Current Affairs 5th August 2023 Daily GK Insights

Welcome to Today’s Current Affairs and GK Update on 5th August 2023. This current affair news is useful for Govt jobs Interviews, TNPSC, IAS, UPSC, SSC, Railway, Banking exams IBPS, PO, SO, Clerk, and other all competitive exams for the entire part of the general awareness or general knowledge (GK) section. These daily current affairs 5th August 2023 resources provide facts about events of International, National, Political, Social, Banking, Business, Sports, and Entertainment related current affairs.

Daily Current Affairs on 5th August 2023

MASI Portal for Monitoring CHILD CARE HOMES

The National Commission for Protection of Child Rights (NCPCR) has developed The ‘MASI’ application for real-time monitoring of Child Care Institutions (CCIs) and their inspection process across the country.

Objective of MASI App

The primary objective behind the development of the Monitoring App for Seamless Inspection (MASI) is to ensure the effective and efficient functioning of the inspection mechanism for CCIs as provided under the Juvenile Justice Act, 2015.

Synchronizing Monitoring by Various Authorities

The app aims to synchronize the monitoring of the system by various authorities, including Child Welfare Committees (CWCs), State Inspection Committees, District Inspection Committees, Members of Juvenile Justice Boards (JJBs), and State Commissions for Protection of Child Rights (SCPCRs).

PM Modi to Launch ₹24,470 Crore Revamp of 508 Railway Stations under Amrit Bharat Scheme

Prime Minister Narendra Modi is set to virtually lay the foundation stone for the redevelopment of 508 railway stations across India on August 6. The ambitious project, executed under the Amrit Bharat Scheme, aims to enhance passenger amenities and improve railway infrastructure.

Revamping 508 Railway Stations

With an estimated cost of ₹24,470 crore, the redevelopment work is a significant step towards modernizing the railway system. Out of a total of 1,309 stations, 508 have been chosen for the initial phase of redevelopment under the Amrit Bharat Scheme. The ongoing construction work at 24 stations in these states carries a budget of ₹11,136 crore.

Indian Air Force Gets Israeli Spike Missiles

The Indian Air Force (IAF) received air-launched Israeli Spike Non-Line of Sight (NLOS) Anti-Tank Guided Missiles (ATGM) from Israel, capable of hitting targets up to 50 km from a helicopter and 32 km from the ground.

Integration with Mi-17V5 Helicopters

The NLOS missiles will be integrated with the fleet of Russian-origin Mi-17V5 helicopters, manufactured by Kazan Helicopters. The missile, designed by the Israeli company Rafael Advanced Defense Systems, is available in various configurations, including man-portable, vehicle-launched, and helicopter-launched variants. It utilizes a fire-and-forget system with a lock-on before launch and automatic self-guidance features.

India Successfully Concludes Trials of Anti-Tank Guided Missiles

India’s indigenous Nag Anti-Tank Guided Missile (ATGM) and the variant of HELINA (Helicopter-launched NAG) Weapon System called ‘Dhruvastra’ are set to be inducted into the Indian Army and Indian Air Force (IAF) after clearing all the trials.

Developed by DRDO and Manufactured by BDL

Both the Nag ATGM and Helina (Dhruvastra) missiles are developed by Defence Research and Development Organisation (DRDO) and manufactured by Bharat Dynamics Limited (BDL). Nag is the surface-to-air missile, and Dhruvastra is the air-to-surface missile.

SBI Posts Highest-Ever Quarterly Profit Of ₹16,884 Crore

State Bank of India (SBI), one of India’s largest public sector banks, reported its financial results for the April-June quarter of 2023-24. The bank achieved its highest-ever quarterly profit at ₹16,884 crore, representing a significant jump from ₹6,068 crore in the same period the previous year.

Contributing Factors for Record Profits

This remarkable performance was attributed to a decline in bad loans and increased interest income. On a consolidated basis, SBI’s net income also saw substantial growth, rising more than two-fold to ₹18,537 crore compared to ₹7,325 crore a year ago.

