Daily Current Affairs MCQ- September 13, 2023 - UPSC MCQ

Recently, the Minister of State, Ministry of social Justice and Empowerment unveiled five transformative initiatives for persons with Disabilities at the Dr. Ambedkar International Centre (DAIC). 

• PM Daksh Portal:
• It is a comprehensive digital platform designed to empower Persons with Disabilities in their pursuit of skill training and employment opportunities.
• The portal offers seamless registration through UDID, access to location-based skill training options, a wide array of job listings from across India, and streamlined administrative processes.

Hence both statements are correct.

The G20 Summit witnessed a remarkable showcase of India's rich tribal heritage and craftsmanship, curated and presented by TRIFED (Tribal Cooperative Marketing Development Federation of India), Ministry of Tribal Affairs. 

• Longpi Pottery
• Named after the village of Longpi in Manipur, the Tangkhul Naga tribes practice this exceptional pottery style.
• Unlike most pottery, Longpi does not resort to the potter’s wheel.
• All shaping is done with the hand and with the help of moulds.
• The characteristic gray- black cooking pots, the stout kettles, quaint bowls, mugs and nut trays, at times with a handle of fine cane are trademarks of Longpi.

Hence only statement 1 is correct.

Recently, Indian overnight index swap (OIS) rates rose to their highest levels in 10 months due to offshore paying and triggering of stop losses.

• It is a derivative instrument where returns under a fixed rate asset are swapped against a pre-determined published index of a daily overnight reference rate for an agreed period of time.
• The primary purpose of an OIS is to manage interest rate risk, particularly the risk associated with fluctuations in the overnight lending rate.
• An overnight index swap rate is calculated each day.
• This rate is based on the average interest rate institutions with loans based on the overnight rate have paid for that day.

How does an OIS work?

• These are instruments that allow financial institutions to swap the interest rates they are paying without having to refinance or change the terms of their existing loan.
• Typically, when two financial institutions create an overnight index swap, one of the institutions is swapping an overnight (floating) interest rate and the other institution is swapping a fixed short-term interest rate.
• To get the swap rolling, both the firms would agree to continue servicing their loans, but at the end of a specified time period whoever ends up paying less interest will make up the difference to the other firm.

Hence both statements are correct.

Recently, NASA's Lucy spacecraft has captured its first images of the main belt asteroid Dinkinesh, marking the beginning of a 12-year voyage. 

• It was discovered in 1999 by the LINEAR survey.
• Dinkinesh is a slow rotator with a moderately large light-curve amplitude. 
• It is an S-type asteroid means it is composed mainly of silicates and some metal.
• It will be the first fly-by target of the Lucy mission on 2023 November 1, during its cruise to the Trojan clouds.
• The observations were made by Lucy’s high-resolution camera, the Lucy Long Range Reconnaissance Imager (L’LORRI instrument).

Key Facts about Lucy Mission

• It was launched by NASA from the Cape Canaveral Space Force Station in Florida in 2021.
• It is a 12-year mission which will take close observations of nine of Jupiter’s Trojans and two main belt asteroids along with that.
• It is the first spacecraft sent to study the Trojan asteroids, which orbit the Sun in the same path that the planet Jupiter takes.
• It has recently captured the images of Eurybates, Polymele, Leucus and Leucus asteroids.

Hence option (a) is the correct answer.

The NSE Nifty 50 recently managed to cross the 20,000 mark for the first time. 

About Nifty:

• NIFTY is a market index introduced by the National Stock Exchange (NSE).
• It is a blended word – National Stock Exchange and Fifty coined by NSE.
• Nifty was established in 1996 with the name CNX Nifty. Further, in 2015, it was renamed Nifty 50. 
• NIFTY 50 is a benchmark-based index and also the flagship of NSE.
• It represents the performance of the 50 largest and most actively traded stocks listed on the NSE.
• These 50 largest companies are from different industrial sectors and collectively represent the Stock Market and Economic Trends of India. 
• It is one of the two main stock market indices in India, the other being SENSEX, a product of the Bombay Stock Exchange (BSE).

