Business, Economy & Banking Current Affairs MCQs

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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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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 National Consumer Disputes Redressal Commission (NCDRC) ruled that companies in India must follow fair pricing policies and avoid gender-based price discrimination. Currently, there are no specific laws in India to directly address the Pink Tax. Pink Tax refers to higher prices charged for products marketed to women compared to similar products for men. It affects items such as toys, haircuts, dry cleaning, razors, shampoos, body lotions, deodorants, skincare, beauty products, clothing, jeans, T-shirts, and salon services. The extra cost benefits companies and is not a government-imposed tax. The term originated in California, USA, in 1994 after observing consistent gender-based price differences.

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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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On the decade-long celebrations of Make in India, Union Minister for Commerce and Industry, Shri Piyush Goyal, launched Logistics Ease Across Different States (LEADS) 2025 in New Delhi. LEADS 2025 benchmarks logistics performance across States and Union Territories (UTs), supporting a globally competitive and future-ready logistics ecosystem. India is emerging as a global manufacturing hub under Make in India, with growth in pharmaceuticals and engineering goods. Efficient logistics reduces costs and strengthens manufacturing competitiveness. LEADS 2025 introduces corridor performance assessment and API-enabled evaluation of road speeds.

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On 25 September 2025, Union Minister Sarbananda Sonowal flagged off India’s first fleet of electric heavy trucks with swappable batteries at Nhava Sheva Distribution Terminal, Jawaharlal Nehru Port Authority (JNPA), Maharashtra. Jawaharlal Nehru Port Authority (JNPA) now has the largest electric vehicle (EV) truck fleet at any Indian port. 50 electric heavy trucks were launched, with expansion to 80 by year-end. A heavy-duty battery swapping station was commissioned for operations. Jawaharlal Nehru Port Authority (JNPA) ranks in the World Bank’s Top 25 Container Port Performance Index (CPPI). The launch marks a major step towards sustainable and green logistics 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.

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Union Finance Minister Nirmala Sitharaman launched the nationwide ‘Aapki Punji Aapka Adhikar’ campaign from Gandhinagar, Gujarat. The campaign aims to ensure speedy settlement of unclaimed financial assets across banks, insurance companies, pension funds, stock, and mutual fund companies. It focuses on returning deposits to legitimate claimants and bridging the gap between financial institutions and citizens. Currently, ₹1,82,000 crore of unclaimed assets lie with financial institutions nationwide. Certificates were awarded to claimants confirming the retrieval of their unclaimed assets. The initiative promotes financial empowerment and awareness among citizens.

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The Maharashtra government launched the E-Bond system for import and export businesses, replacing traditional stamp paper bonds in October 2025. Revenue Minister Chandrashekhar Bawankule announced the system in Mumbai. The system aims to simplify trade procedures, speed up transactions, and enhance transparency in commercial operations. Maharashtra becomes the 16th state in India to adopt digital bonds. The move represents a major step in modernising trade administration. E-Bonds reduce paperwork and make processes faster, secure, and more efficient. The initiative supports ease of doing business and promotes digital adoption in trade.