Business, Economy & Banking Current Affairs MCQs

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The government has set up the Urban Infrastructure Development Fund (UIDF) to improve urban infrastructure in Tier 2 and Tier 3 cities. It is funded through the priority sector lending shortfall. The fund supports public agencies in providing basic services like sewerage, waste management, water supply, sanitation, and drainage. It aims to supplement state governments’ efforts and is managed by the National Housing Bank. The initial corpus of the fund is ₹10,000 crore. The UIDF is modeled after the Rural Infrastructure Development Fund (RIDF).

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Uber has launched Asia’s first water transport service, “Uber Shikara,” in Dal Lake, Jammu and Kashmir. Tourists can now book pre-scheduled shikara rides via Uber’s app. The service was inaugurated by Uber India and South Asia President Prabhjeet Singh. Uber Shikara blends technology with tradition, improving accessibility and boosting Kashmir’s tourism. It partners with seven local shikara operators, with plans to expand based on demand. The service operates from Nehru Park, with government-regulated fair pricing and no fees charged to shikara partners.

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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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India has launched the world’s first Taxonomy of Green Steel to decarbonize the steel industry. It was introduced by the Union Ministry of Steel as part of efforts to transition to a low-carbon economy. The taxonomy defines “Green Steel” based on CO2 emissions per tonne of finished steel (tfs). Steel is classified as green if its emission intensity is below 2.2 tonnes of CO2 equivalent per tonne of finished steel. The greenness of steel is expressed as a percentage, showing how much emissions are reduced below the 2.2 t-CO2e/tfs threshold. This initiative supports the National Mission on Green Steel.

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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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The Sovereign Gold Bond (SGB) scheme was introduced by the government as an alternative to physical gold investment. Issued by the Reserve Bank of India on behalf of the government, each bond unit represents one gram of gold. Investors earn fixed interest and can redeem bonds at market value upon maturity. The scheme has faced scrutiny due to high financing costs and reduced issuance as the government shifts focus to other investment strategies.

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India has surpassed $1 trillion in gross Foreign Direct Investment (FDI) inflows since April 2000. FDI involves investments from foreign entities into businesses, transferring capital, technology, and expertise for economic growth. FDI types include Greenfield Investments (new facilities) and Brownfield Investments (mergers or acquisitions). FDI is governed by Foreign Exchange Management Act (FEMA), 1999, and managed by Department for Promotion of Industry and Internal Trade (DPIIT) under the Ministry of Commerce and Industry. Top FDI sources (2023–2024) are Singapore, Mauritius, the US, the Netherlands, and Japan. Between 2014–2024, $709.84 billion in FDI inflows were driven by initiatives like Make in India and GST. India saw a 26% rise in FDI inflows to $42.1 billion in the first half of the fiscal year.

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The Department of Consumer Affairs launched the ‘Jago Grahak Jago App,’ ‘Jagriti App,’ and ‘Jagriti Dashboard’ on National Consumers Day 2024 to protect consumers from deceptive dark patterns. Dark patterns are misleading designs that trick users into unintended actions, violating consumer rights; the term was coined by Harry Brignull in 2010. The ‘Jago Grahak Jago App,’ ‘Jagriti App,’ and ‘Jagriti Dashboard’ are part of a real-time intelligent system running on the Airawat AI Supercomputer under the National Supercomputing Mission. The ‘Jago Grahak Jago App’ alerts users about unsafe URLs during online activities. The ‘Jagriti App’ allows users to report URLs suspected of using illegal dark patterns, with complaints forwarded to the Central Consumer Protection Authority (CCPA). The ‘Jagriti Dashboard’ generates real-time reports on dark patterns to monitor and regulate e-commerce practices. This system helps the CCPA resolve disputes and protect consumer rights effectively.

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The Tobacco Board has initiated several strategic activities to ensure the sustainability and growth of the tobacco industry. The Tobacco Board of India was established on January 1, 1976, under the Tobacco Board Act, 1975. It is headed by a chairperson and works towards the development of the tobacco industry. Its main functions include promoting tobacco exports, regulating FCV tobacco production and distribution, and supporting domestic and international tobacco trade. India is the second-largest producer of tobacco globally, after China. India is also the second-largest exporter of unmanufactured tobacco, after Brazil.

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The Finance Ministry launched the revamped ‘Baanknet’ e-auction portal as a one-stop platform for buyers and investors. It consolidates e-auction information from all Public Sector Banks (PSBs) on properties like flats, houses, plots, shops, industrial land, vehicles, and machinery. The portal simplifies property discovery and participation in auctions, enhancing transparency and efficiency. It aids PSBs in recovering distressed assets, improving their balance sheets, and boosting credit availability. More than 1,22,500 properties are listed, and PSB executives received training for effective use.