Key Facts about Sensex:

• Sensex is the benchmark index of the BSE in India.
• It was launched on January 1, 1986 as a basket of 30 stocks representing the country's largest, financially sound companies listed on the BSE.
• The term ‘Sensex’ is a blend of the words ‘Sensitive’ and ‘Index’ and was coined by stock market expert Deepak Mohini. 
• The Sensex reflects the movements in the Indian stock market. It is considered the benchmark index of the Indian stock market. 

What is an Index?

• A stock index is a measurement of the changes that take place in the stock market.
• It measures price movement and market performance.
• For creating an index, one has to group some stocks from the list of stocks with similar characteristics. 
• This grouping of stocks can be on the type of industry, total market capitalization or the size of the company. 
• Calculation:
• To calculate the value of the stock market index, one can use the values of the underlying group of stocks.
• Any change in the value of underlying stock also leads to a change in the stock index value.
• If the price of most of the stocks rises, the index will again rise and vice-versa. 
• Thus, an index is indicative of changes in the market.
• It reflects the overall market investing sentiment and price movements.

Hence both statements are not correct.

The epicenter of the recent devastating earthquake in Morocco was in the High Atlas Mountains, about 71km southwest of Marrakesh. 

About High Atlas Mountains:

• The High Atlas Mountains, often referred to simply as the High Atlas, is a prominent mountain range in North Africa, primarily located in Morocco.
• Location:
• The High Atlas Mountains are part of the Atlas Mountain range, which stretches across Morocco, Algeria, and Tunisia.
• It extends northeastward for 1000km from the Atlantic Coast to the Moroccan-Algerian border.
• Geography:
• They are characterized by their rugged and steep terrain.
• They are known for their high peaks, deep valleys, and extensive plateaus.
• The range includes several peaks over 4,000 meters (13,000 feet) in elevation, with Mount Toubkal being the highest at approximately 4,167 meters (13,671 feet).
• Cultural Significance: They have cultural significance in Morocco. The region is inhabited by Berber communities, and traditional Berber villages can be found throughout the mountains.
• Climate Divide: Its saw-toothed Jurassic peaks act as a weather barrier between the mild, Mediterranean climate to the north and the encroaching Sahara to the south.

Key Facts about Morocco:

• It is located in the northwest corner of Africa and is bordered by the North Atlantic Ocean and the Mediterranean Sea.
• Land Borders: It shares land borders with Algeria to the east and southeast and Western Sahara to the south.
• The High Atlas Mountains separate the mild coastline from the harsh Sahara. 
• Sahara Desert: A significant part of Morocco is covered by the Sahara Desert.
• Climate: Morocco has a diverse climate, ranging from the Mediterranean along the coast to desert in the interior. The country experiences hot summers and mild winters in most regions.
• It was a French protectorate between 1912 and 1956. 
• Capital: Rabat, which is located on the Atlantic coast.
• Largest City: Casablanca is the largest city in Morocco and serves as its economic and business hub.
• Official Languages: Arabic and Amazigh (Berber) are the official languages of Morocco. French is also widely spoken and used in business and government.
• Government:
• Morocco is a constitutional monarchy with an elected parliament.
• King Mohammed VI has been the reigning monarch since 1999.

Hence only statement 2 is correct.

India and Saudi Arabia recently agreed to speed up the implementation of the $50 billion West Coast refinery project.

About West Coast Refinery Project:

• First conceptualized in 2014, the West Coast refinery project, also known as the Ratnagiri Refinery and Petrochemicals Ltd (RRPCL), was envisioned as India’s largest greenfield refinery with a capacity of 60 million tonnes per annum, and is touted to become the largest integrated refinery and petrochemical facility in the world.
• Location: As the name implies, the project is supposed to be set up on India’s western coast, specifically in Ratnagiri, Maharashtra.
• The refinery expected to produce around 1.2 million barrels of oil a day when completed alongside the various petroleum products that will be produced by attached petrochemical plants.
• Three of India’s leading government-owned public sector undertakings in the oil and gas sector came together in a joint venture partnership called RRPCL.
• RRPCL is a 50:25:25 joint venture formed in 2017 by India's three national oil companies, Indian Oil Corporation Limited (IOCL), Bharat Petroleum Corporation Limited (BPCL), and Hindustan Petroleum Corporation Limited (HPCL).
• In 2019, Saudi Aramco and the Abu Dhabi National Oil Company (ADNOC) decided to get involved as well, collectively acquiring a 50 per cent stake in the project which is estimated to be worth around Rs 3 lakh crore purely in set-up costs.

