Business, Economy & Banking Current Affairs MCQs

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World Coconut Day is observed every year on September 2nd to highlight the importance of coconuts. It aims to raise awareness about various uses of coconuts and promote sustainable farming practices. The theme for World Coconut Day 2024 is “Coconut for a Circular Economy: Building Partnership for Maximum Value.” The day was first celebrated in 2009, initiated by the International Coconut Community (ICC), a UNESCAP intergovernmental body. The ICC includes 21 coconut-producing countries, with India as a founding member. The ICC’s headquarters is located in Jakarta, Indonesia, and it was known as the Asian and Pacific Coconut Community until 2018.

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The government is set to launch the ‘INDIAsize’ initiative to establish standardized body measurements suited for Indian body types. Currently, international and domestic brands in India use US and UK size charts, which differ from Indian body structures, causing fitting issues. INDIAsize, led by the Ministry of Textiles, aims to resolve these disparities by creating standard sizes for Indian consumers. The project will collect data from 25,000 Indians aged 15 to 65 using 3D body scanning technology. This size chart will help brands produce better-fitting garments, balancing demand and supply for well-fitted clothes in India.

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Indian merchandise exports may improve in the second half of the year due to an upturn in global trade, as indicated by the WTO Goods Trade Barometer. The Goods Trade Barometer, formerly known as the World Trade Outlook Indicator, is developed by the World Trade Organization. It provides real-time insights into world trade trends and predicts changes in trade growth 2-3 months ahead. The Barometer combines various trade indices into a composite index, signaling turning points in global trade. A reading of 100 shows trade growth in line with trends; above 100 indicates growth, while below 100 suggests a slowdown.

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India has surpassed China in the MSCI Emerging Markets Investable Market Index (IMI), becoming the largest country by weight for the first time. The MSCI Emerging Markets Investable Market Index (IMI) includes large, mid, and small cap stocks from 24 emerging markets. With 3,355 companies, the IMI covers about 99% of the free float-adjusted market capitalization in these countries.

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The Chief Economic Adviser (CEA) warned that financialisation could affect India’s macroeconomic outcomes. Financialisation refers to the growing size and influence of the financial sector in a country’s economy. It involves financial markets, institutions, and elites gaining control over economic policies and outcomes. The shift is from traditional industries like manufacturing to financial activities such as asset trading and speculation. This process affects both the macro and microeconomy, influencing corporate behavior and policies. Financialisation has also led to higher income growth in the financial sector compared to other sectors.

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The SBI Foundation launched the third edition of its Asha Scholarship Program. It aimed to provide financial support to 10,000 talented students from underprivileged backgrounds. The scholarship offered amounts between Rs 15,000 and Rs 20 lakh. It helped students from Class 6 to postgraduate levels pursue their educational goals. This initiative showed SBI’s commitment to supporting educational opportunities for disadvantaged students across India.

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India’s first CO2-to-Methanol pilot plant with 1.4 TPD capacity launched in Pune. The project is supported by the Department of Science and Technology (DST), Government of India. It is a collaboration between IIT Delhi and Thermax Limited under a Public-Private Partnership (PPP). The plant aims to advance Carbon Capture and Utilisation (CCU) technologies, aligning with India’s climate goals from COP 26. NITI Aayog and the Ministry of Petroleum are working on a policy to introduce 15% methanol-blended diesel, reducing crude oil imports. The project cost is approximately Rs. 31 crore.

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India has joined the US-led Minerals Security Finance Network. The initiative is part of the Minerals Security Partnership (MSP) to secure critical mineral supply chains. It promotes cooperation, information exchange, and co-financing among Indo-Pacific and European institutions. The network has 13 member countries and the European Commission, including the US, Australia, Canada, and others. For India, this helps diversify and secure critical minerals from countries like Argentina, Chile, Australia, select African nations, and Kazakhstan. This move strengthens India’s access to vital resources for its growing industries.

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China has restricted the export of antimony citing ‘national security’ concerns. Antimony is a critical mineral, a silvery white, brittle solid that poorly conducts heat and electricity. It is not abundant and occurs in small amounts in over 100 mineral species. China produces 88% of the world’s antimony. Antimony is essential in electronics for semiconductor devices and in plastics as a heat stabilizer. It improves solar panel stability against UV exposure and is used in batteries and flame-retardant materials, paints, and glass.

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The Bureau of Indian Standards (BIS) is developing a National Agriculture Code (NAC) similar to the National Building and Electrical Codes. The NAC will cover the entire agriculture cycle, from crop selection to post-harvest operations. It will have two parts: general principles for all crops and crop-specific standards for paddy, wheat, oilseeds, and pulses. It aims to guide farmers, universities, and officials in agriculture. NAC will address input management, sustainability, natural farming, organic farming, and IoT in agriculture. It will support quality standards, decision-making, and capacity building in Indian agriculture.