Business, Economy & Banking Current Affairs MCQs

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The Ministry of Finance removed the 11% import duty on cotton from 19 August to 30 September 2025. Imports earlier had 11% duty since February 2021, including 5% Basic Customs Duty and 5% Agriculture Infrastructure and Development Cess. India imported 39 lakh bales of cotton in the 2024-2025 season, with 2 lakh bales in transit to benefit from this waiver. Cotton imports rose 107.4% from 579.2 million in FY24 to 1.20 billion in FY25, with suppliers like Australia, United States, Brazil, and Egypt. The waiver will ease high input costs, support yarn and fabric exporters, and stabilise markets until the new crop.

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The Union Finance Ministry has introduced a one-time one-way switch facility from the Unified Pension Scheme (UPS) to the National Pension System (NPS). The facility is available to UPS subscribers up to one year before superannuation or three months before voluntary retirement. Employees facing dismissal, removal, or disciplinary action are not eligible for the switch. Once exercised, employees will forfeit UPS benefits, including assured payouts. The move aims to streamline pension benefits and reinforce NPS as a long-term retirement solution.

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Union Minister of Electronics and Information Technology (MeitY) Shri Ashwini Vaishnaw launched India’s first Tempered Glass Manufacturing Facility for Mobile Devices in Noida. The facility is set up by Optiemus Electronics in collaboration with Corning Incorporated, USA, producing tempered glass under the brand “Engineered by Corning”. It will supply products to both domestic and international markets, supporting Make in India and Atmanirbhar Bharat initiatives. India’s electronics manufacturing has grown six times in 11 years to ₹11.5 lakh crore, with exports over ₹3 lakh crore and 2.5 million employed. The initiative aligns with India’s push for self-reliance in electronics, future chip production, and strengthening research and development capabilities.

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On 3rd September 2025, the GST Council announced rationalisation of the Goods and Services Tax (GST) slab structure. The 12% and 28% tax slabs were abolished and a 40% GST rate introduced for luxury and sin goods. Fast-Moving Consumer Goods (FMCG) and consumer durable products will benefit from the revised rates. The reform is part of India’s 2025 GST policy transformation, the most ambitious fiscal reform in recent years. It aims to simplify tax structure, reduce rates on essential goods, and improve administrative efficiency. The changes balance government revenue needs with economic growth objectives.

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Recently, the Prime Minister inaugurated India’s first bamboo-based ethanol plant in Golaghat district, Assam. The Prime Minister also laid the foundation stone for a modern polypropylene plant in the same district. The bamboo-based bioethanol plant aims to boost industrial growth, green energy, renewable power, and create opportunities for farmers and youth. A steady supply of bamboo will be ensured with government support for local farmers in cultivation and procurement. Bamboo, previously restricted, is now allowed for industrial use, benefiting tribal communities in Northeast India.

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Union Minister Nitin Gadkari unveiled a roadmap at the International Value Summit 2025, New Delhi, to make India a global hub for automobiles, green mobility, and infrastructure. India has surpassed Japan to become the third-largest automobile market, aiming for No. 1 position in five years. The top two countries for global automobile manufacturing are China and the United States. India leads in electric vehicles, hydrogen fuel, and alternative fuels, with hydrogen trucks launched and pilots on 10 routes.

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The Employees’ Provident Fund Organisation (EPFO), with a corpus over ₹25 lakh crore, announced Shri Vivekanand Gupta, Regional Provident Fund Commissioner, selected for the Public Financial Asset Management (PFAM) Program 2025–26. PFAM is a prestigious initiative jointly organised by the World Bank and Milken Institute. Shri Gupta is the first-ever participant from EPFO and the sole representative from India. Selection was made by Pandit Deendayal Upadhyay National Academy of Social Security (PDUNASS) through an internal nomination process. PFAM, hosted at Bayes Business School, City, University of London, trains senior professionals in capital markets, governance, and strategic asset management.

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On the decade-long celebrations of “Make in India,” the Industrial Park Rating System (IPRS) 3.0 was launched in New Delhi. Industrial Park Rating System (IPRS) 3.0 is developed by the Department for Promotion of Industry and Internal Trade (DPIIT) with support from the Asian Development Bank (ADB). The initiative aims to strengthen India’s industrial ecosystem and enhance competitiveness of industrial infrastructure. The system assesses and benchmarks facilities, infrastructure, and performance of industrial parks across India. IPRS 3.0 provides stakeholders with reliable data, encourages best practices, and supports world-class infrastructure creation.

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India has proposed a revamp of Corporate Average Fuel Efficiency (CAFE) 3 norms with a new draft released for public consultation. CAFE norms regulate fuel consumption and CO₂ emissions from passenger vehicles under 3,500 kg. They apply to petrol, diesel, LPG, CNG, hybrid, and electric vehicles. In India, CAFE norms were implemented in two phases: Phase 1 (2017–18) and Phase 2 (2022–23). The objective is to improve fuel efficiency, reduce emissions, and promote cleaner vehicles. The Bureau of Energy Efficiency (BEE), a statutory body under the Ministry of Power, Government of India, introduced the Corporate Average Fuel Efficiency (CAFE) norms in India.

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India has launched an anti-dumping investigation on imports of Ethambutol Hydrochloride from China and Thailand. The probe is conducted by the Directorate General of Trade Remedies (DGTR) under the Ministry of Commerce and Industry. The investigation follows an application by Lupin, India’s only domestic producer of the drug. Ethambutol Hydrochloride is used to treat pulmonary tuberculosis as part of combination therapy to prevent drug resistance.