Business, Economy & Banking Current Affairs MCQs

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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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Microsoft CEO Satya Nadella announced a partnership with India’s AI Mission to upskill 500,000 people and promote inclusive growth by 2026. An MoU was signed to drive AI innovation, productivity, and inclusivity across India. An AI Center of Excellence, ‘AI Catalysts,’ will support 100,000 developers and rural AI innovation through hackathons and solutions. ‘AI Productivity Labs’ at 20 institutes will provide foundational AI education to 20,000 educators. Citizen-centric AI solutions will address healthcare, education, accessibility, and agriculture. A five-year partnership with RailTel will boost digital and AI transformation in Indian Railways and public sectors.

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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 International Monetary Fund (IMF) retained India’s growth projection at 6.5% for FY26 and FY27, citing it as “in line with potential.” Growth in India slowed due to an unexpected deceleration in industrial activity, with 5.4% growth reported for the September quarter. The World Bank maintained its higher growth projection for India at 6.7% for FY26 and FY27, predicting it to remain the fastest-growing major economy. The World Bank highlighted growth driven by the services sector, strengthened manufacturing, improved logistics, and tax reforms. NSO’s First Advance Estimates project FY25 growth to slow to 6.4%, below RBI’s 6.6% forecast for FY25.

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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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India’s largest solar cell and module manufacturing unit was inaugurated at Gangaikondan SIPCOT Industrial Growth Centre, Tamil Nadu. The facility is set up by TATA Power’s TP Solar Limited with an investment of ₹3,800 crore. It will produce 30-GW photovoltaic cells and modules annually for solar power generation. Equipped with advanced robotic automation, it features TOPCon and Mono Perc technology for high efficiency. The plant will also manufacture raw materials for solar modules. Vikram Solar is setting up an additional 3-GW solar cell and 6-GW module facility at the same site.

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Axis Bank became the first Indian bank to implement compliance for the Digital Personal Data Protection Act (DPDP Act) 2023 in partnership with Privy by IDfy. The DPDP Act 2023 sets new standards for data protection and accountability. It requires privacy notices in 22 languages, maintaining consent records, obtaining parental consent for minors, and reporting privacy breaches. The initiative reflects Axis Bank’s commitment to customer privacy, ethics, and transparency.

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LIC launched the ‘One Man Office’ (OMO) initiative on February 17, 2025. It is a digital initiative to enhance LIC agents’ efficiency with 24×7 digital services. The initiative aligns with LIC’s vision of ‘Insurance for All by 2047.’ It provides online tools for policy sales, customer service, and business management. LIC aims to make its agents independent and productive through digital transformation. The initiative eliminates the need for a traditional office setup. It benefits both policyholders and LIC by integrating technology into insurance services.

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India became the second country after China to launch an Electronic Personnel License (EPL) for pilots. Union Civil Aviation Minister K Rammohan Naidu launched the EPL on 20 February 2025 at Udaan Bhawan, New Delhi. The EPL is part of the Digital India initiative and aims to improve Ease of Doing Business. It replaces the existing smart card with a digital license accessible through the eGCA Mobile App.