Daily Current Affairs 1st September 2023

Daily Current Affairs 1st September 2023: Your guide for daily General Knowledge Preparation

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This post contains important current affairs of 1st September 2023. It includes all Major National, International, Business and Sports related current affairs of 1st September 2023. A brief explanation of every current affair is provided to further enhance your general knowledge. Once you have gone through these current affairs we would recommend to you to try 1st September 2023 Current affairs test.

International News
1. Russia Launches Islamic Banking Pilot Program: Exploring Shariah-based Finance

• Russia has announced its intent to kickstart its maiden Islamic banking pilot program from September 1.
• Given the substantial Muslim populace in Russia, numbering around 25 million, this move is targeted to harness the latent capabilities of Islamic finance. While Islamic institutions were operational, there was no formal acknowledgment till now.
• Islamic banking is grounded in Shariah principles, which specifically forbid transactions that charge interest, deeming them unfair. This makes it distinct from conventional banking.

2. Gabon Military Seizes Power Following Disputed Election: A Series of Coups in West and Central Africa

• Central African nation Gabon has been rattled by a military coup post the disputed election victory of President Ali Bongo, who has been detained under house arrest.
• This unsettling event marks the eighth coup in West and Central Africa since 2020, indicating the region’s drifting democratic values. The military announced the government’s dissolution and invalidated the presidential election results.
• General Brice Oligui Nguema has been unanimously chosen by the generals as the new leader of the nation.

National News
3. India’s Largest Home-Built Nuclear Plant Starts Operations

• Prime Minister Narendra Modi has declared that the Kakrapar, Gujarat-based 700 MW nuclear plant has begun functioning at its peak capacity.
• Having started its commercial operations on June 30, 2023, the Kakrapar Atomic Power Project (KAPP) initially operated at 90% capacity, reaching full capacity on September 31, 2023.
• Nuclear Power Corporation of India Limited (NPCIL) has constructed two 700 MW pressurized heavy water reactors at Kakrapar. This addition amplifies India’s nuclear energy output, which already includes two 220 MW units at Kakrapar.

4. Union Minister Piyush Goyal Unveils Statue of First Finance Minister Of Independent India

• Union Minister of Textiles, Piyush Goyal, during an event by the South Indian Panchayat Association in Coimbatore, inaugurated a statue in honor of RK Shanmugam Chetty, the first Finance Minister post India’s independence.
• The statue now stands within the South Indian Panchayat Sangha complex in Coimbatore’s Racecourse area, serving as a lasting tribute to Chetty’s invaluable contributions and legacy.
• R.K. Shanmugham Chetty, a renowned Indian economist, lawyer, and politician, holds the distinction of presenting India’s inaugural budget on November 26, 1947, following independence.

5. Cabinet okays PRIP scheme to boost research and innovation

• The Union Health Ministry has launched the Promotion of Research & Innovation in Pharma-MedTech sector (PRIP) scheme to augment research and innovation in the pharma-medtech domains.
• Earlier this month, the government rolled out the scheme, believing in the potential of the Indian pharma industry to enhance its global market share from the current 3.4% to 5% by 2030.
• A significant investment of ₹700 crore has been announced by the Union Health Ministry for the establishment of seven Centres of Excellence at various National Institutes of Pharmaceutical, Education & Research (NIPER) to elevate research and innovation in the related sectors.

State News
6. Nagaland Becomes First State In North Eastern Region To Initiate Aadhaar Linked Birth Registration

• Nagaland has pioneered the Aadhaar-Linked Birth Registration (ALBR) system in the North Eastern region. The revolutionary initiative is aimed at streamlining birth registration and Aadhaar registration for children aged 0 to 5 years.
• This venture is designed to enhance the experience for parents and children during the essential stages of birth registration and Aadhaar enrollment, integrating Aadhaar registration with the birth registration procedure.
• A chief advantage of the ALBR system is providing infants with a unique identity, ensuring efficient tracking of critical services like immunization, Integrated Child Development Services (ICDS), education, and several social welfare schemes.

Business News
7. Viacom 18 Secures BCCI TV and Digital Media Rights in a 5-Year Deal Worth Rs 5,963 Crore

• Reliance-owned media enterprise, Viacom 18, has secured the media rights for digital and TV broadcasting of domestic cricket matches and BCCI-organized domestic tournaments for the upcoming five years.
• The Board of Control for Cricket in India (BCCI) finalized this deal with Viacom 18 for a sum of Rs 5,963 crore.
• The hefty investment from Viacom 18 underscores the undiminished allure of cricket for broadcasters and advertisers alike in India.

Weather Forecast
8. Delhi Experiences a Dip in Temperature Amid Intermittent Rain Showers

• Delhi witnessed a slight decline in temperature due to unseasonal rain showers, with mercury hovering around 27 degrees Celsius.
• While the rain brought relief from the scorching heat, the capital city experienced traffic snarls and waterlogging in various regions.
• The Meteorological Department predicts that the monsoon-like conditions will linger for another week before the onset of the winter season.

Banking News
8. PNB Launches App To Enable MSMEs Access Instant Loans Using GST Invoices

• Punjab National Bank (PNB) has taken the initiative as the first public sector bank to provide effortless credit access to Micro, Small, and Medium Enterprises (MSMEs) using GST invoices.
• PNB has launched a dedicated mobile application for the GST Sahay scheme, promoting comprehensive lending procedures grounded on GST invoices, ensuring a seamless end-to-end procedure.
• The PNB GST Sahay App revolutionizes the loan application process, digitizing the entire procedure, making manual intervention redundant. The application process becomes more cost-effective, faster, and efficient. Importantly, the approved loan sum is directly credited to the borrower’s current bank account.

