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 was India's real GDP growth in Q1 (April–June) of FY 2026-27, as estimated by MoSPI on 31 August 2026?
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Correct answer: B — 7.8%
Real GDP grew 7.8% in Q1 FY 2026-27; nominal GDP grew 10.3% and real GVA 8.2%.
What was the growth of real Gross Value Added (GVA) in Q1 of FY 2026-27?
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Correct answer: D — 8.2%
Real GVA grew 8.2% to ₹73.82 lakh crore in Q1 FY 2026-27.
The Q1 FY 2026-27 GDP estimates are based on the new national accounts series with which base year?
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Correct answer: A — 2022-23
MoSPI released the new series of GDP estimates with base year 2022-23 on 27 February 2026.
Consider the following statements about India's Q1 FY 2026-27 GDP estimates: 1. Nominal GDP grew faster than real GDP during the quarter. 2. The new GDP series with base year 2022-23 was released in February 2026. Which of the above is/are correct?
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Correct answer: C — Both 1 and 2
Both are correct: nominal GDP grew 10.3% against 7.8% real growth, and the new series was released on 27 February 2026.
How many blocks are offered in the 8th tranche of critical and strategic mineral block auctions, promoted at the Raipur roadshow in August 2026?
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Correct answer: C — 20
The 8th tranche has 20 blocks — 17 composite licences and 3 mining leases — across nine States.
How many of the 8th-tranche critical mineral blocks are located in Chhattisgarh?
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Correct answer: B — Five
Five mineral blocks from Chhattisgarh are included in the 8th tranche.
'Mission Rangeen Machhli 2031', released by the Vice President in August 2026, is a strategic action plan for what?
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Correct answer: B — Ornamental fisheries development in Lakshadweep
It is the Strategic Action Plan for Ornamental Fisheries Development in Lakshadweep, released at Agatti.
Under which scheme have fisheries projects worth over ₹62 crore been approved for Lakshadweep, as noted by the Vice President in August 2026?
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Correct answer: A — Pradhan Mantri Matsya Sampada Yojana
Projects worth over ₹62 crore have been approved for Lakshadweep under PMMSY.
By July 2026, the Union Government's total receipts reached what share of the 2026-27 Budget Estimate?
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Correct answer: D — 35.8%
Total receipts were ₹13,06,709 crore, 35.8% of BE; total expenditure was 32.9% of BE.
Under the August 2026 NIPL agreement, Indian UPI apps can scan which QR code for merchant payments in Uzbekistan?
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Correct answer: B — UZQR
UPI apps can scan UZQR, Uzbekistan's national interoperable QR code; NIPC operates the HUMO payment system.
Before the Uzbekistan deal, UPI was accepted in ten countries as per the Finance Ministry. Which of the following was NOT among them?
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Correct answer: D — Japan
The ten were Singapore, UAE, France, Mauritius, Nepal, Bhutan, Qatar, Sri Lanka, Cambodia and Greece; Japan was not listed.
What was India's IIP growth rate (quick estimate) for July 2026?
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Correct answer: B — 6.7%
The quick estimate put IIP growth for July 2026 at 6.7%; 7.3% was the June 2026 figure and the manufacturing growth rate.
Which IIP sector recorded a contraction in July 2026?
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Correct answer: D — Mining & Quarrying
Mining & quarrying contracted 0.9%, while the other sectors grew.
Consider the following statements about the IIP quick estimate for July 2026: 1. The index is compiled on the base year 2022-23=100. 2. MoSPI releases the IIP quick estimate on the 28th of every month (or the next working day). Which of the above is/are correct?
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Correct answer: C — Both 1 and 2
Both are correct: the index uses base 2022-23=100 and is released on the 28th of every month, or the next working day if the 28th is a holiday.
As of its 12th anniversary in August 2026, roughly how many accounts had been opened under PM Jan-Dhan Yojana?
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Correct answer: C — Over 59 crore
More than 59 crore Jan-Dhan accounts have been opened.
What share of PM Jan-Dhan Yojana accounts belong to women, as of August 2026?
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Correct answer: A — 56%
56% of the accounts belong to women; 78% is the share in villages and small towns.
Consider the following statements about PM Jan-Dhan Yojana as of August 2026: 1. Deposits in Jan-Dhan accounts have crossed ₹3.1 lakh crore. 2. In the JAM trinity, 'M' stands for MGNREGA. Which of the above is/are correct?
