16 August 2023 Current Affairs – The Day’s Top News | GKSERIES

Current Affairs is the most important area in all competitive exams. But the difficulty level is very high. That’s why; many aspirants get confused, how to select Current Affairs for Preparation of Competitive Examination? In this Post, Daily Current Affairs 16 August 2023, we have tried to cover each and every point and also included all important facts from National/ International news that are useful for upcoming competitive examinations such as UPSC, SSC, Railway, State Govt. etc.

So, here is the Top News of the Day for 16 August 2023 to help you prepare the Latest Current Affairs part. After reading this section, you can successfully attempt Current Affairs Quiz.

Current Affairs for Competitive Exam – 16 August 2023

Neymar Jr Quits PSG To Sign For Saudi Arabia’s Al-Hilal

Brazil striker Neymar Jr has joined Al-Hilal in Saudi Arabia from Paris Saint-Germain (PSG), joining Cristiano Ronaldo and Karim Benzema. Neymar, 31, scored 118 goals in 173 matches for PSG in six injury-plagued seasons. He won five Ligue 1 titles and three French Cups, but was on the losing side as PSG were beaten by Bayern Munich in the 2020 Champions League final.

Daily Current Affairs Quiz: August 2023

PSG signed Neymar from Barcelona in 2017 for a world record sum of 222 million euros ($242 million), only weeks before signing Kylian Mbappe. The Brazilian scored 118 goals in 173 matches for PSG, winning five Ligue 1 titles and three French Cups, but his time at PSG was blighted by a catalogue of injuries. Although he helped the club to the 2020 Champions League final, which they lost 1-0 to Bayern Munich, he was sidelined for key games. Al-Hilal launched a 300 million euro bid for Mbappe last month, but the attacker reportedly refused to meet with team officials.

About the Al Hilal

Al Hilal Saudi Club, simply known as Al Hilal, is a professional multi-sports club based in Riyadh, Saudi Arabia. Their football team competes in the Saudi Professional League. They are the most decorated club in Asia winning 66 official trophies. They also have the most continental trophies in Asia and a record 18 Professional League titles.

• On October 16, 1957, a group of young men came together to form Al Hilal, a football club that would represent the city of Riyadh. The club’s first president was Mohammed Al-Helwa, and the first captain was Mohammed Al-Amri.
• Al Hilal quickly became one of the most successful clubs in Saudi Arabia, winning their first league title in 1964. Since then, they have won the league 18 times, the King Cup 10 times, the Crown Prince Cup 13 times, and the AFC Champions League four times.
• Al Hilal have also been successful in international competitions, reaching the final of the FIFA Club World Cup in 2019. They are the only Saudi Arabian club to have reached the final of the competition.
• Al Hilal’s home stadium is the King Fahd International Stadium in Riyadh. The stadium has a seating capacity of 70,000 people.
• Al Hilal’s current manager is Ramón Díaz, a former Argentine international player. The club’s current captain is Mohammed Al-Buraik.
• Al Hilal are one of the most popular clubs in Saudi Arabia, and they have a large fan base around the world. They are considered to be one of the best clubs in Asia, and they are always contenders for major trophies.

President Droupadi Murmu approves 76 Gallantry awards

President Smt Droupadi Murmu has approved 76 gallantry medals to personnel of the Armed Forces and Central Armed Police Forces for Independence Day 2023. Among these honors are four Kirti Chakra awards (awarded posthumously), 11 Shaurya Chakra awards (including five posthumous), two Bar to Sena Medals (Gallantry), 52 Sena Medals (Gallantry), three Nao Sena Medals (Gallantry), and four Vayu Sena Medals (Gallantry).

Daily Current Affairs Quiz: August 2023

In addition, the President has authorised 30 Mention-in-Despatches decorations to Army troops, including one posthumously for Army dog Madhu and one for an Air Force member. These recognitions acknowledge their significant contributions in various military operations, such as Operation Rakshak, Operation Snow Leopard, Operation Casualty Evacuation, Operation Mount Chomo, Operation Pangsau Pass, Operation Meghdoot, Operation Orchid, Operation Kalisham Valley, Rescue Operation, and Operation Evacuation.

