PYQ Bank — Bank PO / Clerk

Uttar Pradesh launched the Mukhyamantri Vishwakarma Scheme in 2024 as an extension of the PM Vishwakarma scheme to support traditional craftspeople with loans up to ₹2 lakh and skill certification.

This scheme is specifically designed to empower artisans in sectors like carpentry, blacksmithing, and pottery.

The scheme aims to increase their income and provide market linkages for their products.

This reflects the state government's commitment to preserving traditional crafts while providing economic support.

According to the World Bank and IMF data cited in 2024, India ranks as the 5th largest economy globally in nominal GDP terms, after the USA, China, Germany, and Japan.

However, in terms of purchasing power parity (PPP), India ranks as the 3rd largest economy.

The distinction between nominal GDP and PPP is crucial for understanding India's true economic standing relative to developed nations.

India has been consistently growing its share in global GDP and is expected to move higher in rankings in coming years.

The statement about UPI having a fixed limit of ₹1 lakh per transaction is incorrect.

While individual banks may set their own transaction limits, UPI itself does not have a universal maximum limit of ₹1 lakh.

Some banks allow higher transaction limits based on customer verification and risk assessment.

However, the maximum limit is typically determined by individual banks' policies and regulatory guidelines.

Options A, C, and D are all factually correct regarding UPI's development, infrastructure, and operational features.

Direct intervention in commodity markets to control prices is not a primary monetary policy tool of the RBI; it falls more under the domain of supply-side management and government policy.

The RBI's primary tools are OMO (buying/selling securities), CRR (changing reserve requirements), and policy rate adjustments (Repo and Reverse Repo), which influence money supply and credit availability in the economy.

Commodity price management is typically handled through supply-side measures like buffer stocks, subsidies, or trade policy rather than RBI's monetary actions.

The RBI's focus on these monetary tools reflects its mandate of price stability rather than direct market intervention.

The World Intellectual Property Organization (WIPO) releases the Global Innovation Index (GII) annually, and in the 2024 edition, India ranked 37th among nations.

This index assesses innovation performance based on criteria like intellectual property creation, research and development, human capital, and infrastructure.

India's ranking at 37th represents its consistent improvement in innovation metrics over recent years, making it the highest-ranking South Asian country.

This ranking reflects India's growing ecosystem for startups, research institutions, and technological innovation in sectors like IT, pharmaceuticals, and biotechnology.

China has become the world's largest producer of renewable energy, with massive investments in solar and wind power installations.

Despite being a major coal consumer, China now leads in absolute renewable energy capacity and generation.

This reflects the global shift towards sustainable energy, though China still relies heavily on fossil fuels for overall energy consumption.

The repo rate is a key instrument of monetary policy used by the RBI to balance inflation control with economic growth objectives.

By maintaining a higher rate, the RBI aims to keep inflation within its target band while ensuring that economic growth is not severely hampered.

This dual mandate reflects the central bank's responsibility to maintain price stability and support sustainable economic development.

The QUAD (Quadrilateral Security Dialogue) comprising India, US, Japan, and Australia represents India's strategic approach of multi-aligned partnerships rather than exclusive bloc formation.

This approach allows India to maintain strategic autonomy while cooperating with like-minded democracies to ensure a free, open, and rules-based Indo-Pacific order.

It balances India's traditional non-aligned stance with pragmatic security cooperation.

The Indian government has shown renewed interest in wealth tax as a tool for addressing inequality, supported by improved technology for tax compliance and digital asset tracking.

Wealth tax targets accumulated assets beyond income, making it an important progressive instrument when coupled with robust enforcement mechanisms.

However, implementation challenges related to asset valuation and compliance have made it complex compared to simpler tax instruments.

The 'just transition' concept recognizes that India's rapid shift from coal and fossil fuels to renewables will impact millions of workers and coal-dependent communities, and aims to ensure their livelihoods are protected through reskilling, employment generation, and social support.

This approach balances environmental imperatives with social welfare, acknowledging that climate action cannot succeed if it creates large-scale unemployment and social distress.

It represents a more holistic policy framework that considers both ecological and human dimensions of energy transformation.