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Questions and Answers
Who is the President of the World Bank Group?
What was the initial capital established for the International Finance Corporation?
Which organization focuses exclusively on the private sector in developing countries?
How many countries did the International Finance Corporation partner with at its inception?
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In which year was the International Finance Corporation founded?
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What is one primary goal of the World Bank Group for 2030?
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Which approach has IFC used to support the private sector in developing countries?
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What term did IFC coin to describe specific markets?
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What is one of the core functions of the OECD?
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What principle was developed by the OECD regarding environmental responsibility?
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Which organization preceded the establishment of NITI Aayog?
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When was the OECD formally established?
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What is one of the main purposes of NITI Aayog?
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Which international entities does OECD work closely with?
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What was one of the key contributions of the OECD in the realm of education?
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In what year was NITI Aayog established?
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What is one of the main objectives of the policy and programme framework?
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Who is the current Chairperson of the Governing Council?
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What does NITI Aayog aim to foster through cooperative federalism?
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Which of the following is NOT one of the recent initiatives mentioned?
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What role does NITI Aayog play as a think tank?
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What is a significant feature of the NITI Aayog's Governing Council?
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Which area does the monitoring and evaluation aspect focus on?
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How does NITI Aayog aim to resolve inter-sectoral issues?
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What is the primary purpose of capital market indices?
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Which of the following represents broad-market indices in India?
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Which indices track performance specific to sectors within the economy?
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What type of indices combines equity and fixed income components?
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Which index focuses on specific investment strategies like alpha or low volatility?
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What do fixed income indices primarily measure?
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Which of the following indices reflects market sentiment and economic trends?
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How do sector-specific indices respond to economic changes?
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What is the primary vision outlined in the Interim Budget 2024-25 for the year 2047?
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Which program has provided credit assistance to street vendors as part of the Interim Budget initiatives?
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How many households is the Rooftop Solarization Initiative aiming to provide with free solar electricity?
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What is one of the goals of the Blue Economy 2.0 initiatives?
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What is the total amount sanctioned for loans under the PM Mudra Yojana?
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Which target is close to being achieved under the Pradhan Mantri Awas Yojana (Grameen)?
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To which demographic does the Interim Budget particularly focus on empowering?
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What environmental commitment is a part of the Interim Budget 2024-25?
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Study Notes
World Bank Leadership
- World Bank Group President: Ajay Banga
- International Finance Corporation (IFC) Managing Director: Makhtar Diop
- Multilateral Investment Guarantee Agency (MIGA) Executive Vice President: Hiroshi Matano
- International Centre for Settlement of Investment Disputes (ICSID) Secretary General: Meg Kinnear
International Finance Corporation (IFC)
- Founded in 1956 as a sister organization of the World Bank and part of the World Bank Group
- Largest global development institution focused exclusively on the private sector in developing countries
- Offers investment, advisory, and asset-management services to foster private-sector development in over 100 countries
- Pioneered new markets, such as sustainable bonds, and coined the term "emerging markets."
IFC Mission and Functions
- Mission: Advance economic development by encouraging the growth of private enterprises in developing countries
- Supports countries in developing their private sectors through various methods: investing in companies via loans, equity investments, debt securities, and guarantees.
- Mobilizes capital from other lenders and investors through loan participations, parallel loans, and other means.
OECD
- Collaborates with governments, policymakers, and citizens to create evidence-based standards and solutions for a wide range of social, economic, and environmental challenges.
- Core functions include: Policy Development, creating international standards, and advising on public policies.
- Evolved from the Organisation for European Economic Co-operation (OEEC), which was established to manage aid under the Marshall Plan for Europe's post-WWII reconstruction.
Key Contributions
- Developed important principles such as the "polluter pays" principle.
- Influential in various fields, including education, economic policy, and environmental protection.
- Engages in multilateral efforts to address global issues through evidence-based analysis and recommendations.
NITI Aayog
- Formed in 2015 as a replacement for India's Planning Commission.
- Purpose: Serve the needs and aspirations of India, foster cooperative federalism, and act as a platform for state and national interests.
- Mandate: Reimagine development, dismantle old central planning, and foster a national consensus on developmental goals.
