Interest rates were cut for the second time in a month on October 8th, to 6.9%, and the government is expected soon to ease credit controls, especially for property.

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But the closure of such plants has also been hastened by the availability of cheap natural gas from fracking, which makes coal less viable economically, especially when utilities must invest in pollution controls.

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With the abolition of many controls, old uneconomic plants, especially small units, are being replaced by ones that are more competitive.

ECONOMIST: India