UPSC Current Affairs Quiz: January 9, 2025

• The China-Pakistan Economic Corridor connects Gwadar Port in Pakistan to Kashgar in China: This is correct. It aims to enhance trade and economic ties between the two nations.
• The North-South Transport Corridor connects Russia to India via Iran: This is correct. It facilitates trade between Europe, Russia, and India through a multi-modal transport network.
• The Southern Gas Corridor connects Azerbaijan to Europe through Turkey: This is correct. It aims to diversify Europe’s gas supply and reduce dependence on Russian gas.
• The Trans-Pacific Partnership aims to enhance trade across the Pacific Ocean region: This is correct. It is a trade agreement that includes multiple Pacific Rim countries to promote economic integration.

Thus, all the statements are correct.

• Securitisation involves pooling various types of debt and selling them as consolidated financial instruments: This is correct. It allows for the distribution of risk and liquidity enhancement.
• Asset-backed securities (ABS) are backed by a pool of loans or receivables: This is correct. ABS can include mortgages, car loans, and credit card debt.
• Collateralized debt obligations (CDOs) are structured financial products backed by a pool of assets: This is correct. CDOs can include various types of debt, including corporate bonds and ABS.

Thus, all statements are correct.

• Consumer Price Index (CPI): It reflects inflation by measuring the average change over time in the prices paid by consumers for a market basket of goods and services.
• Wholesale Price Index by NSO excludes changes in the prices of services, which CPI captures. Incorrect: The Wholesale Price Index tracks price changes of goods sold in bulk, published by the Office of Economic Adviser, Ministry of Commerce and Industry.
• As compared to the Consumer Price Index for Industrial Workers (CPI(IW)), the WPI gives less weight to food articles. Correct:  WPI tracks inflation at the producer level and CPI captures changes in price levels at the consumer level. WPI does not capture changes in the prices of services, which CPI does. In WPI, more weightage is given to manufactured goods, while in CPI, more weightage is given to food items.

• The AFT, Functioning under the Ministry of Defence, resolves armed forces-related disputes: This is correct. AFT is a military tribunal in India established under the Armed Forces Tribunal Act, 2007. It is functioning under the Ministry of Defence (MoD).
• It handles military disputes, including service matters and court-martial appeals: This is correct: It is responsible for resolving military-related disputes, including service matters and appeals from court-martial decisions.
• The AFT is a constitutional body under the Indian Constitution: This is incorrect. It is a statutory body established under the AFT Act, 2007.
• The AFT can hear appeals against the decisions of the Chief of Army Staff: This is incorrect. It does not have jurisdiction over such high-level decisions.

Thus, two of the statements are correct.

• Kandla Port: It is indeed a major port in India known for handling liquid cargo. So, this pair is correct.
• Mundra Port: It is the largest privately owned port in India and the first to operate under the PPP model, making this pair correct.
• Visakhapatnam Port: While it is a port, it does not have a shipbuilding facility; that is a feature of other ports like Cochin Shipyard. Thus, this pair is incorrect.

Thus, only two pairs are correct.