Economy Current Affairs Quiz — Last 12 months
Daily news by your exam, state and topic — each with a short summary, key facts and MCQs.
What reward do the winners of MY Bharat Budget Quest 2026 get?
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Correct answer: D — A chance to interact with the Prime Minister
The winners will get to interact with the Prime Minister.
How much was allocated to the Ministry of Defence in the Union Budget 2026-27?
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Correct answer: B — ₹7.85 lakh crore
The Ministry of Defence got a record ₹7.85 lakh crore.
What is the defence capital outlay in the Union Budget 2026-27?
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Correct answer: D — ₹2.19 lakh crore
Capital expenditure got ₹2.19 lakh crore, up from ₹1.80 lakh crore in BE 2025-26; ₹1.39 lakh crore is for domestic industry.
The defence allocation in the Union Budget 2026-27 is what share of the estimated GDP for 2026-27?
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Correct answer: C — 2%
The ₹7.85 lakh crore allocation is 2% of estimated GDP.
Consider the following about the defence budget for 2026-27: 1. It accounts for 14.67% of Central Government expenditure, the highest among ministries. 2. The allocation for the Ex-Servicemen Contributory Health Scheme was cut compared with BE 2025-26. Which of the above is/are correct?
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Correct answer: A — 1 only
Only 1 is correct. ECHS got ₹12,100 crore, 45.49% higher than BE 2025-26.
From when does the new Income Tax Act, 2025 come into effect, as confirmed in the Union Budget 2026-27?
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Correct answer: B — 1 April 2026
The Income Tax Act, 2025 comes into effect from 1 April 2026.
To what rate did the Union Budget 2026-27 cut TCS on LRS remittances for education and medical purposes?
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Correct answer: C — 2%
TCS on LRS remittances for education and medical purposes was cut to 2% from 5%.
The Union Budget 2026-27 raised the threshold for availing safe harbour for IT services from ₹300 crore to:
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Correct answer: B — ₹2,000 crore
The safe-harbour threshold for IT services was raised from ₹300 crore to ₹2,000 crore, with a common 15.5% margin.
Consider the following direct tax proposals in the Union Budget 2026-27: 1. Interest awarded by a Motor Accident Claims Tribunal to a natural person will be exempt from income tax. 2. The time for revising income tax returns is cut from 31 December to 30 September. Which of the above is/are correct?
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Correct answer: A — 1 only
Only 1 is correct. The time to revise returns was extended from 31 December to 31 March, with a nominal fee.
What outlay did the Union Budget 2026-27 announce for Biopharma SHAKTI?
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Correct answer: D — ₹10,000 crore over 5 years
Biopharma SHAKTI has an outlay of ₹10,000 crore over the next five years.
Which of the following states is NOT among those to be supported by the dedicated Rare Earth Corridors announced in the Union Budget 2026-27?
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Correct answer: A — Jharkhand
The Rare Earth Corridors will support Odisha, Kerala, Andhra Pradesh and Tamil Nadu.
To what amount did the Union Budget 2026-27 raise the outlay of the Electronics Components Manufacturing Scheme?
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Correct answer: B — ₹40,000 crore
The Electronics Components Manufacturing Scheme outlay was increased to ₹40,000 crore.
Consider the following about Biopharma SHAKTI, announced in the Union Budget 2026-27: 1. It includes creating three new National Institutes of Pharmaceutical Education and Research and upgrading seven existing ones. 2. It plans a network of over 1,000 accredited India Clinical Trials sites. Which of the above is/are correct?
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Correct answer: C — Both 1 and 2
Both are correct.
At what level did the government, in the Budget 2026-27, agree to retain the states' vertical share of devolution as recommended by the 16th Finance Commission?
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Correct answer: C — 41%
The government accepted the 16th Finance Commission's recommendation to retain the vertical share at 41%.
How much did the Union Budget 2026-27 provide to states for 2026-27 as Finance Commission grants?
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Correct answer: D — ₹1.4 lakh crore
₹1.4 lakh crore was provided as Finance Commission grants, as recommended by the 16th Finance Commission.
Consider the following about the Finance Commission grants announced in the Budget 2026-27: 1. They include grants for both rural and urban local bodies. 2. They exclude disaster management grants, which are now funded separately. Which of the above is/are correct?
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Correct answer: A — 1 only
Only 1 is correct. The ₹1.4 lakh crore includes rural and urban local body grants and disaster management grants.
The sharing of the net proceeds of Union taxes between the Union and the states, on which the Finance Commission's 'vertical devolution' recommendation applies, is provided under which Article?
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Correct answer: A — Article 270
Article 270 provides for the net proceeds of Union taxes and duties to be distributed between the Union and the states.
