Economy And Business Flashcards
- Name the organisation/bank that has recently (in July ‘23) signed USD 200 million loan
agreement with Government of India (GoI) to expand urban service in Rajasthan.
1) World Bank
2) Asian Development Bank
3) United Nations Development Programme
4) International Monetary Fund
5) Asian Infrastructure Investment Bank
Answer- 2) Asian Development Bank
Explanation:
On 28th July 2023, The Government of India (GoI) and Asian Development Bank (ADB) signed a
USD 200 million loan agreement as additional financing for the ongoing Rajasthan Secondary
Towns Development Sector Project as additional financing, to expand water supply and sanitation
systems and enhance urban resilience and heritage living in selected towns.
i. The additional financing will assist the Government of Rajasthan in reducing the basic infrastructure
gaps in its secondary towns by expanding water supply and sanitation services and improving
livability in selected urban local bodies.
ii. This initiative includes the reconstruction of water structures with heritage value, integrating
nature-based solutions to enhance climate resilience for expanding basic urban services.
- As per the data released by Controller General of Accounts(CGA) under Department of
Expenditure, Ministry of Finance in July 2023, the fiscal deficit for first quarter (Q1 – April
2023 to June 2023) stood at Rs __________ , accounting for 25.3% of annual estimates for the
financial year 2023-2024 (FY2024).
1) 5.20 trillion
2) 4.20 trillion
3) 3.21 trillion
4) 2.98 trillion
5) 4.51 trillion
Answer- 5) 4.51 trillion
Explanation:
Based on the data released by Controller General of Accounts(CGA) under Department of Expenditure,
Ministry of Finance on 31st July 2023, the fiscal deficit for first quarter (Q1 – April 2023 to June
2023) stood at Rs 4.51 trillion(USD 54.86 billion) as against the full year estimate of Rs 17.86 trillion,
accounting for 25.3% of annual estimates for the financial year 2023-2024(FY2024).
i. It was lower at Rs 3.5 trillion or 21.2% of the Budget estimate in the corresponding period in FY
2022-2023 (FY23).
ii. The rise in fiscal deficit is attributed to increased capital expenditure and accelerated tax
devolution to state governments, which offset the sharp increase in non-tax revenues.
- Which company has recently (in August ‘23) signed an MoU with Brookfield Asset
Management to manufacture renewable energy and decarbonization equipment in Australia?
1) REC Limited
2) Adani Green Energy Limited
3) Reliance Industries Limited
4) Power Grid Corporation of India Limited
5) Bharat Heavy Electricals Limited
Answer- 3) Reliance Industries Limited
Explanation:
Brookfield Asset Management signed a Memorandum of Understanding (MoU) with Reliance
Industries Limited (RIL) to explore opportunities to manufacture renewable energy and
decarbonization equipment in Australia.
i. The MoU with RIL is a part of Brookfield’s efforts to bring global manufacturing technology and
expertise to Australia.
ii. The MoU aims to accelerate and de-risk Australia’s energy transition by enabling it to locally
produce clean energy equipment such as photovoltaic (PV) modules, long-duration battery storage,
and components for wind energy which will help Australia transition to a net zero future
- Which state government has recently (in August ‘23) signed an MoU with United States (US)-
based International Battery Company (IBC) to set up a recyclable Lithium-ion battery
manufacturing unit with an investment of Rs 8,000 crores?
1) Jharkhand
2) Maharashtra
3) Karnataka
4) Odisha
5) Gujarat
Answer- 3) Karnataka
Explanation:
On 1st August 2023, the Karnataka government and the United States (US)-based International
Battery Company (IBC) signed a Memorandum of Understanding (MoU) to set up a recyclable
Lithium-ion battery manufacturing unit with an investment of Rs 8,000 crores (USD 1 Billion) in
Karnataka.
