Amid projection of sharp contraction in the global economy, the International Monetary Fund (IMF) cut India’s GDP (Gross Domestic Products) growth rate to 1.9% in fiscal year 2020-21 starting April 1. However, GDP growth rate is estimated to jump to 7.4% during 2021-22.
In a bid to minimise the impact of COVID-19 pandemic on the heavily import-dependent domestic solar industry, Anand Kumar, secretary, the Ministry of New and Renewable Energy (MNRE) has asked state and port authorities to identify land sites suitable for renewable energy manufacturing and export services hubs.
The Plant Load Factor (PLF) of thermal power plants is likely to fall below 53% in the current financial year (2020-21) in the wake of the ongoing lockdown. A decline in PLF is expected on account of subdued demand from industrial and commercial segments and gradual ramp-up in economic activity post lockdown, CARE Ratings said in a statement.
The Ministry of New and Renewable Energy (MNRE) announced a reduction in tariff by 70 paise to Rs 2.8 per unit under the second phase of the Central Public Sector Undertaking (CPSU) programme for development 12 GW of solar projects. Besides, the ministry has also increased the timeframe for implementation of these projects from existing 18 months to 24 months and also changed the nodal agency for conducting auctions of these projects.
Now, the Indian Renewable Energy Development Agency (IREDA) would complete the task instead of Solar Energy Corporation of India (SECI).
Coal India has moderated its production in April keeping in mind the demand and fire hazard threats at mine pitheads and power plant stockyards in summer months, an official said. In the first 11 days of April, the average daily production stood at 1.3 million tonne as against 2.7 million tonne for the month of March, the official said.a
The Indian economy will contract by 6.1% in the April-June quarter and is likely to expand only in the December quarter, a Japanese brokerage said, expecting another 0.75% cut in rates by the RBI to push growth in 2020.
The conventional approach to rate setting which involves a sharp focus on inflation will take a backseat and growth concerns will be accommodated, Nomura said.
The economy will grow at 3.2% in the January-March period and contract by 6.1% (June quarter) and 0.5% September quarter, before rising by 1.4% in the last quarter of the calendar year, it said.