What public capital expenditure did the Union Budget 2026-27 propose for 2026-27?
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Correct answer: D — ₹12.2 lakh crore
Public capex was raised to ₹12.2 lakh crore for 2026-27.
Which new fund did the Union Budget 2026-27 announce to reassure private developers about construction-phase risks?
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Correct answer: A — Infrastructure Risk Guarantee Fund
The Budget announced an Infrastructure Risk Guarantee Fund for risks during development and construction.
Under the Union Budget 2026-27, how much will each City Economic Region get for implementing its plan?
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Correct answer: B — ₹5,000 crore over 5 years
Each City Economic Region gets ₹5,000 crore over five years through a challenge mode with results-based financing.
Consider the following about the Union Budget 2026-27: 1. A ₹100 crore incentive is offered to a city for a single municipal bond issue of more than ₹1,000 crore. 2. Dedicated REITs are proposed to recycle real-estate assets of CPSEs. Which of the above is/are correct?
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Correct answer: C — Both 1 and 2
Both are correct, as listed in the Budget highlights.
What record capital expenditure was planned for Indian Railways in the Union Budget 2026-27?
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Correct answer: A — ₹2,93,030 crore
A record capex of ₹2,93,030 crore was planned for Indian Railways.
The new dedicated freight corridor announced in the Union Budget 2026-27 will connect Dankuni with which city?
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Correct answer: B — Surat
The 2,052 km dedicated freight corridor will link Dankuni in the east with Surat in the west.
Which of the following is NOT among the seven high-speed rail corridors announced in the Union Budget 2026-27?
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Correct answer: D — Delhi–Amritsar
The seven are Mumbai–Pune, Pune–Hyderabad, Hyderabad–Bengaluru, Hyderabad–Chennai, Chennai–Bengaluru, Delhi–Varanasi and Varanasi–Siliguri.
Consider the following about the transport proposals in the Union Budget 2026-27: 1. The rollout of 20 new National Waterways will begin with NW-5 in Odisha, linking Talcher and Angul to the ports of Paradip and Dhamra. 2. The Coastal Cargo Promotion Scheme aims to raise the share of inland waterways and coastal shipping to 12% by 2047. Which of the above is/are correct?
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Correct answer: C — Both 1 and 2
Both are correct; the target is to raise the share from 6% to 12% by 2047.
The Union Budget 2026-27 proposed reducing the tariff on all dutiable goods imported for personal use from 20% to:
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Correct answer: B — 10%
The tariff on dutiable goods imported for personal use is to fall from 20% to 10%.
How many drugs or medicines, particularly for cancer patients, did the Union Budget 2026-27 propose to exempt from basic customs duty?
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Correct answer: C — 17
BCD is to be exempted on 17 drugs or medicines; separately, 7 more rare diseases were added for personal-import exemptions.
Under the Union Budget 2026-27, until which year has the basic customs duty exemption on goods for nuclear power projects been extended?
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Correct answer: C — 2035
The exemption was extended till 2035 and expanded to all nuclear plants irrespective of capacity.
Consider the following customs proposals in the Union Budget 2026-27: 1. The duty-deferral period for Tier 2 and Tier 3 Authorised Economic Operators is raised from 15 to 30 days. 2. The limit for duty-free inputs for seafood exports is raised from 1% to 3% of the previous year's FOB export turnover. Which of the above is/are correct?
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Correct answer: C — Both 1 and 2
Both are correct.
What fiscal deficit target, as a share of GDP, did the Union Budget 2026-27 set for 2026-27?
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Correct answer: B — 4.3%
The fiscal deficit in BE 2026-27 is estimated at 4.3% of GDP; RE 2025-26 is 4.4%.
According to the Union Budget 2026-27, what is the Centre's debt-to-GDP ratio estimated at in BE 2026-27?
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Correct answer: C — 55.6%
Debt-to-GDP is estimated at 55.6% in BE 2026-27, down from 56.1% in RE 2025-26.
What is the total expenditure estimated in the Union Budget 2026-27?
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Correct answer: D — ₹53.5 lakh crore
Total expenditure is estimated at ₹53.5 lakh crore in BE 2026-27; ₹49.6 lakh crore is the RE for 2025-26.
Consider the following about the Union Budget 2026-27: 1. The government says India is on track to bring the debt-to-GDP ratio to 50±1% by 2030-31. 2. The fiscal deficit for 2025-26 in the Revised Estimates was higher than the Budget Estimate of 4.4%. Which of the above is/are correct?
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Correct answer: A — 1 only
Only 1 is correct. RE 2025-26 kept the fiscal deficit at par with BE 2025-26, at 4.4% of GDP.
