Indian Industries & Trade

Total Questions: 65

61. Consider the following statements: [2023-1]

Statement-1: Recently, the United States of America (USA) and the European Union (EU) have launched the 'Trade and Technology Council'.

Statement-II: The USA and the EU claim that through this they are trying to bring technological progress and physical productivity under their control.

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

(a) Both Statement-I and Statement-II are correct and Statement-II is the correct explanation for Statement-1.
(b) Both Statement-1 and Statement-II are correct and Statement-II is not the correct explanation for Statement-1.
(c) Statement-I is correct but Statement-II is incorrect.
(d) Statement-I is incorrect but Statement-II is correct.

Correct Answer: (c) Statement-I is correct but Statement-II is incorrect.

Solution:EU-US Trade and Technology Council serves as a forum for the United States and European Union to coordinate approaches to key global trade, economic, and technology issues and to deepen transatlantic trade and economic relations based on these shared values.

It was established during the EU-US Summit on 15 June 2021 in Brussels. Statement II saying that "USA and the EU trying to bring technological progress and physical productivity under their control" is exaggeration.

The agenda of this council is for mutual cooperation, rather than control. Thus, Statement II is wrong and by elimination of options accordingly, we arrive at the correct answer [c].

62. Consider the following statements: [2023-1]

Statement-1: India accounts for 3.2% of global exports of goods.

Statement-II: Many local companies and some foreign companies operating in India have taken advantage of India's 'Production-linked Incentive' scheme.

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

(a) Both Statement-I and Statement-II are correct and Statement-II is the correct explanation for Statement-I.
(b) Both Statement-I and Statement-II are correct and Statement-II is not the correct explanation for Statement-1.
(c) Statement-I is correct but Statement-II is incorrect.
(d) Statement-I is incorrect but Statement-II is correct.

Correct Answer: (d) Statement-I is incorrect but Statement-II is correct.

Solution:Statement I is incorrect: As per the latest data available (Economic Survey 2022-23) India's accounts for 1.8% of Global export of goods and 4% of global export of services. Thus, India accounts for 3.2% if global exports of goods are not correct.

Statement II is correct: Production Linked Incentive (PLI) scheme is a form of Performance-linked incentive given to companies based on their incremental sales from products manufactured in domestic units. It is aimed at boosting the manufacturing sector and to reduce imports of India.

PLI schemes can be availed by both domestic as well as foreign companies operating in India, thus it is true that many domestic and foreign companies operating in India have taken advantage of PLI schemes.

63. With reference to India's projects on connectivity, consider the following statements: [2023-1]

1. East-West Corridor under Golden Quadrilateral Project connects Dibrugarh and Surat.

2. Trilateral Highway connects Moreh in Manipur and Chiang Mai in Thailand via Myanmar.

3. Bangladesh-China India Myanmar Economic Corridor connects Varanasi in Uttar Pradesh with Kunming in China.

How many of the above statements are correct?

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

Correct Answer: (d) None

Solution:The correct answer is (d). None of the statements are correct.

The East-West Corridor under the Golden Quadrilateral Project connects Silchar in Assam and Porbandar in Gujarat.

The Trilateral Highway connects Moreh in Manipur and Mae Sot in Thailand via Myanmar.

The Bangladesh-China-India-Myanmar Economic Corridor connects Kolkata in West Bengal with Kunming in China.

64. Consider the following statements: [2023-1]

The 'Stability and Growth Pact' of the European Union is a treaty that :

1. limits the levels of the budgetary deficit of the countries of the European Union

2. makes the countries of the European Union to share their infrastructure facilities

3. enables the countries of the European Union to share their technologies

How many of the above statements are correct?

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

Correct Answer: (a) Only one

Solution:St 1 is right. The SGP limits the levels of the budgetary deficit of the countries of the European Union to 3% of GDP and public debt levels to 60% of GDP.

St 2 and St 3 are wrong. SGP does not make the countries of the European Union to share their infrastructure facilities or technologies. The correct answer is (a). Only one statement
correct.

65. With reference to Corporate Social Responsibility (CSR) rules in India, consider the following statements: [2024-1]

1. CSR rules specify that expenditures that benefit the company directly or its employees will not be considered as CSR activities.

2. CSR rules do not specify minimum spending on CSR activities.

Which of the statements given above is/are correct?

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

Correct Answer: (a) 1 only

Solution:CSR activities under Schedule VII of the Companies Act, 2013 focus on societal benefits rather than corporate gain. These include initiatives in health, sanitation, education, environment, sports, heritage, art, rural development, slum area improvement, disaster management, old age homes, day care centers, and reducing inequalities for socially and economically backward groups.

Companies meeting specified criteria must allocate at least 2% of their average net profits over three years to CSR, ensuring contributions towards community welfare and sustainable development. Thus, statement 1 is correct while statement 2 is not correct. Hence the correct answer is (a).

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