Following is the list of Gallantry awards approved by the President:

KIRTI CHAKRA

SHAURYA CHAKRA

BAR TO SENA MEDAL (GALLANTRY)

SENA MEDAL (GALLANTRY)

NAO SENA MEDAL (GALLANTRY)

VAYU SENA MEDAL (GALLANTRY)

Following is the list of ‘Mention-In-Despatches’ of Army and Air Force Personnel:

India’s first long-range revolver ‘Prabal’ to be launched on August 18

The state-owned business Advanced Weapons and Equipment India Limited (AWEIL), based in Kanpur, Uttar Pradesh, is preparing to showcase ‘Prabal,’ India’s first long-range revolver, in a significant step towards local production and innovation. The launch date is marked for August 18, ushering in a new era of personal defense firearms.

Daily Current Affairs Quiz: August 2023

Revolutionizing Firearm Design: Prabal’s Unique Features

• Designed and constructed by AWEIL, this lightweight 32 bore revolver has an outstanding range, capable of precisely shooting targets up to 50 metres away. This remarkable range is more than double that of other revolvers currently in production, establishing Prabal as a frontrunner in the field of long-range handguns.
• A remarkable feature that sets Prabal apart from its counterparts is the incorporation of a side swing cylinder. This unique design feature eliminates the need to fold the rifle for cartridge insertion, simplifying the reloading process and increasing user convenience.
• With a mere weight of 700 grams (excluding cartridges), a barrel length of 76 mm, and an overall length of 177.6 mm, Prabal is ergonomically designed for ease of use. Its trigger pull is designed to be effortless, enabling a wide range of individuals, including women, to handle it confidently.

Accessible and Compliant: Prabal’s Licensing and Availability

A key aspect of the Prabal revolver’s launch is its accessibility to civilians with the requisite license. As the booking window for Prabal opens on August 18, individuals can secure their own Prabal revolvers. This move not only boosts domestic manufacturing but also offers citizens a dependable tool for self-defense, reinforcing the importance of personal safety.

AWEIL: Pioneering Defense Manufacturing in India

• Founded in 2021, Advanced Weapons and Equipment India Limited (AWEIL) is a government-owned entity located in the Armapur locality of Kanpur.
• AWEIL, which consists of eight factories from the former Ordnance Factory Board (OFB), is critical in the production of defence items for a variety of applications.
• With a focus on manufacturing small arms and artillery guns, AWEIL serves the needs of the Indian Armed Forces, foreign military entities, and domestic civilian markets.
• The company’s exceptional capabilities are evident through its recent accomplishment—an order valued at Rs 6,000 crore to manufacture defense products, including 300 ‘Sarang’ cannons for the Indian Army and contracts totaling Rs 450 crore from European countries.

Key takeaways for competitive examinations

• Direrctor of Advanced Weapons and Equipment India Limited (AWEIL): A.K Maurya

One District One Product ‘ODOP Wall’ Launched

In a significant stride towards showcasing the rich heritage of Indian craftsmanship and fostering self-reliance, the One District One Product (ODOP) program has joined hands with the Deendayal Antyodaya Yojana – National Rural Livelihoods Mission (DAY-NRLM) to launch the captivating and innovative ‘ODOP Wall’.

Daily Current Affairs Quiz: August 2023

This collaboration between the ODOP program and DAY-NRLM aims to highlight the exceptional craftsmanship and cultural significance embedded within the products that originate from various districts across India.

With a focus on fostering self-reliance, the ODOP program identifies, brands, and promotes one distinct product from each district. This initiative encompasses a wide array of sectors, including handlooms and handicrafts, reflecting the diverse and vibrant culture of India.

Reserve Bank of India (RBI) Introduces Reforms for Transparent Home Loan EMIs

In a significant move aimed at enhancing transparency and consumer protection in the home loan sector, the Reserve Bank of India (RBI) has introduced a comprehensive set of reforms pertaining to floating rate home loans.

Daily Current Affairs Quiz: August 2023

These reforms are designed to bring more clarity to the process of resetting interest rates, offer borrowers the option to switch to fixed interest rates, and prevent banks from unilaterally changing the loan tenure without proper consent.

The RBI’s reforms emphasize the need for banks to establish a transparent framework for resetting interest rates on floating rate home loans.

