Indian service sector activity ended the seven-month sequence of decline and registered growth in October, supported by improved market conditions amid easing Covid-19 restrictions, a monthly survey said.
Coal India’s spot coal auction tripled to 16.8 million tonnes in October compared to same month last year, on the back of increase in demand from the power sector. The increase of 190% or 11 million tonnes during the month signals demand resumption for coal after a Covid led hiatus.
After recording positive growth in September, India’s exports declined 5.4% to USD 24.82 billion in October on account of dip in shipments of petroleum products, gems and jewellery, leather, and engineering goods. Trade deficit in October narrowed to USD 8.78 billion as against USD 11.76 billion, as imports also fell 11.56% to USD 33.6 billion during the month under review.
Considering the increase in demand for coal in the post-shutdown scenario in the country, the Singareni Collieries Company Ltd (SCCL) has set a target of 300 lakh tons of coal production and transport in the last five months of the current financial year.
India’s factory activity hit a second consecutive month of record performance improvement in October with output expanding to the greatest extent in 13 years amid robust sales growth, a private survey showed.