Business, Economy & Banking Current Affairs MCQs

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The Tobacco Board has initiated several strategic activities to ensure the sustainability and growth of the tobacco industry. The Tobacco Board of India was established on January 1, 1976, under the Tobacco Board Act, 1975. It is headed by a chairperson and works towards the development of the tobacco industry. Its main functions include promoting tobacco exports, regulating FCV tobacco production and distribution, and supporting domestic and international tobacco trade. India is the second-largest producer of tobacco globally, after China. India is also the second-largest exporter of unmanufactured tobacco, after Brazil.

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The government has initiated a review of the Wholesale Price Index (WPI) to update its base year from 2011-12 to 2022-23. This change aims to reflect structural economic changes and enhance the accuracy of inflation measurement and GDP calculations. The 18-member committee, led by NITI Aayog member Ramesh Chand, will also explore transitioning to a Producer Price Index (PPI) to include services, which constitute over half of India’s economic output, thus aligning with international practices.

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IIT Madras is collaborating with the Ministry of Agriculture on Project VISTAAR to enhance agricultural extension through digitalization. Project VISTAAR (Virtually Integrated System to Access Agricultural Resources) aims to strengthen the agricultural extension system. The project highlights opportunities for start-ups to innovate and improve agriculture and allied sectors. Start-ups can help farmers with technologies for better productivity and market information. IIT Madras’ Centre for Research on Start-ups developed a platform with data on 12,000 agriculture-related start-ups. The MoU enables farmers and stakeholders to access start-up capabilities and improve agricultural efficiency.

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The Prime Minister emphasized Open Network for Digital Commerce (ONDC’s) role in empowering small businesses and transforming e-commerce. ONDC was launched in 2022 by Department for Promotion of Industry and Internal Trade (DPIIT) under the Ministry of Commerce. It aims to provide equal opportunities for MSMEs in digital commerce and democratize the e-commerce sector. ONDC promotes open networks for exchanging goods and services through digital platforms. Partners like Paytm, Meesho, Magicpin, Mystore, Craftsvilla, and Spice Money enable users to order food or products from businesses listed on the ONDC platform.

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The Finance Ministry launched the revamped ‘Baanknet’ e-auction portal as a one-stop platform for buyers and investors. It consolidates e-auction information from all Public Sector Banks (PSBs) on properties like flats, houses, plots, shops, industrial land, vehicles, and machinery. The portal simplifies property discovery and participation in auctions, enhancing transparency and efficiency. It aids PSBs in recovering distressed assets, improving their balance sheets, and boosting credit availability. More than 1,22,500 properties are listed, and PSB executives received training for effective use.

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The Export Inspection Council (EIC) has launched a study on food testing infrastructure for exports. It was set up under the Export (Quality Control and Inspection) Act, 1963. It ensures quality control and inspection of Indian exports. EIC is the official certification body for exports, ensuring products meet quality and safety standards for importing countries. It provides mandatory certification for specific food products and voluntary certification for others. EIC operates through Export Inspection Agencies in major cities, with NABL accredited laboratories and 30 sub-offices. It works under the Ministry of Commerce and Industry.

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India has the third-largest operational metro rail network globally, after China and the USA. India’s metro network serves over 1 crore passengers daily, surpassing Japan in metro projects by 2022. Metro development in India began in 1969 with the Metropolitan Transport Project. PM Modi launched metro projects worth over ₹12,200 crore in Delhi on January 5.

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India’s first commercial utility-scale battery energy storage system (BESS) will go live in March 2025. It is located in Kilokri, a village in south Delhi. The BESS is a 20 MW/40 MWh battery cluster that is part of the BSES Rajdhani Power Limited (BRPL) Kilokri substation. The system is expected to provide four hours of power every day, two hours each during the day and at night. The BESS project is a collaboration between BRPL, IndiGrid, and the Global Energy Alliance for People and Planet (GEAPP). The project is a significant milestone in India’s efforts to integrate renewable energy and modernize its power infrastructure.

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The Ministry of Commerce & Industry launched the 8th edition of the National Programme for Organic Production (NPOP) to promote ease of operations and transparency for stakeholders, including farmers. Agricultural and Processed Food Products Export Development Authority (APEDA) implements NPOP to strengthen India’s organic certification system. The event unveiled key portals, including NPOP, Organic Promotion Portal, TraceNet 2.0, revamped APEDA, and AgriXchange, for improving operations, traceability, and market access.

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The Union Minister for Commerce and Industry recently inaugurated the National Turmeric Board in New Delhi. The Board aims to lead turmeric-related matters and enhance coordination with the Spices Board and other government agencies. It will include a Chairperson, a Secretary from the Department of Commerce, members from various ministries, and representatives from top turmeric-growing states. The Board will focus on research, value addition, promoting turmeric’s medicinal properties, improving yield, logistics, and exploring international markets. Quality and safety standards for turmeric production and exports are also key goals. The headquarters is in Nizamabad, Telangana.