LIVE Test – 5 2nd May 2020 Q1. With reference to the Economic Survey 2019-20, consider the following statements: 1. As per World Bank’s Data on Entrepreneurship, India ranks third in number of new firms created. 2. There is a direct relationship between registration of new firms and Gross Domestic District Product (GDDP). Which of the statements given above is/are correct? a. 1 only b. 2 only c. Both 1 and 2 d. Neither 1 nor 2 Answer: c Explanation: The Economic Survey 2019-20 states that as per World Bank’s Data on Entrepreneurship, it is seen that India ranks third in number of new firms created. Key highlights of survey: o Entrepreneurship as a strategy to fuel productivity growth and wealth creation. o The Survey stated that as per World Bank’s Data on Entrepreneurship, it is seen that India ranks third in number of new firms created. o The same data shows that new firm creation has gone up dramatically in India since 2014. o 12.2 % cumulative annual growth rate of new firms in the formal sector during 2014- 18, compared to 3.8 % during 2006-2014. o About 1.24 lakh new firms created in 2018, an increase of about 80 % from about 70,000 in 2014. • New firm creation in services is significantly higher than that in manufacturing, infrastructure or agriculture. • A 10 percent increase in registration of new firms in a district yields a 1.8 % increase in Gross Domestic District Product (GDDP). 1 • Literacy and education in a district foster local entrepreneurship significantly: o Impact is most pronounced when literacy is above 70 per cent. o New firm formation is the lowest in eastern India with lowest literacy rate (59.6 % as per 2011 Census). • The Survey notes that the entrepreneurial activity in the Manufacturing sector is highest in the regions of Gujarat, Meghalaya, Puducherry, Punjab and Rajasthan. Hence both statements are correct. Source: https://vajiramias.com/current-affairs/entrepreneurship-and-wealth-creation-at- the-grassroots/5e34fb271d5def055b0e8c22/ Q2. 'Beijing Declaration and Platform for Action', often seen in the news, is a. a strategy to tackle the regional terrorism, an outcome of a meeting of the Shanghai Cooperation Organization b. a plan of action for sustainable economic growth in the Asia-Pacific Region, an outcome of the deliberations of the Asia-Pacific Economic Forum c. an agenda for women's empowerment, an outcome of a World Conference convened by the United Nations d. a strategy to combat wildlife trafficking, a declaration of the East Asia Summit Answer: c Explanation: To mark of 25 years of the adoption of Beijing Platform for Action, Ministry of Women & Child Development (MWCD), recently organized a National Consultation on the Review of Beijing+25. The 1995 Fourth World Conference on Women, held in Beijing, was one of the largest ever gatherings of the United Nations, and a critical turning point in the world’s focus on gender equality and the empowerment of women. The Beijing Declaration was a resolution adopted by the UN at the end of the Fourth World Conference on Women. The resolution adopted to promulgate a set of principles concerning the equality of men and women. 2020 marks the 25th anniversary of the Fourth World Conference on Women and adoption of the Beijing Declaration and Platform for Action (1995), (Beijing + 25). Hence, option (c) is the correct answer. Source: https://vajiramias.com/current-affairs/beijing-declaration-and-platform-for-action- 1995/5e34f9c01d5def0558bfa515/ Q3. Surajkund is an ancient reservoir of the 10th century located in: a. Haryana b. Uttar Pradesh 2 c. Bihar d. Punjab Answer: a Explanation: The President of India, recently inaugurated the 34th Surajkund International Crafts Mela. This year the partner country in the fair is Uzbekistan and Himachal Pradesh is the theme-state. Surajkund is an ancient reservoir of the 10th century located on Southern Delhi Ridge of Aravalli range in Faridabad city of Haryana. Surajkund (literal meaning is 'Lake of the Sun') is an artificial Kund ('Kund' means "lake" or reservoir). It is said to have been built by the king Surajpal of Tomar dynasty in the 10th century. Surajkund is known for its annual fair "Surajkund International Craft Mela", which is being organized since 1987 to showcase the richness and diversity of handicrafts, handlooms and cultural heritage of India. Hence, option (a) is the correct answer. Source: https://vajiramias.com/current-affairs/surajkund-international-crafts- mela/5e34fa4b1d5def0558bfa525/ Q4. With reference to the NIRVIK scheme, consider the following statements: 1. It provides for higher credit disbursement for both import and export. 