Economy Current Affairs Quiz — All time
Daily news by your exam, state and topic — each with a short summary, key facts and MCQs.
Under the GST rate structure that took effect on 22 September 2025, what are the Merit Rate and the Standard Rate?
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Correct answer: A — 5% and 18%
The 56th GST Council recommended a two-rate structure with a Merit Rate of 5% and a Standard Rate of 18%.
What special de-merit GST rate did the 56th GST Council recommend for a select few goods and services?
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Correct answer: C — 40%
Alongside the 5% and 18% rates, the Council recommended a special de-merit rate of 40% for a select few goods and services.
Under the GST reforms, the GST on hotel stays priced below ₹7,500 per day was changed to:
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Correct answer: B — 5% (without input tax credit)
GST on hotel stays below ₹7,500 a day was reduced from 12% to 5% without input tax credit.
Consider the following statements about the 56th GST Council decisions: 1. The GST rate on coal was reduced from 18% to 5%. 2. GST on buses with a seating capacity of 10 or more was raised from 18% to 28%. Which of the above is/are correct?
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Correct answer: D — Neither 1 nor 2
Both are wrong: the GST on coal was raised from 5% to 18% (with the ₹400 per tonne compensation cess removed), and GST on buses with 10+ seats was cut from 28% to 18%.
Consider the following statements about the 56th GST Council: 1. The meeting was chaired by Union Finance Minister Nirmala Sitharaman. 2. It recommended exempting all individual life and health insurance policies from GST. Which of the above is/are correct?
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Correct answer: A — Both 1 and 2
Both are correct: Nirmala Sitharaman chaired the 56th meeting, which exempted all individual life and health insurance policies from GST.
By how much did the Index of Eight Core Industries grow in August 2025 over August 2024?
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Correct answer: C — 6.3%
The index grew 6.3% in August 2025; 3.7% was July's final figure and 2.8% the April–August cumulative growth.
Consider the following statements about the core industries data for August 2025: 1. The eight core industries account for 40.27% of the weight of items in the IIP. 2. Crude oil and natural gas both recorded positive growth. Which of the above is/are correct?
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Correct answer: A — 1 only
Only statement 1 is correct: the eight core industries make up 40.27% of the IIP weight, while crude oil (−1.2%) and natural gas (−2.2%) declined.
Which of the eight core industries recorded 11.4% growth in August 2025?
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Correct answer: C — Coal
Coal output grew 11.4% in August 2025, while crude oil (−1.2%) and natural gas (−2.2%) declined.
What is the size of the ADB loan signed on 22 September 2025 for the Assam Urban Sector Development Project?
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Correct answer: B — $125 million
India and ADB signed a $125 million loan for the Assam Urban Sector Development Project.
In his address to the nation on 21 September 2025, what did PM Modi call the beginning of the next-generation GST reforms?
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Correct answer: D — GST Bachat Utsav (savings festival)
The Prime Minister said a 'GST savings festival' (GST Bachat Utsav) would begin from 22 September.
According to PM Modi's address of 21 September 2025, what share of goods earlier taxed at 12% GST moved to the 5% rate?
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Correct answer: B — 99%
The Prime Minister said 99%, i.e. nearly 100%, of goods earlier taxed at 12% had come under the 5% rate.
PM Modi said that the income tax and GST relief decisions taken in one year would save people more than:
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Correct answer: A — ₹2.5 lakh crore
Combining income tax and GST relief, the Prime Minister said people would save more than ₹2.5 lakh crore.
In his address of 21 September 2025, PM Modi said income up to what amount had been made tax-free this year?
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Correct answer: B — ₹12 lakh
The Prime Minister said the government made income up to ₹12 lakh tax-free this year.
At which event in Bhavnagar did PM Modi launch works worth over ₹34,200 crore on 20 September 2025?
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Correct answer: A — Samudra se Samriddhi
The works were launched at the 'Samudra se Samriddhi' event in Bhavnagar, Gujarat.
