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Test: Economic Development MCQs (August 2024 Current Affairs) - UPSC MCQ


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15 Questions MCQ Test Current Affairs & Hindu Analysis: Daily, Weekly & Monthly - Test: Economic Development MCQs (August 2024 Current Affairs)

Test: Economic Development MCQs (August 2024 Current Affairs) for UPSC 2024 is part of Current Affairs & Hindu Analysis: Daily, Weekly & Monthly preparation. The Test: Economic Development MCQs (August 2024 Current Affairs) questions and answers have been prepared according to the UPSC exam syllabus.The Test: Economic Development MCQs (August 2024 Current Affairs) MCQs are made for UPSC 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Economic Development MCQs (August 2024 Current Affairs) below.
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Test: Economic Development MCQs (August 2024 Current Affairs) - Question 1

Consider the following statements:

Statement-I:
Chinese technicians are crucial for Indian manufacturing growth due to their expertise and efficiency in production.

Statement-II:
The presence of Chinese workers can help India establish a position at the bottom of the global skill ladder.

Which one of the following is correct in respect of the above statements?

Detailed Solution for Test: Economic Development MCQs (August 2024 Current Affairs) - Question 1


Statement-I highlights the importance of Chinese technicians for Indian manufacturing, emphasizing their expertise and efficiency. This statement is supported by the content provided, where it is mentioned that Chinese workers are more productive and can help Indian industries overcome skill gaps.

However, Statement-II suggests that the presence of Chinese workers can help India establish a position at the bottom of the global skill ladder. This statement is not accurate as the intent is likely to bridge the skill gap and improve productivity rather than positioning India at the bottom of the skill ladder. The content emphasizes India's need for foreign technical help to enhance its manufacturing capabilities and competitiveness in the global market, not to lag behind.

Therefore, while Statement-I is correct based on the information provided, Statement-II does not align accurately with the context, making option (c) the most suitable choice.

Test: Economic Development MCQs (August 2024 Current Affairs) - Question 2

Consider the following statements:

Statement-I:
India aims to achieve high-income status by 2047, necessitating a comprehensive approach to enhance economic performance.

Statement-II:
India's per capita income is projected to reach USD 4,500 by 2031.

Which one of the following is correct in respect of the above statements?

Detailed Solution for Test: Economic Development MCQs (August 2024 Current Affairs) - Question 2


Statement-I is accurate as it reflects India's goal to achieve high-income status by 2047 through a comprehensive economic strategy. However, Statement-II is incorrect because the projected per capita income for India by 2031 is not USD 4,500 but is estimated to be around USD 2,850, according to available data and projections. Hence, Statement-II is inaccurate in its projection of India's per capita income.

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Test: Economic Development MCQs (August 2024 Current Affairs) - Question 3

Consider the following pairs:

1. Agra-Gwalior high-speed corridor - Uttar Pradesh and Madhya Pradesh

2. Tharad-Deesa-Mehsana-Ahmedabad corridor - Gujarat

3. Guwahati Ring Road - Assam

4. Raipur-Ranchi corridor - Chhattisgarh and Jharkhand

How many pairs given above are correctly matched?

Detailed Solution for Test: Economic Development MCQs (August 2024 Current Affairs) - Question 3

1. Agra-Gwalior high-speed corridor - Uttar Pradesh and Madhya Pradesh: Correct. Agra is in Uttar Pradesh, and Gwalior is in Madhya Pradesh.

2. Tharad-Deesa-Mehsana-Ahmedabad corridor - Gujarat: Correct. All these locations are in the state of Gujarat.

3. Guwahati Ring Road - Assam: Correct. Guwahati is the largest city in the state of Assam.

4. Raipur-Ranchi corridor - Chhattisgarh and Jharkhand: Correct. Raipur is the capital city of Chhattisgarh, and Ranchi is the capital city of Jharkhand.

All four pairs are correctly matched.

