India cannot afford to have 14 cities with the worst pollution in the world, said NITI Aayog CEO Amitabh Kant today, adding that the country needs to be “ruthless” about cleaning up the dirty fuels. “You need to clean it by going hammers and tons at these petro, coke etc; you need to be ruthless about it,” he said.
Delhi and Varanasi are among the 14 Indian cities that figured in a list of 20 most polluted cities in the world in terms of PM 2.5 levels in 2016, data released by the World Health Organisation in May showed.
He said that under the Insolvency and Bankruptcy Code (IBC), India’s steel companies got new owners through successful NPA resolution as the government policies were able to create demand for steel by controlling imports from China. “You need to create demand for power, otherwise you put these (companies under IBC), there will be no buyers. Companies will lose will heavily, banks will lose even more,” he said at a event.
Banks are estimated to be staring at Rs 2.6 lakh crore ($38 billion) of NPA in the power sector, a Bank of America-Merrill Lynch report said in April. The power sector, however, got temporary relief from the Allahabad High Court stayed Reserve Bank of India’s February 12 order that had set a strict 180-day timeline for NPA resolution under the IBC. The Finance Ministry is currently working to find out a way to fix the NPA issue in the power sector without letting it collapse completely.
The stressed coal-based thermal power plants include the ones owned by big names such as Adani, Essar Power and Jaypee Power. While the power sector is struggling to get out of the NPA mess, the IBC, despite a slow start, witnessed two successful resolution of bankrupt steel companies Bhushan Steel and Electrosteel Steels.
India outstripped Asian industrial giant Japan to become the second largest steel producer in February as its crude steel output grew by 3.43% to 8.434 million tonnes (MT) in the month against 8.296 MT of the latter. Under the National Steel Policy (NSP), the government has set a production target of 300 MT by 2030-31. The NSP also aims at more than double the per capita steel consumption to 158 kg by 2030-31, from 70 kg at present.
Source: July 7, 2018, Financial Exrpess