NAMASKAR! A warm welcome to 'World News: an Indian perspective on AKASHVANI. This is ADITI LOMBA bringing glimpses of the major developments of the day from across the globe. Over the next half an hour, we shall bring to you the latest from the world of politics, economy, sports, entertainment and more.

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THE HEADLINES:

⦁ India approves Production Linked incentive scheme for IT hardware with a budget of 17,000 crore rupees.

⦁ India pavilion showcasing country's rich culture and heritage opens at Cannes International Film Festival in France.

⦁ Hinduja Group Chairman Srichand Parmanand Hinduja Passes Away at  age of 87 in London.

⦁ Former Pakistan Prime Minister Imran Khan gets relief from arrest till May 31 from Islamabad High Court.

⦁ Taliban appoints Mawlawi Abdul Kabir as caretaker Prime Minister of Afghanistan.

⦁ Floods triggered by torrential rain force thousands to evacuate homes in Italy, eight dead so far.

⦁ World likely to breach 1.5 degree Celsius warming limit by 2027, warn scientists.

⦁ Ecuador president dissolves National Assembly preponing legislative and presidential elections.

⦁ India remains a bright spot, fastest growing major economy, says United Nations Report.

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CABINET- PLI HARDWARE

The government of India has approved Production Linked Incentive Scheme 2.0 for Information and Technology related hardware with a budgetary outlay of 17 thousand crore rupees. The decision was taken at the Union Cabinet meeting chaired by Prime Minister Narendra Modi on Wednesday. Addressing media after the meeting, Electronics and Information Technology Minister Ashwini Vaishnaw said, the tenure of the scheme is six years and the expected investment will be over two thousand four hundred crore rupees. The Minister expressed confidence that this decision will create more than two lakh employment opportunities including 75 thousand direct employments. He said, 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. Mr. Vaishnaw said, India has become the world’s second largest manufacturer of mobile phones and exports of mobile phones crossed a major milestone of 11 billion US dollars this year. The Minister said, India is emerging as a major electronics manufacturing country and IT hardware companies have shown interest in establishing manufacturing facilities in the country.

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CABINET- FERTILIZER

The Indian government also decided to spend one lakh eight thousand crore rupees towards fertilizer subsidy this year. Addressing media after the Union Cabinet meeting, Chemicals and Fertlizers Minister Dr. Mansukh Mandaviya said, the prices of fertilizers will not be hiked and the farmers will continue to get the nutrient based fertilizers at the same cost they are getting as of now. The Minister said, 70 thousand crore rupees is earmarked for Urea and 38 thousand crore rupees for DAP to provide fertilizer subsidy. He said, Indian farmers are getting fertilizer in less prices compared to other countries. He said, despite the hike in fertilizer prices at the global level last year, the government had provided the fertilizers at the affordable prices.

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MIB- CANNES FILM

India Pavilion at Marché du Film at 76th Cannes International Film Festival in France was thrown open on Wednesday. The pavilion was inaugurated by India's Minister of State for Information and Broadcasting Dr L Murugan, in presence of stars of the Indian film industry. The India Pavilion' at Cannes-2023 showcases country's rich culture and heritage inspired by Saraswati Yantra and National flag's colors and country's creative economy to the world. In his video message on the occasion, Union Minister for Information and Broadcasting Anurag Singh Thakur said that that ‘Festival de Cannes’ has played an instrumental role in not just promoting our cinematic excellence but also strengthening the Indo-French relations. He emphasized that for the first time this year, the government has  sent an official delegation of talented filmmakers from the North Eastern states to the Cannes Film Festival. Mr Thakur added that with powerful narratives, high-end skill-based content curation and post-production capabilities and co-production treaties with 16 countries, India has emerged as an attractive destination for filmmakers worldwide.

