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

Total Questions: 50

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

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]

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.
Key Objectives of the UDAY Scheme

  • Reduce the aggregate technical & commercial (AT&C) loss (from ~22% to 15%) by 2018-19.
  • Improve operational efficiency via ensuring compulsory smart metering, upgrading transformers and meters.
  • Adopt energy efficiency measures such as initiate promotion of energy-efficient LED bulbs, etc.
  • Reduce power costs, interest burden and power losses in the distribution sector.
  • Encourage states to actively participate in the scheme by providing incentives to the performing state.

  • In addition, the following advantages will be provided:

    • Increased supply of domestic coal

    • Rationalisation of coal prices

    • Faster completion of interstate transmission lines

    • Power purchase through transparent competitive bidding, etc.

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.

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]

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.
About SWAYAM Portal
  • SWAYAM (Study Webs of Active–Learning for Young Aspiring Minds) is India’s own MOOCs (Massive Open Online Course) platform of the Ministry of Education (MoE) initiative and was launched during 2017.
  • It seeks to bridge the digital divide for students who have hitherto remained untouched by the digital revolution and have not been able to join the mainstream of the knowledge economy.
  • It is an indigenously developed IT platform that facilitates hosting of all the courses taught in classrooms from Class 9 till post-graduation to be accessed by anyone, anywhere, at any time.
  • All the courses are interactive, prepared by the best teachers in the country, and are available, free of cost, to the residents in India.

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.

Correct Answer: (c) Both 1 & 2
Solution:
  • DigiLocker is a flagship initiative of Ministry of Electronics & IT (MeitY) under Digital India programme.
  • DigiLocker aims at 'Digital Empowerment' of citizen by providing access to authentic digital documents to citizen's digital document wallet.
  • The issued documents in DigiLocker system are deemed to be at par with original physical documents as per Rule 9A of the Information Technology (Preservation and Retention of Information by Intermediaries providing Digital Locker facilities) Rules, 2016.
  • Benefits to Citizens: Important Documents Anytime, Anywhere! Authentic Documents, Legally at Par with Originals. Digital Document Exchange with the consent of the citizen. Faster service Delivery- Government Benefits, Employment, Financial Inclusion, Education, Health

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

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.

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.

The following are some of the main goals of these Schemes are

  • mobilisation of the gold that is held by the country’s numerous households.
  • to lessen gold imports to supply domestic demand.
  • to provide gold loans from banks to assist and enhance the gold and jewellery sectors.
  • to give depositors certificates stating the quantity and purity of gold they have placed.
  • The government has issued gold bonds for 96,283 kg (96.28 tonnes) in 61 issuances since 2016-17, which is worth Rs 52,080 crore at the current market price.
  • Investors have made premature redemption of 876 kg of gold bonds so far.

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

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.
  • In the solar power sector, DCR policies aim to boost the 'Make in India' initiative by mandating that solar projects receiving government support (like subsidies or preferential tariffs) must use a certain percentage of domestically manufactured solar cells, modules, or other equipment. This stimulates the growth of the domestic solar manufacturing industry.
  • For example, under past phases of the National Solar Mission in India, specific schemes included DCR clauses, requiring developers to source a portion of their solar modules from Indian manufacturers. These policies have sometimes faced challenges, including disputes at the World Trade Organization (WTO) regarding their compliance with international trade rules, which further explains why the term is frequently in the news related to solar power.

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?

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]

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.
Unified Payments Interface or UPI is a real-time digital payment system that enables instant money transfers between bank accounts using a mobile platform. Developed by the National Payments Corporation of India (NPCI) and launched in 2016, UPI simplifies payments by using a Virtual Payment Address (VPA), making transactions secure and accessible 24/7.
Since its inception, UPI has transformed India's payment landscape, driving financial inclusion and creating a cashless economy. It enables a range of features, including instant transfers, QR code payments, and recurring transactions, making it a preferred choice for millions of users. UPI is also accepted for international merchant payments in seven countries including UAE, France, Singapore, etc.