Business, Economy & Banking Current Affairs MCQs

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Recently, the International Monetary Fund (IMF) recognized India as a global leader in fast payments through the Unified Payments Interface (UPI). In June 2025, UPI processed ₹24.03 lakh crore via 18.39 billion transactions, marking a 32% year-on-year growth from 13.88 billion transactions in June 2024. UPI now accounts for 85% of all digital transactions in India and nearly 50% of global real-time digital payments. It handles over 640 million transactions daily, surpassing Visa’s 639 million transactions per day. This scale was achieved in just 9 years, since UPI’s launch in 2016 by the National Payments Corporation of India (NPCI).

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India has become Malaysia’s largest importer of germinated oil palm seeds in 2025. In 2024, India imported 3.03 million tonnes of palm oil, making up 17.9% of Malaysia’s total exports. India aims to expand palm oil cultivation to 1 million hectares by 2025-26 under the National Mission on Edible Oils-Oil Palm (NMEO-OP). Goal is to produce 2.8 million tonnes of crude palm oil by 2029-30. Currently, India has 3.7 lakh hectares under palm cultivation, focusing on northeast and island regions. Malaysia offers to collaborate if India provides land for local palm oil production.

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Recently, the Skill Impact Bond (SIB) was highlighted by the Ministry of Skill Development and Entrepreneurship for delivering measurable social impact. It aims to train 50,000 youth, with at least 30,150 retained in jobs for a minimum of 3 months. More than 23,700 youth have been trained so far across 30 job roles in 13 sectors. Skill Impact Bond (SIB) is India’s first development impact bond focused on employment outcomes. It was launched in November 2021 by National Skill Development Corporation (NSDC) to improve skilling and job placement for youth. It is backed by Ministry of Skill Development and Entrepreneurship through the National Skill Development Corporation (NSDC).

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Recently, the Government of India revised the advance registration period for importing steel products on the Steel Import Monitoring System (SIMS) 2.0 portal, except for some items. SIMS 2.0, launched by the Union Ministry of Steel, builds on the 2019 SIMS to provide detailed steel import data to the domestic industry. It gives advance import information to the government and stakeholders, enabling better planning. Database integration helps identify risk areas, improve quality control, and support domestic steel industry growth and policymaking.

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According to State Bank of India’s Economic Research Department (ERD), Maharashtra is number one in Unified Payments Interface (UPI) usage, followed by Karnataka, Uttar Pradesh, Telangana, and Tamil Nadu. Maharashtra led July 2025 with 9.8% share in transaction volume and 9.2% in value. UPI daily transaction value rose from ₹75,743 crore in January 2025 to ₹90,446 crore in August 2025. PhonePe is the top UPI app, followed by Google Pay and Paytm. SBI is the largest remitter with 5.2 billion transactions, 3.4 times HDFC Bank. UPI share in retail money value rose from 40% in 2019 to 91% in May 2025, showing cash replacement.

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State Bank of India (SBI) has launched a Centre of Excellence (CoE) for Micro, Small and Medium Enterprises (MSMEs) at the State Bank Academy (SBA), Gurugram. The Centre of Excellence (CoE) aims to strengthen the MSME ecosystem through capacity building, research, and industry collaboration, supporting India’s vision of becoming a developed nation. State Bank Academy (SBA) provides specialised training in Credit, International Banking, Risk & Compliance, and conducts Research & Development (R&D) in banking. Centre of Excellence (CoE) will develop case studies, research, and online knowledge repositories for MSMEs, including remote areas.

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Recently, the National Consumer Disputes Redressal Commission (NCDRC) ruled that companies in India must follow fair pricing policies and avoid gender-based price discrimination. Currently, there are no specific laws in India to directly address the Pink Tax. Pink Tax refers to higher prices charged for products marketed to women compared to similar products for men. It affects items such as toys, haircuts, dry cleaning, razors, shampoos, body lotions, deodorants, skincare, beauty products, clothing, jeans, T-shirts, and salon services. The extra cost benefits companies and is not a government-imposed tax. The term originated in California, USA, in 1994 after observing consistent gender-based price differences.

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Union Minister Nitin Gadkari unveiled a roadmap at the International Value Summit 2025, New Delhi, to make India a global hub for automobiles, green mobility, and infrastructure. India has surpassed Japan to become the third-largest automobile market, aiming for No. 1 position in five years. The top two countries for global automobile manufacturing are China and the United States. India leads in electric vehicles, hydrogen fuel, and alternative fuels, with hydrogen trucks launched and pilots on 10 routes.

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On 25 September 2025, Union Minister Sarbananda Sonowal flagged off India’s first fleet of electric heavy trucks with swappable batteries at Nhava Sheva Distribution Terminal, Jawaharlal Nehru Port Authority (JNPA), Maharashtra. Jawaharlal Nehru Port Authority (JNPA) now has the largest electric vehicle (EV) truck fleet at any Indian port. 50 electric heavy trucks were launched, with expansion to 80 by year-end. A heavy-duty battery swapping station was commissioned for operations. Jawaharlal Nehru Port Authority (JNPA) ranks in the World Bank’s Top 25 Container Port Performance Index (CPPI). The launch marks a major step towards sustainable and green logistics in India.

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India has launched an anti-dumping investigation on imports of Ethambutol Hydrochloride from China and Thailand. The probe is conducted by the Directorate General of Trade Remedies (DGTR) under the Ministry of Commerce and Industry. The investigation follows an application by Lupin, India’s only domestic producer of the drug. Ethambutol Hydrochloride is used to treat pulmonary tuberculosis as part of combination therapy to prevent drug resistance.