UPSC Static Quiz – Economy : 17 January 2025

UPSC Static Quiz – Economy : 17 January 2025 We will post 5 questions daily on static topics mentioned in the UPSC civil services preliminary examination syllabus. Each week will focus on a specific topic from the syllabus, such as History of India and Indian National Movement, Indian and World Geography, and more.We are excited to bring you our daily UPSC Static Quiz, designed to help you prepare for the UPSC Civil Services Preliminary Examination. Each day, we will post 5 questions on static topics mentioned in the UPSC syllabus. This week, we are focusing on Indian and World Geography.

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• Question 1 of 5 1. Question Consider the following statements regarding Investment Models. In the BOT model, the private partner is responsible for designing and building the infrastructure project and then transferring back the facility to the public sector. In the EPC model, the cost is completely borne by the government, and government invites bids for engineering knowledge from the private players. In the Hybrid Annuity Model, generally the funding by the government will be higher than the private player. How many of the above statements is/are incorrect? a) Only one b) Only two c) All three d) None Correct Solution: a) Statement 3 is incorrect. Incorrect Solution: a) Statement 3 is incorrect.

#### 1. Question

Consider the following statements regarding Investment Models.

• In the BOT model, the private partner is responsible for designing and building the infrastructure project and then transferring back the facility to the public sector.

• In the EPC model, the cost is completely borne by the government, and government invites bids for engineering knowledge from the private players.

• In the Hybrid Annuity Model, generally the funding by the government will be higher than the private player.

How many of the above statements is/are incorrect?

• a) Only one

• b) Only two

• c) All three

Solution: a)

Statement 3 is incorrect.

Solution: a)

Statement 3 is incorrect.

• Question 2 of 5 2. Question Consider the following statements. The Food Corporation of India (FCI) sells surplus stocks of wheat and rice through e-auctions in the open market to enhance food grain supply. The auctions under Open Market Sale Scheme (OMSS) are conducted on the National Commodity and Derivatives Exchange Limited (NCDEX) platform. The food grain-deficient states cannot directly purchase rice from the Food Corporation of India (FCI) without participating in e-auctions. Which of the above statements is/are correct? a) 1 and 2 only b) 1 and 3 only c) 2 and 3 only c) 1, 2, and 3 Correct Solution: a) The government recently announced that grain-deficient states can directly purchase rice from the Food Corporation of India (FCI) under the Open Market Sale Scheme (Domestic) (OMSS [D]) for ₹2,800 per quintal without participating in e-auctions. This move aims to reduce surplus stocks before the new procurement season. About the Open Market Sale Scheme: The Food Corporation of India (FCI)sells surplus stocks of wheat and rice through e-auctions in the open market to enhance food grain supply and regulate wheat prices. These auctions are part of the Open Market Sale Scheme (OMSS), conducted weekly on the National Commodity and Derivatives Exchange Limited (NCDEX) platform, which facilitates trading in various agricultural and other commodities in India. Incorrect Solution: a) The government recently announced that grain-deficient states can directly purchase rice from the Food Corporation of India (FCI) under the Open Market Sale Scheme (Domestic) (OMSS [D]) for ₹2,800 per quintal without participating in e-auctions. This move aims to reduce surplus stocks before the new procurement season. About the Open Market Sale Scheme: The Food Corporation of India (FCI)sells surplus stocks of wheat and rice through e-auctions in the open market to enhance food grain supply and regulate wheat prices. These auctions are part of the Open Market Sale Scheme (OMSS), conducted weekly on the National Commodity and Derivatives Exchange Limited (NCDEX) platform, which facilitates trading in various agricultural and other commodities in India.

#### 2. Question

Consider the following statements.

• The Food Corporation of India (FCI) sells surplus stocks of wheat and rice through e-auctions in the open market to enhance food grain supply.

• The auctions under Open Market Sale Scheme (OMSS) are conducted on the National Commodity and Derivatives Exchange Limited (NCDEX) platform.

• The food grain-deficient states cannot directly purchase rice from the Food Corporation of India (FCI) without participating in e-auctions.

Which of the above statements is/are correct?

• a) 1 and 2 only

• b) 1 and 3 only

• c) 2 and 3 only

• c) 1, 2, and 3

Solution: a)

The government recently announced that grain-deficient states can directly purchase rice from the Food Corporation of India (FCI) under the Open Market Sale Scheme (Domestic) (OMSS [D]) for ₹2,800 per quintal without participating in e-auctions.

• This move aims to reduce surplus stocks before the new procurement season.

About the Open Market Sale Scheme:

• The Food Corporation of India (FCI)sells surplus stocks of wheat and rice through e-auctions in the open market to enhance food grain supply and regulate wheat prices.

