools and EGS/ AIE centres.
• In July 2006 the scheme was further revised to provide assistance for cooking cost at the rate of (a) Rs 1.80 per child/school day for States in the North Eastern Region.
• In October 2007, the scheme has been further revised to cover children in upper primary (classes VI to VIII) initially in 3479 Educationally Backwards Blocks (EBBs).
• From 1st April 2008, the programme covers all children studying in Government, Local Body and Government-aided primary and upper primary schools and the EGS/AIE centres including Madarsa and Maqtabs supported under Sarva Shiksha Abhiyan (SSA) of all areas across the country.

The correct answer is Hoe.

• The simple tool used for removing weeds and for loosening the soil is called Hoe.
• It has a long rod made of wood or iron and a strong, broad and curved blade is fixed to one of its ends.
• The process of loosening and turning of the soil is called tilling or ploughing.
• Dhekli refers to traditional irrigation practise in which water is drawn from a nearby well using pulleys and then it is spread on to the fields.

The correct answer is Bank rate is decreased.

• The Consumer Price Index (CPI) - It is a measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food, and medical care.
  • It is calculated by taking price changes for each item in the predetermined basket of goods and averaging them.
  • Changes in the CPI are used to assess price changes associated with the cost of living.
  • The CPI is one of the most frequently used statistics for identifying periods of inflation or deflation.
  • If Bank Rate is decreased then CPI increases.

• Inflation - It is the decline of purchasing power of a given currency over time.
  • A quantitative estimate of the rate at which the decline in purchasing power occurs can be reflected in the increase of an average price level of a basket of selected goods and services in an economy over some period of time.
  • The rise in the general level of prices often expressed a percentage means that a unit of currency effectively buys less than it did in prior periods.
• Bank Rate - A bank rate is the interest rate at which a nation's central bank lends money to domestic banks, often in the form of very short-term loans.
  • Managing the bank rate is a method by which central banks affect economic activity.

The correct answer is Direct Benefit Transfer.

• The government of India launched the Direct Benefit Transfer (DBT) Program on 1st Jan 2013.
• By this scheme, direct transfer of the benefits to the under-privileged population covered almost 34 central schemes.
• GoI aims to make payments directly into the Aadhaar linked bank accounts of the end beneficiaries, removing any malpractices from the existing system such as diversions and duplicate payments.

• The central schemes covered under DBT are:
  • National Child Labour Project.
  • Student Scholarships.
  • LPG subsidy.
  • Dhanlakshmi Scheme.
  • Janani Surakhsha Yojna.

The correct answer is Rs. 46559 Crore.

• There was the provision of Rs. 46559 Crore for the Agriculture sector in budget 2019-2020.
  • Total of Rs. 8000 Crore was allotted for Jai Kisan Crop Loan Waiver Scheme.
  • Under Indira Kisan Jyoti Scheme provision of Rs. 7117 Crore were allotted for a single connection and water pump/thresher.
  • Under Pradhan Mantri Fasal Bima Yojana Rs. 2201 Crore was allotted.
  • Under Krishak Samriddh Yojana and Bhawantar / Flat Rate Scheme total Rs. 2720 was allotted.
  • All these allotments were provisioned in budget 2019-2020 for Agriculture and Allied sector.

• Under the Rural Development Department, Rs 17186 were provisioned.
• Schedule Tribe sub-plan was allotted Rs. 33467 Crore.

The correct answer is 2024-25.

• The Indian government has set a big target that the Indian economy will have an aggregate income or gross domestic product (GDP) of $5 trillion by 2024-25.
• In 2018-19, India’s GDP was $2.75 trillion.
• Set the target as $5 trillion dollars for 2024-25 the required rate turns out to be 10.48 percent or, approximately, 10.5 percent.

The correct answer is the Ministry of Labour Welfare and Employment.

• Mahatma Gandhi National Rural Employment Guarantee Act formed in 2005 to guarantee the 'right to work' in rural areas.
• Salient features of MGNERA are as follows-
  • It provides guaranteed wage employment to every rural household for a minimum of 100 days.
  • The applicant must be a citizen of India and has completed 18 years of age.
  • Applicants must volunteer for unskilled labour.
  • The Ministry of Rural Development is monitoring the entire implementation of this scheme, hence option 3 is incorrect.
  • Within 15 days of application, the applicant must be provided employment otherwise he shall be compensated.
  • Social Audit of MGNERA is mandatory.

Responsibilities of State Govts in MGNAREGA-

• Frame Rules under Section 32 of this Act.
• Set ut the State Employment Guarantee Council.
• Set up a State level MGNREGA social audit agency/directorate.
• Establish and operate a State Employment Guarantee Fund

The correct answer is To give freedom to farmers to sell their produce outside the notified APMC market yards (mandis).

