• Option D is correct.
• Private consumption is a measure of all the money spent by consumers in the country to buy goods and services. It is often called as consumer expenditure.
• Private consumption is a major part of the GDP or Gross Domestic Product – a measure of the economy. Today, it accounts for nearly 60% of the India’s GDP. Thus, it is a major driver of economic growth in India.
• Experts believe that better private consumption could help a country steer through the uncertain global environment.
• High private consumption also reduces India’s dependence on income from exports, thus shielding it from economic developments worldwide. This is why India was able to withstand the severe recession that affected US and other countries worldwide.
• During a global economic shock like Covid-19, Private consumption has helped generate employment as seen in the declining urban unemployment rate and in the faster net registration in Employee Provident Fund.

• Statement 1 is incorrect. Statements 2 and 3 are correct.
• “Neo” means new. These are new-age banks without any physical location, present entirely online. They provide digital, mobile-first financial solutions for payments, money transfers, lending, and more.
• Neobanks operate under mainstream finance’s umbrella but empower specific services long associated with traditional institutions such as banks, payment providers, etc.
• Neobanks operate entirely online, with no physical presence apart from office space in the offline world. Hence, statement 1 is incorrect.
• The growth of these institutions is spurred by the need for on-demand and easier-to-access financial solutions by a young and increasingly digitally savvy demographic. Neobanks have eased availability and provided access to financial services to MSMEs and underbanked customers and areas. Hence, statement 3 is correct.
• The government also, through various initiatives, has given a push to digital banking solutions.
• 75 Digital Banking Units (DBU) across 75 districts announced in Union Budget 2022-23 to take banking solutions to every nook and corner of the country have been launched.
• They allow customers to make deposits and withdraw money. They offer debit cards, investment facilities, and more. They even provide credit and lending services. However, most neobanks do not have a banking license and cannot operate stand-alone — most neobanks partner with licensed banks to provide financial services. Hence, statement 2 is correct.

• Statements 1 and 3 are correct. Statement 2 is incorrect.
• A fall in the exchange rate is known as a depreciation in the exchange rate (or devaluation in a fixed exchange rate system). It means the currency is worth less compared to other countries.
• When there is a depreciation, and the exchange rate goes down
• Exports will be cheaper
• Imports will become more expensive. For example, a depreciation of the dollar makes US exports more competitive but raises the cost of importing goods into the US. Therefore there will be an increase in exports and decrease in the quantity of imports. Hence, statement 1 is correct.
• Domestic firms will benefit from increased sales. This may lead to job creation and lower unemployment, especially in export industries.
• The increase in (X-M will) help increase Aggregate Demand (AD) and therefore lead to higher economic growth
• Inflation will tend to rise because –
• A depreciation increases the cost of imports so there will be an increase in cost-push inflation. Hence, statement 2 is incorrect.
• A depreciation increases domestic demand, so there could be some demand-pull inflation
• A depreciation makes exports more competitive – without any effort. In the long-term, this may reduce incentives for firms to cut costs, and could lead to declining productivity and rising prices.
• A depreciation will tend to improve the current account balance of payments. Hence, statement 3 is correct. This is because exports increase relative to imports.

• Both the statements are correct.
• Golden Quadrilateral Project is a highway network which links Delhi, Mumbai, Kolkata and Chennai thus connecting the major industrial, agricultural and cultural centres of India
• The project was started in 2001 by Atal Bihari Vajpayee under the NDA government and was completed in January 2012.
• It was the Phase-1 of the bigger National Highway Development Project that was launched in 1998 by the same government.
• Golden Quadrilateral Project is managed by the National Highways Authority of India (NHAI) under the Ministry of Road, Transport and Highways.