These auctions are part of the Open Market Sale Scheme (OMSS), conducted weekly on the National Commodity and Derivatives Exchange Limited (NCDEX) platform, which facilitates trading in various agricultural and other commodities in India.

Solution: a)

• This move aims to reduce surplus stocks before the new procurement season.

About the Open Market Sale Scheme:

• The Food Corporation of India (FCI)sells surplus stocks of wheat and rice through e-auctions in the open market to enhance food grain supply and regulate wheat prices.

• Question 3 of 5 3. Question Consider the following statements regarding the Payment Passkey Service: The service completely eliminates the use of one-time passwords (OTPs) in online transactions. Tokenization used in the service helps in reducing the risk of exposing sensitive financial information. The service relies solely on facial recognition for user authentication. How many of the above statements is/are correct? a) Only one b) Only two c) All three d) None Correct Solution: b) Statement 3 is incorrect. What is Payment Passkey Service? The Payment Passkey Service is a secure, non-OTP-based methodfor managing online transactions. Here’s how it works: Authentication Method: Instead of using traditional passwords or one-time passwords (OTPs), this service relies on biometric authentication (fingerprints, facial scans) or PINs available on the user’s device. Tokenization: The service uses tokenization to replace sensitive financial information with secure, encrypted tokens. This means your actual financial data is not shared during transactions, enhancing security. Transaction Process: When making a purchase, the consumer selects their Mastercard at checkout. For payment confirmation, the service utilizes the biometric authentication features on the user’s device. Upon successful authentication, the transaction is completed instantly. Benefits: Simplified Transactions: Users avoid the hassle of remembering or sharing passwords and OTPs. Enhanced Security: By not exposing financial data and using secure tokens, the service reduces the risk of fraud. Faster Checkout: Streamlines the payment process, making online shopping quicker and more efficient. Incorrect Solution: b) Statement 3 is incorrect. What is Payment Passkey Service? The Payment Passkey Service is a secure, non-OTP-based methodfor managing online transactions. Here’s how it works: Authentication Method: Instead of using traditional passwords or one-time passwords (OTPs), this service relies on biometric authentication (fingerprints, facial scans) or PINs available on the user’s device. Tokenization: The service uses tokenization to replace sensitive financial information with secure, encrypted tokens. This means your actual financial data is not shared during transactions, enhancing security. Transaction Process: When making a purchase, the consumer selects their Mastercard at checkout. For payment confirmation, the service utilizes the biometric authentication features on the user’s device. Upon successful authentication, the transaction is completed instantly. Benefits: Simplified Transactions: Users avoid the hassle of remembering or sharing passwords and OTPs. Enhanced Security: By not exposing financial data and using secure tokens, the service reduces the risk of fraud. Faster Checkout: Streamlines the payment process, making online shopping quicker and more efficient.

#### 3. Question

Consider the following statements regarding the Payment Passkey Service:

• The service completely eliminates the use of one-time passwords (OTPs) in online transactions.

• Tokenization used in the service helps in reducing the risk of exposing sensitive financial information.

• The service relies solely on facial recognition for user authentication.

How many of the above statements is/are correct?

• a) Only one

• b) Only two

• c) All three

Solution: b)

Statement 3 is incorrect.

What is Payment Passkey Service?

• The Payment Passkey Service is a secure, non-OTP-based methodfor managing online transactions.

Here’s how it works:

• Authentication Method: Instead of using traditional passwords or one-time passwords (OTPs), this service relies on biometric authentication (fingerprints, facial scans) or PINs available on the user’s device.

• Tokenization: The service uses tokenization to replace sensitive financial information with secure, encrypted tokens. This means your actual financial data is not shared during transactions, enhancing security.

Transaction Process:

• When making a purchase, the consumer selects their Mastercard at checkout.

• For payment confirmation, the service utilizes the biometric authentication features on the user’s device.

• Upon successful authentication, the transaction is completed instantly.

• Simplified Transactions: Users avoid the hassle of remembering or sharing passwords and OTPs.

• Enhanced Security: By not exposing financial data and using secure tokens, the service reduces the risk of fraud.

• Faster Checkout: Streamlines the payment process, making online shopping quicker and more efficient.

Solution: b)

Statement 3 is incorrect.

What is Payment Passkey Service?

• The Payment Passkey Service is a secure, non-OTP-based methodfor managing online transactions.

Here’s how it works:

Transaction Process:

• When making a purchase, the consumer selects their Mastercard at checkout.

• For payment confirmation, the service utilizes the biometric authentication features on the user’s device.

