Business, Economy & Banking Current Affairs MCQs

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Canara Bank and Society for Innovation & Entrepreneurship (SINE), IIT Bombay, formalized collaboration via a Memorandum of Understanding (MoU). This collaboration aims to bolster the startup sector by offering financial aid and support. Canara Bank’s Canara Start-Up Scheme will provide funding for industrial units, while SINE, a renowned technology incubator, will offer full incubation and acceleration services to tech startups. Together, they seek to foster the growth and success of businesses in India.

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Tamil Nadu is the top state for electronic exports in India for the financial year 2023-24, with a record-breaking $9.56 billion in exports. This accounts for 30% of all electronic goods exports from India in the year 2024. Tamil Nadu exports a variety of electronic goods, including hardware, leather goods, textiles, and automobiles.

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Recently, the Insurance Regulatory and Development Authority of India (IRDAI) launched Bima Vistaar at a CEO summit, priced at Rs 1,500 per policy. This comprehensive product combines life, health, personal accident, and property insurances, targeting rural areas. Sum assured for life, accident, and property is Rs 2 lakh each, with health cover offering Rs 500 for 10 days, max Rs 5,000 without documents. Agents earn 10% commission, facilitating wider distribution via Bima Vahak, aiming to increase insurance penetration.

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Confederation of Indian Industry (CII) releases Corporate Governance Charter for Startups, emphasizing principles like Transparency and Fairness. Aimed at guiding startups towards stability and success, it addresses governance failures seen in high-profile cases like BharatPe and GoMechanic. The charter, applicable to startups under the Companies Act 2013, outlines guidelines for different stages, defining roles and responsibilities, ensuring growth, resilience, and competitiveness.

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The National Bank for Agriculture and Rural Development (NABARD) recently sanctioned a study on the impact evaluation of Geographical Indication (GI) products to Symbiosis School of Economics. A GI is a sign used on products that have a specific geographical origin and possess qualities or a reputation that are due to that origin. The protection of intellectual property through laws will help to reap benefits in terms of economic growth, employment and income generation.

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The Indian Institute of Technology-Patna (IIT-P) secured a patent for its lightweight, compact inverter, developed under the startup scheme ‘Portable Power Technology’. The invention integrates battery and inverter into one unit, reducing weight by 80%. Designed by five young scientists and guided by A K Thakur, it promises clean energy generation with improved battery life. The patent ensures IIT-P’s copyright for 20 years, facilitating commercial use from next month.

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The OECD’s “Economic Outlook” report, released on May 2, 2024, raised India’s economic growth forecast for 2024-25 to 6.6%, up from 6.2%. It also projects a 6.6% growth rate for 2025-26. The OECD joins other institutions in revising India’s growth prospects. The report attributes India’s accelerated growth to increased public investment and business confidence. It emphasizes the need for the government to address indebtedness through revenue growth, spending efficiency, and fiscal rules.

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The Food Safety and Standards Authority of India (FSSAI) sets the maximum residue limits (MRLs) for pesticides in food products in India. The FSSAI is the country’s apex food safety regulator and is part of the Ministry of Health and Family Welfare. The FSSAI evaluates field trial data on pesticide residues to set MRLs, taking into account dietary exposure and risk assessment. The FSSAI only sets MRLs after the Registration Committee (RC) approves a pesticide. The FSSAI recently increased the MRL for pesticides in herbs and spices from 0.01 mg/kg to 0.1 mg/kg, which is a tenfold increase.

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The Magnetic Resonance Imaging (MRI) market is projected to reach $9.8 billion by 2028. MRI is a non-invasive medical imaging technique pivotal in medical science, providing detailed images of internal structures like organs, bones, muscles, blood vessels, and joints. It operates by leveraging hydrogen atoms’ magnetic properties, utilizing components like superconducting magnets, radio frequency pulses, and Larmor frequency. These components generate detailed images crucial for diagnosis and treatment planning.

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India surpassed Japan to become the world’s third-largest solar power generator in 2023, per Ember’s report. Solar energy accounted for a record 5.5% of global electricity, with India generating 5.8%. Solar’s global generation expanded over six times since 2015. By 2030, solar is projected to contribute 22% to global electricity, crucial for combating climate change. India aims for 50% non-fossil fuel-based energy by 2030.