Business, Economy & Banking Current Affairs MCQs

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To address economic instability, the Reserve Bank of Zimbabwe launched a gold-backed currency, the ZiG, on April 5, 2024. The ZiG is Zimbabwe’s sixth currency, with denominations from 1 to 200 ZiG. Backed by gold reserves, it aims to stabilize the economy and prevent devaluation. Zimbabwe has faced severe inflation, surpassing 500%, leading to the collapse of the Zimbabwean dollar in 2009 and reliance on foreign currencies.

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The National Stock Exchange of India Indices introduces India’s inaugural Electric Vehicle (EV) index, named Nifty EV & New Age Automotive Index. It monitors companies within the EV ecosystem and those developing new-age automotive technologies. Launched with a base date of April 2, 2018, and a value of 1000, it includes stocks from the Nifty 500. The index undergoes semi-annual reconstitution and quarterly rebalancing.

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FSSAI and APEDA collaborated to create the Unified India Organic logo, replacing India Organic and Jaivik Bharat logos. India Organic denotes NPOP compliance, while Jaivik Bharat was for FSSAI-certified organics. The new logo aims for uniformity in organic product regulations. It distinguishes organic from non-organic, signifying adherence to National Standards for Organic Production, enhancing consumer trust and market clarity in India’s organic sector.

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New Zealand introduced the ‘burp tax’ in 2022, targeting greenhouse gas emissions from livestock, specifically methane emissions from ruminant animals like cows and sheep, which are released mainly through burping. The primary goal of this tax was to reduce methane emissions from these animals. However, New Zealand recently announced the scrapping of this tax.

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KisanKraft Limited has joined the Low Methane Rice Project (LMRP) under UP-PRAGATI Accelerator programs (UPPAP) to promote Direct Seeded Rice (DSR) in Uttar Pradesh. LMRP, an initiative by the World Bank’s 2030 Water Resource Group (WRG), aims to enhance agricultural practices and boost incomes by promoting water-use efficiency and low-carbon methods. Launched by the Uttar Pradesh Multi-Stakeholder Platform, UPPAP is supported by the 2030 WRG and the Bill and Melinda Gates Foundation.

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The Union Minister of Agriculture urged state governments to encourage farmers to register on the e-Samridhi portal for assured pulse procurement at Minimum Support Prices (MSP). Launched by NAFED and NCCF, the portal allows direct registration or through PACS and FPO. Payments are made directly to farmers’ bank accounts by NAFED. NAFED, an apex marketing cooperative founded in 1958, promotes agricultural trade and is headquartered in New Delhi.

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The Ministry of Statistics and Programme Implementation (MoSPI) launched the eSankhyiki portal to provide real-time data for planners, policy-makers, and researchers. It aims to streamline data management and sharing, offering access to key datasets like National Accounts Statistics and Consumer Price Index. The portal’s Data Catalogue Module houses over 2291 datasets with detailed metadata and visualizations, enhancing data accessibility and re-usability for informed decision-making and public use.

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Bajaj Auto launched the world’s first CNG-powered two-wheeler, the Freedom 125, in Pune. Priced at around Rs 95,000, this entry-level vehicle aims to revolutionize the motorcycle market. CEO Rajiv Bajaj highlighted its freedom from petrol reliance. Key features include telescopic front forks, mono-link suspension, front disc and rear drum brakes, and a 125cc engine.

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The Reserve Bank’s Financial Inclusion (FI) Index rose to 64.2 in March 2024, up from 60.1 in March 2023, indicating growth in financial inclusion across India. The index ranges from 0 (complete exclusion) to 100 (full inclusion) and comprises three parameters: access (35%), usage (45%), and quality (20%). The improvement was mainly driven by the usage dimension. The quality parameter uniquely captures aspects like financial literacy and consumer protection.

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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.