What policy reform for the maritime sector did PM Modi announce at Bhavnagar on 20 September 2025?
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Correct answer: C — Large ships accorded infrastructure status
The Prime Minister announced that large ships have been accorded infrastructure status, making bank loans easier for shipbuilding companies.
The Mumbai International Cruise Terminal, inaugurated by PM Modi on 20 September 2025, is located at:
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Correct answer: D — Indira Dock
The Prime Minister inaugurated the Mumbai International Cruise Terminal at Indira Dock.
Consider the following statements about PM Modi's Gujarat visit on 20 September 2025: 1. A Green Bio-Methanol Plant was among the projects at Deendayal Port, Kandla. 2. The National Maritime Heritage Complex reviewed at Lothal is planned to be the world's largest maritime museum. Which of the above is/are correct?
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Correct answer: B — Both 1 and 2
Both are correct: a multi-purpose cargo berth and Green Bio-Methanol Plant at Deendayal Port, Kandla, were among the projects, and the PM said the Lothal complex will be the world's largest maritime museum once completed.
At the 'Samudra se Samriddhi' event on 20 September 2025, PM Modi laid the foundation stone of a new container terminal at which Kolkata port?
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Correct answer: B — Syama Prasad Mookerjee Port
The foundation stone was laid for a new container terminal and associated facilities at Syama Prasad Mookerjee Port, Kolkata.
The HPLNG regasification terminal inaugurated by PM Modi on 20 September 2025 is located at which Gujarat port?
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Correct answer: C — Chhara
The Prime Minister inaugurated the HPLNG Regasification Terminal at Chhara Port among Gujarat projects worth over ₹26,354 crore.
LEADS 2025, launched by Piyush Goyal on 20 September 2025, benchmarks the performance of States and UTs in:
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Correct answer: C — Logistics
LEADS stands for Logistics Ease Across Different States; the 2025 edition benchmarks logistics performance across States and UTs.
The Guidebook on Mapping of HSN Codes released by DPIIT in September 2025 allocates 12,167 HSN codes to how many ministries and departments?
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Correct answer: A — 31
The guidebook allocates 12,167 HSN codes to 31 ministries and departments of the Government of India.
Consider the following statements about the initiatives launched on 20 September 2025: 1. Logistics Data Bank 2.0 was developed by the Asian Development Bank. 2. Integrated State and City Logistics Plans under SMILE begin in 20 cities. Which of the above is/are correct?
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Correct answer: D — Neither 1 nor 2
Both are wrong: LDB 2.0 was developed by NICDC Logistics Data Services (ADB supported IPRS 3.0 and SMILE), and the SMILE plans begin in eight cities across eight states.
On which date was the Make in India initiative launched, whose decade was marked in September 2025?
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Correct answer: B — 25 September 2014
Piyush Goyal said the Prime Minister introduced Make in India on 25 September 2014.
The Industrial Park Rating System (IPRS) 3.0, launched in September 2025, was developed by DPIIT with the support of:
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Correct answer: C — Asian Development Bank
IPRS 3.0 was developed by DPIIT with support from the Asian Development Bank (ADB).
Who was to lead India's delegation to the United States for trade talks on 22 September 2025, as announced by the Commerce Ministry?
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Correct answer: D — Piyush Goyal
The Commerce Ministry said the delegation would be led by Commerce and Industry Minister Piyush Goyal.
Officials from which US office visited India on 16 September 2025 for trade deal discussions, before Piyush Goyal's US visit?
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Correct answer: D — Office of the United States Trade Representative
Officials from the Office of the United States Trade Representative visited India on 16 September 2025.
On which portal of the National Consumer Helpline was a dedicated GST grievance category enabled in September 2025?
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Correct answer: B — INGRAM
The Department of Consumer Affairs enabled a dedicated GST category on the NCH's INGRAM portal.
