04th August 2023 Current Affairs and News Headlines (Daily GK Update)

Here are the GK updates and news headlines for 4th August 2023 to help you prepare the Current Affairs 2023 for all banking exams. The Current Affairs of 4th August 2023 covers the news headlines on ‘utkarsh’ festivals, Vivad se Vishwas 2.0 scheme, FIDE rankings.

Top 15 Current Affairs and News Headlines of 4th August 2023

National News

1.President of india inaugurates ‘unmesha’ and ‘utkarsh’ festivals

• The President of India commenced the ‘Unmesha‘ International Literature Festival and the ‘Utkarsh‘ Festival of Folk and Tribal Performing Arts in Bhopal, Madhya Pradesh.
• These festivals, organized by the Sahitya Akademi and Sangeet Natak Akademi, respectively, have a shared purpose of celebrating inclusivity and cultural diversity in the region.
• With the participation of over 800 artists from various states and Union Territories, the events promise to be a vibrant showcase of artistic expressions.

2. 98,911 No of entities recognised by Govt as startups

• The Department for Promotion of Industry and Internal Trade (DPIIT) has recognized 98,911 entities under the Startup India initiative since its launch on January 16, 2016.
• The Startup India initiative aims to build a strong ecosystem that supports and nurtures innovation.
• The initiative provides startups with access to mentorship, networking opportunities, and incubation facilities to help them refine their business models and strategies.

3.GoI introduces Ayush visa category for foreign nationals seeking medical treatment in India

• Ministry of Home Affairs (MHA) introduced a new Ayush (AY) visa for foreign nationals for treatment under Ayush systems/Indian systems of medicine like therapeutic care, wellness and Yoga.
• With this, a new chapter i.e. chapter 11A – Ayush Visa has been incorporated after Chapter 11 – Medical visa of the Visa Manual, which deals with treatment under the Indian systems of medicine and accordingly necessary amendments has been made in various chapters of the Visa Manual, 2019.
• AYUSH is an acronym for Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homeopathy.

4.Oil India Upgraded to Maharatna, ONGC Videsh to Navratna by Finance Ministry

• The Finance Ministry of India elevated two major oil sector companies, Oil India and ONGC Videsh, to the esteemed Maharatna and Navratna categories, respectively, granting them increased autonomy for investment, joint venture establishment, and other financial decisions.
• Oil India, previously classified as a Navratna company, has now been granted the esteemed Maharatna status, making it the 13th Maharatna CPSE (Central Public Sector Enterprises) in the country.
• Having obtained a status upgrade to a Navratna CPSE, the company becomes the 14th Navratna CPSE in the country.

5.NHAI launches mobile app ‘Rajmargyatra’ for national highway users

• To improve the highway user experience and offer seamless travel on Indian National Highways, the National Highways Authority of India (NHAI) has taken a significant step by introducing the ‘Rajmargyatra‘ mobile application.
• This unified app aims to provide comprehensive information and efficient complaint redressal for national highway users, making travel safer and more convenient.
• The ‘Rajmargyatra’ app is designed to be user-friendly and is available for download on both the Google Play Store and iOS App Store.

International News

6.Pakistan Approves New Security Pact with the US, Signaling a Fresh Start in Defense Cooperation

• In a significant development, the federal cabinet of Pakistan has quietly approved the signing of a new security pact with the United States.
• The Communication Interoperability and Security Memorandum of Agreement (CIS-MOA) will pave the way for enhanced defense ties between the two nations and may allow Pakistan to procure military hardware from Washington DC.
• This move comes after the previous agreement, signed in 2005, expired in 2020.

State News

7.NABARD sanctions Rs 1974 crore to Rajasthan govt

• The National Bank for Agriculture and Rural Development (NABARD) has sanctioned a total amount of Rs 1,974.07 crore to the Rajasthan government under the Rural Infrastructure Development Fund (RIDF) for the financial year 2023-24.
• This substantial funding aims to uplift the living conditions of rural communities and drive economic growth in the region.
• The National Bank for Agriculture and Rural Development (NABARD) serves as the apex regulatory authority responsible for overseeing the functioning of regional rural banks and apex cooperative banks across India.

Banking News

8.RBI fines four major Indian PSUs for late overseas investment reporting

• The Reserve Bank of India (RBI) has imposed late submission fees amounting to ₹2,000 crore on four major public sector undertakings namely, ONGC Videsh Ltd, Indian Oil Corp. Ltd, GAIL (India) Ltd, and Oil India Ltd for failing to promptly report their overseas investments.
• The late submission fee has been introduced by the RBI’s Foreign Exchange Management (Overseas Investment) Regulations, 2022
• In an attempt to prevent operational disruptions and ensure compliance with RBI’s regulations, the companies have sought additional time from the central bank.

