Economy Current Affairs Quiz — Last 12 months
Daily news by your exam, state and topic — each with a short summary, key facts and MCQs.
At what level did the RBI's Monetary Policy Committee keep the policy repo rate at its 3-5 August 2026 meeting, as recorded in the minutes released on 19 August?
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Correct answer: B — 5.25%
The MPC unanimously kept the repo rate at 5.25%; the SDF rate is 5.00% and the MSF rate and Bank Rate are 5.50%.
The RBI Monetary Policy Committee meeting held from 3 to 5 August 2026 was its
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Correct answer: D — 62nd meeting
The minutes describe it as the sixty-second meeting of the MPC.
Consider the following statements about the RBI MPC minutes released on 19 August 2026: 1. The minutes are published under Section 45ZL of the RBI Act, 1934. 2. The MPC changed its stance from neutral to accommodative. Which of the above is/are correct?
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Correct answer: A — 1 only
Only statement 1 is correct. The MPC decided to continue with the neutral stance.
The Mines and Minerals (Development and Regulation) Amendment Act, 2026, notified on 17 August 2026, amends which principal Act?
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Correct answer: C — MMDR Act, 1957
The 2026 Amendment Act amends the Mines and Minerals (Development and Regulation) Act, 1957, under which mining in India is regulated.
According to the PIB backgrounder on the MMDR Amendment Act, 2026, roughly how many taxes, charges and fees do States currently impose on mining?
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Correct answer: A — Around 14
The backgrounder said States impose around 14 taxes, charges and fees, including royalty, auction premium, dead rent, DMF payments, GST and transit fee.
Consider the following statements about the MMDR Amendment Act, 2026: 1. It completely abolishes royalty payable on major minerals. 2. It allows States to levy fresh taxes on mineral-bearing lands without any conditions. Which of the above is/are correct?
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Correct answer: D — Neither 1 nor 2
Neither is correct. The Act does not abolish royalty; it bars States from levying fresh taxes on mineral rights and mineral-bearing lands except within conditions prescribed by the Central Government.
According to the PLFS monthly bulletin for July 2026, what was the overall Labour Force Participation Rate (15 years and above, CWS)?
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Correct answer: B — 55.4%
Overall LFPR rose to 55.4% in July 2026 from 54.4% in June 2026; 58.0% is the rural LFPR and 52.5% the overall WPR.
Consider the following statements about the PLFS monthly bulletin for July 2026: 1. Female LFPR (15 years and above) rose to 34.4% from 32.7% in June 2026. 2. The overall Worker Population Ratio rose to 52.5% from 51.4% in June 2026. Which of the above is/are correct?
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Correct answer: C — Both 1 and 2
Both are correct as per the MoSPI press note on the July 2026 bulletin.
The PLFS monthly bulletin for July 2026 is which number in the monthly series that began with April 2025?
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Correct answer: A — Sixteenth
Monthly bulletins for April 2025 to June 2026 were already out, so the July 2026 bulletin is the sixteenth in the series.
On 17 August 2026, the Supreme Court directed all States to set up dedicated SITs to probe fraudulent claims in which area?
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Correct answer: A — Motor accident insurance claims
The order concerns suspected fraudulent motor accident insurance claims, including cases where the same vehicle was shown in multiple accidents.
Consider the following statements about the Supreme Court's 17 August 2026 order on fraudulent motor accident claims: 1. The SITs are to be constituted by the Union Ministry of Road Transport and Highways at the national level. 2. Top management of insurance companies will be held accountable if fraud-indicative claims are forwarded selectively. Which of the above is/are correct?
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Correct answer: B — 2 only
Only statement 2 is correct. The Court directed each State to form a dedicated SIT at the State level, not a single national SIT under the Union ministry.
Under the Supreme Court's 17 August 2026 directions, what must an insurer do when a Motor Accident Claims Tribunal rejects a claim on the ground of fraud or collusion?
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Correct answer: D — Forward details to the State SIT and run an in-house inquiry into collusion by its own officers
The Court directed insurers to immediately forward such cases to the SIT of the State where the claim was raised and to investigate whether their own officers colluded.
How many additional proposals did MeitY approve under the Electronics Components Manufacturing Scheme (ECMS) on 17 August 2026?
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Correct answer: D — 31
MeitY approved 31 more proposals with projected investment of ₹6,844 crore, in addition to 75 approved earlier.
After the approvals of 17 August 2026, how many ECMS projects had been approved in total, and how many plants had started manufacturing?
