Wednesday 17 June 2015

Top economy news of the day - June 17, 2015

The trade deficit for May 2015 came at USD10.4bn, slightly lower than April 2015. Exports and imports continued to contract, respectively, 20.2% and 16.5%.


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The trade deficit for May 2015 came at USD10.4bn, slightly lower than April 2015. Exports and imports continued to contract, respectively, 20.2% and 16.5%.

Total subscriber base of seven GSM telecom operator, including Airtel, Vodafone, Idea reached 716.24 million at the end of May, as per data released by industry body COAI.

Wind energy turbine manufacturers expect additional installation of over 3,500 mega watt (MW) in 2015-16. Madhusudan Khemka, chairman, Indian Wind Turbine Manufacturers Association (IWTA) said that in 2014-15, the wind energy sector saw addition of 2,310 MW. 

The BJP-led government in Maharashtra, in a serious bid to compete with other investor friendly states, in its new information technology (IT) and IT Enabled Services (ITeS) policy has proposed waiver in stamp duty, electricity duty, octroi, entry tax and local body tax.

Asian Development Bank proposes to increase lending to India by almost 50% to USD12 bn by 2018, according to ADB President Takehiko Nakao. 

The number of mobile subscriptions in the country is expected to increase to 1.4bn by 2020, against 970mn in 2014, driven by rise in affordable devices and services, according to a report by telecom equipment maker Ericsson.

Merchandise exports in May contracted 20.2%, reaching USD22.34bn compared with USD 28bn a year ago in the same month. Exports registered a bigger fall in May as against April when it contracted 14%. 

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