Daily Current Affairs MCQ- June 18, 2022 - UPSC MCQ

The Central Board of Direct Taxes (CBDT) notified the cost inflation index (CII) for FY 2022-23 via a notification dated June 14, 2022. The Cost Inflation Index for FY 2022-23 relevant to AY 2023-24 is 331. For the previous year, i.e., FY 2021-22, CII was notified as 317.

• The CII is an index that is used to calculate the inflation-adjusted rise in the value of an asset including land, buildings, houses, gold jewellery, debt mutual funds, and so on.
• This CII number will assist you determine the long-term capital gains on which you are required to pay taxes when you file your income tax returns (ITR) next year.
• This number will be used to calculate inflation-adjusted cost for only those assets that allow for inflation-adjusted (indexation benefit). As a result, the CII value cannot be used to calculate LTCG/LTCL on equity mutual funds because any sum above Rs 1 lakh each fiscal year is taxed at a flat rate of 10% without the advantage of indexation.

How it is calculated

• The formula to calculate inflation-adjusted cost price is: (CII of the year of sale/CII for the year of purchase) * Actual cost price.
• The government declared in Budget 2017 that the base year would be changed from 1981 to 2001 due to challenges in obtaining appropriate information by taxpayers. In the case of an asset purchased prior to April 1, 2001, the cost of the asset is regarded as the fair market value on April 1, 2001.

Hence both statements are correct.

Union Steel Minister inaugurated a six-lane highway in Surat made of steel slag -- a first in India.

• The road constructed using 100 per cent steel-processed slag is a real example of converting "waste into wealth" and improving sustainability of steel plants.
• The road has been jointly made by Central Road Research Institute (CRRI) -- a laboratory of Council of Scientific and Industrial Research (CSIR) and ArcelorMittal Nippon Steel (AMNS) India.
• Slag is a by-product which comes out during manufacturing of steel through three processes, namely basic oxygen furnace (BOF) route, electric arc furnace (EAF) and induction furnace (IF).
• This is a breakthrough for the industry as far as utilisation of slag is concerned. Slag was being used only for only landfilling.
• Use of such material in road construction shall not only increase its durability but also help in reducing the cost of construction as slag-based materials have better properties than natural aggregates. The use of steel slag in road construction will also address the shortage of natural aggregates in the country.

Hence both statements are correct.

Youth recruited in the armed forces under the short-term ‘Agnipath’ scheme – who complete four years of service – will get priority in recruitment to the Central Armed Police Forces (CAPF) and Assam Rifles, the Union Ministry of Home Affairs (MHA) announced.

• Home Minister Amit Shah said that the Ministry has taken steps to fill-up vacancies in mission mode in accordance with Prime Minister Narendra Modi’s instructions to recruit 10 lakh personnel in one-and-a-half years.
• However, according to the latest Home Ministry data, there has been an over 80% decline in number of CAPF personnel — Constables, Sub Inspectors and Assistant Commandants (ACs) — recruited in the past four years. The 10 lakh-strong CAPF is one of the largest employment generation agencies under the Home Ministry.
• According to the 2021 Data of Police Organisations report, in the year 2020, only 10,184 CAPF posts were filled, while vacancies stood at 1.29 lakh.
• The CAPF comprises Central Reserve Police Force (CRPF), Central Industrial Security Force (CISF), Border Security Force (BSF), Sashastra Seema Bal (SSB), and Indo Tibetan Border Police Force (ITBP), which are under the administrative and operational control of the MHA.
• The Assam Rifles deployed along the Myanmar border is also under the administrative control of the MHA.

Hence only statement 1 is correct.

Justice Ranjana Prakash Desai, a former judge of the Supreme Court, has been selected for the post of the Press Council of India (PCI) Chairperson.

• Justice Desai had recently headed the Delimitation Commission on J&K which was set up to redraw the Assembly constituencies of the Union Territory. The post was lying vacant since Justice Chandramauli Kumar Prasad (retd.) completed his term in November 2021.
• The Press Council of India (PCI) is a statutory organization operating under the Press Council Act of 1978. It was formed in 1966. It is the self-regulatory watchdog of the press.
• The Council has a chairman – traditionally, a retired Supreme Court judge, and 28 additional members of which 20 are members of media.

Hence only statement 1 is correct.

