Current Affairs - Economy

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Exercise : Economy - Latest Current Affairs
  • Economy - Latest Current Affairs
1.
What type of rice has India introduced new HS codes for to facilitate exports?
GI-Tagged Rice
Basmati Rice
Hybrid Rice
Non-Basmati Rice
Answer: Option
Explanation:
India has introduced new Harmonized System (HS) codes to facilitate the export of GI-recognized rice varieties such as Red Rice, Black Rice, and Kalanamak Rice. These codes help differentiate premium GI-tagged rice from general non-basmati rice, ensuring better market positioning and protection from export restrictions. The initiative aims to promote fair pricing, simplify trade processes, and strengthen India’s presence in global speciality rice markets. By assigning specific HS codes, India acknowledges the cultural and economic importance of these rice varieties while safeguarding farmers’ interests and boosting agricultural exports.

2.
Which institute signed an MoU with DPIIT to enhance cooperation in logistics and infrastructure development?
International Transport Institute
Korea Transport Institute
Japan Transport Research Institute
Asian Infrastructure Investment Bank
Answer: Option
Explanation:
DPIIT (Department for Promotion of Industry and Internal Trade) of India signed a Memorandum of Understanding (MoU) with the Korea Transport Institute (KoTI) to enhance logistics and infrastructure cooperation. This partnership focuses on the PM GatiShakti National Master Plan, aiming to improve logistics efficiency through knowledge exchange, research-driven initiatives, and technology adoption. Strengthening bilateral ties with global institutions like KoTI helps India advance its logistics sector and adopt best practices from leading economies.

3.
Which country is set to launch the EFTA Desk to strengthen trade relations?
Switzerland
Norway
Iceland
India
Answer: Option
Explanation:
India is set to launch the EFTA Desk in New Delhi to enhance economic relations with the European Free Trade Association (EFTA). This initiative aligns with the India-EFTA Trade and Economic Partnership Agreement and aims to boost trade, investment, and business collaboration between India and EFTA member nations. The EFTA consists of Iceland, Liechtenstein, Norway, and Switzerland. By establishing this desk, India seeks to facilitate smoother economic interactions and expand its engagement with these European economies, fostering stronger trade partnerships and investment opportunities.

4.
By how many basis points did the Reserve Bank of India (RBI) cut the repo rate?
50
40
25
10
Answer: Option
Explanation:
The Reserve Bank of India (RBI) reduced the repo rate by 25 basis points (bps), bringing it down to 6.25%. This marks the first rate cut in 57 months, reflecting a shift in the RBI’s policy stance after a series of rate hikes since 2022. The move is aimed at supporting economic growth while keeping inflation in check. A lower repo rate typically results in reduced borrowing costs for businesses and consumers, stimulating demand in key sectors such as housing and automobiles. Despite the cut, the RBI remains cautious due to global uncertainties and inflation risks.

5.
What is India's rank in terms of economy-wide digitalisation globally?
2nd
3rd
5th
7th
Answer: Option
Explanation:
India ranks as the 3rd largest digitalized economy globally, behind the United States and China, according to the State of India’s Digital Economy (SIDE) Report 2024. Despite this strong position in overall digitalisation, India ranks 12th among G20 nations in terms of individual user digitalisation. The digital economy contributed 11.74% to India’s GDP in 2022-23, with projections to reach 13.42% by 2024-25. By 2029-30, it is expected to contribute 20% of GDP, surpassing both agriculture and manufacturing. The report also highlights disparities in digitalisation levels across different Indian states.