5 May 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 5 May 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 5 May 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 – 5 May 2023

International Firefighters’ Day 2023 observed on 04th May

International Firefighters Day is a day dedicated to recognising and thanking the courageous people who risk their lives every day to save others. These firefighters demonstrate courage, strength, and selflessness as they work tirelessly to protect their communities, often putting themselves in harm’s way. Every year on May 4th, we have the opportunity to thank and appreciate them for their unwavering commitment to keeping us safe from fires and other risks.

International Firefighters’ Day 2023: Significance

The significance of International Firefighters Day lies in its recognition of the exceptional bravery and selflessness of firefighters who put their own safety at risk to protect the public from fires and other emergencies. This day serves as a poignant reminder of their undying commitment to and sacrifice for their communities. It also emphasises the necessity of raising fire safety awareness and ensuring that firefighters have the resources and equipment they need to carry out their critical obligations.

International Firefighters’ Day 2023: History

In 1999, International Firefighters Day was established to pay tribute to the courage and sacrifices made by firefighters worldwide. The annual memorial was inspired by the terrible death of five Australian firefighters who died in a wildfire while carrying out their duties. Despite being dispatched for assistance, Jason Thomas, Chris Evans, Gary Vredeveldt, Matthew Armstrong, and Stuart Davidson perished while battling the fire. As a result of this unfortunate incident, International Firefighters Day was created.

Over time, this day has evolved into a global event that celebrates the bravery, resilience, and selflessness of firefighters around the world. It serves as a reminder of their essential contributions to our communities, as well as their constant commitment to safeguarding lives and property from the dangers of fire.

NTPC Group’s total installed capacity reaches 72,304 MW with first overseas capacity addition in Bangladesh

NTPC Group Expands Installed Capacity to 72,304 MW with First Overseas Addition: The state-owned power company NTPC Group has increased its installed capacity to 72,304 MW, marking a key milestone in the power sector. This growth includes the recent integration of the 660 MW Unit-1 of the Maitree Super Thermal Power Plant (MSTPP) in Rampal, Bangladesh, marking NTPC’s first overseas capacity addition.

Collaboration with Bangladesh-India Friendship Power Company Pvt Ltd.:

The 1,320 MW (2660) MSTPP project was been out in partnership with the Bangladesh-India Friendship Power Company Pvt Ltd. (BIFPCL), a foreign joint venture of NTPC Ltd. The successful completion of the project is evidence of NTPC’s power sector expertise and dedication to innovation and excellence.

Bolstering Economic and Social Ties between India and Bangladesh:

The MSTPP, a joint venture between NTPC and the Bangladesh Power Development Board, is expected to generate electricity for the Bangladeshi population while bolstering economic and social ties between India and Bangladesh. With this latest addition, NTPC’s commitment to providing reliable and sustainable power both domestically and abroad has been further reinforced.

Commitment to Reliable and Sustainable Power:

According to an NTPC official, the project’s successful completion demonstrates the company’s dedication to reliable and sustainable power. NTPC’s expansion of installed capacity to 72,304 MW reflects its dedication to meeting the growing demand for electricity in India and beyond.

NTPC Limited is a public sector undertaking in the Indian power sector. Here are some key points about NTPC:

• NTPC was founded in 1975 and is headquartered in New Delhi, India.
• NTPC is the largest power company in India, with an installed capacity of 72,304 MW as of 2023.
• NTPC generates electricity through various sources, including coal, gas, hydro, solar, and wind.
• The company places a great emphasis on sustainable and clean energy sources, with the goal of increasing the proportion of renewable energy in its total capacity.
• NTPC has a presence in several countries, including Bangladesh, Sri Lanka, and Nepal, through collaborations and joint ventures.
• Gurdeep Singh is the Chairman & Managing Director of NTPC Limited since 2016.

