• CIL said it has sought 15% distance-based freight concession from Indian Railways for transportation of domestic coal to customers located at a distance of 701 to 1,400 km from its mines. The move is aimed at broadening the client base and bring in more customers under import substitution plans, Coal India Ltd (CIL) said in a statement.
  • Ultratech Cement has lined up investment of Rs 1,500 crore in FY21 in multiple initiatives, its chairman Kumar Mangalam Birla said. The company is also targeting to increase its annual capacity to 118 million tonnes from 114.8 million tonnes currently, he informed the company’s shareholders.
  • Mines Minister Pralhad Joshi  said the government will come out with more industry-friendly reforms in the mining sector very shortly. The minister also invited investors, explorers and miners to come and explore the huge opportunities that the Indian mining sector offers.
  • India could witness a negative growth of 4.5% in 2020 fiscal, but could grow at a healthy growth rate of 6.3% in 2021 fiscal, Country Risk & Global Outlook report by Dun & Bradstreet said.
  • India’s industrial production contracted at a slower pace of 16.6% in June on the back of a modest recovery in manufacturing while it shrank 36% for the quarter that ended last month from a year ago, pointing to a deep cut in gross domestic product (GDP) for the three-month period.
  • A sharp 190 basis points rise in unemployment rate in rural India to 8.37% has pushed the country’s overall unemployment rate to a five-week high of 8.67% in the week ended August 9. Urban areas saw unemployment rate rise from 8.73% to 9.31% during the period, according to the Centre for Monitoring Indian Economy (CMIE).