Business, Economy & Banking Current Affairs MCQs

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Union Minister for Rural Development and Agriculture & Farmers Welfare, Shri Shivraj Singh Chauhan, introduced the Viksit Bharat–Guarantee for Rozgar and Ajeevika Mission (Gramin) or VB–G RAM G Bill, 2025, in the Lok Sabha. The Bill provides a statutory guarantee of 125 days of wage employment every year for rural households. It aims to ensure welfare of the poor and promote comprehensive village development in line with Mahatma Gandhi’s vision of self-reliant and developed villages. The central government has committed over ₹95,000 crore for this initiative. Panchayats will be graded, with additional work assigned to underdeveloped or underperforming panchayats to ensure balanced development.

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According to recent 2025 data, the three countries with the largest rare earth oxide (REO) reserves are China, Brazil, and India. India has the world’s third-largest rare earth reserves with about 6.9 million tonnes of Rare Earth Oxide (REO). It ranks after China with 44 million tonnes and Brazil with 21 million tonnes of reserves. Despite this, India produced only 2,900 tonnes of rare earths in 2024, ranking seventh globally. China led production with 270,000 tonnes, followed by the United States with 45,000 tonnes. India holds 6–7% of global reserves but contributes less than 1% of global production.

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A United Nations (UN) report projects India’s GDP growth at 6.6% in 2026, while global growth is expected to slow to 2.7% due to geopolitical risks and policy uncertainty. The report notes that strong demand in major markets may partially offset the impact of US tariff hikes on India. The UN lowered India’s growth estimate from 7.4% but it aligns with the International Monetary Fund (IMF) forecast, identifying India as the only major economy expected to grow above 6% in 2025–26. Global growth faces risks of a prolonged slowdown, insufficient for broad-based development, leaving many countries and communities behind.

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The Special Secretary of the Central Board of Indirect Taxes and Customs (CBIC) inaugurated the Indian Customs Electronic Gateway–Land Port Management System (ICEGATE–LPMS) at the Integrated Check Post (ICP), Agartala, Tripura. Indian Customs Electronic Gateway (ICEGATE) was established in 2007 as the national portal of Indian Customs under Central Board of Indirect Taxes and Customs (CBIC). It provides electronic filing (e-filing) services to traders, cargo carriers, and other trading partners. It acts as a centralized platform for electronic interaction between Indian Customs and the trading community.

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Karnataka Bank won the Best Fintech & DPI (Digital Public Infrastructure) Adoption award at the Indian Banks’ Association (IBA) Banking Technology Awards. It was adjudged runner-up in Best Tech Talent category. The bank also received Special Mention for Best Technology Bank, Best Digital Financial Inclusion, and Best Digital Sales. The recognition highlights the bank’s focus on digital innovation, technology talent, and customer-centric banking solutions. Karnataka Bank reaffirmed its commitment to expanding digital capabilities to meet evolving customer needs.

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The Engineering Export Promotion Council of India (EEPC India) demanded lower income tax for non-corporate manufacturing Micro, Small and Medium Enterprises (MSMEs) and faster Goods and Services Tax (GST) refunds in the Union Budget. EEPC India is the premier trade and investment promotion body for India’s engineering sector. It is sponsored by the Ministry of Commerce and Industry and advises the Government of India. It acts as an interface between the engineering industry and the government.

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Data under the Reserve Bank of India (RBI) Liberalised Remittances Scheme (LRS) shows outward remittances by Indians fell to a two-year low of 1.94 billion US dollars in November 2025 due to reduced spending on foreign studies. Liberalised Remittances Scheme (LRS) operates under the Foreign Exchange Management Act (FEMA) 1999 to regulate outward remittances. It allows resident individuals, including minors, to remit up to 250,000 US dollars per financial year without prior approval. The scheme was introduced in 2004 and applies only to individuals, not companies or Hindu Undivided Families (HUFs).

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The Pension Fund Regulatory and Development Authority (PFRDA) launched the NPS Swasthya Pension Scheme (NSPS) as a pilot project. It is introduced as a Proof of Concept under the Regulatory Sandbox Framework of PFRDA. The scheme links health-related financial support with the existing National Pension System (NPS). It aims to support out-patient and in-patient medical expenses along with pension savings. It will operate as a sector-specific contributory pension scheme under the Multiple Scheme Framework of NPS. The scheme is voluntary and open to Indian citizens for a limited period.

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The Ministry of Statistics and Programme Implementation (MoSPI) launched the PAIMANA portal for monitoring major infrastructure projects. PAIMANA stands for Project Assessment, Infrastructure Monitoring and Analytics for Nation-building. It is a flagship digital initiative to track Central Sector Infrastructure Projects costing ₹150 crore and above. The portal acts as a centralized national repository for infrastructure project data. It improves data accuracy, transparency, and operational efficiency through web-based reporting.

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State Bank of India launched CHAKRA, meaning Centre of Excellence, to finance sunrise sectors vital for India’s economic growth. It will act as a knowledge-based platform supporting technology-driven and sustainable industries. CHAKRA focuses on renewables, data centres, electric mobility, batteries, semiconductors, green hydrogen, decarbonization, and smart infrastructure. The centre aims to boost investments, global value chain integration, and Net Zero targets. It will promote technology and Artificial Intelligence innovation and provide advisory support. CHAKRA will collaborate with policymakers, banks, industry, startups, and global institutions.