Business, Economy & Banking Current Affairs MCQs

Notes:
India has added 5 new industrial clusters to the Transitioning Industrial Clusters initiative (TICI): Gopalpur Industrial Park, Kakinada Cluster, Kerala Green Hydrogen Valley, Mundra Cluster, and Mumbai Green Hydrogen Cluster. Industrial clusters are hubs where industries, companies, and institutions collaborate for economic growth. A WEF report highlights their role in economies of scale, shared risk, and demand optimization. The Transitioning Industrial Clusters initiative (TICI) is a World Economic Forum initiative launched at the UNFCCC’s COP26 in Glasgow in 2021. It currently includes 33 industrial clusters across 16 countries and five continents.

Notes:
The Cabinet Committee on Economic Affairs (CCEA), chaired by PM Narendra Modi, approved the revision of ethanol procurement prices for Oil Marketing Companies (OMCS) for the Ethanol Supply Year 2024-25 (Nov 1, 2024 – Oct 31, 2025). The Ethanol Blended Petrol (EBP) Programme aims to reduce pollution, conserve foreign exchange, and support the sugar industry in clearing cane price arrears for farmers. The EBP programme, launched in 2003 by the Ministry of Petroleum and Natural Gas, promotes the use of environment-friendly alternative fuels.

Notes:
Birla Institute of Management Technology (BIMTECH), Greater Noida has launched BIMCOIN, a blockchain-powered digital currency for campus transactions. It is the first business school in India to introduce such technology, following IIT Madras. BIMCOIN aims to provide students with real-world fintech experience and promote blockchain learning. It operates on a permissioned blockchain, ensuring secure, transparent, and decentralized transactions. Unlike traditional banking, BIMCOIN minimizes fraud and errors by securely recording transactions on the blockchain. This initiative sets a new trend for integrating digital currency in academic institutions.

Notes:
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.

Notes:
The Finance Minister announced that National Bank for Financing Infrastructure and Development (NaBFID) will establish a partial credit enhancement facility for corporate bonds in the infrastructure sector. NaBFID is a specialized Development Finance Institution (DFI) supporting infrastructure development in India. It was established in 2021 under the National Bank for Financing Infrastructure and Development Act, 2021. Its objectives include filling gaps in long-term infrastructure financing, developing bond and derivatives markets, and boosting economic growth. NaBFID is regulated and supervised by the RBI as an All-India Financial Institution (AIFI). It focuses on long-term credit solutions for infrastructure projects in India.

Notes:
Tata Steel has become the first Indian company to develop hydrogen-compliant pipes for transporting hydrogen. This is a major step in supporting India’s clean energy transition and aligns with the National Hydrogen Mission. These pipes meet all critical requirements for safe hydrogen transportation. This innovation strengthens Tata Steel’s role in sustainable energy and infrastructure development. It supports the global push for clean energy solutions and reinforces India’s commitment to hydrogen as a future energy source.

Notes:
India is now the world’s second-largest mobile manufacturing country after China, followed by Vietnam. 99.2% of mobile phones sold in India are made domestically. Mobile phones account for 43% of India’s total electronics production. The electronics sector grew rapidly, reaching a valuation of USD 155 billion in FY23. Electronics production nearly doubled from USD 48 billion in FY17 to USD 101 billion in FY23. Electronics is now India’s fifth-largest export commodity. Despite growth, India holds less than 1% of the global electronics export share.

Notes:
The National Consumer Helpline (NCH), under the Ministry of Consumer Affairs, has adopted an AI-driven system for sector-wise grievance analysis. The number of calls received has grown from 12,553 in Dec 2015 to 1,55,138 in Dec 2024. Monthly complaints registered have increased from 37,062 in 2017 to 1,12,468 in 2024. Grievance disposal time has reduced from 66.26 days in 2023 to 48 days in 2024. 1,038 companies have become convergence partners to resolve issues faster. Success stories from sectors like e-commerce, broadband, and banking show improved grievance resolution, boosting consumer trust.

Notes:
SEBI has introduced the digital platform MITRA (Mutual Fund Investment Tracing and Retrieval Assistant). MITRA helps investors track and reclaim inactive or unclaimed mutual fund folios. It addresses issues like lost investments due to outdated contact details or unawareness. Investors can identify overlooked investments and update KYC details. It is developed by Registrar and Transfer Agents (RTAs), it provides a searchable database at the industry level. SEBI has revised the Unit Holder Protection Committee (UHPC) mandate to review inactive folios, unclaimed dividends, and redemptions.

Notes:
Axis Bank became the first Indian bank to implement compliance for the Digital Personal Data Protection Act (DPDP Act) 2023 in partnership with Privy by IDfy. The DPDP Act 2023 sets new standards for data protection and accountability. It requires privacy notices in 22 languages, maintaining consent records, obtaining parental consent for minors, and reporting privacy breaches. The initiative reflects Axis Bank’s commitment to customer privacy, ethics, and transparency.