Business, Economy & Banking Current Affairs MCQs

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India’s aviation sector has ascended to the world’s third-largest domestic market, advancing from fifth place a decade ago under Prime Minister Narendra Modi’s leadership. The average yearly growth rate in airline seat capacity is a leading 6.9%. Low-cost carriers (LCCs) now dominate with 78.4% market share, led by IndiGo capturing 62%. LCCs’ rapid expansion, with IndiGo growing 13.9% annually, has significantly boosted accessibility and contributed to economic growth.

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The RBI has mandated that all credit card bill payments via third-party apps must be routed through the Bharat Bill Payment System (BBPS). Managed by NPCI, BBPS offers a centralized platform for bill payments. This affects users of major banks and apps like CRED, PhonePe, Amazon Pay, and Paytm. The move aims to regulate peer-to-peer transactions and ensure centralized monitoring.

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Chinese geologists discovered two new minerals, Oboniobite and Scandio-fluoro-eckermannite, at the world’s largest rare-earth mine in northern China’s Bayan Obo deposit. Announced by the Chinese Academy of Sciences, these minerals contain valuable elements, niobium and scandium, which are critical for special steels, superconducting materials, aerospace, aluminum-scandium alloys, and solid oxide fuel cells. These findings have significant implications for new materials, energy, IT, aerospace, and national defense industries, benefiting China’s economic and social development.

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The Export-Import Bank of India (EXIM Bank) has agreed to provide a $2.5 million line of credit to Guyana for installing a solar photovoltaic power plant at Cheddi Jagan International Airport. The deal, dated February 29, 2024, became effective on June 24, 2024. Disbursements under this credit line will be allowed until 48 months after the project’s completion, according to the Reserve Bank of India.

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The World Bank approved a $1.5 billion loan to India for developing its low-carbon energy sector, following a similar loan in 2023. The low-carbon energy sector includes fuels like hydrogen and biofuels, which emit less carbon than fossil fuels. India aims for net-zero carbon emissions by 2070, supported by initiatives like the National Green Hydrogen Mission, which uses renewable energy for hydrogen production.

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The Bihar government has recently demanded a Minimum Support Price for makhana, the popped kernel of the foxnut. Makhana is cultivated in tropical and subtropical aquatic environments, thriving in stagnant water bodies. India is the largest global producer, with Bihar as the leading state. Optimal conditions include temperatures of 20-35°C and annual rainfall of 100-250 cm. Nutritionally, makhana is low in fat and high in carbohydrates, protein (15-20%), and minerals.

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The Ecosystem Model Intercomparison Project (FishMIP) projects over a 10% decline in exploitable fish biomass by mid-century under high-emissions scenarios. Launched in 2013, FishMIP aids industry and governments in climate change adaptation for seafood sectors. It comprises over 100 marine ecosystem modelers globally. In 2024, FishMIP2.0 was established to enhance modeling reliability and address broader policy questions on food security and marine resource management.

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The Gevra and Kusmunda blocks of South Eastern Coalfields Ltd (SECL) in Chhattisgarh rank second and fourth globally in coal production, as per WorldAtlas.com. These open-cast mines produce over 100 million tonnes annually, about 10% of India’s total coal output. Gevra produced 59 MT in 2023-24, while Kusmunda produced over 50 MT. SECL’s Chairman, Prem Sagar Mishra, highlighted this achievement. US and China mines also feature in the top five.

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Recently, officials reported a 6% Non Performing Assets (NPA) rate under the Emergency Credit Line Guarantee Scheme (ECLGS), launched by India in 2020 to aid businesses hit by Covid-19. The scheme, managed by the Ministry of Finance’s Department of Financial Services and National Credit Guarantee Trustee Company Ltd (NCGTC), provides 100% guaranteed coverage to lenders. Phases ECLGS 1.0 to 4.0 expanded its scope across sectors. Sanctions are based on borrower assessments, with no collateral or fees.

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The Union Minister of Coal and Mines launched the Mineral Exploration Hackathon and the National District Mineral Foundation (DMF) Portal in Hyderabad. This centralized platform provides data on 645 DMFs, enhancing transparency and tracking developments. DMFs, non-profit trusts established under the MMDR Amendment Act 2015, aim to benefit mining-affected areas. Funded by contributions from mineral concession holders, the portal offers centralized visibility, project oversight, dynamic analytics, and best practices for effective implementation.