• The projections of windfall revenue gains for state governments after the auction of coal mines are turning out to be a pipe dream.
  • There is also a lot of variation in the annual revenues accrued to States. It is evident that ₹1,96,698 crore estimated revenue during the life time of the auctioned mines to the coal producing States will not be a reality. This could be because some of the auctioned mines could not start production and were relinquished.
  • The Cement Manufacturers Association (CMA), the apex representative body of cement manufacturers in India, held its 57th Annual General Meeting (AGM). Two very high profile appointments were announced after the members and secretariat held its election.
  • Mahendra Singhi, Managing Director and CEO, Dalmia Cement (Bharat) Ltd, was elected as its President for the second year running.
  • This year’s election also heralded in a new Vice President, Neeraj Akhoury, CEO and Managing Director, ACC Limited.
  • The government is working with German financing institution KfW to bring a rooftop solar scheme that will bring down the cost of the power generated to Rs 2.5 per unit, Union minister of micro, small and medium enterprise (MSME) Nitin Gadkari said.
  • Gadkari said the government is working to bring down the cost of power, logistics and capital which will help reduce cost of production in India. The industry must come forward to help achieve this,” Gadkari said.
  • Finance minister Nirmala Sitharaman said the government is open to further reforms for making India a more attractive investment destination. She said that the government has taken various steps, including reduction of corporate tax.
  • She said that the government of India is committed for further reforms in various sectors whether it is banking, mining or insurance and so on.
  • India’s steel demand will slow down on account of weak auto and manufacturing order, but will remain strongest in Asia, Moody’s Investors Service said.
  • The country’s steel output will increase on higher capacity utilisation as demand grows.