• The Indian steel industry will be able to achieve its crude steel production target of 300 million tonnes by 2030 only if the issues surrounding raw material availability are addressed. The steel sector will also require adequate funding support to be able to scale up capacity, according to experts.
  • The National Steel Policy (NSP), 2017 envisages investment to the tune of ₹10-lakh crore to scale up crude steel production capacity to 300 million tonnes by 2030-31, up from the current capacity of around 140 million tonnes.
  • The Centre’s fiscal deficit has exceeded the Budget Estimate in the first seven months (April-October), signalling continued strain on the economy.
  • According to data released by the Controller General of Accounts (CGA), fiscal deficit for the April-October period touched ₹7.20 lakh crore.
  • Core sector growth once again, registering a contraction of 5.8% in October 2019. In September 2019 there was a decline of 5.1% in growth.
  • During the month of September 2019, all sectors except fertilisers (11.8%) and refinery products (0.4%) had negative growth rates.
  • Indian economy recorded slowest growth rate in six years during July-September quarter.
  • According to data released by the Ministry of Statistics and Program Implementation, the second quarter GDP (Gross Domestic Product) growth rate was 4.5% as against 7% during corresponding period of last fiscal (2018-19). This is the lowest growth rate after fourth quarter (January-March) of fiscal year 2012-13, when GDP growth rate was 4.3%. Also, this is sixth successive quarter of growth rate declining.
  • With growth rate on decline, core sector (eight key industries) on contraction, fiscal deficit widening and retail inflation on rise, all eyes are now on Monetary Policy Committee headed by RBI Governor. There is hope that the committee will go for another rate cut in addition to 1.35% cut during the current year.
  • About a billion mobile phone subscribers will pay up to 40% or so more to make calls and use data from this month, with private operators Reliance Jio Infocomm, Bharti Airtel and Vodafone Idea increasing prices for the first time since 2016 to shore up finances.
  • The government’s worries over the economy is likely to increase as the GDP growth rate for the three-month period ending September 30 could be below 5%.