India and Peru are Negotiating for the FTA Talk

India and Peru have decided to restart negotiations for the Free Trade Agreement Deal. Currently, Indian exports to Latin American countries are just 2% of their imports, so India has enough scope to export to these countries.

Axis Bank Partners with Kiwi to Bolster ‘Credit on UPI’ on RuPay Credit Cards

Axis Bank has collaborated with Kiwi, a fintech company, to offer lifetime free Axis Bank KWIK virtual credit cards to Kiwi app users.

Enhancing Credit on UPI with Virtual Credit Cards

Kiwi, a fintech company specializing in enabling credit on UPI, has partnered with Axis Bank to introduce a lifetime free Axis Bank KWIK credit card through its app. Kiwi users gain access to a virtual credit card that offers two edge rewards for every Rs.200 spent. This feature enables customers to earn rewards while making transactions. Customers using the credit card on UPI to make scan & pay transactions enjoy a 1% cashback benefit, adding value and saving for users. The virtual credit card provides a waiver of the 1% fuel surcharge usually applied by petrol pumps on card payments.

Walmart Tops the Fortune Global 500 List for 10th Consecutive Year

FORTUNE announced that U.S. retailer Walmart topped the Fortune Global 500 list for 2023, ranking the world’s largest corporations by revenue for fiscal 2022.

Walmart’s Dominance and Energy Sector’s Strength

On Fortune’s authoritative ranking of the corporate world order, the Arkansas-based retailer claimed No. 1 for the 10th consecutive year and for the 18th time since 1995. Walmart joins a spike in the number of U.S. companies on the Global 500 this year, reaching its highest total since 2010 at 136 companies, which is also the highest for a stand-alone country. The strength of the global energy sector was dramatically clear as Saudi Aramco nearly knocked the retail Goliath from its perch. Saudi Aramco (No. 2) benefitted from soaring energy prices—fueled by Russia’s invasion of Ukraine—that also propelled Exxon Mobil (No. 7) and Shell (No. 9) back into the top 10 by revenue. In profits, Saudi Aramco earned $159 billion, the highest annual total ever for a Fortune Global 500 company.

Alex Hales from England Announces Retirement from International Cricket

Alex Hales has announced his retirement from international cricket with immediate effect, at the age of 34.

T20 World Cup Winner

He signs off from his England career as a T20 World Cup winner, having played his last game in their five-wicket win over Pakistan at the MCG in November last year. Hales played 11 Test matches, 70 ODIs, and 75 T20Is, having made his international debut in a T20 match against India in Manchester in August 2011. He was dropped from England’s 2019 ODI World Cup squad and exiled from international cricket for three years thereafter after news of a failed recreational drugs test broke a month before the tournament and spent nearly three years in exile.

Impressive Stats

Hales scored 2419 runs at an average of 37.79 and a strike rate of 95.72 in 70 ODI matches. He scored 2074 runs at a strike rate of 138.35 and an average of 30.95 in 75 T20Is. Hales last played an ODI match in March 2019 and was not in contention to play in the World Cup later this year.

India Wins Historic Gold Medal at World Archery Championships 2023

The Indian women’s compound archery team etched their names in history by clinching a gold medal at the World Archery Championships held in Berlin, Germany.

India’s First-Ever Gold in Archery World Championships

This victory marked India’s first-ever gold at the archery world championships in any category. The triumphant team comprised Jyothi Surekha Vennam, Parneet Kaur, and Aditi Gopichand Swami. In the final round, they showcased an exceptional performance against the Mexican team, consisting of Dafne Quintero, Ana Sofia Hernandez Jeon, and Andrea Becerra. The Indian trio emerged victorious with a score of 235-229, demonstrating their prowess and precision in the sport.

In conclusion, the developments in India, such as the launch of the MASI portal for monitoring childcare homes, the revamp of railway stations, successful missile trials, impressive financial results of SBI, trade negotiations with Peru, partnerships in the banking sector, and remarkable achievements in sports, demonstrate the country’s progress in various fields. These initiatives and accomplishments contribute to India’s growth and recognition on the global stage, positioning it as a nation with promising prospects for the future.

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