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Correct answer: C — 106 approved; 38 operational
Of the 106 projects approved so far, 38 plants have commenced manufacturing and 16 more are at advanced stages of construction or machinery installation.
The ECMS approval event of 17 August 2026 was held in collaboration with which industry body?
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Correct answer: A — Electronic Industries Association of India (ELCINA)
MeitY held the event for handing over approvals in New Delhi in collaboration with ELCINA, whose president Sasikumar Gendham attended.
At the 3rd Apex Monitoring Authority meeting of NICDIT on 17 August 2026, the Finance Minister stressed convergence of 'FIRE' corridors. What does 'FIRE' stand for?
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Correct answer: D — Freight, Industrial Development, Railways, Expressways
Nirmala Sitharaman underlined the convergence of Freight, Industrial Development, Railways and Expressways, the FIRE corridors, for the success of the industrial corridor programme.
Under which trade agreement did syndicates fraudulently claim duty exemption on areca nut imports, as uncovered by the DRI on 16 August 2026?
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Correct answer: A — SAFTA
The syndicates claimed duty exemption under the South Asian Free Trade Area (SAFTA) by mis-declaring the origin of the areca nuts.
In the areca nut fraud uncovered by the DRI in August 2026, the imports were falsely declared as originating from which country?
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Correct answer: D — Bangladesh
The South-East Asian areca nuts were routed through an export processing zone in Bangladesh and passed off as Bangladeshi-origin goods.
Consider the following statements about the DRI's areca nut case announced on 16 August 2026: 1. Areca nut imports into India normally attract a Basic Customs Duty of 100%. 2. The estimated loss to the exchequer is more than ₹2,500 crore. Which of the above is/are correct?
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Correct answer: C — Both 1 and 2
Both are correct. Normal BCD on areca nuts is 100%, whereas eligible SAFTA imports are exempt; the DRI put the revenue loss at over ₹2,500 crore.
Projects of what total value did Amit Shah inaugurate and lay foundation stones for in Alwar, Rajasthan, on 16 August 2026?
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Correct answer: D — ₹6,453 crore
The Alwar event covered Rajasthan Government projects worth ₹6,453 crore across 17 districts; ₹5,755 crore was the Chittorgarh event the same day.
What is the initial daily capacity of the milk-processing plant for which bhoomi pujan was performed in Alwar on 16 August 2026?
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Correct answer: A — 3 lakh litres
Amit Shah said the Alwar plant will have a capacity of 3 lakh litres a day, to be raised soon to 5 lakh litres.
By which year does Telangana aim to become a $1 trillion economy, as announced by CM Revanth Reddy on 15 August 2026?
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Correct answer: C — 2034
Revanth Reddy set targets of a $1 trillion economy by 2034 and a $3 trillion economy by 2047.
Consider the following statements about Telangana CM Revanth Reddy's Independence Day 2026 address: 1. Telangana currently pays social security pensions to about 20 lakh people. 2. Citing RBI figures, he said Telangana's per capita income in 2025-26 was ₹4,18,931. Which of the above is/are correct?
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Correct answer: B — 2 only
Only statement 2 is correct. The state already pays pensions to 43 lakh people, and 2.25 lakh more were added; the per capita income of ₹4,18,931 is about 91% above the national average.
The Qatar–India postal remittance service launched on 15 August 2026 credits money directly to which kind of accounts in India?
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Correct answer: A — UPI-enabled bank accounts
Customers in Qatar can send funds through Qatar Post outlets directly to UPI-enabled bank accounts in India.
Which platform of the Universal Postal Union is part of the Qatar–India UPI-powered postal remittance service?
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Correct answer: D — UPU Interconnection Platform (UPU-IP)
The service was developed by Qatar Post, India Post, the UPU Interconnection Platform (UPU-IP) and NPCI International Payments Limited (NIPL).
The government announced on 14 August 2026 that it is removing the advertisement duration cap for TV channels. What was the cap?
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Correct answer: D — 12 minutes per hour
The 12-minute advertisement duration cap for television channels is being removed to enable fair competition and ease of doing business.
Under which rules was the TV advertisement duration cap introduced in 2006?
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Correct answer: A — Cable Television Networks Rules, 1994
The cap was introduced in 2006 under the Cable Television Networks Rules, 1994; its removal takes effect when the amendment to these rules is notified.
Consider the following statements about the removal of the TV advertisement cap: 1. When the cap was introduced, India had only 62 TV channels. 2. Digital media platforms in India were subject to the same 12-minute cap. Which of the above is/are correct?
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Correct answer: A — 1 only
Only statement 1 is correct. India had 62 channels in 2006 against more than 900 now; the Ministry cited a non-level playing field because digital media had no such cap.