Test: Economic Development MCQs (August 2024 Current Affairs) - Question 4

Consider the following statements regarding the National Asset Reconstruction Company Ltd (NARCL):

1. NARCL aims to acquire stressed assets totaling Rs 2 trillion by the fiscal year 2026.

2. The NARCL was established in 2021 as a government-supported bad bank to manage distressed assets within the public sector banks.

3. The operational structure of NARCL involves acquiring bad loan accounts from banks, while the India Debt Resolution Co. Ltd (IDRCL) manages the resolution process.

Which of the statements given above is/are correct?

Detailed Solution for Test: Economic Development MCQs (August 2024 Current Affairs) - Question 4

All three statements provided about the National Asset Reconstruction Company Ltd (NARCL) are correct:

1. Statement 1: Correct. NARCL has set a target to acquire stressed assets totaling Rs 2 trillion by the fiscal year 2026. This ambitious goal follows their achievement of acquiring Rs 1 trillion worth of distressed assets in FY24.

2. Statement 2: Correct. NARCL was indeed established in 2021. It is a government-supported bad bank, specifically created to address the issue of non-performing assets (NPAs) within the public sector banks.

3. Statement 3: Correct. The operational structure of NARCL involves a unique arrangement where NARCL acquires bad loan accounts from banks. The India Debt Resolution Co. Ltd (IDRCL) then manages the resolution process. This dual structure, although it has faced some operational challenges, is designed to streamline the management and recovery of distressed assets.

Therefore, all the statements are correct, making Option D the right answer.

Test: Economic Development MCQs (August 2024 Current Affairs) - Question 5

Consider the following statements:

Statement-I: India is the first country to mandate CSR spending under clause 135 of the Companies Act, 2013, establishing a framework for identifying potential CSR activities.

Statement-II: Most countries have voluntary CSR frameworks; Norway and Sweden have moved to mandatory CSR provisions after starting with voluntary models.

Which one of the following is correct in respect of the above statements?

Detailed Solution for Test: Economic Development MCQs (August 2024 Current Affairs) - Question 5

Statement-I is correct as India indeed mandates CSR spending under clause 135 of the Companies Act, 2013. Statement-II is also correct as it highlights that while most countries have voluntary CSR frameworks, Norway and Sweden have transitioned to mandatory CSR provisions after initially following voluntary models. Therefore, both statements are accurate, and Statement-II provides additional context to support Statement-I.

Test: Economic Development MCQs (August 2024 Current Affairs) - Question 6

Consider the following statements:

Statement-I:
The MPC (Monetary Policy Committee) of the Reserve Bank of India decided to keep the policy repo rate unchanged at 6.50% in its 50th meeting.
Statement-II:
The MPC consists of six members, including the RBI Governor, a Deputy Governor, an officer from the Bank nominated by the Central Board, and three individuals appointed by the central government.
Which one of the following is correct in respect of the above statements?

Detailed Solution for Test: Economic Development MCQs (August 2024 Current Affairs) - Question 6

Statement-I accurately reflects the decision of the MPC to maintain the policy repo rate at 6.50% in the 50th meeting. However, Statement-II provides an incomplete and inaccurate description of the composition of the MPC. While it correctly mentions the presence of the RBI Governor and a Deputy Governor, it fails to mention the specific roles of an officer from the Bank nominated by the Central Board and three individuals appointed by the central government, which are key components of the MPC. Therefore, Statement-II is incorrect in its representation of the MPC's membership.

Test: Economic Development MCQs (August 2024 Current Affairs) - Question 7

Consider the following pairs:

1. CSR expenditure on education in FY23 : Rs 10,085 crore

2. CSR spending on vocational skills in FY23 : Rs 1,033 crore

3. CSR expenditure on technology incubators in FY23 : Rs 1 crore

4. CSR spending on animal welfare in FY23 : Rs 315 crore

How many pairs given above are correctly matched?

Detailed Solution for Test: Economic Development MCQs (August 2024 Current Affairs) - Question 7

1. CSR expenditure on education in FY23: Rs 10,085 crore - Correct. Government data revealed that education received the highest share of CSR expenditure in FY23, with Rs 10,085 crore allocated.