Sri Lanka’s Dialog Axiata and Bharti Airtel sign binding term sheet

Dialogue Axiata, Sri Lanka’s largest telecommunications operator and a subsidiary of Malaysian Axiata, has announced a binding term sheet for the merger of its Sri Lankan operations with India’s Bharti Airtel. The proposed transaction will grant Airtel a stake in Dialog, representing the fair value of Airtel Lanka, and will allow Airtel access to a large customer base in the island nation.

Ongoing Discussions and Regulatory Approvals:

According to Dialog’s disclosure to the Colombo Stock Exchange, discussions with relevant regulatory authorities are ongoing, and the proposed transaction is subject to the signing of definitive agreements and the fulfilment of all necessary closing conditions, including applicable regulatory and shareholder approvals.

Access to a Large Customer Base:

The merger is expected to provide Airtel with access to a large customer base in Sri Lanka and enhance its network coverage and customer service capabilities in the country. Dialog, on the other hand, is expected to benefit from Airtel’s global expertise in telecommunications and digital services.

Impact on the Telecommunications Market:

The proposed merger is expected to have a significant impact on the telecommunications market in Sri Lanka, with Dialog and Airtel bringing together their resources and capabilities to provide better services to their customers. The combined entity is also expected to be better positioned to compete with other telecommunications providers in the country.

World Portuguese Language Day 2023 observed on 5th May

In 2019, the 40th session of UNESCO’s General Conference declared May 5th to be “World Portuguese Language Day,” in recognition of the Portuguese language and Lusophone cultures. The Community of Portuguese-speaking Countries (CPLP), an intergovernmental organization that includes countries where Portuguese is spoken, established this date in 2009, and has been in official partnership with UNESCO since 2000.

With over 265 million speakers across the globe, the Portuguese language is among the most prevalent languages in the world. It is the most widely spoken language in the southern hemisphere, and it is an important worldwide communication language with a broad geographical reach. Furthermore, its impact is expected to grow in the future.

Galician is the source of the Portuguese language’s origins. This was the native tongue of the people who resided in the northern regions of Portugal and northwest Spain. Galician was a combination of regional dialects and standard Latin. The language evolved over time, and around the 14th century, Portuguese emerged as its descendant. People who speak Portuguese are referred to as Lusophones. The preponderance of Lusophones currently reside in Brazil.

India’s Unemployment Rate In April Rises To 8.11% from 7.8% In March

According to data from the research organisation Centre for Monitoring India Economy, India’s jobless rate reached a four-month high of 8.11% in April 2023. The nationwide joblessness rate rose from 7.8% in March, with urban unemployment increasing to 9.81% from 8.51% in the same period. Rural unemployment, however, fell marginally to 7.34% in April from 7.47% a month ago.

Labour Participation Increases in April:

Despite the rise in unemployment, India saw its labour force participation surging by 25.5 million to 467.6 million in April, boosting the overall participation rate to 41.98%. Creating jobs for India’s growing population will continue to be a priority for Prime Minister Narendra Modi’s government, especially as he seeks a third term in office in national elections next summer.

Graduate Unemployment Shows a Declining Trend:

Minister of State for Labour and Employment, Rameswar Teli, stated in March that the unemployment rate among graduate degree holders shows a declining trend, according to the annual Periodic Labour Force Survey reports. The data on Employment and Unemployment is collected through the PLFS, which is conducted by the Ministry of Statistics & Programme Implementation. “According to the most recent Annual PLFS Reports, the estimated unemployment rate on usual status for graduate persons aged 15 and up was 17.2%, 15.5%, and 14.9% in 2019-20, 2020-21, and 2021-22, respectively, indicating a declining trend in the unemployment rate of graduate degree holders,” Teli said.