In which two Union Territories was CBDC-based Direct Benefit Transfer under PMGKAY launched on 14 August 2026?
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Correct answer: B — Chandigarh and Dadra & Nagar Haveli
The CBDC-based DBT of food subsidy under PMGKAY was launched in Chandigarh and Dadra & Nagar Haveli.
Consider the following statements about the CBDC-based DBT under PMGKAY: 1. The food subsidy is credited to the beneficiary's Digital Rupee wallet instead of a bank account. 2. Only smartphone users can use the facility. Which of the above is/are correct?
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Correct answer: A — 1 only
Only statement 1 is correct. Smartphone users can pay through QR codes, while feature-phone users can use an OTP-based mechanism.
What was India's WPI inflation rate for July 2026 on a year-on-year basis?
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Correct answer: C — 9.78%
WPI inflation was 9.78% in July 2026, slightly lower than 9.87% in June; 6.65% was the food index, 8.52% primary articles and 20.05% fuel and power.
Consider the following statements about WPI data for July 2026: 1. The current WPI series uses 2011-12 as its base year. 2. Fuel and Power inflation fell compared with June 2026. Which of the above is/are correct?
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Correct answer: B — 2 only
Only statement 2 is correct. The WPI series now uses base year 2022-23, and Fuel and Power inflation fell from 27.41% in June to 20.05% in July.
Which technology does the Logistics Data Bank mainly use to track India's EXIM containers?
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Correct answer: C — Radio Frequency Identification (RFID)
LDB provides visibility of 100% of India's EXIM container movement through RFID-based technology, backed by IoT, Big Data and Cloud; it crossed 10 crore containers tracked in August 2026.
Which GI-tagged rice from Tripura was showcased at the APEDA International Organic Buyer-Seller Meet in Agartala in August 2026?
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Correct answer: A — Kalikhasa rice
Tripura's GI-tagged Kalikhasa rice was displayed along with Queen Pineapple, organic ginger and turmeric.
What total manufacturing capacity does the Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnets aim to create?
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Correct answer: C — 6,000 MTPA
The scheme aims to set up a total capacity of 6,000 MTPA, with each beneficiary allotted up to 1,200 MTPA; it drew 20 bids by August 2026.
Which ministry runs the scheme for sintered rare earth permanent magnet manufacturing that received 20 bids in August 2026?
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Correct answer: B — Ministry of Heavy Industries
The Ministry of Heavy Industries received the 20 bids under the REPM scheme through a global tender on the CPP portal.
Consider the following statements about the REPM scheme: 1. The scheme covers sintered NdFeB (neodymium-iron-boron) magnets. 2. The Union Cabinet approved the scheme in November 2025. Which of the above is/are correct?
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Correct answer: C — Both 1 and 2
Both statements are correct. The scheme is for integrated sintered NdFeB rare earth permanent magnet facilities and was approved by the Union Cabinet on 26 November 2025.
Which of the following is NOT among the four sectors analysed in NITI Aayog's August 2026 report 'Key Sectors to Position India as a Global Manufacturing Hub'?
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Correct answer: D — Automobiles
The report analyses Chemicals, Telecom and Networking Equipment, Textiles and Solar PV manufacturing; automobiles is not one of the four.
Which body released the report 'Key Sectors to Position India as a Global Manufacturing Hub' on 13 August 2026?
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Correct answer: A — NITI Aayog
NITI Aayog released the report, which analyses chemicals, telecom and networking equipment, textiles and solar PV manufacturing.
What were India's total exports (merchandise and services) in July 2026, as estimated by the Ministry of Commerce and Industry?
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Correct answer: B — $80.14 billion
Total exports in July 2026 were $80.14 billion, up 13.31%; $44.24 billion was merchandise exports, $95.16 billion total imports and $316.42 billion the April–July cumulative exports.
Consider the following statements about India's trade in July 2026: 1. Electronic goods exports grew faster than petroleum product exports. 2. Total imports grew faster than total exports. Which of the above is/are correct?
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Correct answer: B — 2 only
Only statement 2 is correct. Petroleum product exports grew 67.64% against 57.40% for electronics, and total imports grew 15.83% against 13.31% for total exports.
By what percentage did India's electronic goods exports grow in July 2026 over July 2025?
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Correct answer: B — 57.40%
Electronic goods exports rose 57.40%, from $3.76 billion to $5.92 billion; engineering goods grew 17.71% and chemicals 14.39%.
With which regional grouping did India sign Terms of Reference for Preferential Trade Agreement negotiations on 12 August 2026?