The Union Budget is constitutionally the 'annual financial statement' laid before both Houses of Parliament. Which Article of the Constitution provides for it?
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Correct answer: B — Article 112
Article 112 requires the President to cause a statement of estimated receipts and expenditure for each financial year — the annual financial statement — to be laid before both Houses.
What is Bharat-VISTAAR, proposed in the Union Budget 2026-27?
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Correct answer: B — A multilingual AI tool giving farmers customised advisory
Bharat-VISTAAR is a multilingual AI tool that integrates AgriStack portals and ICAR's package of practices.
Which of the following crops is NOT among the high-value crops the Union Budget 2026-27 said it would support in coastal areas?
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Correct answer: C — Saffron
The crops named were coconut, sandalwood, cocoa and cashew in coastal areas.
Where will NIMHANS-2, announced in the Union Budget 2026-27, be set up?
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Correct answer: A — North India
The Budget announced NIMHANS-2 in north India; institutes at Ranchi and Tezpur will be upgraded as regional apex institutions.
How many Regional Medical Hubs to promote medical tourism did the Union Budget 2026-27 announce?
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Correct answer: B — Five
Five Regional Medical Hubs will be established to promote medical value tourism.
Which of the following sites is among the 15 archaeological sites to be developed as cultural destinations under the Union Budget 2026-27?
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Correct answer: D — Rakhigarhi
The listed sites include Lothal, Dholavira, Rakhigarhi, Adichanallur, Sarnath, Hastinapur and Leh Palace.
How much did the Union Budget 2026-27 allocate to promote sports goods manufacturing?
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Correct answer: A — ₹500 crore
₹500 crore was allocated to promote sports goods manufacturing, alongside the Khelo India Mission.
What is the size of the SME Growth Fund announced in the Union Budget 2026-27 to create 'Champion SMEs'?
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Correct answer: D — ₹10,000 crore
A dedicated ₹10,000 crore SME Growth Fund was announced.
Which two public sector NBFCs did the Union Budget 2026-27 propose to restructure to achieve scale and efficiency?
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Correct answer: A — Power Finance Corporation and Rural Electrification Corporation
The Budget proposed restructuring Power Finance Corporation and Rural Electrification Corporation.
In which district of Odisha will the Kalyani Group's ₹17,250 crore manufacturing complex, approved by the state Cabinet on 31 January 2026, come up?
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Correct answer: A — Dhenkanal
The complex will be built over about 1,100 acres at Gajamara in Dhenkanal district.
Under which policy's special provisions did the Odisha Cabinet approve the Kalyani Group complex in January 2026?
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Correct answer: B — Industrial Policy Resolution (IPR) 2022
The project was approved under special provisions of Odisha's Industrial Policy Resolution 2022.
Up to December 2025, the Government of India's total receipts were what share of the Budget Estimates 2025-26?
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Correct answer: C — 72.2%
PIB: Total receipts of ₹25,25,156 crore were 72.2% of BE 2025-26; 66.7% was the expenditure share.
How much was transferred to State Governments as devolution of share of taxes up to December 2025 (FY 2025-26)?
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Correct answer: C — ₹10,38,164 crore
PIB: ₹10,38,164 crore was devolved to states, ₹1,37,014 crore more than the previous year. (₹7,87,935 crore = capex; ₹9,11,059 crore = interest; ₹19,39,254 crore = net tax revenue.)
Consider the following about the Union accounts up to December 2025: 1. Interest payments were more than capital expenditure. 2. Total expenditure was below 70% of the Budget Estimates. Which of the above is/are correct?
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Correct answer: C — Both 1 and 2
PIB: Interest ₹9,11,059 crore > capital expenditure ₹7,87,935 crore; total expenditure was 66.7% of BE.
According to the Economic Survey 2025-26, India's real GDP growth for FY26 (First Advance Estimate) is estimated at:
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Correct answer: C — 7.4%
PIB: The Survey estimates FY26 real GDP growth at 7.4% (GVA 7.3%).
What real GDP growth range does the Economic Survey 2025-26 project for FY27?
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Correct answer: B — 6.8–7.2%
PIB: Real GDP growth for FY27 is projected at 6.8–7.2%, with potential growth around 7%.
As per the Economic Survey 2025-26, the gross NPA ratio of scheduled commercial banks fell to a multi-decade low of:
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Correct answer: A — 2.2%
PIB: Gross NPAs reached a multi-decadal low of 2.2% in September 2025.
Consider the following statements based on the Economic Survey 2025-26: 1. The share of private final consumption expenditure in GDP rose to 61.5% in FY26. 2. Domestic inflation averaged 1.7% during April–December 2025. Which of the above is/are correct?
