Today in History (May 18th, 1977)
The International Council of Museums (ICOM) adopted the resolution in Moscow to celebrate the first International Museum Day on 18th May 1977. The event is celebrated annually to unify museums’ creative aspirations and efforts and to raise awareness of the role museums play in the development of society.
Summary of Today’s News
Product Linked Incentive scheme for IT hardware.
The Union Cabinet approved an updated Product Linked Incentive (PLI) scheme for IT hardware manufacturing, with a total budgetary outlay of Rs. 17,000 crores. In the last eight years, electronics manufacturing in India witnessed consistent growth with 17% CAGR and crossed a significant benchmark in the production of $105 billion. India is the second largest mobile handset manufacturer in the world after China.
Carbon Border Adjustment Mechanism
India and the European Union (EU) are working to resolve the Carbon Border Adjustment Mechanism (CABM), which aims to levy additional tariffs on carbon emitted while producing goods entering the European Union market. CABM regulations took effect on 16th May 2023, and the transitional implementation phase will begin on 1st October 2023. The European Union is India’s second-largest trading partner and its second-largest export market.
Hindenburg-Adani issue
The Hon’ble Supreme Court of India gave the Securities and Exchange Board of India (SEBI) until 14th August 2023 to complete its investigation into the allegations of the Hindenburg-Adani Group. Hindenburg Research published a report on 24th January 2023, stating that the Adani Group had engaged in a stock manipulation and accounting fraud scheme over the last ten years.
Fertilizer subsidy for Kharif season
The Union Cabinet approved an Rs. 1.08 lakh fertilizer subsidy for the ongoing kharif season. Rs. 38,000 crores will subsidize phosphatic and potassic (P&K) fertilizers, while Rs. Seventy thousand crores will subsidize urea fertilizers. The prices of fertilizers remain high due to global factors such as a fall in production, increased logistics costs, and the Russia-Ukraine crisis.
Hypertension
On the occasion of the World Hypertension Day (17th May), the Union Health Ministry launched an initiative to screen and place 75 million people with hypertension and diabetes under standard care by 2025. India aims to tackle hypertension and other non-communicable diseases at primary healthcare centers.
