21 SEPTEMBER CURRENT AFFAIRS (MCQ)

Q1. Consider the following statements with reference to Consumer Welfare Fund:

1. Its objective is to provide financial assistance to promote and protect the welfare of the
   consumers.
2. It was set up under the Consumer Protection Act, 2019.
3. It is being operated under the Ministry of Consumer Affairs, Food & Public Distribution.
   Select the correct answer using the code given belowa) 1 and 2 only
   b) 2 and 3 only
   c) 1 and 3 only
   d) 1, 2 and 3
   Solution: c)
   Explanation:
   Statement 2 is not correct.
   Under the Central Goods and Services Tax (CGST) Act, 2017, Government has set up the Consumer
   Welfare Fund (CWF) to promote and protect the welfare of the consumers. The Consumer Welfare
   Fund Rules have since been incorporated in Rule 97 of the CGST Rules, 2017.
   The overall objective of the Consumer Welfare Fund is to provide financial assistance to promote
   and protect the welfare of the consumers and strengthen the consumer movement in the country.
   The Fund has been set up by the Department of Revenue and, is being operated by the Department
   of Consumer Affairs, Ministry of Consumer Affairs, Food & Public Distribution.
   Q2. Consider the following statements with reference to the Producer Price Index (PPI):
4. It measures the change in average retail prices that a consumer pays for the goods.
5. PPI excludes indirect taxes.
   Which of the statements given above is/are not correct?
   a) 1 only
   b) 2 only
   c) Both 1 and 2
   d) Neither 1 nor 2
   Solution: a)
   Explanation:
   Statement 1 is not correct.
   Producer Price Index (PPI) measures the average change in the price of goods and services either as
   they leave the place of production, called output PPI or as they enter the production process, called
   input PPI. PPI estimates the change in average prices that a producer receives.
   Consumer Price Index (CPI) is a measure of the change in retail prices of goods and services
   consumed by defined population group in a given area with reference to a base year. Hence,
   statement 1 is not correct. A wholesale price index (WPI) is an index that measures and tracks the
   changes in the price of goods in the stages before the retail level.
   PPI is different from WPI on the following grounds:
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   o WPI captures the price changes at the point of bulk transactions and may include some taxes
   levied and distribution costs up to the stage of wholesale transactions. PPI measures the average
   change in prices received by the producer and excludes indirect taxes.
   o Weight of an item in WPI is based on net traded value whereas in PPI weights are derived from
   the Supply Use Table.
   o PPI removes the multiple counting bias inherent in WPI.
   o WPI does not cover services and whereas PPI includes services.
   Q3. Consider the following statements with reference to the mineral ‘Manganese’ in India:
6. It is mainly found in the Vindhyan geological rock system.
7. Odisha is the state with the highest reservoirs in India.
8. High content of phosphorous in Indian manganese makes it suitable for metallurgical purposes.
   Which of the statements given above is/are correct?
   a) 2 only
   b) 2 and 3 only
   c) 3 only
   d) 1 only
   Solution: a)
   Explanation:
   Statement 1 and 3 are not correct.
   Manganese is an important raw material for the smelting of iron ore and also used for
   manufacturing ferroalloys. Manganese deposits are found in almost all geological formations,
   however, it is mainly associated with the Dharwar system.
   Odisha has the largest reserves of Manganese, whereas Madhya Pradesh is the leading
   manganese ore producing State accounted for 27% of the total production in 2016-17 and 32% in
   2017-18. State-wise, Odisha tops the total reserves/resources with 44% share followed by Karnataka
   22%, Madhya Pradesh 12%, Maharashtra & Goa 7?ch, Andhra Pradesh 4% and Jharkhand 2%,
   Rajasthan, Gujarat, Telangana and West Bengal together shared the remaining about 2% resources.
   Major mines in Odisha are located in the central part of the iron ore belt of India, particularly in
   Bonai, Kendujhar, Sundergarh, Gangpur, Koraput, Kalahandi and Bolangir. Karnataka is another
   major producer and here the mines are located in Dharwar, Ballari, Belagavi, North Canara,
   Chikkmagaluru, Shivamogga, Chitradurga and Tumakuru.
   Maharashtra is also an important producer of manganese, which is mined in Nagpur, Bhandara
   and Ratnagiri districts. The disadvantage to these mines is that they are located far from steel plants.
   The manganese belt of Madhya Pradesh extends in a belt in Balaghat-Chhindwara-Nimar-Mandla
   and Jhabua districts. Telangana, Goa, and Jharkhand are other minor producers of manganese.