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Correct answer: A — 1 only
Statement 1 is correct. Statement 2 is wrong: JAM stands for Jan Dhan–Aadhaar–Mobile.
Under the August 2026 reforms, the validity of the defence Open General Export Licence (OGEL) was changed to:
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Correct answer: B — Three years
OGEL validity was increased from two to three years.
What was India's record defence export figure for FY 2025-26, cited by the Ministry of Defence in August 2026?
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Correct answer: C — ₹38,424 crore
Defence exports touched a record ₹38,424 crore in FY 2025-26; ₹1.78 lakh crore was defence production.
Consider the following statements about the defence export reforms of August 2026: 1. The OGEL requires exporters to seek a separate authorisation for each consignment. 2. Stakeholder consultation has been dispensed with for exports of all items meant for international tenders and exhibitions. Which of the above is/are correct?
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Correct answer: B — 2 only
Statement 1 is wrong: OGEL lets eligible exporters self-generate authorisations for multiple consignments without a separate authorisation for each. Statement 2 is correct.
Consider the following statements about India's telecom subscription data at the end of July 2026: 1. Total telephone subscribers stood at about 1,354 million. 2. Rural telephone subscribers outnumbered urban subscribers. Which of the above is/are correct?
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Correct answer: B — 2 only
Statement 1 is wrong: urban subscribers (796.68 million) outnumbered rural (557.59 million). Statement 2 is correct (1,354.28 million).
Until when has lending under the restructured PM SVANidhi scheme been extended?
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Correct answer: D — 31 March 2030
Lending under the restructured scheme, approved on 27 August 2025, runs until 31 March 2030.
What is the maximum credit limit of the UPI-linked RuPay Credit Card introduced for street vendors under restructured PM SVANidhi?
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Correct answer: B — ₹30,000
Eligible vendors get a UPI-linked RuPay Credit Card with a limit of up to ₹30,000; 27,077 had been approved.
Consider the following statements about PM SVANidhi: 1. The scheme was launched on 1 June 2020 to provide collateral-free working capital loans to urban street vendors. 2. The restructured scheme aims to benefit 1.15 crore street vendors, including 50 lakh new beneficiaries. Which of the above is/are correct?
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Correct answer: C — Both 1 and 2
Both are correct.
The 'Kanda Express' initiative, expanded in 2025-26, relates to:
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Correct answer: A — Rail movement of buffer onions to consumption centres
Kanda Express moves buffer onions by rail; in 2025-26, 86 rakes carried about 88,000 tonnes to 16 cities.
At what price were buffer onions sold in Delhi-NCR under the government's August 2026 market intervention?
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Correct answer: D — ₹35 per kg
Buffer onions were sold at ₹35 per kg through retail outlets and mobile points in Delhi-NCR.
Who represented India at the India–Chile CEPA meeting in Santiago on 26 August 2026?
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Correct answer: A — Commerce Secretary Rajesh Agrawal
Commerce Secretary Rajesh Agrawal met Chilean Vice-Minister Paula Estévez Weinstein in Santiago.
What does CEPA stand for in the India–Chile trade negotiations?
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Correct answer: D — Comprehensive Economic Partnership Agreement
CEPA stands for Comprehensive Economic Partnership Agreement.
Which of the following Japanese cities was NOT part of Piyush Goyal's August 2026 Japan visit?
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Correct answer: D — Kyoto
Piyush Goyal's engagements were held in Tokyo, Nagoya and Osaka.
At the India–Japan Startup Roundtable in Tokyo on 26 August 2026, what global rank did Piyush Goyal give India's startup ecosystem?
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Correct answer: B — Third-largest
Piyush Goyal said India is the world's third-largest startup ecosystem, with nearly 2.5 lakh startups set up over the last decade.
Consider the following statements made during Piyush Goyal's Japan visit of August 2026: 1. A target of JPY 10 trillion in Japanese private investment in India over a decade was agreed during the Prime Minister's 2025 visit to Japan. 2. India's semiconductor demand is projected to reach USD 150 billion by 2032. Which of the above is/are correct?
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Correct answer: C — Both 1 and 2
Both statements are correct as per the Commerce Ministry release.