NPCI Launches UPI Chalega 3.0 Campaign to Drive UPI Adoption and Safety Awareness

The National Payments Corporation of India (NPCI) has introduced the third edition of its UPI Safety Awareness Campaign named “UPI Chalega.” Collaborating with key stakeholders in the payments ecosystem, the campaign aims to emphasize the ease, safety, and swiftness of using the Unified Payments Interface (UPI) for transactions.

Daily Current Affairs Quiz: August 2023

With the launch of UPI Chalega 3.0, the campaign continues its mission to encourage the adoption of UPI while prioritizing user safety. Through captivating initiatives, the campaign aims to achieve its objectives.

The overarching objective of the campaign is to enhance overall brand awareness of UPI, enhance understanding of its distinctive features, and drive increased adoption among new users. By using relatable and heartwarming scenarios, the campaign provides an engaging platform to enlighten the audience about the innovative aspects of UPI and its role in transforming digital transactions.

Employee Stock Option Plan (ESOP): Empowering Employees and Driving Growth

An Employee Stock Option Plan (ESOP) is a compensation scheme that grants employees the option to purchase company shares at a predetermined price within a specified time frame.

Daily Current Affairs Quiz: August 2023

To motivate and engage their employees, Employee Stock Option Plan (ESOP) will not only rewards employees but also aligns their interests with the company’s success.

ESOPs are commonly used by startups, established firms, and even publicly traded companies to incentivize employees and foster a culture of shared success.

Benefits of ESOPs:

Implementing an ESOP can yield several benefits for both employees and the company as a whole:

1. Employee Alignment: Employees’ interests are aligned with the company’s performance through ESOPs, generating a sense of ownership and dedication. When employees hold a stake in the organization’s success, they are more likely to work towards its growth and profitability.
2. Retention and Recruitment: ESOPs serve as a powerful tool for attracting top talent and retaining skilled employees. The prospect of owning a portion of the company can be a compelling incentive that differentiates the company from its competitors.
3. Motivation and Engagement: ESOPs provide employees with a tangible stake in the company’s future. This can significantly boost their motivation and engagement levels, leading to increased productivity and innovation.
4. Long-Term Focus: Since ESOPs often come with vesting periods (the time an employee must wait before exercising their options), they encourage employees to take a long-term perspective on the company’s growth and success.
5. Tax Advantages: ESOPs can offer tax advantages to both the company and employees, depending on the jurisdiction and specific plan structure. These advantages can vary and should be explored with financial and legal experts.

Implementing an ESOP:

Creating and implementing a successful ESOP involves several key steps:

1. Plan Design: Companies need to decide on the structure of the ESOP, including the number of options to be granted, vesting periods, exercise price, and eligibility criteria.
2. Valuation: The current value of the company’s shares is critical for determining the exercise price of the options. For this aim, professional valuation services are frequently used.
3. Communication: Transparent and clear communication about the ESOP is essential. Employees need to understand the potential benefits, risks, and how the plan aligns with the company’s goals.
4. Legal and Regulatory Compliance: ESOPs are subject to legal and regulatory requirements. Companies must ensure that the plan complies with relevant laws and regulations.
5. Administration: Proper ESOP administration, including tracking vesting, exercise dates, and supplying required documents, is critical to its success.

NCERT Constitutes 19-Member Panel for Textbook Revision in India

The National Council of Educational Research and Training (NCERT) has formed a 19-member committee responsible for aligning school syllabi, textbooks, teaching materials, and learning resources with the National Curriculum Framework (NCF).

Daily Current Affairs Quiz: August 2023

The committee’s mandate covers Classes 3 to 12, and it also aims to ensure a seamless transition from Classes 1 and 2 to subsequent grades.

With a diverse range of expertise spanning mathematics, arts, economics, sports, policy, and administration, this committee aims to create an educational framework that aligns with contemporary needs while embracing cultural and regional diversity. Each member contributes their valuable insights, driving the transformation of India’s school education system.

