Business, Economy & Banking Current Affairs MCQs

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The National Technical Textiles Mission (NTTM) completes five years since its launch in 2020 by the Ministry of Textiles. It aims to boost research, market growth, exports, and skill development in technical textiles. The mission promotes innovation, startups, and applications in agriculture, infrastructure, and healthcare. With a budget of ₹1,480 crore till 2025-26, it seeks to make India a global leader in technical textiles. It supports 168 research projects worth ₹509 crore. NTTM also aims to train 50,000 individuals in the field of technical textiles.

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Tamil Nadu recorded the highest real economic growth rate in India for 2024–25 at 9.69%, the best in the State’s last 10 years. Real growth excludes inflation and is measured at constant prices (base year 2011–12), with Gross State Domestic Product (GSDP) rising from ₹15.71 lakh crore in 2023–24 to ₹17.23 lakh crore in 2024–25. The nominal growth rate, which includes inflation, is 14.02%, also the highest among States. The State’s growth aligns with projections by the Tamil Nadu Economic Survey and Madras School of Economics (MSE), exceeding both estimates. Growth was led by the tertiary (services) sector at 12.7% and secondary (industry) at 9%, while the primary sector (agriculture) was low at 0.15%. Real estate grew by 13.6%, communication services by 13%, and trade-hotel services by 11.7%, all under the tertiary sector. In the secondary sector, manufacturing grew by 8% and construction by 10.6%. The primary sector underperformed with crops at -5.93% and livestock at 3.84%.

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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.

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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.

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In 2024–25, the United States (US) remained India’s largest trading partner for the fourth year in a row. Bilateral trade between India and the US reached $131.84 billion. China continued as India’s second-largest trading partner, with trade rising to $127.7 billion. India’s trade deficit with China increased sharply to $99.2 billion, marking a 17% rise from the previous year. China was India’s top trading partner from 2013–14 to 2017–18 and again in 2020–21. Since 2021–22, the US has consistently held the top position in India’s global trade rankings.

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The Ministry of Electronics and Information Technology (MeitY) partnered with the International Council for Circular Economy (ICCE) to launch the ‘I Am Circular’ Coffee Table Book. The book celebrates India’s innovation in driving the circular economy forward, focusing on sustainability and responsible growth. A circular economy focuses on reusing, recycling, and reducing waste. The event promoted tech-integrated sustainable development and featured 30 groundbreaking Indian innovations. These innovations are transforming the circular economy with smart, scalable, and sustainable practices. The book showcases India’s role in driving forward circular economy initiatives.

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The Investor Education and Protection Fund Authority (IEPFA) recently signed a Memorandum of Understanding (MoU) with Kotak Mahindra Bank and launched the ‘Niveshak Shivir’ initiative to boost digital investor awareness and financial literacy in India. The IEPFA was set up in 2016 under the Companies Act, 2013 to manage the Investor Education and Protection Fund (IEPF) and safeguard investor interests. It works under the Ministry of Corporate Affairs. ‘Niveshak Shivir’ is a joint effort by IEPFA and the Securities and Exchange Board of India (SEBI) to simplify the process of reclaiming unclaimed dividends and shares. These camps will begin in May 2025 in Mumbai and Ahmedabad, targeting areas with high numbers of unclaimed dividend holders. One-stop kiosks will help investors update Know Your Customer (KYC) details, verify claims, and receive instant help for grievances. The aim is to reduce reliance on intermediaries and prevent fraud and misinformation.

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At the recent World Audio Visual Entertainment Summit (WAVES) in Mumbai, the Prime Minister highlighted India’s growing Orange Economy driven by content, creativity and culture. The Orange Economy, also called the creative economy, covers sectors that are based on cultural and creative ideas. As per the United Nations Economic Network, it focuses on using creative assets to boost economic growth and development. It combines economic, cultural and social factors while linking with technology, intellectual property and tourism. It includes industries based on individual talent, skill and innovation that can generate jobs, income and cultural value.

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The International Monetary Fund (IMF) recently projected that global public debt may surpass the COVID-19 pandemic level of 98.9% of Gross Domestic Product (GDP) recorded in 2020. Sudan now has the highest debt-to-GDP ratio in the world at 252%, due to long-term conflict and economic struggles. Among developed countries, Japan ranks second with a debt-to-GDP ratio of 234.9%, mainly due to fiscal deficits and an ageing population. The United States ranks eighth with a ratio of 123%, while France and Canada follow with 116.3% and slightly lower respectively. China ranks 21st globally with a public debt ratio of 96%, which is lower than many advanced economies. India stands at 31st with a debt-to-GDP ratio of 80%, and the central government aims to reduce it to 50±1% by March 31, 2031.

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The Government of India has recently updated its import policy for gold and silver to match customs tariffs with trade rules. This change was officially notified by the Directorate General of Foreign Trade (DGFT). The Directorate General of Foreign Trade (DGFT) works under the Ministry of Commerce and Industry. It is responsible for creating and carrying out India’s Foreign Trade Policy (FTP). DGFT is based in New Delhi and has 24 regional offices across India. Earlier known as the Chief Controller of Imports and Exports (CCI&E), it was renamed DGFT after the 1991 economic reforms to promote trade.