Daily Current Affairs 18th May, 2023

Daily Current Affairs 18 May 2023 for Banking/Insurance/SSC and other related exams.

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Govt approves Production Linked Incentive Scheme 2.0 for IT related hardware with budgetary outlay of Rs. 17,000 crore
The government has approved Production Linked Incentive Scheme 2.0 for Information and Technology related hardware with a budgetary outlay of 17,000 crore rupees. The tenure of the scheme is six years and the expected investment will be over 2,400 crore rupees.

  • This decision will create more than two lakh employment opportunities including 75 thousand direct employments. Electronics manufacturing has witnessed consistent growth with 17 percent compound annual growth rate in last eight years and this year it has crossed a major landmark of 105 billion US dollars.

Union Government approves signing of Project Collaboration Agreement between DHR & WHO on Assistive Technology
The Union Government has approved signing of Project Collaboration Agreement between the Department of Health Research (DHR) and the World Health Organization (WHO) on Assistive Technology.

  • This collaboration aims at working towards drawing global attention toward access to assistive technology, fostering research and innovation and developing and disseminating appropriate training programmes.

Indian Army conducts Flood Relief Exercise Jal Rahat in Assam
Gajraj Corps of the Indian Army conducted a Joint Flood Relief ‘Exercise Jal Rahat’ at Hagrama Bridge on Manas River, Assam to validate joint drills and coordinate preparedness by multi-agency flood relief columns.

  • Apart from Indian Army- SSB, National Disaster Response Force (NDRF), State Disaster Response Force (SDRF), District Disaster Management Authority (DDMA) and police representatives took part.
  • The event included coordination and rehearsals for rescue mission of people from inundated areas by joint efforts of specialist teams from Army, NDRF and SDRF.

CS inaugurates online education programme ‘Pahal’ for rural kids
UP Chief secretary Durga Shankar Mishra inaugurated an online rural education programme ‘Pahal’ at Government UP Sainik Inter College, Sarojini Nagar.

  • This programme has been prepared by the department of secondary education in collaboration with IIT Kanpur.
  • Under this programme, free online education will be provided at 10 government secondary schools of the state in the initial phase. In his address, the chief secretary said that the online rural education ‘Pahal’ is a new and good beginning.


Mumbai Ranks Sixth In Annual Housing Price Growth Among 46 Cities Globally
Mumbai has moved up to the sixth rank among 46 global cities in terms of annual price growth of high-end residential properties, with an appreciation of 5.5%, according to a report by real estate consultant Knight Frank India.

  • The report, titled ‘Prime Global Cities Index Q1 2023‘, notes that Bengaluru and New Delhi have also registered an increase in average annual prices in the first quarter of 2023.
  • Mumbai moved up significantly from its 38th rank in Q1 2022, and Bengaluru and New Delhi also witnessed an upward movement in index ranking.


HPCL to set up INR 500 crore ethanol plant in Una
Himachal Pradesh Chief Minister Sukhvinder Singh Sukhu announced that Hindustan Petroleum Corporation Limited (HPCL) has committed to setting up a state-of-the-art ethanol plant in Jeetpur Baheri, Una district.

  • With an estimated cost of Rs 500 crore, this project aims to bolster the production of ethanol in the region and create numerous employment opportunities for local communities.
  • The proposed ethanol plant will focus on the production of grain-based ethanol, utilizing locally sourced raw materials. This approach will not only promote sustainable agricultural practices but also contribute to reducing carbon emissions and mitigating environmental concerns.

India to contribute 16% of global GDP: Morgan Stanley
India’s economic recovery has gained significant momentum, positioning the country as a key contributor to global GDP growth, according to a recent report by Morgan Stanley.

  • As the Indian economy continues to outperform its counterparts in Asia and defy the weakness seen outside the region, the country is benefitting from a combination of cyclical and structural factors. With various indicators pointing towards a robust and broad-based recovery, India is expected to contribute 16% to global GDP growth over the period of 2023-2024.

Indian Economy expected to grow by 5.8% in 2023 & 6.7% in 2024, says World Economic Situation & Prospects report released by UN
The World Economic Situation and Prospects report released by the United Nations has reposed its faith in the Indian economy. The report said that India is expected to grow by 5.8 percent in 2023 and 6.7 percent in 2024. With this, India is expected to remain the fastest-growing major economy in the world. The growth will be supported by resilient domestic demand.

  • The UN report said that India remains a bright spot amid global economic uncertainty. It said that inflation in India is expected to decelerate to 5.5 percent in 2023 with the moderation of global commodity prices and slower currency depreciation.


N Chandrasekaran awarded France’s highest civilian honour
Tata Group Chairman N Chandrasekaran has been given France’s highest civilian award Chevalier de la Legion d’honneur for his contributions to strengthen the trade relationship between India and France.

  • French Minister for Europe and Foreign Affairs Catherine Colonna gave the award to Chandrasekaran on behalf of the French President.
  • Earlier this year, Tata Group-owned Air India had inked a multi-billion dollar deal with Airbus to buy 250 aircraft from Airbus, which included 210 A320 neo planes and 40 A350 aircraft.


Govt launches Citizen Centric Portal, Sanchar Saathi to block and trace lost mobile phones
Union Minister for Communications Ashwini Vaishnaw launched a Citizen Centric Portal named Sanchar Saathi Portal at a function in New Delhi through which mobile users can now track and block their lost mobile phones.

  • The Sanchar Saathi Portal is an initiative of Department of Telecommunications. It empowers the citizens by allowing them to know the mobile connections issued in their names, get the connections not required by them disconnected and to block and trace the lost mobile phones.

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