Statements 2 and 3 are correct, 1 is not correct.
The Odisha cabinet cleared nine proposals including land rights to slum dwellers in five municipal corporations of the state under the Pradhan Mantri Awas Yojana – Urban (PMAY-U).
Pradhan Mantri Awas Yojana – Urban
• It is a flagship Mission of Government of India being implemented by the Ministry of Housing and Urban Affairs (MoHUA). Hence statement 1 is not correct.
• It was launched on 25th June 2015 and addresses urban housing shortage among the EWS/LIG and MIG categories including the slum dwellers by ensuring a pucca house to all eligible urban households by the year 2022, when Nation completes 75 years of its Independence.
• PMAY (U) adopts a demand driven approach wherein the Housing shortage is decided based on demand assessment by States/Union Territories. Hence statement 2 is correct.
• The Mission promotes women empowerment by providing the ownership of houses in the name of female members or in joint name. Hence statement 3 is correct.
• Preference is also given to differently abled persons, senior citizens, SCs, STs, OBCs, Minority, single women, transgender and other weaker & vulnerable sections of the society.

Both statements are not correct.
GST Compensation
• The Constitution (101st) Act, 2016, was the law which created the mechanism for levying a nationwide GST. Written into this law was a provision to compensate the States for loss of revenue arising out of implementation of the GST.
• The GST Compensation Act, 2017 guaranteed States that they would be compensated for any loss of revenue in the first five years of GST implementation, until 2022, using a cess levied on sin and luxury goods. Hence statement 1 is not correct.
• The modalities of the compensation cess were specified by the GST (Compensation to States) Act, 2017. A State that had collected tax less than this amount in any year would be compensated for the shortfall using a cess levied on sin and luxury goods. Hence statement 2 is not correct.
• This scheme is valid for five years, i.e. till June 2022.

Statement 1 is not correct, rest are correct.
Revenue Receipts
• While taxation is a primary source of income for the government, it also earns some recurring income other than tax, which is called non-tax revenue.
• The most important receipts under this head are interest receipts (received on loans given by the government to states, railways and others) and dividends and profits received from public sector companies.
• The government also collects interest as non-tax revenue on the loans and funds advanced to states for various purposes. So, the government collects non-tax revenue in return for providing/facilitating any goods or services.
Major components of Non- Tax revenue receipts include:
• Interest on loans to States and Union Territories (With Legislature). Hence statement 1 is not correct.
• Dividends and profits from Public Sector Enterprises.
• It also includes the surplus of the Reserve Bank of India that is transferred to the Government.
• The receipts of ‘Public Service Commission’ mainly represent Examination Fees
• Receipts of ‘Police’ are on account of Central Police Forces supplied to State Governments
• Receipts from Royalty on off-shore crude oil and gas production, profit petroleum and license fee for the right to exclusive exploration of oil and gas in a particular region.

Statement 1 is correct, 2 is not correct.
Price Determination of Sugarcane
• Sugarcane prices are determined by both Central Government and State Government.
• The Federal/Central Government announces Fair and Remunerative Prices which are determined on the recommendation of the Commission for Agricultural Costs and Prices (CACP) and are announced by the Cabinet Committee on Economic Affairs, which is chaired by Prime Minister. Hence statement 1 is not correct.
• The State Advised Prices (SAP) are announced by key sugarcane producing states which are generally higher than FRP. Hence statement 2 is not correct.

Only statement 2 is correct.
Unified Payments Interface (UPI)
• Unified Payments Interface (UPI) was developed by National Payments Corporation of India (NPCI) in 2016. Hence statement 1 is not correct
• It is an advanced version of Immediate Payment Service (IMPS)- round–the-clock funds transfer service to make cashless payments faster, easier and smoother. Hence statement 2 is correct
• The top UPI apps today include PhonePe, Paytm, Google Pay, Amazon Pay and BHIM, the latter being the Government offering.
• BHIM is based on Unified Payment Interface (UPI) to facilitate e-payments directly through banks.
Digital transactions through UPI recorded phenomenal growth during the pandemic year 2020-21 and several countries have evinced interest to learn from Indian experience so that they could replicate the model.

PMI is compiled by IHS Markit for more than 40 economies worldwide.
Purchasing Managers’ Index
• It is a survey-based measure that asks the respondents about changes in their perception about key business variables as compared with the previous month.
• The purpose of the PMI is to provide information about current and future business conditions to company decision makers, analysts, and investors.
• It is calculated separately for the manufacturing and services sectors and then a composite index is also constructed.
• The PMI is a number from 0 to 100.
• If PMI of the previous month is higher than the PMI of the current month, it represents that the economy is contracting.
• It is usually released at the start of every month. It is, therefore, considered a good leading indicator of economic activity.
• PMI is compiled by IHS Market for more than 40 economies worldwide.

