Finance Minister Nirmala Sitharaman announced the fourth tranche of the Rs 20 lakh crore economic package. Sitharaman announced easing of restrictions on utilisation of Indian air space, benefiting civil aviation sector by about Rs 1,000 crore per year.
The FM said six more airports will be auctioned for private participation. Also, an additional investment of Rs 13,000 crore will be made by private players in 12 airports auctioned in first and second rounds.
In the first two announcements, FM Sitharaman had announced measures related to MSMEs, NBFCs, migrant workers and street vendors. She had announced the third tranche yesdterday which laid on agriculture, allied activities and farms produced related administrative reforms.
Sitharaman held her first press conference and announced the details of the stimulus package on Wednesday. The second and third phase of announcements on Centre’s economic package were made on Thursday and Friday.
The final and the fifth tranche of the announcement to be held at 11 am on Sunday
Government is taking steps to leave more money in the hands of people now, which will boost demand: FM Sitharaman
Government to establish a research reactor in the PPE model for the production of medical isotopes for treating cancer and other diseases. India has earned a lot of goodwill from countries where India has exported them: FM Sitharaman
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: Finance Minister Nirmala Sitharaman.
"Privatisation of the Power distribution companies will bring stability to the power sector. It will help timely payment too," saysFM
Aviation sector to get benefit of Rs 800 crore to Rs 2,000 crore from aircraft maintenance and airframe repair in country from MRO hub, says 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: Sitharaman.
The government puts 6 more airports on auction, does additional investment in 12 airports for world-class facility.
Only about 60% of airspace is freely available. Optimum utilisation of airspace to reduce air distance and fuel consumption is necessary: FM
Foreign Direct Investment limit in defence manufacturing under automatic route is being raised from 49 per cent to 74 per cent: Finance Minister Nirmala Sitharaman
The government allows the sale of surplus and unused minerals by new mining lease facility: FM
Coal bed methane extraction will be auctioned
Rs 50,000 crore will be spent by the government towards evacuation infrastructure
Government announces structural reforms to boost growth, employment and bring state-of-the-art technology especially in exploration through the Introduction of seamless composite exploration-cum-mining-eum-production regime
Offers 500 mining blocks through an open and transparent auction process
Introduces Joint Auction of Bauxite and Coal mineral blocks to enhance Aluminum Industry's competitiveness
To help aluminium industry reduce electricity costs
Government announces structural reforms to boost growth, employment and bring state-of-the-art technology especially in exploration through the Introduction of seamless composite exploration-cum-mining-eum-production regime
Offers 500 mining blocks through an open and transparent auction process
Introduces Joint Auction of Bauxite and Coal mineral blocks to enhance Aluminum Industry's competitiveness
To help aluminium industry reduce electricity costs
There is a need to reduce import of substitutable coal and increase Self reliance in coal production, says FM
The government will introduce competition, transparency and private sector participation n the Coal Sector through:
• Revenue sharing mechanism instead of regime of fixed Rupee/tonne
• Earlier, only captive consumers with end-use ownership could bid
• Now, any party can be for a coal block and sell in the open market
• Entry norms will be liberalized
• Nearly 50 blocks to be offered immediately
• No eligibility conditions, only upfront payment with a ceiling
Today's announcements will also include champion sectors and the incentive schemes for the promotion of new champion sectors will be launched in sectors such as solar PV manufacturing, advanced cell battery storage, etc.
Coal
Minerals
Defence Production
Airspace management
Airports
Power distribution companies in Union Territories
Space
Atomic Energy
A scheme will be implemented in States through Challenge mode for Industrial Cluster Upgradation of common infrastructure facilities and connectivity
Availability of Industrial Land/ Land Bank for promoting new investments and making information available on Industrial Information System (IIS) with GIS mapping
3376 industrial parks/estates/SEZs in 5 lakh hectares mapped on Industrial Information System (IIS)
All industrial parks will be ranked in 2020-21
Today's announcement to be focussed on structural reforms in the sectors that are going to be the new horizon for growth, more investment can be drawn, more production can be clearly marked, and certainly more employment opportunities can be generated in these sectors: FM
FM Nirmala Sitharaman clarifies that Atma Nirbhar Bharat is not about making India isolated.
Finance Minister Nirmala Sitharaman begins her speech
After relief measures for small businesses, shadow banks, migrant labourers, street vendors and small farmers, Union Finance Minister Nirmala Sitharaman on Friday announced Rs 1.63 lakh crore package for agriculture, fisheries and allied activities, and paved the way for amendment of Essential Commodity Act and interstate trade for farmers. (READ MORE)