Economy Current Affairs Quiz — All time
Daily news by your exam, state and topic — each with a short summary, key facts and MCQs.
To what rate did the 55th GST Council (December 2024) recommend reducing GST on Fortified Rice Kernel (FRK)?
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Correct answer: A — 5%
PIB (Finance Ministry): the 55th GST Council recommended reducing the GST rate on Fortified Rice Kernel (FRK), classifiable under 1904, to 5%.
The 55th GST Council recommended raising the GST rate on the sale of all old and used vehicles, including EVs (other than those already at 18%), from 12% to:
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Correct answer: C — 18%
PIB (Finance Ministry): the Council recommended increasing the GST rate from 12% to 18% on the sale of all old and used vehicles, including EVs, other than those already specified at 18%.
According to the 55th GST Council's clarification, Autoclaved Aerated Concrete (ACC) blocks containing more than 50% fly ash attract GST at:
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Correct answer: B — 12%
PIB (Finance Ministry): the Council clarified that ACC blocks containing more than 50% fly ash content fall under HS 6815 and attract 12% GST.
Consider the following recommendations of the 55th GST Council held in Jaisalmer in December 2024: 1. Gene therapy to be fully exempted from GST. 2. Contributions by general insurance companies from third-party motor premiums to the Motor Vehicle Accident Fund to be exempted. 3. The new rule linking the GST rate on restaurant services in hotels to the actual value of supply of rooms to take effect from 1 January 2025. Which of the statements given above are correct?
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Correct answer: D — 1 and 2 only
PIB (Finance Ministry): statements 1 and 2 are correct. Statement 3 is wrong because the changes to restaurant services in hotels are to be effective from 1 April 2025 (01.04.2025).
Where did the Ministry of Mines hold a roadshow on 21 December 2024 for the auction of India's first-ever offshore areas mineral blocks?
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Correct answer: A — Porbandar
PIB (Ministry of Mines): the Ministry organised an exclusive roadshow at Porbandar, Gujarat, on 21 December 2024 to unveil the auction process for India's first-ever Offshore Areas Mineral Blocks.
At the Porbandar roadshow, the Mines Secretary described offshore lime-mud as a vital raw material for which industry?
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Correct answer: C — Cement
PIB (Ministry of Mines): Secretary V. L. Kantha Rao underscored the critical role of lime-mud, a vital raw material for cement manufacturing, in diversifying the industry's resource base.
Where was the Association of NPS Intermediaries (ANI) launched on 21 December 2024?
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Correct answer: C — Insurance Institute of India, Mumbai
PIB (Finance Ministry): ANI was officially launched at a conference titled 'Securing Tomorrow, With Pension' held at the Insurance Institute of India, Mumbai.
According to the PFRDA Chairperson at the ANI launch (December 2024), the combined assets under management of NPS and APY exceed:
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Correct answer: B — ₹13.8 lakh crore
PIB (Finance Ministry): Deepak Mohanty stated that with AUM exceeding ₹13.8 lakh crore, NPS and APY have a total subscriber base of 8 crore.
Who unveiled the logo of the Association of NPS Intermediaries at its launch?
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Correct answer: D — PFRDA Chairperson Deepak Mohanty
PIB (Finance Ministry): on the occasion, the association's logo was unveiled by the Chairperson of PFRDA, Dr. Deepak Mohanty.
What share of The India Cements' paid-up equity did UltraTech propose to acquire from the promoters and Sri Saradha Logistics, as approved by the CCI in December 2024?
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Correct answer: A — 32.72%
PIB (CCI): the combination envisages UltraTech's acquisition of 32.72% of India Cements' paid-up equity share capital from the promoters and promoter group and Sri Saradha Logistics, and up to 26% through an open offer.
UltraTech Cement Limited, whose acquisition of The India Cements was approved by the CCI, is a subsidiary of:
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Correct answer: C — Grasim Industries
PIB (CCI): UltraTech is a public listed company and a subsidiary of Grasim Industries Limited.
What was the size of the policy-based loan signed by India and the ADB on 20 December 2024 under the SMILE programme?