2. CSR spending on vocational skills in FY23: Rs 1,033 crore - Incorrect. CSR spending on vocational skills rose slightly to Rs 1,164 crore in FY23 from Rs 1,033 crore the previous year.

3. CSR expenditure on technology incubators in FY23: Rs 1 crore - Correct. Technology incubators received the lowest amount, with only Rs 1 crore in FY23 compared to Rs 8.6 crore in the previous year.

4. CSR spending on animal welfare in FY23: Rs 315 crore - Correct. Animal welfare surged from Rs 17 crore in FY15 to over Rs 315 crore in FY23.

Thus, three pairs are correctly matched.

Test: Economic Development MCQs (August 2024 Current Affairs) - Question 8

What is a key advantage of bad banks in managing non-performing assets (NPAs) within the banking sector?

Detailed Solution for Test: Economic Development MCQs (August 2024 Current Affairs) - Question 8

Bad banks play a crucial role in managing non-performing assets (NPAs) within the banking sector by enhancing efficiency in asset resolution. By centralizing the management of NPAs, bad banks help in streamlining the process of recovering bad loans, thus enabling banks to focus on healthier lending practices and improving overall financial stability.

Test: Economic Development MCQs (August 2024 Current Affairs) - Question 9

What percentage of the total CSR expenditure in FY23 came from companies outside the public sector?

Detailed Solution for Test: Economic Development MCQs (August 2024 Current Affairs) - Question 9

In FY23, companies outside the public sector contributed a significant 84% of the total CSR expenditure, highlighting the substantial contribution made by private sector entities towards corporate social responsibility initiatives.

Test: Economic Development MCQs (August 2024 Current Affairs) - Question 10

Consider the following statements about the Ayushman Bharat Scheme:

1. The scheme provides Rs. 5 lakh coverage per family per year for secondary and tertiary care hospitalization.

2. Maharashtra and Kerala had the highest rates of elderly admissions under the scheme.

3. The scheme aims to cover all individuals over 70 years regardless of economic status.

Which of the statements given above is/are correct?

Detailed Solution for Test: Economic Development MCQs (August 2024 Current Affairs) - Question 10

1. Correct: Ayushman Bharat, specifically under the Pradhan Mantri Jan Arogya Yojana (PM-JAY) component, provides Rs. 5 lakh coverage per family per year for secondary and tertiary care hospitalization. This is designed to offer financial protection to vulnerable families for their healthcare needs.

2. Correct: According to the data, Maharashtra (20.49%) and Kerala (18.75%) had the highest rates of elderly admissions under the scheme. This indicates a significant utilization of the scheme by elderly individuals in these states.

3. Correct: The government’s plan to expand Ayushman Bharat includes covering all individuals over 70 years, regardless of economic status. This expansion aims to address the healthcare needs of the aging population comprehensively.

Therefore, all the given statements are correct, making Option D the right answer. The justification aligns with the information provided in the source material, ensuring the accuracy and relevance of the question and solution.

Test: Economic Development MCQs (August 2024 Current Affairs) - Question 11

Consider the following statements:

1. The government has introduced a new mechanism allowing the National Highways Authority of India (NHAI) to pay up to 40% of the total project cost in ten installments based on progress.

2. The length of National Highways in India has increased from 0.91 lakh km in 2013-14 to 1.46 lakh km in 2024.

3. The government’s new Model Concession Agreement includes shorter concession periods to attract more private investors.

Which of the statements given above is/are correct?

Detailed Solution for Test: Economic Development MCQs (August 2024 Current Affairs) - Question 11

1. Statement 1 is correct: The government has indeed introduced a new mechanism where the National Highways Authority of India (NHAI) can pay up to 40% of the total project cost in ten installments based on progress. This is aimed at improving the financial viability for developers.

2. Statement 2 is correct: The length of National Highways in India has increased from 0.91 lakh km in 2013-14 to 1.46 lakh km in 2024, reflecting significant progress in highway construction.

