Current Affairs august-4th-2023


National News

 

Unmesha and Utkarsh Festivals Inaugurated by President of India

The President of India, in a momentous ceremony, inaugurated the 'Unmesha' International Literature Festival and the 'Utkarsh' Festival of Folk and Tribal Performing Arts in the vibrant city of Bhopal, Madhya Pradesh. These remarkable festivals, meticulously organized by the Sahitya Akademi and Sangeet Natak Akademi, serve as joyful platforms celebrating inclusivity and the rich tapestry of cultural diversity within the region. Drawing together a dazzling array of over 800 talented artists hailing from diverse states and Union Territories, these events promise to unfold as a captivating kaleidoscope of artistic expressions.

Startup India Initiative Empowers 98,911 Entities

Since its commencement on January 16, 2016, the Startup India initiative, steered by the Department for Promotion of Industry and Internal Trade (DPIIT), has extended its nurturing embrace to a commendable 98,911 entities. This visionary initiative stands as a robust cornerstone, dedicated to cultivating a thriving ecosystem that fosters innovation. A dynamic haven, it provides fledgling startups with invaluable resources like mentorship, networking avenues, and state-of-the-art incubation facilities, pivotal in sculpting and refining their unique business models and strategic frameworks.

Ayush Visa Category Introduced for Foreign Nationals Seeking Medical Care

In a thoughtful gesture, the Ministry of Home Affairs (MHA) has introduced the Ayush (AY) visa category, extending its warm embrace to foreign nationals seeking therapeutic care, wellness, and Yoga under Ayush systems and Indian systems of medicine. This pioneering initiative has been manifested through the incorporation of a new chapter, Chapter 11A – Ayush Visa, into the Visa Manual. This compassionate step reflects India's commitment to holistic healthcare, encompassing Ayurveda, Yoga, Naturopathy, Unani, Siddha, and Homeopathy.

 

Oil India and ONGC Videsh Elevate Status in a Milestone Move

Signifying a significant stride, the Finance Ministry of India has elevated two prominent players in the oil sector – Oil India and ONGC Videsh – to distinguished categories. The prestigious Maharatna and Navratna titles have been bestowed upon Oil India and ONGC Videsh, respectively. This elevated status empowers them with enhanced autonomy, facilitating strategic investments, joint ventures, and pivotal financial decisions. With this elevation, Oil India now stands tall as the 13th Maharatna CPSE in the nation, while ONGC Videsh joins the ranks as the 14th Navratna CPSE.

NHAI Launches 'Rajmargyatra' Mobile App for Highway Users

Embarking on a journey towards enhanced highway user experience, the National Highways Authority of India (NHAI) introduces the innovative 'Rajmargyatra' mobile application. A harmonious blend of convenience and comprehensive information, this app pledges to offer seamless travel along the vast tapestry of Indian National Highways. With safety and convenience at its core, this user-friendly app has found its home on both the Google Play Store and the iOS App Store, becoming an indispensable travel companion for national highway users.

International News

New Security Pact Signals Fresh Chapter in US-Pakistan Defense Cooperation

In a significant diplomatic stride, Pakistan's federal cabinet discreetly greenlit a new security pact with the United States. The Communication Interoperability and Security Memorandum of Agreement (CIS-MOA) serves as a symbolic bridge, ushering in an era of fortified defense ties between the two nations. This landmark agreement holds the potential to pave the way for the procurement of cutting-edge military hardware from Washington DC, heralding a fresh chapter in their bilateral relations following the expiration of the previous agreement in 2020.

State News

NABARD Extends Generous Funding to Rajasthan Government

As a beacon of support for rural development, the National Bank for Agriculture and Rural Development (NABARD) has sanctioned a substantial sum of Rs 1,974.07 crore to the government of Rajasthan. This generous financial infusion, facilitated under the aegis of the Rural Infrastructure Development Fund (RIDF) for the fiscal year 2023-24, aims to empower rural communities and fuel economic growth, echoing NABARD's pivotal role as the apex regulatory authority overseeing regional rural banks and apex cooperative banks across India.

Banking News

 

RBI Imposes Fines on Major PSUs for Overseas Investment Reporting Delays

Taking a firm stance on regulatory compliance, the Reserve Bank of India (RBI) has levied fines amounting to ₹2,000 crore on four prominent public sector undertakings – ONGC Videsh Ltd, Indian Oil Corp. Ltd, GAIL (India) Ltd, and Oil India Ltd. This fine arises from the delay in promptly reporting their overseas investments, underscoring the importance of adherence to RBI's Foreign Exchange Management (Overseas Investment) Regulations, 2022. In a bid to ensure seamless operations and compliance, the concerned companies have earnestly sought additional time from the central bank.

