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News in Short

News in Short - 10-January-2022

Inflation hits record 5% in countries using Euro

Date: 10 January 2022 Tags: Basics of Economics
  • Consumer prices in the 19 countries that use the euro currency soared at a record rate, led by a surge in food and energy costs.
  • That is the highest level in the eurozone since recordkeeping began in 1997, breaking the record of 4.9% only just set in November.
  • A stronger rise in food costs contributed to the increase in overall inflation, picking up pace to 3.2%, higher than the 2.2% rate posted in November.

India to resume export of Mangoes to US

Date: 10 January 2022 Tags: Agriculture
  • After more than two years, India to start export of mangoes to the United States under a new framework agreement signed between the U.S. Department of Agriculture and the Department of Agriculture and Farmer Welfare (DAC&FW) of India.
  • India did not export mangoes to the U.S. during the previous two and half years as the U.S. phytosanitary inspectors did not visit during 2020 and 2021.
  • The new agreement also covers pomegranate. Under this agreement, India will begin importing alfalfa hay and cherries from the U.S. from April this year.

Actor Sidney Poitier passes away

Date: 10 January 2022 Tags: Obituaries
  • Sidney Poitier, who broke through racial barriers as the first Black winner of the best actor Oscar for his role in Lilies of the Field, has died at age 94.
  • In 1992, Poitier was given the Life Achievement Award by the American Film Institute, the most prestigious honor after the Oscar.
  • The actor was knighted by Britain’s Queen Elizabeth II in 1974 and served as the Bahamian ambassador to Japan and to UNESCO.

India’s GDP to grow 9.2% in the ongoing fiscal year

Date: 10 January 2022 Tags: Reports & Indices
  • India’s gross domestic product (GDP) is projected to grow 9.2 per cent in the current financial year or 2021-22, according to the first advance estimates released by the National Statistical Office (NSO).
  • The NSO estimate for the current financial year is a tad lower than the RBI’s GDP projection in its December 2021 policy review. The central bank had projected the economy to grow 9.5 per cent.
  • The nominal gross domestic product (GDP) is forecast to rise 17.6% in the year against the budget estimate of 14.4% for the current year, underscoring high inflation.

India, Somalia and Madagascar may become one continent in 200 million years

Date: 10 January 2022 Tags: Geography & Environment
  • A study shows that east Africa (including modern Somalia, Kenya, Tanzania, and Mozambique), and Madagascar, will override India in about 200 million years.
  • This will also lead to the ‘formation of a long mountain range along the modern west coast of India’ which the team named ‘Somalaya’.
  • The research team noted that Seychelles and Mauritius islands will all be pushed up and Mumbai will lie at the foot of the Somalaya range, as New Delhi lies at the foot of the Himalayas today.