State-owned CIL’s subsidiary Northern Coalfields Ltd (NCL) is planning to expand three open-cast mining project in the ongoing financial year. Of the company’s 10 open-cast mining projects in operation, seven are completed mining projects and three are ongoing mining projects, NCL said.
The government said it has constructed 2,921 km of highways under the Bharatmala Pariyojna. The government envisages building 34,800 km of highways at a cost of about Rs 5.35 lakh crore under the ambitious Bharatmala Pariyojna.
Despite the challenges posed by the COVID-19 pandemic, 3,951 km of highways were constructed in the first six months of the current fiscal year, the Ministry of Road Transport and Highways said. The ministry achieved a road building rate of 21.60 km per day despite the prevailing situation, it said.
State-owned Coal India Ltd. has allocated 13.86 million tonne coal in the first five months of this fiscal under spot e-auction scheme, registering a year-on-year increase of 49.5%. Coal India Ltd had allocated 9.27 MT of coal in the April-August period of the previous fiscal, according to government data. Fuel allocation by CIL under the scheme also increased to 3.36 MT in August, from over 0.61 MT in the corresponding month of previous fiscal.
RBI governor Shaktikanta Das said that India’s GDP for FY21 is likely to contract 9.5%. Contraction in economic growth of the size of Q1 is behind us, he said while emphasising that some silver linings are already visible.
Moody’s Investors Service said it has revised its outlook for the global steel sector to stable on the back of a recovery in demand worldwide. The agency had earlier cut the outlook for the global industry to negative. Moody’s said it is changing the “steel outlook” for all regions which include the US, Europe, Russia, Brazil and Asia to stable.