The Indian economy is expected to rebound strongly in 2021-22 owing to the reform measures undertaken by the government, the Union Budget document said. It further said that the real Gross Domestic Product (GDP) growth is projected to contract by 7.7% in 2020-21 as compared to a growth of 4.2% in 2019-20.
Coal India’s dry fuel production is likely to snap a five-month growth streak to register a decline in January, owing to high pithead stock, sources said. Coal production for the month is likely to be around 60.2 million tonnes compared with the corresponding period a year ago, when the output was at 63.11 million tonnes, they said.
India’s crude steel production fell by 10.6% to 99.6 million tonnes (MT) in 2020, according to the worldsteel. The country had produced 111.4 MT of crude steel in 2019, the World Steel Association (worldsteel) said in its latest report.
Steep declines in the output of steel, fertiliser and cement made an index of India’s infrastructure sectors contract 1.3% in December, official data showed, contradicting hopes of a recovery in line with other economic indicators.
India is likely to predict economic growth of 11% in the fiscal year beginning April 1 in its annual economic survey, a source said, betting on a sharp recovery from the pandemic-induced slump this year.