Domestic rating agency CARE Ratings pegged India’s combined fiscal deficit at 13-13.4% of gross domestic product (GDP) for the current fiscal even as it assumed no further fiscal stimulus. While the Centre’s deficit is expected to touch Rs 17.8 lakh crore against the target of Rs 8 lakh crore, the states are likely to record a deficit of Rs 7.73 lakh crore over the budgeted Rs 6.35 lakh crore, the agency said in a report.
India’s economy may have contracted at a slower pace in the September quarter compared with the preceding three-month period, said economists surveyed by ET. India’s real gross domestic product (GDP) could have contracted 8-15.6% in the second quarter of FY21, they said. Nominal growth is seen shrinking around 7.5-9.5% in the quarter.
Power plants located in the southern part of the country and non-regulated sector (NRS) consumers, including steel and cement, of Mahanadi Coalfields Ltd (MCL) have agreed to substitute imported coal with the dry-fuel produced by the Coal India subsidiary. The development assumes significance in the wake of government’s thrust on reducing coal import dependency of the country under the ‘Aatmanirbhar Bharat’ initiative.
Coal India Ltd (CIL) has floated a tender worth Rs 4,970 crore for construction of a 135-Km east-west rail corridor in Chhattisgarh to evacuate 65 million tonnes of coal from opencast mines of its subsidiary South Eastern Coalfields Limited (SECL), sources said.
Coal India Ltd has finalized contracts for heavy earth moving equipment worth over Rs 5,900 crore to ramp up production, its Chairman Pramod Agrawal said. The miner is also planning a capex of Rs 10,000 crore during the current fiscal.