Under the US proclamation of 19 September 2025, what payment must accompany H-1B petitions for the restriction on entry not to apply?
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Correct answer: A — $100,000
The proclamation restricts entry of H-1B specialty-occupation workers except where petitions are accompanied or supplemented by a payment of $100,000.
For how long does the H-1B entry restriction in the US proclamation of September 2025 remain in force, absent extension?
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Correct answer: C — 12 months
The restriction expires 12 months after its effective date of 21 September 2025, unless extended.
Which provisions of the US Immigration and Nationality Act did the H-1B proclamation of 19 September 2025 invoke?
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Correct answer: D — Sections 212(f) and 215(a)
The restriction on entry was imposed pursuant to sections 212(f) and 215(a) of the INA.
Consider the following statements about India's official response to the US H-1B proclamation: 1. The MEA said the measure is likely to have humanitarian consequences by way of disruption caused for families. 2. The MEA said the full implications were being studied by all concerned, including Indian industry. Which of the above is/are correct?
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Correct answer: B — Both 1 and 2
Both are correct: MEA spokesperson Randhir Jaiswal said the implications were being studied, including by Indian industry, and that the measure was likely to have humanitarian consequences for families.
Where did the third round of India–New Zealand FTA negotiations conclude on 19 September 2025?
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Correct answer: B — Queenstown
The third round, held from 15 to 19 September 2025, concluded in Queenstown, New Zealand.
When were the India–New Zealand FTA negotiations formally launched?
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Correct answer: A — 16 March 2025
The FTA was formally launched on 16 March 2025 at a meeting between Piyush Goyal and New Zealand's Trade Minister Todd McClay.
What was India's bilateral merchandise trade with New Zealand in 2024–25, as per the Commerce Ministry?
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Correct answer: C — USD 1.3 billion
India–New Zealand merchandise trade was USD 1.3 billion in 2024–25, growth of nearly 49%.
To what level did Japan's R&I upgrade India's long-term sovereign credit rating on 19 September 2025?
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Correct answer: B — BBB+
R&I upgraded India to 'BBB+' from 'BBB', retaining a Stable outlook.
Which agency upgraded India's sovereign rating to 'BBB' from 'BBB-' in August 2025, before R&I's September upgrade?
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Correct answer: D — S&P
S&P upgraded India to 'BBB' from 'BBB-' in August 2025; Morningstar DBRS upgraded India to 'BBB' from 'BBB (low)' in May 2025.
Consider the following statements about India's sovereign rating upgrades in 2025: 1. R&I's upgrade in September 2025 was the third upgrade of India by a sovereign rating agency that year. 2. R&I changed India's outlook from Stable to Positive. Which of the above is/are correct?
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Correct answer: A — 1 only
Only statement 1 is correct: it was the third upgrade of 2025, and R&I retained the Stable outlook while raising the rating to BBB+.
With which state's investment promotion agency did Mazagon Dock Shipbuilders sign an MoU on 19 September 2025 to explore a greenfield shipyard on the eastern coast?
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Correct answer: C — Tamil Nadu
MDL signed the MoU with Guidance Tamil Nadu, the state's nodal agency for investment promotion, at Bhavnagar.
The new port at Bahuda, covered by an MoU exchanged at Bhavnagar in September 2025, is proposed in which state?
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Correct answer: A — Odisha
The MoU among Paradip Port, Visakhapatnam Port, Sagarmala Finance Corporation and the Government of Odisha is for a 150 MTPA port at Bahuda in Odisha.
Consider the following statements about the maritime MoUs exchanged at Bhavnagar in September 2025: 1. Twenty-seven MoUs with investment potential of over ₹66,000 crore were exchanged. 2. A Water Metro project for Patna was agreed between IWAI and the Government of Bihar. Which of the above is/are correct?
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Correct answer: D — Both 1 and 2
Both are correct: 27 MoUs worth over ₹66,000 crore were exchanged, including a ₹908 crore Patna Water Metro MoU between IWAI and Bihar.