UPI, which completed ten years on 25 August 2026, was developed and launched by which organisation?
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Correct answer: B — National Payments Corporation of India
UPI was launched on 25 August 2016 by NPCI under the regulatory oversight of the RBI.
As of August 2026, in how many countries is UPI accepted, according to the government?
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Correct answer: C — 11
UPI is accepted in 11 countries, with Greece and the Maldives the latest to adopt it.
Consider the following statements about the evolution of UPI: 1. UPI was piloted in April 2016 with 44 member banks. 2. The BHIM app was launched in August 2016 along with UPI's public rollout. Which of the above is/are correct?
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Correct answer: D — Neither 1 nor 2
Both are wrong. The April 2016 pilot had 21 member banks (44 banks were live in FY 2016-17), and BHIM was launched in December 2016.
Who co-chaired the 7th India–Morocco Joint Commission for India in August 2026?
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Correct answer: B — Jitin Prasada
MoS for Commerce and Industry Jitin Prasada co-chaired the 7th Joint Commission with Morocco's Omar Hejira.
India-Maroc Phosphore (IMACID), visited by Jitin Prasada in August 2026, is a joint venture of Indian partners with which Moroccan company?
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Correct answer: D — OCP Group
IMACID is a joint venture of Morocco's OCP Group with Indian partners in phosphates and fertilisers.
Consider the following statements about the 7th India–Morocco Joint Commission: 1. The two sides agreed to double bilateral trade within five years. 2. A Joint Working Group will explore a preferential trade agreement. Which of the above is/are correct?
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Correct answer: C — Both 1 and 2
Both are correct. The two sides also agreed to mark the 70th anniversary of ties in 2027 and hold the 8th Joint Commission in New Delhi.
The National Shipping Board, which held its first 'Sagar Samvad' in August 2026, was originally constituted as a statutory body in which year?
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Correct answer: C — 1958
Sonowal noted that the NSB is a statutory body constituted in 1958, older than the shipping ministry it advises; it was reconstituted in May 2025.
At the first Sagar Samvad on 25 August 2026, how many new vessels did the Shipping Minister say India plans to add over five years?
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Correct answer: A — 100
Sonowal said India plans to add 100 vessels to its merchant fleet over five years to cut a $75 billion foreign freight bill.
What record net profit did Regional Rural Banks report for FY 2025-26, according to the Finance Ministry review of 25 August 2026?
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Correct answer: D — ₹10,176 crore
RRBs' net profit rose to an all-time high of ₹10,176 crore in FY 2025-26, up from ₹6,820 crore in FY 2024-25.
As per the August 2026 review, how many Regional Rural Banks are currently operating in India?
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Correct answer: A — 28
28 RRBs operate through 22,273 branches across 26 states and 3 Union Territories, covering about 700 districts.
Consider the following statements about Regional Rural Banks in FY 2025-26: 1. Their gross NPA fell to an all-time low of 5.3%. 2. Their credit-deposit ratio reached an all-time high of 75.2%. Which of the above is/are correct?
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Correct answer: C — Both 1 and 2
Both are correct. GNPA fell to 5.3% (NNPA 2.1%) and the credit-deposit ratio rose to 75.2%.
Which institution will host the Critical Minerals Innovation Hackathon 2026 launched by the Mines Ministry in August 2026?
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Correct answer: B — JNARDDC, Nagpur
The hackathon will be organised and hosted by JNARDDC, Nagpur, an autonomous body under the Ministry of Mines.
As noted at the 3rd India–Cambodia JWGTI in August 2026, what was India–Cambodia bilateral trade in 2025-26?
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Correct answer: A — USD 406.78 million
Trade grew by over 36% to USD 406.78 million in 2025-26, up from USD 299 million in the previous year.
Consider the following statements about India–Cambodia economic ties as of August 2026: 1. Cambodia is India's 8th largest trading partner in ASEAN. 2. UPI acceptance at KHQR-enabled merchants in Phnom Penh was launched in June 2026. Which of the above is/are correct?
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Correct answer: C — Both 1 and 2
Both are correct. Cambodia accounts for 0.31% of India's trade with ASEAN, and UPI acceptance at KHQR merchants in Phnom Penh began on 2 June 2026.
How much foreign exchange had the RBI's special USD-INR swap facility mobilised as of 21 August 2026?