• Recently the government enacted three key agriculture laws, which are facing staunch opposition from farmers.

• The Farmers' Produce Trade and Commerce (Promotion and Facilitation) Bill, 2020 :
  • Main provisions :
    • The new legislation will create an ecosystem where the farmers and traders will enjoy the freedom of choice of sale and purchase of agri-produce.
    • It will also promote barrier-free inter-state and intra-state trade and commerce outside the physical premises of markets notified under State Agricultural Produce Marketing legislations.
    • The farmers will not be charged with any cess or levy for the sale of their products and will not have to bear transport costs.
    • The Bill also proposes electronic trading in transaction platform for ensuring a seamless trade electronically.
    • In addition to mandis, freedom to do trading at farmgate, cold storage, warehouse, processing units, etc.
    • Farmers will be able to engage in direct marketing thereby eliminating intermediaries resulting in full realization of price.

​​

• The Farmers (Empowerment and Protection) Agreement of Price Assurance and Farm Services Bill, 2020:
  • Main provisions:
    • The new legislation will empower farmers for engaging with processors, wholesalers, aggregators, wholesalers, large retailers, exporters, etc, on a level playing field.
    • Price assurance to farmers even before sowing of crops.
    • In case of higher market price, farmers will be entitled to this price over and above the minimum price.
    • It will transfer the risk of market unpredictability from the farmer to the sponsor.
    • Due to prior price determination, farmers will be shielded from the rise and fall of market prices.
    • It will also enable the farmer to access modern technology, better seed, and other inputs.
    • It will reduce the cost of marketing and improve the income of farmers.
    • Effective dispute resolution mechanism has been provided with clear timelines for redressal.
    • The impetus to research and new technology in the agriculture sector.
• Essential Commodities (Amendment) Bill, 2020:
  • Main provisions:
    • The Essential Commodities Act, 1955 empowers the central government to designate certain commodities (such as food items, fertilizers, and petroleum products) as essential commodities. 
    • The central government may regulate or prohibit the production, supply, distribution, trade, and commerce of such essential commodities. 
    • The bill provides that the central government may regulate the supply of certain food items including cereals, pulses, potatoes, onions, edible oilseeds, and oils, only under extraordinary circumstances.   
      • These include War, famine, extraordinary price rise, and natural calamity of grave nature.

The correct answer is a-4, b-3, c-1, d-2.

• In April 1968, Industrial license committee was appointed under the chairmanship of S. Dutt.
  • A committee to go into the basic questions regarding the functioning of the licensing system and the advantages obtained by some large industrial houses was appointed.
• In 1976 the Indirect Taxation Enquiry Committee was constituted under the chairmanship of Dr. L.K. Jha.
• In 1993, the Government set up a committee under the chairmanship of R N Malhotra, former Governor of RBI, to propose recommendations for reforms in the insurance sector.
  • The objective was to complement the reforms initiated in the financial sector.
  • The committee submitted its report in 1994 wherein, among other things, it recommended that the private sector be permitted to enter the insurance industry.
  • They stated that foreign companies be allowed to enter by floating Indian companies, preferably a joint venture with Indian partners.
• In 1994, the Ministry of Petroleum set up a committee under the Chairmanship of Shri U. Sundararajan, 
  • It was tasked to provide a framework for the development of Market Determined Price Mechanism (MDPM) for several petroleum products.

The correct answer is the World Trade Organisation (WTO).

• WTO members concluded negotiations at the 2013 Bali Ministerial Conference on the landmark Trade Facilitation Agreement (TFA), which entered into force on 22 February 2017 following its ratification by two-thirds of the WTO membership.
• Trade facilitation - the simplification, modernization, and harmonization of export and import processes, has therefore emerged as an important issue for the world trading system.
• Bureaucratic delays and “red tape” pose a burden for moving goods across borders for traders.
• The TFA contains provisions for expediting the movement, release, and clearance of goods, including goods in transit.
• It also sets out measures for effective cooperation between customs and other appropriate authorities on trade facilitation and customs compliance issues.

