Coal India Ltd reported 11.2% decline in production at 41.43 million tonne in May. The company had produced 46.69 million tonne of coal in May 2019. Coal offtake was up at 39.95 million tonne in May compared to 39.06 million tonne in April.
The government said it has revisited old laws in the coal sector to boost domestic production and reduce imports of the dry fuel. “Age old mineral concession rule, 1960 was governing many aspects of coal mining and needed amendment in furthering the coal sector reforms and also due to several legislations coming into existence such as those related to environment and forest conservation etc”, the Ministry of Coal said.
Barring coal production, and to an extent cargo handled at sea ports, most of the main indicators that went into calculation of GDP growth contracted in the fourth quarter of 2019-20. This has pulled down GDP growth rate to a 69-quarter low of 3.1% in Q4FY20 and 11-year low of 4.2% in 2019-20.
According to the coal ministry, the government has now approved revised tenure for the coking coal linkage in the non-regulated sector linkage auction. It has been approved that the coking coal linkage in the non-regulated sector linkage auction may be granted for a tenure up to 30 years.
Former Finance Secretary Mr Subhash Chandra Garg said the Indian economy will shrink by 10 % or Rs 20 lakh crore in the ongoing fiscal, the first contraction in over 40 years, due to a “faulty” COVID lockdown. He also said that the government’s Rs 21 lakh crore stimulus package is actually of only Rs 1.4-1.5 lakh crore or about 0.7% of the country’s gross domestic product (GDP).
India added only 989 megawatt (MW) of solar power generation capacity in the first quarter (Q1) of 2020 due to COVID-19 disruption, taking the total installed capacity to 37,916 MW by 31 March 2020, according to a latest report. It added that 1,864 MW of utility scale solar capacity was scheduled to be commissioned in Q1 2020.