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Correct answer: B — USD 73 billion
The facility mobilised USD 73 billion in under eleven weeks, of which FCNR(B) deposits made up USD 65.40 billion.
The RBI's 2026 USD-INR swap facility was compared with a similar FCNR(B) swap scheme of which earlier year that raised about USD 26 billion?
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Correct answer: D — 2013
The 2013 FCNR(B) swap scheme raised about USD 26 billion over roughly three months; the 2026 facility raised USD 73 billion in under eleven weeks.
Consider the following statements about the RBI's 2026 USD-INR swap facility: 1. It was launched on 8 June 2026. 2. The RBI extended the FCNR(B) window from 31 August to 30 September 2026. Which of the above is/are correct?
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Correct answer: A — 1 only
Only statement 1 is correct. The RBI advanced the closure of the FCNR(B) window from 30 September to 31 August 2026 because the target was met early.
Where was the 4th India–Argentina Joint Trade Committee meeting held on 24 August 2026?
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Correct answer: B — Buenos Aires
The 4th JTC was held at Palacio San Martín in Buenos Aires.
KABIL's lithium mining activities in Argentina, reviewed at the August 2026 JTC, are located in which province?
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Correct answer: D — Catamarca
KABIL's project in Catamarca is the first lithium mining initiative by an Indian company in Argentina and has completed Phase II drilling; Salta and Jujuy are being explored next.
Consider the following statements about the 4th India–Argentina JTC: 1. India–Argentina trade crossed USD 6.5 billion in 2025. 2. Argentina committed to work towards upgrading India from Annex II to Annex I in its pharmaceutical regulatory framework. Which of the above is/are correct?
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Correct answer: C — Both 1 and 2
Both are correct. India is also now Argentina's fifth-largest trading partner.
What is the budgetary outlay of the Mobile Phone Manufacturing Scheme notified by MeitY in August 2026?
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Correct answer: B — ₹62,500 crore
The Mobile Phone Manufacturing Scheme (MPMS) has a budgetary outlay of ₹62,500 crore.
What is the tenure of the Mobile Phone Manufacturing Scheme (MPMS)?
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Correct answer: D — FY 2026-27 to FY 2030-31
The scheme runs for five years, from FY 2026-27 to FY 2030-31; TS2 applicants may get a one-year gestation period.
Under Target Segment 2 (TS2) of the Mobile Phone Manufacturing Scheme, what incentive do Indian brands get?
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Correct answer: A — 5%, plus an additional 3% for Indian design and R&D
TS2 gives Indian brands 5%, plus an additional 3% for Indian design and R&D; up to 1.5% more is available for domestic sourcing of key components.
Consider the following statements about the Mobile Phone Manufacturing Scheme: 1. It follows the PLI scheme for Large Scale Electronics Manufacturing, whose tenure ended on 31 March 2026. 2. To be eligible under Target Segment 1, a manufacturer needs a minimum turnover of ₹10,000 crore in FY 2025-26. Which of the above is/are correct?
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Correct answer: C — Both 1 and 2
Both are correct. TS1 also requires existing brands to add ₹5,000 crore in sales each year over FY 2025-26.
In which city did BRICS Tourism Ministers adopt their 2026 declaration on 21 August 2026?
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Correct answer: A — Jaipur
The BRICS Tourism Ministers' Meeting concluded in Jaipur with the adoption of the Jaipur Declaration.
Who chaired the BRICS Tourism Ministers' Meeting in Jaipur in August 2026?
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Correct answer: B — Gajendra Singh Shekhawat
Union Minister for Culture and Tourism Gajendra Singh Shekhawat chaired the meeting.
Consider the following statements about the Jaipur Declaration of BRICS Tourism Ministers: 1. 'Artificial Intelligence and Tourism' was one of the four thematic priorities reflected in it. 2. It was adopted by consensus. Which of the above is/are correct?
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Correct answer: C — Both 1 and 2
Both are correct. The other priorities were sustainability, skilling and capacity building, and seamless travel facilitation.
How many FDI investments had been reported under the revised land-bordering-country framework up to 20 August 2026?
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Correct answer: D — 29
29 FDI investments with proposed FDI of ₹4,895.65 crore had been reported up to 20 August 2026.
Under the revised FDI framework of 2026, investors with non-controlling beneficial ownership from land-bordering countries up to what level can use the automatic route?
