Economy And Business Flashcards
- Name the company that has recently (in Oct ‘23) approved for joint ventures with
EverEnviro Resource Management Pvt Ltd and GPS Renewables Pvt Ltd for setting up
compressed biogas (CBG) plants.
1) Hindustan Petroleum Corporation Limited
2) Indian Oil Corporation Limited
3) Bharat Petroleum Corporation Limited
4) Oil India Limited
5) Mangalore Refinery and Petrochemicals Limited
Answer- 2) Indian Oil Corporation Limited
Explanation:
The board of Indian Oil Corporation Limited (IOCL), a public sector Enterprise under the Maharatna
category approved joint ventures with EverEnviro Resource Management Pvt Ltd and GPS
Renewables Pvt Ltd for setting up compressed biogas (CBG) plants.
i. The two joint ventures will be formed with IOCL or one of its subsidiaries and the two partner
companies will have an equal stake of 50 % each in the newly formed joint ventures.
ii. This aligns with the government’s plans to establish 5,000 commercial CBG plants by 2024-25
under the Sustainable Alternative Towards Affordable Transport (SATAT) scheme which was
launched in 2018.
- According to India Development Update (IDU) October 2023 released by World Bank (WB)
in October 2023, India’s Gross Domestic Products (GDP) growth is retained at _____________ for
the Financial Year (FY) 2023-24.
1) 6.7%
2) 6.9%
3) 6.5%
4) 6.3%
5) 6.0%
Answer- 4) 6.3%
Explanation:
According to India Development Update (IDU) October 2023 released by World Bank (WB), India’s
Gross Domestic Products (GDP) growth for the Financial Year 2023-24 (FY23/24) is retained at
6.3% and for FY 24/25 the growth rate will be at 6.4%.
i. India was one of the fastest-growing major economies in FY 22/23 at the rate of 7.2%. India’s
growth rate was the 2nd highest among G20 countries.
ii. The report states that India’s headline inflation is expected to average 5.9% in FY 23/24. IDU
April 2023 projected India’s headline inflation to decline to an average of 5.2% in FY 23/24.
iii. Bad weather has caused inflation to increase, with headline inflation reaching 7.8% in July 2023
due to higher food prices.
Note- The India Development Update (IDU) is a companion to the South Asia Development Update
(SADU). IDU is a flagship biannual report of the World Bank on Indian economy.
- According to the Controller General of Accounts(CGA) data released in October 2023, India’s
fiscal deficit for the tenure April to August of the financial year 2023-24 (FY24) is at Rs _________ ,
36% of the FY24 target.
1) 4.90 trillion
2) 6.42 trillion
3) 4.62 trillion
4) 5.89 trillion
5) 5.24 trillion
Answer- 2) 6.42 trillion
Explanation:
According to the Controller General of Accounts (CGA), India’s fiscal deficit for the tenure April to
August of the financial year 2023-24 (FY24) is at Rs 6.42 trillion. This is 36% of the full-year target
of Rs 17.87 trillion.
In the same period of FY 2022-23, the fiscal deficit was Rs 5.42 trillion, or 32.6% of the FY23
target Rs16.61 trillion.
i. The fiscal deficit widened mainly because the government spent more on capital expenditure (due
to lower tax devolution to state governments) and government’s increase in non-tax revenues.
ii. The government aims to reduce the fiscal deficit to 5.9% of the gross domestic product (GDP) for
fiscal year 2024.
- Which Company/Financial Institutions has recently (in Oct ‘23) sanctioned loans worth Rs
8,800 crore for airports and civil aviation infrastructure development in India?
1) Industrial Finance Corporation of India
2) Infrastructure Development Finance Company
3) Srei Infrastructure Finance Limited
4) National Bank For Financing Infrastructure And Development
5) India Infrastructure Finance Company Limited
Answer- 5) India Infrastructure Finance Company Limited
Explanation:
India Infrastructure Finance Company Limited (IIFCL) has sanctioned loans worth Rs 8,800 crore
for airports and civil aviation infrastructure development in India.
The IIFCL has already sanctioned loans of around Rs 4,000 crore.
