• The growth of India’s gross domestic product (GDP) has declined largely due to low growth in manufacturing and construction, government has informed Parliament. According to Minister of state (independent charge) for statistics and programme implementation Rao Inderjit Singh, the growth of GDP has declined largely due to low growth in manufacturing and construction sector.
  • The National Statistics Office has forecast India’s GDP growth to slip to an 11-year low of 5% in FY20. Manufacturing growth in 2019-20 is seen at 2% year on year, which is a 15-year low, as against 6.9% growth in FY19. Construction growth is seen slipping to a six-year low of 3.2% in FY20 from 8.7% in the last fiscal.
  • JSW Steel is closely watching all the upcoming iron ore mine auctions, as the company is in the final stages to acquire land in Odisha for a proposed greenfield project, a top executive said.
  • Renewable energy sources are expected to account for around 21% of electricity demand in 2021-22, Power Minister R K Singh said.
  • “As per Central Electricity Authority‘s National Electricity Plan, contribution of renewable energy sources is estimated to be around 21 per cent of the total electricity demand of the country in the year 2021-22 and 24 per cent by 2026-27,” Singh was quoted as saying in a statement issued by the power ministry.
  • French oil and gas group, Total, said it has signed a deal with Adani Group to acquire a 50 per cent stake in its solar power projects joint venture (JV).
  • In a move that could revive participation in wind bidding in a big way, the ministry of new and renewable energy (MNRE) plans to stop imposing ceiling tariffs on wind tenders, sources said.
  • Recent wind and solar auctions conducted by the Solar Energy Corporation of India (SECI), an arm of MNRE, have all set ‘ceiling tariffs’ above which bids are not accepted.
  • Industry has sought easier norms for commercial coal blocks, including lesser payment and more lenient requirement of minimum production.
  • Potential bidders want upfront payment to be halved and computed on the basis of extractable reserves in a block and not on the total reserves estimate.
  • The draft rules provide for minimum 70% production on an average over a three-year period, while yearly minimum production has to be 50%. Potential miners want this changed to 60% average production in a five-year period and no yearly production stipulations.