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News in Short

News in Short - 15-January-2022

Devas gets nod to attach India’s Paris flat

Date: 15 January 2022 Tags: Judiciary & Judgments
  • Devas Multimedia said they had received a Paris court’s permission to attach as collateral an apartment of the Indian Deputy Chief of Mission in the French capital valued at €3.8 million.
  • The judgment was in connection with arbitration awards won by the telecommunications firm after India cancelled the Antrix deal.
  • This comes close on the heels of a Canada court on January 8 allowing Devas investors to seize 50% of Air India’s assets held by the International Air Transport Association (IATA).

India extends $900 millon aid to Sri Lanka

Date: 15 January 2022 Tags: India & World
  • India has confirmed a $400 million currency swap with Sri Lanka while deferring another $500 million due for settlement to the Asian Clearing Union (ACU).
  • India’s assistance follows a request from Sri Lanka for emergency financial assistance, including Lines of Credit for importing essentials and a currency swap to boost Sri Lanka’s draining foreign reserves.
  • Sri Lanka is facing a severe dollar crunch that economists say might lead to a default on external debt and create a food shortage in the imports-reliant island nation.

US denounces China’s maritime claims

Date: 15 January 2022 Tags: Miscellaneous
  • The U.S. laid out its most detailed case yet against Beijing’s “unlawful” claims in the South China Sea, rejecting both the geographic and historic bases for its vast, divisive map.
  • It said that China had no basis under international law for claims that have put Beijing on a collision course with the Philippines, Vietnam and other Southeast Asian nations.
  • The paper is an update of a 2014 study that similarly disputed the so-called “nine-dash line” that forms the basis for much of Beijing’s stance.

Forest and tree cover in India grows

Date: 15 January 2022 Tags: Reports & Indices
  • India’s forest cover growth has slowed to an eight-year low in 2021, with just 0.22 per cent increase over 2019, down from 0.85 per cent in 2013 and 0.94 per cent in 2017, the highest in the last decade.
  • The land under forest area has grown by just 1,540 sq km over 2019, according to the Forest Survey of India’s biennial India State of Forest Report (ISFR), 2021.
  • Similarly, the growth in tree cover is 0.76 per cent in 2021 over 2019, the lowest rate since 2015. As of 2021, the total forest and tree cover comprises 24.62 per cent of the geographical area of the country.

India and UK launch negotiations for FTA

Date: 15 January 2022 Tags: World Economy
  • Minister of Commerce and Industry PiyushGoyal and U.K. Trade Secretary Anne-Marie Trevelyan launched negotiations for an ambitious Free Trade Agreement (FTA).
  • A joint statement issued after the launch of the negotiations referred to the Roadmap 2030 announced by Prime Ministers Narendra Modi and Boris Johnson in May 2021.
  • India had earlier announced that such discussions are under way with the UAE, Australia, Canada, Israel.