Business, Economy & Banking Current Affairs MCQs

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The Export Inspection Council (EIC) has launched a study on food testing infrastructure for exports. It was set up under the Export (Quality Control and Inspection) Act, 1963. It ensures quality control and inspection of Indian exports. EIC is the official certification body for exports, ensuring products meet quality and safety standards for importing countries. It provides mandatory certification for specific food products and voluntary certification for others. EIC operates through Export Inspection Agencies in major cities, with NABL accredited laboratories and 30 sub-offices. It works under the Ministry of Commerce and Industry.

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India has the third-largest operational metro rail network globally, after China and the USA. India’s metro network serves over 1 crore passengers daily, surpassing Japan in metro projects by 2022. Metro development in India began in 1969 with the Metropolitan Transport Project. PM Modi launched metro projects worth over ₹12,200 crore in Delhi on January 5.

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India’s GDP is projected to grow by 6.4% in FY 2024-25, a decline from 8.2% in FY 2023-24. This marks the lowest growth rate in four years, indicating a slowdown in economic performance. The Ministry of Statistics & Programme Implementation (MoSPI) provides these estimates, which also highlight a marginal increase in nominal GDP to 9.7%. The decline in growth reflects challenges in various sectors, including agriculture, construction, and services, impacting overall economic health.

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The government shifted revenue secretary Arunish Chawla to the Department of Investment and Public Asset Management (DIPAM) ahead of the Union Budget. Tuhin Kanta Pandey, the DIPAM Secretary, is now appointed as the new revenue secretary and designated finance secretary. Chawla, a 1992-batch IAS officer from Bihar, was previously Secretary in the Department of Pharmaceuticals. Pandey, a 1987-batch IAS officer from Odisha, is known for his role in the disinvestment of Air India and Neelanchal Ispat Nigam Ltd to Tata Group. Chawla will also handle additional responsibilities as Secretary of the Department of Public Enterprises.

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The overestimation of gold import figures from April to November was due to a data migration error. The error occurred during the shift from the SEZ Online system to ICEGATE, causing double counting of imports into Special Economic Zones and domestic zones. As a result, the gold import figures for November were revised down by $5 billion, from $14.8 billion to $9.9 billion. ICEGATE (Indian Customs Electronic Gateway) is an online portal that offers electronic services for customs-related activities. It is a part of the Central Board of Indirect Taxes and Customs (CBIC). It facilitates the electronic filing of import and export documents.

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Union Minister of Commerce and Industry launched the Bharat Startup Grand Challenge and PRABHAAV Factbook to boost innovation and mentorship in India. The initiatives highlight India’s thriving entrepreneurial ecosystem and focus on fostering growth in startups. The government aims to position India as a global leader in technology and entrepreneurship. These efforts reflect India’s commitment to empowering entrepreneurs and driving economic growth through a robust startup ecosystem.

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National Mineral Development Corporation (NMDC) is set to extract 6,500 carats of diamonds, worth $3.4 million, from a mine near Panna Tiger Reserve in Madhya Pradesh this fiscal year. NMDC, established in 1958, is a state-owned enterprise under the Ministry of Steel. It produces iron ore, copper, limestone, gypsum, diamonds, and more. NMDC is India’s largest iron ore producer, with mines in Chhattisgarh and Karnataka. It operates India’s only mechanized diamond mine at Panna. NMDC’s mining complexes are rated 5 Star by the Indian Bureau of Mines. Its headquarters is in Hyderabad, Telangana.

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The Ministry of Micro, Small, and Medium Enterprises (MSME) has launched the MSME Trade Enablement and Marketing (TEAM) initiative to help small businesses adopt digital commerce. It has a budget of ₹277.35 crore for three years and aims to onboard 5 lakh MSMEs onto Open Network for Digital Commerce (ONDC). The initiative focuses on inclusivity, targeting 50% women-led enterprises. MSMEs will get digital storefronts, payment solutions, and logistics support via ONDC. More than 150 workshops will educate MSMEs, especially women-led and SC/ST-led businesses. A dedicated portal will offer training, financial aid, and grievance support. The initiative aligns with India’s digital transformation goals and complements schemes like PM Vishwakarma and Digital MSME.

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SEBI plans to launch a “when-listed” platform for trading shares of companies after their initial public offering (IPO) but before listing on stock exchanges. This aims to reduce grey market activity, which is unregulated and influences IPO listings. Currently, shares are listed T+3 days after an IPO, with allotment on T+1. Between allotment and listing, trading occurs in the grey market, an unofficial, unregulated market where shares are traded based on supply and demand. Investors often check the grey market premium before deciding to invest in an IPO.

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SEBI launched a web-based portal called Integrated SEBI Portal for Technical Glitches (iSPOT) for submitting root cause analysis (RCA) reports on technical glitches. It serves as a centralized repository to streamline reporting by stock exchanges and market infrastructure institutions (MIIs). iSPOT aims to improve data quality, track past glitches, and generate system reports for better compliance monitoring.