(G.N.S) Dt. 15
Union Finance minister Nirmala Sitharaman declares fourth set of measures taken by the Centre under Atmanirbhar Bharat Abhiyan.
Highlights of the announcement made by Union Finance minister:-
After PM’s address to the nation on building an Aatma Nirbhar Bharat, we have been announcing details of the stimulus government feels it should provide to the economy and our people says Union Finance Minister Nirmala Sitharaman
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.
PM Modi had said that we should prepare for tough competition. When we speak of Aatma Nirbhar Bharat, we are not looking inwards, it is not isolationist policy, it is making India rely on its strengths, ready to face global challenges.
Public sector bank reforms infused equity and also ensured that they are professionally managed, also giving them independence. No cronyism has been developed through banks.
Eight sectors are focus of today’s reforms: Coal, minearals, defence, civil aviation, power distribution companies in UTs, space, atomic energy.
The structural reforms being announced today will impact those sectors which are new horizons of growth, unleashing new investment, boosting production and creating jobs.
Empowered Group of Secretaries has been formed to fast-track infrastructure investment, ranking states for investment attractiveness, project development cells have been formed, champion sectors being promoted.
We are bringing in commercial mining in coal sector, govt’s monopoly is being removed. 50,000 crore will be spent by government to ensure evacuation infrastructure is being provided in coal sector.
We are making sure that using technology, land parcels are mapped using GIS and are utilized properly. 3,376 Industrial parks over 5 lakh hectares have been mapped, so that potential investors can utilize them appropriately.
Efforts taken give us confidence that Make In India, an initiative to change mindset, bring in new ways of doing business, make sure India becomes attractive on its strength, is bearing fruit. This is a foundation for Aatma Nirbhar Bharat.
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.
Rationalisation of stamp duty payable at the time of award of mining leases. In critical areas like defence we need to boost programmes like Make in India. We shall notify list of weapons and platforms which shall not be allowed for import but we shall have them bought from India.
Foreign Direct Investment limit in defence manufacturing under automatic route is being raised from 49% to 74%.
Civil aviation is up for a big leap. We will be able to get to our destination in shortest possible time saving fuel, time, cost.
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 1,000 crores per year for the aviation sector.
6 more airports are for auction. Additional investments are likely to happen by private players. Airport component repairs and airframe maintainance to increase from Rs 800 crore to Rs 2,000 crore in 3 years.
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 2,000 crores in 3 years.
A tariff policy with reforms will be released, including consumer rights, promotion of industry and sustainability of sector.
Boosting private sector investment in Social Infrastructure through revamped Viability Gap Funding Scheme of Rs 8100 crores.
We will establish a reserach reactor in PPP mode for production of medical isotopes. This will promote welfare of humanity through affordable treatment for cancer and other diseases.
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.
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.
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.