• The sharp downward revision in growth by various national and international agencies indicates that the impact of the coronavirus-induced lockdown was highly deleterious and the stimulus package was inadequate, EY said. It said the growth projections for the current year by various global and domestic agencies indicate a sharp contraction ranging from (-)3.2% to (-)6.8%. And Indian economic growth stood at an estimated 4.2% in 2019-20.
  • Power consumption remained muted in June. The 105.2 billion units (BUs) of electricity supplied in the month was only 3% higher than May, but 10.8% down year-on-year. The gradual rise in demand can be attributed to higher agricultural consumption in the sowing season and increased residential usage with the advent of summer.
  • Power demand in states like Gujarat, Maharashtra, Tamil Nadu and West Bengal, where industrial and commercial consumers comprise more than 40% of electricity usage, were lower by 10.1%, 16.4%, 10.2% and 18.9%, respectively, year-on-year. However, states such as Rajasthan, Karnataka and Telangana, where agricultural power consumption is high, recorded annual decreases of 6.5%, 8.6% and 4.2%, respectively.
  • Unemployment rate in the country more than halved to 11% in June from 23.5% in May. Employment rate also improved handsomely from 29.2% in May to 35.9% in June, implying an addition of 70 million jobs, the Centre for Monitoring Indian Economy (CMIE) said.
  • The government expects to roll out the online single-window clearance system for coal block plans by the end of next month, a senior Coal Ministry official said. Coal Joint Secretary M Nagaraju highlighted that various regulatory approvals at state level were causing delay in development of coal mines.
  • The country’s coal imports registered a drop of 29.7% to 48.84 million tonnes (MT) in the April-June period of the ongoing financial year, according to industry data. India had imported 69.54 MT of coal in the April-June period of 2019-20, according to provisional compilation by mjunction.
  • According to ICRA, India’s domestic solar capacity is expected to add about 5.5 gigawatt (GW) during the financial year 2020-21 due to the execution headwinds amid lockdown restrictions post-COVID pandemic. The ratings agency said that the domestic solar capacity addition in FY20 remained lower by 15% than its previous estimate of about 7.5 GW as a result of various disruptions caused by the pandemic in the fourth quarter in the fiscal year.