Business, Economy & Banking Current Affairs MCQs

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India’s GDP is projected to grow at 6.6% in 2024-25, signaling economic resilience. Growth is driven by rural consumption revival, increased government spending, and strong services exports. The RBI’s Financial Stability Report (FSR) highlights the strength of India’s financial system and stability.

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IIT Madras is collaborating with the Ministry of Agriculture on Project VISTAAR to enhance agricultural extension through digitalization. Project VISTAAR (Virtually Integrated System to Access Agricultural Resources) aims to strengthen the agricultural extension system. The project highlights opportunities for start-ups to innovate and improve agriculture and allied sectors. Start-ups can help farmers with technologies for better productivity and market information. IIT Madras’ Centre for Research on Start-ups developed a platform with data on 12,000 agriculture-related start-ups. The MoU enables farmers and stakeholders to access start-up capabilities and improve agricultural efficiency.

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The Finance Ministry launched the revamped ‘Baanknet’ e-auction portal as a one-stop platform for buyers and investors. It consolidates e-auction information from all Public Sector Banks (PSBs) on properties like flats, houses, plots, shops, industrial land, vehicles, and machinery. The portal simplifies property discovery and participation in auctions, enhancing transparency and efficiency. It aids PSBs in recovering distressed assets, improving their balance sheets, and boosting credit availability. More than 1,22,500 properties are listed, and PSB executives received training for effective use.

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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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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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Indichip Semiconductors and Japan’s Yitoa Micro Technology will establish India’s first private semiconductor manufacturing facility in Andhra Pradesh. The investment exceeds ₹14,000 crore and focuses on producing silicon carbide (SiC) chips. The facility will start with a capacity of 10,000 wafers/month, scaling up to 50,000 wafers/month in 2–3 years. The project aligns with the Aatmanirbhar Bharat vision, supporting electric vehicles and renewable energy solutions. Andhra Pradesh’s semiconductor policy aims to make the state a global manufacturing hub. The initiative will create thousands of jobs, spur innovation, and boost India’s semiconductor footprint.

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India’s economic growth is projected at 6.7% annually for fiscal years starting April 2025, as per the World Bank. The services sector is expected to continue expanding steadily. Manufacturing is set to strengthen due to government efforts to improve the business environment. Investment growth will remain stable, with private investment rising and public investment moderating. For 2024-25, growth is expected to ease to 6.5% due to slower investment and weak manufacturing performance.

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The Economic Survey projects 6.3-6.8% growth for 2025-26, driven by a strong external account, fiscal consolidation, and stable private consumption. It stresses that domestic growth drivers will be more crucial than external factors in the future. The Survey calls for deregulation and reforms to focus on economic freedom for individuals and organizations. India’s growth is estimated at 6.4% in 2024-25, the slowest in four years. The retreat of globalization means India must leverage its demographic dividend and strong domestic balance sheets for future growth.

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Special Window for Affordable and Mid-Income Housing (SWAMIH) Fund 2.0 aims to revive stalled real estate projects by providing financial support. The Union Budget 2025-26 has allocated ₹15,000 crore to complete one lakh housing units. Real estate developers and National Real Estate Development Council (NAREDCO) had long requested the fund’s second tranche. SWAMIH Fund I, launched earlier, was created to complete stressed and stalled housing projects. It is sponsored by the Ministry of Finance. It is a Category-II AIF (Alternate Investment Fund) debt fund registered with SEBI.

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The Union Finance Minister announced a five-year mission to boost cotton farming productivity and promote Extra-Long Staple (ELS) cotton. ELS cotton, known as the gold standard in textiles, comes from the Gossypium barbadense species, also called Egyptian or Pima cotton. It has fibre lengths of 30 mm and above, making it stronger and finer. Originating in South America, it is mainly grown in China, Egypt, Australia, and Peru. In India, it is grown in parts of Maharashtra and Tamil Nadu.