• Finance minister Nirmala Sitharaman promised more sector-specific steps to boost sagging economic growth and asserted that the 32 measures already initiated by the government have started bearing results.
  • Looking at the economy with a discerning view, growth may have come down but it is not recession yet, it won’t be recession ever, Sitharaman said.
  • The commerce ministry has sought views of all the ministries, including steel, shipping and others on the draft national logistics policy, which aims at promoting seamless movement of goods across the country, an official said. The draft policy also seeks to reduce high transaction cost of traders. The government wants to formulate the policy as the sector’s growth is critical to boost exports and economic growth.
  • Aditya Mittal is likely to chair the board that will run Essar Steel, with directors drawn from the two acquiring partners, ArcelorMittal and Nippon Steel Corp of Japan.
  • With the leases of 232 merchant iron ore mines expiring in March next year, the country may face a short-term disruption in supply of the main ingredient used in making steel, Acuite Ratings & Research Ltd said.
  • According to the report of Acuite Ratings & Research Ltd, the expiring leases can potentially curtail about 25-30% of the country’s iron ore production, taking into account the expiring leases of other states as well.
  • The Uttar Pradesh government is actively considering re-introducing Zero Period policy, which was implemented to compensate developers whose projects got stalled due to farmers’ agitation in Greater Noida in 2011-12, resulting in court cases. The compensation was in the form of exemption from interest on land dues. A similar proposal is being worked on to deal with stuck projects in the state, which has the largest pile of incomplete flats in the country.
  • India Ratings and Research (Ind-Ra) has revised downwards its growth projection for the second quarter of the current financial year to 4.7% and the full-year growth estimate to 5.6%.
  • As per a report of Ind-Ra, this is the fourth revision and has come in after the agency had revised its FY20 GDP growth forecast only a month ago to 6.1%.