Business, Economy & Banking Current Affairs MCQs

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In 2024–25, the United States (US) remained India’s largest trading partner for the fourth year in a row. Bilateral trade between India and the US reached $131.84 billion. China continued as India’s second-largest trading partner, with trade rising to $127.7 billion. India’s trade deficit with China increased sharply to $99.2 billion, marking a 17% rise from the previous year. China was India’s top trading partner from 2013–14 to 2017–18 and again in 2020–21. Since 2021–22, the US has consistently held the top position in India’s global trade rankings.

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In line with the Union Budget 2025–26, the Central Board of Indirect Taxes and Customs (CBIC) has introduced major trade facilitative measures for air cargo and transshipment to enhance logistics efficiency and simplify customs procedures. The CBIC is part of the Department of Revenue under the Ministry of Finance. It administers Customs, Central Excise, Central Goods and Services Tax (CGST), Integrated Goods and Services Tax (IGST), and Narcotics, where applicable. The CBIC is headed by a Chairman, supported by Chief Commissioners and Director Generals across various zones. It also operates a Goods and Services Tax (GST) Intelligence Wing to monitor and prevent tax evasion.

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Maharashtra has topped the CareEdge State Ranking Report 2025, released by CARE Ratings Ltd (CareEdge Ratings). This is the second edition of the CareEdge State Rankings. The rankings evaluate state performance across seven key pillars: economic performance, fiscal management, infrastructure development, financial sector growth, social development, governance quality, and environmental sustainability. The evaluation uses 50 measurable indicators. The primary aim is to provide a data-driven assessment of state performance. The rankings help identify strengths, gaps, and opportunities for policy improvement. This report offers valuable insights for improving state governance and development strategies.

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The International Monetary Fund (IMF) recently projected that global public debt may surpass the COVID-19 pandemic level of 98.9% of Gross Domestic Product (GDP) recorded in 2020. Sudan now has the highest debt-to-GDP ratio in the world at 252%, due to long-term conflict and economic struggles. Among developed countries, Japan ranks second with a debt-to-GDP ratio of 234.9%, mainly due to fiscal deficits and an ageing population. The United States ranks eighth with a ratio of 123%, while France and Canada follow with 116.3% and slightly lower respectively. China ranks 21st globally with a public debt ratio of 96%, which is lower than many advanced economies. India stands at 31st with a debt-to-GDP ratio of 80%, and the central government aims to reduce it to 50±1% by March 31, 2031.

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Bhutan recently launched the world’s first national-level cryptocurrency tourism payment system in partnership with Binance Pay and DrukPay Kunzang Bank (DK Bank). Tourists can now use their Binance accounts to pay for services like airfares, visas, hotels, and even local fruits using cryptocurrencies. The system is built into the Binance app and supports over 100 digital currencies, including Binance Coin (BNB), Bitcoin (BTC), and USD Coin (USDC). Payments are made in real-time using QR codes, and settlements are done instantly in Bhutanese currency through DK Bank. This helps local artisans and small businesses, especially in remote areas, accept digital payments easily and boosts financial inclusion.

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The Reserve Bank of India (RBI) has made it mandatory for Regulated Entities (REs) to report details of their Digital Lending Apps (DLAs) through the Centralised Information Management System (CIMS) portal. Centralised Information Management System (CIMS) is a modern data management platform introduced by the RBI to handle large-scale data processing, analysis, and sharing. It acts as a central data warehouse, using advanced tools for data mining, text analysis, and visual insights across financial and economic sectors. It improves the efficiency of regulatory reporting and reduces workload for banks and regulated firms. It helps RBI monitor the financial system better and react faster to potential risks.

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The Department of Telecommunications (DoT) has launched the Financial Fraud Risk Indicator (FRI) to help detect mobile numbers linked to fraud. FRI is a risk-based system that classifies mobile numbers as Medium, High, or Very High risk based on fraud-related activity. It gathers data from multiple sources like the National Cybercrime Reporting Portal (NCRP) by the Indian Cybercrime Coordination Centre (I4C), DoT’s Chakshu platform, and alerts from banks, Non-Banking Financial Companies (NBFCs), and Unified Payments Interface (UPI) platforms. When a number is flagged, FRI uses advanced analysis to assess its fraud risk. This data is shared with financial institutions through the Digital Intelligence Platform (DIP). It helps banks and UPI providers take extra steps to protect customers or block risky transactions.

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The Department of Financial Services (DFS) under the Ministry of Finance recently held a colloquium in New Delhi with heads of Debt Recovery Appellate Tribunals (DRATs) and Debt Recovery Tribunals (DRTs). Debt Recovery Tribunals (DRTs) are special courts set up under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993. They mainly handle loan default cases involving amounts above ₹20 lakh from banks and financial institutions. DRTs also hear Securitisation Applications (SAs) under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002. India currently has 39 DRTs, each led by a Presiding Officer.

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Recently, the Minister of State for Commerce and Industry inaugurated the new unified headquarters of the Quality Council of India (QCI) at the World Trade Centre in New Delhi. The Quality Council of India (QCI) is a non-profit autonomous organisation registered under the Societies Registration Act XXI of 1860. It was set up in 1997 by the Government of India along with Indian industry associations like the Associated Chambers of Commerce and Industry of India (ASSOCHAM), Confederation of Indian Industry (CII), and Federation of Indian Chambers of Commerce and Industry (FICCI). Mr. Ratan Tata was the first Chairman of QCI. QCI functions under the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry. It serves as the national accreditation body of India.

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Recently, the Delhi Power Minister inaugurated a 20-Megawatt (MW) Battery Energy Storage System (BESS) at Kilokari in South Delhi. Battery Energy Storage Systems (BESS) are large-scale batteries that store energy from sources like solar and wind for later use. They help make green energy more dependable by storing power and feeding extra electricity back to the main grid. This Delhi BESS is South Asia’s largest utility-scale system and India’s first commercially approved energy storage system. It has a total storage capacity of 40 Megawatt-hours (MWh). It uses Lithium Iron Phosphate (LFP) technology, which is safe, stable, and works well in Delhi’s climate.