Business, Economy & Banking Current Affairs MCQs

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The UN Secretary-General emphasizes the urgent need for increased funding to support Small Island Developing States (SIDS) facing climate change. Comprising 39 States and 18 Associate Members, SIDS, located in the Caribbean, Pacific, and AIS regions, exhibit unique vulnerabilities. Recognized as a special case in 1992, they suffer from low economic diversification, dependence on tourism, and high debt stress. The UN has established action programs like the Barbados Programme of Action and SAMOA Pathway to address SIDS’ challenges.

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Union Minister Sh. Jyotiraditya M. Scindia inaugurated India’s 1st Green Hydrogen Plant at Jindal Stainless Limited, Hisar, Haryana. A global first in the stainless steel sector, the off-grid facility incorporates rooftop and floating solar tech, aiming to cut carbon emissions by 2,700 MT annually and 54,000 tons over two decades. The project marks a milestone in sustainable industry practices, showcasing India’s commitment to green energy and environmental stewardship.

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The Minister of Communications unveiled the Digital Intelligence Platform (DIP) and ‘Chakshu’ on the Sanchar Saathi portal. DIP facilitates real-time intelligence sharing and coordination among stakeholders like Telecom Service Providers, Law enforcement agencies, Banks, Social media platforms, and Identity document authorities. Developed by the Department of Telecommunications, DIP is a secure platform inaccessible to citizens. The portal also highlights cases of telecom resource misuse.

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The recent stakeholders meeting discussed the launch of India’s Right to Repair Portal by the Ministry of Consumer Affairs. Launched on National Consumer Rights Day 2022, the portal aims to combat e-waste by providing repair information across various sectors like automobiles, electronics, and farming equipment. It facilitates affordable repairs by OEMs or third-party repairers, promoting a circular economy. Users can access product information, warranties, and offer feedback. The portal benefits consumers, small repair shops, and aligns with a sustainable approach to product maintenance.

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India and the European Free Trade Association (EFTA) inked the Trade and Economic Partnership Agreement (TEPA). EFTA, founded in 1960, promotes trade and integration for its four member states. TEPA with Switzerland, Iceland, Norway, and Liechtenstein marks India’s first FTA with a major European economic bloc. The historic pact commits to a $100 billion investment and 1 million jobs in 15 years, boosting Make in India and providing Indian exporters access to expansive European and global markets.

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Union Minister Rajeev Chandrasekhar inaugurated India’s first FutureLABS center at Centre for Development of Advanced Computing (C-DAC) Thiruvananthapuram, focusing on semiconductor chip and strategic electronics. It aims to foster chip design, manufacturing, and research. Collaboration with the Ministry of Railways for electric locomotive technology development was announced, along with an MoU with Tata Power for microgrid tech. Moreover, the electric vehicle wireless charger technology developed by C-DAC(T) and VNIT Nagpur will be transferred to BelRise Industries Limited. Over 100 students were briefed on opportunities provided by the center.

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The Ministry of Heavy Industries (MHI) and the Indian Institute of Technology, Roorkee (IIT Roorkee) have collaborated to establish a Centre of Excellence and Industry Accelerator in the automotive and electric vehicle (EV) sector. The two ministries signed an MoU to promote innovation and advance the automotive and EV sector. Chief Minister of Uttarakhand, Shri Pushkar Singh Dhami, witnessed the historic event.

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Researchers at IIT Madras devised a method utilizing phosphoric acid to treat bauxite residue, commonly known as Red Mud. This process extracts valuable materials, including ceramics with notable dielectric and optical properties, suitable for electronic components and energy storage. Red Mud, a byproduct of aluminum production, harbors toxic heavy metals like arsenic, lead, and mercury. Its corrosive nature and high alkalinity pose significant threats to soil and ecosystems.

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AMPC e-tender process for Byadagi Chilli in Byadagi led to violent protests over alleged low prices. Byadgi chilli, named after the town in Karnataka, is less spicy, renowned for vibrant color, crucial in South Indian cuisine. Primary varieties are Byadgi Kaddi, thin and less popular, and Byadgi Dabbi, prized for its color, flavor, and mild spiciness. Both varieties received Geographical Indication tag in 2011, contributing to India’s second-largest chilli turnover.

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The Ministry of Heavy Industries (MHI) initiated the Electric Mobility Promotion Scheme (EMPS) 2024 following the conclusion of the FAME-II on March 31, 2024. EMPS aims to expedite the adoption of electric two-wheelers and three-wheelers, fostering green mobility and EV manufacturing. With a tenure of four months from April 1 to July 31, 2024, EMPS offers subsidies and requires OEM registration and vehicle approval by MHI to avail incentives.