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Correct answer: A — SACU
India and the Southern African Customs Union (SACU) signed the ToR for PTA negotiations at Vanijya Bhawan, New Delhi.
Consider the following statements about the India–SACU Terms of Reference signed in August 2026: 1. It is India's first ToR signing with the African region. 2. SACU was described as the oldest customs union in the world. Which of the above is/are correct?
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Correct answer: C — Both 1 and 2
Both statements are correct, according to Commerce Secretary Rajesh Agrawal; the PTA is envisaged to cover eight chapters.
How many chapters is the proposed India–SACU Preferential Trade Agreement envisaged to cover?
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Correct answer: D — Eight
The PTA is envisaged to cover eight chapters, including trade in goods and market access, rules of origin, customs procedures and trade remedies.
What was India's CPI-based retail inflation for July 2026, on the new base year 2024?
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Correct answer: B — 4.45%
Combined CPI inflation was 4.45% in July 2026; 4.84% was rural, 3.96% urban and 5.52% food (CFPI) inflation.
What is the base year of the Consumer Price Index series used for the July 2026 inflation data released by MoSPI?
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Correct answer: B — 2024
The CPI series now uses base year 2024=100; the WPI series separately uses base year 2022-23.
Consider the following statements about CPI data for July 2026: 1. Urban inflation was higher than rural inflation. 2. Food inflation (CFPI) was higher than headline CPI inflation. Which of the above is/are correct?
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Correct answer: B — 2 only
Only statement 2 is correct. Rural inflation (4.84%) was higher than urban (3.96%), and food inflation of 5.52% exceeded headline inflation of 4.45%.
Roughly what share of India's agarwood trees is located in the North Eastern Region, according to MDoNER in August 2026?
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Correct answer: D — About 96.6%
India has an estimated 139.89 million agarwood trees, nearly 96.6% of them in the North Eastern Region.
Which export promotion council organised the August 2026 industry summit on agarwood oil exports with MDoNER?
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Correct answer: A — CHEMEXCIL
The Chemicals and Allied Products Export Promotion Council (CHEMEXCIL) organised the summit with MDoNER.
Consider the following statements about MDoNER's agarwood initiatives: 1. The Inter-Ministerial Task Force on agarwood was constituted in February 2025. 2. The Agarwood Steering Group was constituted in November 2023. Which of the above is/are correct?
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Correct answer: D — Neither 1 nor 2
Neither statement is correct. The dates are reversed: the Inter-Ministerial Task Force was set up in November 2023 and the Agarwood Steering Group in February 2025.
What was the value of India–Namibia bilateral merchandise trade in 2025-26, as reported at the fourth Joint Trade Committee in August 2026?
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Correct answer: D — USD 592.94 million
Trade rose to USD 592.94 million in 2025-26 from USD 568.40 million in 2024-25; India's exports were USD 349.09 million.
Which body was designated as India's investment focal point at the India–Namibia Joint Trade Committee in August 2026?
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Correct answer: A — Invest India
Invest India and the Namibia Investment Promotion and Development Board were designated as the JTC investment focal points.
Consider the following statements about India–Namibia trade ties, as reported in August 2026: 1. India is Namibia's largest source of pharmaceuticals. 2. India's imports from Namibia exceeded its exports in 2025-26. Which of the above is/are correct?
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Correct answer: D — Neither 1 nor 2
Neither statement is correct. India is Namibia's second-largest pharmaceutical source (16.4% share), and India's exports (USD 349.09 million) exceeded imports (USD 243.85 million).
What was India's annual milk production in 2024–25, as stated by the Animal Husbandry Minister in August 2026?
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Correct answer: C — 247.87 million tonnes
Milk production reached 247.87 million tonnes in 2024–25, above domestic demand of 243 million tonnes.
Consider the following statements about India's livestock sector, as stated in August 2026: 1. KCC coverage for animal husbandry farmers more than tripled between 2021–22 and FY 2025–26. 2. India's milk production in 2024–25 was below its domestic demand. Which of the above is/are correct?
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Correct answer: A — 1 only
Only statement 1 is correct. KCC coverage rose from 15.08 lakh to 50.42 lakh, while milk production (247.87 MT) exceeded domestic demand (243 MT).
Which nationwide short code did Government e Marketplace (GeM) introduce for its helpdesk on its 10th Foundation Day in August 2026?
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Correct answer: A — 14550
GeM introduced the short code 14550 for helpdesk services and launched a customised 'My Stamp' on its 10th Foundation Day.
