Business, Economy & Banking Current Affairs MCQs

Notes:
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.

Notes:
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.

Notes:
The Minister of State for Heavy Industries and Steel informed Parliament about four Smart Advanced Manufacturing and Rapid Transformation Hub (SAMARTH) Centres. These centres were established under the Scheme for Enhancement of Competitiveness in the Indian Capital Goods Sector. SAMARTH Udyog Bharat 4.0 is an Industry 4.0 initiative by the Ministry of Heavy Industry and Public Enterprises. Industry 4.0 involves digital technologies like Artificial Intelligence (AI), Internet of Things (IoT), and robotics to improve efficiency and decision-making. These centres assist industries, including Micro, Small, and Medium Enterprises (MSMEs), by training the workforce through workshops, consultancy, and incubation support for startups.

Notes:
The Ministry of Finance is launching the One State-One Regional Rural Bank (RRB) policy to improve efficiency and cut costs by reducing RRBs from 43 to 28. This is part of the fourth phase of RRB consolidation, with 15 RRBs set to be merged across several states. Andhra Pradesh, with four RRBs, will see major restructuring, while Uttar Pradesh and West Bengal, each with three RRBs, will also undergo consolidation. States like Bihar, Gujarat, Jammu and Kashmir, Karnataka, Madhya Pradesh, Maharashtra, Odisha, and Rajasthan, each having two RRBs, will see mergers. RRBs were created under the Regional Rural Bank Act, 1976 to support rural credit for farmers, artisans, and workers.

Notes:
Ministry of Statistics and Programme Implementation (MOSPI) launched a new Microdata Portal during the State Government Ministers’ Conference to improve data access and user experience. The portal, built with help from the World Bank Technology Team, uses a modern and secure technology stack. It stores national survey and economic census data and removes old technical issues. National Statistical System Training Academy (NSSTA) website was also launched to help with training information. MOSPI also showed a Proof of Concept (PoC) for an Artificial Intelligence/Machine Learning (AI/ML) based tool to simplify National Industrial Classification (NIC) code search using natural language queries. These steps highlight MOSPI’s efforts to use technology for better data, planning, and achieving the vision of Viksit Bharat (Developed India).

Notes:
The Ministry of Skill Development and Entrepreneurship (MSDE) has joined hands with the World Economic Forum (WEF) to launch the India Skills Accelerator initiative. India Skills Accelerator is a national public-private platform to boost innovation and solutions across different sectors in skill development. It aims to bring change by increasing awareness on future skill needs, promoting collaboration and knowledge sharing, and reforming institutions and policies for a more flexible skilling system. The focus is on inclusive upskilling, investing in lifelong learning, and matching training with high-growth sectors like Artificial Intelligence (AI), robotics, and clean energy.

Notes:
The Government of India launched the National Critical Mineral Mission (NCMM) in 2025 to reduce import dependence and promote self-reliance in critical minerals. The mission supports India’s clean energy goals by ensuring a steady supply of key raw materials. Critical minerals are important for making modern technologies like batteries, electronics, and renewable energy systems. These minerals are also vital for national security and economic development. They are called “critical” because their supply is limited or controlled by few countries, creating risks. Their importance can change over time based on new technologies and global supply-demand shifts.

Notes:
The Central Electricity Authority (CEA) launched the STELLAR Model, a new software tool for planning power generation, transmission, and storage with demand response. STELLAR stands for State-of-the-art, Totally indigenously developed Resource adequacy model. It helps Indian states and power distribution companies (discoms) create resource adequacy plans as per Ministry of Power’s June 2023 guidelines. The model ensures reliable electricity supply through smart planning of power resources. It supports integrated planning with demand response and meets changing yearly requirements. The tool is transparent, user-friendly, and made in India under CEA’s guidance. It is available free of cost to all states and discoms. It was developed with support from The Lantau Group (TLG) and Asian Development Bank (ADB).

Notes:
The State Bank of India (SBI), India’s largest public sector bank, has launched the ‘Grahak Mitras’ initiative. It is a customer-friendly step taken to reduce crowding in bank branches and encourage digital banking. Trained staff known as Grahak Mitras will be deployed to help customers with banking services. These personnel come from SBI’s subsidiary called State Bank Operations Support Services (SBOSS). They will assist customers across nearly 4,500 branches across India. This move is aimed at improving customer experience and speeding up basic services in busy bank locations.

Notes:
In line with the Union Budget 2025–26, the Central Board of Indirect Taxes and Customs (CBIC) has introduced major trade facilitative measures for air cargo and transshipment to enhance logistics efficiency and simplify customs procedures. The CBIC is part of the Department of Revenue under the Ministry of Finance. It administers Customs, Central Excise, Central Goods and Services Tax (CGST), Integrated Goods and Services Tax (IGST), and Narcotics, where applicable. The CBIC is headed by a Chairman, supported by Chief Commissioners and Director Generals across various zones. It also operates a Goods and Services Tax (GST) Intelligence Wing to monitor and prevent tax evasion.