Hence option c is the correct answer.

Indian shipping Minister recently said India and Russia seek to begin operations on the Eastern Maritime Corridor (EMC).

About Eastern Maritime Corridor (EMC):

• The EMC is a proposed sea route between the Indian port of Chennai and the Russian port of Vladivostok.
• The corridor is estimated to bring down transportation time between Indian and Russian ports of the Far East Region by up to 40 per cent (24 days from the current 40 days).
• Present trade route between Mumbai in India and St. Petersburg in Russia covers a distance of 8,675 nautical miles.
• The EMC will cover a distance of about 5,600 nautical miles, which is significantly shorter than the current route via the Suez Canal.
• Once complete, EMC will take 24 days, down from presently over 40 days, to transport goods from India to Far East Russia.
• For India, it will provide a shorter and more efficient route to access the markets of the Far East, such as China and Japan.

Key Facts about Vladivostok:

• Vladivostok is a major city in Russia, located in the Far East of the country.
• It is located on the Golden Horn Bay north of North Korea and a short distance from Russia’s border with China.
• It is the largest port on Russia’s Pacific coast, and home to the Pacific Fleet of the Russian Navy.
• It is the eastern railhead of the legendary Trans Siberian Railway, which connects the Far East of Russia to the capital Moscow, and further west to the countries of Europe. 
• At Vladivostok’s massive port, shipping and commercial fishing are the main commercial activities.

Hence only statement 2 is correct.

Foreign investors from Mauritius, Cyprus and Singapore have been on the receiving end of a number of notices for gains from investment in Compulsorily Convertible Debentures (CCDs) issued by Indian companies.

• It is a type of bond which must be converted into stock by a specified date.
• It is classified as a hybrid security, as it is neither purely a bond nor purely a stock.
• A debenture comes in two forms
• Non-convertible debenture: It cannot be converted into equity shares of the issuing company. Instead, debenture holders receive periodic interest payments and get back their principal at the maturity date, just like most bondholders.
• The interest rate attached to them is higher than for convertible debentures.
• Convertible debentures: May be converted into the company’s equity after a set period of time. That convertibility is a perceived advantage, so investors are willing to accept a lower interest rate for purchasing convertible debentures.

What is a debenture?

• A debenture is a medium- to long-term debt security issued by a company as a means of borrowing money at a fixed interest rate.
• Unlike most investment-grade corporate bonds, it is not secured by collateral.
• It is backed only by the full faith and credit of the issuing company.

Hence only statement 1 is correct.

Recently, the Union Minister of State for Ministry of Textiles informed Lok Sabha about Cott-Ally App.

• The Cotton Corporation of India Limited has developed a mobile app - “Cott-Ally” exclusively for the cotton farmers.
• Objective:
• To maximise the use of the digital media among the farmers to increase the reach of all government schemes especially in the cotton farming sector.
• To have direct interaction and outreach with the cotton farmers in their regional languages.
• The various features of “Cott-Ally” are as follows:
• Easy to operate in regional languages.
• MSP cotton rates state-wise, variety-wise and quality-wise can be seen.
• Farmers can track real time payment status of their kapas sold to CCI under MSP.
• Contact details of procurement centers opened by the CCI.
• Direct interaction with CCI through Live chat to resolve doubts & grievances, if any.
• General information on quality management of cotton crop and other related information.
• Can be downloaded from google play store for android mobile/app store for Apple mobile.

Hence only statement 2 is correct.