Daily current affairs 18th May

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Sidimania

Date

May 18, 2023

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# PLI

  • The cabinet on Wednesday approved a ₹17000 crore incentive scheme for manufacturing laptops and servers in India.
  • The PLI scheme has been increased from the ₹7250 crore to ₹17000 crore due to increasing interest from global players.
  • According to the government, apple is seriously evaluating for making Mac books in India.
  • IT minister Ashwini vaishnav said top mass laptop companies such as Dell, HP, Acer and Asus are among those looking at India favourably now.
  • He said the new plan provides 5% incentive to companies investing locally, and has the option to sweeten it by another 3% if specific parts are also sourced from local vendors.

# Quad

  • PM Narendra Modi will go ahead with his visit to Australia even as PM Anthony Albanese announced on Tuesday the cancellation of the quad summit next week in Sydney.
  • US President Joe Biden was unable to reach Sydney as negotiations over federal debt limit intensified in US.
  • PM Modi will depart for G7 summit in Hiroshima next week.

# Fertilizer subsidy

  • The government on Wednesday approved fertilizer subsidy of around ₹1.1 lakh crore for the current kharif season (April-September).
  • The centre will end the year with total subsidy outgo of around ₹2.2 lakh crore, around ₹50000 crore higher than the budgeted level.
  • There will be no change in the MRPs at which farmers buy fertilizers.

# GDP growth

  • India’s economy is expected to expand by 5.8% in 2023 and 6.7% in 2024.
  • However, higher interest rates and weaker external demand will continue to weigh on investment and exports in 2023.

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