Business, Economy & Banking Current Affairs MCQs

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Industrial output grew by only 2.9% in February 2025, the slowest in six months and below the market expectation of 4%. The Index of Industrial Production (IIP) measures short-term changes in industrial production and is published by the Central Statistics Office (CSO) under the Ministry of Statistics and Programme Implementation (MoSPI). The current base year is 2011–12 to reflect the modern industrial structure.

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Recently, Mumbai International Cruise Terminal (MICT), India’s largest world-class cruise terminal, was inaugurated. It is developed under the Cruise Bharat Mission 2024 to promote India as a top global cruise destination. Cruise Bharat Mission aims to double cruise passenger traffic by 2029 and cruise ship calls from 254 in 2024 to 500 by 2030. The mission supports India’s vision to become a global hub for cruise tourism. It will be implemented in three phases from 2024 to 2029. MICT is a key step in enhancing infrastructure and boosting the cruise tourism economy in India.

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The Reserve Bank of India (RBI) has made it mandatory for all banks, financial institutions, and regulated entities to submit applications through the PRAVAAH portal from May 1, 2025. PRAVAAH stands for Platform for Regulatory Application, Validation, and Authorization. It is a secure, web-based digital portal launched by RBI on May 28, 2024. The portal serves as a single-window system for applying for RBI permissions, licenses, and approvals. This step aims to improve transparency, reduce paperwork, and speed up the approval process. It ensures faster communication between applicants and the RBI.

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At the recent World Audio Visual Entertainment Summit (WAVES) in Mumbai, the Prime Minister highlighted India’s growing Orange Economy driven by content, creativity and culture. The Orange Economy, also called the creative economy, covers sectors that are based on cultural and creative ideas. As per the United Nations Economic Network, it focuses on using creative assets to boost economic growth and development. It combines economic, cultural and social factors while linking with technology, intellectual property and tourism. It includes industries based on individual talent, skill and innovation that can generate jobs, income and cultural value.

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The International Monetary Fund (IMF) recently projected that global public debt may surpass the COVID-19 pandemic level of 98.9% of Gross Domestic Product (GDP) recorded in 2020. Sudan now has the highest debt-to-GDP ratio in the world at 252%, due to long-term conflict and economic struggles. Among developed countries, Japan ranks second with a debt-to-GDP ratio of 234.9%, mainly due to fiscal deficits and an ageing population. The United States ranks eighth with a ratio of 123%, while France and Canada follow with 116.3% and slightly lower respectively. China ranks 21st globally with a public debt ratio of 96%, which is lower than many advanced economies. India stands at 31st with a debt-to-GDP ratio of 80%, and the central government aims to reduce it to 50±1% by March 31, 2031.

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Reliance NU Suntech recently signed a 25-year Power Purchase Agreement with the Solar Energy Corporation of India Limited (SECI) to build Asia’s largest single-location integrated solar and Battery Energy Storage System (BESS) project. SECI is a Central Public Sector Undertaking (CPSU) under the Ministry of New and Renewable Energy (MNRE), dedicated to expanding Renewable Energy (RE) in India. SECI was formed in 2011 as a not-for-profit company and later became a commercial entity in 2015. It was established to support the National Solar Mission and has Miniratna Category-I status. SECI acts as the main agency for implementing solar, wind, and hybrid energy projects across India. It also helps fulfill India’s Nationally Determined Contributions (NDCs) by inviting developers through tenders for RE projects.

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Goods and Services Tax (GST) was introduced on July 1, 2017, to simplify and unify India’s complex tax system. It merged multiple central and state taxes into a single tax, making compliance easier and improving transparency. In 2024, India’s total GST revenue collection reached ₹21.36 lakh crore, the highest since the GST launch, showing an 8.86% rise from the previous year. In April 2025, gross GST revenue was ₹2.36 lakh crore, marking a 12.6% year-on-year growth, as per the Ministry of Finance. Maharashtra topped GST collections for FY 2024 and April 2025 but saw slower growth at 11% in April. Gujarat showed the highest growth, with a 13% rise and ₹14,970 crore collection in April 2025. Gujarat’s total GST revenue for FY 2024–25 stood at ₹1.74 lakh crore, the highest ever, according to GST Council data shared via Forbes.

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The Department of Telecommunications (DoT) has launched the Financial Fraud Risk Indicator (FRI) to help detect mobile numbers linked to fraud. FRI is a risk-based system that classifies mobile numbers as Medium, High, or Very High risk based on fraud-related activity. It gathers data from multiple sources like the National Cybercrime Reporting Portal (NCRP) by the Indian Cybercrime Coordination Centre (I4C), DoT’s Chakshu platform, and alerts from banks, Non-Banking Financial Companies (NBFCs), and Unified Payments Interface (UPI) platforms. When a number is flagged, FRI uses advanced analysis to assess its fraud risk. This data is shared with financial institutions through the Digital Intelligence Platform (DIP). It helps banks and UPI providers take extra steps to protect customers or block risky transactions.

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Recently, Algeria became the 9th member of the New Development Bank (NDB), expanding opportunities for emerging markets. NDB was established in 2015 by Brazil, Russia, India, China, and South Africa under the BRICS group. Its headquarters is in Shanghai, China. It is a multilateral development bank created to fund infrastructure and sustainable development projects in emerging markets and developing countries (EMDCs). So far, it has approved investment projects worth 40 billion US dollars, mainly in clean energy and related sectors. Members include Brazil, Russia, India, China, and South Africa, Bangladesh, United Arab Emirates (UAE), Egypt, and now Algeria.

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As per the latest World Economic Outlook by the International Monetary Fund (IMF), India has overtaken Japan to become the world’s fourth-largest economy with a nominal Gross Domestic Product (GDP) of around USD 4.18 trillion. This was confirmed by the Chief Executive Officer (CEO) of NITI Aayog, B.V.R. Subrahmanyam, during the 10th NITI Aayog Governing Council Meeting. Only the United States, China, and Germany are currently ahead of India in global rankings. IMF projects India will become the third-largest economy by 2028 with a GDP of USD 5.584 trillion. India remains the fastest-growing major economy, expected to grow above 6% over the next two years.