HomeDaily QuizUPSC Daily Quiz | 24 July 2024 UPSC Daily Quiz | 24 July 2024Daily Quiz, July 2024 | By admin | July 24, 2024 /5 Daily Quiz - 24 July Tarun IAS offers a variety of courses and resources for UPSC aspirants, including a section for daily current affairs and quizzes. The institute was established with the goal of providing high-quality education and preparing students for the IAS exams. They aim to offer education that is up to date, challenging, and accessible regardless of the student's location or the time of dayTarun IAS emphasizes the importance of Current Affairs in both the prelims and mains of the UPSC exams, offering extensive materials and notes on the subject. Her For the most current and specific daily MCQs related to current affairs or any other subject, please click on the link below. 1 / 5 Q1. With reference to the Union Budget 2024-25, consider the following statements regarding the "Purvodaya" initiative:1) It aims for the all-round development of the eastern region of the country covering Bihar, Jharkhand, West Bengal, Odisha, Chhattisgarh and Andhra Pradesh.2) It will cover human resource development, infrastructure, and generation of economic opportunities to make the region an engine to attain Viksit Bharat.Which of the statements given above is/are correct? 1 only 2 only Both 1 and 2 Neither 1 nor 2 Explanation:Relevance: Union Budget 2024-25In the Union Budget 2024-25, the Government has announced that it will formulate a plan, Purvodaya, for the all-round development of the eastern region of the country covering Bihar, Jharkhand, West Bengal, Odisha and Andhra Pradesh. So, the state of Chhattisgarh is not covered in this initiative. (Hence Statement 1 is not correct)This will cover human resource development, infrastructure, and generation of economic opportunities to make the region an engine to attain Viksit Bharat. (Hence Statement 2 is correct)Therefore, option (b) is the correct answer.Subject: Current Affairs | SchemesLevel of Difficulty: Easy | FactualReferences:https://pib.gov.in/PressReleasePage.aspx?PRID=2035618 2 / 5 Q2. Match the following pairs:SchemesObjective1. PM Vishwakarma Schemea. Credit guarantee fund for loans2. PM SVANidhi Schemeb. Micro-enterprises in traditional sectors 3. National Livelihood Missionsc. Street vendors 4. Stand-Up India Schemed. Self-help groups and livelihoodsSelect the correct answer using the code given below: 1 - b, 2 - c, 3 - d, 4 - a 1 - c, 2 - b, 3 - a, 4 - d 1 - d, 2 - a, 3 - b, 4 - c 1 - a, 2 - d, 3 - c, 4 – b Explanation:Relevance: Union Budget 2024-25PM Vishwakarma Scheme is aimed at empowering traditional artisans and craftspersons by providing them with skill upgrades, market linkages, and financial assistance. Thus, it matches with micro-enterprises in traditional sectors (b).PM SVANidhi Scheme is a micro-credit facility for street vendors to upgrade their businesses. Hence, it matches with street vendors (c).National Livelihood Missions focus on poverty alleviation through promoting self-help groups and livelihoods. Therefore, it matches with self-help groups and livelihoods (d).Stand-Up India Scheme promotes entrepreneurship among women and Scheduled Caste/Scheduled Tribe individuals by facilitating loans through credit guarantee funds. Thus, it matches with the credit guarantee fund for loans (a).Therefore, option (a) is the correct answer.Subject: Current Affairs | SchemesLevel of Difficulty: Moderate | FactualReferences:https://pib.gov.in/PressReleasePage.aspx?PRID=2035618 3 / 5 Q3. In the context of the implications of the Budget on the economy, consider the following statements:1) All Government expenditure generates aggregate demand in the economy.2) All tax and non-tax revenue leads to reduction in private and aggregate demand. 3) Reduction in fiscal deficit-GDP ratio indicates Government policy of increasing demand.Which of the above statements is/are correct? 