Current Affairs MCQs for UPSC & State PSC Exams (01 March 2023)

Current Affairs MCQs Quiz for UPSC, IAS, UPPSC/UPPCS, MPPSC. BPSC, RPSC & All State PSC Exams

Date: 01 March 2023

Q1. Consider the following statements about the Global tax deal proposed recently:

1. The Concept of the “Global Minimum Tax” requires all countries to impose at least a minimum tax of 15 percent on global companies.
2. It is part of the inclusive framework on Base Erosion and Profit Shifting.
3. It also proposes a top-up tax on profits in any market whenever the effective tax rate falls below 15%.

Which of the statement/s given above is/are correct?

a) 1 and 2 only
b) 2 and 3 only
c) 1 and 3 only
d) All of the above

Answer: (D)

Explanation:

  • The Concept of the “Global Minimum Tax” requires all countries to impose at least a minimum tax of 15 percent on global companies.
  • It aims for developing a taxation structure that is relevant for a digital and globalised world.
  • It is part of the inclusive framework on Base Erosion and Profit Shifting agreed upon by G20 countries and the Organisation for Economic Cooperation and Development.

Hence, all statements are correct.

Q2. Consider the following Statements Infrastructure Finance Secretariat.

1. The Infrastructure Finance Secretariat will be key to assisting all stakeholders for more private investment in infrastructure, including railways, roads, urban infrastructure and power.
2. It will be a part of the Department of Economic Affairs with the department Secretary as its head.

Select the correct Statement(s) using the code given below.

a) 1 only
b) 2 only
c) 1 and 2 only
d) Neither 1 nor 2

Answer: (C)

Explanation:

  • The newly-established Infrastructure Finance Secretariat will be key to assisting all stakeholders for more private investment in infrastructure, including railways, roads, urban infrastructure and power, which are predominantly dependent on public resources.
  • Therefore, statement 1 is correct.
  • It will be a part of the Department of Economic affairs with the economic affairs secretary as its head.
  • Thus, statement 2 is also correct.

Q3. Which of the following statements regarding climate finance is/are correct?

1. The Green Climate Fund is a multilateral fund created to assist developing countries in adapting to and mitigating climate change.
2. The Paris Agreement pledges to mobilize $100 billion annually in climate finance by 2030 from public and private sources.
3. Climate finance is solely funded by developed countries and provided as grants to developing countries.

Choose the correct answer using the code given below:

a) 1 and 2 only
b) 2 only
c) 1 and 3 only
d) 1, 2, and 3

Answer: (A)

Explanation:

  • The Green Climate Fund (GCF) is a multilateral fund created under the United Nations Framework Convention on Climate Change (UNFCCC) to assist developing countries in adaptation and mitigation practices to counter climate change. Therefore, statement 1 is correct.
  • The Paris Agreement, adopted in 2015, pledges to mobilize $100 billion annually in climate finance by 2020, which will then be increased to $100 billion annually by 2030. This financing is expected to come from a variety of sources, including public and private funding. So, statement 2 is also correct.
  • While developed countries are the primary contributors to climate finance, it is not solely funded by them. Developing countries are also expected to contribute to climate finance, and it is provided in a variety of forms, including grants, loans, and equity investments. Thus, statement 3 is incorrect.

Q4. Consider the following statements:

1. All the states in India have similar approaches to taxation on alcohol.
2. Under the Seventh Schedule of the Indian Constitution, excise duty on alcoholic liquors meant for human consumption is covered under Entry 51 of List II.

Which of the above statements is/are correct?

a) 1 Only
b) 2 Only
c) Both 1 and 2
d) Neither 1 nor 2

Answer: (B)

Explanation:

  • All the states in India have different approaches to taxation on alcohol. Hence statement 1 is Not correct
  • Under the Seventh Schedule of the Indian Constitution, excise duty on alcoholic liquors meant for human consumption is covered under Entry 51 of List II. Hence statement 2 is correct

Q5. Which of the following is/are potential consequences of the populist budget?

1. Such a budget can increase the pressure on the Government's balance sheet and also augment the country's fiscal deficit.
2. Populist budget can provide a sudden boost to the markets by increasing the demand for commodities.

Which of the statement/s given above is/are correct?

a) 1 only
b) 2 only
c) Both 1 and 2
d) Neither 1 nor 2

Answer: (C)

Explanation:

  • A populist budget is typically meant to please the people. Such a budget spends more on lucrative schemes that can increase the government's fiscal deficit and push up the inflation rate. Examples of such schemes include waiving off farm loans, relaxing the existing tax structure, giving high procurement prices for agriculture produce, etc.
  • The positive aspect of a populist budget is that it can provide a sudden boost to the markets by increasing the demand for commodities. (Hence, option 1 is correct.)

Impact on the economy

  • A populist budget mainly revolves around the general concerns of the public. However, it does little to strengthen the overall economic growth of the country.
  • Such a budget can increase the pressure on the Government's balance sheet and also augment the country's fiscal deficit. (Hence, option 2 is correct.)

As both the statements are correct. So the correct option is (c).

Q6. Consider the following statements regarding Menstrual Leave.

1. Menstrual leave or period leave refers to all policies that allow employees or students to take time off when they are experiencing menstrual pain or discomfort.
2. In India, only UP and Kerala grant menstrual leave to women.

Which of the statements given above is/are correct?

a) 1 only
b) Both 1 and 2
c) 2 only
d) Neither 1 nor 2

Answer: (A)

Explanation:

  • Menstrual leave or period leave refers to all policies that allow employees or students to take time off when they are experiencing menstrual pain or discomfort.
  • Menstrual leave policies are designed with a view to allow women time off if they suffer from symptoms which may hamper their functioning and productivity.
  • Thus statement 1 is correct.
  • In India, only Bihar and Kerala grant menstrual leave to women
  • Hence statement 2 is NOT correct.