Funding:
i. IIFCL is one of India’s major airport financiers and has supported airports with a total project outlay
of about Rs 74,000 crore.
ii. IIFCL along with the Government of India will continue to support the development of world-class
airport infrastructure in India under the Public-Private-Partnership(PPP) model.
It will also explore opportunities to fund greenfield airport projects and Maintenance, Repairs
and Overhaul (MRO) facilities.
- According to the 19th Quarterly Bulletin (QB) of Periodic Labour Force Survey (PLFS) for
April-June 2023 (Q1FY24) released by the National Statistical Office (NSO) in October 2023,
India’s urban unemployment rate (UR) in Current Weekly Status (CWS) terms for persons aged
15 years and above declined to _________ during Q1FY24.
1) 6.3%
2) 6.6%
3) 6.9%
4) 6.7%
5) 6.2%
Answer- 2) 6.6%
Explanation:
On October 9, 2023, the National Statistical Office (NSO), Ministry of Statistics and Programme
Implementation (MoSPI) released its 19th Quarterly Bulletin(QB) of Periodic Labour Force Survey
(PLFS) for April-June 2023 (Q1FY24).
As per it, India’s urban unemployment rate (UR) in Current Weekly Status (CWS) terms for
persons aged 15 years and above declined to 6.6% during Q1FY24 from 6.8% during Q4FY23. It was
7.6% in April-June 2022 (Q1FY23).
The UR for Q1FY24 is lower than the URs observed in the quarters covered in the pre-
pandemic period.
A total number of 5,639 FSUs- First Stage Unit (UFS- Urban Frame Survey blocks) have been
surveyed during Q1FY24. The number of urban households surveyed was 44,190 and the
number of persons surveyed was 1,67,916 in urban areas.
UR in CWS among male population declined to 5.9% as compared to 7.1 in Q1FY23.
At all India levels, the Labour Force Participation Rate (LFPR) in CWS increased to 48.8% from
47.5% in April-June 2022 (Q1FY23).
Worker Population Ratio (WPR- in %) in CWS increased to 45.5% from 43.9% in Q1FY23.
- According to World Economic Outlook (WEO)-Navigating Global Divergences‘ released in
October 2023, the International Monetary Fund (IMF) has raised India’s Gross Domestic
Product (GDP) growth forecast to __________ for 2023.
1) 6.5%
2) 6.7%
3) 6.3%
4) 6.1%
5) 6.5%
Answer- 3) 6.3%
Explanation:
According to World Economic Outlook (WEO), October 2023 -Navigating Global Divergences‘ the
International Monetary Fund (IMF) has raised India’s Gross Domestic Product (GDP) growth forecast
to 6.3% in 2023 from July 2023 estimate of 6.1% due to 7.8% growth during the June quarter.
India will also grow at 6.3% in 2024 while remaining the world’s fastest growing major
economy in 2023 and 2024.
The IMF’s 2023 growth forecast for India is the same as the World Bank’s (WB) projection in its
India Development Update(IDU) October 2023.
i. Global economic growth will slow to 3% in 2023 from 3.5% in 2022, a fall by 50 basis points. It will
be 2.9% in 2024.
ii. Global inflation will decline steadily to 6.9% in 2023 from 8.7% in 2022. It will be 5.8% in 2024.
- According to the 6th Annual Report ‘Periodic Labour Force Survey (PLFS) [July, 2022 – June,
2023]’ released by the National Sample Survey Office (NSSO) in October 2023, the
Unemployment rate (UR) at 6-year low of _______ in 2022-23 under the Usual Status (ps+ss).
1) 5.2%
2) 3.2%
3) 5.3%
4) 4.5%
5) 3.9%
Answer- 2) 3.2%
Explanation:
On October 9, 2023, the National Sample Survey Office (NSSO), Ministry of Statistics and Programme
Implementation (MoSPI) released the 6th Annual Report ‘Periodic Labour Force Survey (PLFS)
[July, 2022 – June, 2023]’ stating Unemployment rate (UR) at 6-year low of 3.2% in 2022-23
under the Usual Status (ps+ss). It was 6% in 2017-18.
The UR in Current Weekly Status (CWS) decreased to 5.1% in 2022-23. It was 8.7% in 2017-18.