• World Trade Organization-:
  • The General Agreement on Tariffs and Trade (GATT), signed on 30 October, 1947, by 23 countries.
  • The GATT came into force on 1 January 1948.
  • Since 1948 it has been refined, eventually leading to the creation of the World Trade Organization (WTO) on January 1, 1995.
  • The Marrakesh Agreement established the WTO.
  • GATT's Uruguay Round proposed to set up WTO. (Asked in MPSC mains 2019)
  • The WTO provides a forum for negotiating agreements aimed at reducing obstacles to international trade and ensuring a level playing field for all, thus contributing to economic growth and development.
• The WTO's main activities are-
  • Negotiating the reduction or elimination of obstacles to trade (import tariffs, other barriers to trade) and agreeing on rules governing the conduct of international trade (e.g. antidumping, subsidies, product standards, etc.)
  • Administering and monitoring the application of the WTO's agreed rules for trade in goods, trade in services, and trade-related intellectual property rights.
  • Monitoring and reviewing the trade policies of our members, as well as ensuring transparency of regional and bilateral trade agreements.
  • Settling disputes among our members regarding the interpretation and application of the agreements.
  • Building capacity of developing country government officials in international trade matters.

The Correct Answer is Net National Product at factor cost.

• National income is the Net National Product at factor cost.
• Net domestic product (NDP) is an annual indicator of a nation's economic production that is adjusted for depreciation accounting and measured by subtracting depreciation from the gross domestic product (GDP).
• The net domestic product (NDP) is an annual indicator of a nation's economic performance that is adjusted for depreciation accounting and is determined by subtracting depreciation from the gross domestic product (GDP).
• Net domestic product, along with GDP, gross national income (GNI), disposable income and personal income, is one of the main indicators of economic growth published by the Bureau of Economic Analysis(BEA) on a quarterly basis
• A rise in the NDP would be a sign of rising economic stagnation, while a decline would be a sign of continued economic health. While the gross domestic product is commonly quoted when measuring a country's economic health, the rate at which capital assets decay and need to be replaced is put into perspective by the net domestic product..

The correct answer is It does not act as a civil court. 

• The Securities and Exchange Board of India was established on April 12, 1992 in accordance with the provisions of the Securities and Exchange Board of India Act, 1992.
  • Before SEBI came into existence, the Controller of Capital Issues was the regulatory authority.
  • Initially, SEBI was a non-statutory body without any statutory power.
  • It became autonomous and given statutory powers by the SEBI Act 1992.
• SEBI is a quasi-legislative and quasi-judicial body that can draft regulations, conduct inquiries, pass rulings, and impose penalties.
• SEBI Chairman has the authority to order "search and seizure operations". 
• It also works for promoting and regulating self-regulatory organizations and prohibiting fraudulent and unfair trade practices relating to securities markets.
• SEBI performs the function of registration and regulation of the working of venture capital funds and collective investment schemes including mutual funds.
• Securities Appellate Tribunal (SAT) is a statutory body established under the provisions of the Securities and Exchange Board of India Act, 1992.
  • Securities Appellate Tribunal (SAT) has been constituted to protect the interest of entities that feel aggrieved by SEBI’s decision.
• The headquarters of SEBI is situated in Mumbai. 
• It has the power to act as a civil court. 
  • If any person feels aggrieved by the SAT’s decision or order can appeal to the Supreme Court.

The correct answer is 1 and 2 only.

International Literacy Day

• The United Nations Educational, Scientific, and Cultural Organisation’s (UNESCO) General conference in 1966 noted the importance of Literacy for the first time. 
• The first International Literacy Day was celebrated on 8th September 1967.  Hence, Statement 1 is correct.
• It is celebrated every year since then.
• Its objective is to raise awareness and remind people of the importance of literacy as a matter of dignity and human rights. Hence, Statement 2 is correct.
• International Literacy Day 2020 will focus on the changes and challenges in learning during the Covid-19 pandemic.
  • It will impact the innovative and effective pedagogies that can be used in youth and adult literacy programs to face the pandemic and beyond.
• SDG Goal 4: The international community is focusing on 2030 with Sustainable Development Goals (SDGs) and has aimed to “ensure inclusive and quality education for all and promote lifelong learning”.
• The 50-year review of South Asia (Bangladesh, India, Iran, Nepal, and Pakistan) states that large scale illiteracy is ever-present among adults.
•  India will achieve universal literacy by 2060 as per UNESCO's prediction. Hence, Statement 3 is incorrect.

The correct answer is Third five-year plan.

• Though the planned economic development in India began in 1951 with the inception of the First Five Year Plan, theoretical efforts had begun much earlier, even prior to the independence.
• Setting up of National Planning Committee by Indian National Congress in 1938, The Bombay Plan & Gandhian Plan in 1944, Peoples Plan in 1945 (by post-war reconstruction Committee of Indian Trade Union), Sarvodaya Plan in 1950 by Jaiprakash Narayan stepped in this direction.
• Five-Year Plans (FYPs) :
  • Five-Year Plans centralized and integrated national economic programs.
  • Joseph Stalin implemented the first FYP in the Soviet Union in the late 1920s.
  • Most communist states and several capitalist countries subsequently have adopted them.
  • China and India both continue to use FYPs.

