Business, Economy & Banking Current Affairs MCQs

Notes:
RBI proposed the Reserve Bank Climate Risk Information System (RB-CRIS) to bridge gaps in climate-related data. Current climate data is fragmented, from varied sources, formats, and frequencies. RB-CRIS will have two parts: a public web directory of data sources and a data portal with standardized datasets. RBI will launch RB-CRIS in phases, starting with the directory, followed by the portal for regulated entities. Regulated entities must assess climate risks to ensure financial stability. RBI’s draft guidelines require disclosures on governance, strategy, risk management, and metrics related to climate risks.

Notes:
The Anusandhan National Research Foundation (ANRF) launched the MAHA-EV Mission to advance electric vehicle (EV) technology. It aims to reduce import dependency, boost domestic innovation, and make India a global leader in the EV sector. The mission is part of ANRF’s program to tackle critical scientific challenges through collaboration. Focus areas include Tropical EV Batteries, Power Electronics, Machines and Drives (PEMD), and EV Charging Infrastructure. It will enhance India’s capability in EV component design and development. The mission supports global competitiveness, innovation, and promotes a greener, sustainable future with electric mobility.

Notes:
The Union Minister of Consumer Affairs launched the FCI Grievance Redressal System (FCI GRS) app for rice millers. The app enables rice millers to efficiently and transparently address grievances with the FCI. It is part of the government’s initiative to use technology for better governance. The app allows millers to easily lodge complaints, track status, and receive responses digitally, enhancing responsiveness and accountability.

Notes:
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%.

Notes:
The Ministry of Social Justice and Empowerment launched ‘TULIP,’ a digital platform for marginalized artisans at the Shilp Samagam Mela 2024 in New Delhi. The TULIP (Traditional Artisans’ Upliftment Livelihood Programme) aims to provide marginalized artisans, including those from Scheduled Castes, Other Backward Classes, and persons with disabilities, with a digital platform for global exposure and sales. The program is part of broader efforts to economically empower targeted communities through financial assistance and skill training.

Notes:
Bibek Debroy, who passed away recently, was deeply interested in railways. His 2015 report on Railway Reforms led to a proposed overhaul of Indian Railways for better operational viability. Some recommendations have been implemented, like merging the Rail Budget, renaming Railway Board Chairman to CEO, and giving more authority to General Managers (GMs) and Divisional Railway Managers (DRMs). However, the key recommendation for liberalization of Indian Railways is yet to be implemented. His committee also emphasized empowering field officers and integrating technology, which is being executed with Vande Bharat Trains and KAVACH systems.

Notes:
Union Finance Minister Nirmala Sitharaman launched the National MSME Cluster Outreach Programme. The program is a joint effort by the Department of Financial Services and SIDBI. It aims to support Micro, Small, and Medium Enterprises (MSMEs) across India. The initiative will enhance financial access and resources for MSMEs, fostering their growth. The program also seeks to strengthen MSME clusters and address their specific needs.

Notes:
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.

Notes:
New Zealand has been recognized as the ‘most sustainable trade economy’ for the third consecutive edition of the Sustainable Trade Index 2024. This index evaluates global economies based on their economic growth, societal advancement, and environmental resilience. The report emphasizes the importance of building resilience in trade systems, especially in the context of post-pandemic recovery and ongoing global challenges such as climate change and geopolitical tensions.

Notes:
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.