India’s unemployment rate in May rose to 23.48%, marginally lower from 23.52 % in April, according to data released by the Centre for Monitoring Indian Economy (CMIE), reflecting the impact of coronavirus pandemic.
The fiscal impact of the Rs 20-lakh crore economic package stands at only Rs 2.14 lakh crore or just 1.1% of GDP and not the 10% of GDP, as much of the government support is in the form of credit guarantees or additional credit lines, having minimal impact on government finances, said the report by India Rating.
The Centre has set up an Empowered Committee of Secretaries (ECoS) to deliberate on issues with regard to auction methodology and operationalisation of coal blocks allocated for commercial mining. The development comes soon after the government stated that it may launch the process of auction of coal blocks for commercial mining on June 11.
State-owned Coal India’s fuel allocation under the exclusive e-auction scheme for the non-power sector rose over three-folds to 3.91 million tonnes in April. Coal India Ltd had allocated 1.20 million tonnes of dry fuel to the sector under the scheme in April 2019, as per latest government data.
This growth comes amid CIL looking to tap the non-power sector to consume its coal in the wake of a slump in demand for the dry fuel. For the entire fiscal (2019-20), the PSU‘s coal allocation under the scheme dropped to 8.03 million tonnes from 11.36 million tonnes in the previous year.
Power minister Mr RK Singh proposed a new scheme for the power sector amounting to Rs 3 lakh crore spanning five years. The new scheme included an amalgamation of old schemes under the power ministry and focused on reducing losses in the power sector, separate feeders for agriculture and smart prepaid meters.