Economy Current Affairs Quiz — Last 12 months
Daily news by your exam, state and topic — each with a short summary, key facts and MCQs.
Which section of the Payment and Settlement Systems Act, 2007 does the Taxation and Other Laws (Amendment) Bill, 2026 propose to amend in relation to UPI charges?
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Correct answer: B — Section 10A
The Bill proposes to amend Section 10A of the PSS Act, 2007; the NPCI-led UPI and Services Steering Committee would then decide on any MDR.
According to the Finance Ministry's clarification of August 2026, which body will decide on any MDR on UPI once the amendment is passed?
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Correct answer: C — UPI and Services Steering Committee headed by NPCI
The 'UPI and Services Steering Committee', headed by NPCI, will decide on the MDR, if any.
Consider the following statements based on the Finance Ministry's UPI clarification of August 2026: 1. Person-to-person UPI transactions will continue to be free. 2. Any MDR introduced will be levied on all merchant transactions at a uniform rate. Which of the above is/are correct?
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Correct answer: A — 1 only
Only statement 1 is correct. Any MDR would be threshold-based and apply only to a limited set of merchant transactions, not to all.
What service for urban cooperative banks was launched by Amit Shah at the NUCFDC event in Mumbai on 8 August 2026?
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Correct answer: B — Bank in a Box
'Bank in a Box' will offer every branch core banking, digital payments, cloud and compliance services at affordable rates.
About how many urban cooperative banks is NUCFDC aiming to connect as their umbrella organisation, as stated in August 2026?
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Correct answer: C — 1,400
The objective is to connect nearly 1,400 urban cooperative banks to the umbrella organisation.
Which university was NUCFDC advised to sign an MoU with for cybersecurity and digital forensics support for urban cooperative banks?
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Correct answer: A — National Forensic Sciences University
Amit Shah said NUCFDC was advised to sign an MoU with the National Forensic Sciences University (NFSU).
To which country did the first-ever commercial sea shipment of GI-tagged Mithila Makhana go in August 2026?
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Correct answer: C — Australia
APEDA facilitated the 18 MT sea shipment from Bihta, Bihar, to Australia.
The makhana for the first sea-route export of GI-tagged Mithila Makhana in August 2026 was sourced from growers of which district?
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Correct answer: D — Darbhanga
The consignment was sourced from makhana growers of Darbhanga district.
Consider the following statements about the first sea export of Mithila Makhana in August 2026: 1. The consignment weighed 18 metric tonnes. 2. Farmers realised nearly 18% higher returns than prevailing market rates. Which of the above is/are correct?
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Correct answer: C — Both 1 and 2
Both statements are correct: an 18 MT consignment, with farmers getting nearly 18% higher returns.
Which city hosted the 16th BRICS Trade Ministers' Meeting under India's BRICS Chairship in August 2026?
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Correct answer: C — Jaipur
The 16th BRICS Trade Ministers' Meeting concluded in Jaipur, Rajasthan, on 7 August 2026.
The 'Jaipur Consensus' issued by BRICS Trade Ministers in August 2026 relates to studying which mechanism?
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Correct answer: B — A BRICS Invoice Discounting Mechanism
Ministers issued the Jaipur Consensus to study a BRICS Invoice Discounting Mechanism to ease MSME trade finance.
What size of global trade finance gap, affecting smaller enterprises, was cited at the 16th BRICS Trade Ministers' Meeting?
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Correct answer: D — About USD 2.5 trillion
The MSME instruments respond to a global trade finance gap of about USD 2.5 trillion.
Consider the following statements about the 16th BRICS Trade Ministers' Meeting: 1. It was chaired by Union Commerce and Industry Minister Piyush Goyal. 2. It was preceded by the Third Meeting of the BRICS Contact Group on Economic and Trade Issues in New Delhi. Which of the above is/are correct?
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Correct answer: C — Both 1 and 2
Both statements are correct. Piyush Goyal chaired the meeting, and the third CGETI meeting was held in New Delhi on 3–4 August 2026.
Production of which Russian regional aircraft was discussed at the 12th India–Russia Working Group on Modernization and Industrial Cooperation in August 2026?
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Correct answer: D — SJ-100
Cooperation in UAVs, 3-D printing and production of the Russian regional aircraft SJ-100 was discussed.
About how many Scheduled Tribe entrepreneurs do the Tribal Affairs Ministry's August 2026 MoUs with incubators aim to reach?
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Correct answer: C — 1,000
The partnerships aim to reach approximately 1,000 ST entrepreneurs.