• The MoU was signed and exchanged by Venkatesh Valluri IBC President, IBC India Pvt. Ltd., and
Dr Selvakumar, Principal Secretary for the Department of Commerce and Industries.
i. This will be the 2nd Lithium-ion manufacturing facility in Karnataka. it is expected to be established
on a 100-acre land at the Information Technology Investment Region (ITIR) at Devanahalli in the
Bengaluru Rural district.
- As per the S&P Global’s report titled ‘Look Forward: India’s Moment’ released in August
2023, India will grow at an average of ________ per year from financial year 2023-24 (FY24) to
FY31.
1) 5.9%
2) 6.7%
3) 6.2%
4) 5.7%
5) 6.0%
Answer- 2) 6.7%
Explanation:
As per an United States based corporation S&P Global’s report titled ‘Look Forward: India’s Moment’,
India will grow at an average 6.7% per year from financial year 2023-24 (FY24) to FY31. This will
increase the Gross Domestic Product (GDP) of India to USD 6.7 trillion from USD 3.4 trillion in FY23.
The Per capita GDP will rise to about USD 4,500.
i. For FY24, India will be the fastest growing economy in the G20 (Group of Twenty) and will grow by
6% amid global slowdown and policy rate hikes by the Reserve Bank of India (RBI).
ii. India shows a GDP growth of 7.2% in FY23.
iii. The report projected India’s economic growth from FY24 to FY31.
- Name the company that has recently (in August ‘23) signed a contract with Bharat Petroleum
Corporation Limited (BPCL) for the sale of crude oil from the Mumbai region in Maharashtra.
1) Oil India Limited
2) GAIL (India) Limited
3) Indian Oil Corporation Limited
4) National Mineral Development Corporation
5) Oil and Natural Gas Corporation Limited
Answer- 5) Oil and Natural Gas Corporation Limited
Explanation:
Oil and Natural Gas Corporation Limited (ONGC), a Maharatna Central Public Sector Undertaking
(PSU) under the Ministry of Petroleum and Natural Gas (MoPNG), has entered into a term contract
with Bharat Petroleum Corporation Limited (BPCL), a Maharatna PSU under MoPNG, for the sale of
crude oil from the Mumbai region in Maharashtra.
i. This agreement represents the first-ever term contract under the Marketing Freedom system of
government.
ii. The contract comes after the Government of India’s (GoI) decision to grant marketing and pricing
freedom for domestic crude oil replacing the previous allocation mechanism.
- Which company has recently (in August ‘23) signed an MoU with the Indian Institute of
Science, (IISc) Bengaluru to develop artificial intelligence (AI) technologies for the
shipbuilding and defense sectors?
1) Garden Reach Shipbuilders & Engineers
2) Mazagon Dock Shipbuilders Limited
3) Hindustan Shipyard Limited
4) Goa Shipyard Limited
5) Cochin Shipyard Limited
Answer- 4) Goa Shipyard Limited
Explanation:
On 4th August 2023, the Indian Institute of Science,(IISc) Bengaluru & Goa Shipyard Limited (GSL)
signed a Memorandum of Understanding (MoU) to develop artificial intelligence (AI) technologies for
the shipbuilding and defense sectors.
i. IISc Bengaluru’s Foundation for Science Innovation and Development (FSID) will assist GSL to
streamline shipbuilding processes, shorten construction timelines and boost overall productivity.
ii. The partnership aims to enhance productivity, safety, and defense readiness while also
strengthening indigenous defense manufacturing capabilities.
- Name the company that has recently (in August ‘23) signed a MoU with REC Ltd. and Power
Finance Corporation Ltd. (PFC) to receive Rs 9,120 crore for funding wind, transmission, and
advanced metering projects in India.
