1st August 2023 Current Affairs and News Headlines (Daily GK Update)

Here are the GK updates and news headlines for 1 August 2023 to help you prepare the Current Affairs 2023 for all banking exams. The Current Affairs of 1st August 2023 covers the news headlines on World Coffee Conference, Belgian Grand Prix, World Breastfeeding Week 2023, Muslim Women’s Rights Day 2023, World Lung Cancer Day 2023.

Top 15 Current Affairs and News Headlines of 1st August 2023

Banking News

1.Digital payments grew significantly at 13.24% in FY23, shows RBI index

• In the fiscal year 2022-2023 (FY23), digital payments in India experienced remarkable growth, as indicated by the Reserve Bank of India (RBI) Digital Payments Index (RBI-DPI).
• The RBI-DPI, a comprehensive measure of payment digitization, displayed a substantial increase across all parameters during this period, driven by significant advancements in payment infrastructure and performance across the country.
• The index for March 2023 recorded a value of 395.58, marking a 13.24% growth compared to September 2022 (377.46), as announced on January 31, 2023.

Economy News

2.Fiscal Deficit in India Touches 25.3% of Full-Year Target at the End of June 2023: CGA Data

• The fiscal deficit of the Indian government has reached 25.3% of the full-year target at the end of June 2023, as per data released by the Controller General of Accounts (CGA).
• In the previous financial year 2022-23, the fiscal deficit was recorded at 6.4% of the GDP, which was lower than the earlier estimate of 6.71%. For the current financial year 2023-24, the government aimed to further reduce the fiscal deficit to 5.9% of the GDP.

3.GST E-Invoice Rule Update: Companies with Turnover > ₹5 Crore Now Mandated to Generate E-Invoices

• On July 28, 2023, the Central Board of Indirect Taxes and Customs (CBIC) announced a significant change in the Goods and Services Tax (GST) rules in India.
• As per the new guidelines, companies with a turnover of more than ₹5 crore will be required to generate electronic invoices (e-invoices) for their business-to-business (B2B) transactions or exports.
• The CBIC’s move aims to boost tax collections and compliance under the GST regime. The inclusion of Micro, Small, and Medium Enterprises (MSMEs) in the e-invoicing regime is seen as a positive development that can benefit both businesses and the government.

Summits and Conferences News

4.India to host World Coffee Conference in Bengaluru from Sept 25

• India is set to host the 5th World Coffee Conference (WCC) in Bengaluru from September 25 to 28.
• The International Coffee Organisation (ICO) and the Coffee Board of India will co-organize the event. The central theme of the event will be “Sustainability through Circular Economy and Regenerative Agriculture“
• The event will feature tennis player Rohan Bopanna, who has been appointed as its brand ambassador.

5.Russia-Africa Economic and Humanitarian Summits

• On July 27–28, 2023, St. Petersburg, Russia, hosted the Second Summit of Russia–Africa Economic and Humanitarian Forum, a momentous occasion that showcased the growing relations between Russia and the countries of the African continent.
• This summit marked the second time such events of this magnitude were held, indicating the significance and commitment of both parties towards fostering stronger ties and cooperation.
• The discussions during the summit were centered around the vision of jointly building a new, fairer multipolar architecture for the world order. Participants stressed the importance of a world order that upholds sovereign equality among states and promotes mutually beneficial cooperation.

Schemes News

6.NATIONAL MISSION ON LIBRARIES SCHEME

• The National Mission on Libraries is an initiative of the Ministry of Culture under the Government of India, aimed at the modernization and digital interconnection of almost 9,000 libraries throughout the country.
• Its primary goal is to grant readers easy access to a vast array of books and information.
• The ambitious project is estimated to cost approximately 1000 crores. It has been specifically designed to cater the needs of a diverse audience, including students, researchers, scientists, professionals, children, artists, and differently-abled individuals.

7.Over 6.23 Crore Loans Sanctioned Under Pradhan Mantri MUDRA Yojana in FY 2022-23

• In Financial Year (FY) 2022-23, the Pradhan Mantri MUDRA Yojana (PMMY) has achieved a significant milestone by sanctioning over 6.23 crore loans.
• The Union Minister for State for Finance, Dr. Bhagwat Kisanrao Karad, shared this information in a written reply during a Lok Sabha session.
• The PMMY aims to facilitate access to institutional finance for new and existing micro units or enterprises, offering loans of up to 10 lakh rupees.

