The World Trade Organization (WTO) revised upwards its forecast for the decline in world merchandise trade at 9.2% in 2020 as against 12.9% drop projected earlier, based on a strong trade performance in June and July as lockdowns were eased and economic activity accelerated.
Union Minister of Railways and Commerce and Industry Piyush Goyal met the top leadership of the coal and power sectors to ensure consolidation of the coal business of the railways and suggest ways and means to further improve the joint operational productivity of all stakeholders, the railway ministry said in a statement. Coal accounts for almost 50% of the freight of the railways. Last year, the loading of coal was 587 MT of the total freight of 1,210 MT.
CIL’s coal allocation under special forward e-auction for the power sector registered a rise of 8.4% to 7.94 million tonnes (MT) in April-August period of the ongoing fiscal. The state-owned company had allocated 7.32 MT of dry fuel in the corresponding period of the previous fiscal year, according to the monthly summary by the coal ministry. However, in August there was no coal allocation under the scheme, Coal India Ltd (CIL) said.
India’s exports grew after a gap of six month in September driven by growth in outbound shipment of cereals, carpets, rice, oilmeals and iron ore. Exports rose 5.27% on year to $27.4 billion in September while imports declined 19.6%, leaving a trade deficit of $2.91 billion, preliminary data released by the commerce and industry ministry showed. Trade deficit narrowed from $11.67 billion in September 2019.
Coal India Ltd (CIL) said it registered a 10.6% increase in coal output at 115 million tonnes for the July-September period, on the back of record growth in production and off-take in the month of September. The company’s coal production grew at 31.6% and off-take at 31.7%, highest ever in any September, an official statement said.
The output of India’s eight core sectors of infrastructure, which is calculated by the Index of Eight Core Industries declined 8.5% on-year to 117.6 in August, data released by the Ministry of Commerce & Industry showed. The Index of Eight Core Industries had slipped 0.2% in August 2019, the data showed.