Daily Current Affairs MCQ - August 18, 2021 - UPSC MCQ

The Reserve Bank of India has created a composite Financial Inclusion Index (FI-Index) to capture the extent of financial inclusion across the country.

• The announcement regarding the creation of the Financial Inclusion Index was made in the first Bi-monthly Monetary Policy Statement for 2021-2022 on 17 April.
• The annual FI-Index for the period ending March 2021 is 53.9 against 43.4 for the period ending March 2017. The FI-Index will be published annually in July every year.
• The FI-Index has been conceptualised as a comprehensive index, incorporating details of banking, investments, insurance, postal as well as the pension sector, in consultation with government and respective sectoral regulators.
• It also captures information on the financial inclusion aspects in a single value ranging between 0-100, where 0 represents complete financial exclusion and 100 indicates full financial inclusion.
• The FI-Index comprises three broad parameters -- Access (35%), Usage (45%), and Quality (20%), with each of these consisting of dimensions computed based on many indicators.
• The Index is also responsive to the ease of access, availability and the usage of services, and the quality of services, comprising all 97 indicators.
• A unique feature of the Index is the quality parameter, which captures the quality aspect of financial inclusion as reflected by the financial literacy, consumer protection, and inequalities and deficiencies in services.
• The FI-Index has been constructed without any 'base year', and as such it reflects cumulative efforts of all stakeholders over the years towards financial inclusion.

Hence only statement 2 is correct.

The Centre has argued that it cannot reduce taxes on petrol and diesel as it has to bear the burden of payments in lieu of oil bonds issued by the previous UPA government to subsidise fuel prices.

• Before fuel prices were deregulated, petrol and diesel as well as cooking gas and kerosene were sold at subsidised rates during UPA rule.
• Instead of paying direct subsidy to oil marketing companies from the Budget, the then government issued oil bonds totalling Rs 1.34 lakh crore to the state-fuel retailers in a bid to contain the fiscal deficit.
• Citing the need to repay interest and principal components on these bonds, the Centre has now argued that it needs higher excise duty to help its finances.
• The NDA government too has used a similar strategy to inject capital into state-owned banks and other institutions by issuing recapitalisation bonds worth Rs 3.1 lakh crore, which will come up for redemption between 2028 and 2035.

Hence only statement 1 is correct.

The Global Geospatial Information Community was sensitized about the second United Nations World Geospatial Information Congress (UNWGIC) to be organized by India in October 2022.

• The United Nation Committee of Experts on Global Geospatial Information Management (UN-GGIM) organizes the United Nations World Geospatial Information Congress (UNWGIC) every four years with the objectives of enhancing international collaboration among the Member States and relevant stakeholders in Geospatial information management and capacities.
• The first UNWGIC was organized by China in October 2018.
• The UNGGIM has entrusted the responsibility of organizing the second UNWGIC to India during October 2022. India will organize the event as a part of the "Azadi Ka Amrit Mahotsav (Celebration of 75 years of Indian Independence)".
• Hence both statements are correct.

Winners announced for Ministry for Electronics and IT (MeitY)-NASSCOM Start-up Women Entrepreneur Awards 2020-21 in partnership with UN Women.

• The awards were open to participation from tech start-up women entrepreneurs and an overwhelming response was received across the country with receipt of 159 applications.
• an eminent Jury comprising of leaders from MeitY, UN Women, Industry and Academia selected 12 women entrepreneurs as winners, while 2 women entrepreneurs were declared as the Jury Choice Awardees and one woman entrepreneur was felicitated as a special mention. Each winner and Jury Choice Awardees were rewarded Rs. 2 Lakh.
• Giving a fillip to women entrepreneurs, 33 women have also been selected for MeitY-NASSCOM Tech Women Entrepreneur Accelerator Program to give them access to networks, connects, learning and resources that are needed to build scalable, profitable and global businesses.
• Hence, option (d) is the correct answer.

Minister of Commerce and Industry conferred the National Intellectual Property Awards 2020 to the winners at an event.

Addressing the event, Shri Goyal said the key achievements of his Ministry includes

• Granting of 28,391 patents in 2020-21 as compared to 4,227 grants during 2013-14 (572% growth.
• Reduction in Time of patent examination from 72 months in Dec 2016 to 12-24 months in Dec 2020
• 14.2 lakh trademark registrations in 4 years (2016-2020) in comparison to 11 Lakh during 75 years (1940-2015).
• India’s ranking improved in Global Innovation Index to 48th in 2020, (+33 ranks from 81st in 2015-16).
• Hence both statements are correct.

During this year, coal/lignite PSUs of the Ministry of Coal have set an ambitious target under the “Go Greening” drive to cover 2385 hectares of area under bio-reclamation/plantation.

• The “Go Greening” drive is to be provided the right impetus through launch of the “Vriksharopan Abhiyan 2021” on 19th August 2021 by the Union Minister of Coal & Mines.
• It is expected that more than 300 plantation sites in and around coalfields across the country will be connected during the Abhiyan on 19^th through live Video Conferencing.

Benefits:

• Vriksharopan Abhiyan 2021 will surely bring environment sustainability in mining operations and help coal sector obtain social and environmental licence to operate, which will be very crucial in coming days when more mines will be opened up involving new players.
• Also, the Abhiyan is expected to sensitize and motivate the society and common people to take up more and more afforestation initiatives in their neighbouring areas.
• Hence, option (d) is the correct answer.

Gerhard Müller was a professional footballer from Germany. A striker known for his clinical finishing, especially in and around the six-yard box, he is widely regarded as one of the greatest goalscorers in sports history. On August 15, 2021, legendary German striker Gerd Müller died aged 75. The forward scored 68 goals in 62 appearances for West Germany, including the winning goal in the 1974 World Cup final against Holland.

On 16 August 2021, Puducherry celebrated its De Jure Transfer Day. Speaker of the Puducherry Assembly, R. Selvam, paid tribute to the colourful flowers at a monument built in Kizhur, a remote village in Puducherry, where the transfer of power took place on the same day in 1962. About the Date: According to Puducherry, De Jure Transfer Day is the day on which he gained independence. Pondicherry of that time was controlled by France well after 1947, although some parts of India were free. On August 16, 1962, there was a full surrender of the Indian territories after the exchange of instruments of ratification between the two nations.

Recently, a resolution has been reintroduced in the US House of Representatives to posthumously award the Congressional Gold Medal to Mahatma Gandhi for his contributions made through his methods of non-violence. Given the award, Mahatma Gandhi will be India's first to win the Congressional Gold Medal, the highest civilian award in the US. About the Award: The US Congress (legislature) has commissioned gold medals as its highest expression of national appreciation for distinguished achievements and contributions.

Google honoured Subhadra Kumari Chauhan on her 117th birthday by donating a creative doodle to her. She was an Indian activist, freedom fighter, and poet. About Subhadra Kumari Chauhan: Google doodle was illustrated by Prabha Mallya who is a New Zealand-based guest artist. Doodle signified Chauhan dressed in a saree, sitting & holding a pen with a number of notes. Doodle also features Jhansi Ki Rani and a few freedom fighters. Google also described Chauhan as a ‘trailblazing writer and freedom fighter who gained national prominence when literature was dominated by men.