   About 90 to 95% of world production of manganese ore is used in the metallurgy of iron and
   steel. A high amount of phosphorous makes the manganese ore unsuitable for its metallurgical
   use, whereas, high phosphorous and high iron content makes it unsuitable for the battery industry.
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   Q4. Also known as Kanwar Jheel, this wetland lies in the Indo-Gangetic plains. It is an important
   stopover along the Central Asian Flyway. It is home to critically endangered species like the redheaded vulture and sociable lapwing. It was recently designated as a protected wetland under the
   Ramsar Convention.
   Which of the following wetlands is being described in the above passage?
   a) Kabartal Island
   b) Jhelum Lake
   c) Asan Conservation Reserve
   d) Samaspur Bird Sanctuary
   Solution: a)
   Explanation:
   Kabartal Wetland
   It covers 2,620 hectares of the Indo-Gangetic plains in the Begusarai district of Bihar.
   It is also known as Kanwar Jheel.
   It acts as a vital flood buffer for the region besides providing livelihood opportunities to local
   communities.
   It hosts significant biodiversity with 165 plant species and 394 animal species recorded, including
   221 bird species.
   It is an important stopover along the Central Asian Flyway, with numerous migratory waterbirds
   using it to rest and refuel.
   It hosts five critically endangered species: the red-headed vulture, white-rumped vulture, Indian
   vulture, sociable lapwing and Baer’s pochard.
   Water management activities such as drainage, water abstraction, damming and canalization pose
   major threats to the site.
   It was recently designated a Ramsar wetland.
   Q5. The recently developed indigenous ‘Asmi’ weapon is aa) Multiple Rocket Launcher
   b) Nuclear Warhead
   c) Machine Pistol Gun
   d) Anti-Satellite Weapon
   Solution: c)
   Explanation:
    India’s first indigenous 9mm Machine Pistol has been jointly developed by Infantry School,
   Mhow and DRDO’s Armament Research & Development Establishment (ARDE), Pune.
    Machine pistols are primarily self-loading versions of pistols which are either fully
   automatic or can also fire bursts of bullets.
    The Pistol is named “Asmi” meaning “Pride”, “Self-Respect” & “Hard Work”.
   Features of Asmi:
    The Machine Pistol fires the in-service 9mm ammunition.
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    With an overall empty weight of less than 2 Kg, it features an 8-inch barrel and 33 rounds
   high capacity magazine.
    It has an upper receiver made from Aircraft grade Aluminium and lower receiver from
   Carbon Fibre.
    3D Printing process has been used in designing and prototyping of various parts including
   trigger components made by metal 3D printing.
   Significance:
   The weapon has huge potential in Armed forces as personal weapon for heavy weapon
   detachments, commanders, tank, aircraft crews, counter insurgency and counter terrorism
   operations etc.
   Q6. With reference to sudden stratospheric warming, consider the following statements:
9. In this phenomenon, the warm air in the troposphere rises rapidly up to stratopause.
10. It is caused by natural fluctuations in atmosphere.
    Which of the statements given above is/are correct?
    a) 1 only
    b) 2 only
    c) Both 1 and 2
    d) Neither 1 nor 2
    Solution: b)
    Explanation:
    Statement 1 is not correct.
    Sudden stratospheric warming (SSW)-
    o During an SSW, in some years, the polar vortex breaks down / weaken temporarily or even reverse
    to flow from east to west.
    o The cold air then descends very rapidly in the polar vortex and this causes the temperature in the
    stratosphere to rise very rapidly (adiabatic heating), as much as 50°C over only a few days, hence
    the term sudden stratospheric warming.
    o This is so high up that we don’t feel the ‘warming’ ourselves. However, usually, a few weeks later,
    we can start to see knock-on effects on the jet stream, which in turn affects our weather lower down
    (in the troposphere).
    o Roughly every 2 years in the Northern Hemisphere, the inactive vortex suddenly warms over a
    week or two, and the winds slow dramatically, resulting in easterly winds that are more similar to
    the summer.
    As the cold air from high up in the stratosphere disperses, it can affect the shape of the jet stream
    as the cold air sinks from the stratosphere into the troposphere. It is this change in the jet stream
    that causes our weather to change.
    SSWs are natural fluctuations in the atmosphere and are not caused by climate change.
    Q7. Consider the following statements with reference to Infrastructure Investment Trusts (InvITs):
11. These are institutions that enable investments into the infrastructure sector by pooling money
    from individual investors.
12. InvITs are regulated by the Reserve Bank of India.
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13. InvITs help in attracting international finance into the Indian infrastructure sector.
    Which of the statements given above is/are correct?
    a) 1 and 2 only
    b) 2 and 3 only
    c) 1 and 3 only
    d) 1, 2 and 3
    Solution: c)
    Explanation:
    Statement 2 is not correct.
