Business, Economy & Banking Current Affairs MCQs

Notes:
In March 2024, the Indian Finance Ministry imposed an anti-dumping duty on cast aluminum alloy wheels (ARWs) from China, ranging from $0.23 to $1.71 per kilogram, depending on the producer. The duty is valid for five years. The Directorate General of Trade Remedies (DGTR) has said that applicants have submitted evidence of dumping of the product from China in spite of the existing anti-dumping duties. The DGTR can review the need for the continued imposition of the duty before the end of five years.

Notes:
The Insurance Regulatory and Development Authority of India (IRDAI) has approved Bima Sugam, an e-commerce platform for insurance products. It consolidates life and non-life offerings under one roof, facilitating an end-to-end digital experience from purchase to claim settlement. Bima Sugam aims to enhance transparency and efficiency across the insurance value chain, serving as a one-stop solution for stakeholders, including customers, insurers, intermediaries, and agents.

Notes:
Adani Ports and Special Economic Zone (APSEZ) has acquired a controlling 95% stake in Gopalpur Port, Odisha, solidifying its position in the ports and logistics sector. Valued at Rs 3,350 crore, the deal includes an equity value of Rs 1,349 crore and an enterprise value of Rs 3,080 crore. Previous majority stakeholders, Shapoorji Pallonji Group (SP Group) and Orissa Stevedores Ltd (OSL), held 56% and 44% stakes respectively. Gopalpur Port boasts a capacity of 20 MTPA and strategic location in Ganjam district.

Notes:
India’s Government e-Market (GeM) portal ranks as the world’s third-largest e-commerce platform for public procurement. GeM’s CEO PK Singh reported a gross merchandise value (GMV) exceeding Rs 4 lakh crore, doubling from the previous fiscal year. Launched in 2016, GeM facilitates transactions between government institutions and vendors, driving digital inclusion. The platform recorded Rs 2.01 lakh crore in orders for the last fiscal year, showcasing its significant growth trajectory.

Notes:
SEBI launched SCORES 2.0, enhancing complaint resolution for investors in securities markets. The system features auto-routing, auto-escalation, and monitoring by designated bodies, reducing complaint resolution timelines. SCORES is an online platform for lodging complaints. The new version is more user-friendly and aims for quicker complaint resolution. An application for SCORES will also be launched later.

Notes:
The World Bank revised India’s GDP growth projection for FY25 to 6.6%, up by 20 basis points. Despite a slowdown from the current year’s estimated 7.5% growth, robust public investment is anticipated to drive future growth. India’s statistics ministry estimated the current year’s GDP growth at 7.6%, higher than earlier projections. The projected slowdown in growth from 2023-24 to 2024-25 is attributed to decreased investment, though services and industry sectors are expected to remain strong.

Notes:
In FY 2023-24, Syama Prasad Mookerjee Port, Kolkata, comprising Kolkata Dock System and Haldia Dock Complex, handled a record-breaking 66.4 MMT of Cargo, up 1.11% from the previous year. Chairman Shri Rathendra Raman attributed this success to strategic initiatives boosting productivity and safety. Haldia Dock Complex reached its highest volume of 49.54 MMT, a 1.91% increase, while KDS managed 16.856 MMT. The port also achieved a remarkable 65% growth in net surplus, reaching Rs. 501.73 crores.

Notes:
Dr. Neeraj Mittal, Secretary (Telecom), inaugurated an “Experimental Licence module for 100 5G Labs” during a workshop at IIT Madras, streamlining processes for 5G Labs in Indian academic institutions. The initiative aims to simplify licensing requirements, facilitating smoother operations and fostering innovation in the 5G domain. The Department of Telecommunications has awarded ‘100 5G Use Case Labs’ to educational institutions nationwide, encouraging engagement in 5G technologies among students and start-ups.

Notes:
Adani Green Energy Limited, a part of the Adani Group, is constructing the world’s largest renewable energy park in Khavda, Gujarat’s Kutch district. Spanning 538 square kilometers, it dwarfs Paris in size by fivefold. With a planned capacity of 30 GW and an investment of Rs 1.5 lakh crore, it currently produces 2 GW, set to expand to 6 GW by March 2025. Located just 1 km from Pakistan’s border, it emphasizes solar energy, aiming to generate 81 billion units, fulfilling the electricity demands of nations like Belgium, Chile, and Switzerland.

Notes:
India and Mauritius recently amended their Double Taxation Avoidance Agreement (DTAA) to combat tax evasion and avoidance. The revision covers all incomes including capital gains and dividends. It introduces the Principal Purpose Test (PPT) to prevent misuse of treaty benefits like reduced withholding taxes. The preamble now emphasizes eliminating double taxation without enabling tax evasion. The amendment impacts cross-border investments via Mauritius, requiring consideration of BEPS MLI implications. However, it doesn’t address the status of past investments.