Business, Economy & Banking Current Affairs MCQs

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In the Startup Ecosystem Report 2025, Uttar Pradesh ranks third in India, with Maharashtra and Karnataka holding the first and second positions, respectively. The state has witnessed over 14,000 startups, showing remarkable growth. 26 startups from Uttar Pradesh have achieved unicorn status. Uttar Pradesh is the first state where startups are active in 49 districts. Earlier, startups were concentrated in Noida, Ghaziabad, Lucknow, and Kanpur. Now, they are expanding rapidly in smaller cities, strengthening the state’s startup culture.

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The Lanka India Business Association (LIBA) was officially launched in Sri Lanka to boost economic collaboration with India. It aims to strengthen trade, investment, and business networking between both nations. India is expected to become the world’s second-largest economy by 2075, making this initiative crucial. LIBA will promote partnerships across industries like technology, trade, finance, and education. It seeks to encourage bilateral trade, connect entrepreneurs, and support startups and Micro, Small & Medium Enterprises (MSMEs). LIBA aims to leverage Sri Lanka’s strategic location as a trade hub and provide facilitation services for investors.

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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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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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India became the third-largest producer of electricity from wind and solar energy in 2024, overtaking Germany, as per Ember’s Global Electricity Review. Wind and solar generated 10% of India’s electricity in 2024, and 15% globally. Clean energy sources like renewables and nuclear power made up 40.9% of global electricity – the highest since the 1940s. India added 24 gigawatts (GW) of solar in 2024, becoming the third-largest market after China and the US. Solar power contributed 7% of India’s electricity, doubling since 2021. India aims for 50% of installed power capacity from non-fossil sources by 2030 under its Nationally Determined Contributions (NDCs) to the United Nations Framework Convention on Climate Change (UNFCCC). India also targets 500 GW of non-fossil fuel capacity by 2030, but needs 20% more annual funding to meet it, according to Ember.

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The Investor Education and Protection Fund Authority (IEPFA) recently signed a Memorandum of Understanding (MoU) with Kotak Mahindra Bank and launched the ‘Niveshak Shivir’ initiative to boost digital investor awareness and financial literacy in India. The IEPFA was set up in 2016 under the Companies Act, 2013 to manage the Investor Education and Protection Fund (IEPF) and safeguard investor interests. It works under the Ministry of Corporate Affairs. ‘Niveshak Shivir’ is a joint effort by IEPFA and the Securities and Exchange Board of India (SEBI) to simplify the process of reclaiming unclaimed dividends and shares. These camps will begin in May 2025 in Mumbai and Ahmedabad, targeting areas with high numbers of unclaimed dividend holders. One-stop kiosks will help investors update Know Your Customer (KYC) details, verify claims, and receive instant help for grievances. The aim is to reduce reliance on intermediaries and prevent fraud and misinformation.

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Tunnel No. 8 (T-8) is set to become India’s longest railway tunnel at 14.57 km, overtaking Tunnel No. 50 (T-50), which is 12.77 km long on the Udhampur-Srinagar-Baramulla Railway Link. It is part of the Rishikesh–Karnaprayag Broad Gauge Rail Link Project in Uttarakhand. T-8 is a twin tunnel located on the Devprayag–Janasu stretch of this 125-km rail line. The Rishikesh–Karnaprayag Broad Gauge Rail Link Project is being implemented by Rail Vikas Nigam Limited (RVNL), a Navratna Public Sector Undertaking under the Ministry of Railways.

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The Jute Corporation of India (JCI) recently raised the minimum support price (MSP) of jute from ₹5,335 to ₹5,650 per quintal for the 2025–26 crop year to stop distress sales by farmers. The Jute Corporation of India (JCI) comes under the administrative control of Ministry of Textiles, Government of India. It was set up in 1971 to act as a price support agency for raw jute without any limit. MSP is fixed every year by the Government of India based on recommendations from the Commission for Agricultural Cost and Prices (CACP). JCI helps protect farmers from exploitation by middlemen and gives price stability. It started small but has now expanded its network across seven jute-growing states — West Bengal, Bihar, Assam, Meghalaya, Tripura, Odisha, and Andhra Pradesh.

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The Government of India has recently updated its import policy for gold and silver to match customs tariffs with trade rules. This change was officially notified by the Directorate General of Foreign Trade (DGFT). The Directorate General of Foreign Trade (DGFT) works under the Ministry of Commerce and Industry. It is responsible for creating and carrying out India’s Foreign Trade Policy (FTP). DGFT is based in New Delhi and has 24 regional offices across India. Earlier known as the Chief Controller of Imports and Exports (CCI&E), it was renamed DGFT after the 1991 economic reforms to promote trade.

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The Finance Minister recently chaired the 29th meeting of the Financial Stability and Development Council (FSDC). FSDC is a top-level non-statutory body formed by the Government of India in December 2010. Its main aim is to ensure financial stability and promote development in the financial sector. The council is chaired by the Union Finance Minister and includes key members like the Governor of Reserve Bank of India (RBI), Finance Secretary, and heads of regulatory bodies like Securities and Exchange Board of India (SEBI), Insurance Regulatory and Development Authority of India (IRDAI), and Pension Fund Regulatory and Development Authority (PFRDA).