1.Consider the following statements about Society for Worldwide Interbank Financial Telecommunication (SWIFT)

1. SWIFT sells software and services to financial institutions
2. All international interbank messages use the SWIFT network.
3. SWIFT does not facilitate funds transfer.

Which of the above statements is/are correct?

•  a) 1, 2
•  b) 2, 3
•  c) 1, 3
•  d) 1, 2, 3

2.Which of the following is not a consequence of rupee depreciation?

•  a) Increase in the cost of imports
•  b) Foreign trips will become costlier
•  c) Exports will become competitive
•  d) Reduction in remittances from abroad

3.Consider the following statement about Foreign Portfolio Investment (FPI)

1. FPI does not provide investor with direct ownership of financial assets.
2. FPI is part of country’s current account.
3. FPI is more liquid and more risky than FDI.

Which of the above statements is/are incorrect?

•  a) 1 only
•  b) 2 only
•  c) 2, 3
•  d) 1, 3

Answers for the Day :- 1) C, 2) D, 3) C

MAINS QUESTION OF THE DAY

Q. “Pressure groups play a vital role in influencing public policy making in India.” Explain how the business associations contribute to public policies. (150 Words)

Social Justice

GS-2

PIB NEWS Analysis

1. Cabinet approves Expanding the mandate of Government e Marketplace – Special Purpose Vehicle (GeM – SPV) to allow procurement by Cooperatives as Buyers :-
   
   The Government e Marketplace (GeM) was launched on August 9, 2016 by the Ministry of Commerce and Industry, Government of India to create an open and transparent procurement platform for Government buyers. A Special Purpose Vehicle (SPV) by the name of Government e- Marketplace (GeM SPV) was set up as the National Public Procurement Portal on 17th May, 2017 in pursuance of the approval, of the Union Cabinet accorded on 12^th April, 2017.
   
   At present, the platform is open for procurement by all government buyers: central and state ministries, departments, public sector enterprises, autonomous institutions, local bodies, etc. As per existing mandate, GeM is not available for use by private sector buyers. Suppliers (sellers) can be from across all segments: government or private.
   
2. India – Bangladesh Connectivity Project : To further strengthen people to people connectivity through Rail between India and Bangladesh, Government of India and Bangladesh, after several meetings, decided to start a new passenger train service Mitali Express via recently-restored Haldibari-Chilahati rail link. This third passenger train service between New Jalpaiguri (India) – Dhaka (Bangladesh)- Mitali Express which was virtually inaugurated by both the Prime Ministers on 27^th March, 2021.
   
3. What is enriched uranium? :- Uranium is an element which occurs naturally. It can have nuclear-related uses once it has been refined, or enriched. This is achieved by increasing the content of its most fissile isotopes, U-235, through the use of centrifuges – machines which spin at supersonic speeds.
   
   Low-enriched uranium, which typically has a 3-5% concentration of U-235, can be used to produce fuel for commercial nuclear power plants.
   
   Highly enriched uranium has a purity of 20% or more and is used in research reactors. Weapons-grade uranium is 90% enriched or more.
   
   Under its 2015 nuclear deal with six world powers – China, France, Germany, Russia, the US and the UK – Iran was only permitted to enrich uranium up to 3.67% purity.

4. Caste based census to be held in Bihar :– Bihar Govt will soon initiate the process of caste based census.

What is Caste Census

Caste census refers to inclusion of caste-wise tabulation of India’s population in the Census exercise, which is a decennial count of the Indian population. From 1951 to 2011, every census in India has published the population of Scheduled Castes and Scheduled Tribes, comprising the Dalits and the Adivasis, along with the gamut of data including religions, languages, socio-economic status, etc. 

It, however, has never counted OBC’s, the lower and intermediate castes, which according to the Mandal commission make up around 52 per cent of the country’s population. All castes other than Scheduled Castes and Scheduled Tribes are counted under the general category. 

This is where the demand for caste census comes from. 

Not properly since independence. The first census in India began in 1872 and the periodic count in 1881 under British rule. Since then, the data on caste was always included, though only till 1931. 

The caste count was excluded for the 1941 census reportedly because of administrative and financial issues with England involved in World War II. 

5. Where are Rushikonda Hills located ?

Andhra Pradesh

6. Who are Gig Workers?

In a gig economy, temporary, flexible jobs are commonplace and companies tend to hire independent contractors and freelancers instead of full-time employees. 

A gig economy undermines the traditional economy of full-time workers who often focus on their career development.

In a gig economy, large numbers of people work in part-time or temporary positions or as independent contractors. The result of a gig economy is cheaper, more efficient services, such as Uber or Airbnb, for those willing to use them.

Under this new labour code bill, section 2(35) defines a gig worker as a person who participates in a work arrangement and earns from such activities outside of a traditional employer-employee relationship, section 2(61) defines a platform worker as someone engaged in or undertaking platform work, and section 2(86) defines an unorganised worker as a home-based, self-employed or wage worker in the unorganised sector. 

7. What is PMI

It is a survey-based measure that asks the respondents about changes in their perception about key business variables as compared with the previous month.

It is calculated separately for the manufacturing and services sectors and then a composite index is constructed. 

The PMI is a number from 0 to 100. 

PMI above 50 represents an expansion when compared to the previous month;

PMI under 50 represents a contraction, and

A reading at 50 indicates no change.

of every month. It is, therefore, considered a good leading indicator of economic activity.

PMI is compiled by IHS Markit for more than 40 economies worldwide.

8. What is FMCG

What Are Fast-Moving Consumer Goods (FMCG)?

Fast-moving consumer goods are products that sell quickly at relatively low cost. These goods are also called consumer packaged goods.

FMCGs have a short shelf life because of high consumer demand (e.g., soft drinks and confections) or because they are perishable (e.g., meat, dairy products, and baked goods). These goods are purchased frequently, are consumed rapidly, are priced low, and are sold in large quantities. They also have a high turnover when they’re on the shelf at the store.