Business News

NMDC Unveils New Logo, Embracing Modernity and Legacy

In a moment of symbolic transformation, the Union Minister of Steel and Civil Aviation, Jyotiraditya Scindia, unveiled the captivating new logo of the National Mineral Development Corporation (NMDC) in the heart of New Delhi. This emblematic rebranding seamlessly intertwines modern aesthetics with profound symbolism, encapsulating NMDC's dynamic role as a torchbearer for India's sustainable trajectory. Established in 1958 under the aegis of the Ministry of Steel, NMDC has etched its legacy as a public sector undertaking, headquartered in the bustling city of Hyderabad, Telangana.

Summits and Conferences News

PM Modi Set to Attend BRICS Summit in South Africa

The upcoming BRICS Summit, scheduled to transpire from August 22 to 24, 2023, in Johannesburg, South Africa, stands as a pivotal event in the global arena. Indian Prime Minister Narendra Modi's presence at this prestigious gathering assumes heightened significance, especially against the backdrop of the ongoing Ukraine crisis and discussions pertaining to the expansion of BRICS membership. This summit holds the promise of shaping geopolitics and fostering cooperative endeavors, with India's Prime Minister Modi poised to contribute meaningfully to these deliberations.

Ranks & Reports News

S&P Global Forecasts Promising Growth Trajectory for India

S&P Global's insightful report titled "Look Forward: India's Moment" casts a forward-looking spotlight on India's economic journey from fiscal year 2023-24 (FY24) to FY31. Charting a path of robust growth, India is poised to retain its stature as the swiftest-growing major economy, projected to achieve a remarkable GDP growth rate of 6% in FY24. S&P Global's optimism shines through as it forecasts an impressive average annual growth rate of 6.7% during this span, primarily propelled by capital expansion. The report paints a compelling picture, envisioning India's GDP soaring to $6.7 trillion by FY31, accompanied by a rise in per capita GDP to approximately $4,500.

Schemes News

Vivad se Vishwas 2.0 Scheme Facilitates Dispute Settlement

In a strategic endeavor aimed at fostering a business-friendly environment, the Department of Expenditure under the Ministry of Finance has unveiled the Vivad se Vishwas 2.0 scheme, aptly dubbed the Contractual Disputes scheme. This visionary initiative, which was unveiled during the Union Budget 2023-24 under the watchful eye of Union Finance Minister, Smt. Nirmala Sitharaman, assumes a critical role in resolving longstanding contractual disputes that involve government entities and government undertakings. By offering an effective and standardized mechanism, this scheme carries the potential to alleviate the burden on the legal system, further cultivating an atmosphere conducive to business growth.

Appointments News

Shohini Sinha Appointed to Lead FBI's Salt Lake City Field Office

In a significant appointment reflecting diversity and leadership, Indian-American Shohini Sinha has been designated by FBI Director Christopher Wray to spearhead the Salt Lake City Field Office. A trailblazer in her own right, Sinha previously held the position of executive special assistant to the Director at FBI Headquarters in Washington, DC. With a dynamic career trajectory that commenced in 2001 as a special agent, Sinha's journey has spanned diverse assignments, including counterterrorism investigations and temporary roles at international outposts like the FBI Legal Attaché Office in London and the Baghdad Operations Center.

Sports News

GM Gukesh Secures Top Indian Chess Player Ranking

In a remarkable feat of strategic prowess, 17-year-old chess prodigy D. Gukesh has ascended to the pinnacle of Indian chess players, overtaking Grandmaster Viswanathan Anand in live world rankings. This watershed moment was achieved through Gukesh's triumph over Mistradin Iskandarov during the second round of the FIDE World Cup, propelling his live rating to an impressive 2755.9 and securing the 9th position in the classic open category. As Gukesh etches his name in history, Anand gracefully descends to the 10th spot, marking a significant shift in the chess landscape.

 

Obituaries News

Eminent Marathi Poet Namdeo Dhondo Mahanor's Demise Mourned

The literary world bids a somber farewell to the illustrious Marathi poet and lyricist Namdeo Dhondo Mahanor, affectionately known as Na Dho Mahanor, who peacefully passed away at the age of 81. Revered for his poignant poems and evocative lyrics, Mahanor's contributions reverberated within Marathi cinema. His masterful compositions adorned movies like 'Ek Hota Vidushak,' 'Jait Re Jait,' 'Sarja,' and more. His legacy is further enhanced by his prestigious Padma Shri award in 1991, a testament to his enduring impact on Marathi literature and culture.