1.    The newly announced Quadrilateral Economic Forum is formed among which all countries?

1.    India
2.    Israel
3.    US
4.    UAE
5.    Australia
6.    Japan

Select the correct answer using the codes given below:

(a)    1, 2, 5 and 6 only
(b) 1, 2, 3 and 4 only
(c) 1, 3, 5 and 6 only
(d) All the above

Explanation:
The newly announced quadrilateral meeting between India, Israel, the UAE and the U.S. is a forum for economic cooperation for the moment, said Israel’s Deputy Chief of Mission Rony Yedidia-Clein, adding that more cooperation and high-level visits would follow as Israel and India mark 30 years of full diplomatic ties in 2022.

Source: https://www.thehindu.com/news/national/india-israel-uae-us-quad-to-focus-on-economic-cooperation-says-israeli-envoy/article37072323.ece


2. Bhaskarabda, an era counted from the date of the ascension of a seventh century local ruler, will be added in which state’s official calendar?

(a)    Assam
(b)    Nagaland
(c) Arunachal Pradesh
(d) Gujarat

Explanation: Option (a) is correct
Bhaskarabda, an era counted from the date of the ascension of a seventh century local ruler, will be added to Saka and Georgian eras in the official calendar of the Assam Government.
This was decided at a meeting that Chief Minister Himanta Biswa Sarma held with officials of the General Administration Department on October 18.
Bhaskarabda began when Bhaskaravarman was crowned ruler of the Kamrupa kingdom. He was a contemporary and political ally of northern Indian ruler Harshavardhana.
Source: https://www.thehindu.com/news/national/other-states/bhaskarabda-to-be-added-to-official-assam-calendar/article37068273.ece

3. With respect to the Emergency Credit Line Guarantee Scheme (ECLGS), consider the following statements:
1.    ECLGS is under the operational domain of the Ministry of Finance.
2.    The objective is to provide 100% guarantee coverage to banks and NBFCs to enable them to extend emergency credit facilities to business enterprises/MSMEs in view of Covid 19 to meet their additional term loan /additional working capital requirement.
Which of the statements given above is/are correct?
(a)    1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Explanation:
The Emergency Credit Line Guarantee Scheme (ECLGS) has been formulated as a specific response to the unprecedented situation caused by COVID-19 and the consequent lockdown, which has severely impacted manufacturing and other activities in the MSME sector. The Scheme aims at mitigating the economic distress being faced by MSMEs by providing them additional funding of up to Rs. 3 lakh crore in the form of a fully guaranteed emergency credit line. The main objective of the Scheme is to provide an incentive to Member Lending Institutions (MLIs), i.e., Banks, Financial Institutions (FIs) and Non-Banking Financial Companies (NBFCs) to increase access to, and enable availability of additional funding facility to MSME borrowers, in view of the economic distress caused by the COVID-19 crisis, by providing them 100 per cent guarantee for any losses suffered by them due to non-repayment of the GECL funding by borrowers.
ECLGS is under the operational domain of Ministry of Finance, Department of Financial Services (DFS).
Source: https://www.eclgs.com/
https://www.thehindu.com/business/markets/gross-npas-of-banks-to-rise-to-8-9-from-75-crisil/article37078026.ece#:~:text=Gross%20non%2Dperforming%20assets%20(NPAs,Ratings%20said%20in%20a%20report.
https://pib.gov.in/PressReleasePage.aspx?PRID=1625306

4. With respect to Current Account Deficit (CAD), consider the following statements:
1.    There is a deficit in Current Account if the value of the goods and services imported exceeds the value of those exported.
2.    Current Account Deficit and Fiscal Deficit are together known as twin deficits.

Which of the statements given above is/are correct?
(b)    1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Explanation:
The current account deficit is a measurement of a country’s trade where the value of the goods and services it imports exceeds the value of the products it exports. The current account includes net income, such as interest and dividends, and transfers, such as foreign aid, although these components make up only a small percentage of the total current account. The current account represents a country’s foreign transactions and, like the capital account, is a component of a country’s balance of payments (BOP).
Current Account Deficit and Fiscal Deficit are together known as twin deficits and both often reinforce each other, i.e. a high fiscal deficit leads to higher CAD and vice versa.

Source: https://www.investopedia.com/terms/c/currentaccountdeficit.asp
https://www.thehindu.com/business/Industry/cad-to-hit-13-on-commodity-price-rise-bofa/article37078264.ece


5. With regard to the Services Export Promotion Council (SEPC), consider the following statements:
1.    SEPC is an Export Promotion Council set by the Ministry of Commerce & Industry.
2.    It is an apex trade body which facilitates service exporters of India.

Which of the statements given above is/are correct?
(c)    1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Explanation:
SEPC is an Export Promotion Council set by the Ministry of Commerce & Industry, Government of India. It is an apex trade body which facilitates service exporters of India. As an advisory body it actively contributes to the formulation of policies of Government of India and acts as an interface between the Services Industry and the Government.
SEPC has been instrumental in promoting the efforts of the Indian service exporting community, and in projecting India’s image abroad as a reliable supplier of high quality services. It organizes a large number of promotional activities such as buyer-seller meets (BSM) – both in India and abroad, overseas trade fairs/exhibitions, and India pavilion/information booths in selected overseas exhibitions to demonstrate the capabilities of Indian Services Industry.
Source: https://www.servicesepc.org/about-sepc/
https://www.thehindu.com/business/markets/services-exports-may-cross-240-bn-in-2021-22-says-sepc/article37078366.ece