Business, Economy & Banking Current Affairs MCQs

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NTPC has created a catalyst to produce methanol from gases emitted by fossil-fired power plants. This development was achieved in collaboration with the Indian Institute of Petroleum. CO2 mitigation is a major challenge for fossil-fired power plants. The focus is on capturing CO2 from flue gas and converting it into valuable fuels and chemicals. The catalyst produces methanol with a purity of over 99%.

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Bibek Debroy, who passed away recently, was deeply interested in railways. His 2015 report on Railway Reforms led to a proposed overhaul of Indian Railways for better operational viability. Some recommendations have been implemented, like merging the Rail Budget, renaming Railway Board Chairman to CEO, and giving more authority to General Managers (GMs) and Divisional Railway Managers (DRMs). However, the key recommendation for liberalization of Indian Railways is yet to be implemented. His committee also emphasized empowering field officers and integrating technology, which is being executed with Vande Bharat Trains and KAVACH systems.

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India aims to develop the Andaman and Nicobar Islands as a tuna export hub under the Pradhan Mantri Matsya Sampada Yojana (PMMSY). The Department of Fisheries has already notified the formation of a Tuna Cluster in the region. The global tuna market is valued at $41.94 billion; the Indian Ocean is the second-largest producer, supplying 21% of global tuna. Andaman and Nicobar primarily harvest neritic tuna, with smaller quantities of skipjack, big-eye, and yellowfin. Tuna is a large, agile fish, part of the Thunnini tribe, found in tropical and temperate oceans. Rich in protein, omega-3s, vitamins, and minerals, tuna promotes heart and brain health.

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New Zealand has been recognized as the ‘most sustainable trade economy’ for the third consecutive edition of the Sustainable Trade Index 2024. This index evaluates global economies based on their economic growth, societal advancement, and environmental resilience. The report emphasizes the importance of building resilience in trade systems, especially in the context of post-pandemic recovery and ongoing global challenges such as climate change and geopolitical tensions.

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India is projected to lead the G20 in 2024 with a 7% GDP growth rate, reflecting its robust and fast-growing economy. Indonesia ranks second with 5%, followed by China at 4.8%. Russia (3.6%) and Brazil (3%) rank fourth and fifth, with the African region also at 3%. The US is at 2.8%, while Canada (1.3%) and Australia (1.2%) show slower growth. France, the EU, and the UK are at 1.1%, Italy at 0.7%, and Japan at 0.3%. Germany has zero growth, the lowest among advanced countries. The G20 Summit in Brazil focuses on hunger, poverty, inequality, sustainable development, and governance reforms.

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The Advertising Standards Council of India (ASCI) released its Half-Yearly Complaints Report for 2024-25, highlighting a significant number of misleading ads, especially in real estate and offshore betting. ASCI, established in 1985, is a non-profit, voluntary self-regulatory body that ensures ads follow its Code for Self-Regulation, promoting legal, decent, honest, and truthful advertisements. ASCI investigates complaints across various media including TV, print, and online. It is mandatory for new TV ads in India to comply with ASCI codes starting June 18, 2024. ASCI is recognized by the Ministry of Information and Broadcasting and is part of the International Council on Ad Self-Regulation (ICAS).

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Amara Raja Infra has set up India’s first green hydrogen fuelling station in Leh, Ladakh for NTPC. This will enable emission-free transport in the region, positioning India as a leader in green mobility. NTPC will deploy five hydrogen fuel cell buses. The project includes design, construction, and a three-year operation and maintenance plan. The station produces 80kg of GH2 per day at an altitude of 3,400 meters, with temperatures ranging from -25°C to 30°C. The station is part of India’s National Hydrogen Energy Mission, promoting large-scale hydrogen projects across the country.

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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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The government has abolished windfall tax on crude oil, aviation turbine fuel (ATF), petrol, and diesel exports. Windfall tax targets industries earning unusually high profits due to favorable economic conditions. India introduced a windfall tax on domestic crude oil production in July 2022 after global crude prices surged. Such taxes are used to fund public projects, reduce deficits, or redistribute wealth.

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The Reserve Bank of India (RBI) launched MuleHunter.AI to help financial institutions detect mule bank accounts and combat digital fraud. Mule accounts are used by criminals for money laundering and are often opened by unsuspecting individuals for a fee. MuleHunter.AI, developed by the Reserve Bank Innovation Hub (RBIH), uses AI and machine learning to identify suspected mule accounts. It provides near-real-time monitoring to detect such accounts efficiently, helping to curb illicit activities in the banking system.