NITI Aayog Functions
- Designing long-term policies and programs
- Bringing states together for national interest
- Assessing implementation and progress
- Acting as a hub for knowledge and innovation
NITI Aayog Objectives
- Shared vision of national development
- Foster cooperative federalism
- Formulate credible plans at all levels
- Incorporate national security interests
- Focus on at-risk sections of society
- Design strategic policies and frameworks
- Encourage partnerships and collaborative support systems
- Resolve inter-sectoral and inter-departmental issues
- Maintain a state-of-the-art resource centre
- Actively monitor and evaluate programs and initiatives
- Focus on technology upgradation and capacity building
NITI Aayog Current Constitution
- Chairperson: Prime Minister of India (Narendra Modi)
- Vice Chairperson: Suman Bery
- Full-Time Members: V.K.Saraswat, Ramesh Chand, V.K.Paul, Arvind Virmani
- CEO: BVR Subrahmanyam
- Governing Council: Includes the PM, ex-officio members, Chief Ministers of all States, LGs of UTs, and special invitees
NITI Aayog Relevance
- Competitive Federalism: Performance-based state rankings
- Cooperative Federalism: Direct state representation
- Greater Accountability: Real-time performance data collection
- Innovative Ideas: Funnel for new ideas from various sources
- Convergence for Resolution: Platform for discussing common issues
NITI Aayog in News
- E-Commerce Exports (March 2023): Recommendations for boosting MSME exports, including easing export finance and green channel clearances.
- Best Practices in Social Sector (May 2023): Compendium of 75 case studies showcasing innovative and impactful models across various themes.
Capital Market Indices
- Used to track and measure the performance of various financial instruments such as stocks, bonds, and other securities.
- Provide benchmarks for investors to evaluate the performance of their investments against different asset classes.
- Include broad-market, sectoral, strategy, fixed income, and hybrid indices.
Recent Capital Market Developments
- Market Performance: Indices like NIFTY 50 and SENSEX have been reflecting market sentiments and economic trends, influencing investor confidence and financial planning.
- Sector-specific Trends: Sectoral indices such as IT, Pharma, and FMCG have shown varying performances, responding to sector-specific developments and global economic shifts.
- Strategy-based Insights: Indices focusing on factors like alpha and low volatility provide tools for investors to tailor their strategies based on specific risk and return objectives.
Interim Budget 2024-25
- Outlines a vision for 'Viksit Bharat' by 2047, focusing on Governance, Development, and Performance (GDP).
- Emphasizes empowering youth, poor, women, and farmers through strategic initiatives.
- Highlights Include environmental initiatives and the promotion of the blue economy.
Environmental Initiatives
- Rooftop Solarization Initiative: Aims to provide free solar electricity to one crore households, allowing savings of
15,000 to18,000 annually and enabling surplus electricity sale. - Electric Vehicle (EV) Manufacturing: Focus on expanding EV manufacturing and charging infrastructure to create entrepreneurship and employment opportunities, particularly for youth skilled in manufacturing, installation, and maintenance.
- Net Zero Emissions Commitment: Measures include viability gap funding for offshore wind energy, reducing dependence on natural gas, methanol, and ammonia imports, mandatory blending of compressed biogas in CNG and PNG, and financial incentives for waste management.
- Bio-Manufacturing and Bio-Foundry: Introduces facilities for producing biodegradable polymers, bio-plastics, bio-pharmaceuticals, and bio-agri-inputs to promote green growth.
Blue Economy 2.0
- Launch of schemes for coastal aquaculture, mariculture, and climate-resilient activities to enhance blue economy sustainability.
Interim Budget Key Sector Initiatives
- PM SVANIDHI (Prime Minister’s Street Vendor’s AtmaNirbhar Nidhi): Provided credit assistance to 78 lakh street vendors, with 2.3 lakh receiving credit for the third time.
- Skill India Mission: Trained and upskilled 1.4 crore youth through short-term and long-term training programs across multiple ministries and departments.
- PM Mudra Yojana: Sanctioned loans totaling `22.5 lakh crore to foster entrepreneurial aspirations among youth.
- Pradhan Mantri Awas Yojana (Grameen): Close to achieving the target of 3 crore houses, with an additional 2 crore houses targeted for the next 5 years.
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Description
This quiz covers the leadership of the World Bank Group, including key figures such as Ajay Banga and Makhtar Diop. It also explores the mission and functions of the International Finance Corporation (IFC), highlighting its role in fostering private-sector development in developing countries.
