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Daily Current Affairs 5th August 2023: Your guide for daily General Knowledge Preparation

Dear Readers,
This post contains important current affairs of 5th August 2023. It includes all Major National, International, Business, and Sports related current affairs of 5th August 2023. We have briefly explained every current affairs matter to help you further understand your general knowledge. Once you have gone through these current affairs, we would recommend that you try the 5th August 2023 Current Affairs test.

National News

1. MASI Portal for Monitoring Child Care Homes

  • The ‘MASI’ application, developed by the National Commission for Protection of Child Rights (NCPCR), facilitates realtime monitoring of Child Care Institutions (CCIs) and their inspections nationwide.
  • The main aim is to enhance the efficiency of inspecting CCIs, as mandated by the Juvenile Justice Act, 2015.
  • The app promotes synchronized monitoring by different 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).

2. Postponement of Import Restrictions for Laptops, PCs, and Tablets

  • The Directorate General of Foreign Trade (DGFT) has decided to delay the implementation of import licensing requirements for laptops, tablets, and personal computers in India.
  • Earlier imposed due to security concerns and to boost domestic manufacturing, these restrictions will now take effect on November 1, 2023.

3. Record Quarterly Profit by SBI

  • State Bank of India (SBI), a prominent public sector bank, has reported its financial performance for the AprilJune quarter of 202324.
  • Achieving an unprecedented quarterly profit of ₹16,884 crore, a substantial increase from ₹6,068 crore in the same period last year.
  • This success is attributed to reduced bad loans and increased interest income.
    On a consolidated basis, SBI’s net income has more than doubled, reaching ₹18,537 crore compared to ₹7,325 crore a year ago.

4. Extension of Tenure for Cabinet Secretary Rajiv Gauba

  • Cabinet Secretary Rajiv Gauba has been granted a oneyear extension by the Central government, becoming the longestserving cabinet secretary in India’s history.
  • This extension comes through the Appointments Committee of the Cabinet (ACC), as a result of rule relaxation to continue beyond August 30, 2023.
  • Rajiv Gauba’s tenure will surpass the record of BD Pande, who served from November 2, 1972, to March 31, 1977, establishing Gauba as the longestserving cabinet secretary in Indian bureaucracy.

5. PM Modi Launches Ambitious Railway Station Revamp

  • Prime Minister Narendra Modi will virtually initiate the redevelopment of 508 railway stations across India on August 6.
  • This project, executed under the Amrit Bharat Scheme, seeks to improve passenger facilities and enhance railway infrastructure.
  • The estimated cost of ₹24,470 crore underlines the significance of modernizing the railway network.
  • The first phase includes 508 out of 1,309 stations for redevelopment under the Amrit Bharat Scheme, with ongoing construction at 24 stations carrying a budget of ₹11,136 crore.

International News

6. Downgrading of US Credit Rating

  • Fitch, a leading global ratings agency, has recently lowered the United States’ credit rating from AAA to AA+.
  • The AAA rating signifies strong debt repayment ability and reflects the borrower’s economic and financial health.
  • S&P Global, Fitch, and Moody’s use similar credit rating scales from AAA to D to assess repayment risk, with AAA denoting the highest creditworthiness.

Sports News

8. Historic Gold Medal in World Archery Championships

  • India’s women’s compound archery team secured a historic gold medal at the World Archery Championships in Berlin, Germany.
  • This achievement marks India’s firstever gold at the archery world championships in any category.
  • The triumphant team consisted of Jyothi Surekha Vennam, Parneet Kaur, and Aditi Gopichand Swami.
  • They showcased exceptional skills in the final round against Mexico, securing a remarkable victory with a score of 235229.
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