Daily Current Affairs MCQ- August 11, 2022 - UPSC MCQ

Monetary Policy Committee (MPC)

• Monetary policy refers to the policy of the central bank with regard to the use of monetary instruments under its control to achieve the goals specified in the RBI Act.
• The primary objective of the RBI’s monetary policy is to maintain price stability while keeping in mind the objective of growth.
• In May 2016, the RBI Act was amended to provide a legislative mandate to the central bank to operate the country’s monetary policy framework.
• This amendment lays down that
• MPC shall determine the Policy Rate required to achieve the inflation target”,
• that the decision of the MPC shall be binding on the Bank.

Hence both statements are correct.

Chicago Convention & ICAO:

• In 1944, Chicago Convention was held which led to the formation of International Civil Aviation Organisation (ICAO).
• This convention also led to the establishment of the core principles permitting international transport by air.
• ICAO is a United Nations (UN) specialized agency which laid the foundation for the standards and procedures for peaceful global air navigation.
• India is one of the ICAO's founder members.
• ICAO headquarters is located in Montreal, Canada.

Hence only statement 1 is correct.

The innovative Market Linkage scheme- PARVAZ possesses tremendous potential for uplifting the economic conditions of the farmers across the Union Territory of Jammu and Kashmir.

• The scheme was launched by the Government with an aim to create market linkage support for the shipment of Agriculture and Horticulture perishables being harvested in Jammu and Kashmir through Air Cargo.
• Under the scheme, 25 per cent subsidy on freight charges is given for carrying perishable fruits harvested in Jammu and Kashmir for shipment through Air Cargo. The subsidy is provided to farmers through DBT mode.
• Jammu & Kashmir Horticultural Produce Marketing and Processing Corporation (JKHPMC), the implementing agency of the scheme is regularly creating awareness among the farmers about the significance of this scheme so that ample number of them can take benefit from it.

Hence only statement 1 is correct.

In a first, a U.S. Navy Ship, Charles Drew, arrived in India for carrying out repairs and allied services at Larsen & Toubro’s (L&T) Shipyard at Kattupalli, Chennai, adding a new dimension to the fast expanding Indo-U.S. strategic partnership.

• This is the first ever repair of a U.S. Navy ship in India. The U.S. Navy had awarded a contract to L&T’s Shipyard at Kattupalli for undertaking maintenance of the ship. The USNS Charles Drew will be at the Kattupalli shipyard for a period of 11 days and undergo repairs in various areas.
• The event signifies the capabilities of Indian shipyards in the global ship repairing market.
• At the India-U.S. 2+2 in April, both sides agreed to explore the possibilities of utilising Indian shipyards for the repair and maintenance of ships of the U.S. Maritime Sealift Command to support mid-voyage repair of U.S. Naval ships.

Hence both statements are correct.

The Indian Space Research Organisation Chairman S Somanath has said that the maiden launch of the Small Satellite Launch Vehicle, SSLV failed to place the satellites in the intended orbit due to sensor anomaly.

• SSLV-D1-EOS 02 launched from Sriharikota launch pad had placed the satellites into 356kmX76 kms elliptical orbit instead of 356 km circular orbit. Due to which the two satellites remained unstable and are no longer usable.
• The ISRO Chairman has said the launch vehicle took off majestically at the intended time from the launch pad in Sriharikota. Its propulsion stages, overall hardware, aerodynamic design and new generation electronics, the separation system used for the first time performed very well.
• However after reaching an altitude of 356 kms there was a failure of logic to identify sensor failure and go for the salvage motion. Hence the launch vehicle developed an anomaly.
• The ISRO Chairman has said that a team of experts will go deeper to find out the reason for this isolation. He emphasised that after a small correction and revalidation, SSLV-D2 will be launched very soon.

Hence both statements are correct.

The Electricity Act, 2003:

• Electricity is on the Concurrent List (Centre and states have equal rights to frame laws) of the Constitution of India.
• Before the Electricity Act, 2003, the generation, distribution and transmission of electricity were carried out mainly by the State Electricity Boards in various States.
• Due to the politico-economic situation, the cross-subsidies reached an unsustainable level.
• The Electricity Regulatory Commissions Act was enacted in 1998 to detach state governments from tariff determination.
• The Electricity Act was enacted in 2003 in order to further reform the electricity sector through private sector participation and competition.

Hence both statements are correct.

Council of Scientific & Industrial Research (CSIR):

• It was set up in 1942as an autonomous body (under the Societies Registration Act, 1860).
• CSIR is now the largest government funded multi-disciplinary industrial research and development (R&D) organisation in India.
• It comes under the administrative supervision of the Ministry of Science and Technology, Government of India.
• The R&D activities of CSIR include aerospace engineering, structural engineering, ocean sciences, life sciences, metallurgy, chemicals, mining, food, petroleum, leather and environmental science.
• CSIR is headquartered in New Delhi.
• CSIR@80: Vision and Strategy 2022 - New CSIR for New India: Under this, the CSIR’s vision is to pursue -
  • Science which strives for global impact,
  • The technology that enables innovation-driven industry,
  • The technology that fosters multidisciplinary leadership, catalysing inclusive economic development for the people of India.

Hence only statement 1 is correct.

Elon Musk, the CEO of Tesla believes “inflation is going to drop rapidly” and prices of commodities used in the manufacture of electric vehicles “trending down in six months”.

• What he’s projecting is already happening in food. The UN Food and Agriculture Organization’s Food Price Index (FPI) averaged 140.9 points in July, 8.6% down from its previous month’s level and marking the steepest monthly drop since October 2008.
• The FPI – a trade-weighted average of international prices of key food commodities over a base period value, taken at 100 for 2014-16 – hit an all-time-high of 159.7 points in March, the month that followed the Russian invasion of Ukraine on February 24.
• The latest index reading is the lowest since the 135.6 points of January, before the still-ongoing war.

Hence both statements are correct.

With rising cases of mobile phone snatching in the national capital, the Delhi Police is now planning to close ranks with internet service providers and the department of telecommunications to block stolen or robbed phones.

• This will be done by using the device’s International Mobile Equipment Identity (IMEI) number.
• The International Mobile Equipment Identity or IMEI is a unique number that is used to identify a device on a mobile network. It has 15 digits, and is like your phone’s unique identity.
• When you use the internet or place a call through your cellular service provider, then this number is used to verify the identity of your device.
• If you have a dual SIM phone, then you will have two IMEI numbers, one for each slot.

Hence both statements are correct.

Solar photovoltaics (PV) has driven India’s push towards the adoption of cleaner energy generation technologies. From less than 10 MW in 2010, India has added significant PV capacity over the past decade, achieving over 50 GW by 2022.

• By 2030, India is targeting about 500 GW of renewable energy deployment, out of which ~280 GW is expected from solar PV. This necessitates the deployment of nearly 30 GW of solar capacity every year until 2030.
• However, there are challenges that need to be overcome for the sustainability of the PV economy. Indian solar deployment or installation companies depend heavily on imports, as India currently does not have enough module and cell manufacturing capacity.

Hence both statements are correct.