Business, Economy & Banking Current Affairs MCQs

Notes:
India has surpassed $1 trillion in gross Foreign Direct Investment (FDI) inflows since April 2000. FDI involves investments from foreign entities into businesses, transferring capital, technology, and expertise for economic growth. FDI types include Greenfield Investments (new facilities) and Brownfield Investments (mergers or acquisitions). FDI is governed by Foreign Exchange Management Act (FEMA), 1999, and managed by Department for Promotion of Industry and Internal Trade (DPIIT) under the Ministry of Commerce and Industry. Top FDI sources (2023–2024) are Singapore, Mauritius, the US, the Netherlands, and Japan. Between 2014–2024, $709.84 billion in FDI inflows were driven by initiatives like Make in India and GST. India saw a 26% rise in FDI inflows to $42.1 billion in the first half of the fiscal year.

Notes:
The Ministry of Road Transport and Highways will use advanced ‘Intelligent Machines’ for National Highway construction under the AIMC system. AIMC (Automated & Intelligent Machine-aided Construction) is an advanced system introduced by the Ministry of Road Transport and Highways (MoRTH) for efficient National Highway construction. AIMC integrates intelligent machines with real-time data sharing to speed up construction and improve road quality. It aims to boost productivity, ensure durable roads, and reduce reliance on traditional post-construction surveys. The initiative addresses challenges like outdated technologies, uncoordinated data, and poor contractor performance, which often cause delays.

Notes:
The 55th GST Council meeting took place in Jaisalmer, Rajasthan, with key decisions made to improve tax rates, trade, and compliance. GST exemptions: Gene therapy and contributions by insurance companies for the Motor Vehicle Accident Fund. GST on Fortified Rice Kernel (FRK) reduced to 5%. GST is not applicable on pepper and raisins when supplied by an agriculturist. Caramel popcorn will attract 18% GST. The GST Council is a constitutional body responsible for recommending GST implementation policies in India.

Notes:
IIT Madras is collaborating with the Ministry of Agriculture on Project VISTAAR to enhance agricultural extension through digitalization. Project VISTAAR (Virtually Integrated System to Access Agricultural Resources) aims to strengthen the agricultural extension system. The project highlights opportunities for start-ups to innovate and improve agriculture and allied sectors. Start-ups can help farmers with technologies for better productivity and market information. IIT Madras’ Centre for Research on Start-ups developed a platform with data on 12,000 agriculture-related start-ups. The MoU enables farmers and stakeholders to access start-up capabilities and improve agricultural efficiency.

Notes:
State Bank of India launched two new deposit schemes, Har Ghar Lakhpati and SBI Patrons, to provide better financial options. SBI Patrons is a fixed deposit scheme specifically for senior citizens aged 80 and above. It offers higher interest rates, acknowledging the loyalty of senior customers. Both new and existing term deposit customers can avail the SBI Patrons scheme. Depositors under this scheme earn an additional 10 basis points higher interest than standard rates for senior citizens.

Notes:
The Export Inspection Council (EIC) has launched a study on food testing infrastructure for exports. It was set up under the Export (Quality Control and Inspection) Act, 1963. It ensures quality control and inspection of Indian exports. EIC is the official certification body for exports, ensuring products meet quality and safety standards for importing countries. It provides mandatory certification for specific food products and voluntary certification for others. EIC operates through Export Inspection Agencies in major cities, with NABL accredited laboratories and 30 sub-offices. It works under the Ministry of Commerce and Industry.

Notes:
India’s GDP is projected to grow by 6.4% in FY 2024-25, a decline from 8.2% in FY 2023-24. This marks the lowest growth rate in four years, indicating a slowdown in economic performance. The Ministry of Statistics & Programme Implementation (MoSPI) provides these estimates, which also highlight a marginal increase in nominal GDP to 9.7%. The decline in growth reflects challenges in various sectors, including agriculture, construction, and services, impacting overall economic health.

Notes:
The government shifted revenue secretary Arunish Chawla to the Department of Investment and Public Asset Management (DIPAM) ahead of the Union Budget. Tuhin Kanta Pandey, the DIPAM Secretary, is now appointed as the new revenue secretary and designated finance secretary. Chawla, a 1992-batch IAS officer from Bihar, was previously Secretary in the Department of Pharmaceuticals. Pandey, a 1987-batch IAS officer from Odisha, is known for his role in the disinvestment of Air India and Neelanchal Ispat Nigam Ltd to Tata Group. Chawla will also handle additional responsibilities as Secretary of the Department of Public Enterprises.

Notes:
Microsoft CEO Satya Nadella announced a partnership with India’s AI Mission to upskill 500,000 people and promote inclusive growth by 2026. An MoU was signed to drive AI innovation, productivity, and inclusivity across India. An AI Center of Excellence, ‘AI Catalysts,’ will support 100,000 developers and rural AI innovation through hackathons and solutions. ‘AI Productivity Labs’ at 20 institutes will provide foundational AI education to 20,000 educators. Citizen-centric AI solutions will address healthcare, education, accessibility, and agriculture. A five-year partnership with RailTel will boost digital and AI transformation in Indian Railways and public sectors.

Notes:
Indichip Semiconductors and Japan’s Yitoa Micro Technology will establish India’s first private semiconductor manufacturing facility in Andhra Pradesh. The investment exceeds ₹14,000 crore and focuses on producing silicon carbide (SiC) chips. The facility will start with a capacity of 10,000 wafers/month, scaling up to 50,000 wafers/month in 2–3 years. The project aligns with the Aatmanirbhar Bharat vision, supporting electric vehicles and renewable energy solutions. Andhra Pradesh’s semiconductor policy aims to make the state a global manufacturing hub. The initiative will create thousands of jobs, spur innovation, and boost India’s semiconductor footprint.