The country’s coal import rose by 15.1% to 23.63 million tonnes (MT) in December 2020 compared to 20.52 MT in the year-ago month. Non-coking coal imports were at 15.63 MT in December this fiscal against 14.21 MT in the same month last fiscal. Coking coal imports were at 5.36 MT against 4.47 MT in December 2019-20, according to provisional data compiled by mjunction services.
The Reserve Bank has lowered the retail inflation projection for the current quarter of this fiscal at 5.2%, saying it has returned within the “tolerance band”. On the economy, the central bank said it is only going to look upwards from here.
The Reserve Bank of India’s Monetary Policy Committee sees Gross Domestic Product (GDP) growth rate for FY2021-22 is projected at 10.5%, Governor Shaktikanta Das said. Further, growth is projected in the range of 26.2% to 8.3% in H1FY22 and 6% in Q3FY22.
The government is sticking to the target of becoming a USD 5 trillion economy by 2024-25 and emphasis on infrastructure sector and other initiatives taken in Budget 2021-22 are aimed at achieving the goal, Economic Affairs Secretary Tarun Bajaj has said.
Global ratings agency Moody’s projected India’s nominal growth at 17% for the coming fiscal, a mark up from the 14.3% earlier, based on the “pro-growth” budget, but highlighted the weak prospects of fiscal consolidation.
A 32% increase in the capital outlay for the ministry of road transport and highways (MoRTH) in FY22 (budget estimate or BE) over FY21BE is expected to provide a significant boost to construction of highways, already on an upward trajectory over the past few years. Highway construction peaked in FY19, at 30 km per day, before falling to 28 km a day in FY20. During the April-December period of the current fiscal, the average daily construction stood at 29 km.