Agreements News

8.India, Moldova agree to sign MoU for cooperation in agriculture

• A meeting aimed to strengthen bilateral cooperation in agriculture between India and Moldova was held at Krishi Bhawan in New Delhi.
• During the meeting, the two ministers discussed the potential for increasing bilateral trade in agricultural commodities and the exchange of knowledge and technology to enhance agricultural cooperation.
• The ministers discussed the importance of exchanging knowledge and technology to enhance agricultural cooperation. This would enable both countries to benefit from each other’s expertise in the field.

Sports News

9.F1 defending champion Max Verstappen wins Belgian Grand Prix

Defending Formula One champion Max Verstappen emphatically won the Belgian Grand Prix  for an eighth straight win and 10th overall of a crushingly dominant season. He finished 22.3 seconds ahead of teammate Sergio Perez to give Red Bull and easy 1-2. It moved Verstappen ominously closer to a third straight world title and his own F1 record of 15 wins from last year.

Previous race’s winners list:

10.Aishwary Pratap Singh Tomar clinches Gold medal at FISU Games

• Aishwary Pratap Singh Tomar, along with compound archers Avneet Kaur, Sangampreet Singh Bisla, and the men’s 10m air rifle team, achieved remarkable victories by securing gold medals at the FISU World University Games 2023 in Chengdu, the People’s Republic of China.
• With these achievements, India’s medal tally at the FISU World University Games 2023 reached an impressive total of 17 medals – nine gold, three silver, and five bronze.
• India currently holds the fourth position on the medals table, trailing behind China, Japan, and the Republic of Korea.

Important Days

11.World Breastfeeding Week 2023: Date, Theme, Significance and History

• World Breastfeeding Week is observed every year to emphasize regular breastfeeding for babies. This year breastfeeding week commences on August 1 while it concludes on August 7.
• Breastfeeding is extremely crucial for the healthy growth and development of an infant. Breastmilk is the best food for newborn babies. It contains antibodies that aid in preventing several prevalent paediatric ailments.
• This year’s theme “Let’s make breastfeeding and work, work!” will focus on breastfeeding and work, providing a strategic opportunity to advocate for essential maternity rights that support breastfeeding – maternity leave for a minimum of 18 weeks, ideally more than 6 months, and workplace accommodations after this point.

12.Muslim Women’s Rights Day 2023: Date, Significance and History

• Muslim Women’s Rights Day is observed across the nation on August 1 to celebrate the enactment of the law against triple talaq. The central government enacted the law on August 1, 2019, that has made the practice of instant triple talaq a criminal offence. The Union ministry of minority affairs announced that Muslim Women’s Rights Day will be observed across the nation on August 1 and it will celebrate the second anniversary of the enactment of the law against triple talaq.
• The day is celebrated to recognize and honour the enactment of the law against the Triple Talaq. The Triple Talaq rule has been declared illegal by the Government of India under the Act of 2019, Protection of Marriage Rights. The Muslim women celebrate the day with utmost happiness and have welcomed the law wholeheartedly.

13.World Lung Cancer Day 2023: Date, Significance and History

• World Lung Cancer Day is observed every year on August 1 and it has been celebrated on the same date since 2012. It was first marked to raise awareness around the deadly disease and encourage more research on it to break the stigma around the disease.
• The campaign for World Lung Cancer Day was recognized in the year 2012 though the momentum was set in the preceding years. The Forum of International Respiratory Societies organized the campaign in collaboration with the International Association for the Study of Lung Cancer and the American College of Chest Physicians. The awareness around lung cancer picked pace since then and people got more aware of the signs and symptoms that they must look for in case of lung cancer.

Obituaries News

14.Former minister Vakkom Purushothaman passes away at 96

• Former two-time Kerala Assembly Speaker Vakkom Purushothaman, 96, passed away. Mr. Purushothaman commenced his political life as a Revolutionary Socialist Party (RSP) activist in 1952. He won a seat in the Vakkom panchayat council on the party ticket.
• When practising as lawyer at the Thiruvananthapuram Bar, former Chief Minister R.Shankar spotted Mr. Purushothaman’s flair for politics and persuaded him to quit the RSP and join the Congress.

Miscellaneous News

15.Project Tiger merges with Project Elephant

• Project Tiger and Project Elephant, two significant conservation initiatives in India, have been merged under a new division called ‘Project Tiger and Elephant Division’ by the Union Ministry of Environment, Forest and Climate Change (MoEFCC).
• While the merger aims to rationalize funding and improve conservation by reducing overlap in areas with both programs, the lack of funds and the confusion regarding fund division have raised concerns among experts.
• Recently, the Prime Minister also commended the success of Project Tiger on its 50th anniversary.

Important Current Affairs of 1st August 2023

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