Business, Economy & Banking Current Affairs MCQs

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The Union Minister for Road Transport and Highways announced that India became the third-largest automobile industry in the world with a market size of ₹22 lakh crore. Globally, the United States ranks first with ₹78 lakh crore, followed by China with ₹49 lakh crore. India’s automobile sector contributes 7.1% to the country’s Gross Domestic Product (GDP) and 49% to manufacturing GDP. It is a key driver of India’s manufacturing and economic growth. In FY25, two-wheelers dominated the domestic market with 76.57% share, while passenger cars held 16.80%.

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Dubai International Airport (DXB), the world’s busiest hub for international travel, launched an AI-powered passenger corridor under the “Travel Without Borders” initiative. The corridor lets up to 10 passengers clear immigration in just 14 seconds using facial recognition and pre-registered biometric data. It eliminates the need for passports, smart gates, or physical checks. Initially, it is rolled out in Terminal 3’s First and Business Class lounges. The system builds on Dubai’s “smart tunnel” introduced in 2020. Artificial Intelligence (AI) verifies passenger data, while suspicious cases are flagged for review.

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India has become the world’s third-largest solar power producer, surpassing Japan, as per International Renewable Energy Agency (IRENA). India generated 1,08,494 GWh of solar energy, while Japan produced 96,459 GWh. China is the world’s largest solar power producer, generating the highest amount of solar electricity annually. United States holds the second position with large-scale solar farms and widespread adoption of rooftop systems. As of July 2025, India’s total solar capacity is 119.02 GW, with 90.99 GW from ground-mounted plants, 19.88 GW from rooftop systems, 3.06 GW from hybrid projects, and 5.09 GW from off-grid installations.

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State Bank of India (SBI) has launched a Centre of Excellence (CoE) for Micro, Small and Medium Enterprises (MSMEs) at the State Bank Academy (SBA), Gurugram. The Centre of Excellence (CoE) aims to strengthen the MSME ecosystem through capacity building, research, and industry collaboration, supporting India’s vision of becoming a developed nation. State Bank Academy (SBA) provides specialised training in Credit, International Banking, Risk & Compliance, and conducts Research & Development (R&D) in banking. Centre of Excellence (CoE) will develop case studies, research, and online knowledge repositories for MSMEs, including remote areas.

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Unity Small Finance Bank (Unity Bank) and BharatPe launched Unity Bank BharatPe Credit Card, India’s first Equated Monthly Instalment (EMI)-driven credit card on the RuPay network. The card allows customers to pay in full or convert spends into EMIs up to 12 months. It has been developed in partnership with National Payments Corporation of India (NPCI). It can be linked to Unified Payments Interface (UPI) for payments at merchants nationwide. It marks a major innovation in India’s digital credit and payments ecosystem.

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On 3rd September 2025, the GST Council announced rationalisation of the Goods and Services Tax (GST) slab structure. The 12% and 28% tax slabs were abolished and a 40% GST rate introduced for luxury and sin goods. Fast-Moving Consumer Goods (FMCG) and consumer durable products will benefit from the revised rates. The reform is part of India’s 2025 GST policy transformation, the most ambitious fiscal reform in recent years. It aims to simplify tax structure, reduce rates on essential goods, and improve administrative efficiency. The changes balance government revenue needs with economic growth objectives.

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Recently, the Prime Minister inaugurated India’s first bamboo-based ethanol plant in Golaghat district, Assam. The Prime Minister also laid the foundation stone for a modern polypropylene plant in the same district. The bamboo-based bioethanol plant aims to boost industrial growth, green energy, renewable power, and create opportunities for farmers and youth. A steady supply of bamboo will be ensured with government support for local farmers in cultivation and procurement. Bamboo, previously restricted, is now allowed for industrial use, benefiting tribal communities in Northeast India.

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The Employees’ Provident Fund Organisation (EPFO), with a corpus over ₹25 lakh crore, announced Shri Vivekanand Gupta, Regional Provident Fund Commissioner, selected for the Public Financial Asset Management (PFAM) Program 2025–26. PFAM is a prestigious initiative jointly organised by the World Bank and Milken Institute. Shri Gupta is the first-ever participant from EPFO and the sole representative from India. Selection was made by Pandit Deendayal Upadhyay National Academy of Social Security (PDUNASS) through an internal nomination process. PFAM, hosted at Bayes Business School, City, University of London, trains senior professionals in capital markets, governance, and strategic asset management.

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On 25 September 2025, Union Minister Sarbananda Sonowal flagged off India’s first fleet of electric heavy trucks with swappable batteries at Nhava Sheva Distribution Terminal, Jawaharlal Nehru Port Authority (JNPA), Maharashtra. Jawaharlal Nehru Port Authority (JNPA) now has the largest electric vehicle (EV) truck fleet at any Indian port. 50 electric heavy trucks were launched, with expansion to 80 by year-end. A heavy-duty battery swapping station was commissioned for operations. Jawaharlal Nehru Port Authority (JNPA) ranks in the World Bank’s Top 25 Container Port Performance Index (CPPI). The launch marks a major step towards sustainable and green logistics in India.

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Indian travelers can now use Unified Payments Interface (UPI) apps to make purchases in Qatar, the eighth country to adopt UPI for international payments. Qatar Duty Free is the first merchant to accept QR code-based UPI transactions. NPCI International Payments Ltd (NIPL), Qatar National Bank (QNB), and Japanese gateway NETSTARS enabled UPI at select point-of-sale (POS) terminals. Other countries with UPI access include Bhutan, France, Mauritius, Nepal, Singapore, Sri Lanka, and United Arab Emirates. The move promotes a globally interoperable payment network and cross-border digital transactions.