Business, Economy & Banking Current Affairs MCQs

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The Union Minister for Textiles announced that annual exports of technical textiles are expected to exceed $10 billion by 2030. Technical textiles are materials designed for their functional properties rather than aesthetics. They include industrial, functional, performance, and hi-tech textiles. These textiles offer high physical, mechanical, thermal, and chemical properties for various industrial uses. They are used in sectors like construction, transport, defense, medical, and more, either on their own or as parts of other products. They are made from both natural and synthetic fibers and are categorized into 12 groups based on their applications.

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The Chief Economic Adviser (CEA) warned that financialisation could affect India’s macroeconomic outcomes. Financialisation refers to the growing size and influence of the financial sector in a country’s economy. It involves financial markets, institutions, and elites gaining control over economic policies and outcomes. The shift is from traditional industries like manufacturing to financial activities such as asset trading and speculation. This process affects both the macro and microeconomy, influencing corporate behavior and policies. Financialisation has also led to higher income growth in the financial sector compared to other sectors.

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The Union Cabinet approved ‘Mission Mausam’ with a budget of Rs. 2,000 crore for two years. It aims to enhance India’s weather and climate-related research, services, and technologies. Mission Mausam focuses on improving weather surveillance, forecasting, and management using advanced systems like AI, machine learning, and high-performance computing. It will provide accurate weather and climate information, including monsoon forecasts, extreme weather alerts, and air quality updates. Implemented by India Meteorological Department, Indian Institute of Tropical Meteorology, and National Centre for Medium-Range Weather Forecasting. It benefits sectors like agriculture, disaster management, aviation, and energy.

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A study by scientists from the Birbal Sahni Institute of Palaeosciences in Lucknow found significant potential for hydrocarbon generation in the eastern South Karanpura coalfield in Jharkhand. The research used microscopic palynomorph analysis and geochemical assessments, showing the eastern Sirka coalfield has more hydrocarbon potential than the Giddi coalfield. The South Karanpura coalfield has 28 major coal blocks and is vital for India’s energy sector. There is growing interest in exploring unconventional hydrocarbon resources like coal bed methane and shale gas due to increasing energy demands and the shift toward green energy.

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The Union Cabinet approved a Rs. 1,000 crore Venture Capital Fund for the space sector, managed by IN-SPACe Indian National Space Promotion and Authorization Center). IN-SPACe, launched in 2020, aims to enhance private sector involvement in space. The fund will help grow India’s space economy from $8.4 billion to a target of $44 billion by 2033. It addresses the challenge of limited funding for high-tech startups by supporting around 40 space startups. The fund will be deployed over five years, with Rs. 150-250 crore invested annually based on opportunities.

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Prime Minister Modi and Spanish PM Pedro Sanchez inaugurated the Tata Aircraft Complex in Vadodara, Gujarat. It is India’s first private military aircraft production facility. The complex will manufacture C295 aircraft, enhancing India-Spain relations and supporting ‘Make in India, Make for the World.’ The Airbus C295, originally designed by Spanish company CASA, is a medium tactical transport aircraft also suited for medical evacuations, disaster response, and maritime patrol.

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Rajasthan launched the Rajasthan Investment Promotion Scheme (RIPS) 2024 to attract private investment with expanded financial incentives. RIPS 2024 improves upon RIPS 2022 by covering more sectors and offering increased financial benefits. It includes new sunrise sectors like Aero & Space, Defence, Drones, Semiconductors, Agri-Tech, and Waste Recycling. The first three mega projects in these sectors receive a 25% additional sunrise booster and a 10% extra incentive over asset creation.

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The Union Minister of Consumer Affairs launched the FCI Grievance Redressal System (FCI GRS) app for rice millers. The app enables rice millers to efficiently and transparently address grievances with the FCI. It is part of the government’s initiative to use technology for better governance. The app allows millers to easily lodge complaints, track status, and receive responses digitally, enhancing responsiveness and accountability.

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The Union Ministry of Animal Husbandry released the Standard Veterinary Treatment Guidelines (SVTG), the first comprehensive guidelines for animal and bird diseases. The guidelines aim to reduce antibiotic, hormone, and drug residues in animal-source foods, improving food safety and soil health. The guidelines include dosages, treatment durations, withdrawal periods, and potential side effects. They integrate Ayurvedic and ethnoveterinary practices for cost-effective treatments, particularly benefiting small-scale farmers. SVTG is expected to lower treatment costs and enhance health management in livestock and poultry, reducing antimicrobial resistance (AMR) risks.

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The New Agriculture Wealth Opportunities – Driving Horticulture Agribusiness Networking (NAWO-DHAN) scheme aims to boost food crop production in Kerala. It engages farmer groups through Service Level Agreements (SLA) without transferring land ownership. The initiative targets unused land and addresses a significant production-demand gap in fruits and vegetables. The Kerala Agro Business Company (KABCO) facilitates this project, encouraging investment in high-tech agriculture while ensuring that income from farming remains non-taxable.