• The International Monetary Fund (IMF) has cut its projection for India’s economic growth by 0.3% point to 7% for 2019-20 due to subdued domestic demand. For the next financial year, the projection was also cut by 0.3% point to 7.2%.
  • Agencies like ADB and Economic Survey has also projected India’s Economic Growth for the year 2019-20 at 7%.
  • Only the World Bank has projected India’s GDP growth rate at 7.5% for the next three financial year, including the current fiscal.
  • India’s economy grew by 6.8% in 2018-19.
  • Even then, India will continue to be the fastest growing large economy in the world. The closest competitor, in terms of growth – China was projected to grow by 6.2% in 2019 and 6% in 2020 by IMF.
  • IMF noted that a number of central banks, including RBI, have turned dovish or communicated a more cautious view on the outlook. Earlier in June, RBI had cut the repo rate by 25 basis points for the third time in a row.
  • Researchers at the University of Chester have found a way to use dirty plastic waste to produce hydrogen, which can heat homes and fuel cars without producing greenhouse gas emissions.
  • The process uses a glass kiln, heated to 1,000C, to instantly break down unrecyclable plastic to release a mix of gases including hydrogen.
  • The technology will be used commercially for the first time at a plant near Ellesmere Port in Cheshire later this year after a pair of “waste-energy” companies agreed to invest.
  • The owner of the plant, said the project could help keep 25 million tonnes of “contaminated” plastics, which cannot be recycled, from ending up in landfills or the ocean.
  • Hydrogen could play a key role in helping the UK meet its climate targets by replacing traditional gas used for decades in stoves, radiators and boilers. It could also replace petrol and diesel in cars, vans and buses
  • According to Steel Minister Dharmendra Pradhan, the government has notified Mines and Minerals (Development and Regulation) Amendment Act, 2015 to streamline grant of mining leases so as to maintain sufficient availability of iron ore for steel sector.
  • “As on date, 20 blocks of iron ore have been successfully auctioned with a reserve of 583.057 MT,” he said.
  • “To ensure supply of raw material by timely auction of leases expiring in 2020…the central government has amended the Mineral Conservation and Development Rules, 2017, making it mandatory for the lease holders to carry out G2 level exploration over the entire mineralised area by April, 1 2019,” he added.
  • Home sales and new launches declined sharply in nine major cities across India during April-June, though demand may recover in the coming months because of sops announced in the Union budget, according to a report by real estate advisory firm PropTiger.
  • According to the report, home sales fell 11% year-on-year in the nine cities including Mumbai and Bengaluru to 71,957 units in the June quarter. New residential launches nearly halved, declining 47%, during the same period to 37,852 units.
  • Home sales in Noida saw the sharpest decline, falling 56%, followed by Ahmedabad and Bengaluru where sales declined by 36% and 17%, respectively. Gurugram have shown a 32% increase in home sales during June quarter.
  • According to Dhruv Agarwala, Group CEO, Housing.com, PropTiger.com, Makaan.com, Fastfox.com, despite the decline in home sales in the first quarter of fiscal 2019-20, demand is likely to recover in the coming months on the back of several favourable measures announced in the Union budget.
  • The National Highways Authority of India (NHAI) is in talks with State Bank of India to monetise road projects with high traffic density as it explores different modes to meet its Rs 75,000-crore funding requirement for the current fiscal.
  • NITI Aayog Vice Chairman Rajiv Kumar has said that India will achieve economic growth of more than 8% from fiscal year 2020-2021 onwards as structural reforms like the GST are set to produce benefits.

This will propel the country to easily achieving the target of becoming a five trillion dollar economy.
Kumar has also emphasised on the following issues:
• Jobs creation – A very large number of jobs have been generated in the country in the last five years.
• Nature and quality of jobs – Not meeting the aspirations of the country’s young people and they want better quality jobs that will engage them fully.
• Improving the investment climate for domestic investors as well as foreign direct investors
• Union Budget- steps forward for facilitating and further improving ease of doing business by liberalising the inflows of FDI
• Agriculture sector (constitute 43% of the workforce)- investment in the agro-processing sectors and improvement in agricultural yields along with improvement in other sectors such as manufacturing and services tohelp exponentially in job creation
• Private investment- topromote private investment in the mine, mineral and coal sectors because otherwise the country’s import dependence will increase both for oil and gas as well as for coal even though there are huge reserves in the country.
He said that India has not only mainstreamed the SDGs (Sustainable Development Goals) and Agenda 2030 but is on the way to achieving some of the targets ahead of time through programmes such as Swachh Bharat Mission and Ayushman Bharat despite the challenges like water crisis, shortage of energy in parts of the country, pollution and need to increase female participant rates.