1) Orient Green Power Ltd
2) Websol Energy Systems Ltd
3) Suzlon Energy Ltd
4) Hindustan Power Private Ltd
5) Apraava Energy Private Ltd
Answer- 5) Apraava Energy Private Ltd
Explanation:
Apraava Energy Private Ltd, Mumbai(Maharashtra) based integrated energy solution provider,
signed a Memorandum of Understanding (MoUs) with REC Ltd (Formerly Rural Electrification
Corporation Limited) and Power Finance Corporation Ltd (PFC), to get finance of Rs 9,120 crore for
funding its wind, transmission, and advanced metering projects in India.
i. This collaboration strengthens the strategic roadmap of Apraava Energy for sustainable and
integrated growth in the future.
ii. The signing of MoUs occurred during the Green Finance Summit hosted by REC. This event was held
on 21st July 2023, in Goa, coinciding with the Green Business Summit Clean Energy Ministerial (CEM)
and Energy Transition Working Group (ETWG) Ministerial and aligning with India’s G20 Presidency.
- In August 2023, Larsen & Toubro Limited (L&T) and its green hydrogen joint venture (JV)
partners- Indian Oil Corporation Limited (IOCL) and ____________(company) will invest upto USD
_____________ in their green hydrogen businesses over next three to five years.
1) Azure Power; 8 billion
2) ReNew Power; 4 billion
3) Azure Power; 5 billion
4) ReNew Power; 6 billion
5) Vikram Solar; 7 billion
Answer- 2) ReNew Power; 4 billion
Explanation:
Larsen & Toubro Limited (L&T) and its green hydrogen joint venture (JV) partners viz. Indian Oil
Corporation Limited (IOCL) and ReNew Power, will invest upto USD 4 billion (Rs 32,000 crore) in
their green hydrogen businesses over next three to five years.
• This is a part of the L&T’s plans to invest around USD 12 billion over the next five years.
• L&T has approached some coastal states in India to acquire 500-1,000 acres of land for
hydrogen facilities.
• The venture into hydrogen production will commence with the manufacturing of electrolyzers,
scheduled to begin operations in December 2023.
- In August 2023, Larsen & Toubro Limited (L&T) announced a plan to procure the 26%
stake of____________(company) in L&T Special Steel and Heavy Forging.
1) Power Grid Corporation of India
2) NTPC Limited
3) Nuclear Power Corporation of India Limited
4) Bharat Heavy Electricals Limited
5) Power Finance Corporation
Answer- 3) Nuclear Power Corporation of India Limited
Explanation:
Larsen & Toubro Limited (L&T) is looking to procure the 26% stake that Nuclear Power
Corporation of India Limited (NPCIL) currently holds in L&T Special Steel and Heavy Forging. In
pursuit of this acquisition, L&T is prepared to invest approximately Rs 150 crore.
i. L&T Special Steels and Heavy Forgings is a Joint Venture of L&T and Nuclear Power Corporation of
India Limited.
ii. L&T has a forge shop that plays a critical role in the production of nuclear and defense-oriented
items. However, the presence of NPCI’s stake has posed challenges, hindering L&T’s efforts to broaden
its horizons.
- Name the company that has recently (in August ‘23) partnered with the Protean eGov
Technologies to provide credit services on the Open Network for Digital Commerce (ONDC)
network for borrowers & Micro, Small & Medium Enterprises (MSMEs).
1) PhonePe
2) Paytm
3) PayNearby
4) Policybazaar
5) MobiKwik
Answer- 3) PayNearby
Explanation:
Protean eGov Technologies(Protean) has partnered with PayNearby, a fintech platform owned by
Nearby Technologies Private Limited to provide credit services on the ONDC (Open Network for
Digital Commerce) network for last-mile borrowers and Micro, Small & Medium Enterprises
(MSMEs).
i. Under this partnership, Protean will be an ONDC technology service provider through PayNearby’s
Distribution as a Service (DaaS) network through over 12 lahks active PayNearby outlets.
ii. Protean will also aggregate Loan Service Providers (LSPs) onto a single platform.
- Name the company that has recently (in August ‘23) unveiled its new logo ‘The Vista’ at the
rebranding event held in New Delhi, Delhi.