The incorrect statement is A only.

• The objective of the Trade theory is to explain the network of trade, the impact on the domestic economy, and the creation of trade policy for the well-being of the people of the country.
• The theories of international trade :
  • Mercantilist view
  • Classical theories of trade
  • The modern theory of trade
  • New Theories of trade.

• Modern theories of international trade-
• Heckscher – Ohlin Theory :
  • It states that “ A nation will export the commodity whose production requires the intensive use of the nation’s relatively abundant and cheap factor and import the commodity whose production requires the intensive use of the nation’s relatively scarce and expensive factor .”
  • In other words, the countries in which capital is cheap & abundant will export capital intensive goods and import labor-intensive goods.
  • On the contrary, the countries in which labour is cheap & abundant will export labor-intensive goods and import capital intensive goods.
  • Example - The US has cheap capital so it provides it to India and other developing countries. On the contrary, India has cheap labour so it provides it to The US and Other developed countries.

• According to Adam Smith, mutually beneficial trade is based on the principle of absolute advantage. Hence, statement a is incorrect.
• The comparative cost theory was systematically formulated by the economist David Ricardo in his Principles of Political Economy and Taxation published in 1817.
• Mercantilist view-
  • Mercantilism view talks about trade and commercial activities of an economy.
  • The mercantilist theory was highly nationalistic in its outlook and favored state regulation and centralization of economic activities including foreign trade.
• Classical theories of trade-
  • The classical economists like Adam Smith, David Ricardo, Robert Torrens, and John Stuart Mill propounded the classical theories of international trade.
• Absolute Cost Advantage Theory-
  • Adam Smith presented this theory.
  • It is based on the assumptions that there are two countries, two commodities and one factor (labour) of production.
  • It is based on the labour theory of value, the value of a commodity was determined by and could be measured objectively by the average number of labour hours necessary to produce it.
  • The principle of absolute cost advantage points that a country will specialize and export a commodity in which it has an absolute cost advantage.
  • Example - Consider, If India manufactures 100 cars in 10 hrs and Nepal manufactures 100 cars in 30 hrs. Then India should export cars to Nepal, this will give absolute cost advantage to both countries.
• Comparative Cost Advantage Theory-
  • David Ricardo presented this theory.
  • The law of comparative advantage indicates that each country will specialize in the production of those commodities in which it has the greatest comparative advantage or the least comparative disadvantage.
  • Thus, a country will export those commodities in which its comparative advantage is the greatest and import those commodities in which its comparative disadvantage is the least. 
  • Example - Consider, If India is manufacturing 100 cars in 10 hrs and 100 bicycles in 12 hrs and Nepal manufactures 100 cars in 30 hrs and 100 cycles in 10 hrs. Then India should export cars to Nepal and Nepal should export bicycles to India.

The correct answer is Neither 1 nor 2.

• Dadabhai Naoroji was the first to discuss the concept of a Poverty Line in pre-independent India. Hence, Statement 1 is correct.
  • He used the menu for a prisoner and used appropriate prevailing prices to arrive at what may be called ‘Jail Cost of Living’.
  • His estimation was not very accurate as he ignored the fact that there are only adults in jail and not children.
• In post-independent India, there have been several attempts.
  • The Planning Commission formed a Study Group in 1962.
  • In 1979, another body called the ‘Task Force on Projections of Minimum Needs and Effective Consumption Demand’ was formed. Hence, Statement 2 is correct.
  • In 1989 and 2005, ‘Expert Groups’ were constituted for the same purpose.
  • Besides the Planning Commission, many individual economists have also attempted to develop such a mechanism.
• In post-independent India, there has hardly been any attempt to work out a mechanism to identify the number of poor in the country, up to 1990.
• Besides the Planning Commission, no individual efforts have been attempted to develop such a mechanism.

• Dadabhai Naoroji was the author of Poverty and Un-British Rule in India which brought attention to the Indian wealth drain into Britain.
• He explained the Drain of Wealth Theory in his book.

The correct answer is 2 only.