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Correct answer: C — $350 million
PIB (Commerce Ministry): the Government of India and ADB signed a $350 million policy-based loan under the second subprogramme of the SMILE programme.
In the ADB-supported SMILE programme, what does 'SMILE' stand for?
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Correct answer: A — Strengthening Multimodal and Integrated Logistics Ecosystem
PIB (Commerce Ministry): the loan was signed under the second subprogramme of the Strengthening Multimodal and Integrated Logistics Ecosystem (SMILE) programme.
India and the ADB signed a $42 million loan on 19 December 2024 for a coastal protection project in which state?
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Correct answer: B — Maharashtra
PIB (Finance): the $42 million loan is for the Maharashtra Sustainable Climate-Resilient Coastal Protection and Management Project.
What was the amount of the ADB loan signed for the Maharashtra Sustainable Climate-Resilient Coastal Protection and Management Project in December 2024?
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Correct answer: D — $42 million
PIB (Finance): the Government of India and ADB signed a $42 million loan for the project on 19 December 2024.
Which of the following is described by ADB as a flexible nature-based solution against coastal erosion under the Maharashtra coastal protection project?
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Correct answer: A — Beach and dune nourishment
PIB (Finance): ADB's Mio Oka said the project uses hybrid approaches such as offshore reefs and rock protection works, along with flexible nature-based solutions like beach and dune nourishment.
NITI Aayog's December 2024 report 'S.A.F.E. Accommodation' deals with housing for which group?
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Correct answer: C — Industrial workers
PIB (NITI Aayog): the report 'S.A.F.E. Accommodation - Worker Housing for Manufacturing Growth' explores secure, affordable, flexible and efficient accommodation for industrial workers.
In NITI Aayog's report on worker housing, what does 'S.A.F.E.' stand for?
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Correct answer: A — Secure, Affordable, Flexible, Efficient
PIB (NITI Aayog): S.A.F.E. stands for secure, affordable, flexible and efficient accommodation for industrial workers.
According to NITI Aayog's S.A.F.E. report, the Union Budget 2024-25 initiative on dormitory-style rental housing for industrial workers is to be executed through which model?
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Correct answer: D — PPP with Viability Gap Funding and anchor-industry commitments
PIB (NITI Aayog): the Budget 2024-25 initiative is to be executed under a Public-Private Partnership (PPP) model with Viability Gap Funding (VGF) support and commitments from anchor industries.
As per provisional ESIC payroll data, how many new employees were added under the ESI Scheme in October 2024?
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Correct answer: B — 17.80 lakh
PIB (Labour): the provisional payroll data of ESIC shows 17.80 lakh new employees added in October 2024.
How many new establishments were brought under the ESI Scheme in October 2024?
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Correct answer: C — 21,588
PIB (Labour): 21,588 new establishments were brought under the social security ambit of the ESI Scheme in October 2024.
Consider the following statements about ESIC payroll data for October 2024: 1. About 47.75% of the new employees were aged up to 25 years. 2. 3.52 lakh female employees were enrolled. Which of the statements given above is/are correct?
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Correct answer: B — Both 1 and 2
PIB (Labour): 8.50 lakh of the 17.80 lakh new employees (about 47.75%) were aged up to 25 years, and 3.52 lakh female employees were enrolled. Both statements are correct.
Who was the CBIC Chairperson who launched four citizen-centric initiatives on 17 December 2024?
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Correct answer: C — Sanjay Kumar Agarwal
PIB (Finance): Sanjay Kumar Agarwal, Chairperson, CBIC, launched the initiatives in the presence of all Board members.
Which of the following was NOT among the four initiatives launched by CBIC on 17 December 2024?
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Correct answer: A — Faceless customs assessment
PIB (Finance): the four initiatives were the revised Citizen's Charter, the revamped Citizen's Corner, the 'Ease of Doing Business' tab and CBIC Archives. Faceless customs assessment was not among them.
What was India's annual WPI-based inflation rate (provisional) for November 2024?
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Correct answer: A — 1.89%
PIB (Commerce & Industry): the annual rate of inflation based on the all-India WPI was 1.89% (provisional) for November 2024 over November 2023.
