Business, Economy & Banking Current Affairs MCQs

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India has joined the US-led Minerals Security Finance Network. The initiative is part of the Minerals Security Partnership (MSP) to secure critical mineral supply chains. It promotes cooperation, information exchange, and co-financing among Indo-Pacific and European institutions. The network has 13 member countries and the European Commission, including the US, Australia, Canada, and others. For India, this helps diversify and secure critical minerals from countries like Argentina, Chile, Australia, select African nations, and Kazakhstan. This move strengthens India’s access to vital resources for its growing industries.

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India’s forex reserves recently surpassed $700 billion for the first time, making it the fourth country to do so after the other three. In 2024, India’s forex reserves have increased by $87.6 billion, which is more than the increase of nearly $62 billion in the entire previous year. As of October 2024, the top four countries with the highest foreign exchange reserves (forex) are: China, Japan, Switzerland, and India.

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NTPC, India’s largest power producer, inaugurated the world’s first Carbon Dioxide-to-methanol conversion plant at its Vindhyachal facility on its 50th Raising Day. NTPC Chairman Gurdeep Singh called it a historic milestone in carbon management and sustainable fuel production. The company is working on green technologies like Gen-4 ethanol, green urea, and sustainable aviation fuel. NTPC developed and tested India’s first indigenous catalyst for methanol synthesis. The company has also made progress in hydrogen, carbon capture, and other innovative technologies. During the event, NTPC launched hydrogen-fueled buses in Leh and new IT applications.

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The Chennai-Vladivostok Eastern Maritime Corridor (EMC) is now operational, transporting oil, food, and machinery. The EMC links Russia’s east coast with South India, reducing cargo transit time by up to 16 days and distance by 40%. The current Mumbai-St. Petersburg route spans 8,675 nautical miles, taking about 40 days. The Chennai-Vladivostok route is only 5,647 nautical miles, saving 5,608 km and reducing logistical costs. The EMC passes through key seas and straits, including the Sea of Japan and Malacca Straits, with port options in major cities like Shanghai, Singapore, and Colombo.

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The Advertising Standards Council of India (ASCI) released its Half-Yearly Complaints Report for 2024-25, highlighting a significant number of misleading ads, especially in real estate and offshore betting. ASCI, established in 1985, is a non-profit, voluntary self-regulatory body that ensures ads follow its Code for Self-Regulation, promoting legal, decent, honest, and truthful advertisements. ASCI investigates complaints across various media including TV, print, and online. It is mandatory for new TV ads in India to comply with ASCI codes starting June 18, 2024. ASCI is recognized by the Ministry of Information and Broadcasting and is part of the International Council on Ad Self-Regulation (ICAS).

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The ICAR-Indian Institute of Oilseeds Research (IIOR) has developed a biopolymer-based seed coating technology that enhances crop yields by 25-30%. This innovative method protects beneficial microbes and nutrients, promoting stress resilience under climate change. The technology, known as Film Coating Biopolymer Composition, gradually releases active ingredients, offering economic benefits to farmers by reducing input costs. IIOR is recognized for its advancements in eco-friendly agricultural technologies.

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The government has abolished windfall tax on crude oil, aviation turbine fuel (ATF), petrol, and diesel exports. Windfall tax targets industries earning unusually high profits due to favorable economic conditions. India introduced a windfall tax on domestic crude oil production in July 2022 after global crude prices surged. Such taxes are used to fund public projects, reduce deficits, or redistribute wealth.

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The Department of Consumer Affairs is developing the National Legal Metrology Portal (eMaap) to unify State Legal Metrology systems. eMaap will streamline licensing, verification, and compliance processes, eliminating the need for multiple State portal registrations. Currently, enforcement activities and compounding are not online, but eMaap will integrate all functions, including enforcement, into one system. Hybrid meetings have involved industry associations and state representatives to refine the portal. eMaap simplifies procedures, reduces compliance burdens, ensures accuracy in market transactions, and supports data-driven government decisions.

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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 Reserve Bank of India (RBI) launched MuleHunter.AI to help financial institutions detect mule bank accounts and combat digital fraud. Mule accounts are used by criminals for money laundering and are often opened by unsuspecting individuals for a fee. MuleHunter.AI, developed by the Reserve Bank Innovation Hub (RBIH), uses AI and machine learning to identify suspected mule accounts. It provides near-real-time monitoring to detect such accounts efficiently, helping to curb illicit activities in the banking system.