• Agreement on Agriculture (AoA) is a mechanism under the World Trade Organization (WTO) aimed to remove trade barriers and to promote transparent market access and integration of global markets. Hence, Statement 1 is incorrect.
• It calls for a reduction in domestic subsidies that distorts free trade and fair prices. Hence, Statement 2 is correct.
• The Aggregate Measurement of Support (AMS) is to be reduced by 20% over a period of 6 years by developed countries and 13% over a period of 10 years by developing countries.
• Under this, Subsidies are categorized into 3 types:
  • Green Box
    • subsidies that do not distort trade, or at most cause minimal distortion.
    • They are government-funded and must not involve price support.
    • They also include environmental protection and regional development programs.
    • They are allowed without limits, provided they comply with the policy-specific criteria.
  • Amber Box Hence, Statement 3 is incorrect.
    • All domestic support measures considered to distort production and trade fall into this category.
    • These include measures to support prices, or subsidies directly related to production quantities.
  • Blue Box:
    • This is the “amber box with conditions”.
    • Such conditions are designed to reduce distortion.
    • Any support that would normally be in the amber box is placed in the blue box if the support also requires farmers to limit production.
    • At present, there are no limits on spending on blue box subsidies.

The correct answer is only 2.

• Schedules bank contributes to about 70-80% share in agricultural and allied credit. Though co-operative institutions also play a significant role in providing finance to the agriculture sector which stands at 15-16%, hence not as much as Scheduled banks, hence statement 1 is incorrect.
• The co-operative banking sector thrives either as a three-tier or two-tier structure.
  • The three-tier structure includes StCB, DCCB, and PACS.
  • The two-tier structure only StCB and PACS are present.

• In the three-tier structure, the lower level tiers, i.e. DCCB and PACS extend credit to individual borrowers using their own funds/deposits and claim to refinance from the upper tier, i.e. PACS from DCCB/StCB and DCCB from CB.
• In the two-tier structure, PACS provides credit to individual borrowers and claim to refinance from StCB. In some cases, the StCBs also extend credit to the individuals through its branches across the state.
• Hence statement 2 is correct.

About DCCBs

•  The Board of the DCCB comprises elected Chairmen of PACS, representative of the State Government and the State Cooperative Bank apart from the CEO of the DCCB who would be the member secretary.
• DCCBs provide funds directly either to PACs or to the farmers for excavation of wells, purchase of pump sets to horticulture, animal husbandry, and even rural transport like tractors and other farm equipment, etc. Hence statement 2 is correct.

The correct answer is Silk and Cotton goods.

• These goods were exported through Punjab to Afghanistan and then to Europe and America.
• Hoogly, Surat, Calicut are major developed ports for exports.
• Up until 1750, India produced about 25% of the world's industrial output
• Bengal had a 25% share of the global textile trade in the early 18th century.

• India is the second-largest producer of fibre in the world. Cotton is the major fibre produced here.
• India is the second-largest producer of silk in the world. India produces 18% of the world's total silk.
• Mulberry, Eri, Tasar, and Muga are the main types of silk produced in India.
• Karnataka is the largest silk producing state in the country.

The correct answer is Call Money Market.

• Call Money Market is the most volatile part of the organised Money Market in India.

• Call Money
  • Call money is mainly used by the banks to meet their temporary requirement of cash.
  • They borrow and lend money from each other normally on a daily basis.
  • It is repayable on demand and its maturity period varies in between one day to a fortnight.
  • The rate of interest paid-on-call money loan is known as the call rate.
  • Call Money Market is the most volatile part of the organised Money Market in India
• Government Security Market
  • Government securities are government debt issuances used to fund daily operations, and special infrastructure and military projects.
  • They guarantee the full repayment of invested principal at the maturity of the security and often pay periodic coupon or interest payments.
  • Government securities are considered to be risk-free as they have the backing of the government that issued them.
• Certificate of Deposit Market
  • Certificate of Deposit (CDs) is short-term instruments issued by Commercial Banks and Special Financial Institutions (SFIs), which are freely transferable from one party to another.
  • The maturity period of CDs ranges from 91 days to one year.
  • These can be issued to individuals, co-operatives and companies.
• Commercial Paper
  • Commercial paper (CP) is a popular instrument for financing working capital requirements of companies.
  • The CP is an unsecured instrument issued in the form of the promissory note.
  • This instrument was introduced in 1990 to enable corporate borrowers to raise short-term funds.
  • It can be issued for a period ranging from 15 days to one year.
  • Commercial papers are transferable by endorsement and delivery.
  • The highly reputed companies (Blue Chip companies) are the major player of the commercial paper market.

The correct answer is SAIL.

• SAIL is a public sector industry.
  • Steel Authority of India Limited (SAIL) is an Indian state-owned steel making company based in New Delhi, India.
  • SAIL traces its origin to the Hindustan Steel Limited (HSL) which was set up on 19 January 1954.
  • It is a public sector undertaking, owned and operated by the Government of India.
  • SAIL operates and owns 5 integrated steel plants at Bhilai, Rourkela, Durgapur, Bokaro, and Burnpur(Asansol) and 3 special steel plants at Salem, Durgapur, and Bhadravathi.
  • It also owns a Ferro Alloy plant at Chandrapur. 

