Business, Economy & Banking Current Affairs MCQs

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The Union Minister for Housing and Urban Affairs announced the Cities Coalition for Circularity (C-3). It is a global alliance promoting city-to-city collaboration, knowledge-sharing, and private sector partnerships. The announcement was made at the 12th Regional 3R and Circular Economy Forum in Jaipur. C-3 aims to boost resource efficiency and support a low-carbon economy. It will enhance cooperation among policymakers, industry leaders, and researchers. The initiative focuses on building a sustainable future through circular economy principles.

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Union Minister Pralhad Joshi launched India’s first AI-powered solar manufacturing line at Goldi Solar’s new facility in Kosamba, Surat, Gujarat. The AI-powered facility enhances precision, scalability, and efficiency, supporting India’s net-zero transition. The plant has a planned production capacity of 14 GW and integrates industry-first AI innovations. High-speed stringers use AI automation to produce 10,000 solar cells per hour with minimal errors and waste. AI-powered Automated Optical Inspection (AOI) ensures real-time defect detection.

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Gum Arabic, used in products like Coca-Cola and M&M’s, is increasingly trafficked from rebel-held regions in Sudan, disrupting supply chains. It is a water-soluble exudate from Acacia senegal and A. seyal species. It is native to North Africa, also grows in Australia, India, and South America. Major producers include Cameroon, Chad, Mali, Nigeria, and Sudan. Sudan is the world’s largest producer of gum arabic, accounting for 70% of the market. Gum Arabic is non-toxic, odourless, and dissolves in water, forming a clear solution. It is used as a stabilizer and emulsifier in food products.

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In March 2025, scientists in France discovered a massive, naturally occurring white hydrogen deposit in the Moselle region, estimated to be worth $92 trillion and containing 46 million tons of hydrogen, potentially revolutionizing the clean energy sector. White hydrogen is naturally occurring, formed by geochemical reactions in hard rock, similar to oil and gas. It is small, light, and escapes cap rocks easily, making extraction a challenge. The industry is nascent, with only a few innovators exploring its potential. This discovery could have a significant impact on the global energy transition, potentially helping countries reduce their reliance on fossil fuels and transition to cleaner energy sources.

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The Asian Development Bank (ADB) launched the Frontier Seed (Pacific) program to support local businesses and strengthen capital markets in the Pacific region. The program promotes sustainable economic growth with an initial $4 million commitment. It has signed $200,000 technical assistance agreements with SeaPAC Pte Ltd (prawn production) and Kahuto Pacific (aerial mapping). The initiative is backed by international partners like the Ocean Resilience and Coastal Adaptation (ORCA) Trust Fund, Nordic Development Fund, and UK FCDO. It aims to attract investors, create jobs, and enhance economic resilience in the Pacific region.

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The Union Cabinet approved an incentive scheme to promote low-value BHIM-UPI (Person-to-Merchant – P2M) transactions for FY 2024-25. The scheme aims to strengthen BHIM-UPI, boost transaction volumes to ₹20,000 crore, and promote UPI 123PAY & offline UPI Lite/LiteX. It encourages UPI adoption in rural and remote areas. The Unified Payments Interface (UPI) is a real-time payment system developed by the National Payments Corporation of India (NPCI). It enables users to link multiple bank accounts in a single mobile app for instant money transfers. BHIM-UPI, launched in 2016, is a government-backed app for seamless, fast, and secure digital payments.

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The Pension Fund Regulatory and Development Authority (PFRDA) issued regulations for the Unified Pension Scheme (UPS) under the National Pension System (NPS), 2025. PFRDA is a statutory regulatory body established under the PFRDA Act, 2014. Its objective is to promote old-age income security by regulating pension funds and protecting subscriber interests. PFRDA operates under the Ministry of Finance. It is headquartered in New Delhi with regional offices across India.

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Agricultural and Processed Food Products Export Development Authority (APEDA) exported the first consignment of GI-tagged Dalle Chilly from Sikkim to the Solomon Islands. Dalle Chilli, also known as Dalle Khursani, is primarily cultivated in the Himalayan regions, specifically in Sikkim, the Darjeeling hills. It is known for its intense pungency and bright red color. It is highly nutritious, rich in vitamins A, C, and E, and contains potassium. Its Scoville Heat Units (SHU) range from 100,000 to 350,000, making it one of the hottest chillies.

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The government proposed abolishing the 6% Equalisation Levy (EL) on online ads from April 1, 2025. The move benefits advertisers on platforms like Google, X, and Meta. Equalisation Levy (EL) was introduced in 2016 for online ads and extended in 2020 to e-commerce services. It imposed a 6% tax on non-residents for online ads and a 2% tax on e-commerce, which was removed in 2024. The decision aims to ease US trade tensions, as the US threatened reciprocal tariffs from April 2.

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As per the Indian Tea Board, India became the world’s second-largest tea exporter in 2024, surpassing Sri Lanka. It exported a record 255 million kg of tea, a 10% increase from 231.69 million kg in 2023. Kenya remains the top tea exporter globally. India exports tea to over 25 countries, with major markets including the UAE, Iraq, Iran, Russia, the USA, and the UK. Assam, Darjeeling, and Nilgiri teas are among the finest in the world. Black tea dominates exports at 96%. The Tea Board of India is promoting production, branding, and welfare of tea-growing families.