Business, Economy & Banking Current Affairs MCQs

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The National Stock Exchange (NSE) of India and the West Bengal government signed a memorandum of understanding (MoU) to help small and medium enterprises (SMEs) raise funds through the capital market.
It aims to spread awareness among MSMEs in the state regarding fundraising via the IPO mechanism using NSE Emerge, the SME platform of NSE.

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India’s Gross Domestic Product (GDP) grew at 7.6% in the July-September 2023 quarter, as per initial estimates from the National Statistical Office.
GDP growth of 7.6 per cent beat most estimates, including 6.5 per cent projected by the Reserve Bank of India (RBI). In the April-June quarter, the gross domestic product (GDP) growth was 6.2 percent.

 

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The Central Board of Indirect Taxes and Customs (CBIC) has enabled two-factor authentication for all e-waybill and e-invoice systems to further enhance the security of the goods and services tax systems.
The feature was enabled on December 1 and was rolled out on Monday. Currently the pilot rollout has been done for a state of Haryana and after seamless operation of the same in the state, it is being rolled out for Punjab, Chandigarh, Uttarakhand, Rajasthan and Delhi taxpayers in the first phase. In the second phase, it will be rolled out across the country.

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Bank of India (BoI) has launched savings account for women with independent income. The ‘Nari Shakti Savings Account’ offers personal accident insurance cover, concessional rate of interest on retail loans, discounted health insurance and wellness products and attractive rebates on locker facilities.

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The Special Window for Affordable and Mid-Income Housing (SWAMIH) Investment Fund I is a social impact fund that aims to complete stalled and stressed residential projects. It was announced by the Finance Minister in 2019. Recently, real estate developers body NAREDCO recommended in its pre-budget submissions that the government allocate Rs 50,000 crore more to the SWAMIH fund. This fund aims to complete stalled housing projects and has benefited over 2 lakh homebuyers while unlocking projects worth Rs 94,000 crore after getting Rs 15,530 crore so far. NAREDCO contends another tranche could further revive the real estate industry and consumer sentiments.

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Prime Minister Narendra Modi flagged off the Kashi Tamil Sangamam Express, a new regular train service connecting Kanyakumari, the southernmost tip of India, to Varanasi, the holy city in the north. He flagged off the train’s inaugural run during his visit to Varanasi for the Kashi Tamil Sangamam cultural integration event. The train route passes through all major cities of Tamil Nadu over 32 hours to highlight the ancient bond between Tamil Nadu and Kashi.

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Megha Engineering & Infrastructures contributed ₹87 crore, the highest among corporates, to electoral trusts in political funding during 2022-23 followed by Serum Institute of India at ₹50.25 crore as per the ADR report. Top 10 donors comprised 90.66% of total corporate contributions received by such trusts.

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The government’s recent decision to issue 65 Quality Control Orders (QCOs), as announced by the Joint Secretary of the Department for Promotion of Industry and Internal Trade (DPIIT), is primarily aimed at containing the import of sub-standard goods into India. These QCOs cover over 500 products and are part of a broader strategy to ensure product safety for consumers and to boost domestic manufacturing. Under these orders, products must bear the Bureau of Indian Standards (BIS) mark to be produced, sold, traded, imported, or stocked in India. This initiative aligns with the World Trade Organization (WTO) Agreement on Technical Barriers to Trade (TBT) and serves to curb the influx of inferior quality imports, thereby protecting consumer interests and promoting fair trade practices. The stringent penalties for violations of these orders further underscore their importance in maintaining quality standards in the market.

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Recently, the State Bank of India (SBI) launched the SBI Green Rupee Term Deposit (SGRTD). The SGRTD is a deposit scheme that aims to raise funds for environmentally-friendly initiatives and projects. The scheme is open to NRIs, non-individuals, and resident individuals. The SGRTD has tenors of 1,111 days, 1,777 days, and 2,222 days. The SGRTD offers flexible tenors.

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In 2023-24, India is set to become the world’s leading lentil (masoor) producer due to expanded cultivation. Primarily consumed as ‘Dal’ after skin removal, lentils are hardy, frost-tolerant, and thrive in cold climates. Optimal growth temperature is 18-30°C, and well-drained, neutral loam soils are ideal. Major lentil-growing Indian states include Madhya Pradesh, Uttar Pradesh, and Rajasthan. Despite ranking second globally in production, India traditionally imports from Canada, Australia, Russia, Singapore, and Turkey, but has diversified sources in recent years.