Business, Economy & Banking Current Affairs MCQs

Notes:
India has taken over as Chair of the Kimberley Process (KP) for the year 2026. The Kimberley Process is a global partnership of governments, civil society, and the diamond industry to stop the trade in conflict diamonds. The Kimberley Process has 60 participants representing 86 countries and covers over 99% of global rough diamond trade. The Kimberley Process Certification Scheme (KPCS) ensures each rough diamond shipment carries a conflict-free certificate in tamper-proof containers.

Notes:
Recently, the Union Cabinet chaired by the Prime Minister approved the establishment of the Startup India Fund of Funds 2.0 (Startup India FoF 2.0). The Fund has been launched under the Startup India initiative to promote innovation and entrepreneurship across the country. It aims to accelerate the next phase of India’s startup ecosystem by mobilising long-term domestic capital, strengthening the venture capital framework, and supporting innovation-led enterprises. The scheme adopts a targeted and segmented funding approach to support deep-tech and technology-driven innovative manufacturing sectors that require patient and long-term capital investment.

Notes:
Union Minister Piyush Goyal launched seven new interventions under the Export Promotion Mission to support Micro, Small and Medium Enterprises for global markets. The Export Promotion Mission (EPM) is a flagship initiative of the Department of Commerce, Ministry of Commerce and Industry, announced in the Union Budget 2025–26. The Mission aims at inclusive export growth, social justice and empowerment of small exporters. It leverages nine Free Trade Agreements covering about 70 percent of global Gross Domestic Product and two-thirds of global trade. It follows two pillars: Niryat Protsahan for financial support and Niryat Disha for trade ecosystem support.

Notes:
The Ministry of Micro, Small and Medium Enterprises (MoMSME), Government of India, held the fifth National MSME Council meeting in New Delhi to review the World Bank–supported RAMP Programme. The RAMP Programme, Raising & Accelerating MSME Performance, was launched in 2022. It is implemented by the Ministry of Micro, Small and Medium Enterprises over 2022–23 to 2026–27 with assistance from the World Bank. It aims to improve access to market and credit for MSMEs. It strengthens institutions and governance at the central and state levels.

Notes:
The Central Bank of the United Arab Emirates has launched the world’s first Sovereign Financial Cloud Services Infrastructure (SFCSI). It is developed with Core42, a subsidiary of G42. The platform ensures data sovereignty, meaning financial data remains within the UAE’s legal and security boundaries. It offers integrated cybersecurity, unified multi-cloud management, and Artificial Intelligence (AI)-based analytics. It allows real-time processing, automation, and predictive risk analysis for licensed financial institutions. It reduces dependence on foreign cloud providers and strengthens regulatory control.

Notes:
L&T Finance Ltd has launched a specialised programme called “Spoorthi” for women entrepreneurs to provide targeted financial support. The programme offers extended loan tenors up to 25 years for house property loans or Loan Against Property (LAP) for business expansion and working capital. Industrial LAP tenors of up to 12 years are also available, with enhanced eligibility norms, including higher debt-to-income ratios for greater financial flexibility. L&T Finance aims to leverage women borrowers’ strong repayment discipline to scale businesses and secure personal assets, promoting an inclusive financial ecosystem.

Notes:
National Mineral Development Corporation (NMDC) Limited became the first mining company in India to produce 50 million tonnes of iron ore in a single financial year (2025–26). NMDC Limited is a Navratna Central Public Sector Enterprise (CPSE) under the Ministry of Steel. It is the largest producer of iron ore in India and a key organisation for mineral resource development. Its aim is to explore, develop, and sustainably use mineral resources in India. It also ensures stable domestic supply of iron ore for the steel industry. NMDC supports India’s goal to expand steel production capacity to 300 million tonnes by 2030.

Notes:
Tamil Nadu has become India’s top textile-exporting state, with shipments worth USD 7,997.17 million in 2024-25, a 29.12% increase over the last four years. In 2020-21, Tamil Nadu’s textile exports were USD 6,193 million, showing consistent growth under the Dravidian Model government, led by Chief Minister M. K. Stalin. The state now contributes 21.84% of India’s total textile exports, outpacing Gujarat (USD 5,646.01 million) and Maharashtra (USD 3,831.29 million). Data is reported through the National Import-Export Record for Yearly Analysis of Trade, providing real-time comprehensive foreign trade data.

Notes:
The National Productivity Council (NPC) has signed an agreement with the Ministry of Environment, Forest and Climate Change (MoEF&CC) to act as the Environment Audit Designated Agency (EADA). National Productivity Council (NPC) was established as an autonomous, non-profit and multipartite organization under the Department for Promotion of Industry & Internal Trade, Ministry of Commerce and Industry, with headquarters in New Delhi. It aims to promote productivity awareness, strengthen economic development, act as a government think tank, and provide consultancy and training services.

Notes:
National Highways Authority of India (NHAI) launched its first public Infrastructure Investment Trust (InvIT), now listed on the Bombay Stock Exchange (BSE). InvIT (Infrastructure Investment Trust) is an investment vehicle similar to mutual funds/Real Estate Investment Trusts (REITs) for infrastructure assets. It allows investors to directly invest in infrastructure projects like highways. InvITs pool funds from investors, list on stock exchanges, and distribute income to unit holders. InvITs are regulated by Securities and Exchange Board of India (SEBI) under InvIT Regulations, 2014.