I believe you are applying to a course in Management or Commerce.
The Micro Presentation will usually be a Current Affairs topic varying from Social Awareness to Technology.
Just speak fluently for the topic given for about a minute or ask for a different topic if you are totally unaware of the topic(Your Communication Skills are at test rather than knowledge)
P.S.-I was asked to speak on the “Booming Indian E-Commerce Industry” in 2014