May 23 2024 Current Affairs MCQs

Explanation

Statement 1 is incorrect

• ESG criteria include Environmental, Social, and Governance factors which go beyond financial metrics in assessing a company’s overall performance.
• This holistic approach includes evaluating how companies handle environmental stewardship, social relationships, and governance practices.
• The concept of ESG was first introduced in the 2005 UN-led report titled ‘Who Cares Wins: Connecting Financial Markets to a Changing World’.
• While the UNPRI, introduced in 2006, has been instrumental in promoting ESG principles, the foundational concept predates it by a year.

Statement 2 is incorrect

• Single materiality actually refers to measuring the risks that environmental and social factors pose to the company, not the other way around.
• It focuses on how these factors affect the company’s financial performance and operations, rather than the company’s impact on the environment and society.
• European regulators are now adopting “double materiality,” which considers both perspectives.

Statement 3 is incorrect

• The BRSR is mandated by the Securities and Exchange Board of India (SEBI), not the National Green Tribunal (NGT).
• SEBI revised the annual reporting requirements for the largest listed companies in India to include BRSR, aligning them with the National Guidelines for Responsible Business Conduct (NGRBC).

Statement 4 is incorrect

• CSR is mandatory in India but voluntary in regions like the EU, UK, and US, sparking concerns about self-regulation’s legitimacy.
• The lack of uniformity and inherent subjectivity in ESG evaluation criteria undermine their credibility, as ESG ratings from different agencies are often inconsistent and incomparable.

Answer: (d) All; Difficulty Level: Medium

Explanation

Statement 1 is incorrect

• Under Section 47 of the Reserve Bank of India Act, 1934, the surplus income transferred to the government is calculated after accounting for various contingency provisions and public policy mandates of the RBI, including provisions for reserves and retained earnings.
• The Economic Capital Framework (ECF), which was adopted by the RBI board following the recommendations of the Bimal Jalan Committee, provides a methodology for determining the appropriate level of risk provisions and profit distribution to be made under Section 47 of the RBI Act, 1934.

Statement 2 is correct

• The RBI’s expenditure does include costs related to the printing of currency notes and salaries to its staff, among other expenses such as commissions to banks and primary dealers for various transactions and services.

Statement 3 is incorrect

• Section 48 of the RBI Act, 1934, provides an exemption to the RBI from paying income tax or any other tax, including wealth tax.
• Therefore, the RBI is exempt from paying income tax on its earnings.

Answer: (a) Only one; Difficulty Level: Medium

Explanation

Statement 1 is correct

• eVTOL aircraft are designed to utilize electric propulsion systems, which enable them to take off, hover, and land vertically.
• This capability distinguishes them from traditional fixed-wing aircraft that require runways and helicopters that often use fuel-based engines.
• Features:
  • Daily Commutes: By offering a new mode of urban transportation, they can significantly reduce travel times in congested areas.
  • Cargo Deliveries: They provide a quick and efficient means to transport goods over short distances.
  • Emergency Situations: Their ability to take off and land vertically makes them ideal for rapid response in medical emergencies or disaster relief scenarios.
  • Lower Costs: Electric propulsion generally leads to lower fuel costs compared to traditional fuel-powered aircraft, and simpler mechanical systems can reduce maintenance costs.

Statement 2 is correct

• Pivotal Helix is highlighted as a pioneering commercial eVTOL.
• It would be the world’s first commercial eVTOL.
• It is designed as a single-seat aircraft with specific performance metrics, including a range of about 20 miles, a cruise speed of 63 mph, and a flight duration of under 30 minutes.
• These features make it suitable for short-range commutes and urban air mobility solutions.

Statement 3 is incorrect

• The United Kingdom may see the first eVTOL flying taxi flight in the country by 2026.
• Lilium (a German company), the Indian Institute of Technology, Madras-incubated ePlane Company, and Airbus are among the companies working on the eVTOL.
• However, the Indian government has not yet established clear policies or regulations concerning eVTOL flying taxis. This suggests that while the technology is being developed and explored, the regulatory framework to govern its operation in India is still in progress.

Answer: (b) Only two; Difficulty Level: Medium

Explanation

Statement 1 is incorrect

• The International Booker Prize was established to increase the visibility of fiction written in languages other than English.
• It aims to promote and recognize literature from diverse linguistic backgrounds.
• The International Booker Prize is indeed awarded annually to recognize the finest single work of fiction from any language, provided it has been translated into English and published in the UK and/or Ireland.

Statement 2 is correct

• The International Booker Prize awards £50,000, and this amount is divided equally between the author and the translator to acknowledge both the original writing and the translation.

Statement 3 is incorrect

• While V.S. Naipaul won the Booker Prize for “In a Free State” in 1971, he was not the first Indian to win it. V.S. Naipaul was born in Trinidad and Tobago and was of Indian descent, but he was a British writer.
• Arundhati Roy became the first Indian Citizen to win the Booker Prize in 1997 for The God of Small Things.

Answer: (b) Only two; Difficulty Level: Medium

Explanation

• There are 6 species of flamingos globally, and their distribution is primarily in tropical and subtropical regions.
  • Greater flamingo (Phoenicopterus roseus)
  • Chilean flamingo (Phoenicopterus chilensis)
  • American flamingo or Caribbean (Phoenicopterus ruber)
  • Lesser flamingo (Phoeniconaias minor)
  • Andean flamingo (Phoenicoparrus andinus)
  • James’s flamingo or Puna Flamingo (Phoenicoparrus jamesi).
• They are found in tropical and subtropical areas.
• In India, 2 species of flamingos are found – Greater and Lesser Flamingo.
• The Greater Flamingo is listed as species of least concern under the IUCN and is the state bird of Gujarat.

  

• The Lesser Flamingo is classified as Near Threatened by the IUCN and is primarily found in the brackish water habitats of western India, including Gujarat, Rajasthan, and Mumbai.

  

• Flamingo plumage colour can range from white to pink to orange, depending on the pigments in their diet, which consists of algae, molluscs, and crustacean.

Answer: (b) In India, only the Greater Flamingo is found, and it is the state bird of Gujarat; Difficulty Level: Medium