Consider the following statements about WPI data for November 2024: 1. WPI Food Index inflation was 11.59%. 2. The Fuel & Power group recorded negative annual inflation. 3. The WPI series uses 2011-12 as its base year. Which of the statements given above are correct?
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Correct answer: B — 2 and 3 only
PIB (Commerce & Industry): Food Index inflation in November 2024 was 8.92% (11.59% was the October 2024 figure), so statement 1 is incorrect. Fuel & Power recorded −5.83%, and the base year is 2011-12, so statements 2 and 3 are correct.
India's total exports (merchandise and services combined) for April–November 2024 were estimated at:
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Correct answer: C — USD 536.25 billion
PIB (Commerce & Industry): India's total exports during April–November 2024 are estimated at USD 536.25 billion, a growth of 7.61%. USD 284.31 billion is merchandise exports alone, USD 498.33 billion the April–November 2023 total, and USD 619.20 billion the total imports.
Which merchandise export category grew by 54.72% in November 2024 compared with November 2023?
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Correct answer: A — Electronic goods
PIB (Commerce & Industry): electronic goods exports increased by 54.72% from USD 2.24 billion to USD 3.47 billion. Rice grew 95.18%, engineering goods 13.75% and marine products 17.82%.
In December 2024, the RBI raised the limit for collateral-free agricultural loans per borrower to:
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Correct answer: B — ₹2 lakh
PIB (Agriculture): the existing collateral-free agricultural loan limit of ₹1.6 lakh per borrower has been raised to ₹2 lakh, effective 1 January 2025.
Consider the following statements about the RBI's revised collateral-free agricultural loan limit: 1. The limit also applies to loans for allied activities. 2. The revised limit is effective from 1 April 2025. 3. The Modified Interest Subvention Scheme offers loans up to ₹3 lakh at a 4% effective interest rate. Which of the statements given above are correct?
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Correct answer: C — 1 and 3 only
PIB (Agriculture): the limit covers agricultural loans including allied activities, and the MISS offers loans up to ₹3 lakh at a 4% effective rate. Statement 2 is incorrect: the change is effective from 1 January 2025.
Small and marginal farmers, expected to benefit most from the RBI's December 2024 increase in the collateral-free agricultural loan limit, make up over what share of the farm sector?
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Correct answer: D — 86%
The Agriculture Ministry said the move would benefit small and marginal farmers, who make up over 86% of the sector.
How many direct selling entities were issued notices by the CCPA for violating the Consumer Protection (Direct Selling) Rules, as announced on 13 December 2024?
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Correct answer: B — 17
PIB (Consumer Affairs): the CCPA issued notices to 17 entities found violating the Consumer Protection (Direct Selling) Rules, 2021; 13 of them are under investigation.
In which year were the Consumer Protection (Direct Selling) Rules notified by the Government of India?
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Correct answer: C — 2021
PIB (Consumer Affairs): the Government notified the Consumer Protection (Direct Selling) Rules, 2021, establishing a framework to regulate direct selling entities.
Which of the following is NOT among the three major signs, listed by the CCPA in December 2024, that a product is being used to disguise a pyramid scheme?
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Correct answer: D — Products sold only through online platforms
PIB (Consumer Affairs): the three signs listed are a large joining fee or investment, compensation paid for recruiting, and no right of return, buy-back or cooling-off period. Online selling is not one of them.
Against which sports federation did the Competition Commission of India issue a cease and desist order dated 12 December 2024 (announced on 13 December 2024)?
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Correct answer: A — A) Table Tennis Federation of India
PIB (CCI): the CCI passed an order under Section 27 of the Competition Act against the Table Tennis Federation of India and three of its affiliates, without imposing a monetary penalty.
The CCI's December 2024 order against the Table Tennis Federation of India and its affiliates found contravention of which sections of the Competition Act, 2002?
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Correct answer: D — Sections 3(4) and 4
PIB (CCI): the order found contravention of Sections 3(4) and 4 of the Act, resulting in refusal to deal and abuse of dominance; the cease and desist order itself was issued under Section 27.
