1. Which of the following are fiscal policy actions?
  2. Increasing tax rate
  3. Increasing repo rate
  4. Increasing capital expenditure by Government

Select the correct answer using the code given below:

(a) 1 and 2 only

(b) 2 and 3 only

(c) 1 and 3 only

(d) 1, 2 and 3

 

Explanation: Option (c) is correct

Fiscal policy is the means by which a government adjusts its spending levels and tax rates to monitor and influence a nation's economy. Hence Increasing tax rate of increasing capital expenditure by the Government is part of fiscal policy.

 

It is the sister strategy to monetary policy through which a central bank influences a nation's money supply. Hence increasing repo rate is part of monetary policy which is in the domain of RBI.

 

Source:https://www.thehindu.com/business/Economy/inflation-remains-above-6-for-second-month/article35285771.ece#:~:text=Photo%20Credit%3A%20Reuters-,Growth%20impulses%20remained%20fragile%2C%20manufacturing%20output%20tanked%209.5%25,second%20month%20in%20a%20row.

 

https://www.investopedia.com/insights/what-is-fiscal-policy/#:~:text=Fiscal%20policy%20is%20the%20means,influences%20a%20nation's%20money%20supply.

 

 

  1. Which of the following authorities is responsible for approving a vaccine for emergency use in India?

(a) The Indian Pharmacopoeia Commission (IPC)

(b) Drugs Controller General of India (DCGI)

(c) Council of Scientific and Industrial Research (CSIR)

(d) All India Institute of Medical Sciences (​AIIMS)

 

Explanation: Option (b) is correct

In the current pandemic situation, it may not be possible to have all the evidence that a drug regulator would normally require for approving a drug, vaccine, device or a test. When there is a declared emergency, the regulator, in India’s case the Drugs Controller General of India (DCGI), can take a call on whether it is worth releasing a drug or vaccine that is not fully tested for efficacy and safety. If there is evidence to suggest it may benefit patients, then the regulator is well within its rights to issue an emergency use authorisation to a medical product to make it widely available for use.

 

Source:https://www.thehindu.com/todays-paper/panel-studying-trial-data-of-new-vaccine-officials/article35292373.ece

https://www.thehindubusinessline.com/opinion/columns/slate/all-you-wanted-to-know-about/article34360934.ece

 

  1. Which of the following is/are correct about the Cabinet Committee on Economic Affairs?
  2. It is constituted by the Speaker.
  3. It considers proposals for investment above a certain threshold level.

 

Select the correct answer using the code given below:

(a) 1 only

(b) 2 only

(c) Both 1 and 2

(d) Neither 1 nor 2

 

Explanation:

Statement 1 is incorrect: The Prime Minister constitutes Standing Committees of the Cabinet and sets out the specific functions assigned to them. He can add or reduce the number of committees.

 

Statement 2 is correct: The Cabinet Committee on Economic Affairs is supposed to review economic trends, problems and prospects “for evolving a consistent and integrated economic policy”, coordinate all activities requiring policy decisions at the highest level, deal with fixation of prices of agricultural produce and prices of essential commodities. It considers proposals for investment of more than Rs 1,000 crore, deals with industrial licensing policies and reviews rural development and the Public Distribution System.

 

Source:https://www.thehindu.com/todays-paper/tp-business/fm-led-panel-to-decide-on-lic-stake-sale/article35292359.ece

https://indianexpress.com/article/explained/why-cabinet-committees-are-formed-what-are-the-functions-of-each-5768896/

 

  1. Which of the following statements is correct about Indian Medical Association (IMA)?

(a) It is a national voluntary organisation of Doctors of Modern Scientific System of Medicine, which looks after the interest of doctors.

(b) It is a regulatory body of the modern scientific system of medicine, working under the Ministry of Health and Family welfare.

(c) It is an association of all retired health professionals who act as moral force to guide young health professionals.

(d) None of the above

 

Explanation: Option (a) is correct

Indian Medical Association is the only representative, national voluntary organisation of Doctors of Modern Scientific System of Medicine, which looks after the interest of doctors as well as the well being of the community at large.

 

Source:

https://www.thehindu.com/news/national/ima-urges-centre-states-not-to-let-down-guard-against-pandemic/article35282092.ece

https://www.ima-india.org/ima/free-way-page.php?pid=2

 

  1. The Bahuda Yatra is most closely related to?

(a) Kanwar Yatra

(b) Puri Rath Yatra

(c) Jatra Theatre

(d) Char dham Yatra

 

Explanation: Option (b) is correct

Ratha Yatra commemorates Lord Jagannatha’s annual visit to Gundicha Mata temple. It is said that to honour the devotion of Queen Gundicha, wife of the legendary King Indradyumna who built the Puri Jagannatha temple, Lord Jagannath, Balabhadra and Subhadra leave their regular abode in the main temple and spend a few days in this temple.

After resting for eight days at Gundicha temple, Lord Jagannath returns to his main abode. This day is known as Bahuda Yatra where he returns and is observed on the eighth day after Ratha Yatra on Dashami Tithi. During Bahuda Yatra, the Lord makes a short stoppage at Mausi Maa temple which is dedicated to Goddess Ardhashini.

Source:

https://indianexpress.com/article/lifestyle/art-and-culture/puri-rath-yatra-2021-sudarsan-pattanaik-3d-sand-art-lord-jagannath-7400424/

https://www.thehindu.com/news/national/other-states/jagannath-rath-yatra-gets-under-way-in-puri-sans-devotees/article35274775.ece