• Global rating agency Fitch sharply cut India’s GDP growth rate to 0.8% during current fiscal, which is the lowest growth projection so far. But it expects growth to rebound to 6.7% in 2021-22,
  • The power ministry extended the deadline for submission of stakeholders’ comments on the draft Electricity Amendment Bill by four weeks till June 5. The ministry had circulated the draft bill on April 17, 2020 with a deadline to submit comments in three weeks till May 8.
  • India Ratings & Research (Ind-Ra), a Fitch group company, has further slashed its estimate for India’s Gross Domestic Product (GDP) growth rate to 1.9% for 2020-21. This will be the lowest after India recorded growth rate at 1.1% in 1991-92.
  • Direct subsidies for fossil fuels will fall from $447 billion in 2017 to $139 billion in 2050, a drop of 69% on the back of increasing push towards renewable energy and energy efficiency, according to International Renewable Energy Agency (IRENA).
  • The Centre has recommended to states that upfront payment and stamp duty for auctioned mines be annualised in view of the coronavirus pandemic.
  • Amid nationwide coronavirus lockdown, state-owned Coal India has extended the deadline from April 23 to May 10, for submission of expression of interest (EoI) from power generation companies (gencos) for rationalising coal linkages. The linkage rationalisation refers to transfer of coal supply source of a power plant from a far-end mine to the nearer one.