Business, Economy & Banking Current Affairs MCQs

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The Central Board of Direct Taxes (CBDT) launched the Dispute Resolution Scheme (e-DRS), 2022 to simplify and speed up resolving income tax disputes. This scheme aims to cut down on litigation and offer a quicker, more affordable solution for taxpayers. Under section 245MA of the Income-tax Act, 1961, taxpayers can resolve disputes electronically via Dispute Resolution Committees (DRCs). DRCs, present in all 18 regions, can amend orders, reduce penalties, or drop prosecutions, and must make decisions within six months of the application.

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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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India’s first CO2-to-Methanol Pilot Plant was introduced in Pune, Maharashtra, with a capacity of 1.4 tons per day under a Public-Private Partnership supported by the Department of Science and Technology. CO2-to-methanol conversion captures carbon emissions from industrial sources like power plants or directly from the air. The captured CO2 is reacted with hydrogen to produce methanol. This technology helps reduce greenhouse gas emissions and provides a sustainable fuel source. The plant marks a significant step in advancing indigenous Carbon Capture and Utilisation (CCU) technologies, aligning with India’s Panchamrit climate goals.

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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.

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The Prime Minister of India recently launched an initiative named ‘Unified Genomic Chip’. It aims to assist farmers in identifying high-quality cattle early and improving dairy farming efficiency in India. The Unified Genomic Chip has two versions: the ‘Gau Chip’ for cattle and the ‘Mahish Chip’ for buffalo. Developed by the Department of Animal Husbandry and Dairying, the chip helps farmers make informed decisions by identifying young, high-quality bulls early. It is designed specifically for Indian cattle breeds, enhancing the quality of livestock and the dairy sector.

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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.

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The International Monetary Fund (IMF) released a World Economic Outlook (WEO) report in October 2024. It forecasts global growth to remain stable at 3.2% in 2024 and 2025. The WEO is published biannually by the IMF, providing estimates on global GDP growth, inflation, and more for 190 member countries. India’s GDP growth is expected to be 7% in 2024, slowing to 5% in 2025 due to reduced post-pandemic demand. The U.S. economy is projected to grow at 2.8% in 2024 and 2.2% in 2025. China’s growth is forecasted at 4.8% in 2024 and 4.5% in 2025.

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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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Gujarat government introduced the Gujarat Semiconductor Policy 2022-2027, aiming to make Gujarat a leader in semiconductor manufacturing by 2047. The policy includes India’s first AI-enabled semiconductor fabrication facility in Dholera’s ‘Semicon City,’ with investments over Rs 91,000 crore. Tata Electronics and Taiwan’s Powerchip Semiconductor are partnering to set up this facility. Dholera is being developed as India’s first Greenfield Smart City. The policy supports the vision of a developed India and boosts the semiconductor industry’s growth in Gujarat.

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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.