9. YES Bank introduces UPI interoperability on CBDC

• YES Bank has declared a significant stride in the realm of digital currency by initiating UPI interoperability on the Reserve Bank of India (RBI) Central Bank Digital Currency (CBDC) application.
• Through the YES Bank Digital Rupee app, users can now effortlessly scan any UPI QR code, simplifying digital payments.
• By amalgamating the Central Bank Digital Currency (CBDC) with UPI QR codes, the e-rupee is projected to gain widespread acceptance, further integrating with the extensively used UPI system, which has a staggering merchant base of 150 million.

Economy News
10. Centre’s Fiscal Deficit for April-July Surpasses 33.9% of FY24 Target

• India’s fiscal deficit has observed a sharp surge in the first four months of the 2023-24 fiscal year, exceeding a third of the annual target. This financial disparity, gauged as the difference between government expenditure and revenue, reflects the government’s borrowing requirements.
• As of July’s conclusion, the fiscal deficit in absolute terms reached Rs 6.06 lakh crore, based on data from the Controller General of Accounts (CGA). This is a marked rise from the same timeframe in the previous fiscal year when the deficit was 20.5% of the Budget Estimates (BE).

11. India’s GDP growth spikes to 7.8% in April-June quarter

• India’s Gross Domestic Product (GDP) showcased a significant growth spurt, peaking at 7.8% in the initial quarter of the fiscal year 2023-2024. This is in contrast to the 6.1% growth in the prior January-March quarter of the 2022-23 fiscal year.
• The 7.8% GDP growth aligns closely with financial experts’ projections, who had anticipated a 7.7% growth rate for the fourth quarter. The economic sphere is buzzing with anticipation that India’s Q1 GDP might exceed the 8% projection outlined by the RBI’s Monetary Policy Committee (MPC), led by RBI Governor Shaktikanta Das.
• The RBI’s MPC had earlier projected India’s actual GDP growth for the entire 2023-24 fiscal year at 6.5%, with the Q1 growth rate expected at 8%. The current Q1 figures indicate a potential outperformance of these projections, providing optimism for both policymakers and investors.

Schemes and Committees News
12. India Forms Committee To Examine ‘One Nation, One Election’

• On 1st September, the Indian government publicized the creation of a committee spearheaded by the former President of India, Ram Nath Kovind. The committee will investigate the feasibility of ‘One Nation, One Election.’
• ‘One Nation, One Election’ is a proposed system to synchronize elections for the Lok Sabha and all state assemblies. The primary idea revolves around conducting these elections either on a single day or within a defined timeframe.
• Prime Minister Narendra Modi ardently supports this proposal, emphasizing the government’s commitment as a series of elections approach. Notably, assembly elections in five states are on the horizon for November or December, succeeded by anticipated Lok Sabha elections in May-June 2024.

Appointments News
13. Jaya Verma Sinha Becomes the First Woman Chairperson of the Railway Board

• The government has appointed Jaya Verma Sinha as the inaugural woman Chairperson of the Railway Board, the pinnacle decision-making entity for the Ministry of Railways. Notably, she is the first woman to head the Board in its 118-year history, established in 1905.
• Ms. Sinha will assume her duties from September 1, and she previously served as the Member (Operations and Business Development). Her pivotal role post the Balasore tragedy, which took 291 lives, was commendable. She will serve until September 31, 2024.

14. MS Dhoni Welcomed as Brand Ambassador of Swaraj Tractors by Anand Mahindra

• Industrial magnate Anand Mahindra has greeted Mahindra Singh Dhoni as the cricketer embraced the role of brand ambassador for Swaraj Tractors.
• Located in Mohali, Punjab, Swaraj Tractors is an Indian tractor producer and a subsidiary of Mahindra & Mahindra. Established in 1974, Swaraj Tractors aimed for self-reliance and to produce India’s first Indigenous tractor. It stands as one of the foremost tractor producers in India today, boasting a market share exceeding 10%.

Award News
15. Winners of the 65th Ramon Magsaysay Awards 2023

• The Ramon Magsaysay Award, often termed the ‘Nobel Prize of Asia,’ epitomizes exceptional leadership and spirit.
• In its 65th iteration, four individuals were bestowed with the Ramon Magsaysay Award. The awardees are Korvi Rakshand from Bangladesh, Eugenio Lemos from Timor-Leste, Miriam Coronel-Ferrer from the Philippines, and Dr. Ravi Kannan R. from India. The accolade encompasses a certificate, a medallion featuring the former President’s portrait, and a cash reward of USD 50,000.

Miscellaneous News
16. Bhaderwah Rajma & Ramban Sulai Honey of Jammu And Kashmir Receive GI Tag

• Bhaderwah Rajmash and Sulai honey, originating from the scenic districts of Doda and Ramban in Jammu and Kashmir, have been conferred the prestigious Geographical Indication (GI) tags.
• The Bhaderwah Rajmash, or red beans, are acclaimed for their unique flavor, while the Sulai honey is renowned for its purity and rich consistency.
• The GI tag designation further accentuates the international and national reputation of these products, stimulating economic growth, tourism, and enhancing recognition for the local communities.

17. Legendary Actor Amitabh Bachchan Commences his Own NFT Collection

• Revered Bollywood superstar Amitabh Bachchan has unveiled his personal Non-Fungible Token (NFT) collection, fusing the artistic world with the digital.
• The collection, named “Big B’s NFT,” is slated to feature unique digital art, memories, and tokens reflecting the actor’s celebrated cinematic career spanning over five decades. Enthusiasts and aficionados alike eagerly anticipate the collection, foreseen to be a significant amalgamation of cinema and cutting-edge technology.