On May 17, 2023, the Union Cabinet chaired by the Prime Minister (PM) of India, Narendra Modi has approved the following:
i.Signing of Project Collaboration Agreement between India’s DHR and WHO on Assistive Technology
ii.PLI Scheme 2.0 for IT Hardware
iii.MoU between ICAI and CA Maldives
Cabinet approves signing of Project Collaboration Agreement between the DHR & WHO on Assistive Technology
The Union Cabinet has approved the signing of the Project Collaboration Agreement (PCA) between India’s Department of Health Research (DHR), Ministry of Health and Family Welfare (MoHFW) and the World Health Organization (WHO) for promoting access to high quality affordable assistive technology.
- This collaboration will foster research, innovation, and capacity building in this area.
- The PCA was signed on 10.10.2022 by the WHO and on 18.10.2022 by DHR.
Key Points:
i.Assistive technology refers to tools and devices that help people with disabilities or limitations to perform daily tasks and improve their quality of life.
- Hearing aids, wheelchairs, communication aids, spectacles, prostheses, pill organizers and memory aids are all examples of assistive products.
ii.The collaboration also seeks to draw global attention to the importance of assistive technology and develop appropriate training programs.
Cabinet approves PLI Scheme 2.0 for IT Hardware
After the success of PLI for mobile phones, the Union Cabinet also approved the Production Linked Incentive (PLI) Scheme 2.0 for Information Technology (IT) Hardware with an outlay Rs 17,000 crore. It will cover covers laptops, tablets, all-in-one PCs (Personal Computers), servers and ultra small form factor devices.
Focus of PLI Scheme 2.0
It is focused on expanding India’s production and presence in Global value chains of IT hardware, servers and laptops
This will speed up India’s USD 300 billion electronics manufacturing mission, a vital part of India’s trillion-dollar digital economy goal.
PLI Scheme 2.0 Features:
- Tenure of this scheme- 6 years
- Expected incremental production- Rs 3.35 Lakh crore
- Expected incremental investment- Rs 2,430 crore
- Expected incremental direct employment- 75,000
Key Points:
i.Electronics manufacturing in India showed a consistent growth with 17% CAGR (Compound annual growth rate) in last 8 years. In 2023, it crossed a major benchmark in production, USD 105 billion (about Rs 9 lakh crore).
ii.India has become the world’s second-largest manufacturer of mobile phones.
- Exports of mobile phones crossed a major milestone of $11 billion this year (about Rs 90 thousand crore).
iii.The Central Government in February 2021 approved the PLI scheme or IT hardware, covering the production of laptops, tablets, All-in-One PCs, and servers with an outlay of Rs 7,350 crore.
Cabinet approves MoU between ICAI and CA Maldives
The Union Cabinet has approved the signing of the Memorandum of Understanding (MoU) between the Institute of Chartered Accountants of India (ICAI) and The Chartered Accountants of the Maldives (CA Maldives).
Aim:
To establish mutual co-operation for the advancement of Accounting Knowledge, Professional and Intellectual Development, Advancing the interests of their respective members and positively contributing to the development of the Accountancy Profession in the Maldives and India through Training, Professional Ethics, and Technical Research
Key Points:
i.Under this MoU, ICAI Members will get enhanced professional opportunities in Maldives in short to long term future.
ii.ICAI will provide services in accountancy profession to Maldives.
- CA Maldives intends to become a member of the International Federation of Accountants (IFAC), the global voice of the accountancy profession with more than 180 members in 135 countries. ICAI will do technical due diligence for CA Maldives to make it a member of IFAC.
About ICAI:
i.ICAI is a statutory body established under the Chartered Accountants Act, 1949 for the regulation of the profession of Chartered Accountants in India.
ii.It contributes to the field of education, professional development, maintenance of high accounting, auditing and ethical standards in furtherance of the profession of CAs.
Cabinet approves signing of MoU between CCI and Egyptian Competition Authority
The Union Cabinet approved the signing of MoU between the Competition Commission of India (CCI) and the Egyptian Competition Authority (ECA) to promote and strengthen cooperation in competition law and policy through exchange of information, technical cooperation, sharing of best practices as well as through various capacity building initiatives.
The MoU also aims to develop and strengthen linkages between CCI and ECA, and learn and emulate each other’s experiences in the enforcement of competition law in their respective jurisdictions through experience sharing and technical cooperation.
Key Points:
i.This MoU will enable CCI to learn from the experience and lessons of ECA which would help improve enforcement of the Competition Act, 2002 by CCI.
- This will benefit consumers at large and promote equity and inclusiveness.
ii.Section 18 of the Competition Act, 2002 permits CCI to enter into any memorandum or arrangement with any agency of any foreign country for the purpose of discharging its duties or performing its functions under the Act.
iii.On the lines of International Cooperation, earlier, CCI also inked MoUs with competition authorities in different jurisdictions, including Mauritius, Europe, the United States, China, Canada, Australia, Russia, Brazil, South Africa, and Japan.
Cabinet Approves revision in Nutrient Based Subsidy rates for RABI Season, 2022-23 and fixing of NBS rates for KHARIF Season, 2023 on P&K fertilizers
The Cabinet has approved the proposal of the Department of Fertilizers for revision in Nutrient Based Subsidy (NBS) rates for various nutrients i.e. Nitrogen (N), Phosphorus (P), Potash (K) and Sulphur (S) for Rabi Season 2022-23 (from 01.01.2023 to 31.03.2023) and approved NBS rates for Kharif Season, 2023 (from 1.4.2023 to 30.09.2023) for Phosphatic and Potassic (P&K) fertilizers to make available 25 grades of Phosphatic and Potassic (P&K) fertilizers to farmers at subsidized prices.
- The government will be providing a subsidy of Rs. 38,000 crores for the Kharif 2023 to fulfil its commitment of providing quality and subsidized P&K fertilizers to farmers.
- This takes the total fertiliser subsidy for the Kharif season (April-September) to Rs 1.08 lakh crore. This includes Rs 70,000 crore of urea subsidy earmarked in the Budget for the Kharif season 2023-24.
- The subsidy is likely to benefit about 12 crore farmers.
About World Health Organization (WHO):
Director-General– Dr Tedros Adhanom Ghebreyesus
Headquarters– Geneva, Switzerland
Establishment– 1948
About Maldives:
President– Ibrahim Mohamed Solih
Capital– Male
Currency– Maldivian Rufiyaa
