Amid growing sentiment among companies to shift their manufacturing base from China in the wake of coronavirus epidemic, India is preparing to introduce policy changes to facilitate manufacturing in the country and attract investment.
The Ministry of New and Renewable Energy (MNRE) has set up Renewable Industry Facilitation & Promotion Board to facilitate investment in the sector, the ministry said in a release.
FICCI welcomed Ministry of New and Renewable Energy’s decision to grant a blanket extension to renewable energy projects through its order of April 17, on account of lockdown due to COVID-19. This will be equivalent to the period of lockdown along with additional 30 days extension provided for normalization after lockdown ends.
The Indian Steel Association (ISA) has revised downward India’s steel demand growth forecast for 2020 from 5.1% as per growth predictions made in February this year. The figures are expected to touch a low of negative 7.7%., with significant downside risks, an official statement said.
The government has no plans to scale down Coal India’s output target of 710 million tonnes (MT) for the ongoing fiscal even though the country has more than enough stock of the dry fuel amid subdued power demand due to the coronavirus lockdown, an official said.
The drop in consumption in fossil fuels during the lockdown has led to a significant decline in the levels of toxic pollutant nitrogen dioxide (NO2) across the country.
The latest analysis done by Lauri Myllyvirta and Sunil Dahiya of the Centre for Research on Energy and Clean Air (CREA) reveals that many Indian cities including Nagpur, Chennai, Mumbai, Bengaluru, Delhi, Hyderabad, Kolkata, Pune and hotspots in Madhya Pradesh, Odisha, Jharkhand, Bihar and Madhya Pradesh have witnessed a drastic fall in NO2 pollution.
The RBI today announced a second tranche of liquidity boost for the economy with a 25 basis point reverse repo cut taking it to 3.75 per cent from 4 per cent earlier. The move has been taken to allow banks to lend more. A TLTRO 2.0 of Rs 50,000 crore specifically targeted at NBFCs has been announced.