Industry officials in India are expecting a marginal drop in cheap Chinese steel imports
as the Chinese government may be emphasising on development of infrastructure
Global iron ore prices, however, are expected to go up, with the demand for the raw
material in China expected to rise, as the country’s steel players are focusing on the
domestic infrastructure sector.
The power ministry has redefined “statutory payments” in its latest order on the debt
servicing mechanism for stressed power generation assets, effectively leaving more
money for debt-servicing with the firms concerned and reducing their tax burden.
The latest clarification modifies a recent order on the creation of ‘Trust Retention
Account’ (TRA) by stressed power plants which are receiving coal through the Shakti
The power ministry has now clarified that that revenue deposited in the TRA would be
used to clear taxes and duties only for additional electricity that plants are producing
from the extra coal they receive through the Shakti scheme. So, tax obligations from
power produced from other sources of coal won’t now burden stressed units.
In a bid to boost investments in wind power projects and provide clean energy at
cheaper rates, the Environment Ministry decided to relax the lease rent of Rs 30,000
per megawatt charged mandatorily from wind power companies.
Environment Minister Prakash Javadekar said that this move will encourage
investment and help provide wind power at a cheaper rate.
The minister said that “The government envisages to meet maximum energy
requirement by tapping renewal energy resources and, to achieve the target of clean
energy in a time-bound manner, various policies and regulations are being constantly
updated. The government is committed to provide clean and green energy at a cheaper
The Ministry of New and Renewable Energy (MNRE) has issued guidelines for the
implementation of Phase-II of the rooftop solar programme, which envisages a greater
involvement of power distribution companies (discoms). Under Phase-II, the
government aims to set up 40 GW of rooftop solar projects by 2022.
The Ministry of Mines has put an interim stay on Karnataka government’s decision to
cancel the lease given to NMDC for the Donimalai iron ore mine, till the next date of
hearing. On August 17, Karnataka government had decided to cancel the lease and put
the mine under auction.
On Wednesday (August 20, 2019), the Indian rupee rebounded from six-month low
level and appreciated by 23 paise to 71.48 against the US dollar tracking gains in Asian
currencies and fresh foreign fund inflows.