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News in Short

News in Short - 26-February-2022

Ukraine crisis may give India opportunity to export more Wheat

Date: 26 February 2022 Tags: Miscellaneous
  • The Russia-Ukraine conflict may give domestic exporters an opportunity to ship more wheat in the global markets. India’s central pool stood at 24.2 million tonnes, twice more than the buffer and strategic needs.
  • More than a quarter of the world’s wheat export comes from Russia and Ukraine. Russia is the world’s largest exporter of wheat.
  • In 2019, Russia and Ukraine together exported more than a quarter (25.4 per cent) of the world’s wheat. Egypt, Turkey and Bangladesh bought more than half of Russia’s wheat.

India refunds amount to Cairns to settle tax dispute

Date: 26 February 2022 Tags: Miscellaneous
  • The Indian government has refunded ? 7,900 crore to Britain’s Cairn Energy Plc to a dispute over levy of retrospective taxes.
  • Cairn, which is now known as Capricorn Energy Plc, said the tax refund has been paid and “net proceeds of USD 1.06 billion have been received.”
  • In January, Capricorn had withdrawn all lawsuits against the Indian government, which paved the way for the authorities to refund ?7,900 crore to the British explorer.
  • Capricorn’s action was the final necessary step by the company under the rules of India’s Taxation (Amendment Act) 2021.

Moody’s raises India’s growth to 9.5% in 2022

Date: 26 February 2022 Tags: Reports & Indices
  • American credit rating agency, Moody’s Investors Service has raised India’s growth forecast to 9.5 per cent from 7 per cent for the calendar year 2022.
  • The agency has revised its growth projection for India citing a stronger-than-expected economic recovery from the national lockdown of 2020 and the second wave of the COVID-19 pandemic in mid-2021.
  • The Indian economy is estimated to have surpassed the pre-COVID level of GDP by more than 5 per cent in the last quarter of 2021 and added that sales tax collection, retail activity and PMIs suggest solid momentum.

UN food agency says 13 million Yemenis may face starvation

Date: 26 February 2022 Tags: Miscellaneous
  • The head of the U. N. food agency has warned that 13 million Yemenis are headed for starvation due to a protracted civil conflict and a lack of funding for humanitarian aid.
  • According to the UN food agency, around 811 million people do not have enough food across the globe and estimated 45 million people in 43 countries are at risk of famine.
  • Yemen has been fighting a civil war since 2014, when Iran-backed Houthi rebels took control of the capital of Sanaa and much of the northern part of the country.

UEFA to shift Champions league final out of Russia

Date: 26 February 2022 Tags: Sports
  • St Petersburg is all set to lose out on the hosting rights of the marquee football fixture, the Champions League final, after Russia’s invasion of Ukraine.
  • The Russian city was supposed to host the 2021 final, but the impact of the COVID-19 pandemic meant UEFA had to move the 2020 and 2021 finals to Portugal.
  • The British government and fans groups have also urged UEFA to not have the Champions League final in St Petersburg, where the stadium is sponsored by Russian state-owned energy giant Gazprom.