• India’s economy shrank by nearly a quarter in April-June, much more than forecast and pointing to a longer than previously expected recovery with analysts calling for further stimulus. Gross domestic product shrank by a record 23.9% in April-June from a year earlier, official data showed, against a Reuters poll forecast for an 18.3% contraction.
  • India’s target to gasify 100 million tonnes of coal by 2030 will entail an investment of over Rs 4 lakh crore, Coal Minister Pralhad Joshi said. This 100 MT coal gasification will happen in three phases.
  • India’s economy likely suffered its largest quarterly slump on record, as Covid-related lockdowns add to already-declining consumer demand and investment. Economists in a Reuters poll predicted that gross domestic product will contract by 18.3% in the June quarter, compared to 3.1% growth in the previous quarter, the worst performance in at least eight years.
  • India’s fiscal deficit is expected to touch 7% of GDP in 2020-21 fiscal as against budget estimate of 3.5%, with revenue collections being hit amid disruptions in economic activities due to lockdowns, according to Brickwork Ratings.
  • Coal India’s fuel supply to the power sector registered a decline of 19.5% to 126.30 million tonnes (MT) in the April-July period of the ongoing fiscal in the wake of slump in coal demand. Coal India Ltd (CIL) had despatched 156.86 MT of fuel in April-July last year, according to the latest data of the coal ministry. The despatch of coal by CIL in July fell 12.4% to 32.76 MT, from 37.41 MT supply in the corresponding month of the previous fiscal, it said.
  • India plans to significantly reduce its thermal coal imports in the next few years to save foreign exchange and create jobs through the development of existing and new coal blocks, a senior official in the federal coal ministry said.