Question 1

What is the interest rate for the Sukanya Samriddhi Scheme for the quarter from October 1, 2024, to December 31, 2024?

Accepted Answer

Concept & Fact
The Sukanya Samriddhi Yojana (SSY) is a government-backed small savings scheme under the "Beti Bachao Beti Padhao" campaign, offering tax benefits and high returns for a girl child's education and marriage.

Step-by-Step Solution
• Quarterly Reviews: The Government of India reviews and announces the interest rates for small savings schemes on a quarterly basis.
• Q3 FY25 Status: For the third quarter of the financial year 2024-25 (October 1 to December 31, 2024), the Finance Ministry kept the interest rates unchanged for most small savings schemes.
• Current Rate: The interest rate for the Sukanya Samriddhi Scheme was retained at 8.2% per annum.

Exam Strategy & Shortcut
For current affairs tests, only memorize the most recent quarter's interest rates just before your exam for SSY and PPF. SSY consistently offers one of the highest rates among fixed-income small savings schemes, usually above 8%.

Common Pitfall
Confusing the SSY rate with the Public Provident Fund (PPF) rate (which is usually around 7.1%). Remember that SSY yields a significantly higher return.

Final Answer
Therefore, the correct answer is 8.2%.

Question 2

What is the new position limit for trading members in index futures and options as announced by SEBI?

Accepted Answer

Concept & Verification
Financial market regulations and SEBI guidelines regarding derivatives trading (Futures and Options).

Step-by-Step Solution
• The Securities and Exchange Board of India (SEBI) periodically revises position limits to ensure market stability and manage risk.
• Recently, SEBI updated the overall position limit for trading members in index derivatives.
• The new limit has been set at ₹7,500 crore or 15% of the total open interest in the market, whichever of the two figures is higher.

Exam Strategy & Shortcut
For SEBI quantitative limits, remember the "75-15" rule for current index F&O limits (₹7,500 Cr / 15%).

Common Pitfall
Mixing up the absolute monetary limit (₹7,500 crore) with the wrong percentage (like 20%), or vice versa. Both components must be remembered accurately.

Final Answer
Therefore, the correct answer is ₹7,500 crore or 15% of total open interest, whichever is higher.

Question 3

Gross Merchandise Value (GMV) of the Government e-Marketplace (GeM) during the financial year FY24 was ₹4 trillion. What percentage of the total order value on GeM during FY24 was contributed by Micro and Small Enterprise (MSE) sellers?

Accepted Answer

Concept & Fact
The Government e-Marketplace (GeM) heavily encourages participation from MSMEs to ensure inclusive economic growth and decentralized government procurement.

Step-by-Step Solution
• GeM achieved a massive milestone by crossing ₹4 lakh crore (₹4 trillion) in Gross Merchandise Value in FY24.
• A significant portion of this procurement was sourced directly from small businesses.
• Data published by the government indicates that Micro and Small Enterprises (MSEs) contributed approximately 49.37% of the total order value.

Exam Strategy & Shortcut
Remember that the government policy mandates robust procurement from MSMEs, making their contribution roughly half (~50%) of the total GeM volume. 49.37% is the closest exact figure to this half-way mark.

Common Pitfall
Underestimating the participation of small enterprises in government tenders and choosing lower percentages like 25% or 35%.

Final Answer
Therefore, the correct answer is 49.37%.

Question 4

Which state is the top performer in terms of the number of micro, small, and medium enterprises (MSMEs) in India as of March 2024?

Accepted Answer

Concept & Economic Data
The Ministry of Micro, Small and Medium Enterprises (MSME) frequently releases data on Udyam registrations, which indicates the concentration of industrial and entrepreneurial activity across states.

Step-by-Step Solution
• Analyze the Data: According to the Udyam registration portal data released around early 2024, industrial states lead the pack.
• Rank the States: 
 1. Maharashtra has consistently maintained the top position with the highest number of registered MSMEs, contributing heavily to the national GDP.
 2. Tamil Nadu and Uttar Pradesh typically compete closely for the second and third spots.
• Conclusion: As of the specified timeline, Maharashtra holds the number one rank.

Exam Strategy & Shortcut
Maharashtra is India's most industrialized state and financial hub; it is statistically the safest bet for maximum commercial registrations like MSMEs unless a specific recent scheme drastically boosted another state temporarily.

Common Pitfall
Selecting Uttar Pradesh due to its recent aggressive MSME policies and large population. While UP is growing rapidly in this sector, Maharashtra remains the cumulative leader.

Final Answer
Therefore, the correct answer is Maharashtra.

Question 5

Consider the following statements regarding budget allocation for Renewable Energy:  I. The budget allocated ₹19,100 crore for the Ministry of New and Renewable Energy. II. The allocation for the solar energy sector was ₹10,000 crore, reflecting an …

Accepted Answer

Concept & Budget Analysis
Government exams frequently test factual data from the Union Budget, especially concerning high-priority sectors like Renewable Energy and infrastructure schemes.

