Option (a) is correct

Explanation: 

• Recently, the more than 120-year-old Kalka-Shimla Railway has sustained severe damage due to the heavy rainfall in Himachal Pradesh.
• Statement 1 is not correct: Indian Railways is the proud owner of four UNESCO-accorded World Heritage Sites (WHS) namely:
  • Darjeeling Himalayan Railway (1999)
  • Chhatrapati Shivaji Terminus, Mumbai (2004)
  • Nilgiri Mountain Railway (2005)
  • Kalka Shimla Railway (2008): It has been a UNESCO WHS since 2008.
• Statement 2 is correct: The narrow gauge is a railway in which the distance between the two rails, known as the track gauge, is usually between 1 foot 11 inches and 3 feet 6 inches. Kalka-Shimla runs on narrow-gauge lines that allow trains to make tighter turns in valleys and difficult terrain. The Guinness Book of Rail Facts & Feats records Kalka Shimla Railways as the greatest narrow-gauge engineering in India.

Option (b) is correct.

Explanation:

• The Reserve Bank of India (RBI) has permitted non-banking finance companies operating as Infrastructure Debt Fund (IDF-NBFCs) to raise money through external commercial borrowings (ECBs).
• Infrastructure Debt Funds(IDFs) are investment vehicles for channelizing investment into the infrastructure sector. 
• Statement 1 is not correct: IDFs can be set up either as a Trust or as a Company. Trust based IDF would normally be a Mutual Fund (MF), regulated by SEBI, while a company based IDF would normally be an NBFC regulated by the Reserve Bank. 
• IDF-NBFCs would take over loans extended to infrastructure projects which are created through the Public Private Partnership (PPP) route.
• Statement 2 is correct: RBI has prohibited IDF-NBFCs from sourcing the ECB loans from the foreign branches of Indian banks.

Option (d) is correct

Explanation:

• The North Sea Transition Authority (NTSA), responsible for regulating oil, gas and carbon storage industries, is currently running its 33rd offshore oil and gas licensing round.
• The North Sea is bordered by the island of Great Britain to the southwest and west, Norway to the northeast, Denmark to the east, Germany and the Netherlands to the southeast, and Belgium and France to the south.
• The North Sea has long been important as one of Europe’s most productive fisheries. 
• It also serves as a prominent shipping zone among European countries and between Europe and the Middle East. 

Option (b) is correct

Explanation:

• Recently, the Parliament has passed the Mediation Bill 2023.
• Statement 1 is correct:The Bill requires persons to try to settle civil or commercial disputes through mediation before approaching any court or tribunal. 
• Statement 2 is not correct: A party may withdraw from mediation after two mediation sessions. 
• Statement 3 is correct: The mediation process must be completed within 180 days, which may be extended by another 180 days by the parties. 
• The Bill provides for the setting up of The Mediation Council of India.
  • Its functions will include registering mediators, and recognising mediation service providers and mediation institutes.

Option (c) is correct

Explanation:

• South Africa will host a summit of the BRICS group of nations next week and other Global South participants, aiming to counterbalance Western global dominance while addressing their internal differences.
• BRICS started in 2001 as BRIC, an acronym coined by Goldman Sachs for Brazil, Russia, India, and China. 
  • South Africa was added in 2010.
• Together, BRICS countries represent 27% of the world’s land mass, and 42% of the world’s population, 24% of global GDP, and 16% of Global trade, and produce 33% of the world’s food.
• The 1st BRIC summit was held in Yekaterinburg, in Russia in 2009.
• The theme of ‘BRICS Summit 2023’ is:“BRICS and Africa: Partnership for Mutually Accelerated Growth, Sustainable Development, and Inclusive Multilateralism.”
• This theme underlines BRICS’ commitment to spearheading global progress by addressing key issues, including equitable economic growth, sustainable development, and greater representation of the global South in multilateral systems.