The UR under the Usual Status during the one-year period declined for the 5th consecutive
year since it was launched in April 2017 while under CWS it decreased for the 3rd consecutive
year since April 2017.
At all India level, UR decreased to 3.2% in 2022-23 from 4.1% in 2021-22
At the all India level, the Labour Force Participation Rate (LFPR) increased to 57.9% in 2022-
23 from 55.2% in 2021-22.
At the all India level, Worker Population Ratio (WPR) increased to 51.8% from 48.3% in 2021-
22.
- Which company has recently (in Oct ‘23) signed 2 MoU with two France-based Space firms
Promethee Earth Intelligence and ConnectSAT to launch satellites on Vikram-I Rocket?
1) Garuda Aerospace
2) Tata Elxsi
3) Agnikul Cosmos
4) Dhruva Space
5) Skyroot Aerospace
Answer- 5) Skyroot Aerospace
Explanation:
Skyroot Aerospace Private Limited, a Hyderabad (Telangana) -based space startup, has signed two
memoranda of understanding (MoUs) with two France-based Space firms Promethee Earth
Intelligence and ConnectSAT.
The satellites of the French space firms are set to be launched on Vikram-I of the Skyroot.
i. Skyroot signed an MoU with Promethee to launch its Japetus earth observation constellation
onboard Skyroot’s Vikram rockets.
The MoU was signed by Olivier Piepsz, Co-Founder and CEO of Prométhée, and Co-Founders of
Skyroot Aerospace, Pawan Chandana and Bharath Daka.
ii. Skyroot signed a trilateral MoU with ConnectSAT and Expleo to launch ConnectSAT’s OSIRIS
satellite constellation onboard Skyroot’s Vikram rockets.
As part of the MoU, Expleo provides reconfigurable software for ConnectSAT’s Internet of Things (IoT)
satellite.
- In October 2023, Bharti Group entered into a binding agreement with its Joint Venture(JV)
partner AXA to acquire its _______ stake in Bharti AXA Life Insurance.
1) 45%
2) 51%
3) 35%
4) 49%
5) 64%
Answer- 4) 49%
Explanation:
Bharti Group, through its holding company Bharti Life Ventures Private Limited (BLVPL)has entered
into a binding agreement with its Joint Venture(JV) partner AXA to acquire its 49% stake in Bharti
AXA Life Insurance.
i. Through this acquisition, BLVPL will own 100% stake in the Bharti AXA Life Insurance.
ii. The transaction is expected to be completed by December 2023, subject to regulatory approvals.
iii. Bharti Group set up the ventures with Paris based ‘AXA’ (a French multinational insurance firm) in
2006 and held 74% stake in both – Bharti AXA General Insurance and Bharti AXA Life Insurance .
- In October 2023, Indian Oil Corporation Limited (IOCL) announced a plan to invest Rs
____________ as equity in IndianOil NTPC Green Energy Pvt Ltd for setting up renewable power
plants.
1) 1,660.15 crore
2) 3,789.28 crore
3) 2,589.34 crore
4) 1,986.80 crore
5) 4,765.01 crore
Answer- 1) 1,660.15 crore
Explanation:
Indian Oil Corporation Limited (IOCL), a state-owned Maharatna company, is set to invest Rs
1,660.15 crore as equity in IndianOil NTPC Green Energy Pvt Ltd for setting up renewable power
plants.
i. IndianOil NTPC Green Energy Pvt Ltd is a joint venture (JV) company with a 50:50 share between
IOCL and NTPC Green Energy Ltd, (a wholly-owned subsidiary of NTPC Limited) formed in June 2023.
ii. The new JV was formed to set up renewable energy projects (Solar photovoltaics (PV) wind, any
other renewable energy, energy storage, or any combination of the same) with a minimum generation
of 650 megawatt (MW), to meet 24X7 power requirements of refineries of the IOCL.
- According to the Economic Outlook Survey released by Federation of Indian Chambers of
Commerce & Industry (FICCI) in October 2023, India’s annual median Gross domestic product
(GDP) growth rate is projected at __________ for the financial year 2023-24 (FY 2023-24).
