01 August 2022: Daily Current Affairs & GK for HAS/HPAS & Allied Services

01 August 2022: Daily Current Affairs & GK for HAS/HPAS & Allied Services

01 August 2022: Daily Current Affairs & GK for HAS/HPAS & Allied Services

1. In India, which one of the following is responsible for maintaining price stability by controlling inflation?

a) Department of Consumer Affairs

b) Expenditure Management Commission

c) Financial Stability and Development Council

d) Reserve Bank of India


Answer: (d)


·         Reserve Bank of India is responsible for maintaining price stability and controlling inflation.

·         It is the responsibility of MPC in India, but RBI itself plays a large role in MPC and also carries out the task of the monetary policy committee.

·         So, RBI is the correct answer if MPC is not given in the options


2. Which of the following, monetary tools are used by RBI to control inflation?

1. Reverse Repo Rate

2. Statutory Liquidity Ratio (SLR

3. Marginal Standing Facility (MSF) Rate

Select the correct answer using the codes given below.

a) 1 and 2 only

b) 1 only

c) 2 and 3 only

d) 1, 2 and 3

Answer: (d)

Explanation: Interment used by RBI to control inflation:

·         Reverse Repo Rate: The interest rate at which the Reserve Bank absorbs liquidity from banks against the collateral of eligible government securities under the LAF. Following the introduction of SDF, the fixed rate reverse repo operations will be at the discretion of the RBI for purposes specified from time to time. Option 1 is correct:

·         Statutory Liquidity Ratio (SLR): Every bank shall maintain in India assets, the value of which shall not be less than such percentage of the total of its demand and time liabilities in India as on the last Friday of the second preceding fortnight, as the Reserve Bank may, by notification in the Official Gazette, specify from time to time and such assets shall be maintained as may be specified in such notification (typically in unencumbered government securities, cash, and gold). Option 2 is correct.

·         Marginal Standing Facility (MSF) Rate: The penal rate at which banks can borrow, on an overnight basis, from the Reserve Bank by dipping into their Statutory Liquidity Ratio (SLR) portfolio up to a pre-defined limit (2 percent). This provides a safety valve against unanticipated liquidity shocks to the banking system. The MSF rate is placed at 25 basis points above the policy repo rate. Option 3 is correct.


3. ‘Operation Greens scheme’ is related to which_________?

a) To promote sustainable agriculture in the N-E region

b) To increase the productivity of pulses

c) To enhance the productivity of horticulture commodities.

d) To stabilize the supply of fruits & vegetables and control its price volatility.

Answer: (d)

Explanation: Ministry of Food Processing Industries (MoFPI) has recently extended the Operation Greens Scheme from Tomato, Onion, and Potato (TOP) to all fruits & vegetables (TOTAL) for six months on a pilot basis as part of Aatmanirbhar Bharat Abhiyan.


4. Consider the following statements:

1. The weightage of food in the Consumer Price Index (CPI) is higher than that in the Wholesale Price Index (WPI).

2. The WPI does not capture changes in the prices of services, which the CPI does.

3. Reserve Bank of India has now adopted WPI as its key measure of inflation and to decide on changing the key policy rates.

Which of the statements given above is/are correct?

a) 1 and 2 only

b) 2 only

c) 3 only

d) 1, 2 and 3

Answer: (a)

Explanation: Reason for Divergence between WPI and CPI?

·         Statement 1 is correct: In CPI Food group has a higher weight of food and beverages which accounts for 45.86 percent (with food at 39.06 percent, prepared meals at 5.55 percent, and non-alcoholic beverages at 1.26 percent) as compared to the combined weight of 24.4 percent (Food articles and Manufactured Food products) in WPI basket. CPI basket consists of services like housing, education, medical care, recreation, etc. which are not part of the WPI basket.

·         Statement 2 is correct: CPI covers goods and services items while WPI covers goods only.

·         Statement 3 is not correct: Reserve Bank of India has adopted CPI (NOT WPI)  as its key measure of inflation and to decide on change the key policy rates.


5. Periodic Labour Force Survey (PLFS) is published by:

a) Ministry of Home affair

b) Niti Ayog

c) National Statistical Office (NSO) under MoSPI

d) Finance Ministry

Answer: (c)

Explanation: Periodic Labour Force Survey (PLFS) is published by the National Statistical Office (NSO) which works under the Ministry of Statistics & Programme Implementation. It estimates the key employment and unemployment indicators.


6. Which of the following countries is not a part of the G5 nation grouping?

a) India

b) the USA

c) Mexico

d) China

Answer: (b)


·         The Group of Five (G-5) is a country grouping that since the mid-2000s includes Brazil, China, India, Mexico, and South Africa.

·         These emerging market economies represent a fast-growing and increasingly important geopolitical and economic segment of the world.


7. Which of the following freedom fighters are regarded as Shaheed-i-Azam?

a) Udham Singh

b) Bhagat Singh

c) Chandrashekhar Azad

d) Lala Har Dayal

Answer: (a)

Explanation: Udham Singh is referred to as Shaheed-i-Azam which means ‘Great Martyr’.

·         He is regarded as one of the foremost revolutionaries of the Indian Freedom Struggle. Following the Jallianwala Massacre on 13th April 1919, he got profoundly involved in revolutionary activities and politics. He was deeply influenced by Bhagat Singh.

·         He joined the Ghadar Party in 1924 to organize overseas Indians to overthrow colonial rule. In 1927, while returning to India with associates and weapons to carry out revolutionary activities, he was arrested for illegal possession of firearms and sentenced to five years in prison. On 13th March 1940, Singh shot Michael O’Dwyer instead of General Dyer at a meeting of the East India Association and the Royal Central Asian Society at Caxton Hill.


8. Consider the following statements about the Monitoring of illegal killing of elephants (MIKE) program:

1. MIKE was launched in 2003 by CITES.

2. India currently does not have any sites under the MIKE program.

Which of the above statements is correct?

a) 1 only

b) 2 only

c) Both 1 and 2

d) Neither 1 nor 2

Answer: (a)


·         Statement 1 is correct: The Monitoring the Killing of Elephants (MIKE) program launched in 2003 is an international collaboration that tracks trends in information related to the illegal killing of elephants from across Africa and Asia, to monitor the effectiveness of field conservation efforts by the Convention on International Trade in Endangered Species (CITES).

·         Statement 2 is incorrect:  There are 10 sites for the MIKE (monitoring of illegal killing of elephants) program in India.


9. Monarch butterflies are native to which of the following regions?

a) Europe

b) North America

c) Africa

d) Asia

Answer: (b)

Explanation: The migratory monarch butterfly, found across the continental U.S., has been designated as endangered by the International Union for Conservation of Nature (IUCN)


10. JYNNEOS vaccine is related to which of the following diseases?

a) Zika Virus

b) Ebola

c) Marburg Virus

d) Monkey Virus

Answer: (d)


·         There is yet no dedicated monkeypox vaccine, but vaccinations against smallpox were found to be 85% effective in preventing smallpox, a disease eradicated in 1980.

·         In 2019, the United States Food and Drugs Administration (FDA), approved the JYNNEOS vaccine for the prevention of smallpox, monkeypox, and other diseases caused by Orth poxviruses.

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