Only statement 1 is correct, 2 is not correct.
Capital Market
• Capital Market is an institutional arrangement for borrowing medium and long-term funds and which provides facilities for marketing and trading of securities. Hence statement 1 is correct.
• So it constitutes all long-term borrowings from banks and financial institutions, borrowings from foreign markets and raising of capital by issue various securities such as shares, debentures, bonds, etc.
• T-Bills, Commercial Papers etc. are instruments of Money Market (which is a short-term borrowing mechanism). Hence statement 2 is not correct.

Only statement 2 is correct, 1 and 3 are not correct.
National Anti-Profiteering Authority
• The National Anti-Profiteering Authority (NAA) has been constituted under Section 171 of the Central Goods and Services Tax Act, 2017. Hence statement 1 is not correct.
• It is to ensure the reduction in rate of tax or the benefit of input tax credit is passed on to the recipient by way of commensurate reduction in prices. Hence statement 2 is correct.
• It is headed by a senior officer of the level of a Secretary to the Government of India and shall have four technical members from the Centre and/or the States. Hence statement 3 is not correct.
• The Authority’s core function is to ensure that the benefits of the reduction is GST rates on goods and services made by GST Council and proportional change in the Input tax credit passed on to the ultimate consumers and recipient respectively by way of reduction in the prices by the suppliers.

Both statements are correct.
Asian Infrastructure Investment Bank (AIIB)
• The AIIB is a multilateral development bank with a mission to improve social and economic outcomes in Asia and beyond.
• Headquartered in Beijing, the bank commenced its operations in January 2016 and has now grown to 102 (82 members and 20 prospective members) approved members from around the world with India as one of its founding members.
• Unlike most other multilateral development banks set up by advanced economies, AIIB is the first major multilateral development bank where principal contributors are the borrowing members themselves. Hence statement 1 is correct.
• India is the second largest shareholder in AIIB after China. Also, India has been the largest borrower of Asian Infrastructure Investment Bank (AIIB) lending since the time the Bank started its operations. Hence statement 2 is correct.

Statement 1 is not correct, 2 is correct.
Index of Industrial Production (IIP)
• It is compiled and published monthly by the Central Statistical Organisation (CSO), Ministry of Statistics and Programme. (Base Year: 2011-2012) Hence statement 1 is not correct.
• The Index of Industrial Production (IIP) is a composite indicator that measures changes in the volume of production of a basket of industrial products. Hence statement 2 is correct.
There are two ways in which IIP data can be viewed:
1. Broad sectors, namely, Mining, Manufacturing, and Electricity.
2. Use-based sectors, namely Basic Goods, Capital Goods, and Intermediate Goods.

Statement 2 is not correct, 1 and 3 are correct.
Financial Stability Report (FSR)
• It details the current status of different financial institutions such as all the different types of banks and non-banking lending institutions. Hence statement 1 is correct.
• The FSR is published twice each year (biannual) by the RBI. Hence statement 2 is not correct.
• It reflects the collective assessment of the sub-committee of the financial stability and development council (FSDC) on risks to financial stability and the resilience of the financial system.
• Similarly, it also tries to assess how factors outside India might affect the domestic economy. Hence statement 3 is correct.
• The FSR primarily looks at questions like the following:
1. Do Indian banks (both public and private) have enough capital to run their operations?
2. Are the levels of bad loans (or non-performing assets) within manageable limits?
3. Are different sectors of the economy able to get credit (or new loans) for economic activity?

Current Account
• The current account measures the flow of goods, services, and investments into and out of the country.
• It represents a country’s foreign transactions and, like the capital account, is a component of a country’s Balance of Payments (BOP).
• There is a deficit in Current Account if the value of the goods and services imported exceeds the value of those exported.
• A nation’s current account maintains a record of the country’s transactions with other nations, that includes net income, including interest and dividends, and transfers, like foreign aid.
It comprises of following components:
1. Trade of goods,
2. Services, and
3. Net earnings on overseas investments and net transfer of payments over a period of time, such as remittances.

Only statement 1 is correct, 2 is not correct.
AT-1 Bonds
• They are a type of unsecured, perpetual bonds that banks issue to shore up their core capital base to meet the Basel-III norms. Hence statement 1 is correct.
• There are two routes through which these bonds can be acquired:
1. Initial private placement offers of AT-1 bonds by banks seeking to raise money.
2. Secondary market buys of already-traded AT-1 bonds.
• These bonds offer higher returns to investors but compared with other debt products, these instruments carry a higher risk as well. Hence statement 2 is not correct.
• AT1 bonds are subordinate to all other debt and only senior to common equity. Mutual funds (MFs) are among the largest investors in AT1 Bonds.

