• 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%.
  • The country’s infrastructure needs investment of Rs 235 trillion in the next decade, says CRISIL Infrastructure Advisory (CIA). It expects Andhra, Telangana and Haryana to take a lead in road sector projects, together contributing half the total investment expected in the next 10 years in this segment.
  • Global emissions of greenhouse gases, which are responsible for global warming, are growing rather than declining.
  • India is among the few countries that are on track to meeting their Paris targets (called ‘nationally determined contributions’ or NDCs). The other countries are China, the European Union (28 countries), Mexico, Russia and Turkey, a report says.