What is the Open Market Sale Scheme?
A. A government initiative to reduce the excess stock of food grains held by the FCI and state agencies
B. A scheme to encourage farmers to produce more food grains
C. A program to provide free food grains to the poor
D. An initiative to promote exports of food grains
Correct Answer: A. A government initiative to reduce the excess stock of food grains held by the FCI and state agencies. Explanation: The Open Market Sale Scheme is a government initiative aimed at reducing the excess stock of food grains held by the Food Corporation of India (FCI) and state agencies by selling the excess stock in the open market through e-auctions and other means. This helps to prevent the wastage of excess food grains, generate revenue for the government, reduce carrying costs, and stabilize prices in the market. Source
What is the primary objective of the Open Market Sale Scheme (OMSS)?
A. To reduce the carrying costs of food grains
B. To generate revenue for the government
C. To ensure effective utilization of food grains
D. To prevent the wastage of excess food grains
Correct Answer: C. To ensure effective utilization of food grains Explanation: The primary objective of the Open Market Sale Scheme (OMSS) is to maintain price stability in the market by providing an adequate supply of food grains at reasonable prices to bulk consumers, and to ensure that food grains held in the central pool are utilized effectively and not wasted due to storage or other reasons. Therefore, option C is the correct answer.
What is the reason behind keeping petroleum products outside the purview of GST?
A. Petroleum products have low revenue implications
B. Petroleum products are taxed separately by the state governments
C. GST framework cannot handle the complexity of taxing petroleum products
D. Petroleum products significantly impact the country’s economy
Correct Answer: D. Petroleum products significantly impact the country’s economy. Explanation: The decision to exclude petroleum products from GST was taken keeping in mind the revenue implications and the fact that petroleum products significantly impact the country’s economy. Petroleum products are taxed separately by the central and state governments in India through specific taxes and duties such as customs duty, excise duty, and value-added tax (VAT).
What is the recommendation of GoM to curb tax evasion by pan masala and gutka industries?
A. A capacity-based tax system will be introduced
B. Compliance and tracking measures to plug leakages/evasions
C. Exports of these items will be banned
D. Levy on these items will be removed
Correct Answer: B. Compliance and tracking measures to plug leakages/evasions. Explanation: The GST council approved the recommendations of GoM to curb tax evasion by pan masala and gutka industries. The recommendations include compliance and tracking measures to plug leakages/evasions, exports of these items will be done based on LUT, etc. To collect compensation cess on these items at the first stage, the proposal is to change the system of levy from “Ad Valorem to Specific Duty”.
What is the purpose of a QCVM?
A. To dispense currency notes in a similar manner to an ATM.
B. To distribute coins at the Reserve Bank of India’s regional offices.
C. To allow individuals to withdraw coins from their bank branches.
D. To dispense coins in a similar manner to an ATM using UPI QR codes.
Correct Answer: D. To dispense coins in a similar manner to an ATM using UPI QR codes. Explanation: The purpose of a QCVM is to dispense coins in a similar manner to an ATM using UPI QR codes, allowing individuals to withdraw coins without having to visit bank branches. This also helps to bypass the feeding of fake currency to exchange coins, making the process more efficient and secure.
What is Antithrombin?
A. A therapeutic protein used as an anticoagulant
B. A type of blood clot
C. An artery blockage
D. A gene present in transgenic goats
Correct Answer: A. A therapeutic protein used as an anticoagulant Explanation: Antithrombin is a protein that is naturally present in the human body and helps in preventing the formation of blood clots. It is also used as a therapeutic protein to prevent the formation of blood clots and is obtained from goats.
What is the biggest advantage of obtaining Antithrombin from transgenic goats?
A. The quantity of protein produced
B. The taste of the milk
C. The cost of production
D. The genetic modification of goats
Correct Answer: A. The quantity of protein produced Explanation: The biggest advantage of obtaining Antithrombin from transgenic goats is the quantity of protein produced. A goat can produce as much of this protein as 90000 units of human blood, which helps in increasing the availability and reducing the cost of these injections.
What are farmaceuticals?
A. Compounds or components with medicinal uses produced on farms by biotechnologically modified plants or animals
B. Drugs produced in pharmaceutical companies
C. Antibiotics produced by fungi
D. Medicinal plants
Correct Answer: A. Compounds or components with medicinal uses produced on farms by biotechnologically modified plants or animals Explanation: Farmaceuticals are any compounds or components that are produced on farms by plants and animals that have certain medicinal uses. An important characteristic of these farmaceuticals is that they are usually produced from biotechnologically modified plants or animals. The antithrombin drug that we get from the goats is a very good example of these farmaceuticals.
What is sickle cell anemia?
A. A genetic blood disorder where red blood cells distort in shape.
B. An infectious disease caused by bacteria.
C. A mental illness characterized by mood swings.
D. A condition where the liver is unable to function properly.
Correct Answer: A. A genetic blood disorder where red blood cells distort in shape. Explanation: In sickle cell anemia, the red blood cells become crescent-shaped or sickle-shaped, which hinders their ability to carry oxygen properly and can block blood vessels, leading to pain and organ damage. The Union Finance Minister announced in the Union Budget 2023 that the government would work in “mission mode” to eliminate sickle cell anaemia. The target for elimination is fixed by 2047
What is the prevalence of sickle cell anemia in India?
A. More prevalent in non-tribal populations compared to tribal populations.
B. Widespread in areas where malaria is not endemic.
C. More prevalent in tribal populations compared to non-tribal populations.
D. Only prevalent in urban populations.
Correct Answer: C. More prevalent in tribal populations compared to non-tribal populations. Explanation: Research has found that sickle cell anemia is more prevalent in tribal populations compared to non-tribal populations in India. Studies have also shown that sickle cell anemia is widespread in areas where malaria is endemic.
What is the available treatment for sickle cell anemia?
A. Gene therapy
B. Stem cell transplants
C. Blood transfusion from healthy donors
D. All of the above
Correct Answer: D. All of the above Explanation: The available treatment for sickle cell anemia includes gene therapy, stem cell transplants, and blood transfusion from healthy donors. However, these treatments are very expensive and pose several challenges such as the safe supply of blood, risk of infection, and lack of donors.
