With just eight days left for the 21-day lockdown to be lifted, JSW Steel has said it's making all preparations to recommence operations at all locations. The company decided to scale down or suspend production on March 25.
Currently, JSW Steel has four blast furnaces and two Corex in Karnataka's Ballari; one blast furnace in Dolvi, Maharashtra; and two blast furnaces in Salem, Tamil Nadu.
Notably, the government is yet to take the final decision on lifting or extending the current lockdown. The Indian industry has been hit hard due to coronavirus. To strategise an exit plan, Prime Minister's 11 empowered committees that are headed by the home secretary and are continuously seeking feedback and assessments, will meet today and decide the next course of action.
As per estimates, India is losing $8 billion worth of GDP (Gross Domestic Product) due to the lockdown every day. The biggest worry among all for the Centre is privately-run large industrial units, which employ crores. The lockdown is hurting the balance sheets and is likely to subsequently disrupt their financial sustainability.
In the last week, several rating agencies have cut its growth estimate for India due to the coronavirus pandemic. S&P Global Ratings has slashed its forecast for FY21 to 3.5% from its earlier estimates of 5.2% as it expects coronavirus to hit output. While CRISIL has lowered India's FY21 growth forecast to 3.5%, Moody's Investors Service had slashed India's GDP growth projection for 2020 to 2.5% from 5.3%.
Active COVID-19 cases in India stand at 3,981 as on April 7, while the death toll is at 114, according to the Ministry of Health and Family Welfare's website. Meanwhile, the total number of confirmed COVID-19 cases crossed 12-lakh, whereas the death toll rose past 70,000.