Daily Current Affairs MCQ: 22nd September 2024 - UPSC MCQ

Let's analyze each statement:

1. The credit growth of Indian banks is projected to decline to 14% in the current financial year from 16% in the previous year.

• This statement is correct. Reports indicate that the credit growth is indeed projected to decline to 14% this financial year, compared to 16% last year.

2. India's credit-to-GDP ratio is higher than that of other Asian nations with similar income levels.

• This statement is incorrect. India's credit-to-GDP ratio is actually lower than that of other Asian nations with similar income levels, such as Thailand, Malaysia, and China.

3. The decrease in the share of Current and Savings Accounts (CASA) within total deposits has worsened the liquidity crisis in Indian banks.

• This statement is correct. The growing disparity between credit and deposit growth, exacerbated by a decrease in CASA share, has led to a liquidity crisis.

Therefore, statements 1 and 3 are correct, while statement 2 is incorrect.

Thus, the correct answer is Option C: 1 and 3 Only.

The primary goal of the Quad, or Quadrilateral Security Dialogue, is to maintain a free and open international order governed by law in the Indo-Pacific region. This involves cooperation among India, Australia, the US, and Japan to enhance maritime security, address global challenges, combat climate change, foster technological innovations, and create favorable conditions for investment in the region.

The recent controversy surrounding the Tirupati Laddu primarily revolves around quality concerns raised by a company that supplied ghee to the famous Tirupati Balaji temple. This issue has sparked discussions about the quality and authenticity of products offered at the temple, a significant aspect of the recent news coverage.

1. Malabar Exercise - Correctly matched. The Malabar Exercise in November 2020 marked the first joint military drill with all four Quad nations since 2007.

2. Quad Wilmington Declaration - Correctly matched. The Quad Wilmington Declaration focuses on advancing the Quad agenda and cooperation among member nations.

3. Quad Cancer Moonshot - Incorrectly matched. The Quad Cancer Moonshot initiative focuses initially on cervical cancer, not lung cancer, in the Indo-Pacific region.

4. Maritime Initiative for Training in the Indo-Pacific (MAITRI) - Correctly matched. This initiative aims to improve regional partners' utilization of tools from the Indo-Pacific Maritime Domain Awareness.

Thus, pairs 1, 2, and 4 are correctly matched, while pair 3 is incorrectly matched.

Answer: Option B: Only two pairs

1. Private Gross Fixed Capital Formation (GFCF) in Q4 FY24: 6.46% - Correctly matched. In the fourth quarter of FY24, the private GFCF fell to a four-quarter low of 6.46%.

2. Credit growth projection for the financial year: 14% - Correctly matched. Reports indicate that credit growth is projected to decline to 14% this financial year.

3. India's credit-to-GDP ratio compared to peers: Higher than Thailand, Malaysia, and China - Incorrectly matched. India's credit-to-GDP ratio is actually lower than that of other Asian nations with similar income levels, such as Thailand, Malaysia, and China.

4. Gold imports in August 2024: $10.1 billion - Correctly matched. India's gold imports skyrocketed to a record $10.1 billion in August 2024.

Thus, the correctly matched pairs are 1, 2, and 4, which means only two pairs are correctly matched.

1. Mahadwaram - Entrance to the inner sanctum of Tirupati Balaji Temple (Correct)

2. Ananda Nilayam - The main deity of Tirupati Balaji Temple (Incorrect)

3. Chola Dynasty - Contributed to the growth and support of Tirupati Balaji Temple (Correct)

4. Tirupati Laddu - Prasad offered at Tirupati Balaji Temple with a GI tag (Correct)

Thus, three pairs are correctly matched.

Statement-I correctly defines the purpose and establishment of Debt Recovery Tribunals (DRTs) under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993.
Statement-II accurately describes the provision of the Securitisation and Reconstruction of Financial Assets & Enforcement of Security Interest Act, 2002, allowing banks and financial institutions to recover secured debts without immediate court intervention. However, this statement is not directly explaining the establishment of DRTs as in Statement-I. Instead, it provides related information about the recovery process, making both statements correct but not interdependent.

Statement-I correctly highlights the recent challenges faced by India's economy due to the widening trade deficit caused by a decrease in export values and a surge in imports. Statement-II accurately notes the positive growth in India's services exports, which have provided stability and acted as a buffer against the trade deficit. However, Statement-II does not directly explain the reasons behind the widening trade deficit mentioned in Statement-I. Instead, it provides additional context related to India's services exports. Therefore, both statements are correct, but Statement-II does not explain Statement-I.