Business, Economy & Banking Current Affairs MCQs

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Recently, India became the world’s fourth largest biofuel consumer, overtaking China for the second year in a row in 2024. The data comes from the Statistical Review of World Energy 2025 by The Energy Institute (EI). India’s biofuel consumption increased by 40% year-on-year (Y-o-Y) to 77 thousand barrels of oil equivalent per day in 2024. Despite higher consumption, India still lags behind China in biofuel production. From 2014 to 2024, India’s biofuel consumption grew at an average annual rate of 31.8%.

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The Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industry, recently promoted the Trade Connect ePlatform at two major Business-to-Business (B2B) trade exhibitions. Trade Connect ePlatform is a digital initiative of Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industry. It aims to transform international trade for Indian exporters, especially Medium, Small and Medium Enterprises (MSMEs). It acts as a one-stop hub for international trade-related services and information. It connects exporters, MSMEs, and entrepreneurs with Indian Missions Abroad, Export Promotion Councils, and other government agencies.

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Life Insurance Corporation of India (LIC) recently signed a Memorandum of Understanding (MoU) with the Department of Rural Development to promote Bima Sakhi Yojana in rural India. The MoU was signed during the financial inclusion conclave ‘Anubhuti’ held in Goa in July 2025. Bima Sakhi Yojana is a performance-based stipendiary scheme launched by Life Insurance Corporation of India (LIC) for women empowerment. Selected women receive training and monthly stipends for three years — ₹7,000 in the first year, ₹6,000 in the second, and ₹5,000 in the third. The scheme aims to appoint two lakh Bima Sakhis across India over the next three years.

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India has become Malaysia’s largest importer of germinated oil palm seeds in 2025. In 2024, India imported 3.03 million tonnes of palm oil, making up 17.9% of Malaysia’s total exports. India aims to expand palm oil cultivation to 1 million hectares by 2025-26 under the National Mission on Edible Oils-Oil Palm (NMEO-OP). Goal is to produce 2.8 million tonnes of crude palm oil by 2029-30. Currently, India has 3.7 lakh hectares under palm cultivation, focusing on northeast and island regions. Malaysia offers to collaborate if India provides land for local palm oil production.

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Recently, the United States (US) President announced a 25% tariff on all imports from India, effective from August 1, 2025. A separate penalty has also been imposed due to India’s continued purchase of Russian oil and military equipment. The US cited India’s high tariffs on American goods, calling them “among the highest in the world.” The US currently has a $40.8 billion trade deficit with India. India’s membership in BRICS, seen by the US as an anti-dollar group, is also a concern. A proposed Bilateral Trade Agreement (BTA) failed to materialize before the August 2025 deadline. The tariff move is viewed as a pressure tactic to speed up trade negotiations with India.

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As reported by the Federation of Indian Export Organisations (FIEO), Gujarat remained India’s top exporting state in 2024–25 with outbound shipments totaling ₹9.83 lakh crore, representing 26.6% of the nation’s total exports. Gujarat’s exports were ₹4.3 lakh crore higher than Maharashtra at ₹5.57 lakh crore, followed by Tamil Nadu, Karnataka, Uttar Pradesh, Andhra Pradesh, and Telangana. Gujarat’s top exports were Petroleum Products, Gems & Jewellery, Organic Chemicals, Pharmaceuticals, and Engineering Goods. Uttar Pradesh exported ₹1.86 lakh crore (5% of total), with the United States as its top destination, showing diverse market reach.

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Recently, the Government of India revised the advance registration period for importing steel products on the Steel Import Monitoring System (SIMS) 2.0 portal, except for some items. SIMS 2.0, launched by the Union Ministry of Steel, builds on the 2019 SIMS to provide detailed steel import data to the domestic industry. It gives advance import information to the government and stakeholders, enabling better planning. Database integration helps identify risk areas, improve quality control, and support domestic steel industry growth and policymaking.

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IDFC FIRST Bank launched RemitFIRST2India, a zero-fee digital remittance platform for Non-Resident Indians (NRIs) to send money to India. It was introduced in partnership with SingX and currently operates from Singapore and Hong Kong. The service offers competitive foreign exchange (forex) rates, real-time transaction tracking, and fully digital, paperless transfers to any Indian bank account. Existing NRI customers can use it via the bank’s mobile app, while new users have a simple online onboarding process. The initiative reflects the bank’s customer-first approach, focus on digital innovation, and commitment to ethical, socially responsible, and inclusive banking.

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The Union Minister for Road Transport and Highways announced that India became the third-largest automobile industry in the world with a market size of ₹22 lakh crore. Globally, the United States ranks first with ₹78 lakh crore, followed by China with ₹49 lakh crore. India’s automobile sector contributes 7.1% to the country’s Gross Domestic Product (GDP) and 49% to manufacturing GDP. It is a key driver of India’s manufacturing and economic growth. In FY25, two-wheelers dominated the domestic market with 76.57% share, while passenger cars held 16.80%.

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The Reserve Bank of India (RBI) released a report on Framework for Responsible and Ethical Enablement of Artificial Intelligence (FREE-AI) in the financial sector. FREE-AI Committee was constituted on 6th December 2024 to promote innovation while safeguarding consumer interests. The report prescribes 7 guiding sutras and 26 recommendations under six strategic pillars for responsible AI adoption. Objectives include transparency, accountability, fairness, customer protection, and balancing innovation with risk mitigation. AI benefits include efficiency, automation, data-driven decisions, improved customer experience, fraud prevention, and regulatory compliance.