UPSC LAW Optional

2022-05-17 14:56:44 (Q.) Which of the following kingdoms were associated with the life of Buddha?

1. Avanti
2. Gandhara
3. Kosala
4. Magadha Open / Comment

2022-05-17 13:06:42 EXPLANATION
The correct answer is 3 only.

• India is a member of the East Asia Summit.
• India is a member of ASEAN+6, not the Association of South-East Asian Nations (ASEAN).
• India is also not a member of Asia-Pacific Economic Cooperation(APEC).

Asia-Pacific Economic Cooperation(APEC)
• The Asia-Pacific Economic Cooperation (APEC) is an inter-governmental forum for 21 member economies in the Pacific Rim.
• It aims to promote free trade throughout the Asia-Pacific region
• APEC started in 1989, in response to the growing interdependence of Asia-Pacific economies and the advent of regional
trade blocs in other parts of the world.

• It aimed to establish new markets for agricultural products and raw materials beyond Europe
• APEC is headquartered in Singapore.
• APEC's 21 member economies are Australia; Brunei Darussalam; Canada; Chile; People's Republic of China; Hong Kong, China, Indonesia, Japan; Republic of Korea; Malaysia; Mexico; New Zealand, Papua New Guinea, Peru: The Philippines; The Russian Federation; Singapore; Chinese Taipei, Thailand; United States of America; Vietnam

Association of South-East Asian Nations (ASEAN)
• The Association of Southeast Asian Nations is a regional intergovernmental organization comprising ten countries in Southeast Asia.
• The ASEAN promotes intergovernmental cooperation and facilitates economic, political, security, military, educational, and socio-cultural integration among its members and other countries in Asia,
• The motto of ASEAN is "One Vision, One Identity, One Community.


East Asia Summit (EAS)
• The East Asia Summit (EAS) established in 2005 is a forum of 18 regional leaders for strategic dialogue and cooperation on the key political security, and economic challenges facing the Indo-Pacific region
• The EAS comprises the ten member states of the Association of Southeast Asian Nations (ASEAN)- Brunel, Cambodia, Indonesia, Laos Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam - along with 8 members Australia, China, Japan, India, New Zealand, the Republic of Korea, Russia and the United States Open / Comment

2022-05-17 13:06:36 Open / Comment

2022-05-17 13:06:30 (Q.) India is a member of which of the following?

1. Asia-Pacific economic corporation.
2. Association of South-East Asian Nations.
3. East Asia Summit Open / Comment

2022-05-17 09:30:31 Explanation
The correct answer is Tunisia.
• Arab Spring:
o It is an anti-go It is an anti-government pr ernment protest against oppr otest against oppressive regimes and a low standar egimes and a low standard of living, started in Tunisia in December 2010.

o By early 2011, it spread across Arabic-speaking countries in North Africa and the Middle East. Open / Comment

2022-05-17 09:30:26 Open / Comment

2022-05-16 13:46:27 Explanation
The correct answer is 1 and 3 only.

• Reason- A budget deficit occurs when government spending is more than its revenues.

• Reducing revenue expenditure and Rationalizing subsidies will reduce the deficit. Hence statement 1 and 3 are correct

• The increase of taxes is also a way to reduce the deficit i.e higher taxes increase revenue and help to reduce the budget deficit.

• Introducing new welfare schemes will further enhance the budget deficit. Hence statement 2 is wrong

• Expanding industries will also increase the budget deficit as in the short run, it will not add anything to the tax revenues of the government, and thus will increase the budget deficit. Hence statement 4 is wrong Open / Comment

2022-05-16 13:46:22 Open / Comment

2022-05-16 13:46:18 (Q.) There has been a persistent deficit budget year after year. Which action/actions of the following can be taken by the Government to reduce the deficit?

1. Reducing revenue expenditure
2. Introducing new welfare schemes
3. Rationalizing subsidies
4. Reducing import duty Open / Comment

2022-05-16 11:16:02 Explanation
The correct answer is Both 1 and 2.

• The World Bank Group (WBG) consists of five organizations –
o International Bank for Reconstruction and Development (IBRD)
o International Development Association (IDA)
o International Finance Corporation (IFC) (Hence statement 1 is correct)
o Multilateral Investment Guarantee Agency (MIGA)
o International Centre for Settlement of Investment Disputes (ICSID)

• IFCMasala Bonds:
o The first Masala bond was issued by IFC in 2014 for the infrastructure projects in India.

o They are the rupee-denominated bonds issued to offshore investors and are a source of debt financing for the public and private sectors. (Hence statement 2 is correct) Open / Comment