    Infrastructure Investment Trusts (InvITs) are mutual fund like institutions that enable investments
    into the infrastructure sector by pooling small sums of money from multitude of individual investors
    for directly investing in infrastructure so as to return a portion of the income (after deducting
    expenditures) to unit holders of InvITs.
    InvITs can invest in infrastructure projects, either directly or through a special purpose vehicle (SPV).
    In case of Public Private Partnership (PPP) projects, such investments can only be through SPV.
    InvITs are regulated by the securities market regulator in India- Securities and Exchange Board of
    India (SEBI). InvITs are set up as a trust and registered with SEBI. The objective of InvIT is to
    facilitate investment into the infrastructure sector in India.
    InvITs may help in attracting international finance into Indian infrastructure sector.
    InvITs are also proposed to bring higher standards of governance into infrastructure development
    and management and distribution of income from assets so as to attract investor interest.
    Q8. Consider the following statements1. Mandatory Hallmarking of Gold will increase transparency in Gold Market.
14. India is the largest consumer of Gold.
15. Gold Bonds may reduce the physical consumption of gold.
    Select the correct answer using the code belowa) 1 and 2 only
    b) 2 and 3 only
    c) 1,2 and 3
    d) None
    Solution: c)
    Explanation:
     India is the biggest consumer of gold. However, the level of hallmarked jewellery is very
    low in the country.
     The mandatory hallmarking will protect the public against lower caratage (the fraction of
    pure gold) and ensure consumers do not get cheated while buying gold ornaments.
     It will help to get the purity as marked on the ornaments.
     It will bring in transparency and assure the consumers of quality.
     It will weed out anomalies and corruption in the system of manufacturing of
    jewellery. Hence, statement 1, 2 and 3 are correct.
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    Q9. With reference to Taiwan, consider the following statements:-
16. It is a state in East Asia with neighboring states include the People’s Republic of China (PRC) to
    the west, Japan to the north-east, and the Philippines to the south.
17. The Taiwan Strait separates the island of Taiwan from mainland China.
18. Taiwan is a member of the UN.
    Which of the statements given above is/are correct?
    a) 1 only
    b) 1 and 2 only
    c) 3 only
    d) 1, 2 and 3
    Solution: b)
    Explanation:
    Statement 1 and 2 are correct.
    Taiwan is officially known as the Republic of China (ROC).
    It is a state in East Asia with Neighbouring states include the People’s Republic of China (PRC) to
    the west, Japan to the north-east, and the Philippines to the south.
    The East China Sea lies to its north, the Philippine Sea to its east, the Luzon Strait directly to its
    south and the South China Sea to its southwest.
    The Taiwan Strait separates the island of Taiwan from mainland China. The strait is currently part of
    the South China Sea and connects to the East China Sea to the north.
    Taipei is the capital.
    Taiwan is no longer a member of the UN, having been replaced by the PRC in 1971. Taiwan is
    claimed by the PRC, which refuses diplomatic relations with countries that recognise the
    ROC. Hence, statement 3 is not correct.
    Taiwan maintains official ties with 14 out of 193 UN member states and the Holy See.
    The bilateral relations between India and Taiwan have improved since the 1990s despite both
    nations not maintaining official diplomatic relations.
    Q10. With reference to Edible Oils, consider the following statements1. India is the biggest consumer of Edible Oil in the world.
19. India buys more than two-thirds of its palm oil consumption.
20. India and Malaysia have signed Free Trade Agreement.
    Select the correct answer using the code belowa) 1 and 2 only
    b) 3 only
    c) 2 only
    d) 1, 2 and 3
    Solution: d)
    Explanation:
    All statements are correct.
    India’s Palm Oil import:
     India is the world’s biggest buyer of edible oils.
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     India buys more than two-thirds of its total edible oil imports as palm oil.
    Malaysian Import over Indonesia:
     Malaysia is the world’s second largest producer of palm oil after Indonesia.
     Malaysia’s palm oil inventories production has surged, and coronavirus lockdowns led to
    a slump in demand.
     Thus, Malaysian palm oil is available at a discount price compared to supplies from
    Indonesia. On the other hand, Indonesia has also raised its palm oil export levy.
     Additionally, Malaysia has also signed a deal to buy 100,000 tonnes of Indian rice.
    India-Malaysia Relation
     Economic Relation: India and Malaysia have signed Comprehensive Economic Cooperation
    Agreement (CECA). CECA is a kind of Free Trade Agreement (FTA).
     India has also signed the Free Trade Agreement (FTA) in services and investments with the
    10-member Association of Southeast Asian Nations (ASEAN).