• Amul is an Indian dairy cooperative society, based at Anand in the Indian state of Gujarat formed in 1946. 
  • Amul brand is today managed by the Gujarat Co-operative Milk Marketing Federation Ltd (GCMMF) which is jointly owned by about 3,000,000 milk producers in the state.
  • AMUL stands for Anand Milk Union Limited.
• TISCO is known as Tata Steel, which has grown to the world’s 7th largest Steel Company.
  • In terms of domestic production, Tata Steel is the largest company in India.
  • The main plant of Tata Steel is located in Jamshedpur and registered office in Mumbai.
  • The name of the town where TISCO was founded by Jamshedji was given by Lord Chelmsford in 1919.
• Reliance Petroleum is an Indian petroleum company that specializes in oil and energy owned by Seema Bindal of Reliance Industries Limited.
  • It is based in Ahmedabad, Gujarat, India, and has interests in the downstream oil business.

The correct answer is Reserve Bank of India Act, 1934.

• The Reserve Bank of India was established on April 1, 1935, in accordance with the provisions of the: Reserve Bank of India Act, 1934.
  • The Central Office of the Reserve Bank was initially established in Kolkata but was permanently moved to Mumbai in 1937.
  • The Central Office is where the Governor sits and where policies are formulated.
  • Though originally privately owned, since nationalization in 1949, the Reserve Bank is fully owned by the Government of India.

• The Preamble of the Reserve Bank of India describes the basic functions of the Reserve Bank as:
  • "To regulate the issue of Banknotes and keeping of reserves with a view to securing monetary stability in India and generally to operate the currency and credit system of the country to its advantage; to have a modern monetary policy framework to meet the challenge of an increasingly complex economy, to maintain price stability while keeping in mind the objective of growth."
    • Shri Shaktikanta Das, IAS Retd., former Secretary, Department of Revenue and Department of Economic Affairs, Ministry of Finance, Government of India assumed charge as the 25th Governor of the Reserve Bank of India effective 12^th December 2018.

The correct answer is c, d and a only.

• Increase in the Oil Prices swept the Foreign Currency Reserves of the country.
• This led to the reduction of foreign exchange reserves. Hence Statement a is correct.
• The crisis was caused by currency overvaluation, the current account deficit, and investor confidence played a significant role in the sharp exchange rate depreciation.
• It leads to an increase in the fiscal deficit. Hence statement c is correct.
• India was forced by circumstances to borrow against the security of the Gold Reserves.
• That led to the sale of gold from reserves. Hence statement d is also correct.

• The economic crisis was primarily due to the large and growing fiscal imbalances over the 1980s.

The correct answer is 2 and 3 only.

• The Union Government subsidies the urea manufacturing units.
• For the cost of transportation to facilitate the availability of urea at the same maximum retail price all over the country.
• Also, the Government is subsidizing fertilizers for their availability at reasonable prices for agricultural purposes. Hence statement 1 is not correct.
• Urea (NH₂CONH₂) is produced from ammonia (NH₃) and gaseous carbon dioxide (CO₂) at high pressure and relatively high temperature. Hence statement 2 is correct.
• Sulphur is a by-product of processing natural gas and refining high-sulfur crude oils.
• And Sulphur is a raw material for phosphoric acid fertilizer. Hence statement 3 is correct.

• The Government of India subsidizes fertilizers to ensure that fertilizers are easily available to farmers and the county remains self-sufficient in agriculture.
• The same has been achieved largely by controlling the price of fertilizer and the amount of production
• For example, as per the New Urea Policy of 2015, the government fixes the market price of urea.
• Also, there is a fixed subsidy component as well.
• Similarly, for Phosphorous and Potassium, as per the Nutrient Based Subsidy Scheme of 2010, subsidy is provided based on nutrient content per kg of fertilizer. 
• Fertilizer production uses 1.2% of the world’s total energy out of which 90% is used for ammonia production, which is a key ingredient in the production of nitrogen fertilizers. Ammonia can be produced from natural gas.
• Sulfur is a major by-product of oil refining and gas processing.
• Most crude oil grades contain some sulfur, most of which must be removed during the refining process to meet strict sulfur content limits in refined products.
• Also,Sulphur is used in phosphoric acid fertilizer (There is a process known as 'The Wet Process' for producing the same).

The correct answer is Dada Bhai Naroji.