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Correct answer: C — Both 1 and 2
PIB: PFCE share in GDP rose to 61.5% in FY26 and domestic inflation averaged 1.7% for April–December 2025.
According to the Economic Survey 2025-26, India's foreign exchange reserves as of 16 January 2026 stood at about:
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Correct answer: B — USD 701.4 billion
PIB: Forex reserves rose to USD 701.4 billion as of 16 January 2026, covering 11 months of imports. (USD 825.3 billion = total exports in FY25.)
How many weighted items does the basket of the new CPI 2024 series have, as per the Expert Group report released in January 2026?
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Correct answer: B — 358
PIB: The CPI 2024 item basket comprises 358 weighted items mapped to 12 divisions as per COICOP 2018.
Which survey provides the item weights for the new CPI 2024 series?
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Correct answer: D — Household Consumption Expenditure Survey 2023-24
PIB: The Expert Group recommended updating the CPI basket and weights using HCES 2023-24.
Under a January 2026 Bihar cabinet decision, women beneficiaries of the Mukhyamantri Mahila Rozgar Yojana can get additional assistance of up to:
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Correct answer: C — ₹2 lakh
The Hindu/TOI: The cabinet approved additional assistance of up to ₹2 lakh, in phases, for women who earlier got ₹10,000.
Under the Bihar Global Capability Centre (GCC) Policy 2026, what capex subsidy is offered?
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Correct answer: B — 30%, up to ₹50 crore
The Hindu/TOI: GCCs get a 30% capex subsidy, capped at ₹50 crore.
Under the Bihar Semiconductor Policy 2026, how is the state's capex support linked to the Centre's subsidy?
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Correct answer: B — State pays 60% of the Centre's 50% capex subsidy
The Hindu/TOI: The Centre gives 50% capex subsidy, and Bihar will pay 60% of that subsidy amount.
As per the Economic Survey 2025-26, what was India's rank in the Global Innovation Index 2025?
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Correct answer: B — 38th
PIB: India's GII rank improved from 66th in 2019 to 38th in 2025.
According to the Economic Survey 2025-26, how many semiconductor manufacturing and packaging projects had been approved, with cumulative investment of ₹1.60 lakh crore?
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Correct answer: C — 10
PIB: Ten semiconductor projects with ₹1.60 lakh crore investment have been approved in 6 states.
Which three Indian cities feature among the world's top 50 most innovation-intensive clusters, as noted in the Economic Survey 2025-26?
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Correct answer: D — Bengaluru, Delhi, Mumbai
PIB: Bengaluru, Delhi and Mumbai feature among the top 50 most innovation-intensive clusters worldwide.
In January 2026, which mineral was notified as a Critical and Strategic Mineral under the MMDR Act, 1957?
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Correct answer: A — Coking coal
PIB (29 Jan 2026): The Government notified coking coal as a Critical and Strategic Mineral under the MMDR Act, 1957.
India's coking coal resources, estimated at 37.37 billion tonnes, are largely located in which state?
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Correct answer: D — Jharkhand
PIB: Coking coal resources are largely in Jharkhand, with more in Madhya Pradesh, West Bengal and Chhattisgarh.
Consider the following statements about the January 2026 notification on coking coal: 1. Coking coal was included in Part D of the First Schedule of the MMDR Act, which lists critical and strategic minerals. 2. Royalty and auction premium from such mining leases will now go to the Central Government instead of the states. Which of the above is/are correct?
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Correct answer: A — 1 only
PIB: Coking coal was added to Part D. Under Section 11D(3), royalty, auction premium and other payments continue to accrue to the State Governments.
According to the Economic Survey 2025-26, India's remittance inflows in FY25 were:
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Correct answer: C — USD 135.4 billion
PIB: India remains the world's largest recipient of remittances with inflows of USD 135.4 billion in FY25.
As per the Economic Survey 2025-26, India's total exports (merchandise and services) in FY25 reached a record of:
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Correct answer: C — USD 825.3 billion
PIB: Total exports reached a record USD 825.3 billion in FY25; services alone were USD 387.6 billion.
According to the Economic Survey 2025-26, India's share of global merchandise exports in 2024 was about:
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Correct answer: B — 1.8%
PIB: India's share of global merchandise exports nearly doubled from 1% in 2005 to 1.8% in 2024.
India and the EU concluded negotiations on financial services in the India-EU FTA. According to the Finance Ministry, total India-EU services trade in 2024 was around:
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Correct answer: C — USD 83 billion
PIB (Finance): in 2024, total services trade between India and EU is around $83 billion.
