[Mission 2023] Insta– QUED ( Questions from Editorials ) 29 June 2022 – INSIGHTSIAS

Solution: c)

Fiscal profligacy is opposite of fiscal prudence. It is the act of spending money or using something in a way that wastes it and is not wise. The costs of fiscal profligacy at the State level can be huge.

Source

Solution: a)

Under the current FRBM provisions, governments are mandated to disclose their contingent liabilities, but that disclosure is restricted to liabilities for which they have extended an explicit guarantee.

Under the Constitution, States are required to take the Centre’s permission when they borrow, in case the state is indebted to the Centre over a previous loan.

Constitution of India allows the President to declare financial emergency in any State if s/he is satisfied that financial stability is threatened. 

Source

Solution: d)

The roots of pulses and legumes contain soil enriching bacteria collectively known as Rhizobium. Therefore pulses perform biological fixation of environmental nitrogen. They also increase organic matter in the soil, improve quality and maintain its biodiversity. Pulses enhance fertility and reduce the consumption of major fertilisers required for the cultivation of food crops by millions of tonnes globally.

Solution: b)

United Nations Educational, Scientific and Cultural Organization (UNESCO):

• It is a specialized agency of the United Nations (UN). It seeks to build peace through international cooperation in Education, the Sciences and Culture.
• It is also a member of the United Nations Sustainable Development Group (UNSDG), a coalition of UN agencies and organizations aimed at fulfilling the Sustainable Development Goals (SDGs).
• UNESCO’s Headquarters are located in Paris

Three UNESCO member states are not UN members: Cook Islands, Niue, and Palestine.

• While three UN member states (Israel, Liechtenstein, United States) are not UNESCO members.

Objectives:

• Attaining quality education for all and lifelong learning
• Mobilizing science knowledge and policy for sustainable development
• Addressing emerging social and ethical challenges
• Fostering cultural diversity, intercultural dialogue and a culture of peace
• Building inclusive knowledge societies through information and communication
• Focuses on global priority areas – “Africa” and “Gender Equality”.

Solution: c)

Goods and Services Tax (GST)

• GST was introduced through the 101st Constitution Amendment Act,
• It was introduced on the pretext of ‘One Nation One Tax’.
• It has subsumed indirect taxes like excise duty, Value Added Tax (VAT), service tax, luxury tax
• It is levied at the final consumption point and is essentially a consumption tax.
• It has led to a common national market as it helped mitigate the double taxation, cascading effect of taxes, multiplicity of taxes, classification issues etc.
• The GST paid by a merchant to procure goods or services (i.e. on inputs) can be set off later against the tax applicable on supply of final goods and services.
• The GST avoids the cascading effect or tax on tax which increases the tax burden on the end consumer.