Business, Economy & Banking Current Affairs MCQs

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The Asian Development Bank (ADB) launched the Frontier Seed (Pacific) program to support local businesses and strengthen capital markets in the Pacific region. The program promotes sustainable economic growth with an initial $4 million commitment. It has signed $200,000 technical assistance agreements with SeaPAC Pte Ltd (prawn production) and Kahuto Pacific (aerial mapping). The initiative is backed by international partners like the Ocean Resilience and Coastal Adaptation (ORCA) Trust Fund, Nordic Development Fund, and UK FCDO. It aims to attract investors, create jobs, and enhance economic resilience in the Pacific region.

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The Pension Fund Regulatory and Development Authority (PFRDA) issued regulations for the Unified Pension Scheme (UPS) under the National Pension System (NPS), 2025. PFRDA is a statutory regulatory body established under the PFRDA Act, 2014. Its objective is to promote old-age income security by regulating pension funds and protecting subscriber interests. PFRDA operates under the Ministry of Finance. It is headquartered in New Delhi with regional offices across India.

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Agricultural and Processed Food Products Export Development Authority (APEDA) exported the first consignment of GI-tagged Dalle Chilly from Sikkim to the Solomon Islands. Dalle Chilli, also known as Dalle Khursani, is primarily cultivated in the Himalayan regions, specifically in Sikkim, the Darjeeling hills. It is known for its intense pungency and bright red color. It is highly nutritious, rich in vitamins A, C, and E, and contains potassium. Its Scoville Heat Units (SHU) range from 100,000 to 350,000, making it one of the hottest chillies.

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The Finance Ministry launched BAANKNET, a revamped e-auction portal, to streamline the auction of banks’ assets. It replaces e-BKray (launched in February 2019) and enhances transparency in disposing of non-performing assets (NPAs). BAANKNET integrates automated KYC, secure payment gateways, and verified property titles. 12 public sector banks and the Insolvency and Bankruptcy Board of India (IBBI) use BAANKNET for property auctions.

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National Payments Corporation of India (NPCI) launched BHIM (BHarat Interface for Money) 3.0 with new features. It supports 15+ Indian languages. The app allows users to track, manage, and split expenses. It optimized for low internet areas, ensuring uninterrupted transactions. It includes a built-in task assistant for bill reminders, UPI Lite activation, and low balance alerts.

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India became the third-largest producer of electricity from wind and solar energy in 2024, overtaking Germany, as per Ember’s Global Electricity Review. Wind and solar generated 10% of India’s electricity in 2024, and 15% globally. Clean energy sources like renewables and nuclear power made up 40.9% of global electricity – the highest since the 1940s. India added 24 gigawatts (GW) of solar in 2024, becoming the third-largest market after China and the US. Solar power contributed 7% of India’s electricity, doubling since 2021. India aims for 50% of installed power capacity from non-fossil sources by 2030 under its Nationally Determined Contributions (NDCs) to the United Nations Framework Convention on Climate Change (UNFCCC). India also targets 500 GW of non-fossil fuel capacity by 2030, but needs 20% more annual funding to meet it, according to Ember.

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The Government of India launched the National Critical Mineral Mission (NCMM) in 2025 to reduce import dependence and promote self-reliance in critical minerals. The mission supports India’s clean energy goals by ensuring a steady supply of key raw materials. Critical minerals are important for making modern technologies like batteries, electronics, and renewable energy systems. These minerals are also vital for national security and economic development. They are called “critical” because their supply is limited or controlled by few countries, creating risks. Their importance can change over time based on new technologies and global supply-demand shifts.

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The unemployment rate in rural areas has slightly decreased from 4.3 percent to 4.2 percent, showing a small improvement in job availability. As per the Annual Report of the Periodic Labour Force Survey (PLFS) from January to December 2024, the labour force participation rate (LFPR) in urban areas has gone up from 50.3 percent to over 51 percent. The worker population ratio (WPR), which measures the percentage of working people in the population, has also improved. In urban areas, the overall WPR increased from 47 percent to 47.6 percent, indicating better employment engagement.

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The Asian Development Bank (ADB) in its April 2025 Asian Development Outlook has projected India’s Gross Domestic Product (GDP) growth at 6.7% for fiscal year 2025. This shows India’s economic resilience despite global challenges, driven by strong domestic demand, growth in rural income, and controlled inflation. Reforms like tax cuts for the middle class and monetary easing through repo rate cuts are also boosting the economy. The Reserve Bank of India (RBI) has slightly lowered its forecast to 6.5%, but ADB remains confident about India’s growth continuing into fiscal year 2026.

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The Central Electricity Authority (CEA) launched the STELLAR Model, a new software tool for planning power generation, transmission, and storage with demand response. STELLAR stands for State-of-the-art, Totally indigenously developed Resource adequacy model. It helps Indian states and power distribution companies (discoms) create resource adequacy plans as per Ministry of Power’s June 2023 guidelines. The model ensures reliable electricity supply through smart planning of power resources. It supports integrated planning with demand response and meets changing yearly requirements. The tool is transparent, user-friendly, and made in India under CEA’s guidance. It is available free of cost to all states and discoms. It was developed with support from The Lantau Group (TLG) and Asian Development Bank (ADB).