Current Affairs Quiz 17 January 2023
Current Affairs Quiz 17 January 2023 covers the major topics of 17th Jan 2023. The questions are designed as per the need of exams like UPSC, PCS, SSC, and major competitive exams in India.
1. “State Finance: A Study of Budgets of 2022-23” is released by
(A) Department of Financial Services
(B) Reserve Bank of India (RBI)
(C) Public Accounts Committee
(D) Comptroller and Attorney General of India (CAG)
Show Answer
Correct Answer: (B)
Why this question?
Recently, RBI released its annual report titled “State Finance: A Study of Budgets of 2022-23”.
Explanation:
About “State Finance: A Study of Budgets of 2022-23” Report:
- It is an annual publication of the Reserve Bank of India (RBI) which provides a detailed analysis of the financial situation of State Governments for 2022-23.
- This year’s theme is “Capital Formation in India: The Role of States”.
- Important findings of the Report:
- The Gross Fiscal Deficit of States is budgeted to decline to 3.4% of GDP in 2022-23 from 4.1% in 2020-21.
- The state’s debt is also budgeted to decline to 29.5% of GDP in 2022-23 as against 31.1% in 2020-21. But it is still higher than 20% limit set by N.K. Singh Committee.
- States have budgeted higher capital outlay in 2022-23 in comparison to 2019-20, 2020-21, and 2021-22 which is helping to expand better infrastructure for health, education, and green energy transition.
- Key Recommendations given in the report:
- Creating a capital buffer fund when revenue flows are strong.
- Creating a sustainable ecosystem for private players to thrive.
- Need to encourage and facilitate inter-state trade and businesses.
2. Match the following pairs :
| Venus Mission | Country |
| (i) Akatsuki Project | (a) USA |
| (ii) Venera Program | (b) India |
| (iii) Shukrayaan I | (c) Japan |
| (iii) VERITAS | (d) Russia |
Select the correct code:
(A) (i)-(d), (ii)-(c), (iii)-(b), (iv)-(a)
(B) (i)-(b), (ii)-(d), (iii)-(c), (iv)-(a)
(C) (i)-(b), (ii)-(d), (iii)-(a), (iv)-(c)
(D) (i)-(c), (ii)-(d), (iii)-(b), (iv)-(a)
Show Answer
Correct Answer: (D)
Why this question?
- As per recent updates, ISRO’s Shukrayaan I Mission could be shifted from 2024 to 2031.
Explanation:
About Shukrayaan I Mission:
- It will be an orbiter mission that carries high-resolution synthetic aperture radar and ground penetrating radar.
- It is expected to study the geological and volcanic activity of Venus.
- The mission may be delayed to 2031. As in 2031, Venus and Earth would be aligned in such a manner that it would requite minimum amount of propellent for spacecraft to reach Venus orbit.
About Venus:
- It is second nearest planet to sun.
- Venus is also called Earth’s twin becuase of similarty in size, density and gravity.
- It has crushing air pressure (nearly 90 times of earth atmospheric pressure) and its atmosphere is highly toxic and filled with sulphuric acid.
- It rotates on its axis in backward direction and is also the hottest planet in our solar system.
3. Consider the following statements regarding Solitary waves:
- They are distinct electric field fluctuations that follow constant amplitude-phase relations.
- Their shape and size are less affected during their propagation over a fairly long distance.
Which of the statements given above is/are correct?
(A) 1 only
(B) 2 only
(C) 1 and 2
(D) Neither 1 nor 2
Show Answer
Correct Answer: (C)
Why this question?
- Indian scientists have reported first sign of presence of Solitary waves in Martian magnetosphere with the help of data recorded by NASA’s MAVEN spacecraft.
Explanation: Both statements are correct.
4. In the appointment of the Judges of the Supreme Court, the recommendations of the collegium consisting of the Chief Justice of India and four of the senior most judges of the Supreme Court is binding on the President of India, because:
(A) It is so provided in the Constitution of India.
(B) It has been the consistent practice for a long time.
(C) Collegium system has been laid down by the Parliament.
(D) It has been laid down by the Supreme Court.
Show Answer
Correct Answer: (D)
Why this question?
- Recently, Law Ministry has written a letter to Chief Justice of Supreme Court expressing the need for a committee (Search-Cum-Evaluation-Committee) to bring transparency in judicial appointment procedure.
Explanation:
About Judges appointment procedure
- Chief Justice of India (CJI) and other Judges of the Supreme Court are appointed by President of India under Article 124(2) with the help of collegium system.
- Evolution of Collegium System with three Judge case:
- First Judge Case 1981/SP Gupta Case: Consultation with CJI does not mean concurrence.
- Second Judge Case 1993/SCARA vs Union of India: CJI needs to consult with two other senior-most judges of SC and their recommendation will be binding on President.
- Third Judge Case 1998: CJI should consult 4 senior-most judges of SC and their recommendation for appointment and transfer will be binding on President.
- High Court Collegium constitutes Chief Justice and two other senior-most judges of respective High Court.
5. Consider the following statements regarding Expected Loss (EL)-based Approach
- This approach recognises the credit losses based on event that are expected to happen in the future.
- Basel Committee does not support EL-Based Approach because it does not capture the current situation.
Which of the statements given above is/are correct?
(A) 1 only
(B) 2 only
(C) 1 and 2
(D) Neither 1 nor 2
Show Answer
Correct Answer: (A)
Why this question?
- Recently, RBI has published a discussion paper on EL-Based Approach for loan provisioning by banks.
About EL-Based Approach:
- In this approach, a bank is required to estimate expected credit loss in the future, rather than wait for credit losses to be actually occurred.
- Basel Committee also supported the EL approach that captures actual losses more transparently.
In the present time, banks are following the standard global approach in which they are required to make loan loss provisioning based on “Incurred Loss”
Current Affairs Quiz 16 January 2023
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