“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,” stated Finance Minister Nirmala Sitharaman, on Saturday, while addressing the fourth press conference on the economic stimulus.
Today’s announcements focused on structural reforms in new sectors, where growth is likely possible and employment is generated. Here are the key points of the press conference:
1. Incentive schemes for the promotion of New Champion Sectors will be launched in sectors such as Solar PV manufacturing; advanced cell battery storage etc.
2. Schemes will be implemented in states through challenge mode for Industrial Cluster Upgradation of common infrastructure facilities and connectivity
3. Government will introduce competition, transparency, and private sector participation in the Coal Sector through revenue sharing mechanism instead of the regime of fixed rupee/tonne.
4. Diversified opportunities in the Coal Sector, investment of Rs. 50,000 crores
5. 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
6. Rationalisation of stamp duty payable at the time of award of mining leases
7. ‘Make In India’ for self-reliance in defence production – the government will notify a list of weapons/platforms for ban on import with year wise timelines. There will be indigenisation of imported spares
8. Foreign Direct Investment limit in defence manufacturing under automatic route is being raised from 49% to 74%
9. 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
10. 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
11. 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
12. A Tariff policy with reforms will be released, including consumer rights, promotion of industry and sustainability of sector
13. Privatisation of distribution in Union Territories – sub-optimal performance of power distribution & supply, power departments/utilities in Union Territories will be privatise
14. Boosting private sector investment in Social Infrastructure through revamped Viability Gap Funding Scheme of Rs 8100 crores
15. 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
16. 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
(source: DD NEWS)