Business, Economy & Banking Current Affairs MCQs

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The Asian Development Bank (ADB) funds the Strengthening Multimodal and Integrated Logistics Ecosystem (SMILE) Program. It aims to improve India’s logistics infrastructure, reduce costs, and increase efficiency. It supports the National Logistics Policy and PM Gati Shakti National Master Plan. Focus areas include multimodal logistics, warehousing standardization, and digitalization in trade logistics. It enhances supply chain resilience, especially for India’s manufacturing sector. The program promotes gender inclusion through gender audits at land ports. SMILE aligns with Atmanirbhar Bharat by improving domestic manufacturing and global trade integration.

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Tamil Nadu recorded the highest real economic growth rate in India for 2024–25 at 9.69%, the best in the State’s last 10 years. Real growth excludes inflation and is measured at constant prices (base year 2011–12), with Gross State Domestic Product (GSDP) rising from ₹15.71 lakh crore in 2023–24 to ₹17.23 lakh crore in 2024–25. The nominal growth rate, which includes inflation, is 14.02%, also the highest among States. The State’s growth aligns with projections by the Tamil Nadu Economic Survey and Madras School of Economics (MSE), exceeding both estimates. Growth was led by the tertiary (services) sector at 12.7% and secondary (industry) at 9%, while the primary sector (agriculture) was low at 0.15%. Real estate grew by 13.6%, communication services by 13%, and trade-hotel services by 11.7%, all under the tertiary sector. In the secondary sector, manufacturing grew by 8% and construction by 10.6%. The primary sector underperformed with crops at -5.93% and livestock at 3.84%.

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Ministry of Statistics and Programme Implementation (MOSPI) launched a new Microdata Portal during the State Government Ministers’ Conference to improve data access and user experience. The portal, built with help from the World Bank Technology Team, uses a modern and secure technology stack. It stores national survey and economic census data and removes old technical issues. National Statistical System Training Academy (NSSTA) website was also launched to help with training information. MOSPI also showed a Proof of Concept (PoC) for an Artificial Intelligence/Machine Learning (AI/ML) based tool to simplify National Industrial Classification (NIC) code search using natural language queries. These steps highlight MOSPI’s efforts to use technology for better data, planning, and achieving the vision of Viksit Bharat (Developed India).

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The Investor Education and Protection Fund Authority (IEPFA) under the Ministry of Corporate Affairs and India Post Payments Bank (IPPB) under the Department of Posts signed a Memorandum of Agreement (MoA) to launch Phase 2 of the “Niveshak Didi” initiative. “Niveshak Didi” trains women postal workers and community leaders as financial educators to improve financial literacy in rural and underserved areas. In Phase 1, over 55,000 people benefited from IPPB Financial Literacy Camps, with around 60% being women, mostly young and economically active from deep rural areas. Phase 2 will include 4,000 new camps led by 40,000 trained women promoting responsible investing, savings, digital banking, and fraud awareness.

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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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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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The Department of Financial Services (DFS) under the Ministry of Finance recently held a colloquium in New Delhi with heads of Debt Recovery Appellate Tribunals (DRATs) and Debt Recovery Tribunals (DRTs). Debt Recovery Tribunals (DRTs) are special courts set up under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993. They mainly handle loan default cases involving amounts above ₹20 lakh from banks and financial institutions. DRTs also hear Securitisation Applications (SAs) under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002. India currently has 39 DRTs, each led by a Presiding Officer.

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Recently, economist S Mahendra Dev has been appointed as the new Chairman of the Economic Advisory Council to the Prime Minister (EAC-PM), replacing Suman Bery. He resigned as independent director from Axis Bank after his appointment. The Economic Advisory Council to the Prime Minister (EAC-PM) is an independent body that advises the Prime Minister on economic and related matters. Its functions include analyzing economic issues, giving macroeconomic advice, and taking up tasks assigned by the Prime Minister.

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Flipkart has become the first major Indian e-commerce company to receive a Non-Banking Financial Company (NBFC) licence from the Reserve Bank of India (RBI). This marks the first time RBI has allowed a large e-commerce platform to operate its own NBFC. Unlike traditional NBFCs, Flipkart can lend money directly but cannot accept public deposits. Earlier, most e-commerce platforms offered loans through partnerships with banks or NBFCs. With this licence, Flipkart can now lend independently, which offers better control and higher profits. This development highlights RBI’s evolving regulatory stance on digital commerce and fintech integration.

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The World Bank has projected India’s economic growth at 6.3% for the Financial Year (FY) 2025-26 in its latest Global Economic Prospects report. India is expected to maintain the fastest growth rate among the world’s largest economies. Growth in FY 2024-25 slowed due to a drop in industrial output, but construction and services sectors remained steady. Agricultural output recovered from severe drought conditions, supported by strong rural demand. Growth is expected to rise to an average of 6.6% in FY 2026-27 and FY 2027-28, helped by strong services and export growth.