Consider the following statements about the India-EU FTA financial services chapter: 1. It was finalised during the last round of negotiations held on 6 January 2026. 2. It contains provisions on digital payments and fintech. 3. In 2024 India imported more financial services from the EU than it exported to the EU. Which of the statements given above are correct?
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Correct answer: B — 1 and 2 only
PIB: finalised on 6 January 2026 with innovative provisions on digital payments and fintech. India exported USD 700 million and imported about USD 600 million, so statement 3 is wrong.
According to MoSPI's quick estimate, by how much did India's Index of Industrial Production grow in December 2025?
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Correct answer: C — 7.8%
PIB (MoSPI): IIP rose by 7.8% in December 2025, the highest level in over two years. 8.1% was manufacturing growth; 7.2% was November (revised).
In the December 2025 IIP, which manufacturing industry group recorded the highest growth (34.9%)?
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Correct answer: A — Computer, electronic and optical products
PIB (MoSPI): computer, electronic and optical products 34.9%; motor vehicles 33.5%; other transport equipment 25.1%.
The conclusion of the India–EU Free Trade Agreement was announced on 27 January 2026 at which India–EU Summit?
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Correct answer: C — 16th
PIB (Commerce): announced at the 16th India–EU Summit.
Consider the following statements about the India–EU FTA concluded in January 2026: 1. Over 99% of Indian exports by trade value gain preferential access to the EU. 2. India has given the EU market access in the dairy sector. 3. Negotiations had been relaunched in 2022. Which of the statements given above are correct?
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Correct answer: B — 1 and 3 only
PIB (Commerce): 99%+ exports get preferential entry; negotiations relaunched in 2022; sensitive agriculture and dairy get no market access, so statement 2 is wrong.
According to the Commerce Ministry, India's bilateral trade in goods with the EU in 2024-25 was about:
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Correct answer: C — USD 136.54 billion
PIB (Commerce): goods trade USD 136.54 billion in 2024-25 (exports USD 75.85 bn, imports USD 60.68 bn).
The MoU signed by the RBI with the European Securities and Markets Authority (ESMA) in January 2026 primarily aims to:
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Correct answer: A — Enable ESMA's formal recognition of CCIL and other RBI-regulated central counterparties
PIB (Finance): the primary objective is to enable formal recognition of CCIL and other RBI-regulated CCPs by ESMA.
In financial market terminology, what is CCIL, which was covered by the RBI–ESMA MoU of January 2026?
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Correct answer: D — A central counterparty regulated by the RBI
PIB (Finance): the MoU covers the Clearing Corporation of India Ltd. (CCIL) and other RBI-regulated Central Counterparties.
In January 2026, the Department of Posts signed an agreement with which entity to promote citizens' access to regulated capital market services?
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Correct answer: B — Stock Holding Services Limited
PIB (Communications): DoP signed an agreement with Stock Holding Services Limited (SSL) on 27 January 2026.
The Halwa ceremony held on 27 January 2026 marks which stage of the Union Budget process?
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Correct answer: D — Final stage of Budget preparation, before the lock-in of officials
PIB (Finance): the Halwa ceremony marks the final stage of Budget preparation and precedes the lock-in of officials.
In which capacity did India participate in Gulfood 2026, the world's largest annual food and beverage trade exhibition?
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Correct answer: A — Country Partner
PIB (Commerce): India marked its presence at Gulfood 2026 as the Country Partner.
Under which APEDA initiative did eight Indian agri-food startups showcase innovations at Gulfood 2026?
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Correct answer: A — BHARATI
PIB (Commerce): eight Indian startups showcased agri-food innovation under APEDA's BHARATI initiative.
The SAARG committee constituted by PFRDA in January 2026 is chaired by:
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Correct answer: A — Narayan Ramachandran
PIB (Finance): SAARG is chaired by Narayan Ramachandran, former Country Head and CEO of Morgan Stanley India.
In PFRDA's SAARG committee, what does 'SAARG' stand for?
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Correct answer: D — Strategic Asset Allocation and Risk Governance
PIB: PFRDA constituted a committee of investment experts for Strategic Asset Allocation and Risk Governance (SAARG).
The PLI Scheme for White Goods covers which two product categories?
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Correct answer: A — Air conditioners and LED lights
PIB (Commerce): the PLI Scheme for White Goods covers Air Conditioners and LED Lights.
What is the total outlay of the PLI Scheme for White Goods?
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Correct answer: D — ₹6,238 crore
PIB: the Cabinet approved the scheme on 7 April 2021 with an outlay of ₹6,238 crore; ₹11,198 crore is the expected investment by 85 companies.