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News in Short

News in Short - 05-May-2022

India falls in World Press Freedom Index

Date: 05 May 2022 Tags: Reports & Indices
  • India’s ranking in the World Press Freedom Index has fallen down to 150th position from last year’s 142nd rank out of 180 countries.
  • The ranking of India’s neighbourswith the index placing Pakistan at 157th position, Sri Lanka 146th, Bangladesh 162nd and Myanmar at 176th position.
  • This year, Norway (1st) Denmark (2nd), Sweden (3rd) Estonia (4th) and Finland (5th) grabbed the top positions, while North Korea remained at the bottom of the list.

Edible oil prices to fall by 15% by June

Date: 05 May 2022 Tags: Miscellaneous
  • Edible oil prices, which have been soaring since February due to geopolitical tensions and the recent ban on exports by Indonesia, could decline by up to 15% by June.
  • India imports more than 55% of its edible oil consumption annually, either in crude or refined form.
  • Out of India’s imports of 7.2 million tonne (MT) of palm oil annually from Indonesia and Malaysia in 2021-22, 5.4 MT was crude palm oil.

India asks Russia to sell crude oil at less than $70

Date: 05 May 2022 Tags: Miscellaneous
  • India is trying to get deeper discounts on Russian oil to compensate for the risk of dealing with the OPEC+ producer as other buyers turn away.
  • Both state and private refiners in the world’s third-biggest oil importer have bought more than 40 million barrels of Russian crude since the invasion of Ukraine.
  • Flows of Russian oil to India aren’t sanctioned, but tightening international restrictions in areas such as marine insurance and pressure on New Delhi from the U.S. are making the trade more difficult.

French Naval group pulls out from P 75I project with India

Date: 05 May 2022 Tags: Miscellaneous
  • French company Naval Group said it is unable to participate in India’s P-75I project, under which six conventional submarines are to be domestically built for the Indian Navy.
  • The deal was cancelled due to conditions mentioned in the request for proposal (RFP) related to air independent propulsion (AIP) system.
  • AIP system allows a conventional submarine to stay submerged in water at higher speeds for a longer period of time.