🚨 This story is part of our special initiative for UPSC and other competitive exams. Look out for UPSC KEY on weekdays and UPSC Essentials everyday, Weekly news express with MCQs, Key Terms of the past week, Quizzes as well as The Indian Express 360° Upsc Debate, Society & Social Justice, UPSC Mains Practice, Art and Culture with Devdutt Pattanaik, UPSC Ethics Simplified, Experts Talk, and more. 🚨 UPSC Essentials brings to you its subject-wise quizzes. UPSC Daily Subject Quiz will cover all topics under the UPSC Civil Services syllabus like Polity, History, Geography, Economics, Environment, Science and Technology, International Relations, and more. These quizzes are designed to help you revise some of the most important topics from the static part of the syllabus. Each day, we will cover one new subject. Attempt today’s subject quiz on Economy to check your progress. Come back tomorrow to solve the MCQs on International Relations. Don’t miss checking the answers and explanations at the end of the quiz. QUESTION 1 With reference to the direct tax, consider the following statements: 1. It includes taxes only from individuals. 2. Net direct tax collection for the year 2022-23 rose by around 17 per cent. Which of the above statement(s) is/are correct? (a) 1 only (b) 2 only (c) Both 1 and 2 (d) Neither 1 nor 2 QUESTION 2 With reference to the "One Station One Product", consider the following statements: 1. It aims at providing opportunities for local artisans and craftsmen to make a living through their skills and provide them with sale outlets at railway stations across the country. 2. It will also promote processed food items that are unique to the area around the railway stations. Which of the above statement(s) is/are correct? (a) 1 only (b) 2 only (c) Both 1 and 2 (d) Neither 1 nor 2 QUESTION 3 With reference to the SATHI (Seed Traceability, Authentication and Holistic Inventory) Portal, consider the following statements: 1. It has been developed by the NIC in collaboration with the Union Ministry of Consumer Affairs, Food & Public Distribution. 2. It will ensure a quality assurance system, and identify the source of seed in the seed production chain. 3. It is a centralized online system that will trace seeds through a QR code. How many of the above statements are correct? (a) Only one (b) Only two (c) All three (d) None QUESTION 4 Attappady Attukombu Avara has recently got a Geographical Indication (GI) tag. It is related to: (a) Kerala (b) Tamil Nadu (c) Andaman and Nicobar (d) Karnataka QUESTION 5 With reference to the REITs and InvITs Index, consider the following statements: 1. The index aims to track the performance of REITs and InvITs that are publicly listed and traded on the NSE. 2. A REIT or an InvIT is an investment vehicle that owns revenue-generating real estate or infrastructure assets. 3. REITs invest in real estate projects, whereas InvITs invest in infrastructure projects with a long gestation period. How many of the above statements are correct? (a) Only one (b) Only two (c) All three (d) None ANSWERS TO MCQs 1. (b) FYI: Net direct tax collections rose by 17.63 per cent to Rs 16.61 lakh crore in 2022-23, exceeding the Revised Estimates of Rs 16.5 lakh crore. Hence, statement 2 is correct. The provisional gross collection of direct taxes (before adjusting for refunds) for 2022-23 stood at Rs 19.68 lakh crore, an increase of 20.33 per cent over the gross collection of Rs 16.36 lakh crore in FY 2021-22. The net direct tax collections, which include taxes from individuals and corporations. Hence, statement 1 is not correct. Out of the total gross tax collections, corporate tax collections stood at Rs 10,04,118 crore, rising by 16.91 per cent year-on-year, while provisional gross personal income tax collection (including STT) in 2022-23 stood at Rs 9,60,764 crore, an increase of 24.23 per cent from the previous year. Therefore, option (b) is the correct answer. 2. (c) FYI: One Station One Product scheme and the Vocal for Local programme aimed to popularize wooden carving products at the stations. The One Station One Product scheme aims at providing opportunities to local artisans, potters, weavers/ handloom weavers, craftsmen, etc. to make a living through their skills and provide them with sale outlets at railway stations across the country. Hence, statement 1 is correct. It will also promote local handicrafts, handlooms, and processed food items which are unique to the area around the railway stations. Hence, statement 2 is correct. Therefore, option (c) is the correct answer. 