The government’s tax revenue fell 32.6% in the April-June quarter, underscoring the damage done to the economy by the Covid-19 pandemic and the lockdown that followed. The revenue shortfall widened the fiscal deficit at the end of June to Rs 6.62 lakh crore, or 83.2% of the full-year budget estimate of Rs 7.96 lakh crore. This is the highest fiscal deficit in percentage terms for the first quarter going back to available data since FY1999.
Vital infrastructure projects of the Indian railways including high speed corridors, the dedicated freight corridors, signalling projects or projects for launching new trains will not be impacted by the Railway Board order to keep all new work sanctioned for 2020-21 fiscal in abeyance in a bid to rationalize cost in the wake of COVID-19 pandemic.
Even without Covid-19, India would have missed its intended renewable energy capacity of 175 GW target by over 50 GW, predicts industry body ICRA. The missed execution for FY 2021 due to the pandemic is pegged at 4 GW.
An investment of Rs. 2 lakh crore over the next two years is expected in the renewable energy space, with an estimated capacity of 30 to 35 GW to be added. Nearly 8 GW of this will be added in FY 2021, Kadam said.
Coal India’s fuel allocation under the exclusive e-auction scheme for the non-power sector increased three-fold to 6.66 million tonne (MT) in April-June period of the ongoing financial year. CIL had allocated 2.20 MT of the dry fuel to the sector under the scheme in April-June period of the last financial year. However, the coal quantity allocated in the last month dropped to 0.56 MT, from one million tonne allocated in June 2019-20, as per latest government data.