Business, Economy & Banking Current Affairs MCQs

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The yen carry trade became notable after the Bank of Japan raised interest rates and cut bond purchases, causing the yen to strengthen. Investors reacted by unwinding their positions to prevent losses, which led to a selloff in US tech stocks and affected global markets, including Asia. A carry trade involves borrowing in a country with low interest rates and investing in assets in a country with higher returns.

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India has exported its first GI-tagged fig juice to Poland, marking a major achievement for Indian agriculture. This follows the export of GI-tagged Purandar figs to Hong Kong. The Purandar Highlands Farmers Producer Company Ltd, with government support, facilitated these exports. This milestone highlights the quality of Indian figs and opens up new opportunities for expanding Indian agricultural products in global markets.

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The Union Finance Minister introduced the Banking Laws (Amendment) Bill, 2024, to transfer unclaimed dividends, shares, and bonds to the Investor Education and Protection Fund (IEPF). The IEPF was established under the Companies Act, 1956, and manages unpaid amounts like dividends, deposits, and debentures unclaimed for seven years. The fund also receives grants and donations and is managed by the Investor Education Protection Fund Authority (IEPFA). IEPFA was established in 2016 under the Companies Act, 2013, and is overseen by the Ministry of Corporate Affairs.

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India aims to blend 20% ethanol with petrol by 2025-26, addressing concerns about fuel efficiency and the food vs. fuel debate. Ethanol, mainly produced from sugarcane molasses, can also come from sources like rice husk and maize, and is considered a renewable fuel. The Ministry of Petroleum and Natural Gas launched the Ethanol Blended Petrol (EBP) Programme in 2003 to promote alternative fuels. The programme, extended to all of India (except some UTs) in 2019, increased ethanol blending from 1.6% in 2013-14 to 11.8% in 2022-23. India plans to produce 1,000 crore litres of ethanol for blending by 2025-26.

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According to the Bureau of Energy Efficiency (BEE), Karnataka leads India with 5,765 public EV charging stations, with 85% (4,462) located in Bengaluru Urban district. This puts Karnataka ahead of Maharashtra, Uttar Pradesh, and Delhi in EV charging infrastructure. Energy Minister K.J. George highlighted Karnataka’s commitment to electric mobility, supported by initiatives like the FAME scheme, BESCOM investments, and public-private partnerships. Karnataka introduced India’s first EV policy in 2017 and plans to develop model EV cities statewide. The 2024 State Budget announced 2,500 new EV charging stations via PPP and ₹35 crore investment for 100 more in collaboration with electricity companies.

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A 2,492-carat diamond, the second-largest ever found, was discovered in the Karowe Diamond Mine in Botswana by Lucara Diamond. This diamond is second only to the 3,106-carat Cullinan Diamond found in South Africa over a century ago. Botswana is a major diamond producer, with the industry contributing 30% of its GDP and 80% of its exports. Advanced X-ray transmission technology was used to unearth the diamond, preserving its size and quality. The diamond still needs to be fully assessed to determine its quality and potential for high-value gems.

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The Union Cabinet recently expanded the Agricultural Infrastructure Fund (AIF). It was launched in 2020. AIF aims to strengthen post-harvest infrastructure, crucial for the agricultural supply chain. The fund focuses on developing facilities that improve productivity, sustainability, and efficiency in agriculture.

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Telangana, Tamil Nadu, and Rajasthan recorded the highest growth in real Gross State Domestic Product (GSDP) in FY24 among the 10 largest states. Telangana, the ninth largest state, grew at 9.2%, reaching ₹7.9 lakh crore, surpassing national GDP growth of 8.2%. Tamil Nadu, the third largest state, saw an 8.2% growth, reaching ₹15.7 lakh crore. Rajasthan, the seventh largest state, grew by 8%. GSDP measures the total value of all goods and services produced within a state’s boundaries in a year. GSDP is crucial for understanding a state’s economic growth and development trends over time.

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Indian merchandise exports may improve in the second half of the year due to an upturn in global trade, as indicated by the WTO Goods Trade Barometer. The Goods Trade Barometer, formerly known as the World Trade Outlook Indicator, is developed by the World Trade Organization. It provides real-time insights into world trade trends and predicts changes in trade growth 2-3 months ahead. The Barometer combines various trade indices into a composite index, signaling turning points in global trade. A reading of 100 shows trade growth in line with trends; above 100 indicates growth, while below 100 suggests a slowdown.

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India’s first CO2-to-Methanol pilot plant with 1.4 TPD capacity launched in Pune. The project is supported by the Department of Science and Technology (DST), Government of India. It is a collaboration between IIT Delhi and Thermax Limited under a Public-Private Partnership (PPP). The plant aims to advance Carbon Capture and Utilisation (CCU) technologies, aligning with India’s climate goals from COP 26. NITI Aayog and the Ministry of Petroleum are working on a policy to introduce 15% methanol-blended diesel, reducing crude oil imports. The project cost is approximately Rs. 31 crore.