Daily Current Affairs Quiz
Daily Quiz — March 3, 2026
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10 questions based on today’s current affairs & editorials
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Question 1 of 10
Which agency conducts GDP estimation in India, and what was the new base year adopted in the February 2026 revision?
The Ministry of Statistics and Programme Implementation (MoSPI) conducts GDP estimation in India. On 27 February 2026, MoSPI released a new GDP series adopting 2022-23 as the base year, replacing the earlier 2011-12 base.
Under the new series, real GDP growth for FY 2023-24 was revised to 7.2% and for FY 2024-25 to 7.1%, while FY 2025-26 is estimated at 7.6%. Base years are periodically revised to capture structural changes in the economy.
Under the new series, real GDP growth for FY 2023-24 was revised to 7.2% and for FY 2024-25 to 7.1%, while FY 2025-26 is estimated at 7.6%. Base years are periodically revised to capture structural changes in the economy.
🎯 Concept Kit — tap to expand
India’s GDP base year revision history: 1950-51, 1960-61, 1970-71, 1980-81, 1993-94, 1999-2000, 2004-05, 2011-12, and now 2022-23. The revision also adopted the double deflation method (separately deflating output and input at industry level) under the UN System of National Accounts 2008 (SNA 2008) framework — a more accurate international standard than the earlier single deflation approach. Alongside the GDP base year, the CPI base year was also revised to 2024 and IIP to 2022-23.
Question 2 of 10
The 16th Finance Commission, which submitted its report in November 2025 for the period 2026-31, is constituted under which Article of the Indian Constitution?
The Finance Commission is a constitutional body established under Article 280 of the Indian Constitution. It is constituted every five years by the President to recommend the distribution of tax revenues between the Union and states.
The 16th Finance Commission, chaired by Arvind Panagariya (former NITI Aayog Vice Chairman), covers the award period 2026-27 to 2030-31 and submitted its report to the President on 17 November 2025.
The 16th Finance Commission, chaired by Arvind Panagariya (former NITI Aayog Vice Chairman), covers the award period 2026-27 to 2030-31 and submitted its report to the President on 17 November 2025.
🎯 Concept Kit — tap to expand
Key Finance Commission facts: 14th FC (Y.V. Reddy) recommended 42% vertical devolution. 15th FC (N.K. Singh) recommended 41% for 2021-26. The 16th FC also maintained 41% vertical devolution. The 16th FC introduced a new horizontal distribution formula: Income Distance (42.5%), Population 2011 Census (17.5%), Demographic Performance (10%), Area (10%), Forest and Ecology (10%), GDP Contribution (10%). The earlier Tax Effort and Fiscal Discipline criterion was removed.
Question 3 of 10
EASE 9.0 (PSB Reforms) is a joint initiative of which two bodies?
EASE (Enhanced Access and Service Excellence) is a joint initiative of the Indian Banks Association (IBA) and the Ministry of Finance. EASE 9.0, built around the RISE framework (Risk and Resilience, Innovation, Socio-economic Impact, Excellence), launched in February 2026 as the ninth edition of PSB reform.
A key focus is the Global Capability Centre (GCC) strategy for public sector banks — SBI has established its first GCC in Karnataka.
A key focus is the Global Capability Centre (GCC) strategy for public sector banks — SBI has established its first GCC in Karnataka.
🎯 Concept Kit — tap to expand
IBA (Indian Banks Association) was founded in 1946 and represents scheduled commercial banks in India. EASE reforms began in 2018 with EASE 1.0 following the PSB consolidation drive. India’s GCC sector (across all industries) hosts 1,700+ centres, employs 1.9 million professionals, and is projected to reach USD 125 billion by 2032. GCCs were formerly called captive units or offshore development centres — India hosts the majority of global GCCs due to its engineering talent base.
Question 4 of 10
World Wildlife Day is observed every year on March 3. This date commemorates the signing of which international convention in 1973?
World Wildlife Day commemorates the signing of CITES (Convention on International Trade in Endangered Species of Wild Fauna and Flora) on March 3, 1973, in Washington D.C. — hence it is also called the Washington Convention. The UN General Assembly proclaimed World Wildlife Day in December 2013.
CITES entered into force on 1 July 1975, and India became a party in 1976. As of 2025, CITES has 185 parties including the EU.
CITES entered into force on 1 July 1975, and India became a party in 1976. As of 2025, CITES has 185 parties including the EU.
🎯 Concept Kit — tap to expand
CITES has three appendices: Appendix I (most endangered species — commercial trade banned), Appendix II (species not immediately threatened but trade must be monitored and licensed), Appendix III (species protected in at least one country that has requested CITES assistance in controlling trade). Major Indian species in CITES Appendix I include Tiger, Asiatic Lion, Indian Elephant, Snow Leopard, and Great Indian Bustard.
Question 5 of 10
Micron Technology’s ATMP facility inaugurated in Sanand, Gujarat focuses on which stage of semiconductor manufacturing?
Micron’s facility in Sanand (total investment Rs 22,516 crore or approximately USD 2.75 billion, with USD 825 million from Micron and the remainder from central and Gujarat state governments) is an ATMP (Assembly, Testing, Marking and Packaging) unit. It packages and tests DRAM and NAND flash memory chips fabricated elsewhere.
The facility was inaugurated by PM Modi on 28 February 2026 and is supported by the India Semiconductor Mission under MeitY.
The facility was inaugurated by PM Modi on 28 February 2026 and is supported by the India Semiconductor Mission under MeitY.
