Business, Economy & Banking Current Affairs MCQs

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Fitch Ratings predicts India’s fiscal deficit will reach 5.4% in 2025-2026 (FY25-2026), which is higher than the government’s 5.1% target. Fitch’s prediction is due to more conservative revenue forecasts for FY25. Fitch also expects the central government’s fiscal deficit to be 5.4% in FY25, and the aggregate state deficit to remain around 2.8% of GDP. Fitch says that the slow pace of fiscal consolidation after the pandemic could leave India’s public finances exposed if there are major economic shocks.

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The Reserve Bank of India (RBI) and Nepal Rastra Bank have partnered to integrate India’s Unified Payments Interface (UPI) and Nepal’s National Payments Interface (NPI). The collaboration aims to establish infrastructure for seamless cross-border transactions, facilitating efficient remittances. The formalized agreement signifies a concerted effort to interlink UPI and NPI, enhancing the speed and ease of cross-border payments between the two countries.

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India and the United Arab Emirates (UAE) announced that they would link their instant payment platforms, UPI (India) and AANI (UAE). The agreement will allow for seamless cross-border transactions between the two countries.  AANI is an instant payment platform that allows users to transfer and settle funds in less than 10 seconds. It initially supports transactions of up to $13,600.  The agreement is part of a number of pacts signed between the two countries in February 2024, including BIT and IGA on IMEC.

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IREDA and PNB inked an MoU at IREDA’s New Delhi office on Feb 19, 2024, fostering collaboration for nationwide renewable energy initiatives. The agreement facilitates joint efforts in co-lending and loan syndication for diverse renewable energy projects, signaling a significant step towards sustainable energy development in India.

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State-run SJVN achieved commercial electricity supply from its 50 MW Gujrai solar power station in Kanpur Dehat, Uttar Pradesh. The project, executed by SJVN through its renewable arm SGEL at a cost of Rs 281 crore, is now operational. SJVN’s total installed power capacity is 2,277 MW across 10 power stations. The Gujrai station is expected to generate 107 million units in the first year, with a cumulative energy generation of 2,477 million units over 25 years, generating annual revenue of about Rs 32 crore.

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The International Centre for Entrepreneurship and Technology (iCreate) and Microsoft signed an MoU, facilitated by the Ministry of Electronics & IT, to boost AI startups in India. The partnership, in line with Prime Minister Narendra Modi’s vision, aims to support AI startups in both big cities and smaller towns/villages. The collaboration launches the IMPEL AI program, screening 1100 innovators to become AI Most Valuable Players (MVPs) and focusing on themes like Healthcare, Financial Inclusion, Sustainability, Education, Agriculture, and Smart Cities. The top 25 startups will receive go-to-market support from Microsoft’s Global Network.

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In March 2024, Larsen & Toubro (L&T) commissioned its first indigenously-manufactured electrolyzer at the Green Hydrogen Plant at A M Naik Heavy Engineering Complex in Hazira, Gujarat. The electrolyzer is developed and assembled in India and conforms to international standards. L&T plans to use its giga-scale facility in Hazira to meet the growing demand for green hydrogen. They also plan to maximize product localization through enhanced local supply chain and automation for cost-competitiveness.

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The Reserve Bank of India (RBI) has introduced the UDGAM portal, facilitating users to search unclaimed deposits in 30 banks, covering 90% of Depositor Education and Awareness Fund deposits. UDGAM, meaning Unclaimed Deposits-Gateway to Access inforMation, allows centralized searches for both individual and non-individual categories. Users provide specific details like account holder’s name, bank name, and relevant identification for the search. This initiative aims to enhance transparency and awareness regarding unclaimed deposits in the RBI’s DEA Fund.

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India has successfully reduced extreme poverty, with under 3% of its population living below the poverty line, in accordance with the UN’s Sustainable Development Goal. Recent data from the World Poverty Clock, supported by organizations such as IFAD and Germany’s Federal Ministry for Economic Cooperation and Development, highlights India’s significant strides towards ending extreme poverty, a key global objective set for achievement by 2030.

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30 banks are part of the RBI’s UDGAM portal for unclaimed deposits. The remaining banks are also in the process of joining. The UDGAM portal, which stands for Unclaimed Deposits-Gateway to Access Information, is an online portal developed by the Reserve Bank of India (RBI). The portal allows individuals to search for their unclaimed deposits and accounts.