MASTER THE CURRENT AFFAIRS – DAY 168

Q.1) Fit for 55 Package is a proposal of which of the following organizations?

a. World Health Organization (WHO)
b. UN-Developmental Program (UNDP)
c. World Trade Organization (WTO)
d. European Union (EU)

Answer: D
Fit for 55 Package
The new package attempts to deliver the Nationally Determined Contribution (NDC) and carbon neutrality goal through proposed changes that would impact the economy, society and industry, as well as ensure a fair, competitive and green transition by 2030 and beyond.
It claims to achieve a balance between “regulatory policies” and market-based carbon pricing to avoid the pitfalls of each.
It must be cut by 55% by 2030 and by 100% by 2035, which means a phase out of petrol and diesel vehicles by 2035.
Fit for 55 Package could put Europe at the forefront of new technologies like electric car batteries, offshore wind generation or aircraft engines that run on hydrogen.

Q.2) With reference to Eco Niwas Samhita 2021, seen recently in news, consider the following statements:

1. It is launched by the Ministry of Housing and Urban Affairs.
2. It specifies code compliance approaches and minimum energy performance requirements for building services.
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
Eco Niwas Samhita 2021 is an initiative launched by the Bureau of Energy Efficiency (BEE) under the umbrella programme of Aiming for Sustainable Habitat: New Initiatives in Building Energy Efficiency 2021 as part of ‘Azadi Ka Amrut Mahotsav’.
BEE is a statutory body under the Ministry of Power, Government of India.
The purpose of Eco Niwas Samhita 2021 is for code compliance and to provide the minimum requirements for building services.
The code applies to –
Residential buildings
Residential part of mixed land-use building projects
It sets minimum requirements for electro-mechanical systems used in building services (i.e. common area and exterior lighting, elevators, pumps, basement ventilation, transformers, power distribution losses, power factor correction, electrical vehicle supply equipment etc.) and indoor electrical end-use (i.e. indoor lighting, comfort systems, service hot water etc.).

Q.3) Which of the following country is NOT a part of Amazon River Basin?

a) Brazil
b) Colombia
c) Ecuador
d) Argentina

Answer : D
The Amazon Basin is the part of South America drained by the Amazon River and its tributaries. The Amazon drainage basin covers an area of about 35.5 percent of the South American continent. It is located in the countries of Bolivia, Brazil, Colombia, Ecuador, French Guiana (France), Guyana, Peru, Suriname, and Venezuela.
Most of the basin is covered by the Amazon rainforest, also known as Amazonia. With a 5.5 million km2 area of dense tropical forest, this is the largest rainforest in the world.

Q.4) Which of the following is/are part of “revenue expenditure”?
1. Subsidies forwarded to all sectors by the government.
2. Postal Deficits of the government.
3. Grants given by the government to Indian states and foreign countries.
Select the correct answer using the codes given below:
a) 1 only
b) 1 and 2 only
c) 2 and 3 only
d) 1, 2 and 3

Answer: D
Notes:
All expenditures incurred by the government are either of revenue kind or current kind or compulsive kind. The basic identity of such expenditures is that they are of consumptive kind and do not involve creation of productive assets. They are either used in running of a productive process or running a government. A broad category of things that fall under such expenditures in India are:
Interest payment by the government on the internal and external loans;
Salaries, Pension and Provident Fund paid by the government to government employees;
Subsidies forwarded to all sectors by the government;
Defense expenditures by the government;
Postal Deficits of the government;
Law and order expenditures (i.e., police & paramilitary);
Expenditures on social services (includes all social sector expenditures as education, health care, social security, poverty alleviation, etc.) and general services (tax collection, etc.);
Grants given by the government to Indian states and foreign countries.

Q.5) With reference to the “Tax-to-GDP” ratio of India, which of the following statements is/are correct?
1. Higher the tax to GDP ratio the better financial position the country will be in.
2. India’s Tax-to-GDP ratio is higher than the average OECD Tax-to-GDP ratio.
Select the correct answer using the codes given below:
a) 1 only
b) 2 only
c) Both 1 and 2
d) Neither 1 nor 2

Answer: A
Notes:
Tax-to-GDP ratio represents the size of a country’s tax kitty relative to its GDP.
It is a representation of the size of the government’s tax revenue expressed as a percentage of the GDP.
Higher the tax to GDP ratio the better financial position the country will be in.
The ratio represents that the government is able to finance its expenditure. A higher tax to GDP ratio means that the government is able to cast its fiscal net wide.
It reduces a government’s dependence on borrowings.
Although India has improved its tax-to-GDP ratio in the last six years, it is still far lower than the average OECD ratio which is 34 per cent.
India’s tax-to-GDP ratio is lower than some of its peers in the developing world. Developed countries tend to have higher tax-to-GDP ratio.

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