Hindustan Copper Limited signed an MoU on critical and strategic minerals with which Maharatna PSU on 19 September 2025?
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Correct answer: A — Oil India Limited
HCL signed the MoU with Oil India Limited, a Maharatna PSU under the Ministry of Petroleum and Natural Gas.
What was the last date for eligible central government employees and past retirees under NPS to opt for the Unified Pension Scheme?
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Correct answer: D — 30 September 2025
The Department of Financial Services said the last date to opt for UPS is 30 September 2025.
Under the DFS Office Memorandum of 25 August 2025, at least how long before superannuation must a UPS subscriber exercise the one-time switch to NPS?
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Correct answer: A — One year
The switch must be exercised at least one year before superannuation or three months before voluntary retirement, whichever is earlier.
Which UAE institution's Managing Director co-chaired the 13th meeting of the India-UAE High Level Joint Task Force on Investments in September 2025?
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Correct answer: C — Abu Dhabi Investment Authority
Sheikh Hamed bin Zayed Al Nahyan, Managing Director of the Abu Dhabi Investment Authority (ADIA), co-chaired the meeting with Piyush Goyal.
In which year was the India-UAE High Level Joint Task Force on Investments established?
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Correct answer: B — 2013
The Joint Task Force was established in 2013 as a forum for strengthening economic ties and resolving investor issues.
Consider the following statements based on the 13th India-UAE Joint Task Force meeting: 1. India-UAE bilateral non-oil trade reached nearly US$38 billion in the first half of 2025. 2. The India-UAE Comprehensive Economic Partnership Agreement (CEPA) was implemented in May 2024. Which of the above is/are correct?
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Correct answer: D — 1 only
Only statement 1 is correct. Non-oil trade reached nearly US$38 billion in H1 2025 (+34%), but the CEPA was implemented in May 2022, not 2024.
Which district of Madhya Pradesh hosts the PM MITRA Park that PM Modi linked to the legacy of Devi Ahilyabai Holkar on 17 September 2025?
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Correct answer: A — Dhar
Speaking at Dhar on 17 September 2025, PM Modi said Devi Ahilyabai Holkar's legacy is now being advanced through the PM MITRA Park in Dhar.
According to the Prime Minister, approximately how much land has been allocated for the PM MITRA Park in Dhar?
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Correct answer: C — 1,300 acres
The Prime Minister noted that approximately 1,300 acres of land have been allocated for the PM MITRA Park in Dhar, with over 80 industrial units already allotted.
How many new jobs is the PM MITRA Park in Dhar expected to generate, as stated by the Prime Minister on 17 September 2025?
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Correct answer: B — 3 lakh
The Prime Minister said the park is expected to generate three lakh new employment opportunities.
The '5F vision' for the textile industry, cited by the Prime Minister at Dhar, describes which sequence?
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Correct answer: D — Farm to Fibre, Fibre to Factory, Factory to Fashion, Fashion to Foreign
The PM said the government is working with the 5F vision for textiles: Farm to Fibre, Fibre to Factory, Factory to Fashion and Fashion to Foreign.
The Ministry of Corporate Affairs invited public comments in September 2025 on establishing Indian 'MDP' firms. What does MDP stand for?
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Correct answer: D — Multi-Disciplinary Partnership
The MCA invited comments on the establishment of Indian Multi-Disciplinary Partnership (MDP) firms, linked to developing domestic consulting and auditing firms.
Over what period does the nationwide Financial Inclusion Saturation Campaign of the Department of Financial Services run?
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Correct answer: C — 1 July – 30 September 2025
DFS launched the three-month campaign from 1 July 2025 to 30 September 2025.
How many new PM Jan Dhan Yojana accounts were opened in the first 2.5 months of the Financial Inclusion Saturation Campaign, as reported in September 2025?
