Business, Economy & Banking Current Affairs MCQs

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BEML has manufactured India’s first indigenous high-speed train with a peak speed of 280 kmph. Founded on 11 May 1964 with Soviet Union assistance, BEML was initially fully owned by the Indian government. Headquartered in Bangalore, it manufactures heavy equipment for earthmoving, railways, transport, and mining sectors. The government divested 25% of its holdings in 1992, and further strategic disinvestment (26%) with management control transfer was later approved. BEML is Asia’s second-largest manufacturer of earthmoving equipment.

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The Union Minister of Commerce & Industry highlighted the ‘Zero Defect and Zero Effect’ (ZED) initiative at the Indian Foundation for Quality Management (IFQM) Symposium. It was launched in 2016 by the Ministry of MSME. The ZED initiative is an integrated certification system. It aims to encourage MSMEs to produce quality products using advanced technology.
The initiative promotes achieving higher ZED certification levels through incentives. It supports the “Make in India” campaign by enhancing product quality and reducing environmental impact.

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South Eastern Coalfields Limited (SECL), a subsidiary of Coal India, inaugurated India’s 216th AMRIT Pharmacy in Bilaspur, Chhattisgarh. SECL is now the first coal company to operate four AMRIT pharmacies. AMRIT Pharmacies provide generic and life-saving branded drugs, implants, and surgical consumables at subsidized rates. Launched by the Ministry of Health and Family Welfare in 2015, AMRIT supports universal healthcare goals. It complements schemes like Ayushman Bharat to ensure affordable healthcare access.

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Prime Minister Modi and Spanish PM Pedro Sanchez inaugurated the Tata Aircraft Complex in Vadodara, Gujarat. It is India’s first private military aircraft production facility. The complex will manufacture C295 aircraft, enhancing India-Spain relations and supporting ‘Make in India, Make for the World.’ The Airbus C295, originally designed by Spanish company CASA, is a medium tactical transport aircraft also suited for medical evacuations, disaster response, and maritime patrol.

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The Union Ministry of Animal Husbandry released the Standard Veterinary Treatment Guidelines (SVTG), the first comprehensive guidelines for animal and bird diseases. The guidelines aim to reduce antibiotic, hormone, and drug residues in animal-source foods, improving food safety and soil health. The guidelines include dosages, treatment durations, withdrawal periods, and potential side effects. They integrate Ayurvedic and ethnoveterinary practices for cost-effective treatments, particularly benefiting small-scale farmers. SVTG is expected to lower treatment costs and enhance health management in livestock and poultry, reducing antimicrobial resistance (AMR) risks.

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NTPC, India’s largest power producer, inaugurated the world’s first Carbon Dioxide-to-methanol conversion plant at its Vindhyachal facility on its 50th Raising Day. NTPC Chairman Gurdeep Singh called it a historic milestone in carbon management and sustainable fuel production. The company is working on green technologies like Gen-4 ethanol, green urea, and sustainable aviation fuel. NTPC developed and tested India’s first indigenous catalyst for methanol synthesis. The company has also made progress in hydrogen, carbon capture, and other innovative technologies. During the event, NTPC launched hydrogen-fueled buses in Leh and new IT applications.

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Hindalco Industries was ranked the world’s most sustainable aluminum company for the fifth year in the 2024 S&P Global Corporate Sustainability Assessment with 87 points. Hindalco scored in the 100th percentile for climate strategy, waste management, resource use, community engagement, and employee development. It achieved a 19.54% reduction in greenhouse gas emissions from its FY 2011-12 baseline. In FY24, Hindalco recycled 85% of its operational waste, aiming for zero waste to landfill by 2030, with three units already certified. The company targets sourcing 30% of its energy from renewable sources by 2030.

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The Reserve Bank of India (RBI) reaffirmed State Bank of India, HDFC Bank, and ICICI Bank as Domestic Systemically Important Banks (D-SIBs). D-SIBs are classified as “Too Big To Fail” due to their size, interconnectedness, and key role in the economy. Their failure could disrupt the financial system and economic stability. SBI was designated a D-SIB in 2015, ICICI Bank in 2016, and HDFC Bank in 2017. D-SIBs help prevent systemic risks and ensure essential banking services remain available by adhering to stricter capital and regulatory requirements.

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The Chennai-Vladivostok Eastern Maritime Corridor (EMC) is now operational, transporting oil, food, and machinery. The EMC links Russia’s east coast with South India, reducing cargo transit time by up to 16 days and distance by 40%. The current Mumbai-St. Petersburg route spans 8,675 nautical miles, taking about 40 days. The Chennai-Vladivostok route is only 5,647 nautical miles, saving 5,608 km and reducing logistical costs. The EMC passes through key seas and straits, including the Sea of Japan and Malacca Straits, with port options in major cities like Shanghai, Singapore, and Colombo.

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India is projected to lead the G20 in 2024 with a 7% GDP growth rate, reflecting its robust and fast-growing economy. Indonesia ranks second with 5%, followed by China at 4.8%. Russia (3.6%) and Brazil (3%) rank fourth and fifth, with the African region also at 3%. The US is at 2.8%, while Canada (1.3%) and Australia (1.2%) show slower growth. France, the EU, and the UK are at 1.1%, Italy at 0.7%, and Japan at 0.3%. Germany has zero growth, the lowest among advanced countries. The G20 Summit in Brazil focuses on hunger, poverty, inequality, sustainable development, and governance reforms.