Investments in Infrastructure and Productive Capacity to Boost Job Creation:

According to the Minister of State for Labour and Employment, investments in infrastructure and productive capacity have a large multiplier impact on growth and employment. The budget for 2023-24 proposed to increase capital investment outlay steeply for the third year in a row by 33 per cent to Rs 10 lakh crore, which would be 3.3 per cent of GDP. This significant increase in recent years has been critical to the government’s efforts to boost growth potential and job creation. As a result, the government’s capacity to create jobs will be critical in the next national elections as Modi seeks a third term.

Polavarapu Mallikharjuna Prasad To Be Next Coal India Chief

The Public Enterprises Selection Board (PSEB) recommended Central Coalfields CMD Polavarapu Mallikharjuna Prasad as the next Chairman and Managing Director of Coal India (CIL). Prasad is expected to take the charge of India’s largest coal miner accounting for almost 80 per cent of the mined commodity from July 1.

A mining engineer from Osmania university, Prasad took over as the CCL CMD on September 1, 2020, and has more than three decades of experience in the mining sector. He is credited with diverting Nallah at the Hingula opencast area to unleash a 26 million tonnes (MT) coal deposit in FY15, as well as the start of a new railway siding at the Talcher Coalfields.

About the Polavarapu Mallikharjuna Prasad

Prasad also took over as the CMD of Bharat Coking Coal (BCCL) in August 2019. Both CCL and BCCL are subsidiaries of CIL. Prasad will take over the baton from serving CMD Pramod Agrawal, whose term ends on June 30, 2023. Agrawal is a Madhya Pradesh cadre IAS official who took over as CMD of the mining powerhouse in January 2020 from Anil Kumar Jha. He is the third Indian Administrative Service officer to hold the top position at CIL.

Important takeaways for all competitive exams:

• Coal India Headquarters: Kolkata;
• Coal India Founded: November 1975.

RBI, BIS Launch Fourth Edition Of G20 Techsprint Competition

The Reserve Bank of India (RBI) and the Bank for International Settlements (BIS) have announced the launch of the G20 TechSprint 2023, a global competition aimed at improving cross-border payments through innovative technology solutions. The fourth iteration of the competition, which is open to worldwide innovators, was announced on May 4.

Problem Statements for TechSprint 2023:

The TechSprint 2023 will focus on three problem statements formulated by the BIS Innovation Hub (BISIH) and RBI. The problem statements include the following:

• Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT)
• Sanctions technology solutions to reduce illicit finance risk, forex (FX), and liquidity technology solutions to enable settlement in emerging market and developing economy (EMDE) currencies
• Technology solutions for multilateral cross-border central banking digital currency (CBDC) platforms.

The competition aims to showcase how technology solutions can address illicit financing risks, provide settlement solutions in other currencies, and achieve interoperability in multi-lateral CBDC platforms.

Competition Details and Timeline:

From May 4 to June 4, 2023, developers from all across the world can apply for the G20 TechSprint 2023 competition. The competition will conclude around August/September 2023.

The TechSprint is a global technology competition that promotes innovative solutions aimed at improving cross-border payments. The competition is intended to encourage collaboration between financial institutions, technology providers, and other stakeholders in the global financial system to develop innovative solutions for cross-border payments.

Bank for International Settlements (BIS), key points:

The Bank for International Settlements (BIS) is an international financial institution owned by central banks that facilitates cooperation among central banks and other agencies in pursuit of monetary and financial stability.

Here are some key points about BIS:

• The BIS is the world’s oldest international financial organisation, having been founded in 1930.
• It is headquartered in Basel, Switzerland, and has representative offices in Hong Kong and Mexico City.
• Its membership consists of 63 central banks from throughout the world, representing countries accounting for approximately 95% of global GDP.
• The BIS’s mission is to promote international monetary and financial cooperation and to serve as a bank for central banks.
• The BIS acts as a forum for central banks to share information, discuss policy issues, and collaborate on research.
• The BIS also provides banking services to central banks and other international organizations, such as the International Monetary Fund (IMF).
• The BIS is involved in promoting financial stability, including by conducting research on financial markets and instruments and providing assistance to central banks in managing their reserves.
• The BIS is also in charge of developing worldwide standards and guidelines for banking and financial market regulation, particularly through its Banking Supervision Committee and Payments and Market Infrastructures Committee.

