Business, Economy & Banking Current Affairs MCQs

Notes:
India has become the third-largest vehicle manufacturer in the world as per Union Minister for Road Transport and Highways. This was highlighted at the 4th International Bioenergy Biofuels Biomass (BBB) Summit and Expo on Bioenergy Value Chain held in New Delhi. The growing demand for various types of vehicles is increasing fossil fuel consumption. There is a strong push to reduce fuel imports and increase exports to strengthen the economy. The summit also focused on promoting technologies that use the country’s biomass resources for energy.

Notes:
The Investor Education and Protection Fund Authority (IEPFA) and the Securities and Exchange Board of India (SEBI) launched the “Niveshak Shivir” initiative to help investors reclaim unclaimed dividends and shares. This nationwide program offers direct support to investors, making it easier to recover unclaimed assets. IEPFA provides a digital tool for tracking shares and filing claims. The initiative includes on-ground helpdesks for investors to interact with company representatives. It aims to reduce reliance on intermediaries, increase transparency, and improve financial literacy. The program also speeds up the resolution of investor grievances.

Notes:
Goods and Services Tax (GST) was introduced on July 1, 2017, to simplify and unify India’s complex tax system. It merged multiple central and state taxes into a single tax, making compliance easier and improving transparency. In 2024, India’s total GST revenue collection reached ₹21.36 lakh crore, the highest since the GST launch, showing an 8.86% rise from the previous year. In April 2025, gross GST revenue was ₹2.36 lakh crore, marking a 12.6% year-on-year growth, as per the Ministry of Finance. Maharashtra topped GST collections for FY 2024 and April 2025 but saw slower growth at 11% in April. Gujarat showed the highest growth, with a 13% rise and ₹14,970 crore collection in April 2025. Gujarat’s total GST revenue for FY 2024–25 stood at ₹1.74 lakh crore, the highest ever, according to GST Council data shared via Forbes.

Notes:
The Department of Financial Services (DFS) under the Ministry of Finance recently held a colloquium in New Delhi with heads of Debt Recovery Appellate Tribunals (DRATs) and Debt Recovery Tribunals (DRTs). Debt Recovery Tribunals (DRTs) are special courts set up under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993. They mainly handle loan default cases involving amounts above ₹20 lakh from banks and financial institutions. DRTs also hear Securitisation Applications (SAs) under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002. India currently has 39 DRTs, each led by a Presiding Officer.

Notes:
Recently, the Minister of State for Commerce and Industry inaugurated the new unified headquarters of the Quality Council of India (QCI) at the World Trade Centre in New Delhi. The Quality Council of India (QCI) is a non-profit autonomous organisation registered under the Societies Registration Act XXI of 1860. It was set up in 1997 by the Government of India along with Indian industry associations like the Associated Chambers of Commerce and Industry of India (ASSOCHAM), Confederation of Indian Industry (CII), and Federation of Indian Chambers of Commerce and Industry (FICCI). Mr. Ratan Tata was the first Chairman of QCI. QCI functions under the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry. It serves as the national accreditation body of India.

Notes:
Recently, the Delhi Power Minister inaugurated a 20-Megawatt (MW) Battery Energy Storage System (BESS) at Kilokari in South Delhi. Battery Energy Storage Systems (BESS) are large-scale batteries that store energy from sources like solar and wind for later use. They help make green energy more dependable by storing power and feeding extra electricity back to the main grid. This Delhi BESS is South Asia’s largest utility-scale system and India’s first commercially approved energy storage system. It has a total storage capacity of 40 Megawatt-hours (MWh). It uses Lithium Iron Phosphate (LFP) technology, which is safe, stable, and works well in Delhi’s climate.

Notes:
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.

Notes:
Flipkart has become the first major Indian e-commerce company to receive a Non-Banking Financial Company (NBFC) licence from the Reserve Bank of India (RBI). This marks the first time RBI has allowed a large e-commerce platform to operate its own NBFC. Unlike traditional NBFCs, Flipkart can lend money directly but cannot accept public deposits. Earlier, most e-commerce platforms offered loans through partnerships with banks or NBFCs. With this licence, Flipkart can now lend independently, which offers better control and higher profits. This development highlights RBI’s evolving regulatory stance on digital commerce and fintech integration.

Notes:
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.

Notes:
The World Bank has projected India’s economic growth at 6.3% for the Financial Year (FY) 2025-26 in its latest Global Economic Prospects report. India is expected to maintain the fastest growth rate among the world’s largest economies. Growth in FY 2024-25 slowed due to a drop in industrial output, but construction and services sectors remained steady. Agricultural output recovered from severe drought conditions, supported by strong rural demand. Growth is expected to rise to an average of 6.6% in FY 2026-27 and FY 2027-28, helped by strong services and export growth.