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27th June 2022 (6 Topics)

27th June 2022

QUIZ - 27th June 2022

5 Questions

5 Minutes

Mains Question:

Q1. Distinguish between a recession and a depression. Explain the impact of these two economic constriction. (150 words)

Approach

  • Introduction- briefly define recession and depression 
  • Discuss the differences 
    • severity, duration, and scale

Recession

Depression

  • lasts for months
  • signaled by a drop in employment, retail sales, manufacturing, and income
  • lasts for years mention (mention Great Depression 1929 to 1939)
  • A depression's effects on the economy can last for decades
  • Causes
    • A sudden economic shock
    • Excessive debt
    • Too much inflation
    • Too much deflation
    • Technological change
  • Discuss impact on the economy
  • Conclude accordingly 

Editorials

Context:

India’s cyber security watchdog Computer Emergency Response Team (CERT-In) had issued a new set of rules for the VPN companies to store personal data of the users. Amidst strong pushback from various concerns, central government had told the companies to either comply with the rules or exit from India.

What are the new sets of rules?

  • Storage of Information: VPN companies are advised to store the personal information of the users, like, name, email-id, phone number and IP address for a period of 5 years.
  • Mandate for other data service provider: Apart from VPN companies, new sets of rules have also mandated data centers, virtual service network providers and cloud service providers to record and maintain similar data in the form of KYC.
  • Mandate for virtual asset providers: Virtual asset service providers, virtual asset exchange providers and custodian wallet providers have the obligations to record same set of data for the same period of time along with financial transactional records.
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