Poverty, Planning, Finance and Economic/Social Development (Part-II)

Total Questions: 50

41. Pradhan Mantri MUDRA Yojana is aimed at : [2016-1]

(a) bringing the small entrepreneurs into formal financial system
(b) providing loans to poor farmers for cultivating particular crops
(c) providing pensions to old and destitute persons
(d) funding the voluntary organizations involved in the promotion of skill development and employment generation

Correct Answer: (a) bringing the small entrepreneurs into formal financial system

Solution:(i) Pradhan Mantri Mudra Yojana under the Micro Units Development and Refinance Agency (MUDRA) Bank is a new institution being set up by Government of India for development and refinancing activities relating to micro units. It was announced by the Finance Minister while presenting the Union Budget for FY 2016. The purpose of MUDRA is to provide funding to the non corporate small business sector.

42. Which one of the following is a purpose of "UDAY', a scheme of the Government? [2016-1]

(a) Providing technical and financial assistance to start-up entrepreneurs in the field of renewable sources of energy
(b) Providing electricity to every household in the country by 2018
(c) Replacing the coal-based power plants with natural gas, nuclear, solar, wind and tidal power plants over a period of time
(d) Providing for financial turnaround and revival of power distribution companies

Correct Answer: (d) Providing for financial turnaround and revival of power distribution companies

Solution:Ujwal DISCOM Assurance Yojana (UDAY) is the financial turnaround and revival package for electricity distribution companies of India (DISCOMs) initiated by the Government of India with the intent to find a permanent solution to the financial mess that the power distribution is in.

43. What is/are the purpose/purposes of 'District Mineral Foundations in India? [2016-1]

1. Promoting mineral exploration activities in mineral-rich districts

2. Protecting the interests of the persons affected by mining operations

3. Authorizing State Governments to issue licences for mineral exploration

Select the correct answer using the code given below.

(a) 1 & 2 only
(b) 2 only
(c) 1 & 3 only
(d) 1, 2 & 3

Correct Answer: (b) 2 only

Solution:District Mineral Foundation (DMF) is a trust set up as a non-profit body, in those districts affected by the mining works, to work for the interest and benefit of persons and areas affected by mining related operations. It is funded through the contributions from miners. Its manner of operation comes under the jurisdiction of the relevant State Government.

44. 'SWAYAM', an initiative of the Government of India, aims at : [2016-1]

(a) promoting the Self Help Groups in rural areas
(b) providing financial and technical assistance to young start-up entrepreneurs
(c) promoting the education and health of adolescent girls
(d) providing affordable and quality education to the citizens for free

Correct Answer: (d) providing affordable and quality education to the citizens for free

Solution:SWAYAM or Study Webs of Active-Learning for Young Aspiring Minds programme of Ministry of Human Resource Development, Government of India. Professors of centrally funded institutions like IITs, IIMs, central universities will offer online courses to citizens of India. All courses would be offered free of cost under this.

45. Regarding DigiLocker, sometimes seen in the news, which of the following statements is/are correct? [2016-1]

1. It is a digital locker system offered by the Government under Digital India Programme.

2. It allows you to access your e-documents irrespective of your physical location.

Select the correct answer using the code given below.

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

Correct Answer: (c) Both 1 & 2

Solution:DigiLocker is a "digital locker" service launched by the Government of India in February 2015 to provide a secure dedicated personal electronic space for storing the documents of resident Indian citizens.

46. 'Mission Indradhanush' launched by the Government of India pertains to: [2016-1]

(a) immunization of children and pregnant women
(b) construction of smart cities across the country
(c) India's own search for the Earth-like planets in outer space
(d) New Educational Policy

Correct Answer: (a) immunization of children and pregnant women

Solution:(i) The Government of India launched Mission Indra dhanush in December 2014 with the ultimate goal to ensure that all children under the age of two years and pregnant women are fully immunized with all available vaccines.

(ii) This mission aims to achieve 100% vaccination of children and pregnant women by 2020.

47. What is/are the purpose/purposes of Government's 'Sovereign Gold Bond Scheme' and 'Gold Monetization Scheme'? [2016-1]

1. To bring the idle gold lying with Indian households into the economy

2. To promote FDI in the gold and jewellery sector

3. To reduce India's dependence on gold imports

Select the correct answer using the code given below.

(a) 1 only
(b) 2 & 3 only
(c) 1 & 3 only
(d) 1, 2 & 3

Correct Answer: (c) 1 & 3 only

Solution:(i) The purpose of 'Sovereign Gold Bond Scheme' and 'Gold Monetization Scheme' is to reduce India's gold imports and bring all the gold lying idle with individuals and households in India into the economy.

(ii) FDI is not the purpose - so all options involving 2 are wrong. 1 and 3 are right.

48. The term 'Domestic Content Requirement' is sometimes seen in the news with reference to: [2017-1]

(a) Developing solar power production in our country
(b) Granting licenses to foreign T.V. channels in our country
(c) Exporting our food products to other countries
(d) Permitting foreign educational institutions to set up their campuses in our country

Correct Answer: (a) Developing solar power production in our country

Solution:American companies contend that India's JN Solar Mission gives preference to procurement of solar panels with Indian content. This is one type of non-tariff barrier. WTO ruled in their favour. Hence "A" is the answer.

49. Consider the following statements: [2017-1]

1. National Payments Corporation of India (NPCI) helps in promoting the financial inclusion in the country.

2. NPCI has launched RuPay, a card payment scheme.

Which of the statements given above is/are correct?

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

Correct Answer: (c) Both 1 & 2

Solution:NPCI is a not-for-profit company formed by various banks, with primary objective of providing cost-effective payment solutions to the banks.

NPCi's solutions such as IMPS, BHIM, RuPay, AEPS etc. have indeed helped in financial inclusion. So first is correct.

And second is correct-NPCi launched Rupay card in 2012, as 7th payment gateway in the world.

50. Which of the following is a most likely consequence of implementing the 'Unified Payments Interface (UPI)? [2017-1]

(a) Mobile wallets will not be necessary for online payments.
(b) Digital currency will totally replace the physical currency in about two decades.
(c) FDI inflows will drastically increase.
(d) Direct transfer of subsidies to poor people will become very effective.

Correct Answer: (a) Mobile wallets will not be necessary for online payments.

Solution:"A" is the most appropriate choice. Mobile wallets will not be necessary, because your mobile number is directly linked with the bank account using bank's 'customized app' which is built on the UPI platform.

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Poverty, Planning, Finance and Economic/Social Development (Part-II)

41. Pradhan Mantri MUDRA Yojana is aimed at : [2016-1]

42. Which one of the following is a purpose of "UDAY', a scheme of the Government? [2016-1]

43. What is/are the purpose/purposes of 'District Mineral Foundations in India? [2016-1]

44. 'SWAYAM', an initiative of the Government of India, aims at : [2016-1]

45. Regarding DigiLocker, sometimes seen in the news, which of the following statements is/are correct? [2016-1]

46. 'Mission Indradhanush' launched by the Government of India pertains to: [2016-1]

47. What is/are the purpose/purposes of Government's 'Sovereign Gold Bond Scheme' and 'Gold Monetization Scheme'? [2016-1]

48. The term 'Domestic Content Requirement' is sometimes seen in the news with reference to: [2017-1]

49. Consider the following statements: [2017-1]

50. Which of the following is a most likely consequence of implementing the 'Unified Payments Interface (UPI)? [2017-1]

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