Daily Current Affairs MCQ: 7th July 2024 - UPSC MCQ

The primary function of a Primary Agricultural Credit Society (PACS) is to provide short-term and medium-term agricultural loans to farmers for various agricultural and farming activities. PACS play a crucial role in facilitating timely access to capital for farmers at the start of their agricultural activities, with minimal paperwork and quicker processing compared to traditional banks.

Here's a breakdown of why each statement is correct:

1. PACS operate directly under the State Cooperative Banks (SCB) at the state level. - Correct. PACS are part of a three-tier cooperative credit structure in India. They are linked to the State Cooperative Banks (SCBs) at the state level, which act as the central financing agencies for PACS.

2. PACS provide both short-term and medium-term agricultural loans to farmers. - Correct. PACS are a primary source of credit for farmers, offering short-term loans (typically up to one year) for agricultural inputs like seeds, fertilizers, and pesticides. They can also provide medium-term loans (up to five years) for purposes like equipment purchase or minor improvements.

3. The formation of PACS in every village by 2029 is a goal set by the Indian government. - Correct. The Indian government has recognized the importance of PACS in reaching out to farmers and has set a goal to revive and revitalize them. One aspect of this goal is establishing PACS in all villages by 2029 to enhance accessibility of agricultural credit in rural areas.

Therefore, the answer is 4. 1, 2 and 3. All three statements are correct regarding Primary Agricultural Credit Societies (PACS) in India.

1. State Cooperative Banks (SCBs) : Operate at the district level - Incorrect - State Cooperative Banks (SCBs) operate at the state level, not the district level.

2. District Central Cooperative Banks (DCCBs) : Work directly with farmers - Incorrect - District Central Cooperative Banks (DCCBs) work at the district level and collaborate with PACS, which deal directly with farmers.

3. Primary Agricultural Credit Societies (PACS) : Provide short-term and medium-term agricultural loans - Correct - PACS provide short-term and medium-term agricultural loans to farmers for various agricultural and farming activities.

4. National Cooperative Database : Launched in March 2024 - Correct - The National Cooperative Database was indeed launched in March 2024.

Pairs 3 and 4 are correctly matched. Hence, the correct answer is Option B: Only two pairs.

• Here's why:
  • Statement-I: This claim is wrong. Primary Agricultural Credit Societies (PACS) typically offer short-term and medium-term loans to farmers, not long-term ones. Long-term agricultural loans may be obtained from land development banks or other specialized institutions.
  • Statement-II: This assertion is accurate. PACS were first formed in India in 1904, and there are indeed a significant number of operational PACS in the country, surpassing 100,000.
  Therefore, Statement-II about the historical establishment and prevalence of PACS is correct, while Statement-I concerning the types of loans they provide is inaccurate.

The primary purpose of a wealth tax, as recommended by Gabriel Zucman, is to promote fairness and equality in taxation. This type of tax takes into account taxpayers' overall economic status and their ability to pay taxes, aiming to create a more equitable system, especially in societies with significant wealth disparities. By taxing ultra high net worth individuals, the wealth tax seeks to ensure that the wealthiest individuals contribute their fair share to society's financial needs.

1. Approximately 47% of gig work in India is categorized as high-skilled jobs.
This statement is incorrect. According to the provided information, approximately 47% of gig work in India is in medium-skilled jobs, not high-skilled jobs. The distribution is 47% medium-skilled, 22% high-skilled, and 31% low-skilled.

2. The median age of Indian gig workers is 27, with an average monthly income of Rs 18,000.
This statement is correct. The information indicates that the median age of Indian gig workers is 27 years, and their average monthly income is Rs 18,000.

3. Gig workers in India often do not receive benefits like paid leaves, travel allowances, and provident fund savings.
This statement is correct. Gig workers in India face challenges such as not receiving benefits like paid leaves, travel allowances, and provident fund savings.

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

1. Gig Economy in India: 47% of gig work is in medium-skilled jobs, not high-skilled jobs. This pair is incorrectly matched.

2. Average Age of Gig Workers in India: The median age of Indian gig workers is indeed 27 years. This pair is correctly matched.

3. Rajasthan Gig Workers Act: It does ensure gig workers' registration, welfare, and grievance redressal. This pair is correctly matched.

4. Global Tax Evasion Report 2024: Recommends a 2% tax on individuals holding wealth exceeding $1 billion. This pair is correctly matched.

Pairs 2, 3, and 4 are correctly matched. Pair 1 is incorrectly matched. Thus, only two pairs are correctly matched.

Let's analyze the given statements:

Statement-I:
The gig economy primarily consists of long-term employment opportunities provided by large corporations.
- This statement is incorrect. The gig economy is characterized by short-term, freelance, or contract work rather than long-term employment. It involves flexible, temporary, or freelance jobs, often facilitated by digital platforms.

Statement-II:
Gig workers in India predominantly earn higher incomes compared to traditional full-time employees.
- This statement is generally correct. While some gig workers can earn higher incomes depending on their skills and the demand for their services, many gig workers often face income instability and may not consistently earn more than traditional full-time employees.

Given this analysis, the correct answer is:

3. Statement-I is incorrect, but Statement-II is correct

Here’s an evaluation of the statements:

Statement-I: The East Coast Rail Link (ECRL) is indeed a 665-km railway project connecting Kota Bharu in Malaysia to Port Klang. It is part of China's Belt and Road Initiative (BRI).

Statement-II: The Pan-Asian Rail Network, which is part of China’s Belt and Road Initiative, aims to enhance regional connectivity through railway connections across several Southeast Asian countries, including Myanmar, Laos, Thailand, Vietnam, Cambodia, and Malaysia.

Both statements are correct and address different aspects of regional railway projects under the BRI. Statement-I describes a specific project (ECRL) that is part of the broader initiative described in Statement-II.

Therefore, the correct answer is:

   3. Both Statement-I and Statement-II are correct and Statement-II explains Statement-I

The collaboration between ISRO and NASA for the Axiom-4 mission primarily signifies the growing cooperation in space exploration between the two organizations. This partnership highlights the shared goals and mutual benefits of international collaboration in the realm of space exploration and underscores India's commitment to advancing its capabilities in space technology through strategic partnerships.