Union Finance Minister of the nation, Nirmala Sitharaman, today, unveiled the 4th tranche of the Rs. 20 Lakh Economic-Financial Package announced by Prime Minister earlier to help various sections of society tide over the coronavirus crisis. Finance Minister unveiled the rest of the relief measures of the plan. The main focus was on the structural reforms to strengthen the 8 big decongest sectors including aviation, power, space, distribution, coal, mining, defense, and mineral production.
Finance Minister listed out measures of ‘Self-Sustainability’ for the decongest sectors today which are as follows –
Aiming to ‘self-reliance’ in coal production, FM announced to provide Rs. 50,000 crores of funding for creating evacuation infrastructure. Cold Bed Methane (CBM) extraction rights will be auctioned from Coal India Limited (CIL) coal mines. Commercial mining will be given to all coal sectors soon to reduce sustainable coal. Rs. 18,000 crores will be invested for the mechanized coal transportation (conveyor belts) from mines to railway sidings.
Seamless mineral exploration-cum-mining-cum-production reforms are now proposed where the open and transparent auction of new 500 blocks will be available immediately for all mineral sectors. Joint auction of bauxite & coal mineral blocks will now be introduced to enhance Aluminium Industries’ competitiveness resulting in reduce electricity cost. Mineral Index for different minerals will be made available so as to enhance private investment mineral mining.
Enhancement of self-reliance has established in Defence Production under “Make In India” emphasis. This will notify a new list of the ban on import of certain weapons and indigenization of imported spares which will help reduce the huge Defence import bill. The corporatization of the Ordnance factory board will now improve the autonomy, accountability, and efficiency of supplies.
FDI limits will be raised from 49 percent to 74 percent in the defense manufacturing under the automatic route. The time-bound defense procurement process with faster decision making will now adhere.
The benefit of Rs. 1000 crores per year will be granted since the restriction on the utilization of Indian air space (aviation sector) will be in ease of flying time. Airport Authority of India to put 6 more airports for auction on a PPP basis for more world-class airports throughout the nation. Maintenance, Repair, and Overhaul (MROs) ecosystem to be created in India which has been rationalized under a tax regime to reduce the cost for maintenance of airlines.
The Tariff policy reform soon to be laid out for consumers right where inefficiency of DISCOM’s will not be a burden for consumers, the sustainability of the sector, and promote the industry.
It will be taken care that DISCOM’s are privatized for the sub-optimal performance of power supply which would lead to improved services for consumers. They will be initially set up in Union territories.
A total outlay of Rs. 8100 crores will be available for boosting social infrastructure in the form of the Viability Gap Funding scheme. Quantum of Viability Gap Funding will be raised from 20 percent to 30 percent under the government guidance.
Indian private space sectors will now be allowed to use ISRO available facilities and other important assets to improve their capacities. Level playing fields will be laid out for private companies in satellite, launches, and space-based services. Liberal geospatial data policy will be provided remote-sensing data to tech-organizations.
The research reactor in the PPP model will be established for the productions of medical isotopes so as to promote the welfare of humanity through the affordable treatment of diseases like cancer, tuberculosis, etc. Steps will be taken to establish facilities in PPP mode to use irradiation technology for food preservations. Technology Development cum Incubation Centres will be set up to link and foster energy between India’s robust startup ecosystem and the nuclear sectors.