Finance & Economy Current Affairs Update: 20.6.09

June18, 2009: Inflation turns negative, drops to -1.61%
June 19, 2009: India largest investor in UK after the US
June 19, 2009 : India’s FX reserves at $263.644 bn as on June 12
June19, 2009, State Bank to acquire State Bank of Indore
June 19, 2009: Mobile service revenue to cross $30 b by 2013’


June18, 2009: Inflation turns negative, drops to -1.61%
For the first time since the new wholesale price index (WPI) series started in 1995, India’s annual rate of inflation turned negative, falling to minus 1.61 per cent for the week ended on June 6, official data showed on Thursday. The annual rate of inflation, calculated on a point to point to basis stood at minus 1.61 per cent for the week ended June 6, 2009 as compared to 0.13 per cent for the previous week and 11.66 per cent during the corresponding week of previous year”.

June 19, 2009: India largest investor in UK after the US
After United States, India with 108 projects is the largest investor in United Kingdom in terms of number in 2008-09 as against 75 in the previous year.

June 19, 2009 : India’s FX reserves at $263.644 bn as on June 12
India’s foreign exchange reserves rose to $263.644 billion as on June 12, from $261.217 billion a week earlier as per RBI Bank

June 19, 2009: Anti-dumping duty on Chinese Vitamin C extended for 5 years
Central Board Of Excise and Customs CBEC, Govt. of India has extended the anti-dumping duty on Vitamin-C imported from China for another five years. The duty, at the rate of $3.99 per kilogram of the vitamin, was imposed in October 2003 for five years.

Earlier, the government had imposed duty on several other Chinese products such as yarns, fabrics, colour picture tubes, some aluminium products and chemicals. As per WTO, India initiated the highest number of 42 anti-dumping investigations, followed by Brazil and China, between July and December 2008.

June19, 2009, State Bank to acquire State Bank of Indore
The board of State Bank of India (SBI) has approved the acquisition of associate State Bank of Indore. SBI has informed BSE (Bombay Stock Exchange) that the central board of the bank at its meeting held on June 19, has approved a proposal for acquisition of State Bank of Indore by State Bank of India, subject to approval by the Reserve Bank of India and the government of India. State Bank of Saurashtra had merged with SBI last August. SBI now has five associate banks – State Bank of Travancore, State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Mysore and State Bank of Hyderabad.

June 19, 2009: Mobile service revenue to cross $30 b by 2013’
With Indian mobile operators adding over one crore subscribers every month, the total mobile service revenue is likely to grow at a compound annual growth rate (CAGR) of 12.5 per cent to cross the $30-billion mark during 2009-13.

According to global research firm Gartner, India will have over 77 crore subscribers by 2013, growing at a CAGR of 14.3 per cent during the same period from over 45-crore by the end of 2009. As a result, India would remain the world’s second largest wireless market after China in terms of mobile connections. Mobile market penetration is projected to increase to 63.5 per cent in 2013 from 38.7 per cent in 2009. This growth was primarily attributed to the operators increasing their focus on the rural market, local consumer durable and electronic companies entering the domestic mobile handset segment, and lower handset prices. The Indian mobile connection market continues to be dominated by pre-paid subscribers. Pre-paid
connections accounted for more than 93 per cent of all mobile connections in 2008 and it is expected to grow to more than 96 per cent of the connection base by 2013.

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