Business, Economy & Banking Current Affairs MCQs

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Ministry of Skill Development and Entrepreneurship (MSDE) inaugurated the NSDC International Academy in Greater Noida, Uttar Pradesh. The academy aims to provide world-class skill development and training programs to bridge the gap between Indian youth and global employment opportunities. It offers specialized courses in foreign languages, healthcare, employability skills, and aviation. The initiative is part of the National Skill Development Corporation (NSDC).

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Agricultural and Processed Food Products Export Development Authority (APEDA), in collaboration with AgroStar and Kay Bee Exports, completed India’s first-ever commercial trial shipments of premium Sangola and Bhagwa pomegranates to Australia by sea. APEDA was established in 1985 under the Agricultural and Processed Food Products Export Development Authority Act. It replaced the Processed Food Export Promotion Council (PFEPC) and functions under the Ministry of Commerce and Industry. APEDA promotes and develops the export of scheduled products, requiring exporters to register. It provides financial assistance, information, and guidelines to support scheduled product exports.

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The Insurance Regulatory and Development Authority of India (IRDAI) has set up a high-powered Dinesh Khara Committee, led by former SBI chairman Dinesh Khara, to review and update the Insurance Act, 1938. The committee will assess the feasibility of 100% FDI in the insurance sector and propose the introduction of composite insurance companies offering life, non-life, and health insurance under one entity. It also aims to enhance policyholder protections and ensure revenue retention within India. The committee’s recommendations will be submitted to the Union Finance Ministry for legislative amendments to align the sector with modern needs.

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India’s Purchasing Managers’ Index (PMI) rose for the first time after three quarters. PMI measures business activity in manufacturing and services sectors through surveys. It helps assess whether market conditions are expanding, contracting, or stable. There are two types: Manufacturing PMI and Services PMI. Manufacturing PMI is based on new orders, output, employment, supplier delivery times, and stock purchases. A PMI above 50 indicates expansion, while below 50 shows contraction. PMI is released monthly by S&P Global, a global financial analytics firm.

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On 22 February 2025, the Uttar Pradesh Chief Minister laid the foundation stone for India’s first biopolymer plant in Kumbhi, Lakhimpur Kheri. The plant will be built by Balrampur Sugar Mills Limited at a cost of ₹2,850 crore. It will produce biopolymers using biological methods, supporting eco-friendly industrial growth. The project aims to replace plastic with sustainable biopolymers, promoting environmental protection. This initiative aligns with India’s goal of self-reliance and sustainability.

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The Software Technology Parks of India (STPI) has inaugurated a new incubation facility in Salt Lake, Kolkata. The facility was launched by Shri Jitin Prasada, Minister of State for Commerce & Industry and Electronics and IT. The aim is to boost IT exports, foster entrepreneurship, and strengthen the IT/ITeS industry in West Bengal. STPI focuses on nurturing startups and providing infrastructure and support for innovation. India is working on developing its own AI models and GPUs to empower researchers, students, and startups across the country.

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The Union Minister of Ports, Shipping & Waterways launched the One Nation-One Port Process (ONOP). ONOP aims to standardize port operations across India’s major ports. The initiative removes inconsistencies in documentation, reduces inefficiencies, lowers costs, and minimizes delays. The Ministry reduced container operation documents by 33%, from 143 to 96. Bulk cargo documents were cut by 29%, from 150 to 106.

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Securities and Exchange Board of India (SEBI) launched a centralized database portal for corporate bonds called Bond Central. It serves as a single, authentic source of information on corporate bonds in India. It is developed by the Online Bond Platform Providers Association (OBPP Association) with collaboration from Market Infrastructure Institutions (MIIs) like stock exchanges and depositories. The portal is free to access and acts as an information repository for the public. It aims to enhance transparency and help investors make informed decisions.

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Tata Motors launched India’s first hydrogen-powered heavy-duty truck trials to support the net-zero emissions goal by 2070. 16 hydrogen-powered trucks will be tested for up to 24 months on key freight routes across Mumbai, Pune, Delhi-NCR, Surat, Vadodara, Jamshedpur, and Kalinganagar. The trucks use Hydrogen Internal Combustion Engine (H2-ICE) and Fuel Cell (H2-FCEV) technologies. Funded by the Ministry of New and Renewable Energy under the National Green Hydrogen Mission. Aims to assess commercial viability and develop infrastructure for hydrogen-powered freight transport.

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Gum Arabic, used in products like Coca-Cola and M&M’s, is increasingly trafficked from rebel-held regions in Sudan, disrupting supply chains. It is a water-soluble exudate from Acacia senegal and A. seyal species. It is native to North Africa, also grows in Australia, India, and South America. Major producers include Cameroon, Chad, Mali, Nigeria, and Sudan. Sudan is the world’s largest producer of gum arabic, accounting for 70% of the market. Gum Arabic is non-toxic, odourless, and dissolves in water, forming a clear solution. It is used as a stabilizer and emulsifier in food products.