• Upon successful authentication, the transaction is completed instantly.

• Simplified Transactions: Users avoid the hassle of remembering or sharing passwords and OTPs.

• Enhanced Security: By not exposing financial data and using secure tokens, the service reduces the risk of fraud.

• Faster Checkout: Streamlines the payment process, making online shopping quicker and more efficient.

• Question 4 of 5 4. Question Which of the following criteria is not required for a CPSE to achieve Maharatna status? a) Significant global presence or international operations b) Listed on the Indian stock exchange with prescribed public shareholding c) Must have a Composite score of 60 or above in specific performance indicators d) Average annual turnover exceeding ₹25,000 crore in the last 3 years Correct Solution: c) The criterion of having a Composite score of 60 or above in specific performance indicators is required for Navratna status, not Maharatna status. For Maharatna status, the criteria include an average annual turnover exceeding ₹25,000 crore, being listed on the Indian stock exchange with prescribed public shareholding, and having a significant global presence or international operations, among other financial requirements. Incorrect Solution: c) The criterion of having a Composite score of 60 or above in specific performance indicators is required for Navratna status, not Maharatna status. For Maharatna status, the criteria include an average annual turnover exceeding ₹25,000 crore, being listed on the Indian stock exchange with prescribed public shareholding, and having a significant global presence or international operations, among other financial requirements.

#### 4. Question

Which of the following criteria is not required for a CPSE to achieve Maharatna status?

• a) Significant global presence or international operations

• b) Listed on the Indian stock exchange with prescribed public shareholding

• c) Must have a Composite score of 60 or above in specific performance indicators

• d) Average annual turnover exceeding ₹25,000 crore in the last 3 years

Solution: c)

The criterion of having a Composite score of 60 or above in specific performance indicators is required for Navratna status, not Maharatna status. For Maharatna status, the criteria include an average annual turnover exceeding ₹25,000 crore, being listed on the Indian stock exchange with prescribed public shareholding, and having a significant global presence or international operations, among other financial requirements.

Solution: c)

• Question 5 of 5 5. Question Consider the following statements regarding the ‘Navratna’ status in India: ‘Navratna’ status grants CPSEs complete autonomy in financial and operational matters without any government oversight. The ‘Navratna’ status is awarded based on the performance and profitability of the CPSE. With the recent additions, there are now 100 CPSEs that hold ‘Navratna’ status. How many of the above statements is/are correct? a) Only one b) Only two c) All three d) None Correct Solution: a) Statement 1 is incorrect; while the ‘Navratna’ status grants CPSEs increased financial and operational autonomy, it does not mean complete autonomy without government oversight. The government still exercises some level of control, particularly in strategic and policy matters. Statement 2 is correct; the ‘Navratna’ status is indeed awarded based on the performance and profitability of the CPSE, among other criteria. Statement 3 is incorrect; with the recent additions, the total number of CPSEs holding ‘Navratna’ status has reached 25, not 100. Incorrect Solution: a) Statement 1 is incorrect; while the ‘Navratna’ status grants CPSEs increased financial and operational autonomy, it does not mean complete autonomy without government oversight. The government still exercises some level of control, particularly in strategic and policy matters. Statement 2 is correct; the ‘Navratna’ status is indeed awarded based on the performance and profitability of the CPSE, among other criteria. Statement 3 is incorrect; with the recent additions, the total number of CPSEs holding ‘Navratna’ status has reached 25, not 100.

#### 5. Question

Consider the following statements regarding the ‘Navratna’ status in India:

• ‘Navratna’ status grants CPSEs complete autonomy in financial and operational matters without any government oversight.

• The ‘Navratna’ status is awarded based on the performance and profitability of the CPSE.

• With the recent additions, there are now 100 CPSEs that hold ‘Navratna’ status.

How many of the above statements is/are correct?

• a) Only one

• b) Only two

• c) All three

Solution: a)

Statement 1 is incorrect; while the ‘Navratna’ status grants CPSEs increased financial and operational autonomy, it does not mean complete autonomy without government oversight. The government still exercises some level of control, particularly in strategic and policy matters.

Statement 2 is correct; the ‘Navratna’ status is indeed awarded based on the performance and profitability of the CPSE, among other criteria.

Statement 3 is incorrect; with the recent additions, the total number of CPSEs holding ‘Navratna’ status has reached 25, not 100.

Solution: a)

Statement 2 is correct; the ‘Navratna’ status is indeed awarded based on the performance and profitability of the CPSE, among other criteria.

Statement 3 is incorrect; with the recent additions, the total number of CPSEs holding ‘Navratna’ status has reached 25, not 100.

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