Business, Economy & Banking Current Affairs MCQs

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A Gujarat-based semiconductor company Suchi Semicon inaugurated Gujarat’s first OSAT (Outsourced Semiconductor Assembly and Testing) plant in Surat. The 30,000-square-foot facility provides assembly, testing, and packaging services for semiconductor components. It supports industries like automotive, consumer electronics, and industrial applications. The plant was inaugurated by Union Minister C.R. Patil and Gujarat’s Home Minister Harsh Sanghavi. This step strengthens India’s position in the global semiconductor supply chain and makes Gujarat a hub for high-tech manufacturing and innovation.

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India has surpassed $1 trillion in gross Foreign Direct Investment (FDI) inflows since April 2000. FDI involves investments from foreign entities into businesses, transferring capital, technology, and expertise for economic growth. FDI types include Greenfield Investments (new facilities) and Brownfield Investments (mergers or acquisitions). FDI is governed by Foreign Exchange Management Act (FEMA), 1999, and managed by Department for Promotion of Industry and Internal Trade (DPIIT) under the Ministry of Commerce and Industry. Top FDI sources (2023–2024) are Singapore, Mauritius, the US, the Netherlands, and Japan. Between 2014–2024, $709.84 billion in FDI inflows were driven by initiatives like Make in India and GST. India saw a 26% rise in FDI inflows to $42.1 billion in the first half of the fiscal year.

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The Tobacco Board has initiated several strategic activities to ensure the sustainability and growth of the tobacco industry. The Tobacco Board of India was established on January 1, 1976, under the Tobacco Board Act, 1975. It is headed by a chairperson and works towards the development of the tobacco industry. Its main functions include promoting tobacco exports, regulating FCV tobacco production and distribution, and supporting domestic and international tobacco trade. India is the second-largest producer of tobacco globally, after China. India is also the second-largest exporter of unmanufactured tobacco, after Brazil.

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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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The Export Inspection Council (EIC) has launched a study on food testing infrastructure for exports. It was set up under the Export (Quality Control and Inspection) Act, 1963. It ensures quality control and inspection of Indian exports. EIC is the official certification body for exports, ensuring products meet quality and safety standards for importing countries. It provides mandatory certification for specific food products and voluntary certification for others. EIC operates through Export Inspection Agencies in major cities, with NABL accredited laboratories and 30 sub-offices. It works under the Ministry of Commerce and Industry.

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India’s GDP is projected to grow by 6.4% in FY 2024-25, a decline from 8.2% in FY 2023-24. This marks the lowest growth rate in four years, indicating a slowdown in economic performance. The Ministry of Statistics & Programme Implementation (MoSPI) provides these estimates, which also highlight a marginal increase in nominal GDP to 9.7%. The decline in growth reflects challenges in various sectors, including agriculture, construction, and services, impacting overall economic health.

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The Ministry of Commerce & Industry launched the 8th edition of the National Programme for Organic Production (NPOP) to promote ease of operations and transparency for stakeholders, including farmers. Agricultural and Processed Food Products Export Development Authority (APEDA) implements NPOP to strengthen India’s organic certification system. The event unveiled key portals, including NPOP, Organic Promotion Portal, TraceNet 2.0, revamped APEDA, and AgriXchange, for improving operations, traceability, and market access.

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Google-backed Pixxel launched India’s first private satellite constellation, marking a milestone for the country’s private space sector. The satellites use hyperspectral imaging technology to capture detailed data across light bands for agriculture, mining, environmental monitoring, and defense. This technology can help improve crop yields, track resources, monitor oil spills, and provide better details than existing technology. Three more satellites are expected to be deployed by mid-2025. The global satellite imagery market is projected to reach $19 billion by 2029.

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The Rubber Board launched two initiatives, iSNR (Indian Sustainable Natural Rubber) and INR Konnect. iSNR ensures compliance with the EU Deforestation Regulation (EUDR) by streamlining the rubber supply chain for EU markets. It provides traceability certificates verifying the origin of rubber products and their compliance with EUDR standards. This initiative aims to make Indian natural rubber competitive and responsible globally, promoting sustainable production and industry growth. INR Konnect is a web-based platform connecting untapped rubber growers with adopters to improve plantation productivity. It certifies participants, offers training in sustainable practices, and maintains a database of certified tappers.

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India is now the seventh-largest coffee producer globally, with exports reaching $1.29 billion in the last financial year, nearly double the $719 million in 2020-21, according to the Commerce and Industry Ministry. In the first half of this month, over 9,300 tonnes of coffee were exported, with top buyers being Italy, Belgium, and Russia. India primarily exports unroasted beans, but there is increasing demand for roasted and instant coffee. Karnataka leads coffee production, followed by Kerala and Tamil Nadu. Domestic consumption has risen from 84,000 tonnes in 2012 to 91,000 tonnes in 2023, driven by café culture and higher incomes.