Daily Current Affairs MCQ - June 15, 2021 - UPSC MCQ

The U.S. Senate passed a law aimed at boosting American production and processing of rare earths. In 2019, the U.S. imported 80% of its rare earth minerals from China, the U.S. Geological Survey says.

• These are a set of 17 chemical elements in the periodic table, specifically the 15 lanthanides plus scandium (Atomic Number 21) and Yttrium (Atomic Number 39).
• Lanthanide series comprises the 15 metallic chemical elements with atomic numbers 57 through 71, from lanthanum through lutetium.
• Scandium and yttrium are considered rare-earth elements because they tend to occur in the same ore deposits as the lanthanides and exhibit similar chemical properties, but have different electronic and magnetic properties.
• Cerium (AN 58) is the most abundant rare earth metal.
• Why these elements called as RARE? There is no shortage of rare earths. But their extraction is difficult (Requires high skill, Capital intensive, Environmental issues).
• 2 main ore of extractions are Monazite and Bastansite.
• Properties: Their colour ranges from Shiny Silver to Iron Gray. They are soft, malleable, ductile and usually reactive, especially at elevated temperatures or when finely divided.
• Its application ranges from Civilian (smartphones, laptops, petroleum refining catalysts) to military including nuclear applications. Rare minerals that are essential to electric vehicles, wind turbines and drones.
• China has the largest reserve (37 percent), followed by Brazil and Vietnam (18 percent each), Russia (15 percent), and the remaining countries (12 percent). Deng Xiaoping said once, The Middle East has oil and China has rare earth.

Hence, option (a) is the correct answer.

India signed off on a joint statement by G-7 and guest countries on “open societies”.

• The ‘Open Societies Statement’ was adopted at the end of an G7 outreach session titled ‘Building Back Together—Open Societies and Economies’, where Prime Minister Narendra Modi was invited as a lead speaker.
• The joint statement was signed by the G-7 countries, and India, South Korea, Australia and South Africa, with host British Prime Minister Boris Johnson calling them “Democracies 11”.

Features

• This statement reaffirm the values of “freedom of expression, both online and offline, as a freedom that safeguards democracy”.
• The statement also refers to “politically motivated internet shutdowns” as one of the threats to freedom and democracy.
• It also affirmed “human rights for all, both online and offline, as set out in the Universal Declaration of Human Rights and other human rights instruments, and opposition to any form of discrimination, so that everyone can participate fully and equally in society”.

Hence, option (a) is the correct answer.

India’s foreign exchange reserves crossed the $600 billion mark for the first time after rising by $6.842 billion in the week ended on June 4. Forex reserves rose to a record $605.008 billion in the reporting week, helped by a rise in Foreign Currency Assets (FCA), a major component of the overall reserves.

Countries with the highest foreign reserves according to IMF (June 13, 2021)

• China – $3,330 Billion
• Japan – $1,378 Billion
• Switzerland – $1,070 Billion
• Russia – $605.200 Billion
• India – $605.008 Billion
• Foreign-exchange reserves (also called forex reserves or FX reserves) are reserve assets held by a central bank in foreign currencies.
• They are used to back liabilities on their own issued currency, support the exchange rate and set monetary policy.
• Components: India’s foreign exchange reserves comprise
  1. Foreign currency assets (FCAs). These are maintained in currencies like US dollar, euro, pound sterling, Australian dollar and Japanese yen.
  2. Gold
  3. SDR (special drawing rights) in IMF: This is the reserve CURRENCY with IMF
  4. RTP (reserve tranche position) in IMF: This is the reserve CAPITAL with IMF

Hence, option (d) is the correct answer.

Defence Minister Rajnath Singh has approved the budgetary support of ₹498.8 crore to Innovations for Defence Excellence (iDEX) - Defence Innovation Organisation (DIO) for the next five years.

• Innovations for Defence Excellence (iDEX) was launched by the Government of India in 2018.
• iDEX will be funded and managed by a ‘Defence Innovation Organization (DIO)’ which has been formed as a ‘not for profit’ company as per Section 8 of the Companies Act 2013 by the two founder members i.e. Defence Public Sector Undertakings (DPSUs) - HAL & BEL alongwith the Department of Defence Production (DDP).
• iDEX will function as the executive arm of DIO, carrying out all the required activities while DIO will provide high level policy guidance to iDEX.
• The iDEX framework and establishment of the DIO is aimed at promoting innovation and indigenisation in the aerospace and defence sector at the start-up level. The scheme is aimed at providing financial support to nearly 300 start-ups, MSME, individual innovators and 20 partner incubators.
• Hence both statements are correct.

