Business, Economy & Banking Current Affairs MCQs

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The Ministry of New and Renewable Energy issued guidelines for funding under the National Green Hydrogen Mission, approved by the Union Cabinet on January 4, 2023. The mission aims to make India a global hub for producing, utilizing, and exporting green hydrogen. Key components include financial incentives for domestic electrolyser manufacturing and green hydrogen production, pilot projects, development of Green Hydrogen Hubs, the Strategic Hydrogen Innovation Partnership (SHIP) for R&D, and a coordinated skill development program.

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The Government of India recently mandated that stainless steel and aluminum utensils must adhere to Bureau of Indian Standards (BIS) specifications. This move aims to improve kitchen safety, quality, and efficiency. Issued by the Department for Promotion of Industry and Internal Trade (DPIIT) on March 14, 2024, the Quality Control Order requires the ISI mark on these utensils, with non-compliance subject to penalties.

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The Reserve Bank’s Financial Inclusion (FI) Index rose to 64.2 in March 2024, up from 60.1 in March 2023, indicating growth in financial inclusion across India. The index ranges from 0 (complete exclusion) to 100 (full inclusion) and comprises three parameters: access (35%), usage (45%), and quality (20%). The improvement was mainly driven by the usage dimension. The quality parameter uniquely captures aspects like financial literacy and consumer protection.

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The World Bank approved a $1.5 billion loan to India for developing its low-carbon energy sector, following a similar loan in 2023. The low-carbon energy sector includes fuels like hydrogen and biofuels, which emit less carbon than fossil fuels. India aims for net-zero carbon emissions by 2070, supported by initiatives like the National Green Hydrogen Mission, which uses renewable energy for hydrogen production.

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NABARD recently announced the Agri-SURE fund to support start-ups and rural enterprises in agriculture. The ₹750 crore fund, with contributions from NABARD, the Ministry of Agriculture, and other institutions, will back 85 agri start-ups with investments up to ₹25 crore each. Agri-SURE focuses on innovation, technology, enhancing the value chain, creating rural linkages, generating employment, and supporting Farmers Producer Organisations. NABVENTURES will manage the fund.

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India aims to achieve $500 billion in electronics manufacturing by 2030, targeting $350 billion from finished goods and $150 billion from components. The NITI Aayog report, launched by Vice Chairman Suman Bery, analyzes the sector’s growth and challenges, highlighting a rise from $48 billion in 2017 to $101 billion in 2023, largely due to mobile phone manufacturing. The report outlines interventions needed for India to become a global electronics manufacturing hub.

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The Union Budget 2024-25 proposes creating twelve industrial parks under the National Industrial Corridor Development Programme. The government will develop investment-ready industrial parks in or near 100 cities, partnering with states and the private sector. Industrial parks, like Andhra Pradesh’s Sri City SEZ, foster employment, shared infrastructure, enhanced productivity, and attract Foreign Direct Investment, expanding manufacturing activity.

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The Small Industries Development Bank of India (SIDBI) received $215.6 million from the Green Climate Fund (GCF) for financing mitigation and adaptation projects (FMAP). The GCF, the world’s largest dedicated climate fund, was established at COP 16 in 2010 and operates under the UNFCCC. It supports transformative climate action in developing countries using flexible financing solutions. The FMAP will provide nearly 10,000 concessional loans to MSMEs for low-emission, climate-resilient technologies, aiming to reduce greenhouse gas emissions by 35.3 million tonnes. This is SIDBI’s second GCF-approved project, following the Avaana Sustainability Fund.

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According to the WTO’s “World Tariff Profiles” Report, 2024, India is the second-largest user of Non-Tariff Measures (NTMs) in 2023. NTMs are policy measures other than ordinary customs tariffs that can impact international trade in goods by changing quantities traded, prices, or both. Examples include quotas, price controls, Sanitary and Phytosanitary measures, and Technical Barriers to Trade. While many NTMs aim to protect public health or the environment, they also affect trade through information, compliance, and procedural costs.

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Haryana’s Chief Minister announced the state’s procurement of all crops at Minimum Support Price (MSP), making it the first in India to do so. Additionally, he waived Rs 133 crore in irrigation charges and promised Rs 137 crore in pending compensation for crop damage due to natural calamities. MSP, recommended by the Commission for Agricultural Costs and Prices (CACP), ensures fair prices for farmers and promotes crop diversification.