• India’s imports of thermal coal fell by 41.5% to 32.9 million tonnes during the quarter ended June 30, government data showed, as coronavirus lockdowns battered power demand..
  • The government informed Parliament that overall gross domestic product (GDP) at constant prices did not decline during any of the four quarters of 2019-20. Decline in the first quarter of 2020-21 was owing to fall in the growth rates in almost all the broad sectors, except Agriculture, forestry and fishing sector.
  • India’s coal-fired electricity generation rose 9.4% in the first half of September, provisional government data showed, as demand from industrial western states rose for the first time since coronavirus lockdowns were enforced.
  • Asian Development Bank, Nomura, as well as S&P have revised India’s GDP forecasts for FY2020-21 to minus nine per cent. Earlier ADB had expected a 4% contraction for the same period. Last week, two other global rating agencies Moody’s and Fitch projected Indian economy to contract 11.5% and 10.5% respectively in the current fiscal. However, Goldman Sachs has estimated the contraction at 14.8%. Domestic agencies – India Ratings and Research projected contraction at 11.8%, while Crisil estimated contraction at 9%. The latest forecasts have come amid massive 23.9% contraction in the June quarter.
  • India’s exports fell for the sixth straight month owing to subdued economic activity resulting from lockdowns imposed to curb the rising Covid-19 cases. For the month of August, the exports fell 12.7% compared to the same period last year while imports were down 26% resulting in narrowing of trade deficit to $6.77 billion compared to $13.86 billion a year ago.
  • Chief Economic Advisor Krishnamurthy Subramanian exuded confidence that the country would be back to a high growth path through reforms announced by the government, after overcoming the COVID-19 pandemic.