It gives current time (8,5)

'it' is the definition.
The definition suggests a singular noun which matches the answer.

'current time' is the wordplay.
I cannot quite see how this works, but
'current' could be 'electric' (synonyms) and 'electric' is present in the answer.
'time' could be 'clock' (synonyms) and 'clock' is found within the answer.
This accounts for all the letters.
This may be the basis of the clue (or it may be nonsense).

'gives' acts as a link.

Can you help me to learn more?