Daily Current Affairs 18th May 2023: Your guide for daily General Knowledge Preparation
This post contains important current affairs of 18th May 2023. It includes all Major National, International, Business and Sports related current affairs of 18th May 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 18th May 2023 Current affairs test.
1. Union Cabinet Approves ₹17,000-crore for the Revised PLI Scheme
- The Indian Central Government has sanctioned the Production Linked Incentive (PLI 2.0) tailored for IT hardware, allotting a budget of ₹17,000 crores. This move reflects on the modest success of the previous PLI initiatives.
- Through this scheme’s duration, expectations are set for an additional manufacturing value of ₹3.35 lakh crore, and a total investment of ₹2,430 crore. The scheme also aims to generate 75,000 job opportunities over the forthcoming six years.
- While the earlier version, introduced in February 2021, had an allocation of ₹7,350 crore, it wasn’t as appealing to investors. The revamped PLI 2.0, however, offers more than double the previous budget, extends over six years, and introduces better incentives. Vaishnaw indicated the incentives in the new scheme could vary from 5% and could escalate to 8%, unlike the previous 1-4%.
- About the PLI Scheme: Its design encourages Indian industries to amplify domestic production. The prime objective lies in boosting sales of indigenous products and positioning India as a significant manufacturing hub. Covering 14 domains such as Auto Components, Pharmaceuticals, and Textiles, it commands a budget close to Rs 2 lakh crore. From the ₹1.97 lakh crore PLI revealed in April 2020, ₹2,874.71 crore was dispensed, predominantly for large-scale electronics production.
National & International Appointments
2. Bhavesh Gupta’s New Role at Paytm as President and COO
- One 97 Communications Ltd, the parent company of Paytm, has welcomed Bhavesh Gupta as the newly appointed president and COO. With a history of prominent roles at Clix Capital and IDFC Bank, Gupta will now lead sectors like lending, insurance, both online and offline payments, consumer payments, and other crucial tasks, inclusive of monitoring user growth and ensuring compliance.
3. HPCL’s Ethanol Plant Announcement in Himachal Pradesh
- Himachal Pradesh’s Chief Minister, Sukhvinder Sukhu, has unveiled plans for Hindustan Petroleum Corporation Limited (HPCL) to set up an ethanol production plant in Una, with an estimated investment of Rs 500 crore. The state government is committed to funding half of the equity and will offer unwavering support to HPCL for this project. The primary vision is to provide employment to locals and nearby farmers. Pushp Kumar Joshi serves as the CMD of HPCL.
4. Partnership Approval between DHR and WHO by Indian Government
- The Indian Central Government has validated an alliance between the Department of Health Research (DHR) and the World Health Organization (WHO) with a focus on Assistive Technology. This partnership intends to foster global accessibility of assistive tech, fuel research, and pioneer innovation, along with designing pertinent training sessions. Moreover, a Memorandum of Understanding (MoU) has been confirmed between the CCI and the Egyptian Competition Authority (ECA).
5. International Museum Day Celebrations on 18 May 2023
- International Museum Day is commemorated annually on May 18, highlighting the essential role of museums in fostering cultural interactions. The theme for 2023 has been designated as “Museums, Sustainability, and Well-being,” underscoring the museums’ potential to champion sustainable practices and well-being. The International Council of Museums (ICOM) pioneered this observance approximately four decades ago in 1977.