10 PM Current Affairs Quiz: December 16, 2020

Statement 1 is incorrect.  India’s overall exports (Merchandise and Services combined) in April-November 2020-21 are estimated to be USD 304.25 Billion, exhibiting a negative growth of (-) 14.03per cent over the same period last year. Overall imports in April-November 2020-21 are estimated to be USD 290.66Billion, exhibiting a negative growth of (-) 29.96per cent over the same period last year.

Statement 2 is correct. Taking merchandise and services together, overall trade surplus for April-November 2020-21 is estimated at USD13.59Billion as compared to the deficit of USD61.06Billion in April-November 2019-20.

With a view to strengthening and institutionalizing the mechanism for maintaining financial stability, enhancing inter-regulatory coordination and promoting financial sector development, the Financial Stability and Development Council (FSDC) was set up by the Government as the apex level forum in December 2010.

The Chairman of the Council is the Finance Minister and its members include the heads of financial sector Regulators (RBI, SEBI, PFRDA, IRDA & FMC) Finance Secretary and/or Secretary, Department of Economic Affairs, Secretary, Department of Financial Services, and Chief Economic Adviser. The Council can invite experts to its meeting if required.

The FSDC Sub-committee has also been set up under the chairmanship of Governor, RBI. It meets more often than the full Council. All the members of the FSDC are also the members of the Sub-committee.

Both statements are correct.

India formally adopted flexible-inflation targeting (FIT) in June 2016 to place price stability, defined in terms of a target CPI inflation, as the primary objective of the monetary policy.

In May 2016, the Reserve Bank of India (RBI) Act, 1934 was amended to provide a statutory basis for the implementation of the flexible inflation targeting framework.

The amended RBI Act also provides for the inflation target to be set by the Government of India, in consultation with the Reserve Bank, once in every five years. Accordingly, the Central Government has notified in the Official Gazette 4 per cent Consumer Price Index (CPI) inflation as the target for the period from August 5, 2016 to March 31, 2021 with the upper tolerance limit of 6 per cent and the lower tolerance limit of 2 per cent.

Core Inflation is a measure of inflation which excludes certain volatile and seasonal prices. It is the trend increase of the cost of factors of production that originates in the long-term expectations of inflation.

It excludes transitory or temporary price volatility as in the case of some commodities such as food and fuel. If temporary price shocks are taken into account, they may affect the estimated overall inflation numbers in such a way that they are different from actual inflation. To eliminate this possibility, core inflation is calculated to gauge the actual inflation apart from temporary shocks and volatility.

Both statements are correct.

Hygiene rating is a voluntary scheme of FSSAI applicable to food businesses supplying food directly to consumers either on or off the premises and food businesses are rated on the basis of food hygiene and safety conditions found at the time of inspection.

Hygiene + “Right Place to Eat”: Hygiene rating of 4/5 and the compliance of voluntary conditions to be adopted by FBO will rate the FBO as Right Place to Eat. This will also enhance the commercial viability of an FBO and responsibility towards providing safe and nutritious food to consumers and promote sustainability.

Quality Council of India (QCI) at the behest of the FSSAI has come out with a Scheme for approval of Hygiene Rating Audit Agencies to scale up Hygiene Rating by increasing the number of recognised Hygiene Rating Audit Agencies in the country.

Section 12 of the Legal Services Authorities Act, 1987 prescribes the criteria for giving legal services to the eligible persons. It includes following categories:

–A member of a Scheduled Caste or Scheduled Tribe.

–A victim of trafficking in human beings or beggar as referred to in Article 23 of the Constitution.

–A woman or a child.

–A mentally ill or otherwise disabled person.

–A person under circumstances of undeserved want such as being a victim of a mass disaster, ethnic violence, caste atrocity, flood, drought, earthquake or industrial disaster or

–An industrial workman

With the view of recognizing outstanding performance by the Postal service employees, ‘Meghdoot Award’, presented at national level, was introduced in the year 1984 by the Department of Posts.

A cash award, Gold Medallion and a Citation are presented as Meghdoot Award. Keeping in view the nature of work for various levels, employees have been divided in the eight categories for presenting Meghdoot Award.

Mehdoot Awards 2020 were recently organised by the Department of Posts.

The Indo–Soviet Treaty of Peace, Friendship and Cooperation was a treaty signed between India and the Soviet Union in August 1971 that specified mutual strategic cooperation.

India, on December 16 celebrates Vijay Diwas to commemorate India’s victory over Pakistan. It was on this day in 1971 that the chief of the Pakistani forces, General AA Khan Niazi, along with 93,000 troops, surrendered unconditionally before the Indian forces.

Fifth Five Year Plan’s duration was 1974 to 1978. This plan focussed on Garibi Hatao, employment, justice, agricultural production and defense.

United Nations Conference on Trade and Development (UNCTAD) has released a report titled “Impact of the COVID-19 Pandemic on Trade and Development: Transitioning to a New Normal”.

It projects that the global economy would contract 4.3 per cent this year due to the pandemic. It warned the crisis could send an additional 130 million people into extreme poverty.

Further, the United Nations’ Sustainable Development Agenda 2030 could be derailed unless immediate policy actions are taken.

Option 1 is correctly matched. The S-400 Triumph is an air defence missile system developed by Almaz Central Design Bureau of Russia. The new system replaced the S-300P and S-200 air defence systems of the Russian Army. The S-400 was developed as an upgrade of the S-300 series of surface-to-air missile systems.

In October 2018, Rosoboronexport signed a contract with India to deliver S-400 missile system. China and Turkey are other buyers of the system from Russia.

Option 2 is correctly matched. Terminal High Altitude Area Defense is a transportable, ground-based missile defense system. It has been designed and manufactured by the US company Lockheed Martin. Terminal High Altitude Area Defense is a transportable, ground-based missile defense system.