Business, Economy & Banking Current Affairs MCQs

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Coal India Ltd and GAIL (India) Ltd have partnered to set up a coal-to-synthetic natural gas plant in Raniganj, West Bengal, using surface coal gasification technology. The plant will produce 633.6 million Nm³/hour of gas from 1.9 million tonnes of coal. This joint venture under the National Coal Gasification Mission aims to reduce import dependency on natural gas and secure raw materials for chemical and fertilizer production.

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India has exported its first GI-tagged fig juice to Poland, marking a major achievement for Indian agriculture. This follows the export of GI-tagged Purandar figs to Hong Kong. The Purandar Highlands Farmers Producer Company Ltd, with government support, facilitated these exports. This milestone highlights the quality of Indian figs and opens up new opportunities for expanding Indian agricultural products in global markets.

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RBI Governor Shaktikanta Das announced that the Reserve Bank of India (RBI) is piloting the Unified Lending Interface (ULI) to transform lending. ULI aims to provide quick, frictionless credit, especially for rural and smaller borrowers. It connects banks, NBFCs, fintech firms, and borrowers for efficient credit disbursement. ULI focuses on serving agricultural and MSME borrowers with unmet credit needs. It allows seamless digital information flow, including land records, to lenders. ULI reduces documentation requirements and speeds up credit delivery. It uses standard APIs for easy digital access and integration. The platform is consent-based and allows real-time tracking of loan applications.

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The government is set to launch the ‘INDIAsize’ initiative to establish standardized body measurements suited for Indian body types. Currently, international and domestic brands in India use US and UK size charts, which differ from Indian body structures, causing fitting issues. INDIAsize, led by the Ministry of Textiles, aims to resolve these disparities by creating standard sizes for Indian consumers. The project will collect data from 25,000 Indians aged 15 to 65 using 3D body scanning technology. This size chart will help brands produce better-fitting garments, balancing demand and supply for well-fitted clothes in India.

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The Union Cabinet approved ‘Mission Mausam’ with a budget of Rs. 2,000 crore for two years. It aims to enhance India’s weather and climate-related research, services, and technologies. Mission Mausam focuses on improving weather surveillance, forecasting, and management using advanced systems like AI, machine learning, and high-performance computing. It will provide accurate weather and climate information, including monsoon forecasts, extreme weather alerts, and air quality updates. Implemented by India Meteorological Department, Indian Institute of Tropical Meteorology, and National Centre for Medium-Range Weather Forecasting. It benefits sectors like agriculture, disaster management, aviation, and energy.

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According to the National Jute Board, jute production is anticipated to decline by 20% in the fiscal year 2024-25 primarily due to natural calamities, with floods significantly impacting cultivation areas in key jute-producing states like West Bengal and Assam; this disruption is expected to considerably affect the overall jute yield.

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The Department of Fisheries, under the Ministry of Fisheries, Animal Husbandry and Dairying, has designated the ICAR-Central Marine Fisheries Research Institute as a Centre of Excellence for seaweed cultivation. Seaweed refers to various species of marine plants and algae that grow in oceans, rivers, and lakes. Seaweed is classified into green (Chlorophyta), brown (Phaeophyta), and red (Rhodophyta). Nutritionally, seaweed provides minerals like calcium, sodium, and potassium, and vitamins A, B12, C, D, and E. It offers health benefits such as anti-inflammatory and antimicrobial properties and is used in cancer treatment. Seaweed is also used in manufacturing as a binding agent in toothpaste and cosmetics, and enhances agricultural productivity.

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The Finance Ministry urged banks to implement better monitoring for pending cases in Debt Recovery Tribunals (DRTs).
DRTs are specialized bodies established under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993. They help enforce creditor rights and speed up debt recovery in India. DRTs handle disputes related to loans over Rs 20 lakh from banks and financial institutions.

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The Union Cabinet, led by the Prime Minister of India, has approved India’s membership in the Energy Efficiency Hub. This global platform, established in 2020, promotes energy efficiency worldwide. It succeeded the International Partnership for Energy Efficiency Cooperation (IPEEC), of which India was a member. The hub connects governments, international organizations, and private entities to share knowledge and solutions. Sixteen countries, including the U.S., U.K., and China, are members. The Bureau of Energy Efficiency (BEE) will represent India in the Hub. India’s participation will enhance its energy efficiency initiatives and contribute to climate change efforts. This aligns with India’s goals for sustainable development and reducing greenhouse gas emissions.

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India’s forex reserves recently surpassed $700 billion for the first time, making it the fourth country to do so after the other three. In 2024, India’s forex reserves have increased by $87.6 billion, which is more than the increase of nearly $62 billion in the entire previous year. As of October 2024, the top four countries with the highest foreign exchange reserves (forex) are: China, Japan, Switzerland, and India.