🎯 Concept Kit — tap to expand
Semiconductor manufacturing has distinct stages: design (IP/EDA) → wafer fabrication (fab) → assembly and packaging (ATMP) → testing. Fabs require ultra-pure water, stable power, and precision engineering costing USD 10-20 billion or more. India currently focuses on ATMP and OSAT (Outsourced Semiconductor Assembly and Test) facilities. The long-term goal is indigenous chip fabrication, with Tata Electronics building a semiconductor fab at Dholera SIR, Gujarat, in partnership with Powerchip Semiconductor Manufacturing Corporation of Taiwan.
Question 6 of 10
The 16th Finance Commission introduced GDP contribution as a new criterion in its horizontal distribution formula. What weight does this new criterion carry?
The 16th Finance Commission assigned GDP contribution a weight of 10% in the horizontal distribution formula (how the divisible pool is split among states). This rewards economically productive states.
The full formula: Income Distance (42.5%), Population 2011 Census (17.5%), Demographic Performance (10%), Area (10%), Forest and Ecology (10%), GDP Contribution (10%). The earlier Tax Effort and Fiscal Discipline criterion was removed.
The full formula: Income Distance (42.5%), Population 2011 Census (17.5%), Demographic Performance (10%), Area (10%), Forest and Ecology (10%), GDP Contribution (10%). The earlier Tax Effort and Fiscal Discipline criterion was removed.
🎯 Concept Kit — tap to expand
The horizontal devolution formula design is politically sensitive. Southern states (Tamil Nadu, Karnataka, Kerala) historically argue that their demographic discipline (lower fertility rates) should not penalise them under a population-based formula. The new GDP Contribution criterion benefits industrialised states. However, the dominant Income Distance criterion (42.5%) still protects fiscally weaker states by weighting the gap from the top performers — Karnataka recorded the largest increase in its devolution share under the new formula.
Question 7 of 10
Japan has been India’s largest bilateral development assistance (ODA) partner since which year?
Japan has been India’s largest bilateral ODA partner since 1958, when it extended the first-ever yen loan to India — the first Japanese ODA loan in the world. India has received cumulative ODA of approximately Rs 4.4 lakh crore from Japan, implemented through JICA (Japan International Cooperation Agency).
Major Japan-funded projects: Delhi Metro, Western Dedicated Freight Corridor, Mumbai-Ahmedabad High Speed Rail (Bullet Train project).
Major Japan-funded projects: Delhi Metro, Western Dedicated Freight Corridor, Mumbai-Ahmedabad High Speed Rail (Bullet Train project).
🎯 Concept Kit — tap to expand
JICA (Japan International Cooperation Agency) is Japan’s ODA implementing agency under the Ministry of Foreign Affairs of Japan. Japan’s ODA to India is primarily yen loans at very low interest (0.1-0.3%) with repayment periods up to 40 years. India and Japan have a USD 75 billion currency swap agreement and cooperate in QUAD, Indo-Pacific Economic Framework (IPEF), and bilateral 2+2 (Foreign and Defence) dialogues. India-Japan bilateral relations were elevated to a Special Strategic and Global Partnership in 2014.
Question 8 of 10
Indian Gaur (Bos gaurus), the subject of the Indian Bison Festival at Debrigarh WLS, holds which protection status under Indian law?
Indian Gaur (Bos gaurus) is protected under Schedule I of the Wildlife Protection Act, 1972 — the highest level of protection, which prescribes the most stringent penalties for poaching and trade. It is also classified as Vulnerable on the IUCN Red List.
Despite being called Indian Bison, Gaur is not a true bison — it is the world’s largest extant bovine species, more closely related to domestic cattle than to American or European bison.
Despite being called Indian Bison, Gaur is not a true bison — it is the world’s largest extant bovine species, more closely related to domestic cattle than to American or European bison.
🎯 Concept Kit — tap to expand
Schedule I of WPA 1972 offers absolute protection — hunting, poaching, and trade are completely banned. Other Schedule I animals: Tiger, Lion, Elephant, Rhino, Snow Leopard, Gharial, Gangetic Dolphin, Great Indian Bustard. WPA 1972 has six schedules. Schedule VI lists plants prohibited from trade. The Wildlife Crime Control Bureau (WCCB) under the Ministry of Environment, Forest and Climate Change enforces wildlife protection laws.
Question 9 of 10
The double deflation method adopted in India’s revised GDP methodology is primarily significant because it does what?
Double deflation separately deflates both output (production value) and input (intermediate consumption) at the industry level, then calculates value added as the difference. This provides a more accurate measure of real value added at constant prices than the earlier single deflation method, which only deflated gross output using one price index.
This is the international standard under the UN System of National Accounts (SNA 2008).
This is the international standard under the UN System of National Accounts (SNA 2008).
🎯 Concept Kit — tap to expand
Single deflation (the earlier Indian method) used a single price index to deflate value added — problematic when output and input prices move at different rates. For example, if steel output prices rise but raw material input prices rise even faster, single deflation would overestimate real value added. Double deflation corrects this by tracking both sides. India’s adoption of double deflation brings GDP measurement in line with advanced economy practices, improving comparability with international data.
Question 10 of 10
NITI Aayog was established on January 1, 2015, replacing the Planning Commission. What is the statutory or constitutional basis of NITI Aayog?
NITI Aayog has no statutory or constitutional basis — it was created by an executive order (cabinet resolution) on January 1, 2015, replacing the Planning Commission (which also had no constitutional basis and was created by a cabinet resolution in 1950). This is an important distinction: constitutional bodies like the Finance Commission and Election Commission cannot be dissolved by an executive order alone, unlike NITI Aayog.
🎯 Concept Kit — tap to expand
NITI Aayog differs from the Planning Commission in that it does not allocate funds to states (that role now belongs to the Finance Ministry and the Finance Commission process), does not prepare Five-Year Plans (discontinued after the 12th Plan), and focuses on policy advisory, index monitoring, and think-tank functions. The Finance Commission (Article 280) retains the constitutional mandate for Centre-State tax devolution.
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