Business, Economy & Banking Current Affairs MCQs

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India’s first integrated API, Green Hydrogen, and 2G Ethanol manufacturing facility will be set up in Baddi-Barotiwala-Nalagarh, Solan, Himachal Pradesh. The Himachal Pradesh government signed a memorandum with M/s Spray Engineering Devices Limited on 5th March 2025 in Shimla. The project, worth ₹1400 crore, will create 1000 direct jobs. It supports the state’s goal to become India’s first green energy state by March 2026. A 30 MW green hydrogen plant will power the API facility, later expanding to 50 MW. Green hydrogen is produced via electrolysis using renewable energy sources like water, sun, and wind.

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Gum Arabic, used in products like Coca-Cola and M&M’s, is increasingly trafficked from rebel-held regions in Sudan, disrupting supply chains. It is a water-soluble exudate from Acacia senegal and A. seyal species. It is native to North Africa, also grows in Australia, India, and South America. Major producers include Cameroon, Chad, Mali, Nigeria, and Sudan. Sudan is the world’s largest producer of gum arabic, accounting for 70% of the market. Gum Arabic is non-toxic, odourless, and dissolves in water, forming a clear solution. It is used as a stabilizer and emulsifier in food products.

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Lohum Company launched India’s first lithium-grade refinery in Greater Noida, Uttar Pradesh. The refinery will produce 1,000 metric tonnes of battery-grade lithium annually, with plans to expand to 20,000 tonnes by 2029. Black mass from e-waste will be recycled to extract lithium. The company refines 90% of India’s lithium and is expanding its Cathode Active Material (CAM) production. The refinery’s technical efficiency competes with China and is more economical than US/European facilities. This expansion reduces India’s dependence on China for lithium supply, especially with growing EV demand.

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The Asian Development Bank (ADB) launched the Frontier Seed (Pacific) program to support local businesses and strengthen capital markets in the Pacific region. The program promotes sustainable economic growth with an initial $4 million commitment. It has signed $200,000 technical assistance agreements with SeaPAC Pte Ltd (prawn production) and Kahuto Pacific (aerial mapping). The initiative is backed by international partners like the Ocean Resilience and Coastal Adaptation (ORCA) Trust Fund, Nordic Development Fund, and UK FCDO. It aims to attract investors, create jobs, and enhance economic resilience in the Pacific region.

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Agricultural and Processed Food Products Export Development Authority (APEDA) exported the first consignment of GI-tagged Dalle Chilly from Sikkim to the Solomon Islands. Dalle Chilli, also known as Dalle Khursani, is primarily cultivated in the Himalayan regions, specifically in Sikkim, the Darjeeling hills. It is known for its intense pungency and bright red color. It is highly nutritious, rich in vitamins A, C, and E, and contains potassium. Its Scoville Heat Units (SHU) range from 100,000 to 350,000, making it one of the hottest chillies.

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The Finance Ministry launched BAANKNET, a revamped e-auction portal, to streamline the auction of banks’ assets. It replaces e-BKray (launched in February 2019) and enhances transparency in disposing of non-performing assets (NPAs). BAANKNET integrates automated KYC, secure payment gateways, and verified property titles. 12 public sector banks and the Insolvency and Bankruptcy Board of India (IBBI) use BAANKNET for property auctions.

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National Payments Corporation of India (NPCI) launched BHIM (BHarat Interface for Money) 3.0 with new features. It supports 15+ Indian languages. The app allows users to track, manage, and split expenses. It optimized for low internet areas, ensuring uninterrupted transactions. It includes a built-in task assistant for bill reminders, UPI Lite activation, and low balance alerts.

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In the Startup Ecosystem Report 2025, Uttar Pradesh ranks third in India, with Maharashtra and Karnataka holding the first and second positions, respectively. The state has witnessed over 14,000 startups, showing remarkable growth. 26 startups from Uttar Pradesh have achieved unicorn status. Uttar Pradesh is the first state where startups are active in 49 districts. Earlier, startups were concentrated in Noida, Ghaziabad, Lucknow, and Kanpur. Now, they are expanding rapidly in smaller cities, strengthening the state’s startup culture.

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As per the Indian Tea Board, India became the world’s second-largest tea exporter in 2024, surpassing Sri Lanka. It exported a record 255 million kg of tea, a 10% increase from 231.69 million kg in 2023. Kenya remains the top tea exporter globally. India exports tea to over 25 countries, with major markets including the UAE, Iraq, Iran, Russia, the USA, and the UK. Assam, Darjeeling, and Nilgiri teas are among the finest in the world. Black tea dominates exports at 96%. The Tea Board of India is promoting production, branding, and welfare of tea-growing families.

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The Lanka India Business Association (LIBA) was officially launched in Sri Lanka to boost economic collaboration with India. It aims to strengthen trade, investment, and business networking between both nations. India is expected to become the world’s second-largest economy by 2075, making this initiative crucial. LIBA will promote partnerships across industries like technology, trade, finance, and education. It seeks to encourage bilateral trade, connect entrepreneurs, and support startups and Micro, Small & Medium Enterprises (MSMEs). LIBA aims to leverage Sri Lanka’s strategic location as a trade hub and provide facilitation services for investors.