Step-by-Step Solution
• Evaluate Statement I: The Interim Budget 2024-25 indeed saw a significant boost for the Ministry of New and Renewable Energy (MNRE), with an allocation around ₹19,100 crore (approximate figures often used in statement questions align with this massive hike). This statement is correct.
• Evaluate Statement II: Grid-interactive solar power received a massive push. The allocation was raised to ₹10,000 crore, up from the revised estimates of roughly ₹4,757 crore in the previous year, which mathematically represents an increase of over 110%. This statement is correct.
• Evaluate Statement III: The PM Surya Ghar Muft Bijli Yojana was launched with a massive outlay of ₹75,000 crore to subsidize rooftop solar (RTS) installations for 1 crore households. This statement is perfectly accurate.
• Conclusion: Since all statements align with the official budget documents, all are correct.

Exam Strategy & Shortcut
For multi-statement budget questions, look for highly publicized flagship numbers. The ₹75,000 crore for PM Surya Ghar is a landmark figure heavily advertised by the government. Knowing just this can help eliminate options.

Common Pitfall
Second-guessing exact percentage increases (like 110%) can cause students to discard Statement II. In standard exam questions, if the raw numbers (10,000 and 4,757) are accurate, the percentage provided is usually mathematically sound.

Final Answer
Therefore, the correct answer is All I, II and III.

Question 6

The cabinet recently granted approval for a viability gap funding of Rs. 3760 for a battery energy storage system. This initiative aims to facilitate the establishment of 4000 MW projects by the fiscal year 2030-2031, with financial assistance cover…

Accepted Answer

Concept & Facts
Viability Gap Funding (VGF) is a government mechanism providing financial support in the form of capital grants to infrastructure projects that are economically justified but fall short of financial viability.

Step-by-Step Solution
• The Union Cabinet approved a Scheme for Viability Gap Funding (VGF) for the development of Battery Energy Storage Systems (BESS).
• The scheme has an initial outlay of Rs. 3,760 crore.
• It is designed to facilitate the establishment of 4,000 MWh of BESS projects by 2030-31.
• Under this scheme, the government will provide financial support of up to 40% of the total capital cost as viability gap funding.

Exam Strategy & Shortcut
In many Indian infrastructure VGF schemes, standard capital cost assistance often caps at 20% to 40%. For the specific 2023 BESS initiative, 40% is the established benchmark.

Common Pitfall
Mixing up the megawatts (4000) or funding amount with the percentage. Always read carefully whether the question asks for capacity, funding amount, or percentage limit.

Final Answer
Therefore, the correct answer is 40%.

Question 7

The Reserve Bank of India's Digital Payments Index (RBI-DPI), has increased across all parameters driven by significant growth in payment infrastructure and payment performance across the country over the period, which of the following parameters ha…

Accepted Answer

Concept & Facts
The Reserve Bank of India's Digital Payments Index (RBI-DPI) is a measure of the extent of digitization of payments across the country. It comprises five broad parameters with distinct weights to evaluate payment penetration.

Step-by-Step Solution
• The RBI-DPI consists of five parameters.
• Payment Enablers holds a weight of 25%.
• Payment Infrastructure – Demand-side factors holds a weight of 10%.
• Payment Infrastructure – Supply-side factors holds a weight of 15%.
• Payment Performance holds the highest weight at 45%.
• Consumer Centricity (related to consumer behaviour and awareness) holds a weight of 5%.

Exam Strategy & Shortcut
When questions ask about the most heavily weighted factor in a performance or output index, the "performance" metric itself is usually the dominant factor. Here, Payment Performance easily outweighs the infrastructure components.

Common Pitfall
Guessing "Payment Infrastructure" because infrastructure is frequently discussed in news. Infrastructure only accounts for 25% combined, whereas the actual transaction execution (performance) is 45%.

Final Answer
Therefore, the correct answer is Payment Performance.

Question 8

According to the October 2023 World Economic Outlook report by the IMF, what will be India's GDP growth rate in the FY24 & FY25?

Accepted Answer

Concept & Facts
The International Monetary Fund (IMF) releases the World Economic Outlook (WEO) report bi-annually, providing GDP growth projections for major economies, which are crucial metrics for financial exams.

Step-by-Step Solution
• The IMF released its World Economic Outlook in October 2023.
• In this report, the IMF revised its growth forecast for India.
• It projected India's Gross Domestic Product (GDP) growth to remain resilient at 6.3% for the fiscal year 2023-2024 (FY24).
• It also projected the same 6.3% growth rate for the subsequent fiscal year (FY25).

Exam Strategy & Shortcut
IMF and World Bank projections often hover in the low 6% range for India post-2022 recovery. For October 2023 specifically, remember the "twin 6.3%"—both FY24 and FY25 were pegged at exactly 6.3.

