India’s coal ministry wants electricity generators to keep buying coal, despite a steep fall in power demand due to a nationwide lockdown to prevent the spread of the coronavirus.
According to a report by Wood Mackenzie, India could face over 21.6% of 3 gigawatts (GW) of solar power and wind energy projects being delayed due to the nationwide lockdown imposed to check the spread of coronavirus.
Forty thermal power units with a capacity of at least 30 gigawatt, mostly from northern India, have stopped lifting coal as demand has fallen sharply during the lockdown. This has led to an increase in stocks at pitheads by nearly 20 million tonnes to about 75 million tonnes.
The country’s 12 major ports recorded a marginal 1.42% growth in cargo volumes at 642.95 million tonne (MT) during April-February of the just-concluded fiscal, according to Association. The ports had handled 633.93 MT of cargo in the same period of 2018-19.
India’s growth could slip below 3% in the current fiscal if COVID-19 proliferates within India, lockdown extended and global economy slips into recession, a KPMG report said.
Steel Authority of India Ltd (SAIL) ramped up iron ore production and despatch to 29.26 million tonne (mt) and 29.43 mt in 2019-20, notching up growth of 3.2% and 5% respectively.