Daily Current Affairs MCQ- October 12, 2022 - UPSC MCQ

4th NICDC Investors' Roundtable Conference to be held in Mumbai on October 10.

• The 4th NICDC Investors' Roundtable Conference organized by Maharashtra Industrial Township Limited (MITL).
• The Investors Roundtable Conference has previously been hosted in Delhi, Kochi, and Ahmedabad.
• The 4th edition of the conference will showcase the development of upcoming greenfield industrial cities across India, which have been planned by National Industrial Corridor Development Corporation Limited.
• Currently, four such greenfield smart industrial cities are being developed in Maharashtra in the districts of Aurangabad, Raigad, Satara and Nagpur.
• National Industrial Corridor Development Corporation (NICDC) is a Special Purpose Vehicle aiming to develop new industrial cities as "Smart Cities" and converging next generation technologies across infrastructure sectors.
• The programme is aimed at providing impetus to planned urbanization in India with manufacturing as the key driver.

Hence both statements are correct.

The Plenary meeting of North Eastern Council (NEC) concluded recently.

• NEC is not a constitutional body, but a statutory organization established in 1971 under the North Eastern Council Act, 1971.
• Its functions are to function as Apex Regional Planning Body for the North Eastern Region and implementing various projects through the State and Central agencies.
• It comprises Governors and Chief Ministers of all the 8 North-Eastern States and three members nominated by the President.
• In June 2018, Union cabinet approved the nomination of the Home Minister as the ex-officio chairman and Minister for DoNER (Development of North-East Region) as the council’s vice chairman.

Hence both statement are not correct

• According to Union Finance Ministry, India’s net direct tax collections till October 8 in the financial year 2022-23 have risen to ₹7.45 lakh crore, more than half of the Budget targets.
• It is an increase of 16.3% over the tax inflows during the corresponding period a year ago.
• Based on provisional data, net personal income tax collections grew 17.35%, rising faster than corporate income tax collections that were up 16.29% net of refunds.
• Securities Transaction Tax (STT) collections combined with personal income tax receipts, grew at a more moderate 16.25%.
• Underlining that direct tax collections continue to register a steady growth, the Ministry said tax refunds had jumped 81% over the preceding year to touch ₹1.53 lakh crore.
• Net direct tax collections had crossed ₹7 lakh crore by September 17, 2022 and were 23.3% higher at the time, so there appears to have been a moderation in tax inflows in the intervening three weeks.
• Gross revenues from direct taxes were at ₹8,36,225 crore on September 17, reflecting a 30.2% growth.

Hence both statements are not correct.

• World Post Day is observed each year on October 9 across the world. The day is celebrated to commemorate the date of the establishment of the Universal Postal Union (UPU).
• It was instituted at the 1969 UPU Congress in Tokyo, Japan.
• Theme: The theme for World Post Day 2022 is 'Post for Planet'.
• Universal Postal Union (UPU): The Universal Postal Union (UPU) was started in 1874 in Switzerland.

India:

• The world's first official airmail flight took place in India on February 18, 1911.
• The Indian Post Office Act 1898 was passed by the legislature on March 22, 1898. It became active on July 1, 1898.
• In Independent India, the first official postal stamp was issued on November 21, 1947. The new stamp depicted the Indian flag with the patriots' slogan 'Jai Hind'

Hence both statements are correct.

India ranks fourth among 12 Indo-Pacific nations in self-reliant arms production capabilities, according to a study released this month by the Stockholm International Peace Research Institute (SIPRI).

About:

• The 12 countries in the study were selected because they have the highest military spending in the region — Australia, China, India, Indonesia, Japan, South Korea, Malaysia, Pakistan, Singapore, Taiwan, Thailand and Vietnam.
• The study, which measures self-reliance until 2020, is based on three indicators of self-reliance in each country:
  • Arms procurement
  • Arms industry
  • Uncrewed maritime vehicles

China

• China was the world’s fifth largest arms importer in 2016-20.
• Its self-reliance policies, and its high economic growth in that period meant that the Chinese arms industry now increasingly fulfills the requirements of the People’s Liberation Army (PLA).
• Its high volume of imports in absolute terms accounts for only 8 per cent of total procurement for the period, the lowest share for any of the 12 governments.

India

• India is ranked as the second largest importer of arms for its armed forces in 2016-20. India is highly dependent on imports of complete foreign major arms, including many produced under licence or as components for its domestic production.
• Of India’s total volume of procurement in 2016–20, 84 per cent was of foreign origin. Domestic arms companies provide only 16 per cent of its total procurement.
• Hindustan Aeronautics Ltd, Indian Ordnance Factories, Bharat Electronics, Mazagaon Docks and Cochin Shipyard are among the major Indian arms servicing companies. Ashok Leyland, one of the largest suppliers of trucks to the Indian Army, is the only company ranked in the top 50 in the Indo-Pacific.
• India has seven Uncrewed Maritime Vessel projects ongoing. In the private sector, Larsen & Toubro has been developing AUV prototypes on its own and in collaboration with foreign partners, such as Italy’s EdgeLab.

Hence both statements are not correct.

Central Government to organise PM-National Apprenticeship Melas on October 10.

About:

• It is being organised by the Ministry of Skill Development and Entrepreneurship, as part of the Skill India Mission to boost career opportunities and practical training among the youth.
• Every month, the apprenticeship mela will be hosted wherein selected individuals will receive a monthly stipend in accordance with government criteria for gaining new skill.
• To be eligible to apply, the students must have a 5th-12th grade pass certificate, a skill training certificate, an ITI Diploma, or a graduate degree to participate. 
• Candidates will also earn National Council for Vocational Education and Training (NCVET)-recognized certifications, improving their employability after the training.

