Finance Minister Nirmala Sitharaman increased the fund allocation for the Prime Minister Awaas Yojana-Urban (PMAY-U). The amount was increased by as much as Rs 18,000 crore, which is over and above the Rs 8,000 crore earmarked in the budget for the financial year 2020-21. According to the Minister, the higher allocation towards the PMAY-U scheme will help in starting construction work of 12 lakh houses and completing 18 lakh houses.
Generation of coal-based power rose to the highest level in nine months (5% m-o-m and 15% y-o-y). Power demand witnessed nearly 13% y-o-y growth in Oct’20. However, demand was 2% lower on a m-o-m basis.
The Centre is looking at mining reforms, including amendments to the Mining Act and auction rules, coal and mines secretary Anil Kumar Jain has said. These are progressing well and in the next six to eight weeks the reforms are likely get adopted in the statute book, he added.
The GDP is likely to contract by 8.6% for the July-September period, which means India will enter into a recession for the first time in history in the first half of this fiscal with two successive quarters of negative growth due to the COVID-19 pandemic, as per an RBI official.