The sharper-than-expected 23.9% decline in June quarter GDP suggests recovery could take a while and FY21 may see a steeper contraction than earlier estimated. India will need to grow at 8% over the remaining three quarters just to make up the deficit and avoid a full-year contraction.
Coal India said it has registered a 7.1% growth in coal output at 37.17 million tonnes in August compared to the year-ago period. Coal off-take increased 9.3% last month compared to the same period a year ago.
CIL will pump in over Rs 1.22 lakh crore on projects related to coal evacuation, exploration and clean coal technologies by 2023-24, to achieve 1 billion tonnes of fuel output target, Coal Minister Pralhad Joshi said.
Coal India (CIL) is planning to set up a coal-gasification project with an estimated investment of Rs 5,800 crore in the Dankuni coal complex in West Bengal. The project, which is now in the planning stage, will convert 1.5 million tonne (MT) of the fuel into other products and reduce emissions.
The infrastructure sector shrank for the fifth straight month in July, though the rate of decline slowed as further easing of restrictions lifted economic activity, data released showed. The index of eight core infrastructure sectors dropped to 9.6% in July from a year ago compared to a 12.9% contraction in June. The production of eight core sectors had expanded 2.6% in July 2019.
India’s economy shrank by nearly a quarter in April-June, much more than forecast and pointing to a longer than previously expected recovery with analysts calling for further stimulus. Gross domestic product shrank by a record 23.9% in April-June from a year earlier, official data showed, against a Reuters poll forecast for an 18.3% contraction.