1) Air India
2) IndiGo
3) Go First
4) SpiceJet
5) Akasa Air
Answer- 1) Air India
Explanation:
On 10th August 2023, Air India, Tata Group-owned airline unveiled its new logo, branding, and plane
livery at the rebranding event held in New Delhi, Delhi.
• The new logo called ‘The Vista’ was inspired by the peak of the gold window frame that
signifies the limitless possibilities, progressiveness, and Air India’s bold, confident outlook for
the future.
• The Vista replaces the old logo “Wheel of Konark”, a red swan adorned with the distinctive
orange Konark Chakra.
• Air India’s new aircraft livery and design features a palette of deep red, aubergine, and gold
highlights and a chakra-inspired pattern.
• The rebranding of Air India gained momentum following its acquisition by the Tata Group. Tata
Sons, via its fully owned subsidiary, Talace Private Limited (“Talace”), acquired a 100% stake
in Air India on 27th January 2022.
- In August 2023, Crisil estimated that the Indian economy will experience a growth rate of
__________ during FY24.
1) 8.3%
2) 6%
3) 7.2%
4) 8.0%
5) 6.5%
Answer- 2) 6%
Explanation:
On August 16, 2023, Crisil, a global analytics company, estimated that the Indian economy will
experience a growth rate of 6% during FY24, a decline from the 7.2% growth achieved in FY23.
i. The report stated that the global economic slowdown is expected as a result of rising interest rates
and the exports may continue to be a drag on industrial output.
ii. Retail inflation in India escalated to 7.44% in July of the current year, surpassing the upper
tolerance level set by the Reserve Bank of India (RBI) i.e. 2-6%.
- In August 2023, ICRA Limited projected India’s economic growth at ___________ in the April
2023 to June 2023 period – 1st Quarter of financial year 2023-24 (Q1FY24).
1) 8.0%
2) 8.5%
3) 6.1%
4) 7.5%
5) 7.9%
Answer- 2) 8.5%
Explanation:
On August 22, 2023, ICRA Limited (formerly Investment Information and Credit Rating Agency of
India Limited) projected that India’s economic growth will accelerate to 8.5% in the April 2023 to June 2023 period – 1st Quarter of financial year 2023-24 (Q1FY24) from the 6.1% growth rate
witnessed in the January 2023 -March 2023 quarter (Q4FY23).
i. ICAR has projected that the real Gross domestic product (GDP) growth of India will be maintained at
6% for FY24 which is lower than the RBI estimates of 6.5%.
ii. India’s Q1FY24 GDP increase is supported by a strong Q1FY23 base, improved profit margins, and
service sector revival.
- Which company has recently (in August ‘23) entered into an MoU with NHPC Limited to
construct a railway siding for 2,880 megawatts (MW) of Dibang Multi-Purpose Project
development at Pasighat, Arunachal Pradesh?
1) Amtek Railcar Industries
2) RailTel Corporation of India Limited
3) RITES Limited
4) Engineers India Limited
5) Rail Vikas Nigam Limited
Answer- 3) RITES Limited
Explanation:
NHPC Limited has entered into a Memorandum of Understanding (MoU) with RITES Ltd, previously
known as Rail India Technical and Economic Service Limited to construct a railway siding at Pasighat,
Arunachal Pradesh, in support of NHPC’s 2,880 megawatts (MW), Dibang Multi-Purpose Project
development.
i. NHPC Limited (erstwhile National Hydroelectric Power Corporation) is a prestigious Miniratna
(Category–I) Schedule ‘A’ Public Sector Enterprise (PSE) under the Ministry of Power while RITES is a
distinguished Miniratna Schedule ‘A’ Central Public Sector Undertaking (PSU) under the Ministry of
Railways.
ii. NHPC’s total installed capacity is 7,097.2 MW of renewable power including Wind & Solar, through
its 25 power stations including 1,520 MW through subsidiaries.
