Business, Economy & Banking Current Affairs MCQs

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The ‘eShram-One Stop Solution’ is designed to facilitate access to various government schemes for unorganized workers in India. Launched by Union Labour Minister Mansukh Mandaviya, this initiative integrates information from multiple social security and welfare schemes into a single platform. Since the launch of the e-Shram portal in August 2021, over 30 crore unorganized workers have registered, enhancing their awareness and access to support programs.

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Prime Minister Modi and Spanish PM Pedro Sanchez inaugurated the Tata Aircraft Complex in Vadodara, Gujarat. It is India’s first private military aircraft production facility. The complex will manufacture C295 aircraft, enhancing India-Spain relations and supporting ‘Make in India, Make for the World.’ The Airbus C295, originally designed by Spanish company CASA, is a medium tactical transport aircraft also suited for medical evacuations, disaster response, and maritime patrol.

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NTPC has created a catalyst to produce methanol from gases emitted by fossil-fired power plants. This development was achieved in collaboration with the Indian Institute of Petroleum. CO2 mitigation is a major challenge for fossil-fired power plants. The focus is on capturing CO2 from flue gas and converting it into valuable fuels and chemicals. The catalyst produces methanol with a purity of over 99%.

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IDFC FIRST Bank, in partnership with Swift, has launched a real-time tracking service for international money transfers. It is the first Indian bank to provide end-to-end traceability for cross-border payments. Available on the bank’s mobile app and internet banking, this service supports the “Customer First” approach. The Swift GPI integration lets users track the status of funds, from in-transit to credited stages. It also alerts users to issues like missing recipient information, enabling quick corrections. This innovation brings the speed and transparency of UPI and IMPS payments to international transactions.

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BSNL launched India’s first direct-to-device satellite internet service, aiming to bridge the digital divide in remote areas. The service provides high-speed internet without the need for traditional infrastructure, using advanced satellite technology. The launch allows users to make emergency calls, send SOS messages, and make UPI payments when there’s no cellular or Wi-Fi network. The satellite service offers wide coverage, reliable connectivity, and is designed to function in all weather conditions.

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The Chennai-Vladivostok Eastern Maritime Corridor (EMC) is now operational, transporting oil, food, and machinery. The EMC links Russia’s east coast with South India, reducing cargo transit time by up to 16 days and distance by 40%. The current Mumbai-St. Petersburg route spans 8,675 nautical miles, taking about 40 days. The Chennai-Vladivostok route is only 5,647 nautical miles, saving 5,608 km and reducing logistical costs. The EMC passes through key seas and straits, including the Sea of Japan and Malacca Straits, with port options in major cities like Shanghai, Singapore, and Colombo.

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India is projected to lead the G20 in 2024 with a 7% GDP growth rate, reflecting its robust and fast-growing economy. Indonesia ranks second with 5%, followed by China at 4.8%. Russia (3.6%) and Brazil (3%) rank fourth and fifth, with the African region also at 3%. The US is at 2.8%, while Canada (1.3%) and Australia (1.2%) show slower growth. France, the EU, and the UK are at 1.1%, Italy at 0.7%, and Japan at 0.3%. Germany has zero growth, the lowest among advanced countries. The G20 Summit in Brazil focuses on hunger, poverty, inequality, sustainable development, and governance reforms.

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Around 500 miners protested against the privatization of the Cayirhan coal mine and power plant near Ankara, Turkey. The Cayirhan mine is located in Ankara Province, Turkey and produces lignite, a low-grade coal. It supplies the nearby 620 MW Cayirhan coal-fired power station. The mine is vital for Turkey’s energy production and local employment. Proposed extensions have raised concerns over inefficiency, pollution, and environmental impact.

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The Department of Consumer Affairs has successfully implemented the E-Daakhil portal nationwide, now operational in all States and Union Territories. It was launched in 2020 by the National Consumer Dispute Redressal Commission. The portal offers a low-cost, quick, and hassle-free way to file consumer complaints. It allows consumers to file complaints, track case progress, and make payments online, eliminating the need for physical presence. The platform is user-friendly, accessible across India, and supports both consumers and advocates in filing complaints securely via OTP or activation link. E-Daakhil ensures a transparent, paperless grievance redressal process.

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The government has abolished windfall tax on crude oil, aviation turbine fuel (ATF), petrol, and diesel exports. Windfall tax targets industries earning unusually high profits due to favorable economic conditions. India introduced a windfall tax on domestic crude oil production in July 2022 after global crude prices surged. Such taxes are used to fund public projects, reduce deficits, or redistribute wealth.