IC15
• Recently, Superapp CryptoWire recently launched India’s first cryptocurrency index, IC15.
• It will measure the performance of the 15 most widely traded cryptocurrencies listed on leading crypto exchanges by market capitalization.
• An Index Governance Committee (IGC) of domain experts, industry practitioners, and academicians will select cryptocurrencies from the top 400 coins in terms of market capitalization.
• It will also be in charge of monitoring and maintaining the index, including reshuffling of the top 15 cryptos.

Both statements are correct.
Intra State Transmission System (InSTS) Project
• The GEC-Intra State Transmission System (InSTS) project aims at synchronizing electricity produced from renewable sources such as solar and wind with conventional power stations in the grid. Hence statement 1 is correct.
• It was sanctioned in 2015-16, for evacuation and integration of the renewable energy capacity through setting up of transmission lines and increasing transformation capacity of substations.
• It will help to achieve the target of 450 GW installed renewable energy capacity by 2030. Hence statement 1 is correct.

Statement 1 is not correct, 2 and 3 are correct.
Electronic Gold Receipts (EGRs)
• Gold Exchange would be a national platform for buying and selling EGRs issued against physical gold.
• The transaction in a gold exchange has been divided into three parts—conversion of physical gold into EGR, trading of EGR on a stock exchange and conversion of EGR into physical gold. Hence statement 1 is not correct.
• Investors can trade in EGRs on stock exchanges and the proposed gold exchange. Hence statement 2 is correct.
• An EGR will not be linked with a unique bar reference number of the physical gold.
• Physical gold deposited at one location can be withdrawn from a different location of any vault manager. Hence statement 3 is correct.

Statements 1 and 2 are correct, 3 is not correct.
Design Linked Incentive (DLI) Scheme
• Aims to provide financial and infrastructural support to companies setting up fabs or semiconductor making plants in India. Hence statement 1 is correct.
• It aims to attract existing and global players as it will support their expenditures related to design software, IP rights, development, testing, and deployment.
• Centre for Development of Advanced Computing (CDAC), a scientific society operating under MeitY, will serve as the nodal agency for the implementation of the DLI scheme. Hence statement 2 is not correct.
Components of the scheme
It has three components which are
1. Chip Design infrastructure support: C-DAC will set up the India Chip Centre to host the state-of-the-art design infrastructure (viz. EDA Tools, IP Cores, and support for MPW (Multi Project Wafer fabrication) & post-silicon validation) and facilitate its access to supported companies.
2. Product Design Linked Incentive: Reimbursement of up to 50% of the eligible expenditure subject to a ceiling of Rs. 15 Crore per application will be provided as financial support to the approved applicants who are engaged in semiconductor design.
3. Deployment Linked Incentive: An incentive of 6% to 4% of net sales turnover over 5 years subject to a ceiling of Rs. 30 Crore per application will be provided to approved applicants whose semiconductor design for Integrated Circuits (ICs), Chipsets, System on Chips (SoCs), Systems & IP Cores and semiconductor linked design are deployed in electronic products.
• It has no mention of Make in India component. Hence statement 3 is not correct.

Statements 2 and 3 are correct, 1 is not correct.
Open Network for Digital Commerce (ONDC)
• ONDC is a network aimed at promoting open networks developed on open-sourced methodology, using open specifications and open network protocols independent of any specific platform. Hence statement 1 is correct.
• It is an initiative of the Department for Promotion of Industry and Internal Trade (DPIIT) under the Ministry of Commerce and Industry. Hence statement 2 is not correct.
• Under this, all seller and buyer platforms will work through one open protocol and can connect through ONDC.
• And even if one has to buy a product, ONDC will show all the options of various platforms for the product, and the consumer can choose what he or she wants. Hence statement 3 is correct.
• Thus, the platform will help in creating new opportunities, curb digital monopolies and support micro, small and medium enterprises and small traders and help them get on online platforms.

Saarthi Mobile Application
• It aims to create awareness among investors about the basic concepts of the securities market.
• The app will also explain about KYC process, trading and settlement, Mutual Funds (MF), recent market developments, investor grievances redressal mechanism, etc.
• The application uses both Hindi and English. It is available for both iOS and android users. In future, the app will be made available in local languages as well.

• The Global Risks Report 2022, an annual report, was released by the World Economic Forum.
• It tracks global risk perceptions among risk experts and world leaders in business, government, and civil society.
• It examines risks across five categories: economic, environmental, geopolitical, societal, and technological.