Khelo India Scheme: Fostering Sporting Culture and Excellence in India

Why the scheme is in the news?

Launch of Khelo India University Games 2022 Logo, Mascot, Jersey, and Anthem by Shri Anurag Singh Thakur in Uttar Pradesh.

• Ministry: – Ministry of Youth Affairs and Sports
• Launch Year: – 2018

The Khelo India Scheme aims to achieve the following objectives:

• Developing and upgrading sports infrastructure
• Promoting sports competitions and talent development
• Establishing Khelo India Centres and Sports Academies
• Encouraging the Fit India Movement
• Fostering inclusiveness through sports
• The scheme’s ultimate goal is to promote “Sports for All” and “Sports for Excellence,” creating a healthier and more active nation.

What is the Khelo India scheme?

The Khelo India Scheme, the flagship Central Sector Scheme of the Ministry of Youth Affairs and Sports, aspires to develop a sporting culture and achieve national athletic greatness by leveraging the transformational power of sports. The scheme, which combines three previous schemes, was re-introduced during the 2017-18 fiscal year, merging the Rajiv Gandhi Khel Abhiyan (RGKA), Urban Sports Infrastructure Scheme (USIS), and National Sports Talent Search Scheme (NSTSS).

Eligibility for the Khelo India scheme

To be eligible for the program, participants must be between the ages of 10 and 18. Moreover, a strong passion for sports is a requirement for any child interested in taking part in the Khelo India program.

Benefits under the Scheme

• Under the Scheme, talented athletes in priority sports disciplines at various levels receive financial aid of Rs. 5 lakhs per year for an eight-year period.
• Around 20 million children aged 10 to 18 will participate in the National Physical Fitness Campaign through this program.
• The program focuses solely on children’s physical fitness, but it also supports fitness-related activities.
• Furthermore, the government has pledged to establish 20 universities as centers of excellence in sports across India.

UGC Launches ‘Cu-Chayan’ Portal For Faculty Recruitment

M Jagadesh Kumar, Chairman of the UGC, has established the Central University Faculty Recruitment Portal CU-Chayan. It is a completely user-friendly portal and caters to the needs of all the stakeholders in the recruitment process.

Aim: To create an enabling environment for both, universities and the applicants with universities driving all the stages of the recruitment independently.

It has been developed after consultations with all the Vice Chancellors of Central Universities.

Cashfree, Yes Bank Partners to Offer International Payment Collection

Cashfree Payments has teamed with YES Bank to provide exporters with ‘Global Collections,’ an international collection solution. Under this partnership, the bank’s account holders will be able to collect payments in over 30 foreign currencies using the Global Collections service.

In addition to having dedicated facilities in four currencies (USD, GBP, EUR and CAD), the product also enables global collections in over 30 currencies up to the equivalent of $10,000 in line with the Reserve Bank of India’s (RBI’s) Online Payment Gateway Service Providers (OPGSP) guidelines. The funds so received can then be converted into rupee and settled into their local bank account in India within one business day.

Boosting exports

Ajay Rajan, Country Head – Digital and Transaction Banking, YES Bank, said, “The partnership between YES Bank and Cashfree Payments aims to simplify and revolutionise the way Indian exporters receive payments from across the world. This is aligned with the Government’s focus on boosting exports, especially in the MSME sector to make India a global manufacturing and services hub. The launch of Global Collections will empower the exporters to have real-time access and control over their payments and collections journey.” 

Exporters will be able to share their payment collection details with their buyers over email, SMS or WhatsApp, and the buyers will be able to make payments using local rails like Automated Clearing House (ACH), Single Euro Payments Area (SEPA), etc.