Union finance minister Nirmala Sitharaman unveils the 4th tranche of economy package and measures of the government’s “atmanirbhar (self-reliant) campaign“. With a view to reviving the economy shuttered by the coronavirus lockdown, PM Narendra Modi had announced a Rs 20 lakh crore special economic package.
FM Nirmala Sitharaman on Saturday said structural reforms will be the focus of the fourth tranche of economic stimulus package with an aim to boost growth, create jobs in the country.
Many sectors need policy simplification, to make it simpler for people to understand what sector can give, participate in activities & bring transparency. Once we decongest sectors, we can boost the sector, for growth and jobs: FM said in her statement today.
PM had said that we should prepare for tough competition. When we speak of Aatma Nirbhar Bharat, we are not looking inwards, it is not isolationist policy, it is making India rely on its strengths, ready to face global challenges: she also added.
Check the focus points of the 4th tranche of economy package announcement by FM:
8 Sectors That Will Undergo Structural Reforms: FM
– Coal
– Minerals
– Defense production
– Airspace management, airports
– MRO
– Power distribution companies in UTs
– Space
– Atomic energy
Commercial Mining of Coal: We are bringing in commercial mining of coal on a revenue-sharing basis, says FM. “Govt monopoly in coal mining being removed. This will be done based on a revenue-sharing mechanism instead of a regime of a fixed rupee per tonne. Any party can bid for a coal block and sell in the open market,” says FM.
FM says will launch incentive schemes for Solar PV manufacturing: Incentive schemes for the promotion of New Champion Sectors will be launched in sectors such as Solar PV manufacturing; advanced cell battery storage etc says Finance minister Nirmala Sitharaman
Investment of Rs 50,000 Crore | “India has the third-largest valued coal availability in its untapped mines, and yet we still import coal and emerging sectors suffer because the raw material is not available. Regulations are required when there is a shortage. But this country has abundant coal. Coal bed methane will also be auctioned. Rs 50,000 crore for evacuation infrastructure is being provided,” says FM.
.India to move towards self-reliance in the defense sector: ‘MakeInIndia’ for self-reliance in defense production – we will notify a list of weapons/platforms for a ban on import with year-wise timelines. There will be indigenization of imported spares: Finance minister Nirmala Sitharaman.
FDI limit in defense manufacturing under automatic route raised from 49% to 74%: Foreign Direct Investment limit in defense manufacturing under automatic route is being raised from 49% to 74%: Finance minister Nirmala Sitharaman
For the aviation sector, govt to bring a total benefit worth ₹1,000 crores per year: Restrictions on the utilization of Indian Air Space will be eased so that civilian flying becomes more efficient. Will bring a total benefit of Rs. 1000 crores per year for the aviation sector: Finance minister Nirmala Sitharaman
Added investment in 12 airports by private players expected to be around ₹13,000 crores: Airports Authority of India has awarded 3 airports out of 6 bid for operation and maintenance on Public-Private Partnership (PPP) basis. Additional investment by private players in 12 airports in first and second rounds expected around ₹13,000 crores: FM Nirmala Sitharaman.
Power distribution companies in union territories will be privatized, says FM Sitharaman