Addressing the gathering after the inauguration of India Pavilion, Minister of State for Information and Broadcasting Dr L Murugan stated that India is the world’s largest producer of films with over three thousand films in over 50 languages. The Minister said, these films carry a message of India’s strength in storytelling across the world.Citing the example of the now famed Elephant Whisperers of Mudumalai, the Minister highlighted that today good content knows no boundaries and we are witnessing an era where Indian content is going local to global. Dr Murugan recalled the recent stellar success of Indian movies and movie makers at world stage and added that today it’s difficult to find a movie without an Indian name in its credits for animation. The Minister stated that Indian Media and Entertainment sector is poised to experience an extraordinary growth rate of 11.4 per cent  in 2023. He further added that after the Covid pandemic, the gross box office revenues of 2022 in India, have increased almost three times the revenues of 2021 to 1.3 billion US dollar and expected to touch 3 billion US dollars by 2025. Dr Murugan pitched India as an attractive movie destination for foreign films and said that the Government is committed to develop India as a magnet for international movie industry including shooting, co-production, animation and low-cost post-production.

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G20-MEETING

On the final day of the 3rd Energy Transitions Working Group Meeting under India’s G20 Presidency, over 100 delegates representing G20 member countries, special invitee countries and international organisations held intense deliberations on priority areas. The discussions over draft Ministerial Communique were also held. Sessions related to Green Hydrogen, Low - Cost Finance for New and Critical Technologies for Energy Transition, Critical Minerals and Bio-fuels were organised in the morning. A Seminar titled 'Accelerating Energy Efficiency Progress and Promoting LiFE' has been organised on the side-lines of the event.

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CDRI

A 35-member team from Brazil and other Latin American countries visited the Coalition for Disaster Resilient Infrastructure (CDRI) under a G20 Disaster Risk Reduction Working Group initiative ‘Troika Youth for Disaster Risk Reduction & Disaster Resilient Infrastructure’. CDRI shared its youth-centric initiatives which are playing a pivotal role in promoting disaster-resilient infrastructure. Amit Prothi, Director General, CDRI, said that the unprecedented challenges posed by climate uncertainties and the increasing frequency and impact of disasters make it imperative for countries to work collaboratively. To showcase sustainable and resilient infrastructure practices in large infrastructure projects, the delegation also visited the flagship Regional Rapid Transit System project, connecting Delhi and Meerut on Tuesday, being built by the National Capital Region Transport Corporation, a joint venture between the Government of India and the states of the NCR region. Prime Minister Modi has spearheaded the formation of the Coalition for Disaster Resilient Infrastructure, which focuses on resilient infrastructure that can withstand and recover from the impacts of natural disasters.

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PM JAPAN VISIT

Prime Minister Narendra Modi will embark on a three nation tour of Japan, Papua New Guinea and Australia on Friday. He will be on a visit to Hiroshima in Japan from 19th May to 21st May at the invitation of Japanese Prime Minister Fumio Kishida for the G-7 Summit. A Report:

"During the Summit, Prime Minister will speak at G-7 sessions with partner countries, on subjects such as peace, stability and prosperity of a sustainable planet food, fertiliser and energy security. He will also hold bilateral meetings with some of the participating leaders on the sidelines of the Summit. External Affairs Ministry said, Prime Minister will then travel to Port Moresby in Papua New Guinea to host the third Summit of the Forum for India-Pacific Islands Cooperation jointly with his Papua New Guinea counterpart James Marape on 22nd May. The FIPIC involves India and fourteen Pacific Island Countries. These are Fiji, Papua New Guinea, Tonga, Tuvalu, Kiribati, Samoa, Vanuatu, Niue, Federated States of Micronesia, Republic of Marshall Islands, Cook Islands, Palau, Nauru and Solomon Islands. Prime Minister Modi will have bilateral engagements in Papua New Guinea, including meetings with Governor-General Bob Dadae and Prime Minister James Marape. This will be the first visit by an Indian Prime Minister to Papua New Guinea. On the same day, the Prime Minister will visit Sydney in Australia. He will have a bilateral meeting with his Australian counterpart Anthony Albanese on 24th May. The Prime Minister will also interact with Australian CEOs and business leaders, and address the Indian diaspora at a community event in Sydney on 23rd May. This is Saira Mujtaba for World News"

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HINDUJA

Chairman of Hinduja Group Srichand Parmanand Hinduja died in London today following an illness. He was a British passport holder. The 87-year-old business tycoon was eldest of the four brothers. SP Hinduja and his brothers Gopichand and Prakash were accused of receiving around 81 million Swedish Krona in illegal commissions to help gunmaker AB Bofors secure an Indian contract. They were, however, absolve of the charges by a court.

