Business, Economy & Banking Current Affairs MCQs

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Union Minister for MSME, Shri Jitan Ram Manjhi, inaugurated the Centre for Rural Enterprise Acceleration through Technology (CREATE) in Leh virtually. The event was attended by key dignitaries including the Minister of State for MSME and the Lieutenant Governor of UT-Ladakh. The Chairman of KVIC, officials from the Ministry of MSME, UT-Ladakh, KVIC, and MGIRI also participated. Around 200 local artisans were present at the event.

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India’s first CO2-to-Methanol Pilot Plant was introduced in Pune, Maharashtra, with a capacity of 1.4 tons per day under a Public-Private Partnership supported by the Department of Science and Technology. CO2-to-methanol conversion captures carbon emissions from industrial sources like power plants or directly from the air. The captured CO2 is reacted with hydrogen to produce methanol. This technology helps reduce greenhouse gas emissions and provides a sustainable fuel source. The plant marks a significant step in advancing indigenous Carbon Capture and Utilisation (CCU) technologies, aligning with India’s Panchamrit climate goals.

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Operation Flood, launched in 1970, was pivotal in establishing India’s dairy sector, leading to the White Revolution. This initiative aimed to increase milk production and improve rural livelihoods through cooperative societies. As a result, India became the world’s largest milk producer, with a daily procurement target set to rise significantly by 2028-29. The government is now focusing on “White Revolution 2.0” to enhance cooperative coverage and empower dairy farmers, particularly women, while generating employment in the sector.

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India has become the world’s third largest producer and consumer of ethanol, primarily derived from sugarcane. The Food and Public Distribution Minister, Pralhad Joshi, highlighted that sugarcane cultivation increased by 18% over the last decade, contributing to a 40% rise in sugar production. The government’s support through Minimum Support Price has improved farmers’ income, positioning them as vital contributors to the renewable energy landscape, alongside initiatives like the national green hydrogen mission aimed at boosting India’s energy independence.

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The fiscal deficit for India in the 2024-25 financial year is projected to be 4.9% of the GDP, a reduction from 5.6% in 2023-24. The government aims to contain the fiscal deficit at ₹16,13,312 crore, emphasizing the gap between revenue and expenditure. The fiscal deficit is crucial for understanding the government’s borrowing needs and overall economic health, as it reflects the difference between total expenditure and total revenue.

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A National Level Multi-Stakeholder Consultative Workshop on Sustainable Oil Palm Cultivation under the NMEO-OP was recently held. The workshop focused on enhancing oil palm cultivation and production of crude palm oil in India. It involved various stakeholders to discuss sustainable practices and strategies for implementing the National Mission on Edible Oils-Oil Palm (NMEO-OP). NMEO-OP was launched by India in August 2021 to boost oil palm cultivation and crude palm oil production. It focuses on the Northeast region and Andaman and Nicobar Islands. The scheme has a financial outlay of Rs 11,040 crore, with Rs 8,844 crore from the central government. It aims to increase oil palm cultivation from 3.5 lakh hectares to 10 lakh hectares by 2025-26 and crude palm oil production to 11.20 lakh tonnes.

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A study by scientists from the Birbal Sahni Institute of Palaeosciences in Lucknow found significant potential for hydrocarbon generation in the eastern South Karanpura coalfield in Jharkhand. The research used microscopic palynomorph analysis and geochemical assessments, showing the eastern Sirka coalfield has more hydrocarbon potential than the Giddi coalfield. The South Karanpura coalfield has 28 major coal blocks and is vital for India’s energy sector. There is growing interest in exploring unconventional hydrocarbon resources like coal bed methane and shale gas due to increasing energy demands and the shift toward green energy.

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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.

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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.

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The ‘EV as a Service’ program, initiated by Convergence Energy Services Limited (CESL). The programme aims to deploy 5,000 electric cars across government ministries, departments, CPSEs, and institutions in the next two years. It allows flexible procurement of different EV models based on operational needs, promoting environmental sustainability. CESL has already deployed nearly 2,000 EVs and is working on 17,000 E-Buses. The initiative supports India’s net-zero emission target by 2070, reducing carbon emissions, fossil fuel reliance, and enhancing energy security.