Business, Economy & Banking Current Affairs MCQs

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Telangana, Tamil Nadu, and Rajasthan recorded the highest growth in real Gross State Domestic Product (GSDP) in FY24 among the 10 largest states. Telangana, the ninth largest state, grew at 9.2%, reaching ₹7.9 lakh crore, surpassing national GDP growth of 8.2%. Tamil Nadu, the third largest state, saw an 8.2% growth, reaching ₹15.7 lakh crore. Rajasthan, the seventh largest state, grew by 8%. GSDP measures the total value of all goods and services produced within a state’s boundaries in a year. GSDP is crucial for understanding a state’s economic growth and development trends over time.

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The Department of Fisheries, under the Ministry of Fisheries, Animal Husbandry and Dairying, has designated the ICAR-Central Marine Fisheries Research Institute as a Centre of Excellence for seaweed cultivation. Seaweed refers to various species of marine plants and algae that grow in oceans, rivers, and lakes. Seaweed is classified into green (Chlorophyta), brown (Phaeophyta), and red (Rhodophyta). Nutritionally, seaweed provides minerals like calcium, sodium, and potassium, and vitamins A, B12, C, D, and E. It offers health benefits such as anti-inflammatory and antimicrobial properties and is used in cancer treatment. Seaweed is also used in manufacturing as a binding agent in toothpaste and cosmetics, and enhances agricultural productivity.

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China has restricted the export of antimony citing ‘national security’ concerns. Antimony is a critical mineral, a silvery white, brittle solid that poorly conducts heat and electricity. It is not abundant and occurs in small amounts in over 100 mineral species. China produces 88% of the world’s antimony. Antimony is essential in electronics for semiconductor devices and in plastics as a heat stabilizer. It improves solar panel stability against UV exposure and is used in batteries and flame-retardant materials, paints, and glass.

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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 Anusandhan National Research Foundation (ANRF) launched the MAHA-EV Mission to advance electric vehicle (EV) technology. It aims to reduce import dependency, boost domestic innovation, and make India a global leader in the EV sector. The mission is part of ANRF’s program to tackle critical scientific challenges through collaboration. Focus areas include Tropical EV Batteries, Power Electronics, Machines and Drives (PEMD), and EV Charging Infrastructure. It will enhance India’s capability in EV component design and development. The mission supports global competitiveness, innovation, and promotes a greener, sustainable future with electric mobility.

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The ‘eShram-One Stop Solution’ is designed to facilitate access to various government schemes for unorganized workers in India. Launched by Union Labour Minister Mansukh Mandaviya, this initiative integrates information from multiple social security and welfare schemes into a single platform. Since the launch of the e-Shram portal in August 2021, over 30 crore unorganized workers have registered, enhancing their awareness and access to support programs.

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The Reserve Bank of India (RBI) reaffirmed State Bank of India, HDFC Bank, and ICICI Bank as Domestic Systemically Important Banks (D-SIBs). D-SIBs are classified as “Too Big To Fail” due to their size, interconnectedness, and key role in the economy. Their failure could disrupt the financial system and economic stability. SBI was designated a D-SIB in 2015, ICICI Bank in 2016, and HDFC Bank in 2017. D-SIBs help prevent systemic risks and ensure essential banking services remain available by adhering to stricter capital and regulatory requirements.

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The Chennai-Vladivostok Eastern Maritime Corridor (EMC) is now operational, transporting oil, food, and machinery. The EMC links Russia’s east coast with South India, reducing cargo transit time by up to 16 days and distance by 40%. The current Mumbai-St. Petersburg route spans 8,675 nautical miles, taking about 40 days. The Chennai-Vladivostok route is only 5,647 nautical miles, saving 5,608 km and reducing logistical costs. The EMC passes through key seas and straits, including the Sea of Japan and Malacca Straits, with port options in major cities like Shanghai, Singapore, and Colombo.

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Department of Investment and Capital Asset Management (DIPAM) has issued revised capital restructuring norms for Central Public Sector Enterprises (CPSEs). Financial sector CPSEs like NBFCs must pay a minimum annual dividend of 30% of net profit or 4% of net worth, whichever is higher. These guidelines do not apply to public sector banks, insurance companies, or body corporates. DIPAM operates under the Ministry of Finance and manages Central Government investments in CPSEs. Its key functions include strategic disinvestment, privatisation, minority stake sales, and matters related to capital restructuring, bonuses, and dividends.

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National Fertilizers Limited (NFL) has entered the nano liquid urea production market. Nano Urea, developed and patented by Indian Farmers Fertiliser Cooperative Limited (IFFCO), provides nitrogen to plants through nanotechnology. It is the only nano fertilizer approved by the Indian government and included in the Fertilizer Control Order. Nano Urea has a particle size of 20-50 nm, offering more surface area and nitrogen particles than conventional urea. It is energy-efficient, eco-friendly, and reduces nitrogen loss to the atmosphere.