• Options 1 and 2 are correct. Option 3 is incorrect.
• UPI 123PAY is an instant payment system for feature phone users who can use Unified Payments Interface (UPI) payment service in a safe and secure manner.
• The users will be able to undertake a host of transactions based on four technology alternatives including- IVR (interactive voice response) number, missed call-based approach, through functionality implemented by Original Equipment Manufacturer (OEM) in feature phones and proximity sound-based technology. This will bring non-smartphone users under the digital payment system and is expected to benefit more than 40 crore feature phone users in the country and enable them to undertake digital payments in a secure and convenient manner. Hence, options 1 and 2 are correct.
• A UPI QR code (Quick Response Code) is a machine-scannable code generated using NPCI’s UPI infrastructure used for storing merchant’s bank information.
• Users can scan code using any UPI app to make a payment. It is a touch free way to collect payments. Hence, option 3 is incorrect.

• Statements 1 and 2 are correct. Statement 3 is incorrect.
• Statement 1 is correct. The Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry, is the nodal Department in India for administration of various laws related to IPRs. It includes IPRs such as Patents, Trade Marks, Industrial Designs, Geographical Indications of Goods, Copyrights, Semiconductor Integrated Circuit Layout Designs. It is also mandated for the vetting of Memorandum of Understandings (MoUs) signed with various Ministries/ Departments of the Government of India in terms of IPR issues and at international negotiations. The Department also deals with international organizations pertaining to IPR such as World Intellectual Property Organization (WIPO).
• Statement 2 is correct. Filing of intellectual property (IP) patents in India rose 30% in the last five years. The number of patents annually filed in India has continuously increased during the last five years.
• Statement 3 is incorrect. The economic Survey pointed out that the number of patents granted in India remains a fraction of China, the US, Japan, and South Korea. Though patents filed in India have grown considerably, as per the World Intellectual Property Organization (WIPO), the number is still a fraction of the 5.30 lakh patents granted in China. Since China is a part of BRICS, so we cannot say that India grants a higher number of patents as compared to all the BRICS nations.
• According to Section 3(j) of India’s Patents Act 1970, a seed or a plant, or a biological process to create a seed or plant cannot be patented. The Patents Act – 1970 does not allows plants and animals, including seeds, varieties, and species, and essentially biological processes for production or propagation of plants and animals from being patented.

• Statement 1 is correct. Statements 2 and 3 are incorrect.
• Statement 1 is correct. UPI full form is Unified Payments Interface. The first major step taken by India to achieve a cashless economy was the introduction of Unified Payment Interface (UPI). UPI system that allows users to link more than one bank account in a single smartphone app and make fund transfers without having to provide IFSC code or account number.
• UPI is an initiative that was taken by the National Payments Corporation of India (NPCI) as they partnered with the Reserve Bank of India and Indian Banks Association (IBA).
• Statements 2 and 3 are incorrect. UPI allows to transfer money in multiple ways such as a mobile number, QR code, UPI ID, or account number- each of these methods is equally easy to use. Hence, statement 2 is incorrect.
• Statement 3 is incorrect. UPI is not only limited to citizens. Reserve Bank of India (RBI) has extended UPI for in-bound travellers from G20 nations. Expanding the reach of UPI internationally, Prime Minister Narendra Modi and Prime Minister of Singapore, Lee Hsien Loong have launched a new service called UPI-PayNow. The new service is a cross-border linkage between India and Singapore through their respective Fast Payment Systems, viz. Unified Payments Interface (UPI) and PayNow.

• Option C is correct.
• In the Union Budget 2023, the Government of India allocated Rs 100 crores for the NAMASTE scheme. With this, the GoI aims to mechanize septic tank cleaning and sewer cleaning in towns and cities. The scheme aims to provide an alternate livelihood to sanitation workers.
• In addition, NAMASTE will strive to bring behavioral changes to them.

• Statements 2 and 3 are correct. Statement 1 is incorrect.
• Statement 1 is incorrect. The Ministry of Education under its National Mission on Education through Information and Communication Technology has initiated the National Digital Library (NDL) project to develop a framework of virtual repository of learning resources with a single-window search facility.
• Statement 2 is correct. The National Digital Library (NDL) is being developed at IIT Kharagpur.
• Statement 3 is correct. The non-profit digital library allows readers to access a wide range of online content for free. The users can access the Internet Archive to find information and content by searching over 525 billion web pages.