UPSC CSE (Preliminary) Exam 2024 Paper I (GS) – 16 June 2024 (Answer Key)

Explanation –

• Statement 1 is incorrect. If the United States defaults on its debt, the repercussions would be severe. Investors holding U.S. debt, including pension funds and banks, could face failure. Investors can exercise their claim but not be able to receive the payment.
• Statement 2 is incorrect. U.S. government debt, often referred to as Treasury bonds or Treasuries, is not backed by specific hard assets. Unlike corporate bonds, which may be secured by collateral such as real estate or equipment, U.S. Treasuries rely on the government’s ability to generate revenue through taxation and other means.

Explanation – 

• Statement 1 is correct. A syndicated loan is a form of financing that is offered by a group of lenders. Syndicated loans arise when a project requires too large a loan for a single lender or when a project needs a specialized lender with expertise in a specific asset class.
• Statement 2 is incorrect. Syndicating allows lenders to spread risk and take part in financial opportunities that may be too large for their individual capital base. Lenders are referred to as a syndicate, which works together to provide funds for a single borrower. The borrower can be a corporation, a large project, or a sovereign government. The loan can involve a fixed amount of funds, a credit line, or a combination of the two.

Explanation –

• Statement 1,2 and 4 are correct. CBDC is a sovereign currency issued by central banks in alignment with their monetary policy. It appears as a liability on the central bank’s balance sheet. It must be accepted as a medium of payment, legal tender, and a safe store of value by all citizens, enterprises, and government agencies. It is freely convertible against commercial bank money and cash.CBDC is a fungible legal tender for which holders need not have a bank account.
• Statement 3 is incorrect. The design doesn’t hold any protection or insured against inflation.

Explanation:

• Option 1 is incorrect. Surviving early Jain and Buddhist literature uses several names (or epithets) for Mahavira, including Nayaputta, Muni, Samana, Nigantha, Brahman, and Bhagavan.
• Option 2 and 3 are correct. Lama Zopa Rinpoche explains the profound meaning behind two of our most common mantras, the Shakyamuni Buddha name mantra and the mantra of Shakyamuni Buddha.
• Buddha. Tathagata (“the perfect one”), lit. the one who has “thus gone”, or “thus come”, is an epithet of the Buddha used by him when speaking of himself.

Explanation –

• Pair 1 is incorrect as it is in West Bengal
• Pair 4 is incorrect as though the site is in Andhra but the description for which it is famous is Buddhist stupa shrine.
• The otherwise inconspicuous village of Salihundam, located on the banks of the Vamsadhara River, shot into fame when archaeological excavations here revealed an ancient Buddhist settlement. This site is now protected by the ASI, contains several votive stupas, a mahastupa, chaityas and viharas.

Explanation –  Krishna Deva Raya was from the Tuluva dynasty of the Vijaynagar Empire and became ruler from 1509-1530. He is considered to be the greatest ruler of the Vijaynagar Empire. He gave permission to the Portuguese to erect a fort at Bhatkal.

Explanation –

• Statements – 1 is incorrect as there was no such provision, as even the farmers WERE FORCED TO PAY THE REVNEUE even during famines.
• Statements – 2 is correct as under the permanent settlement the zamindari possession of land was dependent on Zamindars paying revenue on time otherwise their land would auctioned off and Striped from Zamindari.

Explanation – 

• St-1 is incorrect as in the upnishad, In the Upanishad it is said in a parable that there are two birds sitting on the same bough, one of which feeds and the other looks on. This is an image of mutual relationship of the infinite being and the finite self.
• St-2 is correct only. As the composition of upnishad is said to be in 800 BCE till AD, even Allah Upnishad in 16th Century but the composition of purana started 350-750 AD.

Explanation – 

• St-2 is incorrect – As the member countries are designated as exporter or importer. The statement is highly illogical as a country can’t be stopped from exporting or importing if it’s not a member of the council.
• Membership of IGC consists of all parties to the Grain Trade Convention, 1995 with 30 countries as members. Each member is designated as an importer or exporter based on its average trade in grains, rice and oilseeds. India is a member of this organization.

Explanation – Garba is the latest one which was included on 8th December 2023.