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Correct answer: B — 10%
Non-controlling LBC beneficial ownership of up to 10% can now come through the automatic route, subject to sectoral caps and reporting.
Consider the following statements about the revised FDI framework for land-bordering-country ownership: 1. It was introduced through Press Note 2 of 2026. 2. Investors using it no longer need to report any information to the government. Which of the above is/are correct?
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Correct answer: A — 1 only
Only statement 1 is correct. The investor entity may proceed without other approvals only after reporting the relevant information to the government.
What stock limit did the Centre impose on sugar dealers from 1 August to 30 November 2026?
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Correct answer: C — 400 tonnes
A stock limit of 400 tonnes was imposed on sugar dealers across the country from 1 August to 30 November 2026.
To improve sugar availability in 2026, the Centre permitted duty-free import of how much raw sugar?
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Correct answer: A — 10 LMT
As a precaution, the government permitted duty-free import of 10 lakh metric tonnes (LMT) of raw sugar.
Consider the following statements about the Centre's August 2026 note on sugar prices: 1. The government attributed the price rise mainly to diversion of sugar for ethanol. 2. Sugar production this season is expected to be about 343 LMT. Which of the above is/are correct?
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Correct answer: D — Neither 1 nor 2
Both are wrong. The government said ethanol diversion was not the cause (its share fell to about 9%), and output is expected at about 306 LMT; 343 LMT was the states' initial estimate.
How much is the ADB loan signed in August 2026 for Chennai's water supply and sewerage?
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Correct answer: A — $230 million
India and ADB signed a $230 million loan for the Chennai Climate-Resilient Water Security and Sewerage Project.
Under the ADB-backed project, Chennai will become the first Indian city to implement:
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Correct answer: C — A comprehensive ring-main water supply solution
Chennai will be the first Indian city to implement a comprehensive ring-main solution, a closed-loop plumbing system that balances water pressure.
Consider the following statements about the Chennai Climate-Resilient Water Security and Sewerage Project: 1. It is financed by a World Bank loan. 2. It will lay over 170 km of pipes and upgrade 7 water and 38 sewer pumping stations. Which of the above is/are correct?
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Correct answer: B — 2 only
Only statement 2 is correct. The project is financed by a $230 million loan from the Asian Development Bank.
For what conduct did the CCI sanction the Agro Input Dealers Association and Agro Input Welfare Association in August 2026?
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Correct answer: A — Cartelisation
The CCI found them guilty of cartelisation under Section 3(3)(b) read with Section 3(1) of the Competition Act, 2002.
By how much did the Index of Core Industries grow year-on-year in July 2026 (provisional)?
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Correct answer: A — 5.4%
The ICI grew 5.4% in July 2026; June 2026 (final) was 6.0% and April-July cumulative growth was 4.3%.
Which core industry recorded the highest year-on-year growth in July 2026?
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Correct answer: B — Iron ore
Iron ore grew 29.5%, ahead of cement (13.1%), electricity (9%) and coal (7.6%).
Which edition of the India-Singapore Ministerial Roundtable (ISMR) did Piyush Goyal attend in Singapore on 20 August 2026?
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Correct answer: C — 4th
Goyal took part in the 4th India-Singapore Ministerial Roundtable and the 4th India-Singapore Business Roundtable.
On which route was the proof of concept for domestic-to-international transshipment cargo run from 20 June 2026?
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Correct answer: B — Chennai-Delhi-Frankfurt
The proof of concept ran on the Chennai-Delhi-Frankfurt sector using DIAL's Transshipment Excellence Centre, with Air India operating end-to-end.
By how much did the transshipment proof of concept reduce average end-to-end transit time?
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Correct answer: D — From 60 hours to 20 hours
Ram Mohan Naidu said the proof of concept cut average end-to-end transit time from 60 hours to 20 hours.
Consider the following statements about the transshipment cargo reform at IGI Airport: 1. London and Copenhagen were added as new international destinations on 19 August 2026. 2. The framework allowing secured transshipment cargo to move without re-screening was notified by the DGCA. Which of the above is/are correct?
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Correct answer: A — 1 only
Only statement 1 is correct. The framework was notified by the Bureau of Civil Aviation Security (BCAS) through Addendum-II to AVSEC Circular No. 6/2024 on 21 July 2025.