India’s coal import rose 11.6% to 19.04 million tonnes in September on account of a recovery in consumption by thermal power plants and other industries as also helped by competitive prices in international markets. The country imported 17.06 million tonnes (MT) of coal in September 2019, showed data available with mjunction services limited.
Industry body PHDCCI expects India’s GDP to contract by 7.9% in the current financial year and grow by 7.7% in 2021-22, assessing that the worst is over and the economy is on the verge of a slow recovery.
State-owned Coal India Ltd’s fuel allocation under the exclusive e-auction scheme for the non-power sector rose almost six-folds to 13.44 million tonnes (MT) in April-September this fiscal. Coal India Ltd (CIL) had allocated 2.31 MT of dry fuel to the sector under the scheme in the corresponding period of the previous fiscal, according to the latest government data.
Niti Aayog vice chairman Rajiv Kumar said that Indian economy might end up with a lower contraction in current fiscal than projected by various organisations while suggesting that the next stimulus should focus on infrastructure.
Rating agency ICRA has said that the contraction in India’s real GDP will narrow to 11-12.5% in the second quarter of FY21 from the sharp 23.9% recorded in the first quarter as economic recovery “broadened and strengthened” in September. The parameters which recorded an improvement in September include an increase in GST e-way bills and higher consumption of electricity, petrol and diesel.