Business, Economy & Banking Current Affairs MCQs

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The National Highways Authority of India (NHAI) has introduced ‘Rajmarg Saathi’, advanced Route Patrolling Vehicles (RPVs) aimed at enhancing road safety and incident management on national highways. Equipped with AI video analytics, these vehicles monitor highway conditions and respond to emergencies. The RPVs will replace vehicles after 300,000 km or three years of operation, ensuring optimal service. This initiative reflects NHAI’s commitment to improving traffic flow and safety for road users across the country.

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India leads globally in remittances for 2024, with an estimated inflow of $129 billion, followed by Mexico, China, the Philippines, and Pakistan. Remittances to low- and middle-income countries (LMICs) are projected at $685 billion in 2024, with South Asia seeing an 11.8% growth. Remittance growth in 2024 is estimated at 5.8%, up from 1.2% in 2023, outpacing financial flows like Foreign Direct Investment (FDI). FDI has declined by 41% over a decade, while remittances rose by 57%, driven by job market recovery in high-income countries like the U.S. Remittances provide crucial financial support to families globally.

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The 55th GST Council meeting took place in Jaisalmer, Rajasthan, with key decisions made to improve tax rates, trade, and compliance. GST exemptions: Gene therapy and contributions by insurance companies for the Motor Vehicle Accident Fund. GST on Fortified Rice Kernel (FRK) reduced to 5%. GST is not applicable on pepper and raisins when supplied by an agriculturist. Caramel popcorn will attract 18% GST. The GST Council is a constitutional body responsible for recommending GST implementation policies in India.

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The Indian Council for Research on International Economic Relations (ICRIER) studied challenges faced by India’s Farmer Producer Organisations (FPOs) and suggested reforms. FPOs are organisations formed, owned, and operated by farmers to represent producers of goods like agriculture, non-farm items, and artisan products. These organisations can be structured as producer companies, cooperatives, or other entities that ensure shared profits and benefits. The Small Farmers’ Agribusiness Consortium (SFAC) promotes FPOs across India. FPOs operate on principles of shared decision-making and ownership to benefit their farmer members.

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The government has initiated a review of the Wholesale Price Index (WPI) to update its base year from 2011-12 to 2022-23. This change aims to reflect structural economic changes and enhance the accuracy of inflation measurement and GDP calculations. The 18-member committee, led by NITI Aayog member Ramesh Chand, will also explore transitioning to a Producer Price Index (PPI) to include services, which constitute over half of India’s economic output, thus aligning with international practices.

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IIT Madras is collaborating with the Ministry of Agriculture on Project VISTAAR to enhance agricultural extension through digitalization. Project VISTAAR (Virtually Integrated System to Access Agricultural Resources) aims to strengthen the agricultural extension system. The project highlights opportunities for start-ups to innovate and improve agriculture and allied sectors. Start-ups can help farmers with technologies for better productivity and market information. IIT Madras’ Centre for Research on Start-ups developed a platform with data on 12,000 agriculture-related start-ups. The MoU enables farmers and stakeholders to access start-up capabilities and improve agricultural efficiency.

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The Prime Minister emphasized Open Network for Digital Commerce (ONDC’s) role in empowering small businesses and transforming e-commerce. ONDC was launched in 2022 by Department for Promotion of Industry and Internal Trade (DPIIT) under the Ministry of Commerce. It aims to provide equal opportunities for MSMEs in digital commerce and democratize the e-commerce sector. ONDC promotes open networks for exchanging goods and services through digital platforms. Partners like Paytm, Meesho, Magicpin, Mystore, Craftsvilla, and Spice Money enable users to order food or products from businesses listed on the ONDC platform.

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India has the third-largest operational metro rail network globally, after China and the USA. India’s metro network serves over 1 crore passengers daily, surpassing Japan in metro projects by 2022. Metro development in India began in 1969 with the Metropolitan Transport Project. PM Modi launched metro projects worth over ₹12,200 crore in Delhi on January 5.

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India’s GDP is projected to grow by 6.4% in FY 2024-25, a decline from 8.2% in FY 2023-24. This marks the lowest growth rate in four years, indicating a slowdown in economic performance. The Ministry of Statistics & Programme Implementation (MoSPI) provides these estimates, which also highlight a marginal increase in nominal GDP to 9.7%. The decline in growth reflects challenges in various sectors, including agriculture, construction, and services, impacting overall economic health.

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The Ministry of Commerce & Industry launched the 8th edition of the National Programme for Organic Production (NPOP) to promote ease of operations and transparency for stakeholders, including farmers. Agricultural and Processed Food Products Export Development Authority (APEDA) implements NPOP to strengthen India’s organic certification system. The event unveiled key portals, including NPOP, Organic Promotion Portal, TraceNet 2.0, revamped APEDA, and AgriXchange, for improving operations, traceability, and market access.