Ratings agency ICRA sharply revised its growth expectation for India to a 5% contraction in the current fiscal from 1%-2% growth earlier, according to a report. The report estimated sharper de-growth in the first and second quarters of FY21 at -25% and -2.1% respectively, down from a range of 16%-20% contraction in Q1 and 2.1% growth in Q2 before. With two consecutive quarters of contraction, it implied the economy was in recession.
Global CO2 emissions from fossil fuels are set to drop by up to 7% in 2020 because of the coronavirus pandemic, but even this dramatic decline would barely dent long term global warming, researchers reported. In early April, coronavirus lockdowns led to a 17% reduction worldwide in carbon pollution compared to the same period last year.
The Ministry of New and Renewable Energy (MNRE) issued draft guidelines for implementation of off-grid solar power plants under the renewable energy service company (RESCO) model. In April 2020, the ministry had extended the off-grid and decentralised solar photovoltaic (PV) applications programme phase-III scheme till 31 March, 2021.
Former Coal India Chairman Mr Partha S Bhattacharyya has asked the Centre to withdraw a proposal to do away with mandatory coal washing as it would be a “retrograde” step. He flagged that the inability of the PSU to implement its promise of supplying washed coal has led to the erosion of around Rs 1.25 lakh crore in market valuation in 10 years to 2019-20.
The Centre is planning to do away with the mandatory requirement of washing of coal before it is transported to thermal power stations.
Production of Northern Coalfields Ltd rose by 2.5% to 4.32 million tonnes in the first fortnight of May up to May 15 and the company is on course to meet annual production target for 2020-21, Coal India said.
Last month NCL produced 8.73 MT of coal, achieving 96% of the month’s targeted production. Importantly, there was no decline in growth compared to the same month last year. NCL is targeting a production of 113.25 million tonnes during the current fiscal, entailing a growth rate of 4.8%, CIL said.