• More than 50 companies turned up for 10 iron ore blocks notified for auctions by the Odisha government. All of the blocks are lapsing merchant mines whose validity ceases by March 31, 2020.
  • Prime Minister Narendra Modi reviewed the progress of the nine projects worth over ₹61,000 crore during his 31st interaction through PRAGATI.
    • The projects reviewed were related to 16 States and the Union Territory of Jammu and Kashmir. These are:
    • Creation of an intra-State transmission system in eight renewable energy rich States namely, Tamil Nadu, Rajasthan, Andhra Pradesh, Karnataka, Himachal Pradesh, Gujarat, Maharashtra and Madhya Pradesh;
      Difficulties being faced by solar and wind power companies in starting new projects, including in the land acquisition process;
    • Education and healthcare of tribal children;
    • National Agriculture Market platform to help in better price discovery of agricultural produce;
    • E-payments, being made directly into the account of farmers;
    • Progress in development of two integrated e-Mandis in Jammu and Kashmir
    • New start-up model of logistics support, particularly about transfer of agricultural products between States;
    • Agriculture Ministry to give priority to the farmers of the States of Uttar Pradesh, Punjab and Haryana in distribution of equipment;
    • Progress of infrastructure connectivity projects including Katra-Banihal Railway Line. Several projects in the North-East like the widening and upgradation of Aizawl-Tuipang highway project;
    • To provide faster and safer connectivity between Delhi and Meerut, Modi said that Delhi-Meerut
    • Expressway should be completed by the revised timeline of May 2020.
  • The Minister for Petroleum and Natural Gas, Dharmendra Pradhan, said that India has aligned its policy regime to attract global investment in the oil and gas sector. Pradhan said that India is developing energy infrastructure worth $ 100 billion. The major investments are in pipelines, refineries, terminals, new marketing plans, upstream and others. He said that policy reforms are there to make it conducive for foreign players to invest in this development.
  • Pradhan said that India wants to be a leader in energy transformation happening across the globe. For that it would likely to secure world class technology, capital business model and effect whatever domestic policy reforms are required. India wants to be the new destination for global energy players,” he added.

Union coal minister Prahlad Joshi said that his ministry was not keen to acquire any coal assets abroad and aims to produce the required quantity in India instead to protect foreign exchange outflow. The country imported 235 million tonne last year and forked out 27.1 lakh crore. He has also emphasized to cut the import bill.

While Coal India (CIL) is in looking for assets in Russia, Canada and Australia, the minister’s statement has blown up a controversy whether it was against the decision of the ministry that CIL was in pursuit for assets abroad.

However, CIL officials later clarified that CIL was only looking for coking coal assets abroad and was neither looking for any thermal coal assets nor it was keen to acquire any.

  • The Indian rupee opened on a cautious note and fell 15 paise to 70.84 against the US dollar in early trade on Wednesday (November 6, 2019) tracking subdued opening in domestic equities. However, weakening of the US dollar vis-a-vis other currencies overseas and easing crude oil prices supported the domestic unit and restricted the fall
  • Edelweiss has emerged as the highest bidder for three road assets put on the block by IL&FS, the infrastructure lender told bankers. The committee of creditors met to discuss bids for the three projects and issues relating to these projects, whether to sell them before converting to green.