1 only 1 and 2 only 3 only 2 and 3 only Explanation:Relevance: Union Budget 2024-25What are the implications of the Budget on the economy? The Budget has implications for aggregate demand of an economy. All Government expenditure generates aggregate demand in the economy since it involves purchase of private goods and services by the Government sector. (Hence Statement 1 is correct)All tax and non-tax revenue reduces net income of the private sector and thereby leads to reduction in private and aggregate demand. (Hence Statement 2 is correct)Reduction in expenditure GDP ratio or increase in revenue receipt-GDP ratio indicates the Government’s policy to reduce aggregate demand and vice-versa. For similar reasons, reduction in fiscal deficit-GDP ratio and primary deficit-GDP ratios indicate Government policy of reducing demand and vice versa. (Hence Statement 3 is not correct)Therefore, option (b) is the correct answer.Subject: Current Affairs | EconomyLevel of Difficulty: Moderate | FactualReferences:https://pib.gov.in/PressReleasePage.aspx?PRID=2035618 4 / 5 Q4. Fiscal deficit is the difference between total expenditure and the sum of: Revenue receipts and non-debt capital receipts Revenue receipts and debt-creating capital receipts Revenue receipts and capital receipts Debt-creating capital receipts and non-debt capital receipts Explanation:Relevance: Union Budget 2024-25The receipts of the Government have three components — revenue receipts, non-debt capital receipts and debt-creating capital receipts. Revenue receipts involve receipts that are not associated with increase in liabilities and comprise revenue from taxes and non-tax sources. Non-debt receipts are part of capital receipts that do not generate additional liabilities. Recovery of loans and proceeds from disinvestments would be regarded as non-debt receipts since generating revenue from these sources does not directly increase liabilities, or future payment commitments. Debt-creating capital receipts are ones that involve higher liabilities and future payment commitments of the Government. Fiscal deficit by definition is the difference between total expenditure and the sum of revenue receipts and non-debt receipts. It indicates how much the Government is spending in net terms. Since positive fiscal deficits indicate the amount of expenditure over and above revenue and non-debt receipts, it needs to be financed by a debt-creating capital receipt. Primary deficit is the difference between fiscal deficit and interest payments. Revenue deficit is derived by deducting capital expenditure from fiscal deficits. Therefore, option (a) is the correct answer.Subject: Current Affairs | EconomyLevel of Difficulty: Easy | FactualReferences:https://pib.gov.in/PressReleasePage.aspx?PRID=2035618 5 / 5 Q5. In the context of the Union Budget, which of the following constitute Non-debt Capital Receipts?1) Recoveries of loans and advances given to state governments2) Dividends and profits from Public Sector Enterprises3) Money accrued to the Union government from listing of central government companies Select the correct answer using the code given below. 1 and 2 only 2 and 3 only 1 and 3 only 1, 2 and 3 Explanation:Relevance: Union Budget 2024-25Capital ReceiptsCapital receipts are receipts that create liabilities or reduce financial assets. They also refer to incoming cash flows. Loans from the general public, foreign governments and the Reserve Bank of India (RBI) form a crucial part of capital receipts. Recovery of loans given by the Centre to states and others is also included in capital receipts. In the balance sheet, capital receipts are mentioned in the liabilities section. The capital receipt has a nature of non-recurrence. All capital receipts are tax-free, unless there is a provision to tax it. Capital receipts can be both non-debt and debt receiptsNon-debt Capital ReceiptsNon-debt receipts are those which do not incur any future repayment burden for the government. Non-debt capital receipts (NDCR) of the union government include:(Point 1 is correct) Recoveries of loans and advances given to state governments, Union territories and foreign governmentsDisinvestment proceeds(Point 3 is correct) Money accrued to the Union government from listing of central government companies and issue of bonus shares(Point 2 is not correct) These include dividends and profits from PSEs as well as the transfer of surplus from Reserve Bank of India (RBI) are part of non-tax revenue and not of the capital receipts.Therefore, option (c) is the correct answer.Subject: Current Affairs | EconomyLevel of Difficulty: Easy | FactualReferences:https://pib.gov.in/PressReleasePage.aspx?PRID=2035618 Your score is 0% Restart quiz
