The Centre has decided to bring to zero import of coal for blending purpose by domestic coal-based power plants in the current fiscal, and has asked state-owned CIL to enter into a pact with power generation companies for domestic supply of coal.
With the announcement made by Finance Minister Nirmala Sitharaman, of Rs 50,000-crore investment in coal infrastructure as part of a stimulus, Central Coalfields (CCL) has become the first miner to come out with projects worth Rs 1,200 crore for automation of coal handling operations in four of its largest mines. The projects will cover 55 million tonnes of coal produced from mines in Jharkhand.
ICRA has projected the economy to grow by 1.9% in the fourth quarter against 5.8% a year ago and 4.3% in 2019-20 against 6.1% in 2018-19. Earlier, the second advance estimates of the government pegged the growth at 5% in 2019-20.
Amid the COVID-19 pandemic, thermal coal imports at India’s 12 major ports saw a 30.46% plunge at 7.8 million tonnes (MT) in the first month of the current fiscal, as per the ports body IPA. These Centre-owned ports had handled 11.27 MT of thermal coal in the same month of 2018-19.
The country’s 12 major ports recorded a 21% decline in cargo volumes to 47.42 million tonnes in April this year, mainly due to coronavirus outbreak, according to Indian Ports Association (IPA). Ports like JNPT, Chennai, Cochin and Kamrajar witnessed huge decline in cargo handling, as per the latest data.
India’s crude steel output declined over 65% to 3.13 million tonnes during April against 9.02 million tonnes of crude steel produced during the same month a year ago, according to the World Steel Association. India had posted a 14% decline in steel output at 8.65 million tonnes in March as compared with 10.04 million tonnes in March 2019.