Daily Current Affairs 5th October, 2023

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

Dear Readers,

This post contains important current affairs of 5th October 2023. It includes all Major National, International, Business and Sports related current affairs of 5th October 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 5th October 2023 Current affairs test.

National Highlights

1. Tourism Ministry Initiates PATA Travel Mart 2023 in India’s Capital

• In the heart of New Delhi, the Indian Ministry of Tourism spearheaded the opening of the Pacific Asia Travel Association (PATA) Travel Mart 2023.
• This illustrious event, in its 46th rendition, unfolds at the grand International ExhibitioncumConvention Centre, located at Pragati Maidan, New Delhi, from October 4-6, 2023.
• The event acts as a worldwide nexus for experts in tourism and associated business sectors. Notably, this face-to-face edition celebrates the Mart’s comeback after a three-year absence caused by the pandemic.
• This year, the event is jam-packed with diverse offerings, among them the coveted PATA Gold Award, the Youth Symposium by PATA, and a Forum on Sustainability by PATA. Beyond these, it remains a crucial hub for B2B engagements.

2. Indian Government Announces Creation of National Turmeric Board

• The central government of India has formalized the creation of a board dedicated to turmeric, aiming to amplify the growth and enhancement of turmeric and its derived products domestically.
• The board’s mission includes the establishment of processing facilities and boosting exports. The focus will be on promoting exports, research and development, and enhancing value-added traditional turmeric products, emphasizing maintaining quality and ensuring food safety as per set benchmarks.
• Globally, India takes the lead in turmeric production, consumption, and export, holding a dominant 62% of the worldwide turmeric market.
• Significant turmeric cultivation happens across states like Tamil Nadu, Telangana, Karnataka, MP, Odisha, Bengal, and Gujarat. With the board’s dedicated efforts, the goal is to elevate turmeric exports to one billion by the end of this decade.

Regional Updates

1. Sikkim Suffers Due to Glacial Lake Outburst

• A tragic incident in Sikkim on October 4 led to the demise of seven individuals, with many more injured or unaccounted for, following a flash flood.
• This calamity was a result of an abrupt overflow from a glacial lake, birthed from a melting Himalayan glacier, which subsequently flooded the Teesta river basin.
• The source of the flood was an unexpected overflow from South Lhonak lake, situated at an elevation of roughly 5,200 meters.
• This tragic occurrence led to the obliteration of Chungthang dam, an essential part of Sikkim’s primary hydroelectric project, and brought significant damage to infrastructure such as roads, settlements, and urban areas.

2. Union Minister Arjun Munda Launches EMRS National Fest in Dehradun

• On October 3, 2023, in the scenic city of Dehradun, Shri Arjun Munda, the Union Minister for Tribal Affairs, introduced the 4th Eklavya Model Residential Schools (EMRS) National Cultural & Literary Fest and Kala Utsav-2023.
• The event, set at Maharana Pratap Sports College, had the Chief Minister of Uttarakhand, Shri Pushkar Singh Dhami, in attendance.
• This fest offers a nationwide stage for tribal scholars to display their unique talents across multiple disciplines.
• A much-awaited yearly affair, the EMRS Cultural Fest attracts tribal students nationwide. For 2023, the fest, spanning from October 3 to 6, will feature over 2,000 tribal students from 22 states, offering more than 20 events, from entrancing artistic performances to intellectually engaging quizzes.

Defence Briefs

1. IAF Welcomes First LCA Trainer from HAL, with More Expected by 2024

• Hindustan Aeronautics Limited (HAL), a public-sector aircraft manufacturing entity, recently handed over the inaugural trainer model of the Light Combat Aircraft (LCA) Tejas to the Indian Air Force (IAF), a segment of a prior order for 40 Mk1 aircraft.
• Out of this bunch, the IAF has incorporated 32 individual seat jets, establishing two LCA squadrons in the process.
• The remaining eight models are trainers, with HAL pledging the delivery of another seven dual-seater models to the IAF by March 2024.
• The LCA Tejas trainer aircraft is furnished with cutting-edge design principles and technologies, including advanced composite material constructions, digital avionics integrations, and fly-by-wire flight control.

