|  |  | 

India Top Headlines

Nirmala Sitharaman announcement today: Fourth series of government stimulus packages crore Rs 20 lakh crore: Highlights of Nirmala Sitharaman’s speech | India Business News


NEW DELHI: Union Finance Minister Nirmala Sitharaman unveiled the fourth tranche of the government’s 20-rupee lakh crore economic package on Saturday to provide relief to several segments of the economy hit by the coronavirus blockade.

In the first three installments, the government announced a series of measures for the agricultural sector, amended the strict Essential Commodities Act, provided lines of credit to smaller companies, concessional credit to farmers, free food grains for farmers. migrant workers, working capital incentives for street vendors and support for shadow banks and electricity distributors, among other initiatives.

These are the highlights of the finance minister’s speech:

* The FDI limit in the defense manufacturing sector under automatic route is rising from 49% to 74%.

* To ensure a defense acquisition process with a time limit and faster decision making, project management units will be established to support contract management.

* In critical areas such as defense, we need to promote programs like Make in India. We will notify the list of weapons and platforms that will not be allowed to be imported, but we will buy them in India.

* The energy distribution companies in the Union Territories will be privatized in accordance with the tariff policy reforms. This will lead to better service to consumers and improved operational and financial efficiency in distribution.

* We will corporate the Artillery Factory Board to improve autonomy, responsibility and efficiency in the supply of ammunition.

* Civil aviation is ready for a great leap. We will be able to reach our destination in the shortest possible time, saving fuel, time and costs.

* 6 more airports are up for auction. Private players are likely to make additional investments.

* The tax regime for the MRO ecosystem has been streamlined. Repairs of airport components and maintenance of the plane’s structure will increase from Rs 800 million to Rs 2 billion in 3 years.

* Restrictions on the use of Indian airspace will be eased to make civil flight more efficient. This will bring a total profit of approximately Rs 1,000 per year to the sector.

* In order to provide a level playing field for private space satellite companies, launches and services, the private sector is encouraged to be a traveler on our journey through the space sector.

* The private sector may use ISRO facilities and other relevant assets to improve its capabilities.

* We will establish a research reactor in PPP mode for the production of medical isotopes. This will promote the well-being of humanity through affordable treatment for cancer and other diseases.

* We will link India’s robust startup ecosystem to the nuclear sector. Incubation centers for technological development will be established to foster synergy between research faculties and technological entrepreneurs.

* The government will establish facilities in PPP mode to use irradiation technology for food preservation to complement agricultural reforms and help farmers.

* The creation of social infrastructure projects worth Rs 8.1 billion has been proposed through a renewed viability gap financing scheme.

* The government will improve the amount of the feasibility gap by up to 30 percent of the total cost of the project.

* We are incorporating commercial mining in the coal sector, the government monopoly is being eliminated.

* The government will spend Rs 50 billion to ensure that evacuation infrastructure is provided in the coal sector.

* We want to remove the distinction between captive and non-captive mines to allow the transfer of mining leases.

* 500 mining blocks would be offered through an open and transparent auction process, a joint auction of bauxite and coal ore blocks will be introduced to improve the competitiveness of the aluminum industry.

* Coal Bed Methane Extraction Rights (CBM) will be auctioned from Coal India Limited coal mines.

* A group of empowered secretaries was formed to accelerate infrastructure investment, ranking states by investment attractiveness, project development cells were formed, and advocacy sectors were promoted.

* We need to reduce the import of sustainable coal and increase self-sufficiency in coal production.

* The schemes will be implemented in the states through the challenge mode for updating the industrial cluster of common infrastructure and connectivity facilities.

* 3,376 industrial parks / farms on 5 lakh hectares mapped in the International Information System, all industrial parks will be classified in 2020-21.

* Eight sectors that are the focus of today’s reforms: coal, minerals, defense, civil aviation, UT energy distribution companies, space, atomic energy.

* Today’s announcements focus on structural reforms in new sectors where growth and jobs can be generated.

* When we talk about self-sufficient India, we are not talking about isolationism or looking inside.

* We must prepare for global competition. A simplification of the policy is required.

* Many sectors need simplification of policies, to make it easier for people to understand which sector can give, participate in activities and provide transparency. Once we decongest the sectors, we can boost the sector, for growth and jobs.

* After the Prime Minister’s speech to the nation about building a
aatmanirbhar Bharat, we have been announcing details of the stimulus that the government believes it should provide to the economy and to our people.

Original source