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Consider the following statements regarding Open Network for Digital Commerce (ONDC) project.
1. ONDC project was announced by the Ministry of Finance to address the issue of digital monopolies on e-commerce platforms.
2. It will allow sellers to be discoverable across multiple e-commerce platforms for a wider reach to customers instead of available to customers on only one particular e-commerce platform.
Which of the above statements is/are correct?
- a)1 only
- b)2 only
- c)Both 1 and 2
- d)Neither 1 nor 2
Correct answer is option 'B'. Can you explain this answer?
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Consider the following statements regarding Open Network for Digital C...
The Department for Promotion of Industry and Internal Trade (DPIIT) announced an Open Network for Digital Commerce (ONDC). Open Network for Digital Commerce (ONDC) project that is aimed at curbing “digital monopolies”. This is a step in the direction of making e-commerce processes open source, thus creating a platform that can be utilised by all online retailers.
It will make the e-commerce ecosystem open source, which means allowing sellers to be discoverable across multiple platforms for a wider reach to customers instead of available to customers on only one particular e-commerce platform, will help democratize digital commerce much like Unified Payments Interface (UPI).
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Consider the following statements regarding Open Network for Digital C...
Explanation:
The correct answer is option 'B', which means statement 2 is correct and statement 1 is incorrect. Let's analyze each statement in detail:
Statement 1: ONDC project was announced by the Ministry of Finance to address the issue of digital monopolies on e-commerce platforms.
This statement is incorrect. The Open Network for Digital Commerce (ONDC) project was not announced by the Ministry of Finance. It was actually announced by the Ministry of Consumer Affairs, Food and Public Distribution in India. The project aims to address the issues faced by small and medium-sized sellers in the e-commerce sector, particularly the dominance of large e-commerce platforms. By promoting interoperability, the project aims to create a level playing field for all sellers.
Statement 2: It will allow sellers to be discoverable across multiple e-commerce platforms for a wider reach to customers instead of available to customers on only one particular e-commerce platform.
This statement is correct. The main objective of the ONDC project is to enable sellers to be discoverable across multiple e-commerce platforms. Currently, many sellers are restricted to selling their products on a single e-commerce platform, limiting their reach to customers. The ONDC project aims to change this by creating a common interface that allows sellers to list their products on multiple platforms simultaneously. This will provide them with a wider reach and more opportunities to connect with customers.
The ONDC project also aims to promote price transparency and enhance customer experience by enabling customers to compare prices across different e-commerce platforms. This will help in creating a competitive environment and reduce the dominance of a few e-commerce players.
In conclusion, statement 2 is correct as it accurately describes the objective of the ONDC project. However, statement 1 is incorrect as the project was announced by the Ministry of Consumer Affairs, Food and Public Distribution, not the Ministry of Finance.
The correct answer is option 'B', which means statement 2 is correct and statement 1 is incorrect. Let's analyze each statement in detail:
Statement 1: ONDC project was announced by the Ministry of Finance to address the issue of digital monopolies on e-commerce platforms.
This statement is incorrect. The Open Network for Digital Commerce (ONDC) project was not announced by the Ministry of Finance. It was actually announced by the Ministry of Consumer Affairs, Food and Public Distribution in India. The project aims to address the issues faced by small and medium-sized sellers in the e-commerce sector, particularly the dominance of large e-commerce platforms. By promoting interoperability, the project aims to create a level playing field for all sellers.
Statement 2: It will allow sellers to be discoverable across multiple e-commerce platforms for a wider reach to customers instead of available to customers on only one particular e-commerce platform.
This statement is correct. The main objective of the ONDC project is to enable sellers to be discoverable across multiple e-commerce platforms. Currently, many sellers are restricted to selling their products on a single e-commerce platform, limiting their reach to customers. The ONDC project aims to change this by creating a common interface that allows sellers to list their products on multiple platforms simultaneously. This will provide them with a wider reach and more opportunities to connect with customers.
The ONDC project also aims to promote price transparency and enhance customer experience by enabling customers to compare prices across different e-commerce platforms. This will help in creating a competitive environment and reduce the dominance of a few e-commerce players.
In conclusion, statement 2 is correct as it accurately describes the objective of the ONDC project. However, statement 1 is incorrect as the project was announced by the Ministry of Consumer Affairs, Food and Public Distribution, not the Ministry of Finance.
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Consider the following statements regarding Open Network for Digital Commerce (ONDC) project.1. ONDC project was announced by the Ministry of Finance to address the issue of digital monopolies on e-commerce platforms.2. It will allow sellers to be discoverable across multiple e-commerce platforms for a wider reach to customers instead of available to customers on only one particular e-commerce platform.Which of the above statements is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer?
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Consider the following statements regarding Open Network for Digital Commerce (ONDC) project.1. ONDC project was announced by the Ministry of Finance to address the issue of digital monopolies on e-commerce platforms.2. It will allow sellers to be discoverable across multiple e-commerce platforms for a wider reach to customers instead of available to customers on only one particular e-commerce platform.Which of the above statements is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer? for Current Affairs 2024 is part of Current Affairs preparation. The Question and answers have been prepared according to the Current Affairs exam syllabus. Information about Consider the following statements regarding Open Network for Digital Commerce (ONDC) project.1. ONDC project was announced by the Ministry of Finance to address the issue of digital monopolies on e-commerce platforms.2. It will allow sellers to be discoverable across multiple e-commerce platforms for a wider reach to customers instead of available to customers on only one particular e-commerce platform.Which of the above statements is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for Current Affairs 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements regarding Open Network for Digital Commerce (ONDC) project.1. ONDC project was announced by the Ministry of Finance to address the issue of digital monopolies on e-commerce platforms.2. It will allow sellers to be discoverable across multiple e-commerce platforms for a wider reach to customers instead of available to customers on only one particular e-commerce platform.Which of the above statements is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer?.
Consider the following statements regarding Open Network for Digital Commerce (ONDC) project.1. ONDC project was announced by the Ministry of Finance to address the issue of digital monopolies on e-commerce platforms.2. It will allow sellers to be discoverable across multiple e-commerce platforms for a wider reach to customers instead of available to customers on only one particular e-commerce platform.Which of the above statements is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer? for Current Affairs 2024 is part of Current Affairs preparation. The Question and answers have been prepared according to the Current Affairs exam syllabus. Information about Consider the following statements regarding Open Network for Digital Commerce (ONDC) project.1. ONDC project was announced by the Ministry of Finance to address the issue of digital monopolies on e-commerce platforms.2. It will allow sellers to be discoverable across multiple e-commerce platforms for a wider reach to customers instead of available to customers on only one particular e-commerce platform.Which of the above statements is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for Current Affairs 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements regarding Open Network for Digital Commerce (ONDC) project.1. ONDC project was announced by the Ministry of Finance to address the issue of digital monopolies on e-commerce platforms.2. It will allow sellers to be discoverable across multiple e-commerce platforms for a wider reach to customers instead of available to customers on only one particular e-commerce platform.Which of the above statements is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer?.
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