Under India's Green Steel Taxonomy (December 2024), five-star green-rated steel must have an emission intensity lower than how many tonnes of CO2e per tonne of finished steel?
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Correct answer: A — 1.6
PIB (Steel): five-star green-rated steel has emission intensity lower than 1.6 t-CO2e/tfs; four-star is 1.6-2.0, three-star 2.0-2.2, and steel above 2.2 is not eligible.
Which body is the nodal agency for measurement, reporting and verification and for issuing greenness certificates under India's Green Steel Taxonomy?
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Correct answer: D — National Institute of Secondary Steel Technology
PIB (Steel): the National Institute of Secondary Steel Technology (NISST) shall serve as the nodal agency for MRV and for issuing greenness certificates and star ratings, on a yearly basis.
Consider the following statements about India's Green Steel Taxonomy: 1. India is the first nation to release a taxonomy of green steel. 2. The star-rating thresholds will be reviewed every five years. 3. Steel with emission intensity above 2.2 t-CO2e per tonne of finished steel is not eligible for a green rating. Which of the statements given above are correct?
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Correct answer: C — 1 and 3 only
PIB (Steel): India is the first nation to release a green steel taxonomy, and steel above 2.2 t-CO2e/tfs is not eligible for green rating. Statement 2 is incorrect: thresholds will be reviewed every three years.
As announced in December 2024, India's gross FDI inflows since April 2000 have reached:
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Correct answer: C — $1 trillion
PIB (Commerce & Industry): India's gross FDI inflows have reached $1 trillion since April 2000.
How much FDI did India receive in the first half of FY 2024-25, according to the Commerce Ministry?
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Correct answer: B — $42.1 billion
PIB (Commerce & Industry): FDI rose nearly 26% to $42.1 billion during the first half of the current fiscal year (2024-25).
What was India's IIP growth rate for October 2024, as per quick estimates released on 12 December 2024?
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Correct answer: C — 3.5%
PIB (MoSPI): IIP growth for October 2024 was 3.5%, against 3.1% in September 2024; manufacturing grew 4.1% and electricity 2.0%.
On which date of every month are the Quick Estimates of India's Index of Industrial Production released?
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Correct answer: A — 12th
PIB (MoSPI): the Quick Estimates of IIP are released on the 12th of every month (or the previous working day if the 12th is a holiday) with a six-week lag.
Where was the third India-UK Financial Markets Dialogue held on 12 December 2024?
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Correct answer: B — GIFT City, Gujarat
PIB (Finance): the 3rd India-UK Financial Markets Dialogue took place on 12 December 2024 at GIFT City in Gujarat, hosted by the Department of Economic Affairs.
At the India-UK Financial Markets Dialogue in December 2024, direct listing of Indian companies in GIFT IFSC was discussed as a first step towards direct listing on which exchange?
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Correct answer: C — London Stock Exchange
PIB (Finance): delegates explored direct listings of Indian companies in GIFT IFSC as a first step towards direct listing at the London Stock Exchange and other foreign jurisdictions.
What was India's all-India CPI (combined) inflation rate for November 2024, as released on 12 December 2024?
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Correct answer: B — 5.48%
PIB (MoSPI): year-on-year CPI inflation for November 2024 was 5.48% (provisional); rural was 5.95%, urban 4.83%, and October 2024 was 6.21%.
Which item recorded the highest year-on-year inflation at the all-India level in November 2024 CPI data?
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Correct answer: D — Garlic
PIB (MoSPI): the top five items by year-on-year inflation in November 2024 were garlic (85.14), potato (66.65), cauliflower (47.70), cabbage (43.58) and coconut oil (42.13).
To what level did the Centre lower the wheat stock limit for traders and wholesalers on 11 December 2024?
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Correct answer: C — 1,000 MT
PIB (11 Dec 2024): the stock limit for Trader/Wholesaler was revised from 2000 MT to 1000 MT, applicable until 31 March 2025.
From which date must solar PV modules used in projects source their cells from ALMM List-II, as per MNRE's amendment announced on 10 December 2024?
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Correct answer: D — 1 June 2026
PIB (10 Dec 2024): all solar PV modules used in projects must source their solar cells from ALMM List-II starting from 1st June 2026.
