UPSC Essentials | Daily subject-wise quiz : Economy MCQs on Zero tillage, PMJDY and more (Week 73)

1. The scheme provided an unprecedented boost to the government’s campaign for financial inclusion.

2. It was launched in 2016.

3. The objective of the PMJDY was to open a Basic Savings Bank Account for unbanked individuals.

4. These accounts are required to maintain any minimum balance in PMJDY accounts.

How many of the statements given above are correct?

(a) Only one

(b) Only two

(c) Only three

(d) All four

Explanation

— As the Pradhan Mantri Jan Dhan Yojana (PMJDY) completed 10 years on Wednesday (August 28), Prime Minister Narendra Modi hailed the “momentous” achievement of the scheme that has been “paramount in boosting financial inclusion and giving dignity to crores of people, especially women, youth, and the marginalised communities”. Hence, statement 1 is correct.

— The PMJDY was launched on August 28, 2014, as a national mission for financial inclusion. Hence, statement 2 is not correct.

— Guinness World Records recognised the achievement: “The most bank accounts opened in 1 week as part of a financial inclusion campaign is 18,096,130 and was achieved by Department of Financial Services, Government of India from 23 to 29 August 2014.”

— The foremost objective of the PMJDY was to open a Basic Savings Bank Account for unbanked individuals. Hence, statement 3 is correct.

— There was no requirement to maintain any minimum balance in PMJDY accounts, and these accounts earned interest on deposits like regular accounts. Hence, statement 4 is not correct.

Features of PMJDY

— PMJDY account-holders were given RuPay debit cards.

— An accident insurance cover of Rs 1 lakh was available with RuPay cards issued to PMJDY account holders. The cover was enhanced to Rs 2 lakh for new PMJDY accounts opened after August 28, 2018.

— PMJDY accounts are also eligible for Direct Benefit Transfers (DBT), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), Atal Pension Yojana (APY), and the Micro Units Development & Refinance Agency Bank (MUDRA) scheme.

— Eligible PMJDY account holders can avail overdraft (OD) facility up to Rs 10,000.

Therefore, option (b) is the correct answer.

QUESTION 2

Consider the following statements about the Unified Payments Interface:

1. It is a real-time payment system launched in India in 2018.

2. It was launched by the National Payments Corporation of India (NPCI).

3. It is a system that powers multiple bank accounts into a single mobile application.

4. It does not cater “Peer to Peer” collect requests.

Which of the statements given above are correct?

(a) 1 and 4 only

(b) 2 and 3 only

(c) 1, 2 and 3 only

(d) 3 and 4 only

Explanation

— Reserve Bank of India (RBI) Governor Shaktikanta Das said that a nationwide launch of the Unified Lending Interface (ULI) will happen in due course. Similar to Unified Payment Interface (UPI), which has revolutionised the retail payment system in the country.

What is Unified Lending Interface?

— With rapid progress in digitalisation, India has adopted the concept of digital public infrastructure, which promotes banks, NBFCs, fintech companies, and start-ups to develop and supply innovative payment, credit, and other financial solutions.

— The RBI Governor stated that the ULI platform will allow for a seamless and consent-based flow of digital information, including land records from several states, from multiple data service providers to lenders. It will reduce the time required for credit appraisals, particularly for smaller and rural borrowers.

What is Unified Payments Interface?

— The National Payments Corporation of India (NPCI) unveiled the Unified Payments Interface, or UPI, in April 2016. Hence, statement 1 is not correct and statement 2 is correct.

— It is a system that integrates several bank accounts into a single mobile application (from any participating bank), combining various banking capabilities, seamless fund routing, and merchant payments under one hood. Hence, statement 3 is correct.

— UPI also supports “Peer to Peer” collect requests, which can be planned and paid as needed and conveniently. Hence, statement 4 is not correct.

— It allows for round-the-clock instant money transfers via mobile device. It enables a single mobile application to access many bank accounts.

