Business, Economy & Banking Current Affairs MCQs

Notes:
AMPC e-tender process for Byadagi Chilli in Byadagi led to violent protests over alleged low prices. Byadgi chilli, named after the town in Karnataka, is less spicy, renowned for vibrant color, crucial in South Indian cuisine. Primary varieties are Byadgi Kaddi, thin and less popular, and Byadgi Dabbi, prized for its color, flavor, and mild spiciness. Both varieties received Geographical Indication tag in 2011, contributing to India’s second-largest chilli turnover.

Notes:
The Telecom Regulatory Authority of India (TRAI) issued recommendations on the ‘Usage of Embedded SIM for Machine-to-Machine Communications (M2M)’. M2M involves automated interactions between devices over networks, excluding human intervention. Embedded sensors and communication modules facilitate data exchange between devices via wired and wireless networks. Applications range from robotics in factories to Smart Grids and home appliances, enhancing efficiency in sectors like manufacturing, transportation, and utilities.

Notes:
SEBI launched SCORES 2.0, enhancing complaint resolution for investors in securities markets. The system features auto-routing, auto-escalation, and monitoring by designated bodies, reducing complaint resolution timelines. SCORES is an online platform for lodging complaints. The new version is more user-friendly and aims for quicker complaint resolution. An application for SCORES will also be launched later.

Notes:
The World Bank revised India’s GDP growth projection for FY25 to 6.6%, up by 20 basis points. Despite a slowdown from the current year’s estimated 7.5% growth, robust public investment is anticipated to drive future growth. India’s statistics ministry estimated the current year’s GDP growth at 7.6%, higher than earlier projections. The projected slowdown in growth from 2023-24 to 2024-25 is attributed to decreased investment, though services and industry sectors are expected to remain strong.

Notes:
The Indian government aims to produce 170 million tonnes of coal in 2024-25, up by 26% from 2023-24. Coal India Limited targets one billion tonnes. India nationalized coal mining in 1973, later allowing private sector involvement. Captive mining, permitted since 1993, serves specific industries like iron, steel, power generation, and cement. Commercial mining opened to private firms in 2020, enabling them to mine and sell coal domestically.

Notes:
Tamil Nadu leads Indian states in economic complexity, gauged by GDP and employment diversity. Its farm sector’s contribution to GVA and labor force is below the national average, compensated by higher shares of industry, services, and construction. This balanced economy reflects a lower dependency on agriculture compared to the national average, positioning Tamil Nadu as a robust economic entity.

Notes:
The Financial Intelligence Unit (FIU), established in 2004 under the Ministry of Finance recently issued alert indicators under the Prevention of Money Laundering Act (PMLA) for various sectors, including capital markets, insurance, online payment gateways, and cryptocurrency services. It analyzes suspicious financial transactions to combat money laundering and terrorism financing. Organizations like banks, stockbrokers, and insurance companies are mandated to register with FIU-IND as reporting entities under PMLA.

Notes:
SEBI approved changes in mutual fund regulations to combat front-running in Indian asset management companies (AMCs). Front-running, or trading with non-public information ahead of significant transactions, is illegal in India and can impact asset prices. It occurs in various financial markets like stocks and commodities. Common strategies include Buy-Buy-Sell (BBS) and Sell-Sell-Buy (SSB) patterns. These regulatory changes aim to safeguard market integrity and investor interests.

Notes:
Adani Green Energy Ltd (AGEL), India’s top renewable energy firm, secured USD 400 million in funding from five international banks for its 750 MW solar projects in Rajasthan and Gujarat. These projects are scheduled to start operating from November 2024. The Rajasthan project, with 500 MW capacity, has a long-term power purchase agreement (PPA) with SECI, while the Gujarat project, with 250 MW capacity, is a standalone merchant power project in Khavda, the world’s largest RE cluster.

Notes:
Tea production in Assam and West Bengal could drop by 50% per TBI data. The Tea Board of India (TBI), established in 1954 under the Tea Act, 1953, operates under the Ministry of Commerce with headquarters in Kolkata. It boasts overseas offices in London, Dubai, and Moscow. With 31 members, including the Chairman, it’s reconstituted every three years. Major tea-growing regions include Assam, West Bengal, Tamil Nadu, Kerala, Karnataka, Andhra Pradesh, Tripura, and Himachal Pradesh.