Business, Economy & Banking Current Affairs MCQs

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FSSAI and APEDA collaborated to create the Unified India Organic logo, replacing India Organic and Jaivik Bharat logos. India Organic denotes NPOP compliance, while Jaivik Bharat was for FSSAI-certified organics. The new logo aims for uniformity in organic product regulations. It distinguishes organic from non-organic, signifying adherence to National Standards for Organic Production, enhancing consumer trust and market clarity in India’s organic sector.

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The RBI joined Project Nexus, an initiative to enable instant cross-border retail payments by linking domestic Fast Payment Systems (FPSs). Conceptualized by the BIS Innovation Hub, Nexus provides a single-connection solution for seamless international transactions. It aims to connect FPSs of India and four ASEAN countries by 2026. Nexus will automatically link new member countries, enhancing efficiency, reducing costs, and improving international payment accessibility.

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The Reserve Bank of India (RBI) recently allowed resident individuals to open Foreign Currency Accounts (FCA) in International Financial Services Centres (IFSCs) at GIFT City, Gujarat, under the Liberalised Remittance Scheme (LRS). Introduced in 2004, LRS simplifies remitting funds outside India, allowing residents, including minors, to remit up to USD 250,000 per financial year. This excludes corporates and trusts, and covers any permissible current or capital account transactions.

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The World Bank approved a $1.5 billion loan to India for developing its low-carbon energy sector, following a similar loan in 2023. The low-carbon energy sector includes fuels like hydrogen and biofuels, which emit less carbon than fossil fuels. India aims for net-zero carbon emissions by 2070, supported by initiatives like the National Green Hydrogen Mission, which uses renewable energy for hydrogen production.

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NABARD recently announced the Agri-SURE fund to support start-ups and rural enterprises in agriculture. The ₹750 crore fund, with contributions from NABARD, the Ministry of Agriculture, and other institutions, will back 85 agri start-ups with investments up to ₹25 crore each. Agri-SURE focuses on innovation, technology, enhancing the value chain, creating rural linkages, generating employment, and supporting Farmers Producer Organisations. NABVENTURES will manage the fund.

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The Bihar government has recently demanded a Minimum Support Price for makhana, the popped kernel of the foxnut. Makhana is cultivated in tropical and subtropical aquatic environments, thriving in stagnant water bodies. India is the largest global producer, with Bihar as the leading state. Optimal conditions include temperatures of 20-35°C and annual rainfall of 100-250 cm. Nutritionally, makhana is low in fat and high in carbohydrates, protein (15-20%), and minerals.

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The Ecosystem Model Intercomparison Project (FishMIP) projects over a 10% decline in exploitable fish biomass by mid-century under high-emissions scenarios. Launched in 2013, FishMIP aids industry and governments in climate change adaptation for seafood sectors. It comprises over 100 marine ecosystem modelers globally. In 2024, FishMIP2.0 was established to enhance modeling reliability and address broader policy questions on food security and marine resource management.

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The Finance Ministry has allocated Rs 500 crore for the Namo Drone Didi scheme, aimed at providing drones to 15,000 women self-help groups (SHGs) from 2023-24 to 2025-2026. This initiative trains women to become drone pilots, helping farmers with tasks such as fertilizer spraying, seed sowing, and crop monitoring. The program seeks to modernize agriculture and boost productivity by subsidizing up to 80% of drone costs, up to Rs 8 lakh per SHG.

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In the Union Budget 2024, the Ministry of Electronics and IT received ₹551 crore for the IndiaAI Mission for 2024-25. Launched by the Government of India, the IndiaAI Mission focuses on leveraging Artificial Intelligence (AI) to boost economic growth, enhance governance, and improve citizens’ quality of life. The mission aims to establish India as a global leader in AI innovation and adoption by developing advanced AI infrastructure, promoting AI applications, and supporting AI education and startups.

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Union Minister Dr. Jitendra Singh announced the discovery of 1,600 tonnes of lithium resources in Karnataka’s Mandya and Yadgiri districts. The Atomic Minerals Directorate for Exploration and Research (AMD), under the Department of Atomic Energy, identified these resources through preliminary surveys and subsurface exploration in the Marlagalla area. Lithium, a highly sought-after element globally, was first discovered in 1817 by Johan August Arfvedson. Derived from the Greek word “lithos” meaning stone, lithium is the metal with the lowest density, reacts vigorously with water, and is toxic in nature.