The government approved the methodology for auctioning coal and lignite blocks for commercial mining on revenue sharing basis, with hefty financial incentives for early production, sale and consumption of coal for gasification.
For coking coal consumers, the tenure of coking coal linkage in the nonregulated sector linkage auction has been increased up to 30 years.
Ratings agency ICRA sharply revised its growth expectation for India to a 5% contraction in the current fiscal from 1%-2% growth earlier, according to a report. The report estimated sharper de-growth in the first and second quarters of FY21 at -25% and -2.1% respectively, down from a range of 16%-20% contraction in Q1 and 2.1% growth in Q2 before. With two consecutive quarters of contraction, it implied the economy was in recession.