GK Quiz | 5 June 2020

1. Which of the following is true about the Essential Commodities Act, 1955?

1. The essential items are listed and delisted in the act by the Central government only.
2. Inorganic fertilizers come under the category of essential drugs.
3. According to this act, agriculture commodities can be regulated when there is a specific price trigger.
4. The state government has the right to regulate agriculture goods.

Select the correct answers from the codes given below:

1. 1,2,3,4
2. 1,3 and 4
3. 1 and 3 only
4. 1 and 2 only

Ans.  B

Explanation

Recently the Union Cabinet has approved an ordinance to amend the Essential Commodities Act, 1955. The following points should be noted regarding ordinance :

• Under the act, new subsection 1A under the section 3 has been added to deregulate the commodities like cereals, pulses, oilseeds, edible oils, onion and potatoes only under extraordinary circumstances like extraordinary price rise, war, famine, and natural calamity of a severe nature.
• The stock limit can only be imposed based on a price trigger. For example – a 100% increase in the retail price of the horticulture crop over the last 12 months or average retail price of the last 5 years whichever is lower will trigger the stock limit.
• For non-perishable agriculture foodstuff the price trigger is a 50 percent increase in the retail price of the commodity over the immediately preceding 12 months or the average retail price of the last five years, whichever is lower.
• There will be exemptions from the stock limit to processors and value chain participants of agriculture produce and commodities relating to the Public Distribution System.

The Essential Commodities Act, 1955 contains the list of commodities that are essential and its supply can be regulated by the government as and when required. The items in the list can be added and removed by the Central government however the state government can regulate the goods i.e their production, supply, can place stock limit, etc. An essential commodity means any commodity as specified in the schedule. The commodities included in the schedule are –

• Drugs
• Fertilizers (inorganic, organic or mixed)
• foodstuffs, including edible oils
• hank yarn made wholly from cotton
• petroleum and petroleum products
• raw jute and jute textiles
• seeds of food-crops and seeds of fruits and vegetables, seeds of cattle fodder, jute seed, cotton seed
• Face masks
• Hand sanitizers

Hence, the correct answer is B.

 

2. Which of the following is true about Payment Infrastructure Development Fund?

1. The fund has been created by the Union Finance Minister.
2. It aims to increase digital payment infrastructure.
3. The entire amount will be contributed by the RBI.
4. The fund will be of INR 250 crore.

Ans. B

The RBI has created a Payment Infrastructure Development Fund of INR 500 crore. Out of the total amount RBI will contribute INR 250 crore while other INR 250 crore will be contributed by the banks issuing cards. The fund will be governed by an advisory body. It aims to increase the Point of Sales infrastructure and other digital payment methods on the lines of the Vision Document on Payment and Settlement system in India document.

Hence, the correct answer is B.

 

3. Which of the following is true about the Periodic Labour Force Survey?

1. The survey has been constituted on the recommendation of Amitabh Kundu.
2. It releases the data quarterly and annually.
3. For urban areas, the unemployment and employment indicators are based on the usual status and the current weekly status.
4. It depicts the Worker Population Ratio, Labour Force Participation Rate, Unemployment Rate only.

Select the correct answer from the codes given below:

1. 1,2,3,4
2. 2 and 3 only
3. 1 and 4 only
4. 2 only

Ans. D

Explanation

The Periodic Labour Force Survey is released quarterly by the National Sample Survey Organisation showing the employment and unemployment indicators for both rural and urban areas. For the urban area, it is based on Current Weekly Status and the annual report is released for both rural and urban areas in both Current Weekly Status and Usual Status approach.

The Usual Status approach uses 365 days before the survey as the reference period. In this, if an individual report as having worked and sought/available for work for seven months during the year or having sought or available for work for seven months then he/she is classified as being in the Labour Force. He would be classified as employed only if he has worked more than 6 months in the 365 days preceding the date of the survey.

The Current Weekly Status approach takes the data of 7 days before the day of the survey. For a person to be employed he should do 1-hour activity in the last 7 days.

Recently PLFS 2018-19 has been released which has the following observations:

• India’s unemployment rate has improved from 45 year high of 6.1 %in 2017-18 to 5.8 % in 2018-19.
• The Labour Force Participation rate has increased from 36.9% to 37.5% from 2017-18 to 2018-19.
• The female participation rate improved to 18.6% in 2018-19 from 17.5% in 2017-18.
• The worker population ratio increased, to 35.3% from 34.7% in 2017-18.

Hence, the correct answer is D.

 

4. Which of the following is true about Rare Earth Material?

1. The material refers to a set of 17 metallic elements.
2. China is the largest producer of the Rare Earth materials.
3. In India, the rare earth deposits are found in Kerala and Odisha.

Select the correct answer from the codes given below:

1. 1, 2 and 3
2. 1 and 3 only
3. 2 and 3 only
4. 1 and 2 only

Ans. A

Explanation

Rare Earth material refers to a set of 17 metallic minerals and includes fifteen lanthanides on the periodic table along with scandium and yttrium. They are significant as they are used in many consumer electronic devices like mobile phones, television, e- vehicles, etc. They are used in other products like defense technologies, magnets, etc.

China is the largest producer of these materials. In India, these deposits are found in the Monazite deposits of Kerala. The deposits are also found in Odisha, Tamil Nadu, and Maharashtra. Currently Indian Rare Earth Limited, a Miniratna is carrying out the project for the mining of Rare earth materials in India and has a project in Alavu, Kochi (Kerala) to carry out thorium mining.

Hence, the correct answer is A.

 

5. Which of the following is true about the SWADES scheme?

1. It is a scheme to promote indigenization in the Air industry.
2. It is a scheme to promote indigenous education.
3. It is a scheme to provide jobs to the Indians returning from abroad during COVID-19.
4. It is a scheme to promote the sale of tribal products

Ans. C

Explanation

The Skilled Workers Arrival Database for Employment Support (SWADES) scheme is a joint initiative of the Ministry of Skill Development & Entrepreneurship, the Ministry of Civil Aviation, and the Ministry of External Affairs. The scheme aims to create a set of the database of the skill set and experience of Indians returning from abroad. The scheme is a part of Vande Bharat Mission.

Hence, the correct answer is C.