Economic Insights

1. India Observes Peak Diesel Exports to Europe in September 2023

• September 2023 saw a significant escalation in India’s diesel shipments to Europe, recording the year’s apex. Factors behind this upsurge have been illuminated by energy cargo analytics platform Vortexa.
• As per Vortexa’s data, India’s diesel exports to Europe in September clocked around 333,000 barrels per day, a robust ascent of almost 47% from the preceding month.
• Year-over-year, the spike is even more noteworthy, showcasing a growth of 57%.
• Key catalysts for this resurgence encompass restricted supplies from regions like the Middle East and the USA, attributable to seasonal refinery maintenance, coupled with heightened demand in Europe. Serena Huang from Vortexa highlighted these dynamics.

2. Government Preserves GPF Interest Rate at 7.1% for Yet Another Quarter

• In a recent disclosure, the government has opted to retain the interest rate on General Provident Fund (GPF) savings at 7.1% for the quarter spanning October to December.
• This signifies the 15th continuous quarter with this rate, ensuring consistent growth for government worker’s retirement funds.
• This decision was officially sanctioned by the Finance Ministry and is likewise applicable to other provident funds for government employees across sectors, including Railways and the Armed Forces.
• While specific minor savings plans have seen rate increments for five consecutive quarters, the widely-used Public Provident Fund (PPF) has been steady at 7.1% since Q1 of 2020-21. In contrast, the five-year recurring deposit returns have been nudged to 6.7% for this quarter, up from 6.5% in the prior quarter.

Business Tidbits

1. Coca-Cola India Introduces Fully Recycled PET Bottles

• Beverage giant Coca-Cola India recently revealed its new sustainability-driven initiative by launching completely recycled PET bottles for its mainbrands, including Coca-Cola, Thums Up, and Sprite.
• The brand strives to ensure that 100% of its PET plastic bottles are manufactured using recycled material by 2024. This movement is a component of the company’s ‘World Without Waste’ campaign.
• As a part of the same effort, the organization is working with numerous Indian entities to improve and scale PET collection and recycling infrastructures across the nation.
• Coca-Cola India’s Vice President, Arpan Arora, expressed the firm’s dedication to advancing a circular economy, reiterating their global pledge to recover and recycle a bottle or can for every unit they sell by 2030.

2. Ola Electric Debuts in International Markets with Launch in UK

• Ola Electric, a subsidiary of the ride-hailing service Ola, marked its global entry with the launch of its electric scooters in the UK market.
• The company has begun accepting bookings for its flagship S1 Pro electric scooter in the UK. Shipments for the same are anticipated to start in early 2024.
• The Ola Electric scooter offers standout features, including a large under-seat storage, swift acceleration, and a commendable range. Additionally, the brand will also set up charging infrastructure across the UK.
• Ola’s CEO, Bhavish Aggarwal, expressed immense excitement regarding this development, underscoring the company’s commitment to green and sustainable mobility worldwide.

For the full news articles and in-depth coverage, please refer to the respective national and regional news agencies.

Appointments News

1. RBI Names Muneesh Kapur as Executive Director

• The Reserve Bank of India (RBI) has confirmed Muneesh Kapur’s new role as Executive Director effective from October 3, 2023, placing him in a crucial role within the institution.
• Prior to this elevation, Kapur served as the Chief Adviser in the Monetary Policy Department and held the office of Secretary to the Monetary Policy Committee (MPC), significantly influencing India’s monetary strategies.
• In his latest role as Executive Director, Kapur will manage the Department of Economic and Policy Research, a vital department in shaping economic strategies and research for the RBI.

