Business, Economy & Banking Current Affairs MCQs

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The National Highways Authority of India (NHAI) entered an MoU with ISRO’s National Remote Sensing Centre (NRSC) for 3 years to develop a “Green Cover Index” using satellite imagery to monitor plantation along vast network of national highways across India.

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‘Bharat Park,’ a project announced by India’s Commerce and Textiles Minister Piyush Goyal, is intended to facilitate the trade of Indian goods in the United Arab Emirates (UAE). This initiative, involving the establishment of a goods showroom and warehouses in the UAE, aims to create a dedicated platform for showcasing and selling Indian products to other countries. Announced during an event organized by the Synthetic and Rayon Textiles Export Promotion Council (SRTEPC), the creation of Bharat Park is a strategic move to enhance the visibility and accessibility of Indian goods in international markets.

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In 2023-24, India is set to become the world’s leading lentil (masoor) producer due to expanded cultivation. Primarily consumed as ‘Dal’ after skin removal, lentils are hardy, frost-tolerant, and thrive in cold climates. Optimal growth temperature is 18-30°C, and well-drained, neutral loam soils are ideal. Major lentil-growing Indian states include Madhya Pradesh, Uttar Pradesh, and Rajasthan. Despite ranking second globally in production, India traditionally imports from Canada, Australia, Russia, Singapore, and Turkey, but has diversified sources in recent years.

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Tamil Nadu secured the title of the ‘best performer’ state in the 2022 Startup India State Startup Rankings. The state’s strategic efforts included the revamping of its nodal startup agency, StartupTN, in 2021, and budget allocations for the launch of new funds like Tamil Nadu Startup Seed Fund (TANSEED), Emerging Sector Seed Fund, and Tamil Nadu SC/ ST Fund. The rankings also recognized Gujarat, Karnataka, Kerala, and Himachal Pradesh as best performers, while Maharashtra, Odisha, Punjab, Rajasthan, and Telangana were categorized as ‘leaders.’ Currently, Tamil Nadu boasts over 7,600 startups registered under the Startup India scheme, with more than 2,250 startups registering in 2022 alone.

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The Asian Infrastructure Investment Bank (AIIB) recently became the anchor investor in India’s largest renewable energy infrastructure Investment Trust (InvIT). The InvIT is called Sustainable Energy Infra Trust (SEIT) and has eight operational solar power generation assets. The AIIB invested INR 4.86 billion (about USD 58.4 million) into SEIT. The AIIB has set a goal of directing 50% of its approved financing toward climate finance by 2025.

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Ahead of the interim Budget 2024, exporters are urging the government to allocate $3.88 billion for the Market Access Initiative (MAI) scheme. MAI is an export promotion initiative aimed at catalyzing sustained growth in India’s exports. The scheme focuses on specific products and countries, supporting activities like marketing projects abroad, capacity building, statutory compliances, and more. Eligible entities include government departments, trade promotion organizations, exporters, research institutions, and others. Funding is on a cost-sharing basis, administered by the Ministry of Commerce and Industry through Directorate General of Foreign Trade (DGFT).

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The Uttar Pradesh government is prioritizing electric vehicle (EV) use and manufacturing through the development of the ‘EV Upyog’ portal. The Uttar Pradesh Development Systems Corporation Limited (UPDESCO) is hiring a software development agency for one year to upgrade the portal, which will include features like cloud storage, database capabilities, and specialized software. The Ministry of Electronics and IT Empanelled Service Provider will oversee the cloud server integration, emphasizing cybersecurity, cost-effectiveness, scalability, integration, API convenience, and reliability.

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India has unveiled an interim budget of $14 billion for Jammu and Kashmir, marking a significant commitment to the region’s economic development. The proposed budget of Rs 1.18 lakh crore ($14.16 billion) surpasses IMF’s financial aid to Pakistan by 4.72 times, emphasizing India’s dedication to the growth and stability of Jammu and Kashmir. This announcement coincided with Pakistan’s “Kashmir Solidarity Day,” showcasing India’s robust financial support for the region.

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Prime Minister Narendra Modi, with Sri Lankan President Ranil Wickremesinghe and Mauritian Prime Minister Pravind Jugnauth, inaugurated Unified Payment Interface (UPI) services in Sri Lanka and Mauritius, and RuPay card services in Mauritius via video conferencing. Mr. Jugnauth announced the co-branded RuPay card as Mauritius’ domestic card. This initiative aims to enhance economic ties and connectivity between the countries, providing convenience to their citizens. Sri Lankan President congratulated Modi on the consecration of Shri Ram Mandir and highlighted longstanding economic relations.

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Meghalaya Chief Minister Conrad K Sangma launched CM-Elevate, a state-funded entrepreneurship program, aiming to support over 20,000 entrepreneurs in various businesses over the next 3-4 years. The government has allocated Rs. 300 crore for the scheme, offering up to 75 percent subsidy and comprehensive support for proposal implementation. Sangma emphasized promoting entrepreneurship to reduce dependency on government jobs and encourage private sector job creation. The first batch of beneficiaries received financial assistance for diverse projects, marking the beginning of a three-year journey to foster entrepreneurship in the state.