A 15-metre-tall tree that belongs to the genus of the coffee family has recently been discovered from the Andaman Islands.

• Regions in India: The new species, Pyrostria laljii was first reported from the Wandoor forest in South Andaman. The other places in the Andaman and Nicobar Islands where the tree could be located are the Tirur forest near the Jarawa Rerserve Forest and the Chidia Tapu (Munda Pahar) forest.
• Global distribution: The new species is also the first record of the genus Pyrostria in India. Plants belonging to genus Pyrostria are usually found in Madagascar.
• Features: The tree is distinguished by a long stem with a whitish coating on the trunk and oblong-obovate leaves with a cuneate base. Other physical features that distinguish the tree from other species of the genus is its umbellate inflorescence with eight to 12 flowers.
• IUCN status: Pyrostria laljii has been assessed as ‘Critically Endangered’ based on the International Union for Conservation of Nature’s (IUCN) Red List criteria.
• Name: The species has been named Pyrostria laljii after Lal Ji Singh, Joint Director and Head of Office, Andaman and Nicobar Regional Centre, Botanical Survey of India.

Hence, option (d) is the correct answer.

The Walking Buddha is either beginning his journey toward enlightenment or returning after giving a sermon. This is the least common of the Buddha postures, and is seen mostly in Thailand.

THE NATIONAL BANK FOR FINANCING INFRASTRUCTURE AND DEVELOPMENT ACT, 2021:

An Act to establish the National Bank for Financing Infrastructure and Development to support the development of long-term non-recourse infrastructure financing in India including development of the bonds and derivatives markets necessary for infrastructure financing and to carry on the business of financing infrastructure and for matters connected therewith.

The developmental objective of the Institution shall be to co-ordinate with the Central and State Governments, regulators, financial institutions, institutional investors and such other relevant stakeholders, in India or outside India, to facilitate building and improving the relevant institutions to support the development of long term non-recourse infrastructure financing in India including the domestic bonds and derivatives markets.

The financial objective of the Institution shall be to lend or invest, directly or indirectly, and seek to attract investment from private sector investors and institutional investors, in infrastructure projects located in India, or partly in India and partly outside India, with a view to foster sustainable economic development in India.

• The International Hydrographic Organization (IHO) is an intergovernmental consultative and technical organization that was established in 1921 to support the safety of navigation and the protection of the marine environment.
  • India is also a member of IHO. Hence, statement 1 is correct.
• Recently, on the occasion of World Ocean Day (8^th June), the National Geographic magazine has recognised the ‘Southern Ocean’ as the world’s fifth ocean.
  • The IHO too had recognised ‘Southern Ocean’ as a distinct body of water surrounding Antarctica in 1937 but had repealed the same in 1953. Hence, statement 2 is not correct.
• The Southern Ocean is the only ocean ‘to touch three other oceans (Pacific, Atlantic and Indian Ocean) and to completely embrace a continent rather than being embraced by them’. Hence, statement 3 is correct.

• The United Nations Convention to Combat Desertification (UNCCD) was established in 1994, the sole legally binding international agreement linking environment and development to sustainable land management. Hence, statement 1 is correct.
• The Great Green Wall initiative by Global Environment Facility (GEF), where eleven countries in Sahel-Saharan Africa have focused efforts to fight against land degradation and revive native plant life to the landscape. Hence, statement 2 is correct.

• New Shephard is a rocket system that has been designed to take astronauts and research payloads past the Karman line. Hence, option B is correct.
  • The Karman line is the internationally recognized boundary of space
• New Shephard has been named after astronaut Alan Shephard – the first American to go to space – and offers flights to space over 100 km above the Earth and accommodation for payloads.
• The idea is to provide easier and more cost-effective access to space meant for purposes such as academic research, corporate technology development and entrepreneurial ventures among others.
• It will also allow space tourists to experience microgravity by taking them 100 km above the Earth.
• Microgravity is the condition in which people or objects appear to be weightless. The effects of microgravity can be seen when astronauts and objects float in space