Daily Current Affairs for 18 May 2023


Government establishes the Accelerated Corporate Exit Processing Centre

  • The Ministry of Corporate Affairs (MCA)has taken a significant step towards making the process of striking off defunct companies easier and more efficient.
  • This has been achieved through the establishment of the Centre for Processing Accelerated Corporate Exit (C-PACE), which will centralize the process of striking off companies

Artificial Intelligence and Facial Recognition powered Solution for Telecom SIM Subscriber Verification (ASTR)

  • The Department of Telecommunications (DoT) has developed a groundbreaking artificial intelligence-based facial recognition tool known as Artificial Intelligence and Facial Recognition powered Solution for Telecom SIM Subscriber Verification (ASTR).
  • This innovative technology aims to detect and prevent fraudulent mobile connections, significantly reducing cyber fraud


Cannes Film festival 2023: Date, Schedule, Winners and Location

  • The festival’s official poster, which pays tribute to actress Catherine Deneuve for her impactful contributions to the world of cinema, was created by Lionel Avignonand Stefan de Vivies at Hartland Villa using a photograph taken by Jack Garofalo during the filming of La Chamade (1968).
  • The opening film for the festival is set to be Jeanne du Barry, directed by Maïwenn, while the festival will conclude with the popular Pixar motion picture Elemental, helmed by Peter Sohn

World Bank Approves $82 Million Loan For Controlling Zoonotic Diseases in India

  • The World Bank’sBoard of Executive Directors has approved an $82 million loan to support India’sefforts in adopting global best practices for animal health management.
  • The loan aims to prevent, detect, and respond to endemic zoonotic, transboundary, and emerging infectious diseases, recognizing the interconnectedness of people, animals, and the environment


Inauguration of online education program ‘Pahal’ for rural children

  • The online rural education initiative ‘Pahal’was officially launched by Chief Secretary Durga Shankar Mishraat Government UP Sainik Inter College in Sarojini Nagar.
  • This program, developed through a partnership between the Department of Secondary Education and IIT Kanpur, aims to provide education to rural communities through online platforms

The Demand for Kukilan

  • The demand for a separate administration in Manipur by the Kuki-Zomi MLAs has gained attention following clashes between the Kuki-Zomi tribes and the Meitei community


India to contribute 16% to global GDP growth over 2023-24: Morgan Stanley

  • India’s economic recoveryhas 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

Special Rights for Unitholders of REITs and InvITs

  • The Securities and Exchange Board of India (Sebi) has put forth a proposal aimed at granting special rights to unitholders of Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs), thereby expanding their participation in the decision-making process


Union Cabinet Approves Rs 17,000 Crore PLI 2.0 Scheme for IT Hardware

  • In a significant development, Prime Minister Narendra Modi-led Union Cabinet has given its approval to the Production Linked Incentive (PLI) Scheme for the IT hardware segment, with a substantial budget allocation of Rs 17,000 crore.
  • This PLI Scheme 2.0 for IT Hardware aims to leverage the achievements of the PLI scheme implemented for mobile phones, which played a pivotal role in establishing India as the world’s second-largest mobile phone manufacturer.
  • Notably, the exports of mobile phones have also surpassed a significant milestone of $11 billion (equivalent to around Rs 90 thousand crores) this year


Tata Sons Chairman N Chandrasekaran Conferred With France’s Highest Civilian Award

  • Tata Group Chairman N Chandrasekaranhas been given France’s highest civilian award Chevalier de la Legion d’honneurfor 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


International Museum Day 2023 Observed on 18th May

  • International Museum Day,observed on Thursday, May 18, 2023,serves the purpose of increasing recognition for the vital role that museums play in fostering cultural exchange, enhancing diverse cultures, and fostering mutual understanding, cooperation, and peace among different communities.
  • This day, as stated by the International Council of Museums, aims to raise awareness about the significance of museums as valuable platforms for promoting global harmony and development

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