UPSC Essentials | Daily subject-wise quiz : Economy MCQs on 100 Million Farmers, Pradhan Mantri Awas Yojana and more (Week 64)

1. The scheme was introduced in 2018.

2. The government aims to provide its beneficiaries with an interest subsidy to avail loans to purchase or build a house.

3. The beneficiary family should not have availed of any central assistance under any housing scheme from the Government of India.

4. Middle Income Group having annual income between ₹12 lakh and ₹18 lakh is not eligible for this scheme.

Which of the statements given above are correct?

(a) 1, 2 and 4 only

(b) 1, 2 and 3 only

(c) 1, 2, 3 and 4

(d) 2 and 3 only

QUESTION 2

Which one of the following is the correct description of “100 Million Farmers”? (UPSC 2024)

(a) It is a platform for accelerating the transition towards food and water systems that are net-zero (carbon), nature-positive and that aims to increase farmer resilience.

(b) It is an international alliance and a network of individuals and farming organisations interested in supporting and strengthening the development of the organic animal husbandry.

(c) It is a digital platform fully integrated with service providers and built on blockchain that lets buyers, sellers and third parties trade fertilisers quickly and securely.

(d) It is a platform with the mission of encouraging the farmers to form Farmer Product Organisations or Agribusiness Consortiums, thus facilitating the access to global open markets to sell their products.

QUESTION 3

Consider the following:

1. Exchange-Traded Funds (ETF)

2. Motor vehicle

3. Currency swap

Which of the above is/are considered financial instruments? (UPSC 2024)

(a) 1 only

(b) 2 and 3 only

(c) 1, 2 and 3

(d) 1 and 3 only

QUESTION 4

With reference to the critical minerals, consider the following statements:

1. These minerals are used in high-tech industries and renewable energy technologies.

2. These minerals are difficult to mine due to limited global production.

3. India does not have a critical mineral site.

How many of the statements given above are correct?

(a) Only one

(b) Only two

(c) All three

(d) None

QUESTION 5

With reference to the sectors of the Indian economy, consider the following pairs:

	Economic activity	Sector
1	Storage of agricultural produce	Secondary
2	Dairy farm	Primary
3	Mineral exploration	Tertiary
4	Weaving cloth	Secondary

How many of the pairs given above are correctly matched? (UPSC 2024)

(a) Only one

(b) Only two

(c) Only three

(d) All four

ANSWERS TO THE MCQs

1. (d)

FYI:

— The Pradhan Mantri Awas Yojana (PMAY) is a flagship housing credit-linked subsidy scheme launched by the Government of India in 2015 to provide affordable housing to the economically weaker sections and lower-income groups of the country. Hence, statement 1 is not correct.

— Through this scheme, the government aims to provide its beneficiaries with an interest subsidy to avail loans to purchase or build a house. Hence, statement 2 is correct.

— The scheme is divided into two sections:

(i) Pradhan Mantri Awas Yojana-Urban (PMAY-U)

(ii) Pradhan Mantri Awas Yojana Gramin (Pradhan Mantri Awas Yojana Rural)

— The Pradhan Mantri Awas Yojana (Urban) Mission, launched on June 25, 2015, provides Central Assistance to the implementing agencies through States and Union Territories (UTs) and Central Nodal Agencies (CNAs) for providing houses to all eligible families and beneficiaries against the validated demand for houses of about 1.12 crore.

— A key feature of PMAY-U is its focus on empowering women in the EWS and LIG categories.

— To be eligible for the PMAY scheme, the following criteria must be met:

— The beneficiary family should not own a pucca house (an all-weather dwelling unit) either in their name or in the name of any member of their family anywhere in India. Hence, statement 3 is correct.

— The beneficiary family should not have availed of any central assistance under any housing scheme from the Government of India or the State Government.

— The beneficiary family should not have availed of any PMAY-Credit-Linked Subsidy Scheme (CLSS) subsidy from any of the primary lending institutions (PLIs).

— The scheme is further divided into different income categories, namely, Economically Weaker Section (EWS), Lower Income Group (LIG), Middle Income Group I (MIG I) and Middle Income Group II (MIG II). Hence, statement 4 is not correct.

Therefore, option (d) is the correct answer.

2. (a)

FYI:

— 100 Million Farmers is a platform supporting private and public leaders to position food and farmers as central pillars on the global climate and nature agenda and accelerate collective action to scale climate-and nature-friendly agricultural practices.

— 100 Million Farmers has bold objectives for accelerating the transition towards food and water systems that are net-zero, nature-positive, and that increase farmer resilience.

Therefore, option (a) is the correct answer.

(Source: http://www.weforum.org)

3. (d)

FYI:

— Financial instruments are exchangeable assets, or they can be thought of as exchangeable packages of capital.

— Financial instruments include currency, deposits, debt securities, loans and borrowings, equity, investment funds (such as mutual funds), insurance, pension and provident funds, monetary gold, other accounts (including trade debt) and other liabilities/ assets. Hence, 1 and 3 are correct.

— Automobiles are not considered as financial instruments. They are not exchanged as financial securities or derivatives on financial markets; instead, they are physical assets utilised for transportation. Hence, 2 is not correct.

Therefore, option (d) is the correct answer.

(Other Source: http://www.rbi.org.in)

4. (b)

FYI:

— The Ministry of Mines led by Mines Minister G Kishan Reddy launched the fourth tranche of critical minerals auction, offering a total of 21 blocks across fourteen states, including 11 blocks that are being reoffered from the second tranche after failing to secure the mandatory participation of at least three bidders.

— Critical minerals are raw materials essential for economic and national security, often used in high-tech industries and renewable energy technologies. Hence, statement 1 is correct.

— They are typically rare, difficult to mine and substitute, and often vulnerable to supply chain disruptions due to limited global production and geopolitical factors. Hence, statement 2 is correct.

— According to the latest information available with the Union Mines Ministry, exploration of lithium, a critical mineral used to make lithium-ion batteries, in Chhattisgarh’s Korba district has moved a step further with one block advancing to the second round of auctions and promising deposits now being found in the initial exploration of another block. Hence, statement 3 is not correct.

Therefore, option (b) is the correct answer.

5. (b)

FYI:

— The majority of our natural products come from agriculture, dairy, fishery, and forestry; this sector is also known as the agricultural and associated sector.

— Similarly, minerals and ores are natural products. The primary sector is concerned with the production of goods through the use of natural resources.

— The secondary sector encompasses operations in which natural resources are transformed into new forms through methods of production commonly associated with industrial activity.

— Tertiary activities include transportation, storage, communication, banking, and trading.

	Economic activity	Sector
1	Storage of agricultural produce	Tertiary
2	Dairy farm	Primary
3	Mineral exploration	Primary
4	Weaving cloth	Secondary

Therefore, option (b) is the correct answer.

(Source: ncert.nic.in)

Previous Daily Subject-Wise-Quiz

Daily subject-wise quiz — Polity and Governance (Week 64)

Daily Subject-wise quiz — History, Culture, and Social Issues (Week 64)

Daily subject-wise quiz — Environment, Geography, Science and Technology (Week 64)

Daily subject-wise quiz — Economy (Week 63)

Daily subject-wise quiz – International Relations (Week 63)

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