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Economic Newsletter – June 2019

Economic

 Focus Issues  High Impact News
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PSLV-C46 Successfully Launched RISAT-2B Satellite
India’s Polar Satellite Launch Vehicle (PSLV-C46) successfully launched the RISAT-2B satellite from Satish Dhawan Space Centre (SDSC) SHAR, Sriharikota in Andhra Pradesh. This was the 72nd launch vehicle mission from SDSC SHAR, Sriharikota and 36th launch from the First Launch pad. RISAT-2B is a radar imaging earth observation satellite, intended to provide services in the field of Agriculture, Forestry and Disaster Management.ISRO is now gearing up for the launch of Chandrayaan-2 onboard GSLV MkIII during the window of July 09, to July 16, 2019, with an expected Moon landing on September 06, 2019
 
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High Commissioner of India visited Sri Dalada Maligawa and met Chief Prelates of Malwatte and Asgiriya Chapters
High Commissioner of India H.E. Taranjit Singh Sandhu paid respects at Sri Dalada Maligawa and received the blessings of the Most Venerable Mahanayake Theros Malwatte and Asgiriya Chapters in Kandy on 17 May 2019. High Commissioner conveyed greetings on the auspicious occasion of Vesak to the Mahanayake Theros and also discussed the prevailing security situation with them, offered India’s full support to Sri Lanka in dealing with the common threat of Jihadi terrorism. Both the Theros deeply appreciated India’s unconditional...
 
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India becomes the fastest growing energy markets in the world.
India has finally acquired the long-awaited tag of the fastest growing energy market in the world. The country's investment in the energy sector grew at a rate of 12 per cent in 2018 -- the highest growth rate as compared to any other country, according to the International Energy Agency (IEA), in its latest World Energy Investment (WEI) 2019 report. The IEA's WEI report, which is among the most credible publications in the energy space globally, also said that India is an emerging source of industrial energy efficiency investment in the Asia and Pacific region, which grew by nearly 5 per cent (in 2018).
 
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CASA optimistic about new deal for ECT, welcomes port expansion
The Ceylon Association of Shipping Agents (CASA) welcomed the proposed new revival deal for the East Container Terminal as part of the expansion of the Colombo Port.  In a recent statement the SLPA said the envisaged partnership with Japan and India to develop the East Container Terminal (ECT) would help the Port of Colombo continue with its growth momentum and further improve its position.  The three Governments are signed a Memorandum of Cooperation (MOC) over ECT, through which SLPA asserted 100% ECT ownership will be retained with Sri Lanka. A Terminal Operations Company (TOC) is said to be formed to conduct ETC operations which will be jointly owned where Sri Lanka will retain 51% and the joint venture partners will purchase a 49% stake.
 
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India's IT and business services market likely to expand further.
India's IT and business services market is likely to grow by over eight per cent to reach USD 13.1 billion by the year-end and expand further to USD 14.3 billion by 2020, according to research firm IDC.The Indian government's higher spending on the Digital India and Smart Cities initiatives, and the increased adoption of next-gen technologies by organizations is driving growth in the IT services market.IDC estimated that the IT services market will grow at a CAGR (compound annual growth rate) of 8.6 per cent during 2019-2023 to reach USD 14 billion by the end of 2023. In India, growth in the IT services market is being propelled by the banking, financial services and insurance (BFSI) and the government verticals. The other emerging verticals which are expected to adopt IT Services and futuristic technologies more aggressively in the...
 
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President of Sri Lanka H.E.Maithripala Sirisena attended the swearing in ceremony of Prime Minister Narendra Modi.
President of Sri Lanka H. E. Mr. Maithripala Sirisena graced the swearing-in-ceremony of the Prime Minister Narendra Modi on 30th May, 2019.He was accompanied by three ministers, Mano Ganesan, Senthil Thondaman, Rauff Hakeem and MP Arumugan Thondaman.In a bilateral meeting on the following day, President Sirisena congratulated the PM on the re-assumption of Office following the resounding victory of his Party in the recently-held General Elections and reiterated his desire to work together to strengthen relations between the two countries for peace, prosperity and security in our region. Prime Minister Modi warmly thanked President Sirisena for his gesture of attending the Ceremony and conveyed his government’s continued commitment to further foster friendly bilateral ties with Sri Lanka.
 
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