Daily Current Affairs MCQ: 21st October 2024 - Bank Exams MCQ

The Unified Payments Interface (UPI) has transformed India’s digital payment ecosystem since its introduction in 2016. By facilitating seamless, real-time payments through a mobile platform, UPI has led to a dramatic increase in digital transactions, achieving nearly 15 billion transactions in a single month by August 2024. This initiative exemplifies the effectiveness of digital public infrastructure in promoting cashless transactions and enhancing financial inclusion across the nation.

The Copenhagen Accord established a commitment from developed nations to provide $100 billion annually by 2020 to assist developing countries in combating climate change. This financial support was intended to help these nations address the impacts of climate change despite their minimal contribution to global greenhouse gas emissions. However, this target has faced challenges, with many developed nations struggling to meet their financial commitments, highlighting the ongoing need for climate finance.

The widening trade deficit with ASEAN is primarily attributed to the fact that imports from ASEAN to India surged significantly (234.4%) compared to a smaller increase in Indian exports (130.4%) from FY 2009 to FY 2023. This disparity in growth rates has resulted in an expanding trade deficit, highlighting the asymmetrical nature of trade relations.

The African Baobab tree plays a crucial ecological role by helping to maintain moisture in the soil, which is essential for the health of the dry savanna ecosystem. Its large root systems absorb and store water, which not only supports the tree itself but also benefits other plants and animals in the area. Additionally, Baobabs are known for their ability to reduce soil erosion, thus maintaining the integrity of the land. Interestingly, Baobabs can store large amounts of water in their trunks, which allows them to produce nutritious fruit during the dry season, further supporting local wildlife and human populations.

Coelogyne tripurensis belongs to the section Fuliginosae, which is known for its distinctive characteristics, such as showy flowers and a unique labellum. This section includes orchids that often exhibit a wide range of variations in appearance, making identification challenging. Orchids in this section are not only admired for their beauty but also have specific ecological adaptations that help them thrive in their natural habitats. An interesting fact about the genus Coelogyne is that it consists of approximately 600 species, many of which are popular among gardeners due to their ornamental value.

Developing nations often incur significantly higher capital costs for green technologies compared to developed countries. This disparity makes it more difficult for them to invest in renewable energy solutions, as they face financial constraints and limited access to affordable financing. For instance, the International Energy Agency noted that these nations may pay up to twice as much for green technologies like solar energy. This financial burden hinders their ability to transition to sustainable energy sources effectively.

The Prohibition of Child Marriage Act (PCMA), 2006, was established with the primary objective of preventing child marriages and working towards eradicating this practice. It sets legal minimum ages for marriage—21 years for boys and 18 years for girls—and aims to stop the formalization of marriages below these ages. This Act replaces earlier legislation and introduces stricter penalties for those involved in facilitating child marriages, thereby supporting victims and promoting their rights.

India has adopted a more cautious approach by halting free trade agreement discussions with smaller nations. This decision is driven by concerns that previous agreements have disproportionately favored partner countries, leading to a widening trade gap and investment outflows from India. This strategic shift reflects India's priority to reassess and improve the benefits derived from trade agreements.

India faces a substantial financial challenge in transitioning from coal, requiring over $1 trillion over the next 30 years to facilitate a just transition. This investment aims to ensure socio-economic stability for communities reliant on coal, covering costs associated with mine closures, worker retraining, and the establishment of new green energy infrastructure. This transition is crucial for meeting environmental goals while addressing the economic needs of affected workers and regions.

Recent surveys indicate a growing trend in agricultural households in rural India, with 57% of rural households classified as agricultural in 2021-22, up from 48% in 2016-17. This increase occurs despite the country's robust economic growth, which raises questions about the sustainability of such dependency. The persistence of agricultural reliance reflects structural employment challenges and the slow transition of workers to higher productivity sectors, necessitating policy focus on diversifying rural livelihoods while strengthening agriculture.