• Poverty Estimation:
  • A common method used to estimate poverty in India is based on income or consumption levels.
  • If the income or consumption falls below a given minimum level, then the household is said to be Below the Poverty Line (BPL).
  • Poverty estimation in India is now carried out by NITI Aayog’s task force through the calculation of the poverty line based on the data captured by the National Sample Survey Office.
• Pre-Independence Poverty Estimation:
  • Dadabhai Naoroji through his book, “Poverty and unBritish Rule in India” made the earliest estimation of the poverty line.
  • He estimated ₹16 to ₹35 per capita per year.
  • The poverty line proposed by him was based on the cost of a subsistence or minimum basic diet (rice or flour, dal, mutton, vegetables, ghee, vegetable oil, and salt).

The Correct Answer is Vallabhhai Vasrambhai Marvaniya.

• Madhuban Gajar, a biofortified carrot variety with high β-carotene and iron content developed by Shri Vallabhhai Vasrambhai Marvaniya, a farmer scientist from Junagadh, Gujarat 
• He is benefitting more than 150 local farmers in the area.
• It is being planted in an area of over 200 hectares in Junagadh, and the average yield, which is 40-50 t/ha, has become the main source of income to the local farmers. 
• The variety is being cultivated in more than 1000 hectares of land in Gujarat, Maharashtra, Rajasthan, West Bengal, Uttar Pradesh during the last three years.
• The Madhuban Gajar is a highly nutritious carrot variety developed through the selection method with higher β-carotene content (277.75 mg/kg) and iron content (276.7 mg/kg) dry basis and is used for various value-added products like carrot chips, juices, and pickles.
• Among all the varieties tested, beta-carotene and iron content were found to be superior.

• During 1943, Shri Vallabhhai Vasrambhai Marvaniya found that a local carrot variety that was profoundly used for fodder to improve the quality of milk.
• He selectively cultivated this variety and sold this carrot in the market at a good price. Since then, he, along with his family, is working for the conservation and development of this cultivar. The production and marketing of seeds of the variety are taken care of by his son Shri Arvindbhai. 

The correct answer is Scheduled Commercial Banks (SCBs) would not lend to consumers.

• It is like the Prime Lending Rate (PLR) and the Benchmark Prime lending Rate (BPLR) of the past and is basically a floor rate of interest. It replaced BPLR in 2010.
• Base Rate system is aimed at enhancing transparency in lending rates of banks and enabling better assessment of transmission of monetary policy.
• This was because, in the earlier system, banks could lend below BPLR.
  • This allowed bargaining by the borrower with the bank.
  • So, ultimately one borrower was getting a cheaper loan than the other and blurred the attempts of bringing in transparency in the lending business.
• For the same reason, it was also difficult to assess the transmission of policy rates (i.e. repo rate, the reverse repo rate, bank rate) of the Reserve Bank to lending rates of banks.

The correct answer is Capital Gain Tax.

• Capital gains are the profits from the sale of an asset - shares of stock, a piece of land, a business - and generally are considered taxable income.
• Under the Indian Income Tax Act, capital gains tax in India need
• not be paid in case the individual inherits the property and there is no sale. However, if the person who has inherited the property decides to sell it, the tax will have to be paid on the income that has been generated from the sale. This is capital gain tax.
• Some of the examples of capital assets are jewellery, machinery, leasehold rights, trademarks, patents, vehicles, house property, building, and land.
• An asset held for a period of 36 months or less is a short-term capital asset.
• An asset that is held for more than 36 months is a long-term capital asset.

The correct answer is a only.

• Green GDP -  is defined as data obtained after the deduction of the cost of resources, environment, and human health from the traditional GDP.
• In 2006, the Chinese government released its Green GDP for Yangshan Deep-water Port.
• Development of Green GDP :
  • The way to calculate GDP has not included the utilization of natural resources, so it can not reflect the economic loss of natural resources.
  • That means to take air, water, and forests as an example, everyone can get as much as these natural resources at free, these natural resources loss is not included in the field of calculating GDP. 
  • So GDP can not reflect the economic loss of natural resources, and also can not restrict the uses of natural resources by people efficiently and effectively.
  • Furthermore, it can lead to severe environmental pollution and the losing of valuable natural resources. As a solution to meet the requirement of sustainable development, it comes out the point of adding environmental factors into the accounting method of GDP
    and the concept of “environmental cost”, which then developed into green GDP theory. 
• From the production view, green GDP is the total national income value deduct natural resource and environmental costs. 
• The natural resources are divided into two categories,
  • The loss of natural resources, it means the consumption of natural resource which is directly used in the production process,
  • The degradation of the environment means the environment grade has greatly reduced due to the overuse of the environment. 

