Business, Economy & Banking Current Affairs MCQs

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India has exported its first GI-tagged fig juice to Poland, marking a major achievement for Indian agriculture. This follows the export of GI-tagged Purandar figs to Hong Kong. The Purandar Highlands Farmers Producer Company Ltd, with government support, facilitated these exports. This milestone highlights the quality of Indian figs and opens up new opportunities for expanding Indian agricultural products in global markets.

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The RBI recently introduced Continuous Clearing of Cheques under the Cheque Truncation System (CTS) for faster cheque clearance. CTS is an online system that captures and transmits cheque images and Magnetic Ink Character Recognition (MICR) data electronically, eliminating the need for physical cheque movement. CTS uses a PKI-based security system with dual access control, user ID, passwords, cryptobox, and smart card interfaces. Only CTS-2010 compliant cheques, with standard security features like watermarks and invisible ink logos, are accepted for clearing. Standardization helps banks in processing and recognizing cheques efficiently.

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SJVN Limited (Mini Ratna Schedule ‘A’ CPSU under Ministry of Power) has successfully commissioned the 90 MW Omkareshwar Floating Solar Project in Khandwa, Madhya Pradesh. This project involves placing solar panels on floating structures in water bodies like lakes and reservoirs. India has a potential capacity of 280-300 GW for floating solar power, according to the World Bank.

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Gujarat Chief Minister Bhupendra Patel inaugurated the Indo-American Chamber of Commerce’s (IACC) first Centre of Excellence for MSMEs in India. The Centre aims to enhance and support Micro, Small, and Medium Enterprises (MSMEs) to better serve export markets. The Chief Minister highlighted MSMEs as the backbone of the economy. He emphasized that the MSME sector will be key in making India the third-largest economy during Prime Minister Narendra Modi’s third term.

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The Central Government recently classified 24 minerals, including Tantalum, as Critical and Strategic under the MMDR Act, 1957. Tantalum is a rare metal with the symbol Ta and atomic number 73. It is usually found in the ore columbite-tantalite (coltan) and major producers include the Democratic Republic of the Congo, Rwanda, Brazil, and Nigeria. Tantalum is a shiny, silvery metal, soft when pure, and highly resistant to corrosion and chemical attack below 150°C. It belongs to refractory metals, known for their high resistance to heat and wear, and has an extremely high melting point.

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The Confederation of Indian Textile Industry (CITI) and the International Labour Organisation (ILO) have launched the Fundamental Principles and Rights at Work (FPRW) project. This initiative aims to raise awareness and share best practices on labor standards. The FPRW project focuses on upholding basic human values crucial for social and economic well-being. It was established in 1998 and updated in 2022. The ILO Declaration covers essential labor standards across various conventions. Originally four categories of standards were recognized, now expanded to five, including occupational safety and health.

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The Ministry of Information Broadcasting launched 25 challenges under the ‘Create in India Challenge—Season 1’ for the World Audio Visual & Entertainment Summit (WAVES) in New Delhi. WAVES is a platform for collaboration, innovation, and discussions in the Media and Entertainment (M&E) industry. Its goals include boosting India’s creator economy, making India an attractive investment destination, and adapting to new industry trends. This initiative aims to enhance India’s global presence in the M&E industry. It promotes cross-cultural exchanges and aims to develop a skilled workforce.

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The government is set to launch the ‘INDIAsize’ initiative to establish standardized body measurements suited for Indian body types. Currently, international and domestic brands in India use US and UK size charts, which differ from Indian body structures, causing fitting issues. INDIAsize, led by the Ministry of Textiles, aims to resolve these disparities by creating standard sizes for Indian consumers. The project will collect data from 25,000 Indians aged 15 to 65 using 3D body scanning technology. This size chart will help brands produce better-fitting garments, balancing demand and supply for well-fitted clothes in India.

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The Department of Fisheries, under the Ministry of Fisheries, Animal Husbandry and Dairying, has designated the ICAR-Central Marine Fisheries Research Institute as a Centre of Excellence for seaweed cultivation. Seaweed refers to various species of marine plants and algae that grow in oceans, rivers, and lakes. Seaweed is classified into green (Chlorophyta), brown (Phaeophyta), and red (Rhodophyta). Nutritionally, seaweed provides minerals like calcium, sodium, and potassium, and vitamins A, B12, C, D, and E. It offers health benefits such as anti-inflammatory and antimicrobial properties and is used in cancer treatment. Seaweed is also used in manufacturing as a binding agent in toothpaste and cosmetics, and enhances agricultural productivity.

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The Finance Ministry urged banks to implement better monitoring for pending cases in Debt Recovery Tribunals (DRTs).
DRTs are specialized bodies established under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993. They help enforce creditor rights and speed up debt recovery in India. DRTs handle disputes related to loans over Rs 20 lakh from banks and financial institutions.