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CHINESE VESSEL CAPSIZED

A Chinese fishing vessel has capsized in the central Indian Ocean, with its 39 crew members reportedly missing. The crew included 17 Chinese, 17 Indonesian and five Filipino sailors. Chinese President Xi Jinping has demanded all-out efforts in the rescue of the missing people. He instructed relevant departments to activate the emergency response mechanism immediately. On-site search operation is underway.

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PAK-KHAN ARREST IMMUNITY

In Pakistan, former Prime Minister and Pakistan Tehreek-e-Insaf (PTI) chief Imran Khan has got relief from arrest till May 31 in the cases filed against him after May 9. Khan was arrested from the Islamabad High Court premises on May 9 following which his supporters carried out riots and arsons across Pakistan. Later, Pakistan Supreme Court had ordered his immediate release. On Wednesday, the Islamabad High Court has extended its order giving Khan immunity from arrest till May 31. Last week, the High Court accepted Imran Khan’s bail petition in the Al-Qadir Trust case for two weeks. On the other hand, Punjab Caretaker Information Minister Amir Mir on Wednesday gave the PTI a 24-hour ultimatum asking the party to hand over 30 to 40 protestors who attacked army installations on May 9 to the police. The minister said that the protestors are present inside Imran Khan's residence in Zaman Park. Calling the protestors as terrorists, Amir Mir said that they will be tried in a military court.

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LANKA-CABINET

Sri Lanka's cabinet of ministers has given approval to the state owned enterprise reform policy. Cabinet spokesman and Minister for Mass Media Dr. Bandula Gunawardana said that the reforms are aimed at strengthening government finances and facilitating economic recovery. He said the policy would transform the state enterprises into market-oriented entities that no longer burden the country's budget. Dr. Gunawardana emphasised the need for a cost-reflective pricing policy to prevent bankruptcy caused by selling goods below cost. The optimization of employment is also a priority, as excessive workers could result in decreased productivity. Furthermore, the minister said that the policy would help attract both domestic and foreign investments by creating a competitive and market-based environment.

Dr. Gunawardana stated that the reform of state owned enterprises is crucial for improving financial conditions, economic variables, and the balance of payments.

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LANKA-PRESIDENT

Sri Lanka President Ranil Wickremesinghe has appointed three new Provincial Governors. The swearing-in ceremony took place at the Presidential Secretariat on Wednesday. P.S.M. Charles, who previously served as the Northern Province Governor in 2019, has been reinstated as the Governor of the Northern Province.  Ceylon Workers' Congress Leader Senthil Thondaman, has been sworn in as the Governor of the Eastern Province. Sri Lanka Freedom Party Member Lakshman Yapa Abeywardena, has been appointed as the Governor for the North Western Province. These appointments come after the posts fell vacant after the removal of Jeevan Thiagarajah, Anuradha Yahampath, and Admiral of the Fleet Wasantha Karannagoda on Monday.

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AFGHAN-PM

In Afghanistan, the Taliban regime has appointed Mawlawi Abdul Kabir as the caretaker prime minister and interim head of the cabinet. The decision was taken by the supreme leader of the Afghan Taliban, Mullah Haibitullah Akhund, owing to the ill health of Mullah Mohammad Hassan Akhund, the acting head of the Taliban regime. Mohammad Hassan had reportedly suffered a heart attack in early April and is unable to recover and resume his responsibilities since then.