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Correct answer: D — More than 61 lakh
The campaign resulted in over 61 lakh new PMJDY accounts; 2.6 crore was the number of new enrolments under the three Jan Suraksha schemes.
Which of the following schemes are NOT among the flagship schemes targeted by the Financial Inclusion Saturation Campaign of 2025? 1. Atal Pension Yojana 2. PM Suraksha Bima Yojana 3. PM Kisan Samman Nidhi Select the correct answer:
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Correct answer: A — 3 only
Only PM-KISAN is not targeted. The campaign covers PMJDY, PMJJBY, PMSBY and APY.
In which city did Union Minister Ashwini Vaishnaw inaugurate the new office of semiconductor design company ARM on 16 September 2025?
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Correct answer: D — Bengaluru
Ashwini Vaishnaw inaugurated ARM's new office in Bengaluru on 16 September 2025.
Chips of which node did Ashwini Vaishnaw say would be designed at ARM's new Bengaluru unit?
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Correct answer: C — 2 nm
Vaishnaw said the new Bengaluru unit of ARM will design chips including 2 nm chips for products such as mobile phones.
According to Ashwini Vaishnaw at the ARM office launch in September 2025, what is the current size of India's electronics industry?
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Correct answer: B — ₹11.5 lakh crore
Vaishnaw said the current Indian electronics industry is worth ₹11.5 lakh crore.
Who led the USTR team that held trade talks in India on 16 September 2025?
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Correct answer: C — Brendan Lynch
The team from the Office of the USTR was led by Brendan Lynch, Chief Negotiator for the India-US Bilateral Trade Agreement negotiations.
What did India and the US decide at the end of the trade talks held in India on 16 September 2025?
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Correct answer: D — To intensify efforts for early conclusion of a mutually beneficial trade agreement
The Commerce Ministry said it was decided to intensify efforts to achieve early conclusion of a mutually beneficial trade agreement.
Which company received CCI approval on 16 September 2025 for the proposed acquisition of Jaiprakash Associates Limited, a company under insolvency resolution?
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Correct answer: C — PNC Infratech Limited
The CCI approved the proposed acquisition of 95–100% of Jaiprakash Associates Limited by PNC Infratech Limited; JAL is under CIRP under the IBC, 2016.
Which company received CCI approval in September 2025 to acquire up to 75% shareholding in Akzo Nobel India Limited?
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Correct answer: A — JSW Paints Limited
The CCI approved the acquisition of up to 75% shareholding in Akzo Nobel India Limited by JSW Paints Limited.
India's second contract with the International Seabed Authority for polymetallic sulphides exploration, signed on 15 September 2025, covers an area in which feature of the Indian Ocean?
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Correct answer: C — Carlsberg Ridge
The 15-year contract gives India exclusive rights to explore polymetallic sulphides in an allotted 10,000 sq km area of the Carlsberg Ridge.
Consider the following statements about India's PMS exploration contract with the ISA signed in September 2025: 1. India became the first country to hold two ISA contracts for polymetallic sulphides exploration. 2. The contract is valid for 30 years. Which of the above is/are correct?
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Correct answer: A — 1 only
Statement 1 is correct: India is the first country with two ISA PMS contracts (the earlier, from 2016, covers the Central and Southwest Indian Ridges). Statement 2 is incorrect: the contract is for 15 years.
The International Seabed Authority, with which India signed its second PMS exploration contract, is based in which country?
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Correct answer: B — Jamaica
The International Seabed Authority, the UN body that regulates mineral exploration in international seabed areas, is based in Jamaica.
The 'AI for Viksit Bharat Roadmap' and the Frontier Tech Repository were launched on 15 September 2025 under which NITI Aayog platform?
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Correct answer: D — Frontier Tech Hub
NITI Aayog launched both initiatives under its Frontier Tech Hub, which the Finance Minister likened to a honeycomb bringing together government, industry and innovators.
Which two levers does NITI Aayog's 'AI for Viksit Bharat Roadmap' highlight?