Under the Tribal Affairs Ministry's August 2026 incubator partnerships, a minimum of how many ST entrepreneurs are to be funded and incubated under VCF-ST?
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Correct answer: B — 100
A minimum of 100 ST entrepreneurs are to be funded and incubated under VCF-ST.
The 10th BRICS Industry Ministers' Meeting in Jaipur culminated ministerial engagement under which BRICS mechanism?
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Correct answer: A — BRICS Partnership on New Industrial Revolution (PartNIR)
The meeting culminated the ministerial engagement under the BRICS Partnership on New Industrial Revolution (PartNIR).
For a BRICS Working Group on which industry were Terms of Reference and an Action Plan adopted at the 10th BRICS Industry Ministers' Meeting?
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Correct answer: B — Photovoltaic industry
Ministers adopted the Terms of Reference and Action Plan for the BRICS Working Group on the Photovoltaic Industry.
What did India propose at the 10th BRICS Industry Ministers' Meeting to support innovation-led growth?
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Correct answer: C — A BRICS Incubator Network and a BRICS Startup Innovation Fund
India proposed a BRICS Incubator Network and a BRICS Startup Innovation Fund.
BIOFACH INDIA 2026, organised by APEDA in Greater Noida in August 2026, is an exhibition focused on which products?
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Correct answer: D — Certified organic products
BIOFACH INDIA 2026 promotes India's certified organic, natural and sustainable food products.
What was India's crude steel production in April–July 2026, as per Steel Ministry data released in August 2026?
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Correct answer: D — 56.3 million tonnes
Crude steel output was 56.3 MT in April–July 2026, up 2.6% from 54.9 MT a year earlier.
Under the inventory-based cross-border e-commerce export framework notified in August 2026, export-only inventory operations are undertaken through which entity?
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Correct answer: B — Exporter-on-Record
Eligible e-commerce entities run export-only inventory operations through a registered Exporter-on-Record, which exports in its own name.
Under which policy was the inventory-based cross-border e-commerce export framework operationalised in August 2026?
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Correct answer: A — Foreign Trade Policy 2023
The framework was operationalised under the Foreign Trade Policy 2023 through Notification No. 27/2026-27.
At which port did DRI intercept 13 containers of Pakistan-origin dry dates in 2026?
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Correct answer: B — Kandla
DRI intercepted 13 containers carrying 364 MT of dry dates imported at Kandla Port.
The Pakistan-origin dry dates seized by DRI in August 2026 had been misdeclared as originating from which country?
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Correct answer: C — United Arab Emirates
The goods were declared as UAE-origin but were of Pakistan origin, routed via Dubai.
What uniform registration fee will Container Train Operators pay under the single All India licence approved by Indian Railways in August 2026?
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Correct answer: C — Rs 25 crore
CTOs will pay a uniform registration fee of Rs 25 crore under the single All India licence.
Consider the following statements about the container train licensing reform of August 2026: 1. The existing route-wise categorisation of licences will be discontinued. 2. The reform was made by amending the Model Concession Agreement of the Ministry of Commerce and Industry. Which of the above is/are correct?
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Correct answer: A — 1 only
Only statement 1 is correct. Indian Railways approved modifications to its own Model Concession Agreement for container train operators.
Which two bodies signed the MoU in August 2026 to commercialise India's GI products under the 'Bharat GI' banner?
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Correct answer: A — Ministry of MSME and DPIIT
The Ministry of MSME and DPIIT signed the MoU on 5 August 2026 at Vanijya Bhawan, New Delhi.
Under the 'Bharat GI' initiative, GI collectives and authorised users are to be onboarded onto which platforms?
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Correct answer: B — ONDC and GeM
The MoU provides for onboarding GI collectives and authorised users onto ONDC and the Government e-Marketplace (GeM).
Consider the following statements: 1. DPIIT is the nodal department for registration and legal protection of Geographical Indications under the GI of Goods (Registration and Protection) Act, 1999. 2. The MSME–DPIIT MoU of August 2026 provides for integrating One District One Product (ODOP) into programme design. 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 MoU announcement.
On which portal was the 'As Seen on Netflix' section launched in August 2026?
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Correct answer: D — Incredible India portal
The 'As Seen on Netflix' section was launched on the Incredible India portal under the Ministry of Tourism–Netflix India collaboration.
As of August 2026, how many coal blocks have been successfully auctioned since commercial coal mining began in 2020?
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Correct answer: B — 147
With the six blocks of August 2026, 147 coal blocks have been auctioned since 2020, with a production capacity of 377.974 MTPA.
