Daily Current Affairs 4th August, 2023

Daily Current Affairs 4 August for Banking/Insurance/SSC and other related exams.

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Government launches Vivad se Vishwas 2.0 scheme for dispute settlement
To provide a much-needed impetus to the resolution of contractual disputes involving the government and government undertakings, the Department of Expenditure, Ministry of Finance, launched the “Vivad se Vishwas 2″ scheme. The move is aimed at promoting ease of doing business and will cover disputes up to 30 September 2022.

  • To ensure the scheme’s seamless implementation, the Department of Expenditure has issued detailed guidelines for “Vivad se Vishwas-2 (Contractual Disputes)” on 29 May 2023. The deadline for submitting claims under the scheme is 31 October 2023.
  • Under the scheme, for court awards passed on or before 30 April 2023, contractors will be offered settlement amounts up to 85% of the net amount awarded or upheld by the court. Similarly, for arbitral awards passed on or before 31 January 2023, the settlement amount offered will be up to 65% of the net amount awarded.

Indian Railways, IIT-Madras ink MoU for 5G testbed in Hyderabad
The Indian Railways Institute of Signal Engineering and Telecommunications (IRISET) under the Ministry of Railways, and the Indian Institute of Technology Madras (IIT Madras) have signed a Memorandum of Understanding (MoU) to establish the India 5G Test bed. 

  • This state-of-the-art test bed will be located at IRISET in Secunderabad and is dedicated to the test and development of 5G use cases for the Indian Railways.
  • With the collaboration, the Indian Railways aims to leverage the potential of 5G technology to enhance its operational efficiency, passenger experience and overall safety. 


Pakistan Cabinet approves signing of security pact with U.S.
In a significant move, the federal cabinet has silently given nod to the security pact with the United States that may pave the way for Pakistan to procure military hardware from Washington DC. 

  • The Pakistan cabinet through a circulation summary gave its approval for signing the Communication Interoperability and Security Memorandum of Agreement, known as the CIS-MOA between Pakistan and the US.
  • The CIS-MOA first was signed between the Joint Staff Headquarters of Pakistan and the US Department of Defence in October 2005 for 15 years. However, the agreement expired in 2020. 


UPI transactions grow 44% to ₹15-lakh crore in July
Transactions using the UPI (Unified Payments Interface) network touched a record high in July 2023, both in terms of volume and value, after witnessing a slight dip in June.The value of total UPI transactions touched ₹15.34-lakh crore, up 4 per cent m-o-m and 44 per cent y-o-y.

  • The number of transactions touched a high of 996 crore during the month, higher by 6.6 per cent from the previous month and 58 per cent compared to July 2022, according to data provided by the National Payments Corporation of India (NPCI). 
  • The number of monthly transactions crossed the 900-crore in May 2023 and is expected to cross the 1,000-crore mark in the current quarter. 


Indian economy to grow by 6.7% per year from FY24, GDP to rise to $6.7 trillion by FY31: S&P Global
The Indian economy is expected to grow at an average rate of 6.7 per cent between fiscal 2023-24 (FY24) to fiscal 2030-2031 (FY31), said S&P Global giving a decade-ahead forecast for Asia’s second-largest economy. 

  • India’s gross domestic product (GDP) is likely to rise to $6.7 trillion to FY31 from $3.4 trillion in FY23, said S&P Global in its August volume report titled ”Look Forward, India Moment”.
  • S&P Global said that India’s short-term economic growth will be driven by a 678.6 million strong labour force, though getting more women to enter the workforce will be pivotal for future growth, as only 22 per cent women participated in the workforce as of 2022. 
  •  GAIL India Limited, Hindustan Petroleum Corporation Limited (HPCL), Indian Oil Corporation Limited, NTPC Limited, Oil & Natural Gas Corporation Limited (ONGC), Power Finance Corporation, Power Grid Corporation of India Limited, Rural Electrification Corporation Limited and Steel Authority of India Limited (SAIL).

Oil India gets Maharatna status, ONGC Videsh becomes Navratna
The Finance Ministry has approved the upgradation of Oil India Ltd to the category of ‘Maharatna’, a move which will impart enhanced powers to the OIL board while taking financial decisions.

  • Post the upgrade, the state-run oil major has become India’s 13th Maharatna Central Public Sector Enterprises (CPSE).
  • The other companies included in the Maharatna list are Bharat Heavy Electricals Limited (BHEL), Bharat Petroleum Corporation Limited (BPCL), Coal India Limited,


GM Gukesh D overtakes Anand to become highest ranked Indian chess player
Chess legend Viswanathan Anand described 17-year-old Grandmaster D. Gukesh overtaking him as the highest-rated Indian player in FIDE rankings as a “historic” achievement and said the teenager is spearheading the country’s rise in the sport.

  • 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.


NHAI launches mobile app ‘Rajmargyatra’ for national highway users
The National Highways Authority of India (NHAI) said that it has taken a significant step toward enhancing the highway user experience by introducing the ‘Rajmargyatra’ mobile application.

  • This user-centric app marks a substantial advancement in providing travellers with comprehensive information about Indian National Highways and an effective mechanism for addressing complaints. The application is currently available in both Hindi and English languages and available for download on Google Play Store and iOS App Store.
  • The ‘Rajmargyatra’ app encompasses several key features to facilitate a smoother highway experience. Serving as a centralised repository, the app offers essential information for National Highway users. 


In a first, Himalayan vulture bred in captivity in Assam
Researchers recorded the first instance of captive breeding of the Himalayan vulture (Gyps himalayensis) in India at the Assam State Zoo, Guwahati. This conservation breeding is the second such instance in the world, after France, where the species has been bred in captivity. 

  • Categorized as ‘Near Threatened’ on the International Union for Conservation of Nature (IUCN) Red List of threatened species, the Himalayan vulture is a common winter migrant to the Indian plains and a resident of the high Himalayas.

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