3. (b) FYI: The Union Agriculture and Farmers Welfare Ministry in collaboration with NIC has launched the SATHI (Seed Traceability, Authentication and Holistic Inventory) Portal. Hence, statement 1 is not correct. It is a centralized online system for seed traceability, authentication and inventory designed to deal with seed production challenges, quality seed identification and seed certification. It will trace seeds using the QR code. Hence, statement 3 is correct. The SATHI portal is an important step in this direction. When its use starts right at the grassroots level, it will prove to be a revolutionary step in the field of agriculture. The portal will ensure a quality assurance system, and identify the source of seed in the seed production chain. Hence, statement 2 is correct. The system will consist of integrated 7 verticals of the seed chain - Research Organisation, Seed Certification, Seed Licensing, Seed Catalogue, Dealer to Farmer Sales, Farmer Registration and Seed DBT. Therefore, option (b) is the correct answer. (Source: pib.gov.in) 4. (a) FYI: Attapaddt Aattukomba Avara (dolichos bean) is a local cultivar of the Attapaddy area in the Palakkad district of Kerala. It is mainly cultivated by the tribal farmers. The name is derived from its distinct and unusual shape similar to a goat's horn. The name indicated its indigenous origin and association with the local tribal people. Therefore, option (a) is the correct answer. (Source: search.ipindia.gov.in) 5. (c) FYI: NSE Indices Ltd, an arm of the National Stock Exchange (NSE) launched the country’s first-ever Real Estate Investment Trusts and Infrastructure Investment Trusts index — Nifty REITs and InvITs Index. The index aims to track the performance of REITs and InvITs that are publicly listed and traded on the NSE. Hence, statement 1 is correct. A real estate investment trust (REIT) or an infrastructure investment trust (InvIT) is an investment vehicle that owns revenue-generating real estate or infrastructure assets. Hence, statement 2 is correct. REITs invest in real estate projects, whereas InvITs invest in infrastructure projects with a long gestation periods. Hence, statement 3 is correct. REITs and InvITs are recognised as strong alternative financial instruments to raise funds against the cash-generating infrastructure and real estate projects. For investors, these instruments provide exposure to real estate or infrastructure assets and offer diversification of risk from regular asset classes like equity, debt and gold and generate regular income. Therefore, option (c) is the correct answer. New initiative for UPSC Mains UPSC CSE Mains 2023 season has begun. Are you ready for it? UPSC Essentials brings to you its new initiative for the practice of Mains answer writing. Mains Answer Writing will cover essential topics of static and dynamic parts of the UPSC Civil Services syllabus covered under various GS papers. This answer-writing practice is designed to help you as a value addition to your UPSC CSE Mains. Try it out! UPSC Essentials: Mains answer practice — GS 1 (Week 1) UPSC Essentials: Mains answer practice — GS 1 (Week 2) UPSC Essentials: Mains answer practice — GS 1 (Week 3) UPSC Essentials: Mains answer practice — GS 1 (Week 4) UPSC Essentials: Mains answer practice — GS 1 (Week 5) UPSC Essentials: Mains answer practice — GS 2 (Week 1) UPSC Essentials: Mains answer practice — GS 2 (Week 2) UPSC Essentials: Mains answer practice — GS 2 (Week 3) UPSC Essentials: Mains answer practice — GS 3 (Week 2) UPSC Essentials: Mains answer practice — GS 3 (Week 3) UPSC Essentials: Mains answer practice — GS 3 (Week 4) UPSC Essentials: Mains answer practice — GS 3 (Week 5) UPSC Essentials: Mains answer practice — GS 4 (Week 2) UPSC Essentials: Mains answer practice — GS 4 (Week 3) The UPSC Essentials Indian Express is now on Telegram- Indian Express UPSC Hub. Click here to join our YouTube channel and stay updated with the latest updates. Note: Catch the UPSC Weekly Quiz every Saturday evening and brush up on your current affairs knowledge.