1) 6.9%
2) 6.2%
3) 6.0%
4) 6.5%
5) 6.3%
Answer- 5) 6.3%
Explanation:
According to Economic Outlook Survey released by Federation of Indian Chambers of Commerce &
Industry (FICCI), India’s annual median Gross domestic product (GDP) growth rate for the financial
year 2023-24 (FY 2023-24) is projected at 6.3% with a minimum and maximum growth estimate of
6% and 6.6%, respectively.
i. Sectorswise Prediction:
The expected growth rate for agriculture and allied activities in FY23-24 is 2.7%, which is
lower than the 4.0% growth rate reported in FY22-23.
This is due to the El Nin o effect, which has affected the spatial distribution of rainfall during the
monsoon season.
The industry and services sectors are expected to grow by 5.6% and 7.3%, respectively, in the
FY23-24.
- According to Purchasing Managers’ Index (PMI) released by the Standard & Poor (S&P)
Global Market Intelligence in October 2023, India will become Asia’s second-largest economy
by ________ (year) with a Gross Domestic Product (GDP) of USD 7.3 trillion.
1) 2026
2) 2028
3) 2027
4) 2025
5) 2030
Answer- 5) 2030
Explanation:
According to Purchasing Managers’ Index (PMI) data of Standard & Poor (S&P) Global Market
Intelligence, India will become Asia’s second-largest economy by 2030 with a Gross Domestic
Product (GDP) of USD 7.3 trillion. India will also become the world’s third-largest economy.
PMI also forecasted that India’s GDP will grow at 6.2-6.3% in the financial year 2023-24 (FY23-
24).
i. Top Economies(of the world):
The United States of America(USA) is the world’s largest economy with a GDP of USD 25.5
trillion.
This is followed by China, Japan, and Germany in second, third, and fourth respectively (largest
economy) with a GDP of USD 18 Trillion, USD 4.2 trillion, and USD 4 trillion respectively.
ii. Fifth Largest Economy:
India overtook the United Kingdom(UK) and became the fifth-largest economy in the world
with a GDP of USD 3.7 trillion.
India is also Asia’s third largest economy after China and Japan.
- In October 2023, Neyveli Lignite Corporation(NLC) India Limited incorporated a wholly
owned subsidiary _____________ to focus on Renewable energy initiatives.
1) NLC Videsh Limited
2) Coal Lignite Urja Vikas Private Limited
3) NLC Tamil Nadu Power Limited
4) NLC India Green Energy Limited
5) Neyveli Uttar Pradesh Power Limited
Answer- 4) NLC India Green Energy Limited
Explanation:
Neyveli Lignite Corporation (NLC) India Limited incorporated a wholly owned subsidiary NLC India
Green Energy Limited (NIGEL) to focus on Renewable energy initiatives.
i. NIGEL’s logo was unveiled along with the appointment of key managerial positions at the first Board
meeting of the company.
ii. NLC’s green arm NIGEL is expected to establish Renewable energy projects to the capacity of 5
Gigawatt (GW) by 2030.
NLC is already developing Projects to the tune of 2 GW in various parts of India.
- Which company has recently (in Oct ‘23) received its 2nd Type certification from
Directorate General of Civil Aviation (DGCA) for its agricultural drones?
1) Garuda Aerospace Pvt Ltd
2) Paras Aerospace Private Limited
3) Dhaksha Unmanned Systems Pvt. Ltd
4) Thanos Technologies Pvt. Ltd
5) TechEagle Pvt. Ltd
Answer- 2) Paras Aerospace Private Limited
Explanation:
Mumbai(Maharashtra)-based Paras Aerospace Private Limited, a subsidiary of Paras Defence &
Space Technologies Limited, has received its 2nd Type certification from Directorate General of Civil
Aviation (DGCA) for its agricultural drones – “Paras-Agricopter V2.1”. The certification is issued for
the MEDIUM Drone Category.
This will allow Paras Aerospace to honour its existing contracts for “Paras-Agricopter V2.1”.
This will also enable Paras to explore new opportunities in the agricultural drone industry.
Previously in April 2023, Paras Aerospace received a “Type Certificate” from DGCA for its Agri
Drone “Paras-Agricopter”.