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B'DESH-HASINA

The 43rd ‘Home Coming’ day of Prime Minister Sheikh Hasina was celebrated by the ruling Awami League in Bangladesh on Wednesday. A delegation of senior Awami League leaders offered greetings to Prime Minister Hasina at her official residence ‘Gano Bhaban’ in the morning. The ruling party has organised programmes across the country to mark the occasion. Sheikh Hasina returned to Bangladesh 17 May  1981 after a long exile in India  following the brutal killing of her father, Bangabandhu Sheikh Mujibur Rahman alongwith most of his family members on 15th August 1975.

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ITALY FLOOD

In Italy, at least eight people died while thousands were forced to evacuate their homes due to floods triggered by torrential rain. The floods battered Italy's northern Emilia-Romagna region. According to officials, eight bodies had been retrieved from various locations. While the rains were easing, the river levels are still rising. According to the government, some regions received half their average annual rainfall in just 36 hours, causing rivers to burst their banks and sending water cascading through towns. Thousands of acres of farmland are reported to be submerged in flood water. Meanwhile, the Formula One race in Imola scheduled for this weekend has been called off after the government said the emergency services had to concentrate on the rescue operation. According to reports, muddy waters flowed through the streets of Faenza, Cesena and Forli washing over the roofs of parked cars, submerging some stores and forcing locals to flee to the top stories of their homes.

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GLOBAL WARMING

Scientists have warned that overheating world may break the key temperature limit of 1.5 degrees celsius for the first time over the next few years. Scientists said that there's now a 66 percent chance of the world breaching the 1.5 degrees celsius global warming threshold by 2027. The researchers said that the chances are rising due to emissions from human activities and a change in weather patterns. According to a new report by the World Meteorological Organization (WMO), if the world hits the threshold, this would simply mean that the earth will be 1.5 degrees Celsius warmer compared to pre-industrial levels of the 19th Century.

he Global Annual to Decadal Climate Update also reveals a 93 percent likelihood of at least one year between 2022 to 2026 becoming the warmest on record, thus knocking 2016 from the top spot. The 1.5 degrees celsius target is the goal of the Paris Agreement, which calls for countries to take concerted climate action to reduce greenhouse gas emissions to limit global warming.

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HOTSPOT

In today's hotspot section, we bring you a News Commentary on India's Europe Outreach Gathers Traction.

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ECUADOR

Ecuador's President Guillermo Lasso on Wednesday dissolved the National Assembly in a decree, thus preponing the legislative and presidential polls. Those voted into power in the early elections would only serve until the regularly-scheduled 2025 elections take place. Lasso dissolved the assembly a day after he presented his defence against an impeachment process over a corrupt contract. Guillermo Lasso has denied the allegations saying his administration made changes to the contract on advice from Ecuador's comptroller to benefit the state. He said the contracts were originally signed years before he took office. Lasso also decreed a tax reform saying that it would lower taxes for Ecuadoreans.

While ninety-two votes from the 137-member legislature were needed to remove Lasso from office, the motion received support from 88 members. Lasso will now remain in office and rule by decree. Ecuador's electoral court must decide on a date for new elections within seven days of the assembly's dissolution.

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GRAIN DEAL

The Ukraine Black Sea grain deal has been extended for two more months. This was confirmed by Russia and  Turkish President Recep Tayyip Erdogan. Russia confirmed that the deal allowing Ukraine to export its grain safely across the Black Sea has been extended. Russian Foreign Ministry spokeswoman Maria Zakharova said the deal had been extended to help countries in need. Russia maintained that its overall assessment of the situation regarding the deal had not changed. It may be recalled that Russia had threatened to quit the grain deal agreement unless a list of conditions set by the Moscow are met. The conditions were designed to counter the effect of some of the economic sanctions imposed by the West.

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INDIAN ECONOMY

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. The report said that economic growth in India is expected to remain strong while the prospects for other South Asian nations are more challenging.  