2. The Scheme is being prepared by the Ministry of Finance. Which of the statements given above is/are correct? a. 1 only b. 2 only c. Both 1 and 2 d. Neither 1 nor 2 Answer: d Explanation: Statement 1 is incorrect: The Finance Minister recently announced the NIRVIK (Niryat Rin Vikas Yojana) scheme in the Union Budget 2020-21 in Parliament. To achieve higher export credit disbursement, a new scheme NIRVIK is being launched which provides for high insurance cover, reduction in premium for small exporters and simplified procedures for claim, settlement. 3 Statement 2 is incorrect: The Scheme is being prepared by the Commerce and Industry Ministry. The commerce and industry ministry is working on the scheme also called the Export Credit Insurance Scheme (ECIS) under which the insurance guaranteed could cover up to 90% of the principal and interest. At present, the Export Credit Guarantee Corporation provides credit guarantee of up to 60% loss. Source: https://vajiramias.com/current-affairs/nirvik-scheme/5e364b481d5def05592c4a4a/ Q5. With reference to the ‘Vivad Se Vishwas’ Scheme, consider the following statements: 1. It aims at reducing litigations in the direct as well as indirect tax payments. 2. It is specially launched keeping in mind fall in revenue income due to Covid-19 lockdown.. Which of the statements given above is/are correct? a. 1 only b. 2 only c. Both 1 and 2 d. Neither 1 nor 2 Answer: d Explanation: Union Finance Minister has recently proposed wide-ranging facilitation measures in Direct Tax Regime while presenting the union budget. The Union Budget has proposed ‘Vivad Se Vishwas’ Scheme (No dispute but trust) which aims at reducing litigations in the direct taxes payments. It was launched before the Covid-19 lockdown began. Under the proposed scheme, a taxpayer would be required to pay only the amount of the disputed taxes and will get complete waiver of interest and penalty provided he pays by 31st March, 2020. Those who avail this scheme after 31st March, 2020 will have to pay some additional amount. The scheme will remain open till 30th June, 2020. To impart greater efficiency to the assessment process, a new faceless assessment scheme has already been introduced. Hence both statements are incorrect. Source: https://vajiramias.com/current-affairs/direct-tax- regime/5e3647f41d5def056166a182/ Q6. With reference to the Archimedes Principle, consider the following statements: 4 1. It refers to the law of buoyancy. 2. If the buoyant force is more than the weight, the object sinks; if it is less, the object rises. Which of the statements given above is/are correct? a. 1 only b. 2 only c. Both 1 and 2 d. Neither 1 nor 2 Answer: a Explanation: Statement 1 is correct: In physics, the Archimedes Principle refers to the law of buoyancy (the ability or tendency of something to float in water or other fluids). According to the principle, when an object is completely or partially submerged in a fluid, whether gas or liquid, it is acted upon by an upward force (buoyancy) equal to the weight of the fluid it has displaced. The force acting downward on the object is the weight of the object. The upward force is the one given by the Archimedes Principle. The difference between the two forces is the net force acting on the object. Statement 2 is incorrect: If the buoyant force is more than the weight, the object rises; if it is less, the object sinks. If the net force is zero, the object remains in place, and neither rises nor sinks. In the case of the elephant rescued in Jharkhand, the forest officials pumped water into the well so that the elephant could float to the surface. Source: https://vajiramias.com/current-affairs/archimedes- principle/5e3797841d5def055b0f33b3/ Q7. With reference to the Classical Swine Fever (CSF), consider the following statements: 1. It is one of the most important diseases of pigs causing high mortality. 2. Till date, there has been no vaccine developed to to Which of the statements given above is/are correct? a. 1 only 5 b. 2 only c. Both 1 and 2 d. Neither 1 nor 2 Answer: a Explanation: Indian Council of Agricultural Research (ICAR) recently released the Live attenuated Classical Swine Fever Vaccine (IVRI-CSF-BS) Technology developed by ICAR -Indian Veterinary Research Institute (IVRI), Izatnagar. Classical Swine Fever (CSF) is one of the most important diseases of pigs causing high mortality with an annual loss of approx. Rs.4.299 billion. A laminated CSF vaccine (Weybridge strain, UK) is being used in India since 1964 for controlling the disease. The vaccine is produced by sacrificing large numbers of rabbits for each batch. In order to do away sacrificing of rabbits and increase productivity, IVRI has developed a new CSF Cell Culture Vaccine by attenuating an indigenous virulent CSF virus in cell culture. The vaccine is safe, potent, does not revert to virulence and provide protective immunity from day 14 of the vaccination until 24 months studied so far. The vaccine has been tested on around 500 pigs at multiple locations.