• Green GDP = GDP - R - A
  • R = Expenditure required to restore environmental capital.
  • A = Expenditure to avert the destruction of environmental capital.

The correct answer is Both 1 and 2.

• One of the recent measures taken by the government to boost the fear-ridden bond market was the decision to do away with the requirement for all listed companies, non-banking financial companies (NBFC) and housing finance companies (HFCs) to create a Debenture Redemption Reserve (DRR) for their outstanding bonds. Hence, statement 2 is correct.
• Non-convertible debentures (NCDs) are debt instruments that companies issue to investors to raise money for their capital requirements. Hence, statement 1 is correct.
• NCDs regularly pay interest at a fixed rate for a fixed tenure till maturity. However, there have been incidents where companies raising funds through NCDs at high rates of interest have failed to pay their dues. In order to protect the interests of retail investors in such cases, the Companies Act mandated that companies must maintain a redemption reserve.
• As per the Companies (Share Capital and Debentures) Rules 2014, all listed companies, NBFCs, HFCs and unlisted companies were to create a DRR with 25 per cent of the value of outstanding debentures from their profits.
• A DRR ensures that a company sets aside a portion of its profits toward repayment of long-term NCDs out of its current profits.
• The DRR requirement for unlisted companies (excluding unlisted NBFCs and HFCs) is still on, but at a lower rate of 10 per cent (against the earlier 25 per cent).

The correct answer is b and c.

• NAFED :
  • It was established on the auspicious day of Gandhi Jayanti on 2nd October 1958. Hence, Statement  A is not correct.
  • It is registered under the Multi-State Co-operative Societies Act. Hence, Statement b is correct.
  • It was set up with the objective to promote Co-operative marketing of agricultural produce to benefit the farmers.
  • Farmers are the main members of NAFED, who have the authority to say in the form of members of the general body in the working of NAFED.

• Objective:
  • The NAFED shall be to organize, promote and develop marketing, processing, and storage of agricultural, horticultural, and forest produces, distribution of agricultural machinery, implements, and other inputs undertake inter-state, import and export trade, wholesale or retail. 
  • It should act and assist for technical advice in agricultural, production for the promotion and the working of its members, partners, associates, and cooperative marketing, processing, and supply societies in India.

• The NAFED may undertake one or more of the following activities:
  • To facilitate, coordinate, and promote the marketing and trading activities of the cooperative institutions, partners, and associates in agricultural, other commodities, articles, and goods.
  • To undertake or promote on its own or on behalf of its member institutions or the Government or Government Organizations, Inter-State and international trade and commerce and undertake, wherever necessary, sale, purchase, import, export, and distribution of agricultural commodities, horticultural and forest produce, other articles and goods from various sources for pursuing its business activities and to act as the agency for canalization of export and import and interstate trade of agricultural and other commodities or articles under any scheme formulated by the Government of India or other Government agencies and to facilitate these activities, wherever necessary, to open branches/sub-offices and appoint agents at any place within the country or abroad.
    • Canalized goods are items that may only be imported using specific procedures or methods of transport.
  • To undertake purchase, sale, and supply of agricultural, marketing, and processing requisites, such as manure, seeds, fertilizer, agricultural implements, and machinery, packing machinery, construction requisites, processing machinery for agricultural commodities, forest produce, dairy, wool, and other animal products.
  • To act as a warehouseman under the Warehousing Act and own and construct its own godowns and cold storages.
  • To act as agent of any Government agency or cooperative institution, for the purchase, sale, storage, and distribution of agricultural, horticultural, forest and animal husbandry produce, wool, agricultural requisites, and other consumer goods.
  • To act as an insurance agent and to undertake all such work which is incidental to the same.
  • To organize consultancy work in various fields for the benefit of the cooperative institutions in general and for its members in particular.
  • To undertake the manufacture of agricultural, machinery and implements, processing, packing, etc. and other production requisites and consumer articles by setting up manufacturing units either directly or in collaboration with or as a joint venture with any other agency, including import and distribution of spare parts and components to up-keep of the machinery/ implements.
  • To set up storage units for storing various commodities and goods, by itself or in collaboration with any other agency in India or abroad.
  • To maintain transport units of its own or in collaboration with any other organization in India or abroad for movements of goods on land, sea, air and operate freight station, container depot and undertake other incidental activities.
  • To collaborate with any international agency or a foreign body for the development of cooperative marketing, processing, and other activities for mutual advantage in India or abroad.
  • To undertake marketing research and dissemination of market intelligence.
  • To subscribe to the share capital and undertake business collaboration with cooperative institutions, public, joint, and private sector enterprises, if and when considered necessary for fulfilling the objectives of NAFED.