National Apprenticeship Promotion Scheme (NAPS):

• The National Apprenticeship Promotion Scheme (NAPS), launched in 2016, aims to promote apprenticeship training in the country by providing stipend support to the apprentices, undertake capacity building of the apprenticeship ecosystem and provide advocacy assistance to support rapid growth.

Objectives:

• • To develop skilled manpower for the industry by promotion of on-the-job experiential training.
  • To encourage establishments to enrol apprentices by sharing partial stipend support to the apprentices.
  • To provide up-skilling opportunities for candidates who have undergone short-term skill training.
  • To encourage enrolment of apprentices in small establishments (MSMEs), and those located in under served areas like in aspirational districts and in North-East region.

Hence only statement 2 is correct.

India has received the fourth set of Swiss bank account details of its nationals and organisations as part of an annual information exchange, under which Switzerland has shared particulars of nearly 34 lakh financial accounts with 101 countries.

• This is the fourth tranche of information that India has received from Switzerland since the two countries entered into an Automatic Exchange Of Information (AEOI) agreement in January 2018.
• The first such exchange with India took place in 2019.

Automatic Exchange Of Information (AEOI):

• AEOI 2022 exchange exercise aims to bring in transparency and restrict money laundering.
• Some countries which have been added to the Swiss AEOI list for the first time are Turkey, Peru and Nigeria.
• The guidelines and parameters for the AEOI are set by the Paris-based international body, the Organisation for Economic Co-operation and Development (OECD).
• The annual exercise of AEOI exchange, such as the current Swiss bonanza of banking details, is strictly meant for “tax only” purposes and in India, kept in the custody of and for action by the Central Board of Direct Taxes (CBDT).
• Under the OECD’s guidelines, no details of the quantum of funds or the names of account holders are to be publicised.
• In 2014, the OECD developed the Common Reporting Standard (CRS) which allows every country to obtain data from Financial Institutions (FIs) and “automatically” exchange it with countries with which AEOI agreements are in order every year.
• Under the OECD umbrella of AEOI, India presently shares bulk financial and banking information with 78 countries and receives the same from 107 countries.

Hence both statements are correct.

The Indian space economy is set to reach $13 billion by 2025, according to a joint report prepared by EY and the Indian Space Association (ISpA).

• According to the report, the space-launch segment would grow at a CAGR of 13%, spurred by growing private participation, latest technology adoption and low cost of launch services.
• The satellite services and application segment would form the largest share of the space economy accounting for 36% of the ecosystem by 2025.
• On the country’s satellite-manufacturing opportunity, EY and ISpA said that in 2020, it was $2.1 billion. This would reach $3.2 billion by the year 2025.

Indian Space Association (ISpA)

• Indian Space Association (ISpA), established in December 2020, is the premier industry association of space and satellite companies. Prime Minister Narendra Modi launched the ISpA on October 11, 2021.
• The industry association will act as an independent and “single-window” agency for enabling the opening up of the space sector to start-ups and the private sector, according to the government agenda.

Hence both statements are correct.

The Royal Swedish Academy of Sciences awarded the 2022 Nobel Prize in Economics to Ben S. Bernanke, Douglas W. Diamond and Philip H. Dybvig.

• Ben S. Bernanke, Douglas W. Diamond and Philip H. Dybvig won the 2022 Nobel Prize in Economics for research on banks and financial crises.
• According to Nobel committee, the three laureates have significantly improved our understanding of the role of banks in the economy, particularly during financial crises, and an important finding in their research is why avoiding bank collapses is vital.

Douglas W Diamond and Philip H Dybvi

• Both Diamond and Dybvig worked together to develop theoretical models explaining why banks exist, how their role in society makes them vulnerable to rumours about their impending collapse, and how society can lessen this vulnerability.
• These insights form the foundation of modern bank regulation.

Ben S. Bernanke

• Former Federal Reserve chairman Ben Bernanke analysed the Great Depression of the 1930s, the worst economic crisis in modern history. Among other things, he showed how bank runs were a decisive factor in the crisis becoming so deep and prolonged.
• Using historical sources and statistical methods, Bernanke’s analysis showed which factors were important in the drop in gross domestic product.

Sveriges Riksbank Prize in Economic Sciences

• The Sveriges Riksbank Prize in Economic Sciences is awarded in memory of Alfred Nobel.
• While Alfred Nobel did not mention the economics prize in his will, the Sveriges Riksbank established the award in 1968 and the Royal Swedish Academy of Sciences was given the task of selecting the Laureates in Economic Sciences, starting in 1969.

Hence both statements are correct.

Minister of Civil Aviation, Shri Jyotiraditya M. Scindia recently inaugurated 4th Heli-India Summit 2022.

• During the summit the Minister announced 3 new projects for enhancing the helicopter sector in the country which includes HEMS and fractional ownership.

Helicopter Emergency Medical Services (HEMS) 

• It is called Project Sanjeevani by deploying a helicopter in the next few weeks to provide emergency medical services at AIIMS Rishikesh. 
• The helicopter will be based at the hospital at 20 minute notice and will have a service cover to an area of 150 km radius.

Fractional Ownership Model

• It helps to grow the non-scheduled operations.
• It will lower the barrier on the cost of acquisition of helicopters and airplanes through pooled capital by multiple owners.
• This will allow companies and individuals to minimize their capital outflow by sharing the purchase cost, reducing their exposure to risks and making it financially easier to run a NSOP business. 

Theme: ‘Helicopters for Last Mile Connectivity’.

Hence both statements are correct.