Economic package fourth tranche: Highlights of Finance Minister Nirmala Sitharaman’s press conference today

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Finance Minister Nirmala Sitharaman on Friday announced the third tranche of a mega economic package aimed at uplifting the economy affected by the nationwide lockdown to stop the spread of coronavirus. Today, she announced the fourth tranche of the set of measures.

Here are the highlights of Finance Minister Nirmala Sitharaman’s press conference today:

Atomic Energy-related reforms; link India’s robust start-up ecosystem to the nuclear sector – Technology Development cum Incubation Centres will be set up for fostering synergy between research facilities and tech entrepreneurs: FM

The private sector will be allowed to use ISRO facilities and other relevant assets to improve their capacities. Future projects for planetary exploration, outer space travel, etc. to be open for the private sector: FM

Indian private sector will be a co-traveller in India’s space sector journey. Will provide a level-playing field for private companies in satellites, launches & space-based services: FM

Boosting private sector investment in Social Infrastructure through revamped Viability Gap Funding Scheme of Rs 8100 crores: FM

Privatisation of distribution in Union Territories – sub-optimal performance of power distribution & supply, power departments/utilities in Union Territories will be privatised: FM

A Tariff policy with reforms will be released, including consumer rights, promotion of industry and sustainability of sector: FM

India to become a global hub for Aircraft Maintenance, Repair and Overhaul (MRO). The tax regime for the MRO ecosystem has been rationalized. Aircraft component repairs and airframe maintenance to increase from Rs 800 crores to Rs 2000 crores in 3 years: FM Nirmala Sitharaman.

Airports Authority of India has awarded 3 airports out of 6 bid for operation & maintenance on Public-Private Partnership (PPP) basis. Additional investment by private players in 12 airports in fIrst & second rounds expected around Rs 13,000 crores: FM

-Restrictions on the utilisation 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: FM

Foreign Direct Investment limit in defence manufacturing under automatic route is being raised from 49% to 74%: FM

‘Make In India’ for self-reliance in defence production – we will notify a list of weapons/platforms for ban on import with year wise timelines. There will be indigenisation of imported spares: FM

Rationalisation of stamp duty payable at the time of award of mining leases: FM

500 mining blocks would be offered through an open and transparent auction process, a joint auction of Bauxite & Coal mineral blocks will be introduced to enhance Aluminum industry’s competitiveness: FM

The investment of Rs. 50,000 crores is for the evacuation of enhanced CIL’s (Coal India Limited) target of 1 billion tons of coal production by 2023-24 plus coal production from private blocks: FM

Diversified opportunities in the Coal Sector, investment of Rs. 50,000 crores: FM

Govt will introduce competition, transparency, and private sector participation in the Coal Sector through revenue sharing mechanism instead of the regime of fixed rupee/tonne: FM

The structural reforms being announced today will impact those sectors which are new horizons of growth, unleashing new investment, boosting production and creating jobs: FM

Schemes will be implemented in states through challenge mode for Industrial Cluster Upgradation of common infrastructure facilities and connectivity: FM

PM has very strong record in taking up deep systemic reforms. Direct Benefit Transfer enabled giving money directly to people, GST brought in One Nation One Market, IBC resolved insolvency issues, ease of doing business steps taken: FM

Incentive schemes for the promotion of New Champion Sectors will be launched in sectors such as Solar PV manufacturing; advanced cell battery storage etc: FM

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

Today’s announcements focussing on structural reforms in new sectors, where growth is possible and employment is generated: FM

PM had said that we should prepare for tough competition. When we speak of #AatmaNirbharBharat, we are not looking inwards, it is not isolationist policy, it is making India rely on its strengths, ready to face global challenges: FM

We are going to focus on 8 sectors today – Coal, Minerals Defence Production, Airspace management, MROs Power distribution companies, Space sectors, Atomic energy: FM

Today’s announcements focussing on structural reforms in new sectors, where growth is possible and employment is generated: Finance Minister Nirmala Sitharaman

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