- India is now in the midst of a significant economic slowdown, the International Monetary Fund has said, urging the government to take urgent policy actions to address the current prolonged downturn.
- The International Monetary Fund (IMF) has retained India’s economic growth forecast at 6.1% for FY20, but said risks to the outlook are tilted to downward side.
- Coal India Ltd (CIL) and Odisha government-owned Odisha Coal and Power Ltd (OCPL) have joined hands for sale of coal produced from OCPL’s captive block at Manoharpur in Jharsuguda as a part of initiatives of the central government to produce more indigenous coal available to country beyond CIL’s production and cut imports.
- While the government has aimed to curb imports of thermal coal, India’s thermal coal imports stood at 183.4 million tonne in FY19 and are likely to cross 200 million tonne in 2020, according to estimates made by ICRA.
- Cement demand in the eastern region of the country is expected to grow by 8-10% in the current fiscal despite slowdown in the economy, industry sources said.
- Demand for the construction material in the eastern part of the country will continue to be better compared to pan-India scenario in the current fiscal, according to a rating agency report.
- Growth in cement demand in India is expected to be lower at seven per cent in the current fiscal, down from double-digit rise in the previous year, owing to slowdown in the economy, the report said.
- The domestic steel sector is facing challenges in form of high input costs and unavailability of coking coal in the country, SAIL chairman A K Chaudhary said, and conveyed that the government is aware of the issues and taking appropriate measures to resolve them.