Consider the following statements about the coal block auctions concluded on 4 August 2026: 1. The highest final offer, 37.50%, was for the Tara (Revised) block in Chhattisgarh. 2. All six blocks auctioned were fully explored blocks. Which of the above is/are correct?
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Correct answer: A — 1 only
Statement 1 is correct. Statement 2 is wrong: four blocks were fully explored and two partially explored.
India's first Telecom Manufacturing Zone (TMZ) is being developed in which city?
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Correct answer: D — Gwalior
India's first and only Telecom Manufacturing Zone is at Gwalior, Madhya Pradesh.
After the Mumbai investors' meet of 4 August 2026, what were the cumulative investment commitments for the Gwalior Telecom Manufacturing Zone?
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Correct answer: C — ₹5,500 crore
₹2,000 crore of fresh commitments at Mumbai took the cumulative total to ₹5,500 crore; ₹10,000 crore is the target.
Which city hosted the meeting of Heads of National Statistical Offices of BRICS countries that concluded on 4 August 2026?
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Correct answer: C — Lucknow
The two-day BRICS NSO heads' meeting concluded in Lucknow, Uttar Pradesh, on 4 August 2026.
Which institution conducted the third-party assessment of the KCC–Modified Interest Subvention Scheme reported in August 2026?
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Correct answer: B — Institute for Social and Economic Change (ISEC), Bengaluru
The assessment was conducted through ISEC, Bengaluru.
According to the ISEC assessment, every ₹1 invested under KCC-MISS contributes how much to net value addition in agriculture and allied sectors?
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Correct answer: D — ₹2.30
Every ₹1 invested under KCC-MISS contributes ₹2.30 to net value addition; ₹1.87 lakh crore is the subsidy outlay till 2024-25.
Consider the following statements about KCC-MISS: 1. Its estimated subsidy outlay from inception till 2024-25 was about ₹1.87 lakh crore. 2. Farmers receiving the Prompt Repayment Incentive showed better credit discipline, according to the ISEC study. Which of the above is/are correct?
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Correct answer: C — Both 1 and 2
Both statements reflect the ISEC findings reported by the Finance Ministry.
The Centre of Excellence for Handloom Technology (CoE-HT), inaugurated in August 2026, is located at which institution?
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Correct answer: A — IIT Delhi
Textiles Minister Giriraj Singh inaugurated the CoE-HT at IIT Delhi on 3 August 2026.
Which initiative launched at the Centre of Excellence for Handloom Technology converts recycled defence textiles into premium handloom fabrics?
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Correct answer: C — Threads of Valour
Threads of Valour is a sustainability initiative that turns recycled defence textiles into premium handloom fabrics.
At the India–Uzbekistan Business Forum in August 2026, bilateral trade between the two countries was stated to have crossed approximately how much?
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Correct answer: B — US$1.5 billion
Piyush Goyal said bilateral trade had crossed about US$1.5 billion and called for doubling it in three years.
Consider the following statements about India–Uzbekistan economic ties as discussed on 3 August 2026: 1. Piyush Goyal called for doubling bilateral trade over the next three years. 2. India and Uzbekistan have recently concluded a Bilateral Investment Treaty. Which of the above is/are correct?
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Correct answer: C — Both 1 and 2
Both are correct: Goyal set a three-year goal to double trade and referred to the recently concluded Bilateral Investment Treaty.
How much freight did Indian Railways load in July 2026?
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Correct answer: C — 141.3 million tonnes
Indian Railways loaded 141.3 MT in July 2026 against 129.7 MT in July 2025, a 9% rise.
Which commodity recorded the highest year-on-year growth in railway loading in July 2026?
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Correct answer: B — Iron ore
Iron ore loading grew 22.2%, ahead of fertilisers (12%) and coal and food grains (11.5% each).
As reported in August 2026, what share of India's inhabited villages is served by a banking outlet within 5 km?
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Correct answer: A — 99.92%
99.92% of inhabited villages (6,00,868 of 6,01,328) are served by a banking outlet within 5 km.
The coverage of villages by banking outlets is tracked using data uploaded by banks on which app?
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Correct answer: B — Jan Dhan Darshak
The figures are based on data uploaded by banks on the Jan Dhan Darshak (JDD) app.
Consider the following statements: 1. RBI permits banks to open branches anywhere without prior approval, provided 25% of them are in unbanked rural areas. 2. More than 75 crore PMJDY accounts had been opened as of August 2026. Which of the above is/are correct?
