Business, Economy & Banking Current Affairs MCQs

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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 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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Tamil Nadu recorded the highest real economic growth rate in India for 2024–25 at 9.69%, the best in the State’s last 10 years. Real growth excludes inflation and is measured at constant prices (base year 2011–12), with Gross State Domestic Product (GSDP) rising from ₹15.71 lakh crore in 2023–24 to ₹17.23 lakh crore in 2024–25. The nominal growth rate, which includes inflation, is 14.02%, also the highest among States. The State’s growth aligns with projections by the Tamil Nadu Economic Survey and Madras School of Economics (MSE), exceeding both estimates. Growth was led by the tertiary (services) sector at 12.7% and secondary (industry) at 9%, while the primary sector (agriculture) was low at 0.15%. Real estate grew by 13.6%, communication services by 13%, and trade-hotel services by 11.7%, all under the tertiary sector. In the secondary sector, manufacturing grew by 8% and construction by 10.6%. The primary sector underperformed with crops at -5.93% and livestock at 3.84%.

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The Investor Education and Protection Fund Authority (IEPFA) under the Ministry of Corporate Affairs and India Post Payments Bank (IPPB) under the Department of Posts signed a Memorandum of Agreement (MoA) to launch Phase 2 of the “Niveshak Didi” initiative. “Niveshak Didi” trains women postal workers and community leaders as financial educators to improve financial literacy in rural and underserved areas. In Phase 1, over 55,000 people benefited from IPPB Financial Literacy Camps, with around 60% being women, mostly young and economically active from deep rural areas. Phase 2 will include 4,000 new camps led by 40,000 trained women promoting responsible investing, savings, digital banking, and fraud awareness.

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The unemployment rate in rural areas has slightly decreased from 4.3 percent to 4.2 percent, showing a small improvement in job availability. As per the Annual Report of the Periodic Labour Force Survey (PLFS) from January to December 2024, the labour force participation rate (LFPR) in urban areas has gone up from 50.3 percent to over 51 percent. The worker population ratio (WPR), which measures the percentage of working people in the population, has also improved. In urban areas, the overall WPR increased from 47 percent to 47.6 percent, indicating better employment engagement.

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Industrial output grew by only 2.9% in February 2025, the slowest in six months and below the market expectation of 4%. The Index of Industrial Production (IIP) measures short-term changes in industrial production and is published by the Central Statistics Office (CSO) under the Ministry of Statistics and Programme Implementation (MoSPI). The current base year is 2011–12 to reflect the modern industrial structure.

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The Asian Development Bank (ADB) in its April 2025 Asian Development Outlook has projected India’s Gross Domestic Product (GDP) growth at 6.7% for fiscal year 2025. This shows India’s economic resilience despite global challenges, driven by strong domestic demand, growth in rural income, and controlled inflation. Reforms like tax cuts for the middle class and monetary easing through repo rate cuts are also boosting the economy. The Reserve Bank of India (RBI) has slightly lowered its forecast to 6.5%, but ADB remains confident about India’s growth continuing into fiscal year 2026.

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The Central Electricity Authority (CEA) launched the STELLAR Model, a new software tool for planning power generation, transmission, and storage with demand response. STELLAR stands for State-of-the-art, Totally indigenously developed Resource adequacy model. It helps Indian states and power distribution companies (discoms) create resource adequacy plans as per Ministry of Power’s June 2023 guidelines. The model ensures reliable electricity supply through smart planning of power resources. It supports integrated planning with demand response and meets changing yearly requirements. The tool is transparent, user-friendly, and made in India under CEA’s guidance. It is available free of cost to all states and discoms. It was developed with support from The Lantau Group (TLG) and Asian Development Bank (ADB).

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Bank of Maharashtra, a public sector bank, has become the first bank to install an Automated Teller Machine (ATM) on a train in India. The ATM was installed on the Mumbai-Manmad Panchavati Express. This is the first time an ATM has been introduced on an Indian Railway train. Union Railway Minister Ashwini Vaishnaw shared this update through his social media account. According to Indian Railways, this was a pilot project aimed at improving passenger convenience. The ATM was placed in a modified pantry car cubicle at the rear end of the coach. The cubicle has a shutter door for safety and easy access. If successful, this facility will be expanded to other trains. The initiative is part of the Indian Railway’s Innovative and Non-Revenue Ideas Scheme.