• In line with the ‘Aatmanirbhar Bharat’ vision, the Centre proposes to make major changes in the import policy for power equipment in a bid to promote domestic manufacturing and reduce import content in large infrastructure projects. As part of the ‘Aatmanirbhar Bharat Abhiyan‘, the Power Ministry has asked all power developers to completely stop imports of items where domestic capabilities are existing.
  • Moody’s Investor Service further downgraded its growth forecast for India to -3.1% this calendar year compared to 0.2% in April. The June 2020 update of its Global Macro Outlook, expected a marginally stronger rebound at 6.9% in 2021, as opposed to 6.2% in the April update. The global rating agency lowered  it’s estimates for almost all major economies. For the G20 advanced economies, the report projected a contraction of 6.4% in 2020 followed by a 4.8% recovery in the coming year.
  • Commercial coal mining is not going to adversely impact the production or profitability of the company. Key issues which will help improve to stay ahead of the competition include uniform quality of coal, cost efficiency in production and reliable timely delivery schedule. Introduction of higher degree of mechanised mining and increased supplies are other focus points, CIL chairman and managing director Pramod Agarwal said.
  • Coal India Limited (CIL) will engage mine developer cum operators (MDOs) to increase its coal output and reduce import dependency of the dry fuel in the coming years. The Maharatna coal mining behemoth in the process has identified a total of 15 greenfield projects to operate through MDO model of which 12 are open cast and 3 underground, a release by Western Coalfields Ltd (WCL),  subsidiary of CIL said.
  • The government said it is in the process to engage a consultancy firm to draw an action plan for revival of the domestic steel sector. Besides, the sector’s stakeholders can also provide their suggestions to deal with the issues emerged in the sector post COVID-19 outbreak, Minister of State for Steel Faggan Singh Kulaste said.
  • Prime Minister’s  plan to rollout an international grid project under the One Sun One World One Grid (OSOWOG) initiative is a path-breaking effort to position India in a leadership role in the global agenda for poverty alleviation, boosting energy access and strengthening multilateral ties, Niti Aayog CEO, Amitabh Kant said.