• SBI Research revised its contraction forecast for the current fiscal year to 7%. The agency had earlier forecast a 7.4% contraction in 2020-21 GDP numbers. In April-September, the economy contracted 15.7% but the second half may see a surprise 2.8% growth, if the SBI analysis turns out to be correct.
  • India Ratings and Research (Ind-Ra) estimates India’s gross domestic product (GDP) to bounce back to 10.4% growth in FY22 driven by base effect, signalling that a meaningful recovery will not happen before FY23.
  • India will overtake the European Union as the world’s third-largest energy consumer by 2030, the International Energy Agency (IEA) said as it forecast India accounting for the biggest share of energy demand growth over the next two decades.
  • Indian Railways achieved the highest ever freight loading in January 2021 clocking a figure of 119.79 MT and surpassing its previous record of loading 119.74 MT of freight in March 2019, the ministry said.
  • Finance Minister Nirmala Sitharaman  said the government is taking steps to carefully monitor the fiscal deficit, which is estimated at 9.5% of the GDP for the current financial year.
  • Coal demand in the current fiscal may be lower than the initial estimate of 1,085 million tonnes (MT) due to the impact of COVID-19, Parliament was informed. Domestic supply of coal during the April-December period of the ongoing financial year stood at 489.89 MT, Coal Minister Pralhad Joshi said in a reply in the Rajya Sabha.