Business, Economy & Banking Current Affairs MCQs

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India has added 5 new industrial clusters to the Transitioning Industrial Clusters initiative (TICI): Gopalpur Industrial Park, Kakinada Cluster, Kerala Green Hydrogen Valley, Mundra Cluster, and Mumbai Green Hydrogen Cluster. Industrial clusters are hubs where industries, companies, and institutions collaborate for economic growth. A WEF report highlights their role in economies of scale, shared risk, and demand optimization. The Transitioning Industrial Clusters initiative (TICI) is a World Economic Forum initiative launched at the UNFCCC’s COP26 in Glasgow in 2021. It currently includes 33 industrial clusters across 16 countries and five continents.

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The Directorate General of Foreign Trade (DGFT) launched the enhanced Certificate of Origin (eCoO) 2.0 System to simplify export certification and boost trade efficiency. It features multi-user access, allowing exporters to authorize multiple users under one Importer Exporter Code (IEC). Aadhaar-based e-signing is now supported, along with digital signature tokens for greater flexibility. The system includes an integrated dashboard for easy access to eCoO services, Free Trade Agreement (FTA) info, and trade events. Over 7,000 eCoOs are processed daily, connecting 125 issuing agencies across the country.

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India’s largest solar cell and module manufacturing unit was inaugurated at Gangaikondan SIPCOT Industrial Growth Centre, Tamil Nadu. The facility is set up by TATA Power’s TP Solar Limited with an investment of ₹3,800 crore. It will produce 30-GW photovoltaic cells and modules annually for solar power generation. Equipped with advanced robotic automation, it features TOPCon and Mono Perc technology for high efficiency. The plant will also manufacture raw materials for solar modules. Vikram Solar is setting up an additional 3-GW solar cell and 6-GW module facility at the same site.

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Agricultural and Processed Food Products Export Development Authority (APEDA), in collaboration with AgroStar and Kay Bee Exports, completed India’s first-ever commercial trial shipments of premium Sangola and Bhagwa pomegranates to Australia by sea. APEDA was established in 1985 under the Agricultural and Processed Food Products Export Development Authority Act. It replaced the Processed Food Export Promotion Council (PFEPC) and functions under the Ministry of Commerce and Industry. APEDA promotes and develops the export of scheduled products, requiring exporters to register. It provides financial assistance, information, and guidelines to support scheduled product exports.

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The urban unemployment rate in Q3 FY25 (October-December 2024) remained unchanged at 6.4%, according to the latest Periodic Labour Force Survey (PLFS) data. Periodic Labour Force Survey (PLFS) is conducted by the National Sample Survey Office (NSSO) under the Ministry of Statistics and Programme Implementation (MoSPI). PLFS was launched in 2017 to provide frequent labour force data for better policy-making. The survey helps in assessing employment and unemployment trends in both urban and rural areas. The unchanged unemployment rate indicates stability in urban job opportunities during the quarter.

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LIC launched the ‘One Man Office’ (OMO) initiative on February 17, 2025. It is a digital initiative to enhance LIC agents’ efficiency with 24×7 digital services. The initiative aligns with LIC’s vision of ‘Insurance for All by 2047.’ It provides online tools for policy sales, customer service, and business management. LIC aims to make its agents independent and productive through digital transformation. The initiative eliminates the need for a traditional office setup. It benefits both policyholders and LIC by integrating technology into insurance services.

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RBI launched RBIDATA, a mobile app for seamless access to macroeconomic and financial data on the Indian economy. The app serves researchers, students, policymakers, and the public with over 11,000 economic data series. It connects to RBI’s Database on the Indian Economy (DBIE) for structured and interactive data exploration. A banking facility locator helps users find bank branches within a 20 km radius. The app also provides financial data from SAARC nations for regional economic comparisons.

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The Ministry of Mines reclassified Barytes, Feldspar, Mica, and Quartz as major minerals through a gazette notification. Major minerals are regulated by the Central Government under the MMDR Act, 1957 and have high economic and strategic significance. These minerals are now governed by the Indian Bureau of Mines (IBM) with a lease period of up to 50 years and revenue accruing to state governments.

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The Software Technology Parks of India (STPI) has inaugurated a new incubation facility in Salt Lake, Kolkata. The facility was launched by Shri Jitin Prasada, Minister of State for Commerce & Industry and Electronics and IT. The aim is to boost IT exports, foster entrepreneurship, and strengthen the IT/ITeS industry in West Bengal. STPI focuses on nurturing startups and providing infrastructure and support for innovation. India is working on developing its own AI models and GPUs to empower researchers, students, and startups across the country.

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Tuhin Kanta Pandey, currently Finance and Revenue Secretary, replaces Madhabi Puri Buch as SEBI Chairman after her term ends on February 28, 2025. The Appointments Committee of the Cabinet, chaired by PM Modi, approved his appointment for three years or until further orders. A 1987-batch IAS officer from Odisha cadre, Pandey served as Department of Investment and Public Asset Management (DIPAM) Secretary from 2019 and became Finance Secretary in September 2024. He played a key role in Air India’s sale and LIC’s public listing.