Business, Economy & Banking Current Affairs MCQs

Notes:
World Coconut Day is observed every year on September 2nd to highlight the importance of coconuts. It aims to raise awareness about various uses of coconuts and promote sustainable farming practices. The theme for World Coconut Day 2024 is “Coconut for a Circular Economy: Building Partnership for Maximum Value.” The day was first celebrated in 2009, initiated by the International Coconut Community (ICC), a UNESCAP intergovernmental body. The ICC includes 21 coconut-producing countries, with India as a founding member. The ICC’s headquarters is located in Jakarta, Indonesia, and it was known as the Asian and Pacific Coconut Community until 2018.

Notes:
India has surpassed China in the MSCI Emerging Markets Investable Market Index (IMI), becoming the largest country by weight for the first time. The MSCI Emerging Markets Investable Market Index (IMI) includes large, mid, and small cap stocks from 24 emerging markets. With 3,355 companies, the IMI covers about 99% of the free float-adjusted market capitalization in these countries.

Notes:
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.

Notes:
The Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry has launched a digital platform called ‘Bhaskar’ to boost India’s startup ecosystem. The platform is part of the Bharat Startup Knowledge Access Registry (BHASKAR) initiative under the Startup India program. It is designed to centralize and enhance collaboration among startups, service providers, investors, mentors, and government bodies. The initiative aligns with India’s goal to become a global leader in innovation and entrepreneurship. India has over 1,46,000 DPIIT-recognized startups, and BHASKAR aims to provide a one-stop digital solution for challenges faced by entrepreneurs and investors.

Notes:
Tata Steel has commissioned India’s largest blast furnace at its Kalinganagar plant in Odisha as part of Phase II expansion. A blast furnace is a vertical steel shaft lined with fire-resistant materials, producing liquid metals by reacting air with metallic ore, coke, and flux. The furnace operates at over 300°C, with the hottest part water-cooled and supported by a steel frame. It produces pig iron from iron ore and is used for processing other metals like lead and copper. The process is continuous, with raw materials added at the top and molten metal and slag removed from the bottom.
Once started, it runs continuously for 4-10 years, stopping only for maintenance.

Notes:
According to recent data, China is the country with a growing trade deficit with India, exceeding $100 billion in FY24, making it India’s largest trade deficit partner; this is due to significantly higher imports from China compared to exports to that country. This has raised concerns about market access disparities. Additionally, public sentiment in China is increasingly critical of business relations with India, reflecting a complex interplay of economic and geopolitical factors, including the ongoing border disputes and India’s alignment with the Quad alliance against perceived Chinese aggression.

Notes:
The fiscal deficit for India in the 2024-25 financial year is projected to be 4.9% of the GDP, a reduction from 5.6% in 2023-24. The government aims to contain the fiscal deficit at ₹16,13,312 crore, emphasizing the gap between revenue and expenditure. The fiscal deficit is crucial for understanding the government’s borrowing needs and overall economic health, as it reflects the difference between total expenditure and total revenue.

Notes:
BEML has manufactured India’s first indigenous high-speed train with a peak speed of 280 kmph. Founded on 11 May 1964 with Soviet Union assistance, BEML was initially fully owned by the Indian government. Headquartered in Bangalore, it manufactures heavy equipment for earthmoving, railways, transport, and mining sectors. The government divested 25% of its holdings in 1992, and further strategic disinvestment (26%) with management control transfer was later approved. BEML is Asia’s second-largest manufacturer of earthmoving equipment.

Notes:
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.

Notes:
NTPC has created a catalyst to produce methanol from gases emitted by fossil-fired power plants. This development was achieved in collaboration with the Indian Institute of Petroleum. CO2 mitigation is a major challenge for fossil-fired power plants. The focus is on capturing CO2 from flue gas and converting it into valuable fuels and chemicals. The catalyst produces methanol with a purity of over 99%.