Business, Economy & Banking Current Affairs MCQs

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India’s GDP is projected to grow by 6.4% in FY 2024-25, a decline from 8.2% in FY 2023-24. This marks the lowest growth rate in four years, indicating a slowdown in economic performance. The Ministry of Statistics & Programme Implementation (MoSPI) provides these estimates, which also highlight a marginal increase in nominal GDP to 9.7%. The decline in growth reflects challenges in various sectors, including agriculture, construction, and services, impacting overall economic health.

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The INROAD (Indian Natural Rubber Operations for Assisted Development) project, backed by ₹100 crore, enhances natural rubber quality in Northeast India and parts of West Bengal. It aims to develop skills among rubber growers and establish model infrastructure. Supported by major tyre companies – Apollo, Ceat, JK, and MRF – it showcases agriculture-industry collaboration. The project is overseen by the Rubber Board of India, it involves direct engagement from tyre manufacturers. In four years, 1,25,272 hectares of rubber plantations have been established across 94 districts. The project uses digital platforms to train farmers in effective rubber tapping and processing for quality improvement.

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Union Minister of Commerce and Industry launched the Bharat Startup Grand Challenge and PRABHAAV Factbook to boost innovation and mentorship in India. The initiatives highlight India’s thriving entrepreneurial ecosystem and focus on fostering growth in startups. The government aims to position India as a global leader in technology and entrepreneurship. These efforts reflect India’s commitment to empowering entrepreneurs and driving economic growth through a robust startup ecosystem.

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The Rubber Board launched two initiatives, iSNR (Indian Sustainable Natural Rubber) and INR Konnect. iSNR ensures compliance with the EU Deforestation Regulation (EUDR) by streamlining the rubber supply chain for EU markets. It provides traceability certificates verifying the origin of rubber products and their compliance with EUDR standards. This initiative aims to make Indian natural rubber competitive and responsible globally, promoting sustainable production and industry growth. INR Konnect is a web-based platform connecting untapped rubber growers with adopters to improve plantation productivity. It certifies participants, offers training in sustainable practices, and maintains a database of certified tappers.

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The International Monetary Fund (IMF) retained India’s growth projection at 6.5% for FY26 and FY27, citing it as “in line with potential.” Growth in India slowed due to an unexpected deceleration in industrial activity, with 5.4% growth reported for the September quarter. The World Bank maintained its higher growth projection for India at 6.7% for FY26 and FY27, predicting it to remain the fastest-growing major economy. The World Bank highlighted growth driven by the services sector, strengthened manufacturing, improved logistics, and tax reforms. NSO’s First Advance Estimates project FY25 growth to slow to 6.4%, below RBI’s 6.6% forecast for FY25.

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Dr. Jitendra Singh inaugurated India’s first CSIR Mega Innovation Complex in Mumbai on January 17 through virtual mode. The facility supports startups, MSMEs, industries, CSIR labs, and public research institutions. It provides high-end scientific infrastructure, regulatory support, and expertise for SOP-driven studies and compliance. Focus areas include healthcare, chemicals, energy, and materials, fostering collaboration and innovation. This milestone strengthens India’s position as a global leader in science, technology, and startups, contributing to the Atmanirbhar Bharat vision.

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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.

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Punjab National Bank (PNB) becomes the first Indian bank to integrate Clari5’s National Cybercrime Reporting Portal (NCRP) solution. The solution was developed with the Indian Cyber Crime Coordination Centre (I4C) to automate cybercrime complaint processing. It works across all retail banking channels like Internet and Mobile Banking, ATMs, UPI, and NEFT/RTGS. Features include automated lien marking, intelligent account freezes, and customizable whitelisting to protect customers. Rivi Varghese, CEO of Clari5, praised PNB’s leadership, calling the integration a new benchmark for Indian banking innovation.

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The Ministry of Micro, Small, and Medium Enterprises (MSME) has launched the MSME Trade Enablement and Marketing (TEAM) initiative to help small businesses adopt digital commerce. It has a budget of ₹277.35 crore for three years and aims to onboard 5 lakh MSMEs onto Open Network for Digital Commerce (ONDC). The initiative focuses on inclusivity, targeting 50% women-led enterprises. MSMEs will get digital storefronts, payment solutions, and logistics support via ONDC. More than 150 workshops will educate MSMEs, especially women-led and SC/ST-led businesses. A dedicated portal will offer training, financial aid, and grievance support. The initiative aligns with India’s digital transformation goals and complements schemes like PM Vishwakarma and Digital MSME.

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Ministry of Skill Development and Entrepreneurship (MSDE) inaugurated the NSDC International Academy in Greater Noida, Uttar Pradesh. The academy aims to provide world-class skill development and training programs to bridge the gap between Indian youth and global employment opportunities. It offers specialized courses in foreign languages, healthcare, employability skills, and aviation. The initiative is part of the National Skill Development Corporation (NSDC).