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WORLD NEWS CAPSULE

Key domestic indices today declined more than half a percent. The BSE Sensex closed below 61,600 points while the NSE Nifty settled below 18,200 level. Both indices declined amid negative cues from global share markets. A report from the business desk-

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"The Sensex fell 372 points to finish at 61,561. The Nifty at the National Stock Exchange slipped 105 points to end at 18,182. Asian Stocks ended mixed. Japan's Nikkei-225 climbed 0.8 per cent and South Korea's Kospi rose 0.6 percent. On the other hand, Hong Kong's Hang Seng declined 2.1 percent, Singapore's Straits Times index fell 1.3 percent and China's Shanghai Composite index slipped 0.2 percent. European Markets were also trading in mixed and in a narrow range. Oil prices were steady after a surprise rise in U.S. crude inventories. In intra-day trade, Brent crude was trading at 75 dollars and five cents a barrel. Back Home, Gold prices, at Multi Commodity Exchange for June contracts, were trading at around 60,165 rupees per 10 gram. On the other hand, silver was trading at 72,445 rupees per kilogram for July Contracts when reports last came in. And In the forex market, the rupee closed at 82 rupees and 39 paise against the US dollar. Gouran Dhawan Lal for World News, AKASHVANI."

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ITALIAN OPEN

In the Italian Open tennis, Holger Rune on Wednesday produced a masterclass to knock Novak Djokovic out of the tournament. The thrilling quarter-final match saw 20-year-old Danish tennis player prevailing 6-2, 4-6, 6-2 to seal a win against the World No. 1 Djokovic. The match lasted for two hours and 19 minutes. The 20-year-old will face Casper Ruud or Francisco Cerundolo in his third ATP Masters 1000 semi-final.

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FPR

Now let us take a look at the major developments around the world, as reported in the Foreign Press.

⦁ The Wall Street Journal reports, Taiwan Opposition Taps Popular Former Cop in Election That Is Pivotal for U.S., China. Also, Biden Seeks to Rally G-7 Allies Against Russia and China.

⦁ The Guardian writes, Baby dead and 23 people missing after hippo collides with boat in Malawi.

⦁ Washington Post reports, In canceling Pacific trip, Biden shows the U.S. has higher priorities.

⦁ The Japan Times reports, Japan visitors surge to nearly 2 million in April after China eases travel curbs; With China in mind, economic security a G7 priority amid coercion worries.

⦁ South China Morning Post writes, Chinese comedy troupe hit with 2 million US dollar penalty for making jokes about People’s Liberation Army.

⦁ Khabarhub writes, Nepali mountaineer Kami Rita breaks his own record with 26th climb to Mt Everest.

⦁ The Globe and Mail writes, George Santos expulsion coming before House as Democrats force vote.

⦁ The Straits Times reports, United Kingdom accelerates London flood defence plan to counter rising climate risk.

⦁ The Financial Times writes,  Indonesia’s sovereign wealth fund set to boost spending in year ahead.

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HEADLINES

⦁ India approves Production Linked incentive scheme for IT hardware with a budget of 17,000 crore rupees.

⦁ India pavilion showcasing country's rich culture and heritage opens at Cannes International Film Festival in France.

⦁ Hinduja Group Chairman Srichand Parmanand Hinduja Passes Away at  age of 87 in London.

⦁ Former Pakistan Prime Minister Imran Khan gets relief from arrest till May 31 from Islamabad High Court.

⦁ Taliban appoints Mawlawi Abdul Kabir as caretaker Prime Minister of Afghanistan.

⦁ Floods triggered by torrential rain force thousands to evacuate homes in Italy, eight dead so far.

⦁ World likely to breach 1.5 degree Celsius warming limit by 2027, warn scientists.

⦁ Ecuador president dissolves National Assembly preponing legislative and presidential elections.

⦁ India remains a bright spot, fastest growing major economy, says United Nations Report.

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And now, before we end, let us listen to Mahatma Gandhi's favourite bhajanVaishnav Jan, by artists from Russia

And With That, We End This Bulletin. We'Ll Be Back At The Same Tomorrow With The Next Edition Of World News.

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