Asian Development Bank (ADB) lowered India’s economic growth forecast for FY2019 to 5.1% on slowing job prospects, rural distress exacerbated by poor harvest and credit crunch. The multilateral bank, however, expects the growth to pick up to 6.5% next year on supportive government policies.
The All India Plastics Manufacturers Association (Aipma) has demanded immediate steps from the government to restructure custom duties and anti-dumping duty on import of cheap finished products. The sectoral body also wants review of foreign trade agreements, enforcement of mandatory BIS standards and technology upgradation fund for the industry.
India’s economy is expected to grow at 4.3% in the fourth quarter of this fiscal amid concerns over crisis in the NBFC sector, according to Nomura. The Japanese financial services major also believes that the first quarter of 2020 will see a “weak” uptick in GDP growth at 4.7%.
Retail inflation scaled a 40-month peak of 5.54% in November and industrial production contracted by as much as 3.8% in October, stoking the fear that the country may be in for an extended period of intense economic slowdown.
Official data showed the output of both consumer durables and capital goods contracted by 18% and 21.9%, respectively, in October, the sharpest plunge in the current IIP series (since April 2012), amply reflecting a collapse in both consumption as well as investments.
Companies spent Rs 11,867.2 crore on CSR activities in fiscal year 2018-19. This is the highest since such spends became mandatory in FY15.
The Companies Act made it necessary for firms to spend at least two per cent of their average net profit over the preceding three years on CSR projects. The spends could be under heads ranging from education and healthcare, to sports or for ensuring gender equality.
Fuel linkage rationalisation implemented by Coal India Ltd (CIL) has translated into an annual cost saving to the tune of ₹3,770 crore in coal transportation for around 58 thermal power plants.
Linkage rationalisation is transfer of coal supply linkage of a power plant from a far end source to the nearer source. A total of 63 million tonnes of coal movement is currently involved under the rationalisation policy, CIL said.