The UN slashed India’s projected growth rate to 1.2% in 2020 and forecast that the global economy will contract sharply by 3.2% as the COVID-19 pandemic paralyses the world, sharply restricting economic activities, increasing uncertainties and unleashing a recession unseen since the Great Depression of the 1930s.
In a big relief for contractors, all Central agencies have been asked to provide up to 6 months extension, without any cost to the contractor, for obligations such as completion of work. The relief for contractors covers construction and goods and services contracts. This includes Central agencies like Indian Railways, roadways and highways projects, Central Public Works Department etc.
For the first time in four decades, emissions of toxic carbon dioxide have declined in the country due to an economic slowdown, growth of clean energy and the ongoing lockdown, according to the latest analysis by the Centre for Research on Energy and Clean Air (CREA).
India has moved up two positions to rank 74th on a global ‘Energy Transition Index’ with improvements on all key parameters of economic growth, energy security and environmental sustainability, the World Economic Forum (WEF) said.
In the fifth address since the Covid-19 outbreak, Prime Minister Narendra Modi announced a much-awaited Rs 20-trillion stimulus package. He said the Rs 20-trillion package, nearly 10% of India’s gross domestic product (GDP), would be with the objective of putting money into people’s pockets to spur domestic consumption and demand. The package would cater to various sections, including the cottage industry, micro, small and medium enterprises (MSMEs), labourers, and middle class.
A new World Bank Group report shows that production of minerals like graphite, lithium and cobalt could increase by nearly 500% by 2050 to meet the growing demand for clean energy technologies. It estimates that over three billion tonnes of minerals and metals will be needed to deploy wind, solar and geothermal power as well as energy storage required for achieving a below two degrees celsius future.