• The 16 coal blocks allotted to Coal India in the last one year will enhance annual output by 125 million tonnes, a senior company executive said, pointing out that production at these blocks could start in the next three to six years.
  • The steel ministry wants state-run units under its supervision, such as SAIL and RINL, and state governments to come up with various enablers such as encroachment-free land and steady supply of raw material to help the industry build 25-30 million tonne (MT) additional steel production capacity through the greenfield route by 2024-25.
  • An estimated Rs 1-1.5 lakh crore investment would be required to create the targeted capacity. India’s current steel capacity of 142 MT is being augmented by 28-30 MT through the brownfield route by 2024-25.
  • New areas for additional coal reserves, economical for mining should be identified at a faster pace, said coal secretary Anil Kr Jain.
  • He emphasised on the need for a paradigm shift from present exploration method to new technologies according to the statement by Central Mines Planning & Design Institute (CMPDIL).
  • India is now in the midst of a significant economic slowdown, the International Monetary Fund has said, urging the government to take urgent policy actions to address the current prolonged downturn.
  • The International Monetary Fund (IMF) has retained India’s economic growth forecast at 6.1% for FY20, but said risks to the outlook are tilted to downward side.
  • Coal India Ltd (CIL) and Odisha government-owned Odisha Coal and Power Ltd (OCPL) have joined hands for sale of coal produced from OCPL’s captive block at Manoharpur in Jharsuguda as a part of initiatives of the central government to produce more indigenous coal available to country beyond CIL’s production and cut imports.
  • While the government has aimed to curb imports of thermal coal, India’s thermal coal imports stood at 183.4 million tonne in FY19 and are likely to cross 200 million tonne in 2020, according to estimates made by ICRA.