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.
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.