Business, Economy & Banking Current Affairs MCQs

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National Fertilizers Limited (NFL) has entered the nano liquid urea production market. Nano Urea, developed and patented by Indian Farmers Fertiliser Cooperative Limited (IFFCO), provides nitrogen to plants through nanotechnology. It is the only nano fertilizer approved by the Indian government and included in the Fertilizer Control Order. Nano Urea has a particle size of 20-50 nm, offering more surface area and nitrogen particles than conventional urea. It is energy-efficient, eco-friendly, and reduces nitrogen loss to the atmosphere.

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The Vizhinjam International Seaport, located in Kerala, is set to enhance container handling capacity significantly. Recently, the State government extended the project completion deadline to 2028, following a supplementary concession agreement with the Vizhinjam Private Port Limited. This port, built under a public-private partnership, is poised to handle large mother ships and reduce India’s reliance on foreign ports for transshipment. The total revenue from the port is estimated to reach ₹2,15,000 crore, with the State’s share projected at ₹35,000 crore.

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Uber has launched Asia’s first water transport service, “Uber Shikara,” in Dal Lake, Jammu and Kashmir. Tourists can now book pre-scheduled shikara rides via Uber’s app. The service was inaugurated by Uber India and South Asia President Prabhjeet Singh. Uber Shikara blends technology with tradition, improving accessibility and boosting Kashmir’s tourism. It partners with seven local shikara operators, with plans to expand based on demand. The service operates from Nehru Park, with government-regulated fair pricing and no fees charged to shikara partners.

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The Indian government has decided to revise the base year for GDP calculation from 2011-12 to 2022-23. This change, announced by Minister Rao Inderjit Singh, aims to reflect structural economic changes and ensure accurate economic data. The advisory committee, ACNAS, comprising members from the Reserve Bank of India, state governments, and academia, will assist in this revision, expected to be completed by early 2026. Regular updates align with international practices for economic data collection.

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The International Advisory Body for Submarine Cable Resilience was launched by the International Telecommunication Union (ITU) and International Cable Protection Committee (ICPC) to ensure the resilience of submarine cables, vital for the global digital economy. The body consists of 40 members, including ministers, regulators, and telecom experts, representing diverse global perspectives. It will meet bi-annually to discuss international policies, infrastructure, and best practices. The body aims to promote best practices, reduce risks of cable damage, and ensure swift repairs and deployment. It addresses challenges like increasing traffic, aging infrastructure, and environmental threats, benefiting livelihoods and industries reliant on submarine cables.

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The SAMARTH Udyog Bharat 4.0 initiative, under the Ministry of Heavy Industries, aims to enhance competitiveness in India’s capital goods sector. It focuses on spreading awareness about Industry 4.0 technologies among manufacturers, vendors, and customers. Four SAMARTH Centres have been established: C4i4 Lab in Pune, IITD-AIA Foundation at IIT Delhi, I-4.0 India at IISc Bengaluru, and Smart Manufacturing Cell at CMTI Bengaluru. These centres assist industries, including MSMEs, by organizing seminars, providing training, and offering consultancy in IoT, software, and data analytics. No financial assistance is provided for adopting Industry 4.0 technologies under this initiative.

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India’s gold imports surged threefold in November to a record $14.8 billion, prompting a “detailed examination” by the Directorate General of Commercial Intelligence and Statistics (DGCIS). DGCIS, under the Ministry of Commerce & Industry, collects, compiles, and disseminates trade statistics and commercial data for policymakers, traders, and researchers. Established in 1862, it is India’s oldest large-scale data processing organization and is headquartered in Kolkata. Sir William W. Hunter was its first Director General in 1871. DGCIS also publishes inland trade statistics on inter-state goods movement via rail, river, and air.

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The government has initiated a review of the Wholesale Price Index (WPI) to update its base year from 2011-12 to 2022-23. This change aims to reflect structural economic changes and enhance the accuracy of inflation measurement and GDP calculations. The 18-member committee, led by NITI Aayog member Ramesh Chand, will also explore transitioning to a Producer Price Index (PPI) to include services, which constitute over half of India’s economic output, thus aligning with international practices.

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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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India’s economic growth is projected at 6.7% annually for fiscal years starting April 2025, as per the World Bank. The services sector is expected to continue expanding steadily. Manufacturing is set to strengthen due to government efforts to improve the business environment. Investment growth will remain stable, with private investment rising and public investment moderating. For 2024-25, growth is expected to ease to 6.5% due to slower investment and weak manufacturing performance.