• The Indian rupee snapped its five-day winning streak to finish 11 paise lower at 71.02 against the US dollar on Thursday (October 24, 2019), weighed by unabated foreign fund outflows and a weak trend in domestic equity markets
  • Coal India Ltd said that it will switch over to mechanised transportation of coal through piped conveyor belts in its large mines by 2023-24, replacing the existing road movement of the dry fuel.
  • Piped conveyor belt transportation is a covered system for movement of coal and thus promotes environment safety and prevents possible coal pilferage.
  • Presently, coal is transported through road by trucks from the pithead to despatch point which tends to add up to dust and air pollution.
  • Direct Tax growth has been slumping to 3.5% up to mid-October 2019 from the same period in the earlier financial year, as against the Budget target of 17.3%.
  • A combination of factors is responsible. This includes a deepening of the general economic slowdown and corporation tax cuts. Collection will have to rise by 30% in the remaining period of the financial year to achieve the Budget estimate.
  • Fitch Ratings has slashed India’s FY20 GDP growth forecast from 6.6% to 5.5% as a large credit squeeze emanating from shadow banks has pushed economic growth to a six year low.
  • The projection is lower than 6.1% that the Reserve Bank of India (RBI) had forecast in early October.
  • GDP expansion will pick up to 6.2% in FY21 and 6.7% in FY22, Fitch said.
  • Coal production from captive mines in the first half of the FY20 have increased by 25.5% year-on-year (y-o-y) to 26.1 million tonnes over the corresponding period in FY19.
  • According to provisional data submitted by the coal controllers’ organisation, coal blocks reallocated since 2015 increased their production by 33% y-o-y to 12.9 million tonnes in the April-September period.
  • The Indian rupee appreciated by 21 paise to 70.70 against the US dollar in early trade on Thursday (October 24, 2019) as easing crude prices strengthened investor sentiments.