• Chief Economic Advisor Krishnamurthy Subramanian said that the economy could grow at 6-6.5% in 2019-20 or FY20, revising his earlier estimate of 7% in the Economic Survey.
  • T V Narendran, CEO and managing director of Tata Steel, and Seshagiri Rao, joint managing director of JSW Steel, have taken upon themselves the task of dispelling certain myths about the Indian steel industry, in particular that the mills here do not come up to world standards in terms of product quality and costs.
  • Narendran said that some steel mills here would easily pass off as “globally competitive and efficient within their premises. But much of that advantage gets compromised when they step outside their factory gates” for procurement of raw materials and egression of finished steel products.
  • This is because the environment outside mill premises where logistics come into play is largely within the realm of government, both at the Centre and in states.
  • In order to reduce the dependence on the heavily pressured infrastructure, some steel groups, specially Essar and JSW, are putting reliance on environment friendly and cost-effective movement of iron ore through pipeline from mines to mills.
  • Prime Minister Narendra Modi said India was to invest $1.3 trillion in infrastructure in the next few years. This was in an attempt to present the country in a favourable light among potential foreign investors.
  • Bharat Mumbai Container Terminals (BMCT), the facility run by Singapore’s PSA International Pte Ltd at Jawaharlal Nehru Port Trust (JNPT) near Mumbai, handled its one millionth twenty-foot equivalent units (TEUs) last week, becoming the fastest to reach the feat for a terminal in India.
  • By one estimate, the unsold inventory across India is still upwards of 10 lakh units valued at a staggering Rs 6 lakh crore. Most developers are financially strapped and, therefore, struggling to either complete projects or clear inventories. Even those that are better off, less than 5% of the universe, aren’t too optimistic about selling much. So, the launches will be limited.
  • Global renewable energy capacity is set to rise by 50% in five years’ time, driven by solar photovoltaic (PV) installations on homes, buildings and industry, according to the International Energy Agency (IEA).
  • Coal Minister Pralhad Joshion said the government will go all the way to achieve 1 billion tonne coal production at earliest and end dependence on imported coal. Government is committed to help CCL and other coal companies to clear all the hurdles and challenges such as environmental clearance, authentication of land by state machinery etc
  • The miner will add a new chapter in the long history of Churi underground mines with commencement of mass production technology having capacity to produce upto 4,000 tonnes per day. Earlier, the production at Churi UG was 4,000 tonne/annum, after installation of mass production technology through continuous miner production is expected to rise upto 5 lakh tonnes per annum.
  • The coal reserve at Churi underground mine has low ash content with high heating capacity.