Therefore, option (b) is the correct answer.

QUESTION 3

Krishi-Decision Support System (Krishi-DSS) is a first-of-its-kind geospatial platform specifically designed for Indian agriculture. It will provide access to:

1. Groundwater levels

2. Health of the soil

3. Weather information

4. Satellite images

Select the correct answer using the codes given below:

(a) 1 and 2 only

(b) 1, 2 and 4 only

(c) 2 and 4 only

(d) 1, 2, 3 and 4

Explanation

— The Centre government announced the Krishi-Decision Support System (K-DSS) portal, a satellite-based geospatial platform that will give farmers information on weather, groundwater levels, soil health, reservoir storage levels, and other data, such as satellite photos.

— The Krishi-DSS is a geospatial platform specifically intended for Indian agriculture.

— The agricultural ministry hosted the National Conference on Space Driven Solutions for agricultural Transformation in India, where it was introduced.

— The Krishi-DSS is part of the Digital Public Infrastructure for Agriculture and will serve as a repository for standardised geospatial data on weather, soil, crop, reservoir, and groundwater.

Therefore, option (d) is the correct answer.

QUESTION 4

With reference to the labour force participation in India, consider the following statements:

1. The labour force participation rate of females decreased from 2017-18 to 2022-23.

2. The labour force participation rate of males increased from 2017-18 to 2022-23.

Which of the statement(s) given above is/are correct?

(a) 1 only

(b) 2 only

(c) Both 1 and 2

(d) Neither 1 nor 2

Explanation

— The Periodic Labour Force Survey (PLFS) has become the major source of measuring and understanding trends in India’s labour markets.

— The PLFS 2017-18 noted that “the unemployment rate among the youth was much higher compared to that in the overall population.” The unemployment rate was 6 per cent whereas the youth unemployment rate (age 15-29 years) was 18 per cent.

— According to the PLFS 2022-23, the unemployment rate has decreased, but the gap between total labour force and youth unemployment remains considerable. The overall unemployment rate for 2022-23 is 3.2%, while the young unemployment rate is 10%.

— The rural youth unemployment rate is 8%, whereas the urban unemployment rate is nearly double, at 15.7%.

— The unemployment rates for male and female youth are 9.7% and 10%, respectively. Female labour force participation climbed from 17% in 2017-18 to 27.8% in 2022-23. Male labour force participation was 55.5% in 2017-18, and it climbed marginally to 56.2% in 2022-23. Hence, statement 1 is not correct and statement 2 is correct.

Therefore, option (b) is the correct answer.

QUESTION 5

With reference to the Zero tillage, consider the following statements:

1. It is the practice of growing crops without disturbing the soil strata through traditional tillage methods.

2. It preserves the soil structure and enhances fertility.

3. It helps in reducing soil erosion.

4. It improves the water retention capacity of soil.

How many of the statements given above are correct?

(a) Only one

(b) Only two

(c) Only three

(d) All four

Explanation

— Zero tillage, often known as no-till farming, is the process of cultivating crops without disturbing soil strata using typical tillage methods. Hence, statement 1 is correct.

— This strategy retains soil structure while increasing fertility, resulting in several environmental and economic benefits. Hence, statement 2 is correct.

— This method entails spreading seeds directly into the soil, generally using specialised equipment that digs furrows without turning the soil.

— This approach dramatically minimises soil erosion while increasing soil’s water retention capacity. Hence, statement 3 and 4 are correct.

Therefore, option (d) is the correct answer.

Previous Daily Subject-Wise-Quiz

Daily subject-wise quiz — Polity and Governance (Week 73)

Daily Subject-wise quiz — History, Culture, and Social Issues (Week 73)

Daily subject-wise quiz — Environment, Geography, Science and Technology (Week 73)

Daily subject-wise quiz — Economy (Week 72)

Daily subject-wise quiz – International Relations (Week 71)

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