Business News

9.Steel Minister unveils new logo of NMDC

• In a special event in New Delhi, Jyotiraditya Scidia, the Union Minister of Steel and Civil Aviation, revealed the new logo of NMDC.
• The new logo is a perfect blend of modern style and meaningful symbolism. This new logo represents more than just a visual change, it represents the essence of NMDC’s role as a leader in India’s sustainable path.
• The National Mineral Development Corporation (NMDC) is a public sector undertaking under the Ministry of Steel, established in 1958 as a fully government-owned company. It’s headquarter is in Hyderabad, Telangana.

Summits and Conferences News

10.PM Modi to attend BRICS Summit in S. Africa this month

• Indian Prime Minister Narendra Modi has confirmed his attendance at the BRICS Summit in Johannesburg, South Africa, from August 22 to 24, 2023.
• The summit gains significance due to the ongoing crisis in Ukraine and discussions on expanding the membership of BRICS, a topic of interest to both Russia and China.
• Indian Prime Minister Narendra Modi will be attending the BRICS Summit in Johannesburg from August 22 to 24, 2023.

Ranks & Reports News

11.India to grow at average 6.7% per year from FY24 to FY31: S&P Global

• S&P Global’s report, titled “Look Forward: India’s Moment,” projects India’s economic growth trajectory from fiscal year 2023-24 (FY24) to FY31.
• The country is set to remain the fastest-growing large economy, with an expected GDP growth rate of 6% in FY24.
• S&P Global is optimistic about India’s potential, forecasting an average growth rate of 6.7% per year during this period, driven primarily by capital expansion. The report envisions India’s GDP to reach $6.7 trillion by FY31, and per capita GDP to rise to approximately $4,500.

Schemes News

12.Government launches Vivad se Vishwas 2.0 scheme for dispute settlement

• The Department of Expenditure under the Ministry of Finance has launched Vivad se Vishwas 2 .0 also known as Contractual Disputes scheme to settle long-standing contractual disputes involving the government and government undertakings.
• This initiative was announced during the Union Budget 2023-24 by the Union Finance Minister, Smt. Nirmala Sitharaman.
• The scheme aims to provide an effective and standardized mechanism for resolving contractual disputes, thereby reducing the burden on the legal system and fostering a more business-friendly environment.

Appointments News

13.Shohini Sinha To Head FBI’s Field Office In Salt Lake City

• Shohini Sinha, an Indian-American, has been selected by FBI Director Christopher Wray as the new special agent in charge of the Salt Lake City Field Office. She previously held the position of executive special assistant to the Director at FBI Headquarters in Washington, DC.
• Sinha started her career with the FBI in 2001 as a special agent and was initially assigned to the Milwaukee Field Office, where she focused on counterterrorism investigations. She also served in temporary assignments at the Guantanamo Bay Naval Base, the FBI Legal Attaché Office in London, and the Baghdad Operations Center.

Sports News

14.GM Gukesh overtakes Viswanathan Anand to become highest Indian in FIDE rankings

• The 17-year-old chess prodigy, D. Gukesh, has dethroned Grandmaster Viswanathan Anand as India’s top-ranked chess player in the live world rankings.
• Gukesh achieved this feat by defeating Mistradin Iskandarov in the second round of the FIDE World Cup, reaching a live rating of 2755.9 and climbing to the 9th position in the classic open category. In contrast, Anand’s rating of 2754.0 caused him to drop to the 10th spot. This is only the second time since 1986 that Anand has been displaced from the top position.

Obituaries News

15.Noted Marathi poet Namdeo Dhondo Mahanor passes away

Noted Marathi poet and lyricist Namdeo Dhondo Mahanor, popularly known as Na Dho Mahanor, passed away. He was 81. Mahanor was best known for his poems and lyrics for Marathi movies. Born in 1942, Namdeo Dhondo Mahanor was awarded Padma Shri in 1991. He had also been a member of the state legislative council. Mahanor penned several popular poems and songs, including ‘Jagala Prem Arpave’, ‘Ganga Wahu De Nirmal’ and ‘Divelaganichi Vel’, and also wrote songs for Marathi movies like ‘Ek Hota Vidushak’, ‘Jait Re Jait’, ‘Sarja’ and others.

Important Current Affairs of 4th August 2023

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