The new List-II introduced under the amended ALMM Order, 2019 covers:
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Correct answer: A — Solar PV cells
PIB (10 Dec 2024): the amendment introduces the long-awaited List-II for solar PV cells under the ALMM Order.
Under the ALMM amendment of December 2024, which solar modules will be considered compliant with the List-II cell requirement?
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Correct answer: B — Thin-film modules manufactured in integrated solar PV module manufacturing units
PIB (10 Dec 2024): thin-film solar modules manufactured in integrated solar PV module manufacturing units will be considered in compliance with the requirement to use solar PV cells from List-II.
The Competition Commission of India announced on 10 December 2024 its approval of the acquisition of Covestro AG by which company?
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Correct answer: A — Abu Dhabi National Oil Company (ADNOC)
PIB (10 Dec 2024): CCI approves acquisition of Covestro AG by Abu Dhabi National Oil Company.
Untied Grants of the Fifteenth Finance Commission released to rural local bodies can be used for location-specific needs under how many subjects of the Eleventh Schedule?
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Correct answer: C — 29
PIB (10 Dec 2024): Untied Grants are utilised by PRIs/RLBs for location-specific felt needs under the 29 subjects enshrined in the Eleventh Schedule of the Constitution.
Where was the Rising Rajasthan Global Investment Summit 2024 inaugurated by PM Modi on 9 December 2024?
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Correct answer: D — Jaipur Exhibition and Convention Centre (JECC)
PIB (9 Dec 2024): the PM inaugurated the Rising Rajasthan Global Investment Summit 2024 and the Rajasthan Global Business Expo at Jaipur Exhibition and Convention Centre (JECC) in Jaipur.
Along with the Rising Rajasthan Global Investment Summit 2024, what else did PM Modi inaugurate in Jaipur on 9 December 2024?
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Correct answer: A — Rajasthan Global Business Expo
PIB (9 Dec 2024): the PM inaugurated the Rising Rajasthan Global Investment Summit 2024 and the Rajasthan Global Business Expo at JECC, Jaipur.
What is the size of the Flipkart Leap Ventures fund on which DPIIT's December 2024 MoU with Flipkart builds?
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Correct answer: D — USD 100 million
PIB (9 Dec 2024): the partnership builds on existing efforts under the Flipkart Leap and Ventures initiative with its USD 100 mn fund.
In which city was the India-Norway Business Forum held on 8 December 2024?
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Correct answer: C — Mumbai
PIB (8 Dec 2024): the India-Norway Business Forum was held in Mumbai, organised by CII in collaboration with DPIIT.
As stated at the India-Norway Business Forum on 8 December 2024, Norway is India's investor of which rank?
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Correct answer: D — 33rd
PIB (8 Dec 2024): DPIIT Joint Secretary Gurneet Tej highlighted bilateral trade of USD 1.1 billion and Norway emerging as India's 33rd largest investor.
Consider the following about the India-Norway Business Forum held on 8 December 2024: 1. Piyush Goyal proposed launching a startup bridge between India and Norway at the next ministerial meeting. 2. Norway's Ambassador said Norway had already ratified TEPA. Which of the statements given above is/are correct?
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Correct answer: A — 1 only
Only statement 1 is correct. PIB (8 Dec 2024): Goyal proposed a startup bridge at the next ministerial meet; Norway's Ambassador noted Norway's plans to ratify TEPA by 2025, so it had not yet ratified it.
With which organisation did the Insolvency and Bankruptcy Board of India organise the International Conclave 2024 in New Delhi on 7 December 2024?
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Correct answer: B — INSOL India
PIB (8 Dec 2024) and RBI speech (7 Dec 2024): IBBI in association with INSOL India organised an International Conclave on 'Insolvency Resolution: Evolution & Global Perspective' in New Delhi.
Who was the Chief Guest at the IBBI-INSOL India International Conclave held on 7 December 2024?
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Correct answer: D — M Rajeshwar Rao
PIB (8 Dec 2024): RBI Deputy Governor M Rajeshwar Rao graced the occasion as Chief Guest; Ravi Mital is the IBBI Chairperson. The RBI published his inaugural address dated December 7, 2024.