2. Aditya Puri Takes on Role at Deloitte as Senior Advisor

• Aditya Puri, the former CEO and managing director of HDFC Bank, has now joined Deloitte Touche Tohmatsu India LLP in a senior advisory capacity. He is expected to drive tech-related changes in financial services and spearhead financial inclusion initiatives in India.
• Puri helmed HDFC Bank as its CEO from September 1994 to October 2020. Before founding HDFC, he had a diverse career spanning over 20 years with Citibank in various countries, concluding as the CEO of its Malaysian operations.
• Recognized as an influential figure in the banking sector, Puri was once India’s top-earning banker. He has a commerce degree from Panjab University and is a certified chartered accountant.

Agreements News

3. Fintech Giant Slice Announces Merger with North East Small Finance Bank

• Slice, the Indian fintech powerhouse, has unveiled its merger plans with North East Small Finance Bank (NESFB) after obtaining RBI’s nod, highlighting a unique move in the fintech domain. The union between Slice and NESFB seeks to redefine banking services and augment financial accessibility in India.
• Before this merger, Slice had bought a 10% ownership in NESFB, indicating deeper synergies between the two firms. Market observers predict that this combined entity will enrich its services and foster innovation.
• Previously known for its credit card-like services, Slice’s monthly issuance exceeded 400,000 cards, outstripping other fintechs and banks. Merging with NESFB, based in Guwahati, is projected to further their reach, especially among those underserved by conventional banks.

Awards News

4. Jon Fosse Receives the 2023 Nobel Prize in Literature

• The 2023 Nobel Prize in Literature has been bestowed upon the Norwegian writer Jon Fosse, recognized “for his groundbreaking plays and narrative works that articulate the ineffable”.
• The award, presented by the Swedish Academy in Stockholm, has set the 2023 prize money at 11.0 million Swedish kronor.
• Jon Fosse, with a writing career spanning almost four decades, is regarded as a premier contemporary author. His acclaimed oeuvre, ranging from novels to plays and more, has been translated into over fifty languages, with his plays enjoying global recognition.
• This prestigious award in literature has been conferred 115 times to 119 individuals since 1901. The medal’s design, depicting a youth under a laurel tree transcribing the Muse’s song, was crafted by Swedish artist Erik Lindberg.

Sports News

5. India Triumphs in Men’s 4x400m Relay at Asian Games 2023

• India’s relay team clinched the gold medal in the men’s 4x400m relay event at the Asian Games 2023 held in Hangzhou, China. The winning team consisted of Amoj Jacob, Muhammed Anas Yahiya, Rajesh Ramesh, and Muhammad Ajmal Variyathodi, recording a time of 3:01.58.
• Having posted the best time of 3:03.81 minutes during the heats, India had earlier set the Area Record at the World Athletics Championship in Belgium with a time of 2:59.05 minutes.
• While Qatar secured the silver, Sri Lanka took the bronze medal.

6. Neeraj Chopra Strikes Gold in Javelin Throw at Asian Games 2023

• India witnessed a glorious 1-2 finish in the Men’s Javelin Throw event at the Asian Games 2023 in Hangzhou, China, with Neeraj Chopra grabbing the gold and Kishore Kumar Jena capturing the silver.
• Neeraj Chopra, the title holder, showcased a stellar performance with a season’s best throw of 88.88 meters, marking his second successive gold at the Asian Games since his Jakarta 2018 win.
• Kishore Kumar Jena, an emerging talent, registered a throw of 87.54 meters, securing the silver medal.

7. Indian Women’s Archery Team Clinches Gold at Asian Games 2023

• Continuing their outstanding run, the Indian archery team secured the gold medal against Chinese Taipei during the 19th Asian Games in 2023.
• The triumphant team, comprised of Jyoti Surekha Vennam, Aditi Swami, and Parneet Kaur, displayed resilience and skill, achieving India’s second gold in archery at this event.
• In a gripping finale, the trio showcased commendable poise, concluding with a score of 30. The Taipei team came close but finished one point behind, resulting in India securing the gold with a 230-229 final score.