Showing signs of significant improvement, the country’s exports in July have reached almost the level of the corresponding month last year, Commerce and Industry Minister Piyush Goyal said. He said several indicators are reflecting that the economic activities are reviving in the country.
CIL’s coal allocation under spot e-auction scheme registered 7.1% decline to 6.89 million tonne in April-June this fiscal, in the wake of slump in fuel demand due to COVID-19 induced lockdown. Coal India Ltd (CIL) had allocated 7.42 million tonne (MT) of coal in the year-ago period, according to government data. However, the coal allocated in June increased to 3.68 MT, compared to 2.07 MT in the corresponding month of 2019-20.
Coal India Ltd (CIL) said it has clocked a 17% growth in composite opencast production in July over the same month a year ago. Further, the company is expecting the production to rise post monsoon in view of the positive growth trend in the Over Burden Removal (OBR), which implies removing top soil to expose the coal seams and make them mining ready.
The index of eight core industries dropped 15% in June compared to a 22% decline in May. It had declined 37% in April. This is the fourth consecutive month of contraction in the core sector. Its cumulative growth during April to June, 2020-21 was -24.6% commerce and industry ministry said in a release.
The government’s tax revenue fell 32.6% in the April-June quarter, underscoring the damage done to the economy by the Covid-19 pandemic and the lockdown that followed. The revenue shortfall widened the fiscal deficit at the end of June to Rs 6.62 lakh crore, or 83.2% of the full-year budget estimate of Rs 7.96 lakh crore. This is the highest fiscal deficit in percentage terms for the first quarter going back to available data since FY1999.