Business, Economy & Banking Current Affairs MCQs

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Google-backed Pixxel launched India’s first private satellite constellation, marking a milestone for the country’s private space sector. The satellites use hyperspectral imaging technology to capture detailed data across light bands for agriculture, mining, environmental monitoring, and defense. This technology can help improve crop yields, track resources, monitor oil spills, and provide better details than existing technology. Three more satellites are expected to be deployed by mid-2025. The global satellite imagery market is projected to reach $19 billion by 2029.

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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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India’s economic growth is projected at 6.7% annually for fiscal years starting April 2025, as per the World Bank. The services sector is expected to continue expanding steadily. Manufacturing is set to strengthen due to government efforts to improve the business environment. Investment growth will remain stable, with private investment rising and public investment moderating. For 2024-25, growth is expected to ease to 6.5% due to slower investment and weak manufacturing performance.

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India is now the seventh-largest coffee producer globally, with exports reaching $1.29 billion in the last financial year, nearly double the $719 million in 2020-21, according to the Commerce and Industry Ministry. In the first half of this month, over 9,300 tonnes of coffee were exported, with top buyers being Italy, Belgium, and Russia. India primarily exports unroasted beans, but there is increasing demand for roasted and instant coffee. Karnataka leads coffee production, followed by Kerala and Tamil Nadu. Domestic consumption has risen from 84,000 tonnes in 2012 to 91,000 tonnes in 2023, driven by café culture and higher incomes.

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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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Special Window for Affordable and Mid-Income Housing (SWAMIH) Fund 2.0 aims to revive stalled real estate projects by providing financial support. The Union Budget 2025-26 has allocated ₹15,000 crore to complete one lakh housing units. Real estate developers and National Real Estate Development Council (NAREDCO) had long requested the fund’s second tranche. SWAMIH Fund I, launched earlier, was created to complete stressed and stalled housing projects. It is sponsored by the Ministry of Finance. It is a Category-II AIF (Alternate Investment Fund) debt fund registered with SEBI.

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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).

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The Ministry of Skill Development and Entrepreneurship (MSDE), National Skill Development Corporation (NSDC), and Intel India launched the ‘AI for Entrepreneurship’ micro-learning module. It aims to simplify AI concepts and encourage entrepreneurial thinking among young innovators. The programme targets training 1 lakh youth by 2025 to help them succeed in a technology-driven economy. The module focuses on AI for business growth, entrepreneurial strategies, and problem-solving. It is designed for both urban and rural learners to ensure inclusivity.

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Axis Bank became the first Indian bank to implement compliance for the Digital Personal Data Protection Act (DPDP Act) 2023 in partnership with Privy by IDfy. The DPDP Act 2023 sets new standards for data protection and accountability. It requires privacy notices in 22 languages, maintaining consent records, obtaining parental consent for minors, and reporting privacy breaches. The initiative reflects Axis Bank’s commitment to customer privacy, ethics, and transparency.

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LIC launched the ‘One Man Office’ (OMO) initiative on February 17, 2025. It is a digital initiative to enhance LIC agents’ efficiency with 24×7 digital services. The initiative aligns with LIC’s vision of ‘Insurance for All by 2047.’ It provides online tools for policy sales, customer service, and business management. LIC aims to make its agents independent and productive through digital transformation. The initiative eliminates the need for a traditional office setup. It benefits both policyholders and LIC by integrating technology into insurance services.