Pradhan Mantri Bhartiya Janaushadhi Kendras To Be Established Across The Country

The Railways Ministry is embarking on a significant endeavor aimed at establishing Pradhan Mantri Bhartiya Janaushadhi Kendras (PMBJKs) at railway stations throughout the country. This initiative holds the primary objective of ensuring the availability of top-notch medicines to the public, all while maintaining an affordable price point.

Daily Current Affairs Quiz: August 2023

As part of this progressive initiative, the Ministry has meticulously curated a list of fifty railway stations that will serve as the launching grounds for the pilot project. This strategic selection aims to lay the groundwork for greater accessibility to Janaushadhi products for both passengers and visitors frequenting these bustling stations.

These PMBJK outlets will be strategically positioned at easily accessible locations, ensuring the convenience of both incoming and outgoing passengers. The locations for PMBJKs will be identified by Railway Divisions, and the stalls will be allocated through an E-auctioning process facilitated by the Indian Railways E-Procurement System (IREPS). The design of these stalls is entrusted to the esteemed National Institute of Design (NID) Ahmedabad.

Dharmendra Pradhan launches DBT in NAPS to strengthen apprenticeship ecosystem

Shri Dharmendra Pradhan, Union Minister for Education and Skill Development & Entrepreneurship, inaugurated the Direct Benefit Transfer (DBT) in the National Apprenticeship Promotion Scheme (NAPS) to strengthen apprenticeship training and encouraging the involvement of both industries and young individuals.

Daily Current Affairs Quiz: August 2023

Since its inception in 2016 until July 31, 2023, the National Apprenticeship Promotion Scheme has engaged a total of 25 lakh youths as apprentices. The scheme has witnessed remarkable progress, with around 2.6 lakh apprentices successfully completing their training in the fiscal year 2023-24.

The Government of India introduced the National Apprenticeship Promotion Scheme (NAPS) in August 2016 as a strategic initiative to foster apprenticeship across the nation. This program is designed to stimulate apprenticeship adoption by offering financial incentives, technological assistance, and advocacy support.

Centre appoints R Doraiswamy as LIC Managing Director

Government of India had appointed R. Doraiswamy as the Life Insurance Corporation of India (LIC) managing director. He is currently executive director at the central office in Mumbai. He has been appointed as LIC’s managing director in place of Mini Ipe, with effect from the date of his assumption of office on or after September 1, 2023, and continuing until his superannuation on August 31, 2026, or until further orders, whichever is earlier, according to a regulatory filing by the national insurer.

Daily Current Affairs Quiz: August 2023

The Financial Services Institutions Bureau (FSIB), the headhunter for directors of state-owned banks and financial institutions, had in June recommended the name of Mr. Doraiswamy as MD. The FSIB is headed by Bhanu Pratap Sharma, former secretary, Department of Personnel and Training (DoPT). Other members of the headhunter are the Secretary, Department of Financial Services; Secretary, Department of Public Enterprises; IRDAI Chairman Debasish Panda, former LIC managing director Usha Sangwan, and former Oriental Insurance managing director A.V. Girija Kumar.

About the Life Insurance Corporation of India (LIC) 

Life Insurance Corporation of India (LIC) is an Indian multinational public sector life insurance company headquartered in Mumbai. It is India’s largest insurance firm as well as the country’s largest institutional investor, with $45.7 trillion (US$570 billion) in assets under administration as of March 2023. It is owned by the Government of India and is administered by the Ministry of Finance.

The Life Insurance Corporation of India was established on 1 September 1956, when the Parliament of India passed the Life Insurance of India Act, nationalising the insurance industry in India. Over 245 insurance companies and provident societies were merged together.[4][5]

LIC reported 290 million policyholders as of 2019, a total life fund of 28.3 trillion, and a total value of sold policies of 21.4 million in the fiscal year 2018-19. The company also reported having settled 26 million claims in 2018–19. It ranked 98th on the 2022 Fortune Global 500 list with a revenue of ₹775,283 crore (equivalent to ₹8.2 trillion or US$100 billion in 2023) and a profit of ₹4,415 crore (equivalent to ₹47 billion or US$580 million in 2023).

