1. Indian Basket (IB), also known as Indian Crude Basket, is weighted average of:
1. Dubai and Oman (sour) crude oil prices
2. Brent Crude (sweet) crude oil prices
3. West Texas Intermediate (WTI)
a) 1 only
b) 1 and 2 only
c) 3 only
d) All of the above
2. Dedicated Freight Corridor Corporation of India Limited (DFCCIL) is a Public Sector Undertaking (PSU) corporation under:
a) Ministry of Railways
b) Ministry of Road Transport and Highways
c) Ministry of Heavy Industries and Public Enterprises
d) None of these
3. Over archingly, which of the following agreements of WTO ensure that your country’s consumers are being supplied with food that is safe to eat?
a) Trade-Related Aspects of Intellectual Property Rights (TRIPS)
b) General Agreement on Trade in Services (GATS)
c) Agreement on the Application of Sanitary and Phytosanitary Measures (the “SPS Agreement“)
d) None is correct
4. Which of the following is/are correct in context of?
Multidimensional Poverty Index:
1. It is released by UNDP.
2. HDI uses only single indicators for each dimension of poverty while MPI uses more than one indicator for each one.
a) 1 only
b) 2 only
5. In context of Inclusive Growth, various 5-Year plans have been made and put into practice.
Which of the following 5-Year Plans is/are correctly matched with their stated titles:
1. Faster, More Inclusive and Sustainable Growth – 12th Plan
2. Inclusive and Sustainable Growth – 11th Plan
3. Inclusive Growth – 10th Plan
a) 1 Only
b) 1 & 2 Only
c) All are correct
d) None is correct
Answer & Explanation
Explanation: According to Petroleum Planning & Analysis Cell, the Indian basket of crude oil is a derived basket comprising of:
Sour grade (Oman & Dubai average)
Sweet grade (Brent dated)
These are processed in Indian refineries in the ratio of 74.77 to 25.23.
Brent is low-density crude oil with low sulphur content (sweet).
It is extracted from the North Sea and comprises of Brent Blend, Forties Blend, Oseberg and Ekofisk crudes.
Since it is low-density and low-sulphur oil, it is ideal for refining into diesel, petrol and other fuels.
Dubai/Oman crude oil is of slightly lower quality, putting it in sour grade.
It is a basket of crude oil from Dubai, Oman or Abu Dhabi.
The composition of Dubai/Oman and Brent in the Indian basket of crude oil is decided on the processing capacity of oil companies.
Dubai/Oman crude oil is popular in the Asian market.
WTI is crude oil extracted from wells in the US.
WTI is also light and sweet but since it is extracted in land-locked areas instead of sea, it becomes difficult from the transportation point of view.
The WTI crude oil is sent via pipeline to Cushing, Oklahoma.
Explanation: Ministry of Railways initiated action to establish a Special Purpose Vehicle for construction, operation and maintenance of the dedicated freight corridors.
This led to the establishment of “Dedicated Freight Corridor Corporation of India Limited (DFCC)”, to undertake planning & development, mobilization of financial resources and construction, maintenance and operation of the dedicated freight corridors.
DFCC was incorporated as a company under the Companies Act 1956 on 30th October 2006
The ministry of Railway has embarked upon a long term strategic plan to construct high capacity, high speed, Dedicated Freight Corridors along the golden quadrilateral and its diagonals.
In the first phase of this plan DFCCIL has been entrusted with the responsibility of construction, maintenance and operation of two corridors – Eastern Corridor from Ludhiana to Dankuni with Dadri-Khurja link and Western Corridor from Dadri to Jawaharlal Nehru Port – along with all attached infrastructure, to enable Indian Railways & other qualified operators to run their freight trains.
DFCCIL’s role will primarily be that of the infrastructure provider with responsibility of construction, operation and maintenance.
The DFCCIL will accept freight trains on its system, operate them on the DFC and then hand them back to Indian Railways and other qualified operators at the other end.
Explanation: The Agreement on the Application of Sanitary and Phytosanitary Measures (the “SPS Agreement”) entered into force with the establishment of the World Trade Organization on 1 January 1995. It concerns the application of food safety and animal and plant health regulations.
The Agreement on the Application of Sanitary and Phytosanitary Measures sets out the basic rules for food safety and animal and plant health standards. It allows countries to set their own standards.
But it also says regulations must be based on science.
Explanation: The MPI identifies overlapping deprivations that people experience across the same three dimensions as the Human Development Index (health, education and standard of living) And
shows the proportion of people that are poor and the average number of deprivations each poor person experiences at the same time.
Using the United Nations Development Programme (UNDP) classification for developing regions, the MPI 2019 covers 40 (out of 46) countries in Sub-Saharan Africa; 7 (out of 9) countries in South Asia; 11 (out of 24) in East Asia and the Pacific; 11 (out of 20) countries in the Arab States region; 20 (out of 33) countries in Latin America and the Caribbean; and 12 (out of 17) countries in Europe and Central Asia.
While both HDI and MPI use the 3 broad dimensions health, education and standard of living, HDI uses only single indicators for each dimension of poverty while MPI uses more than one indicator for each one.
This, amongst other reasons, has led to the MPI only being calculated for just over 100 countries, where data is available for all these diverse indicators, while HDI is calculated for almost all countries.
It identifies how people are being left behind across three key dimensions:
health, education and living standards, and 10 indicators –Nutrition, child mortality, years of schooling, school attendance, sanitation, cooking fuel, drinking water, electricity, housing and assets. Those who are deprived in at least a third of the MPI’s components are defined as multidimensionally poor.
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