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Correct answer: A — 1 only
Statement 1 is correct. Statement 2 is wrong: 58.77 crore PMJDY accounts had been opened.
The revamped 'TRAI MyCall' app launched in August 2026 is meant for consumers to assess what?
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Correct answer: D — Voice-call quality
TRAI MyCall lets consumers rate and report their voice-calling experience, including call drops and audio issues.
What was coal production from captive and commercial mines in July 2026?
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Correct answer: A — 14.78 million tonnes
Production was 14.78 MT (up 9.61%), while dispatches were 17.49 MT.
What was India's total coal production in July 2026 (provisional)?
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Correct answer: A — 69.75 million tonnes
Production was 69.75 MT, up 7.51% from 64.88 MT; 86.33 MT was dispatch and 50.35 MT was Coal India's output.
By how much did India's coal dispatch grow year on year in July 2026?
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Correct answer: D — 17.34%
Coal dispatch grew 17.34% to 86.33 MT; production grew 7.51%.
How much did the Union Government release to states as an additional tax devolution instalment on 1 August 2026?
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Correct answer: C — ₹1,09,019 crore
The Centre released ₹1,09,019 crore as an additional instalment, besides the normal monthly devolution due on 10 August.
Which state received the largest share of the additional tax devolution instalment released on 1 August 2026?
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Correct answer: B — Uttar Pradesh
Uttar Pradesh received ₹19,208 crore, the largest share, followed by Bihar (₹10,845 crore).
Consider the following statements about the tax devolution released on 1 August 2026: 1. It was in addition to the normal monthly devolution due on 10 August 2026. 2. Bihar received the highest amount among all states. Which of the above is/are correct?
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Correct answer: A — 1 only
Statement 1 is correct. Statement 2 is wrong: Uttar Pradesh received the highest amount (₹19,208 crore).
Where was the first session of the India–Rwanda Joint Trade Committee held in July 2026?
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Correct answer: B — New Delhi
The first India–Rwanda JTC was held in New Delhi on 30–31 July 2026.
At the first India–Rwanda Joint Trade Committee, India showed interest in cooperation on which of Rwanda's critical minerals?
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Correct answer: C — Tin, tungsten and tantalum
India expressed interest in Rwanda's tin, tungsten and tantalum resources, including GSI cooperation with the Rwanda Mines, Petroleum and Gas Board.
Consider the following statements about India–Rwanda economic ties as noted at the first Joint Trade Committee (July 2026): 1. India accounts for about 24.5% of Rwanda's pharmaceutical imports. 2. India was Rwanda's largest foreign investor in 2025. Which of the above is/are correct?
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Correct answer: A — 1 only
Statement 1 is correct. Statement 2 is wrong: Rwanda said India was its second-largest foreign investor as of 2025.
'Favara', which was linked with India's UPI in July 2026, is the instant payment system of which country?
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Correct answer: D — Maldives
Favara is the Maldives Instant Payment System; its integration with UPI went live on 30 July 2026.
Consider the following statements about the Favara–UPI link (July 2026): 1. The agreement for it was signed between NPCI International Payments Limited and the Maldives Monetary Authority in July 2025. 2. In the first phase, Indians can pay merchants in the Maldives by scanning QR codes. Which of the statements given above is/are correct?
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Correct answer: A — 1 only
The NIPL–MMA agreement was executed in July 2025. The first phase allows person-to-person transfers from the Maldives to India; QR-based merchant payments are planned for later phases.
India's first sovereign-backed Protection & Indemnity (P&I) insurance product, launched in July 2026, was designed by which company?
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Correct answer: D — New India Assurance Company Limited
The P&I product under the Bharat Maritime Insurance Pool was designed by New India Assurance Company Limited.
The Protection & Indemnity insurance product launched in July 2026 falls under which pool?
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Correct answer: A — Bharat Maritime Insurance Pool
DFS launched the P&I product under the Bharat Maritime Insurance Pool (BMIP).
India's first integrated Telecom Manufacturing Zone, for which an MoU was signed in July 2026, will come up in which city?
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Correct answer: D — Gwalior
DoT and the Government of Madhya Pradesh signed an MoU for a Telecom Manufacturing Zone in Gwalior.
How much Central Government support is provided for Phase-I infrastructure of the Gwalior Telecom Manufacturing Zone?
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Correct answer: B — Rs 493 crore
The TMZ gets Rs 493 crore of Central Government support for Phase-I infrastructure; it is a 350-acre cluster.