According to the RBI Deputy Governor at the IBBI conclave on 7 December 2024, the IBC has facilitated pre-admission settlements of underlying debts of over:
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Correct answer: C — Rs 10 lakh crore
PIB (8 Dec 2024): M Rajeshwar Rao emphasised the IBC's role in improving bank asset quality and facilitating substantial pre-admission settlements of underlying debts of over Rs 10 lakh crore.
In the MoU signed with NMDFC on 7 December 2024 to promote entrepreneurship among marginalised communities, DICCI stands for:
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Correct answer: D — Dalit Indian Chamber of Commerce and Industry
PIB (7 Dec 2024): the National Minorities Development and Finance Corporation (NMDFC) and the Dalit Indian Chamber of Commerce and Industry (DICCI) signed an MoU to promote entrepreneurship among marginalised communities.
At what level did the RBI's Monetary Policy Committee keep the policy repo rate on 6 December 2024?
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Correct answer: B — 6.50%
RBI Governor's Statement (6 Dec 2024): the MPC decided by a 4 to 2 majority to keep the policy repo rate unchanged at 6.50 per cent; the SDF rate remains 6.25% and the MSF rate and Bank Rate 6.75%.
To what level did the RBI decide on 6 December 2024 to reduce the cash reserve ratio (CRR) of banks?
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Correct answer: D — 4.00% of NDTL
RBI (6 Dec 2024): the CRR of all banks is reduced by 50 bps in two equal tranches of 25 bps each to 4.0 per cent of NDTL, from the fortnights beginning December 14 and December 28, 2024, releasing about Rs 1.16 lakh crore.
What real GDP growth did the RBI project for 2024-25 in its policy of 6 December 2024?
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Correct answer: A — 6.6%
RBI Governor's Statement (6 Dec 2024): real GDP growth for 2024-25 is now projected at 6.6 per cent, with Q3 at 6.8 per cent and Q4 at 7.2 per cent.
On 6 December 2024, the RBI raised the limit for collateral-free agriculture loans to how much per borrower?
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Correct answer: C — Rs 2 lakh
RBI Governor's Statement (6 Dec 2024): the limit for collateral-free agriculture loans, last revised in 2019, is increased from Rs 1.6 lakh to Rs 2 lakh per borrower.
Consider the following about the RBI MPC decision of 6 December 2024: 1. The decision to keep the repo rate unchanged was taken by a 4 to 2 majority. 2. The MPC changed its stance from 'neutral' to 'accommodative'. Which of the statements given above is/are correct?
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Correct answer: A — 1 only
Only statement 1 is correct. RBI (6 Dec 2024): the MPC decided by a 4 to 2 majority to keep the repo rate at 6.50 per cent and decided unanimously to continue with the 'neutral' stance.
Where did PM Narendra Modi inaugurate the Ashtalakshmi Mahotsav on 6 December 2024?
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Correct answer: C — Bharat Mandapam, New Delhi
PIB (6 Dec 2024): the Prime Minister inaugurated the Ashtalakshmi Mahotsav at Bharat Mandapam in New Delhi.
In the context of the Ashtalakshmi Mahotsav, 'Ashtalakshmi' refers to:
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Correct answer: B — The eight states of North-East India
PIB (6 Dec 2024): the PM said the Northeast is the 'Ashtalakshmi' of India, comparing its eight states to the eight forms of Goddess Lakshmi.
What did PM Modi unveil on the occasion of the Ashtalakshmi Mahotsav on 6 December 2024?
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Correct answer: D — A commemorative postage stamp
PIB (6 Dec 2024): the PM unveiled a commemorative postage stamp on the occasion of the Ashtalakshmi Mahotsav.
PM Modi said at the Ashtalakshmi Mahotsav that the government is connecting the Northeast with the trinity of:
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Correct answer: A — Emotion, Economy and Ecology
PIB (6 Dec 2024): 'We are connecting the Northeast with the trinity of Emotion, Economy and Ecology,' the PM said.