UPSC CSE Prelims
AIIB and Other Institutions Previous Year Questions (PYQs)

Detailed Explanation:

Answer: Option 1 — 1 only

This question tests knowledge about India's membership in international organizations related to grain trade and the prerequisites for international grain commerce. Let's evaluate each statement:

✅ Statement 1 – Correct: India is indeed a member of the International Grains Council (IGC), which serves as a platform for international cooperation on grain market issues.

❌ Statement 2 – Incorrect: Membership in the IGC is not mandatory for countries to export or import rice and wheat; non-member countries can freely engage in grain trade based on bilateral agreements and WTO regulations.

📝 Short Notes: International Grains Council (IGC)

• Establishment: Founded in 1949 as the International Wheat Council, renamed to IGC in 1995 to reflect expanded scope beyond wheat.
• Headquarters: London, United Kingdom.
• Membership: Comprises both exporting and importing countries; India is a member nation.
• Purpose: Serves as a forum for intergovernmental consultation and cooperation on grain market matters, provides market information, and promotes international collaboration.
• Functions: Market analysis and reporting, facilitating dialogue between grain producers and consumers, providing statistical data on global grain markets.
• Key Point: IGC membership is voluntary and not a prerequisite for engaging in international grain trade; countries can trade grains based on WTO rules and bilateral/multilateral agreements.
• Grains Covered: Primarily focuses on wheat, maize (corn), barley, sorghum, and rice.

Detailed Explanation:

Answer: Option 1 — Crude oil

West Texas Intermediate (WTI) is a grade of crude oil that serves as a major benchmark for oil pricing, particularly in North America. It is classified as light, sweet crude oil due to its low density and low sulfur content, making it highly desirable for refining into gasoline and other petroleum products.

📝 Short Notes: Global Crude Oil Benchmarks

• Light vs Heavy Crude: Refers to API gravity (density); light crude has higher API gravity and is easier to refine.
• Sweet vs Sour Crude: Based on sulfur content; sweet crude has less than 0.5% sulfur, making it cleaner and more valuable.
• Price Differential: WTI and Brent prices often differ due to supply-demand dynamics, transportation costs, and regional factors.
• Strategic Importance: Crude oil prices impact global inflation, currency values, trade balances, and economic growth, making these benchmarks crucial for economic planning.

Detailed Explanation:

Answer: Option 3 — World Economic Forum

The Global Competitiveness Report (GCR) is an annual publication by the World Economic Forum (WEF) that assesses the competitiveness of countries based on various economic indicators such as infrastructure, macroeconomic stability, health, education, market efficiency, innovation, and institutional strength. The WEF, based in Geneva, Switzerland, uses this report to provide insights into the drivers of productivity and long-term economic growth.

Why other options are incorrect:
❌ Option 1 – International Monetary Fund: The IMF focuses on macroeconomic policies, financial stability, and global monetary cooperation but does not publish the Global Competitiveness Report.
❌ Option 2 – United Nations Conference on Trade and Development: UNCTAD deals with trade, investment, and development issues but is not responsible for the GCR.
❌ Option 4 – World Bank: The World Bank publishes reports on economic development and business environments (like the Ease of Doing Business Report) but not the Global Competitiveness Report.

📝 Short Notes: Major International Economic Reports and Publishers

Detailed Explanation:

Answer: Option 1 — World Economic Forum

The Global Gender Gap Index is an annual report published by the World Economic Forum (WEF) since 2006. It measures gender-based disparities across four key dimensions: Economic Participation and Opportunity, Educational Attainment, Health and Survival, and Political Empowerment. The index ranks countries based on their progress towards gender parity, with scores ranging from 0 (complete disparity) to 1 (complete parity). India's ranking has varied over the years, typically placing in the lower half among assessed nations. The report is released annually as part of WEF's global initiatives on inclusive growth.

Detailed Explanation:

Answer: Option 3 — EU

The Digital Single Market Strategy is a flagship initiative of the European Union (EU) launched in 2015 to create a unified digital market across all 28 member states. This strategy aims to remove regulatory barriers, ensure better access to digital goods and services, and create a level playing field for digital businesses across Europe. It focuses on areas like e-commerce, data protection, digital copyright, and reducing geo-blocking to foster innovation and economic growth in the European digital economy.

Detailed Explanation:

Answer: Option 1 — 1 only

✅ Statement 1 – Correct: The Bureau of Indian Standards (BIS) Standard Mark is mandatory for automotive tyres and tubes as per BIS regulations to ensure quality and safety standards.

❌ Statement 2 – Incorrect: AGMARK is a quality certification mark issued by the Directorate of Marketing and Inspection (DMI), Government of India, not by the Food and Agriculture Organisation (FAO).