Business, Economy & Banking Current Affairs MCQs

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NTPC Green Energy Limited (NGEL) signed a Memorandum of Understanding (MoU) with the Maharashtra government for the development of green hydrogen and renewable energy. The MoU includes the development of green hydrogen and its derivatives, such as green ammonia and green methanol, with a capacity of up to 1 million tons per year. The MoU also includes the development of renewable energy projects and pumped storage projects of 2 GW.

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Prime Minister Narendra Modi, with Sri Lankan President Ranil Wickremesinghe and Mauritian Prime Minister Pravind Jugnauth, inaugurated Unified Payment Interface (UPI) services in Sri Lanka and Mauritius, and RuPay card services in Mauritius via video conferencing. Mr. Jugnauth announced the co-branded RuPay card as Mauritius’ domestic card. This initiative aims to enhance economic ties and connectivity between the countries, providing convenience to their citizens. Sri Lankan President congratulated Modi on the consecration of Shri Ram Mandir and highlighted longstanding economic relations.

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Reliance Industries Limited (RIL) recently achieved a historic milestone, becoming the first Indian company to surpass Rs 20 lakh crore in market capitalization. Market capitalization, or Market Cap, signifies a company’s market value based on its share price and outstanding shares. RIL’s achievement highlights its significant market presence, making it a large-cap company. Market capitalization is crucial for investors to assess a company’s value and predict future stock performance based on market perceptions and willingness to invest.

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The Broadcast Engineering Society (India) hosted the BSE EXPO-2024, the 28th International Conference and Exhibition on Broadcast and Media Technology in New Delhi. Union Information and Broadcasting Minister Anurag Singh Thakur will be the chief guest, along with his deputy Dr L Murugan.

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According to Morgan Stanley, India’s GDP growth is projected to drop to 6.5% in the financial year (FY) 2025, from 6.9% expected for FY2024. However, Morgan Stanley also says that GDP growth will remain healthy, with domestic demand improving and all the macro indicators slated to remain stable. The research emphasizes that domestic demand, supported by robust factors, will play a crucial role in sustaining India’s growth trajectory.

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The United Arab Emirates (UAE) was removed from the Financial Action Task Force’s (FATF) “grey list” on February 23, 2024. The FATF is an intergovernmental organization that sets global standards for combating illicit finance. The FATF placed the UAE under closer scrutiny in 2022, highlighting the risk of money laundering and terrorist financing involving banks, precious metals and stones as well as property. The FATF said the UAE had taken significant steps to address concerns from a 2022 FATF action plan and demonstrated political support for further action. As of February 2024, only the Democratic Republic of North Korea, Iran and Myanmar are mentioned in the FATF blacklist.

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NTPC Green Energy Limited (NGEL) collaborates with Maharashtra State Power Generation Company Limited (MAHAGENCO) to establish Renewable Energy Parks in Maharashtra. This joint venture aligns with green energy initiatives and bolsters India’s energy transition goals, aiming to build gigawatt-scale renewable energy parks in the state, showcasing a commitment to sustainable development and clean energy sources.

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Coal India Limited (CIL) inked a crucial MoU with IIM Mumbai and Sambalpur on March 1, 2024, under the Pradhan Mantri Gati Shakti National Master Plan-2021. Union Minister Piyush Goyal witnessed the signing, attended by Coal India Chairman PM Prasad and MCL CMD Uday Anant Kaole. The collaboration aims to enhance multimodal coal transportation infrastructure, emphasizing economic growth and environmental sustainability. The partnership merges industry expertise with academic excellence, promising a significant boost in logistics efficiency.

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The Reserve Bank of India (RBI) has introduced the UDGAM portal, facilitating users to search unclaimed deposits in 30 banks, covering 90% of Depositor Education and Awareness Fund deposits. UDGAM, meaning Unclaimed Deposits-Gateway to Access inforMation, allows centralized searches for both individual and non-individual categories. Users provide specific details like account holder’s name, bank name, and relevant identification for the search. This initiative aims to enhance transparency and awareness regarding unclaimed deposits in the RBI’s DEA Fund.

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India and the European Free Trade Association (EFTA) inked the Trade and Economic Partnership Agreement (TEPA). EFTA, founded in 1960, promotes trade and integration for its four member states. TEPA with Switzerland, Iceland, Norway, and Liechtenstein marks India’s first FTA with a major European economic bloc. The historic pact commits to a $100 billion investment and 1 million jobs in 15 years, boosting Make in India and providing Indian exporters access to expansive European and global markets.