3. Statement 3 is incorrect: The government’s revised Model Concession Agreement has introduced more favorable compensation and longer concession periods, not shorter, to attract private investors.

Therefore, the correct statements are 1 and 2, making Option B: 1 and 2 Only the right answer.

Test: Economic Development MCQs (August 2024 Current Affairs) - Question 12

Consider the following pairs:

1. National Asset Reconstruction Company Ltd (NARCL) - Established in 2021

2. India Debt Resolution Co. Ltd (IDRCL) - Tasked with acquiring bad loan accounts

3. Grant Street National Bank - Acquired bad assets from Mellon Bank

4. GST on Health Insurance - 18%

How many pairs given above are correctly matched?

Detailed Solution for Test: Economic Development MCQs (August 2024 Current Affairs) - Question 12

1. National Asset Reconstruction Company Ltd (NARCL) - Established in 2021

Correct. NARCL was indeed established in 2021 to tackle bad assets within public sector banks.

2. India Debt Resolution Co. Ltd (IDRCL) - Tasked with acquiring bad loan accounts

Incorrect. IDRCL is tasked with managing the resolution process of bad loan accounts, not acquiring them. NARCL acquires the bad loans.

3. Grant Street National Bank - Acquired bad assets from Mellon Bank

Correct. Grant Street National Bank is known for acquiring bad assets from Mellon Bank.

4. GST on Health Insurance - 18%

Correct. The current GST imposed on health insurance premiums in India is indeed 18%.

Thus, three pairs are correctly matched.

Test: Economic Development MCQs (August 2024 Current Affairs) - Question 13

Consider the following statements:

Statement-I:
Bad banks are specialized asset reconstruction companies that purchase, manage, and recover bad loans from commercial banks.

Statement-II:
The concept of bad banks originated in the 1980s, with institutions like Grant Street National Bank acquiring bad assets from Mellon Bank.

Which one of the following is correct in respect of the above statements?

Detailed Solution for Test: Economic Development MCQs (August 2024 Current Affairs) - Question 13


Statement-I correctly defines bad banks as specialized asset reconstruction companies that handle bad loans from commercial banks. Statement-II provides historical context about the origin of bad banks in the 1980s but does not directly explain the functions of bad banks as outlined in Statement-I. While both statements are factually accurate, Statement-II does not serve to elaborate or provide context for Statement-I, hence Option B is the correct choice.

Test: Economic Development MCQs (August 2024 Current Affairs) - Question 14

What is a key focus of the government's roadmap for infrastructure development in India?

Detailed Solution for Test: Economic Development MCQs (August 2024 Current Affairs) - Question 14

The government's roadmap for infrastructure development in India emphasizes implementing innovative financing solutions to secure additional funding for development. This approach involves exploring infrastructure bonds and other creative financing options to support the growth of infrastructure projects. By encouraging innovative financing, the government aims to address funding challenges and facilitate the timely completion of critical infrastructure initiatives.

Test: Economic Development MCQs (August 2024 Current Affairs) - Question 15

Consider the following statements:

1. Indian factory supervisors have been recognized officially for their expertise in low-tech, labour-intensive production.

2. Chinese professionals are able to produce more items using the same resources compared to Indian workers.

3. The Indian government has no restrictions on foreign experts, irrespective of their country of origin.

Which of the statements given above is/are correct?

Detailed Solution for Test: Economic Development MCQs (August 2024 Current Affairs) - Question 15

1. Statement 1: This statement is incorrect. The official recognition mentioned in the text pertains to the acknowledgment of the skill gap between Chinese and Indian factory supervisors and workers, not the expertise of Indian supervisors in low-tech, labour-intensive production.

2. Statement 2: This statement is correct. The text highlights that a shoe manufacturer in Vellore pointed out that Chinese professionals can produce 150 items using the same resources that Indian workers use to make 100 items.

3. Statement 3: This statement is correct. The text indicates that while the Indian government generally does not have many restrictions on foreign experts, there are specific limitations on Chinese workers due to national security concerns.

Therefore, the correct answer is Option C: 2 and 3 Only.

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