Business, Economy & Banking Current Affairs MCQs

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Recently, economist S Mahendra Dev has been appointed as the new Chairman of the Economic Advisory Council to the Prime Minister (EAC-PM), replacing Suman Bery. He resigned as independent director from Axis Bank after his appointment. The Economic Advisory Council to the Prime Minister (EAC-PM) is an independent body that advises the Prime Minister on economic and related matters. Its functions include analyzing economic issues, giving macroeconomic advice, and taking up tasks assigned by the Prime Minister.

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The Reserve Bank of India (RBI) released its latest Urban Consumer Confidence Survey (UCCS) in May 2025. The UCCS showed that urban consumers had stable views about the current economic situation but were hopeful about the future. The UCCS is a bi-monthly survey by RBI to study urban household opinions on economy, employment, income, inflation, and spending. In May 2025, the survey covered 6,090 people from 19 cities. For the first time, RBI renamed it as UCCS, to separate it from the new Rural Consumer Confidence Survey.

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The Union Finance Minister recently chaired the 6th meeting of the Governing Council of the National Investment and Infrastructure Fund (NIIF) in New Delhi to review fund performance, strategic partnerships, and new fund launches. The National Investment and Infrastructure Fund (NIIF) is a government-anchored investment platform that mobilizes long-term capital for infrastructure and key sectors in India. NIIF was announced in the Union Budget 2015–16 and established in 2015. Its headquarters is in Mumbai, Maharashtra.

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The Finance Minister recently chaired the 29th meeting of the Financial Stability and Development Council (FSDC). FSDC is a top-level non-statutory body formed by the Government of India in December 2010. Its main aim is to ensure financial stability and promote development in the financial sector. The council is chaired by the Union Finance Minister and includes key members like the Governor of Reserve Bank of India (RBI), Finance Secretary, and heads of regulatory bodies like Securities and Exchange Board of India (SEBI), Insurance Regulatory and Development Authority of India (IRDAI), and Pension Fund Regulatory and Development Authority (PFRDA).

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On 15th June 2025, Union Minister of Commerce and Industry Shri Piyush Goyal chaired a review meeting at the Tobacco Board, Guntur, Andhra Pradesh. The meeting assessed the progress of industrial nodes led by the National Industrial Corridor Development Corporation (NICDC) in the state. National Industrial Corridor Development Corporation (NICDC) is a Government of India initiative under the Ministry of Commerce and Industry. It aims to develop smart industrial cities to boost manufacturing, investment, jobs, and India’s global competitiveness.

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Recently, Indian Farmers Fertilizer Cooperative Limited (IFFCO) announced plans to set up its first overseas nano fertiliser plant in Brazil. IFFCO had earlier launched the world’s first Nano Liquid Urea in 2021 and Nano Di-Ammonium Phosphate (Nano-DAP) in 2023. Nano fertilizers are plant nutrients enclosed in nanomaterials that are 100 nanometres or smaller in size. These fertilizers allow controlled release and slow diffusion of nutrients into the soil.

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Recently, India’s coffee exports reached 1.8 billion, marking a 125 percent rise over the last 11 years due to efforts by the Coffee Board of India. In 2014–15, exports were valued at over 800 million, rising to 1.14 billion in 2022–23 and 1.28 billion in 2023–24. Europe is the top buyer of Indian coffee, with major importers including Italy, Germany, Belgium, Middle East countries, Korea, and Japan. The main coffee-producing states are Karnataka, Kerala, and Tamil Nadu. India ranks seventh in global coffee production with a 3.5 percent share and fifth in exports with a 5 percent share.

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The Ministry of Statistics and Programme Implementation (MoSPI) will conduct India’s first-ever Household Income Survey in 2026, as announced recently. A Technical Expert Group (TEG) led by economist Surjit Bhalla has been formed to guide survey methods, estimation techniques, and best global practices. The survey will measure household income and assess how technology adoption affects wages, aiming to fill key data gaps. Past attempts since the 1950s failed due to unreliable data, with income estimates often lower than consumption and savings combined.

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Recently, the Reserve Bank of India (RBI) involved major public and private sector banks to develop the Digital Payment Intelligence Platform (DPIP) as a Digital Public Infrastructure (DPI). The Digital Payment Intelligence Platform (DPIP) is an initiative of the Reserve Bank of India (RBI). It aims to improve fraud risk management by allowing real-time sharing and collection of intelligence to stop fraudulent digital transactions. The Reserve Bank Innovation Hub (RBIH) is building a prototype with 5–10 banks. DPIP will use advanced technologies to control payment-related frauds.

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Recently, the Union Minister of Ports, Shipping and Waterways (MoPSW), Sarbananda Sonowal, launched Sagarmala Finance Corporation Limited (SMFCL), India’s first Non-Banking Financial Company (NBFC) for the maritime sector. SMFCL was earlier known as Sagarmala Development Company Limited. It was formally registered with the Reserve Bank of India (RBI) on June 19, 2025. SMFCL aims to bridge financing gaps and provide sector-specific funding to ports, shipping companies, Micro Small and Medium Enterprises (MSMEs), startups, and maritime institutes.