Common Pitfall
Mixing up IMF projections with RBI or World Bank projections. While the RBI frequently estimated 6.5%, the IMF's specific October 2023 number was a more conservative 6.3%.

Final Answer
Therefore, the correct answer is 6.3%.

Question 9

According to the Ministry of Petroleum and Natural Gas (MoPNG), it will add as much as 56.6 million tonnes per annum (mtpa) of crude oil refining capacity in the next seven years (by 2030). What is the rank of India in crude oil refining?

Accepted Answer

Concept & Fact
India is a major player in the global downstream petroleum sector and holds a significant position in global crude oil refining capacity.

Step-by-Step Solution
• Globally, the leading nations in crude oil refining capacity are the United States, China, and Russia.
• India closely follows these top three nations, possessing the fourth-largest refining capacity in the world.
• The expansion plans announced by the MoPNG aim to further solidify and expand this capacity by 2030.

Exam Strategy & Shortcut
For global commodity and energy rankings, India frequently ranks within the top 5 (e.g., 3rd in energy consumption, 4th in refining capacity). Linking these specific statistics mentally helps with recall.

Common Pitfall
Mistaking India's rank in energy *consumption* (which is 3rd) with its rank in crude oil *refining* capacity (which is 4th). Pay attention to the specific metric being asked.

Final Answer
Therefore, the correct answer is 4th.

Question 10

A directive from the Central Board of Direct Taxes (CBDT) seeks to protect start-ups recognized by the DPIIT from excessive scrutiny regarding the updated _______ rules within the Finance Act of 2023.

Accepted Answer

Concept & Angel Tax Exemption
Angel Tax is levied on the capital raised by unlisted companies if the share price exceeds the fair market value. The Finance Act of 2023 introduced changes to these rules.

Step-by-Step Solution
• The CBDT directive aims to ease the compliance burden for recognized start-ups.
• The Department for Promotion of Industry and Internal Trade (DPIIT) grants recognition to eligible startups, exempting them from Section 56(2)(viib) of the Income Tax Act, commonly known as the Angel Tax.
• The CBDT instructed field officers to avoid unnecessary scrutiny of these DPIIT-recognized start-ups specifically concerning the revised Angel Tax provisions.

Exam Strategy & Shortcut
Whenever DPIIT recognition is linked to taxation relief for startups in recent current affairs, the most commonly tested topic is the 'Angel Tax' exemption.

Common Pitfall
Confusing general Corporate Tax incentives for startups with this specific targeted relief regarding premium share valuations (Angel Tax).

Final Answer
Therefore, the correct answer is Angel Tax.

Question 11

The GST collection of which months in 2023 stood at ₹1.72 lakh crore, the second highest-ever?

Accepted Answer

Concept & Economy Data

The Goods and Services Tax (GST) is a comprehensive indirect tax in India. The monthly collections are closely monitored as indicators of domestic economic activity and consumption.

Step-by-Step Solution
• The highest-ever gross GST collection was recorded in April 2023 at approximately ₹1.87 lakh crore.
• The second-highest collection benchmark was achieved in October 2023, hitting ₹1.72 lakh crore.
• This surge in October was largely driven by domestic transactions and heightened economic activity during the festive season.

Exam Strategy & Shortcut

For memory-based economic data questions, associate major spikes with standard economic cycles—April usually peaks due to financial year-end spillover, while October/November spike due to major festive season demand (Diwali/Dussehra) in India.

Common Pitfall

A common mistake is confusing the financial year-end highest peak (April) with the festive season peak (October), leading to incorrect guesses like September or August.

Final Answer

Therefore, the correct answer is October.

Question 12

Which Pension Fund Manager has launched a first-of-its-kind NPS Preference Index that highlights the preference of NPS amongst different consumer groups?

Accepted Answer

Concept & Financial Indices

The National Pension System (NPS) is a voluntary, long-term retirement savings scheme. Pension Fund Managers (PFMs) track consumer behavior to optimize their offerings and expand coverage.

Step-by-Step Solution
• To deeply understand what drives consumers towards the National Pension System across different demographics, an index was created.
• HDFC Pension Management launched this first-of-its-kind "NPS Preference Index".
• The index measures consumer familiarity, appeal, and consideration for the NPS, helping gauge retirement planning awareness in India.

Exam Strategy & Shortcut

HDFC is historically known in the Indian financial sector for launching proprietary indices and barometers (like housing or investment indices). If a "first-of-its-kind" financial index is launched by a private entity, HDFC is statistically a highly probable candidate.

Common Pitfall

Many candidates select SBI Pension Fund or LIC Pension Fund, incorrectly assuming that government-backed or older traditional institutions would be the ones launching national awareness indices.

Final Answer

Therefore, the correct answer is HDFC Pension Management.

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