Cheaper air travels, space access to start-ups among major reforms announced by FM

She had announced the third tranche yesdterday which laid on agriculture, allied activities and farms produced related administrative reforms.

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.

5th tranche to be announced at 11 am tomorrow

The final and the fifth tranche of the announcement to be held at 11 am on Sunday

Finance Minister Nirmala Sitharaman concludes the presser

Measures to leave more cash in hands of people

Government is taking steps to leave more money in the hands of people now, which will boost demand: FM Sitharaman

Research reactor for production of medical isotopes

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

Private sector will be allowed to use ISRO facilities

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.

Boosting private sector investment in Social
Infrastructure through revamped Viability Gap
Funding Scheme of Rs 8100 crores: Finance Minister Nirmala Sitharaman. pic.twitter.com/1gevtGfWra

— ANI (@ANI) May 16, 2020

Bringing stability to power sector

"Privatisation of the Power distribution companies will bring stability to the power sector. It will help timely payment too," saysFM

Power distribution companies in UTs privatised

Power distribution companies in Union Territories will be privatised. Tariff will be applicable according to the government's guidelines: FM Sitharaman

Up to Rs 2000 crore benefit for aviation sector

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.

Aviation sector to get benefit of Rs 1,000 crore from better utilisation of airports

Utilisation of airspace will bring a benefit of about Rs 1,000 crore per year for the aviation sector by reducing fuel use and time: FM

Restrictions on utilisation of Indian Air Space to be relaxed

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.

6 more airports on the block

The government puts 6 more airports on auction, does additional investment in 12 airports for world-class facility.

Government takes steps for optimum utilisation of airspace

Only about 60% of airspace is freely available. Optimum utilisation of airspace to reduce air distance and fuel consumption is necessary: FM

Separate budget for domestic capital procurement of weapons

A separate budget will be given for domestic capital procurement so that the armed forces can reduce the import bill, says FM.

FDI limits raised to 74 per cent

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

Government puts restriction on imports of certain weapons

We need to be self-reliant in the defence sector. High tech equipment can be imported but some of the weapons can be made in India. Certain weapons to be restricted from imports and can only be bought from India: FM SitharamanFinance Minister Nirmala Sitharaman (Photo | ANI)

Sale of unused minerals will be allowed henceforth

The government allows the sale of surplus and unused minerals by new mining lease facility: FM

Rationalisation of stamp duty payable

Rationalisation of stamp duty payable at the time of award of mining leases: Finance Minister Nirmala Sitharaman. pic.twitter.com/znGmRAoqFI

— ANI (@ANI) May 16, 2020

Government to spend Rs 50,000 crore for coal evacuation infrastructure

Coal bed methane extraction will be auctioned

Rs 50,000 crore will be spent by the government towards evacuation infrastructure

Private investments in the mineral sector

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

Private investments in the Mineral Sector

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

Commercial mining allowed in coal sector

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

Government to promote new champion sectors

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.

4th tranche to focus on 8 sectors

1.  Coal

2. Minerals

3. Defence Production

4. Airspace management

5. Airports

6. Power distribution companies in Union Territories

7. Space

8. Atomic Energy

Many sectors need policy simplification: 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 Nirmala Sitharaman pic.twitter.com/l5CGTn91W5

— ANI (@ANI) May 16, 2020

Upgradation of Industrial Infrastructure

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

Structural reforms to be covered today

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

PM Modi's aims to prepare the country for a tough competition

Sitharaman said that PM Narendra Modi's goal of self-reliant India is to prepare the country for a tough competition and face challenges of global value chains.

Atma Nirbhar Bharat is not about making India isolated

FM Nirmala Sitharaman clarifies that Atma Nirbhar Bharat is not about making India isolated.

Finance Minister Nirmala Sitharaman begins her speech

A quick recap of the 3rd tranche

Here's the break up of the announcements

What was announced in the 3rd tranche?

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)