Business, Economy & Banking Current Affairs MCQs

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Gujarat government introduced the Gujarat Semiconductor Policy 2022-2027, aiming to make Gujarat a leader in semiconductor manufacturing by 2047. The policy includes India’s first AI-enabled semiconductor fabrication facility in Dholera’s ‘Semicon City,’ with investments over Rs 91,000 crore. Tata Electronics and Taiwan’s Powerchip Semiconductor are partnering to set up this facility. Dholera is being developed as India’s first Greenfield Smart City. The policy supports the vision of a developed India and boosts the semiconductor industry’s growth in Gujarat.

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Bibek Debroy, who passed away recently, was deeply interested in railways. His 2015 report on Railway Reforms led to a proposed overhaul of Indian Railways for better operational viability. Some recommendations have been implemented, like merging the Rail Budget, renaming Railway Board Chairman to CEO, and giving more authority to General Managers (GMs) and Divisional Railway Managers (DRMs). However, the key recommendation for liberalization of Indian Railways is yet to be implemented. His committee also emphasized empowering field officers and integrating technology, which is being executed with Vande Bharat Trains and KAVACH systems.

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Union Finance Minister Nirmala Sitharaman launched the National MSME Cluster Outreach Programme. The program is a joint effort by the Department of Financial Services and SIDBI. It aims to support Micro, Small, and Medium Enterprises (MSMEs) across India. The initiative will enhance financial access and resources for MSMEs, fostering their growth. The program also seeks to strengthen MSME clusters and address their specific needs.

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Hindalco Industries was ranked the world’s most sustainable aluminum company for the fifth year in the 2024 S&P Global Corporate Sustainability Assessment with 87 points. Hindalco scored in the 100th percentile for climate strategy, waste management, resource use, community engagement, and employee development. It achieved a 19.54% reduction in greenhouse gas emissions from its FY 2011-12 baseline. In FY24, Hindalco recycled 85% of its operational waste, aiming for zero waste to landfill by 2030, with three units already certified. The company targets sourcing 30% of its energy from renewable sources by 2030.

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Prime Minister Narendra Modi inaugurated a 100 TPD cattle dung-based Compressed Bio-Gas (CBG) plant in Gwalior. The plant is located in Adarsh Gaushala, Laltipara, Gwalior, operated by the Gwalior Municipal Corporation. Adarsh Gaushala is home to over 10,000 cattle and is India’s first modern, self-sufficient gaushala. The plant converts cattle dung and organic waste, like vegetable and fruit scraps, into biogas. It is the first CBG plant in Madhya Pradesh, promoting the “Waste to Wealth” initiative and sustainability.

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The Vizhinjam International Seaport, located in Kerala, is set to enhance container handling capacity significantly. Recently, the State government extended the project completion deadline to 2028, following a supplementary concession agreement with the Vizhinjam Private Port Limited. This port, built under a public-private partnership, is poised to handle large mother ships and reduce India’s reliance on foreign ports for transshipment. The total revenue from the port is estimated to reach ₹2,15,000 crore, with the State’s share projected at ₹35,000 crore.

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Indian Railways introduced the AI-powered Linen Inspection and Sorting Assistant (LISA) to improve linen hygiene in air-conditioned coaches. LISA, developed by the Pune Division, operates at the Ghorpadi Integrated Coaching Complex (GICC). It ensures 100% quality inspection by detecting defects, stains, or damages in linens. AI technology enables precise and efficient inspection of large linen volumes. The system reduces manual labor, streamlines operations, and enhances passenger comfort. LISA supports cleaner, more hygienic travel experiences while modernizing linen management.

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International Crops Research Institute for Semi-Arid Tropics (ICRISAT) has received its first Indian industrial design patent for a solar-powered water hyacinth harvester. The harvester is an affordable, eco-friendly solution priced under ₹2 lakh, designed for rural farming communities. It efficiently clears water hyacinth, a fast-spreading aquatic weed threatening ecosystems, fisheries, and waterways. The harvester can clear a 3-acre pond in 2-3 days, compared to 18-20 days of manual labor by 10-20 workers. It is user-friendly, requiring only semi-skilled or unskilled operators. The project empowers local communities, especially women, creating livelihoods and boosting the rural economy. It is supported by the Odisha Government’s Department of Agriculture and Farmers’ Empowerment.

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The SAMARTH Udyog Bharat 4.0 initiative, under the Ministry of Heavy Industries, aims to enhance competitiveness in India’s capital goods sector. It focuses on spreading awareness about Industry 4.0 technologies among manufacturers, vendors, and customers. Four SAMARTH Centres have been established: C4i4 Lab in Pune, IITD-AIA Foundation at IIT Delhi, I-4.0 India at IISc Bengaluru, and Smart Manufacturing Cell at CMTI Bengaluru. These centres assist industries, including MSMEs, by organizing seminars, providing training, and offering consultancy in IoT, software, and data analytics. No financial assistance is provided for adopting Industry 4.0 technologies under this initiative.

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Switzerland will suspend the Most-Favoured-Nation (MFN) clause in its Double Taxation Avoidance Agreement (DTAA) with India from January 1, 2025. This may lead to higher tax burdens for Indian companies in Switzerland and Swiss investors in India, affecting bilateral investments. MFN means trade concessions granted to one partner must be extended to all partners, promoting fairness. It aims to replace power-based policies with a rules-based system. Exemptions include bilateral agreements, special access for developing countries, and trade blocs like the EU. MFN can be removed without formal procedure, as seen when India revoked it for Pakistan in 2019.