Atal Bihari Vajpayee’s Death Anniversary

Death Anniversary of Atal Bihari Vajpayee 2023

On the melancholy occasion of former Prime Minister Atal Bihari Vajpayee’s death anniversary on August 16, politicians from all political backgrounds and connections converged in Delhi at the ‘Sadaiv Atal’ memorial. Vice President Jagdeep Dhankhar, Amit Shah, Defence Minister Rajnath Singh, Nitin Gadkari, Rajya Sabha Deputy Chairman Harivansh, Praful Patel, Arjun Ram Meghwal, Union Minister, Anupriya Patel and HAM’s Jitan Ram also paid tribute to the Atal Bihari Vajpayee on his 5th death anniversary. Namita Kaur Bhattacharya, foster daughter of former Prime Minister Atal Bihari, offers floral homage at ‘Saidav Atal’ on the anniversary of his death.

Daily Current Affairs Quiz: August 2023

PM Modi’s Tribute to Atal Bihari Vajpayee

Prime Minister Narendra Modi, accompanied by President Droupadi Murmu, paid his respects at the memorial. PM Modi’s devotion went beyond the physical deed; on X, he wrote, “I join the 140 crore people of India in paying homage to the remarkable Atal Ji on his Punya Tithi.” India benefitted greatly from his leadership. He played a pivotal role in boosting our nation’s progress and in taking it to the 21^st century in a wide range of sectors.”

This heartfelt tribute from the current Prime Minister echoed the feelings of countless Indians, underscoring Vajpayee’s contributions in steering India towards growth and prosperity across various sectors.

About Atal Bihari Vajpayee

Atal Bihari Vajpayee’s journey in Indian politics spanned decades during which he became an important figure representing the Bhartiya Janta Party (BJP). His presidency was an age of great growth and progress in a variety of fields, ranging from economics to international relations. Vajpayee’s tenure as Prime Minister was characterized by his commitment to good governance, economic reforms and foreign policy initiatives that elevated India’s global stature.

Born on 25^th December 1924, Vajpayee’s legacy extended beyond his time as the Prime Minister. He served two non-consecutive terms as PM, leaving a lasting impact on the nation’s political landscape.

A Lasting Tribute: Good Governance Day

Prime Minister Narendra Modi announced December 25th, Atal Bihari Vajpayee’s birthdate, as Good Governance Day in acknowledgment of his efforts. This annual observance seeks to commemorate Vajpayee’s commitment to effective governance, nation-building and progress.

Anwarul Haq Kakar Sworn In As Pakistan’s Caretaker Prime Minister

Anwarul Haq Kakar, a renowned ethnic Pushtun politician with extensive ties to the country’s powerful military, has taken the oath as temporary prime minister. With this appointment, Kakar is entrusted with the responsibility of heading an impartial administration, supervising the forthcoming general elections, and addressing the economic hurdles confronting the country.

Daily Current Affairs Quiz: August 2023

Kakar is distinguished as the youngest interim Prime Minister in the history of Pakistan.

Anwarul Haq Kakar Sworn In as Pakistan’s 8th Interim Prime Minister

President Arif Alvi administered the oath of office to Anwarul Haq Kakar in a low-key event at the President House. The event was attended by outgoing Prime Minister Shehbaz Sharif and several prominent leaders. This moment marked Kakar’s elevation to the role of the 8th interim prime minister of Pakistan.

Kakar formally resigned from the Senate and the Balochistan Awami Party (BAP), solidifying his commitment to the neutrality demanded by his current position. The Senate chairman acknowledged Kakar’s resignation in accordance with the provisions outlined in clause (1) of Article 64 of the Constitution of the Islamic Republic of Pakistan.

Anwar ul Haq Kakar’s Background and Political Journey

Anwar ul Haq Kakar is an ethnic Pashtun and holds affiliation with the Balochistan Awami Party (BAP). Kakar was born in the provincial capital of Quetta, and he entered politics at the beginning of the twenty-first century.

In a prior capacity, he served as the spokesperson for the Balochistan provincial administration in 2013, which provided him with valuable insights into regional governance.

• In March 2018, Anwar ul Haq Kakar was elected to the Pakistani Senate as a Senator. He secured his Senate seat as an independent candidate through general seat representation from Balochistan during the 2018 Pakistani Senate elections.

Key takeaways for competitive examinations

• Chief of the Army Staff of Pakistan: General Asim Munir