Business, Economy & Banking Current Affairs MCQs

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National Bank for Agriculture and Rural Development (NABARD), with Gates Foundation and Dalberg Advisors, launched the National Climate Stack Innovation Challenge to strengthen India’s rural climate resilience. The initiative aims to build a National Climate Stack, integrating fragmented climate datasets into a unified digital platform. It will develop 10–15 year climate hazard forecasting frameworks for risks like heatwaves, floods, droughts, and cyclones affecting agriculture. The project will also create practical dashboards for agriculture, rural finance, and public planning decisions.

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India became the largest supplier of cotton products (apparel and home textiles) to the United States in 2025, replacing China, according to the United States Department of Agriculture (USDA). US imports of cotton products remained stable at 3.3 million tonnes, close to the 15-year average. Imports from China fell to about 0.5 million tonnes, while India exported around 0.6 million tonnes to the US. High US tariffs on China (10–125%) and diversification of supply chains reduced dependence on China. India benefits from vertically integrated textile supply chains, helping meet traceability standards. The Uyghur Forced Labor Prevention Act (UFLPA) and geopolitical risks also reduced US sourcing from China.

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Ministry of Statistics and Programme Implementation (MoSPI) released a new Gross Domestic Product (GDP) data series with base year 2022–23, replacing 2011–12. GDP data is crucial for economic policymaking, fiscal planning, investment decisions, and overall macroeconomic analysis in India. The new series includes updated methodologies and improved data collection techniques. Despite improvements, concerns remain over large statistical discrepancies in the data. Questions have also been raised about the accuracy and credibility of real GDP growth estimates.

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Tamil Nadu has become India’s top textile-exporting state, with shipments worth USD 7,997.17 million in 2024-25, a 29.12% increase over the last four years. In 2020-21, Tamil Nadu’s textile exports were USD 6,193 million, showing consistent growth under the Dravidian Model government, led by Chief Minister M. K. Stalin. The state now contributes 21.84% of India’s total textile exports, outpacing Gujarat (USD 5,646.01 million) and Maharashtra (USD 3,831.29 million). Data is reported through the National Import-Export Record for Yearly Analysis of Trade, providing real-time comprehensive foreign trade data.

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Ministry of Micro Small and Medium Enterprises implements MSE-CDP (Micro and Small Enterprises Cluster Development Programme) to improve productivity and competitiveness of MSEs (Micro and Small Enterprises). The scheme provides financial assistance to set up Common Facility Centres (CFCs) and upgrade infrastructure in industrial clusters. It is a demand-driven scheme with proposals from States and Union Territories based on needs. 242 CFCs have been approved across India including 6 in Punjab, while 513 clusters approved under SFURTI (Scheme of Fund for Regeneration of Traditional Industries) since 2015–16.

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National Highways Authority of India (NHAI) launched its first public Infrastructure Investment Trust (InvIT), now listed on the Bombay Stock Exchange (BSE). InvIT (Infrastructure Investment Trust) is an investment vehicle similar to mutual funds/Real Estate Investment Trusts (REITs) for infrastructure assets. It allows investors to directly invest in infrastructure projects like highways. InvITs pool funds from investors, list on stock exchanges, and distribute income to unit holders. InvITs are regulated by Securities and Exchange Board of India (SEBI) under InvIT Regulations, 2014.

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The Union Minister highlighted 10 years of Bureau of Indian Standards (BIS) and its role in ensuring quality and standardisation in India. BIS (Bureau of Indian Standards) is the national standards body, established under the BIS Act, 2016. Earlier, it functioned under the BIS Act, 1986, evolved from the Indian Standards Institution (ISI), 1947. The headquarter is located in New Delhi.

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Central Consumer Protection Authority (CCPA) has directed hotels and restaurants not to charge extra costs like LPG or fuel charges. It was established under Consumer Protection Act, 2019, which replaced the 1986 Act and came into force in 2020. It works under Ministry of Consumer Affairs, Food and Public Distribution. CCPA protects and enforces consumer rights at a collective level. It prevents unfair trade practices and misleading advertisements.

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The Reserve Bank of India has released the “Payments Vision 2028” roadmap with the theme “Shaping India’s Payment Frontier” to guide the future of digital payments. The vision outlines 15 key initiatives and marks a shift beyond the earlier “4Es” (Everyone, Everywhere, Every time) toward consumer trust, system resilience, and global expansion. It proposes a shared liability framework, where both the sender’s and receiver’s banks will jointly bear responsibility for unauthorised digital transactions. It aims to bring e-commerce marketplaces and payment aggregators under direct RBI regulation, strengthening oversight of digital payments.

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The Insurance Regulatory and Development Authority of India has recently introduced Indian Accounting Standards (Ind AS) for the insurance sector to modernise financial reporting practices. Ind AS were originally notified in 2015 by the Ministry of Corporate Affairs and are largely converged with the International Financial Reporting Standards, thereby aligning India’s accounting system with global norms. These standards follow a principle-based approach, focusing on fair value measurement, improved transparency, and enhanced financial disclosures, which helps in better decision-making and comparability.