Business, Economy & Banking Current Affairs MCQs

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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.

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The overestimation of gold import figures from April to November was due to a data migration error. The error occurred during the shift from the SEZ Online system to ICEGATE, causing double counting of imports into Special Economic Zones and domestic zones. As a result, the gold import figures for November were revised down by $5 billion, from $14.8 billion to $9.9 billion. ICEGATE (Indian Customs Electronic Gateway) is an online portal that offers electronic services for customs-related activities. It is a part of the Central Board of Indirect Taxes and Customs (CBIC). It facilitates the electronic filing of import and export documents.

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The Rubber Board launched two initiatives, iSNR (Indian Sustainable Natural Rubber) and INR Konnect. iSNR ensures compliance with the EU Deforestation Regulation (EUDR) by streamlining the rubber supply chain for EU markets. It provides traceability certificates verifying the origin of rubber products and their compliance with EUDR standards. This initiative aims to make Indian natural rubber competitive and responsible globally, promoting sustainable production and industry growth. INR Konnect is a web-based platform connecting untapped rubber growers with adopters to improve plantation productivity. It certifies participants, offers training in sustainable practices, and maintains a database of certified tappers.

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The International Monetary Fund (IMF) retained India’s growth projection at 6.5% for FY26 and FY27, citing it as “in line with potential.” Growth in India slowed due to an unexpected deceleration in industrial activity, with 5.4% growth reported for the September quarter. The World Bank maintained its higher growth projection for India at 6.7% for FY26 and FY27, predicting it to remain the fastest-growing major economy. The World Bank highlighted growth driven by the services sector, strengthened manufacturing, improved logistics, and tax reforms. NSO’s First Advance Estimates project FY25 growth to slow to 6.4%, below RBI’s 6.6% forecast for FY25.

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National Mineral Development Corporation (NMDC) is set to extract 6,500 carats of diamonds, worth $3.4 million, from a mine near Panna Tiger Reserve in Madhya Pradesh this fiscal year. NMDC, established in 1958, is a state-owned enterprise under the Ministry of Steel. It produces iron ore, copper, limestone, gypsum, diamonds, and more. NMDC is India’s largest iron ore producer, with mines in Chhattisgarh and Karnataka. It operates India’s only mechanized diamond mine at Panna. NMDC’s mining complexes are rated 5 Star by the Indian Bureau of Mines. Its headquarters is in Hyderabad, Telangana.

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Dr. Jitendra Singh inaugurated India’s first CSIR Mega Innovation Complex in Mumbai on January 17 through virtual mode. The facility supports startups, MSMEs, industries, CSIR labs, and public research institutions. It provides high-end scientific infrastructure, regulatory support, and expertise for SOP-driven studies and compliance. Focus areas include healthcare, chemicals, energy, and materials, fostering collaboration and innovation. This milestone strengthens India’s position as a global leader in science, technology, and startups, contributing to the Atmanirbhar Bharat vision.

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The Directorate General of Foreign Trade (DGFT) launched the enhanced Certificate of Origin (eCoO) 2.0 System to simplify export certification and boost trade efficiency. It features multi-user access, allowing exporters to authorize multiple users under one Importer Exporter Code (IEC). Aadhaar-based e-signing is now supported, along with digital signature tokens for greater flexibility. The system includes an integrated dashboard for easy access to eCoO services, Free Trade Agreement (FTA) info, and trade events. Over 7,000 eCoOs are processed daily, connecting 125 issuing agencies across the country.

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The Ministry of Micro, Small, and Medium Enterprises (MSME) has launched the MSME Trade Enablement and Marketing (TEAM) initiative to help small businesses adopt digital commerce. It has a budget of ₹277.35 crore for three years and aims to onboard 5 lakh MSMEs onto Open Network for Digital Commerce (ONDC). The initiative focuses on inclusivity, targeting 50% women-led enterprises. MSMEs will get digital storefronts, payment solutions, and logistics support via ONDC. More than 150 workshops will educate MSMEs, especially women-led and SC/ST-led businesses. A dedicated portal will offer training, financial aid, and grievance support. The initiative aligns with India’s digital transformation goals and complements schemes like PM Vishwakarma and Digital MSME.

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The Economic Survey projects 6.3-6.8% growth for 2025-26, driven by a strong external account, fiscal consolidation, and stable private consumption. It stresses that domestic growth drivers will be more crucial than external factors in the future. The Survey calls for deregulation and reforms to focus on economic freedom for individuals and organizations. India’s growth is estimated at 6.4% in 2024-25, the slowest in four years. The retreat of globalization means India must leverage its demographic dividend and strong domestic balance sheets for future growth.

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The Union Finance Minister announced a five-year mission to boost cotton farming productivity and promote Extra-Long Staple (ELS) cotton. ELS cotton, known as the gold standard in textiles, comes from the Gossypium barbadense species, also called Egyptian or Pima cotton. It has fibre lengths of 30 mm and above, making it stronger and finer. Originating in South America, it is mainly grown in China, Egypt, Australia, and Peru. In India, it is grown in parts of Maharashtra and Tamil Nadu.