According to a report published by the RBI in its monthly bulletin, India does not face any risk of stagflation.

• Stagflation is characterized by slow economic growth and relatively high unemployment—or economic stagnation—which is at the same time accompanied by rising prices (i.e., inflation).
• Stagflation can be alternatively defined as a period of inflation combined with a decline in the gross domestic product (GDP).
• Basically, it refers to an economy that is experiencing a simultaneous increase in inflation and stagnation of economic output.

Phillips curve

• The traditional Phillips curve suggests there is a trade-off between inflation and unemployment.
• A period of stagflation will shift the Phillips curve to the right, giving a worse trade-off.
• Phillips curve shifting to the right, indicates stagflation (higher inflation and higher unemployment.

Hence only statement 1 is correct.

In Himachal Pradesh the three-day international literary festival “Unmesh” was organized at the historic Gaiety Theater in Shimla.

• This festival was organized for the first time by the Union Ministry of Culture and the Sahitya Akademi with the support of the state Department of Art and Culture as part of Azadi ka Amrit Mahotsav.
• The festival, with the title “Unmesh- a celebration of expression”, is the biggest international literary festival in the country so far. Over 425 writers, poets, translators and critics from 15 countries, representing over 60 languages, attended the event.

Hence both statements are correct.

India hosted ASEAN Foreign Ministers and Secretary General for a Special ASEAN-India Foreign Ministers’ Meeting (SAIFMM) to commemorate 30 years of ASEAN-India Dialogue Relations and 10 years of our Strategic Partnership.

• The SAIFMM was co-chaired by External Affairs Minister Dr. S. Jaishankar and Minister of Foreign Affairs of Singapore Dr. Vivian Balakrishnan. The Meeting was also attended by Foreign Ministers of other ASEAN Countries.
• The ASEAN-India dialogue relations started with the establishment of sectoral partnership in 1992 which graduated to full dialogue partnership in December 1995 and summit level partnership in 2002. The ties were elevated to a strategic partnership in 2012.
• The ASEAN comprises Indonesia, Thailand, Vietnam, Laos, Brunei, the Philippines, Singapore, Cambodia, Malaysia and Myanmar.

Hence, option (a) is the correct answer.

• Bharat Gaurav initiative was launched in November 2021.
• Under this scheme, trains now have a third segment for tourism. Till now, the Railways had passenger segments and goods segments. Hence, statement 1 is correct.
• These trains are not regular trains that will run as per a timetable but will be more on the lines of the Ramayana Express being run by the IRCTC. Hence, statement 2 is correct.
• It was announced under the theme-based tourist circuit trains. These trains will be run by both private players and IRCTC, in theme-based circuits. Hence, statement 3 is not correct.

• The ‘One District, One Product’ (ODOP) was launched by the Ministry of Food Processing Industries, to help districts reach their full potential, foster economic and socio-cultural growth. Hence, statement 1 is not correct.
• This initiative is carried out with the ‘Districts as Exports Hub’ initiative by the Directorate General of Foreign Trade (DGFT), Department of Commerce to provide financial and technical assistance to the district-level industries. Hence, statement 2 is not correct.
• The States would identify food products for districts keeping in view the existing clusters and availability of raw material. ODOP could be a perishable produce-based or cereal-based or a food item widely produced in an area. Hence, statement 3 is correct.
• One District One Product provides financial and technical assistance to the district-level industries so that small-scale industries can be helped and they can provide employment opportunities to the local people. Hence, statement 4 is correct.

Integrated Guided Missile Development Programme (IGMDP):

• IGMDP was an Indian Ministry of Defence programme to research and develop a comprehensive range of missiles.
• The project started in 1982–1983 under the leadership of Dr. APJ Abdul Kalam. Hence, statement 1 is correct.
• This Programme made Dr APJ Abdul Kalam the missile man of India.
• The integrated guided missile programme was complete in 2008.
• Five Missiles Developed under the IGMDP:
  • PRITHVI (Short range surface-to-surface ballistic missile). Hence, statement 2 is correct.
  • AGNI (Medium to intercontinental surface-to-surface missile)
  • TRISHUL (Short range low-level surface-to-air missile)
  • AKASH (Surface-to-air missile having a range of up to 25 Km and multi-target handling system)
  • NAG (Third generation “fire & forget”, “top attack” anti-tank missile)