Structural reforms in new sectors, key measures announced by FM

Nirmala Sitharaman

Following the Rs 20 lakh package announced by PM Narendra Modi, FM Nirmala Sitharaman addressed the media for the fourth time. The announcements were done by the FM focussed on structural reforms in new sectors, where growth is possible and employment is generated.

She further cleared about the round of confusion allaying that the country has taken closed turn in terms of the economic outlook. "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", said the FM.

The entire press conference was about policy simplification as stated by the Finance Minister. "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".

Other measures announced:

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

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

Also read: For whom the FM announced the measures?

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

Boosting private sector investment in Social
Infrastructure through revamped Viability Gap

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

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

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

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

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

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

'MakeInIndia' 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

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

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

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

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

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

We are going to focus on 8 sectors today - Coal, Minerals
Defence Production, Airspace management, MROs

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

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

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

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

To support our brand of fearless and investigative journalism, support us HERE.

Download:

The Inside Northeast app HERE for News, Views, and Reviews from Northeast India.

Do keep following us for news on-the-go. We deliver the Northeast.

Edited By: Admin

Published On: May 16, 2020