Where was the 10th Foundation Day of Government e Marketplace (GeM) celebrated on 10 August 2026?
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Correct answer: C — Bharat Mandapam
GeM's 10th Foundation Day was held at Bharat Mandapam, New Delhi, with Commerce Minister Piyush Goyal.
Who launched NITI Aayog's report 'India's Services Sector: Insights on Regulatory Regime in Professional Services' on 10 August 2026?
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Correct answer: B — Ashok Kumar Lahiri
NITI Aayog Vice Chairman Ashok Kumar Lahiri launched the report, in the presence of CEO Nidhi Chhibber and MoSPI Secretary Saurabh Garg.
Professional services account for roughly what share of India's total services exports, according to NITI Aayog's August 2026 report?
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Correct answer: C — About one-quarter
Professional services account for nearly a quarter of India's total services exports.
Consider the following statements about NITI Aayog's August 2026 report on professional services: 1. It is the first report in NITI Aayog's Services Thematic Series. 2. It benchmarks India's regulatory framework against select foreign jurisdictions. Which of the above is/are correct?
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Correct answer: B — 2 only
Only statement 2 is correct. The report is the third in the Services Thematic Series, and it benchmarks India's framework against select foreign jurisdictions.
What was the urban unemployment rate (age 15+) in the PLFS quarterly bulletin for April–June 2026?
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Correct answer: B — 6.7%
The urban unemployment rate stayed broadly stable at 6.7% in April–June 2026.
Which organisation conducts the Periodic Labour Force Survey (PLFS)?
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Correct answer: D — National Statistics Office, MoSPI
The PLFS is conducted by the National Statistics Office (NSO) under the Ministry of Statistics and Programme Implementation.
Consider the following statements about the PLFS bulletin for April–June 2026: 1. The overall LFPR rose compared with the previous quarter. 2. The share of regular wage/salaried employees rose in both rural and urban areas. Which of the above is/are correct?
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Correct answer: B — 2 only
Only statement 2 is correct. Overall LFPR fell from 55.5% to 54.6%, while the regular wage share rose in rural (16.1%) and urban (49.3%) areas.
From which state did Dergang FPO make the first-ever export of mustard honey to Dubai, facilitated by APEDA in August 2026?
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Correct answer: D — Tripura
Dergang FPO from Tripura exported 1 MT of mustard honey to Dubai with APEDA's facilitation.
India's non-fossil fuel installed power capacity crossed which milestone as on 31 July 2026?
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Correct answer: C — 300 GW
Non-fossil capacity reached 300.50 GW, over 60% of the 500 GW target for 2030.
Which source contributes the second-largest share of India's non-fossil power capacity as on 31 July 2026?
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Correct answer: A — Wind
Wind (58.14 GW) is second after solar (164.59 GW), just ahead of hydro (57.24 GW).
What share of India's total installed electricity capacity came from non-fossil sources as of July 2026?
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Correct answer: C — Over 54%
Non-fossil sources make up over 54% of India's total installed capacity of around 552 GW.
Consider the following statements about India's non-fossil power capacity as on 31 July 2026: 1. Nuclear power capacity exceeds bio-power capacity. 2. A record 55.29 GW of non-fossil capacity was added in 2025-26. Which of the above is/are correct?
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Correct answer: B — 2 only
Only statement 2 is correct. Nuclear capacity (8.78 GW) is lower than bio-power (11.75 GW); a record 55.29 GW was added in 2025-26.
Under the aegis of which department was the Indian Cost Accounts Service (ICoAS) Foundation Day organised on 9 August 2026?
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Correct answer: D — Department of Expenditure
The ICoAS Foundation Day was organised under the aegis of the Department of Expenditure, Ministry of Finance.
Where did the Competition Commission of India host the meeting of Heads of BRICS Competition Authorities on 8 August 2026?
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Correct answer: A — Udaipur
The CCI hosted the meeting in Udaipur, Rajasthan, under India's BRICS Chairship.
Who is the Chairperson of the Competition Commission of India, who addressed the BRICS competition heads' meeting in August 2026?
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Correct answer: B — Ravneet Kaur
CCI Chairperson Ravneet Kaur delivered the inaugural address at the meeting in Udaipur.
Consider the following statements about the BRICS competition authorities' meeting of August 2026: 1. The joint statement adopted focused on fair competition, including in renewable energy markets. 2. The Xth BRICS International Competition Conference will be held in India in 2027. Which of the above is/are correct?
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Correct answer: A — 1 only
Only statement 1 is correct. Brazil's CADE is preparing to host the Xth BRICS International Competition Conference in Brazil in 2027.