• India‘s dependence on thermal power will reduce to 50% by 2021-22 and 43% by 2026-27 on the back of renewable energy (RE) capacity additions. Thermal power includes diesel, gas and coal-based electricity generation which contributes 63% of total electricity generation capacity in India as per the report.
  • Hindalco Industries has entered into a memorandum of understanding (MoU) with UltraTech Cement to deliver 1.2 million tonne of bauxite residue, red mud in industry parlance, annually to UltraTech’s 14 plants across seven states.
  • With this deal, Hindalco has become the world’s first aluminium company to achieve 100% red mud utilisation across three of its refineries. The initiative is in line with the company’s objective of achieving a sustainability-first approach to business. It will help Hindalco achieve a circular economy where waste of one industry us used as an input in another industry.
  • India’s GDP is likely to contract by 20% during the first quarter of the current fiscal on account of the COVID-19 pandemic-induced disruptions, Care Ratings said.
  • Steel Recycling Business, a division of Tata Steel, has launched FerroHaat, a first-of-its-kind mobile application, to source steel scrap from the traders. The new app is a major step by the company to organise India’s scrap market while also providing a reliable source of scrap metal for the steel Industry.
  • Union Steel Minister Dharmendra Pradhan asked the industry stakeholders to prepare a plan to enhance investment that will boost steel consumption and create new job opportunities in the country.a
  • Urban development minister H S Puri said that there will be a requirement of around 158 lakh tonnes of steel and 692 lakh tonnes of cement to construct 1.12 crore houses under Pradhan Mantri Awas Yojana (Urban). Of this, around 84 lakh tonnes of steel and 370 lakh tonnes of cement has already been consumed.