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Correct answer: A — Accelerating AI adoption across industries, and transforming R&D with generative AI
The roadmap highlights two major levers: accelerating adoption of AI across industries to enhance productivity and efficiency, and transforming R&D with generative AI.
What was India's annual WPI-based inflation rate (provisional) for August 2025?
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Correct answer: A — 0.52%
WPI inflation was 0.52% (provisional) in August 2025, turning positive after -0.19% in June and -0.58% in July.
What is the base year of the Wholesale Price Index series used for the August 2025 release?
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Correct answer: C — 2011-12
The WPI release for August 2025 uses the series with base year 2011-12.
What were India's estimated total exports (merchandise and services combined) in August 2025?
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Correct answer: D — US$ 69.16 billion
Total exports in August 2025 were estimated at US$ 69.16 billion, up 9.34% from US$ 63.25 billion in August 2024; US$ 35.10 billion was merchandise exports alone.
Which merchandise export category recorded the highest growth (25.93%) among the major drivers listed for August 2025?
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Correct answer: A — Electronic goods
Electronic goods exports rose 25.93%, from US$ 2.32 billion to US$ 2.93 billion; gems and jewellery grew 15.57%, drugs and pharmaceuticals 6.94% and petroleum products 6.54%.
According to the PLFS monthly bulletin, what was India's overall unemployment rate for persons aged 15 years and above in August 2025?
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Correct answer: C — 5.1%
The overall unemployment rate declined for the second consecutive month, from 5.6% in June and 5.2% in July to 5.1% in August 2025.
The monthly estimates of the Periodic Labour Force Survey are based on which approach?
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Correct answer: B — Current Weekly Status
The PLFS monthly bulletins present LFPR, WPR and unemployment rate estimates at the all-India level following the Current Weekly Status (CWS) approach.
The PLI Scheme for White Goods, whose application window was reopened from 15 September to 14 October 2025, covers which products?
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Correct answer: D — Air conditioners and LED lights
The PLI Scheme for White Goods (PLIWG) covers air conditioners and LED lights; its application window was reopened for 30 days on the same terms as the scheme notified in April 2021.
When was the PLI Scheme for White Goods originally notified?
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Correct answer: A — 16 April 2021
The reopened window runs on the same terms as the PLIWG Scheme notified on 16 April 2021, with guidelines issued on 4 June 2021.
What was India's CPI-based retail inflation (provisional) for August 2025?
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Correct answer: C — 2.07%
All India CPI inflation was 2.07% (provisional) in August 2025, 46 basis points higher than in July; 0.52% was the WPI figure for August.
What was the base year of the CPI series used for the August 2025 inflation release?
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Correct answer: B — 2012
The release gives Consumer Price Index numbers on base 2012=100 for rural, urban and combined.
Consider the following statements about CPI data for August 2025: 1. Food inflation based on CFPI was negative for the third consecutive month. 2. Rural headline inflation was higher than urban headline inflation. Which of the above is/are correct?
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Correct answer: A — 1 only
Statement 1 is correct: CFPI food inflation was -0.69%, negative for the third month in a row. Statement 2 is incorrect: rural inflation was 1.69% while urban inflation was 2.47%.
Which EU Commissioner addressed the 65th Annual Session of ACMA on 12 September 2025 and said India and the EU aim to finalise their FTA by year-end?
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Correct answer: A — Maroš Šefčovič
Maroš Šefčovič, EU Commissioner for Trade and Economic Security, said India and the EU were negotiating a ground-breaking FTA with unprecedented momentum and working to finalise it by year-end.
At the annual session of which industry body did Piyush Goyal speak about the India–EU FTA on 12 September 2025?
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Correct answer: D — Automotive Component Manufacturers Association (ACMA)
Goyal addressed the 65th Annual Session of the Automotive Component Manufacturers Association (ACMA), saying the FTA would open new opportunities for the auto component sector.