Business, Economy & Banking Current Affairs MCQs

Notes:
The Finance Ministry launched BAANKNET, a revamped e-auction portal, to streamline the auction of banks’ assets. It replaces e-BKray (launched in February 2019) and enhances transparency in disposing of non-performing assets (NPAs). BAANKNET integrates automated KYC, secure payment gateways, and verified property titles. 12 public sector banks and the Insolvency and Bankruptcy Board of India (IBBI) use BAANKNET for property auctions.

Notes:
As per the Indian Tea Board, India became the world’s second-largest tea exporter in 2024, surpassing Sri Lanka. It exported a record 255 million kg of tea, a 10% increase from 231.69 million kg in 2023. Kenya remains the top tea exporter globally. India exports tea to over 25 countries, with major markets including the UAE, Iraq, Iran, Russia, the USA, and the UK. Assam, Darjeeling, and Nilgiri teas are among the finest in the world. Black tea dominates exports at 96%. The Tea Board of India is promoting production, branding, and welfare of tea-growing families.

Notes:
The Minister of State for Heavy Industries and Steel informed Parliament about four Smart Advanced Manufacturing and Rapid Transformation Hub (SAMARTH) Centres. These centres were established under the Scheme for Enhancement of Competitiveness in the Indian Capital Goods Sector. SAMARTH Udyog Bharat 4.0 is an Industry 4.0 initiative by the Ministry of Heavy Industry and Public Enterprises. Industry 4.0 involves digital technologies like Artificial Intelligence (AI), Internet of Things (IoT), and robotics to improve efficiency and decision-making. These centres assist industries, including Micro, Small, and Medium Enterprises (MSMEs), by training the workforce through workshops, consultancy, and incubation support for startups.

Notes:
Pakistan has reportedly found a huge deposit of antimony in Balochistan, a region troubled by conflict. Antimony is a chemical element with the symbol Sb and atomic number 51, and it is a metalloid that is solid at room temperature. It has poor conductivity of heat and electricity and comes in forms like ingots, granules, or cast pieces. Its main ore is stibnite, and it is also found as a byproduct in lead-zinc-silver mines. China is the world’s largest producer of the chemical element antimony. China produces 88% of the world’s antimony, followed by Bolivia, Russia, and Tajikistan. It is used in electronics, batteries, bullets, flame-retardants, and glassware.

Notes:
The Ministry of Finance is launching the One State-One Regional Rural Bank (RRB) policy to improve efficiency and cut costs by reducing RRBs from 43 to 28. This is part of the fourth phase of RRB consolidation, with 15 RRBs set to be merged across several states. Andhra Pradesh, with four RRBs, will see major restructuring, while Uttar Pradesh and West Bengal, each with three RRBs, will also undergo consolidation. States like Bihar, Gujarat, Jammu and Kashmir, Karnataka, Madhya Pradesh, Maharashtra, Odisha, and Rajasthan, each having two RRBs, will see mergers. RRBs were created under the Regional Rural Bank Act, 1976 to support rural credit for farmers, artisans, and workers.

Notes:
Ministry of Statistics and Programme Implementation (MOSPI) launched a new Microdata Portal during the State Government Ministers’ Conference to improve data access and user experience. The portal, built with help from the World Bank Technology Team, uses a modern and secure technology stack. It stores national survey and economic census data and removes old technical issues. National Statistical System Training Academy (NSSTA) website was also launched to help with training information. MOSPI also showed a Proof of Concept (PoC) for an Artificial Intelligence/Machine Learning (AI/ML) based tool to simplify National Industrial Classification (NIC) code search using natural language queries. These steps highlight MOSPI’s efforts to use technology for better data, planning, and achieving the vision of Viksit Bharat (Developed India).

Notes:
India became the third-largest producer of electricity from wind and solar energy in 2024, overtaking Germany, as per Ember’s Global Electricity Review. Wind and solar generated 10% of India’s electricity in 2024, and 15% globally. Clean energy sources like renewables and nuclear power made up 40.9% of global electricity – the highest since the 1940s. India added 24 gigawatts (GW) of solar in 2024, becoming the third-largest market after China and the US. Solar power contributed 7% of India’s electricity, doubling since 2021. India aims for 50% of installed power capacity from non-fossil sources by 2030 under its Nationally Determined Contributions (NDCs) to the United Nations Framework Convention on Climate Change (UNFCCC). India also targets 500 GW of non-fossil fuel capacity by 2030, but needs 20% more annual funding to meet it, according to Ember.

Notes:
The Ministry of Skill Development and Entrepreneurship (MSDE) has joined hands with the World Economic Forum (WEF) to launch the India Skills Accelerator initiative. India Skills Accelerator is a national public-private platform to boost innovation and solutions across different sectors in skill development. It aims to bring change by increasing awareness on future skill needs, promoting collaboration and knowledge sharing, and reforming institutions and policies for a more flexible skilling system. The focus is on inclusive upskilling, investing in lifelong learning, and matching training with high-growth sectors like Artificial Intelligence (AI), robotics, and clean energy.

Notes:
The Investor Education and Protection Fund Authority (IEPFA) under the Ministry of Corporate Affairs and India Post Payments Bank (IPPB) under the Department of Posts signed a Memorandum of Agreement (MoA) to launch Phase 2 of the “Niveshak Didi” initiative. “Niveshak Didi” trains women postal workers and community leaders as financial educators to improve financial literacy in rural and underserved areas. In Phase 1, over 55,000 people benefited from IPPB Financial Literacy Camps, with around 60% being women, mostly young and economically active from deep rural areas. Phase 2 will include 4,000 new camps led by 40,000 trained women promoting responsible investing, savings, digital banking, and fraud awareness.

Notes:
The Government of India launched the National Critical Mineral Mission (NCMM) in 2025 to reduce import dependence and promote self-reliance in critical minerals. The mission supports India’s clean energy goals by ensuring a steady supply of key raw materials. Critical minerals are important for making modern technologies like batteries, electronics, and renewable energy systems. These minerals are also vital for national security and economic development. They are called “critical” because their supply is limited or controlled by few countries, creating risks. Their importance can change over time based on new technologies and global supply-demand shifts.