Daily Current Affairs Quiz: August 20, 2025

Statement 1 is Correct: The World Bank was created in 1944 during the Bretton Woods Conference, along with the International Monetary Fund (IMF).
Statement 2 is Correct: The World Bank’s initial focus was on the reconstruction and development of Europe after the devastation of World War II. This involved providing loans and financial assistance to war-torn countries.
Statement 3 is Correct: The International Development Association (IDA) is part of the World Bank Group and was established in 1960. Its purpose is to provide concessional loans (interest-free loans or grants) to the world’s poorest countries.
Statement 4 is Incorrect: The World Bank’s headquarters is in Washington, D.C., not New York City.

Statement 1 is correct: GDP at market prices represents the final value of goods and services measured at the prices buyers pay in the market. This includes indirect taxes (like GST) that are added to the basic price of goods and services. Net taxes on products refer to indirect taxes minus subsidies.
Statement 2 is correct: GDP at factor cost measures the value of output from the producer’s perspective. It reflects the cost of various factors of production (land, labor, capital, entrepreneurship) used in producing goods and services. Therefore, it includes subsidies (government assistance to producers) but excludes indirect taxes (taxes on goods and services).
Why Statement 2 is not the correct explanation for Statement 1: Statement 1 highlights the inclusion of net taxes in GDP at market prices, while Statement 2 focuses on the components of GDP at factor cost. They address different aspects of GDP calculation.

Statement 1 is correct: The Production Linked Incentive (PLI) Scheme is designed to boost domestic manufacturing and exports by making Indian manufacturers globally competitive, attracting investment in the areas of core competency and cutting-edge technology; ensuring efficiencies; creating economies of scale; enhancing exports; and making India an integral part of the global supply chain.
Statement 2 is incorrect: The PLI scheme is not limited to the electronics and pharmaceutical sectors; it has been expanded to include various other sectors such as textiles, food processing, solar PV modules, and white goods among others.
Statement 3 is correct: The scheme offers incentives on incremental sales for products manufactured in India, encouraging companies to increase their production output and sales.

Statement 1 is correct: The combined weight of Coal (10.33%), Crude Oil (8.98%), and Natural Gas (6.88%) is 26.19%, which is less than the weight of Refinery Products (28.04%).
Statement 2 is correct: The Office of Economic Adviser (OEA), under DPIIT, Ministry of Commerce and Industry, compiles and releases the Index of Eight Core Industries.
Statement 3 is incorrect: The index is released with a time lag of one month.
Statement 4 is correct: The base year for both the Index of Eight Core Industries and the CPI series is 2011-12.

Statement 1 is correct: CPI measures changes in the average retail prices of a fixed basket of goods and services consumed by a particular population group (e.g., urban or rural).
Statement 2 is incorrect: While WPI was previously used, the inflation rate in India is now primarily calculated based on the CPI. CPI is considered a more accurate reflection of price changes faced by consumers. Hence.
Statement 3 is correct: The Central Statistics Office (CSO) under the Ministry of Statistics and Programme Implementation (MoSPI) releases CPI data for various states and India on a monthly basis.