• Finance minister Nirmala Sitharaman sought Parliament’s approval for extra spending of Rs 2.4 lakh crore, out of which the cash outgo totalled Rs 1.7 lakh crore, largely for meeting expenditure linked to the Covid-19 pandemic.
  • India’s retail inflation cooled marginally to 6.69% in August but stayed well above the 6% outer band of the central bank’s inflation target, likely ruling out the possibility of a near-term rate cut. The rate of inflation, as measured by the Consumer Price Index (CPI), was 6.73% in July. It stood at 3.28% in August 2019.
  • The global energy demand would continue to grow for at least part of the period to 2050 and over this time, the structure of energy demand would shift to a declining role for fossil fuels by an increasing share for renewable energy and electricity, according to a BP’s latest report.
  • 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.