• The government has prepared a draft framework policy for development of steel clusters in the country that will help to increase production of value-added steel and generate employment, Steel Minister Dharmendra Pradhan informed the Lok Sabha.
  • S&P Global Ratings slashed its FY21 growth forecast for India to (-) 9%, from (-) 5% estimated earlier, saying that rising COVID-19 cases would keep private spending and investment lower for longer.
  • Impacted by disruptions caused due to COVID-19, India’s major ports continued to witness a fall in cargo handling, registering 16.56% dip to 245.04 million tonnes (MT) between April and August this fiscal, according to the apex ports body IPA. These 12 ports had together handled 293.67 MT of cargo during April-August 2018-19, the Indian Ports Association (IPA) said.
  • India’s coal import declined by 34.9% to 12.46 million tonnes (MT) in August on account of subdued demand for the dry fuel from consuming sectors like power and cement. The country imported 19.14 MT of coal in August last year, according to provisional compilation by mjunction.
  • Ramco Cements has commissioned its 9-MW waste heat recovery system at its Jayanthipuram cement plant in Andhra Pradesh, a move which will help the company save on power costs, while cutting down emissions. Two more 9-MW waste heat recovery systems at Jayanthipuram is being installed and would be commissioned in the coming months, according to a statement. Ramco’s new cement project at Kolumigundla, Kurnool District, Andhra Pradesh will also have a waste heat recovery system of 12.15 MW capacity. Once this is operational, the company’s total capacity of waste heat recovery systems would be 39.15 MW.
  • Domestic rating agency CARE Ratings said the country’s economy is likely to see a sharper contraction of 8-8.2% in the current financial year compared to a decline of 6.4% it had projected earlier.