Business, Economy & Banking Current Affairs MCQs

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The Vizhinjam International Seaport, located in Kerala, is set to enhance container handling capacity significantly. Recently, the State government extended the project completion deadline to 2028, following a supplementary concession agreement with the Vizhinjam Private Port Limited. This port, built under a public-private partnership, is poised to handle large mother ships and reduce India’s reliance on foreign ports for transshipment. The total revenue from the port is estimated to reach ₹2,15,000 crore, with the State’s share projected at ₹35,000 crore.

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The ICAR-Indian Institute of Oilseeds Research (IIOR) has developed a biopolymer-based seed coating technology that enhances crop yields by 25-30%. This innovative method protects beneficial microbes and nutrients, promoting stress resilience under climate change. The technology, known as Film Coating Biopolymer Composition, gradually releases active ingredients, offering economic benefits to farmers by reducing input costs. IIOR is recognized for its advancements in eco-friendly agricultural technologies.

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The Central Board of Indirect Taxes and Customs (CBIC) held a global India Authorised Economic Operator (AEO) programme with the World Bank on November 28-29, 2024, in New Delhi. AEO is part of the World Customs Organization’s (WCO) SAFE Framework to secure global trade and enhance supply chain security. It grants AEO status to businesses that comply with supply chain security standards, offering benefits like simplified procedures and faster customs clearance. It was introduced in India in 2011.

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The government has abolished windfall tax on crude oil, aviation turbine fuel (ATF), petrol, and diesel exports. Windfall tax targets industries earning unusually high profits due to favorable economic conditions. India introduced a windfall tax on domestic crude oil production in July 2022 after global crude prices surged. Such taxes are used to fund public projects, reduce deficits, or redistribute wealth.

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Indian Railways introduced the AI-powered Linen Inspection and Sorting Assistant (LISA) to improve linen hygiene in air-conditioned coaches. LISA, developed by the Pune Division, operates at the Ghorpadi Integrated Coaching Complex (GICC). It ensures 100% quality inspection by detecting defects, stains, or damages in linens. AI technology enables precise and efficient inspection of large linen volumes. The system reduces manual labor, streamlines operations, and enhances passenger comfort. LISA supports cleaner, more hygienic travel experiences while modernizing linen management.

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International Crops Research Institute for Semi-Arid Tropics (ICRISAT) has received its first Indian industrial design patent for a solar-powered water hyacinth harvester. The harvester is an affordable, eco-friendly solution priced under ₹2 lakh, designed for rural farming communities. It efficiently clears water hyacinth, a fast-spreading aquatic weed threatening ecosystems, fisheries, and waterways. The harvester can clear a 3-acre pond in 2-3 days, compared to 18-20 days of manual labor by 10-20 workers. It is user-friendly, requiring only semi-skilled or unskilled operators. The project empowers local communities, especially women, creating livelihoods and boosting the rural economy. It is supported by the Odisha Government’s Department of Agriculture and Farmers’ Empowerment.

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India has launched the world’s first Taxonomy of Green Steel to decarbonize the steel industry. It was introduced by the Union Ministry of Steel as part of efforts to transition to a low-carbon economy. The taxonomy defines “Green Steel” based on CO2 emissions per tonne of finished steel (tfs). Steel is classified as green if its emission intensity is below 2.2 tonnes of CO2 equivalent per tonne of finished steel. The greenness of steel is expressed as a percentage, showing how much emissions are reduced below the 2.2 t-CO2e/tfs threshold. This initiative supports the National Mission on Green Steel.

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The National Highways Authority of India (NHAI) has introduced ‘Rajmarg Saathi’, advanced Route Patrolling Vehicles (RPVs) aimed at enhancing road safety and incident management on national highways. Equipped with AI video analytics, these vehicles monitor highway conditions and respond to emergencies. The RPVs will replace vehicles after 300,000 km or three years of operation, ensuring optimal service. This initiative reflects NHAI’s commitment to improving traffic flow and safety for road users across the country.

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The SAMARTH Udyog Bharat 4.0 initiative, under the Ministry of Heavy Industries, aims to enhance competitiveness in India’s capital goods sector. It focuses on spreading awareness about Industry 4.0 technologies among manufacturers, vendors, and customers. Four SAMARTH Centres have been established: C4i4 Lab in Pune, IITD-AIA Foundation at IIT Delhi, I-4.0 India at IISc Bengaluru, and Smart Manufacturing Cell at CMTI Bengaluru. These centres assist industries, including MSMEs, by organizing seminars, providing training, and offering consultancy in IoT, software, and data analytics. No financial assistance is provided for adopting Industry 4.0 technologies under this initiative.

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Switzerland will suspend the Most-Favoured-Nation (MFN) clause in its Double Taxation Avoidance Agreement (DTAA) with India from January 1, 2025. This may lead to higher tax burdens for Indian companies in Switzerland and Swiss investors in India, affecting bilateral investments. MFN means trade concessions granted to one partner must be extended to all partners, promoting fairness. It aims to replace power-based policies with a rules-based system. Exemptions include bilateral agreements, special access for developing countries, and trade blocs like the EU. MFN can be removed without formal procedure, as seen when India revoked it for Pakistan in 2019.