New Delhi: Finance Minister Nirmala Sitharaman on Saturday unveiled the fourth tranche of economic stimulus package as part of Prime Minister Narendra Modi’s ‘Atmanirbhar Bharat’ (self-reliant) mission.
The latest package focussed primarily on eight sectors — coal, minerals, defence production, airspace management, airports, MRO, power distribution companies in UTs, space and 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,” Sitharaman said.
She announced that commercial mining in coal sector will be introduced so that government monopoly is removed. A total of 500 mineral blocks will be auctioned and there will be joint auction of bauxite and coal blocks so that aluminium sector’s competitiveness is enhanced. The minister also said that the distinction between captive and non-captive mines was being removed.
The government will boost private participation in space activities by: a) providing level-playing field for private companies in satellites, launches and space-based services; b) providing predictable policy and regulatory environment to private players; c) private sector will be allowed to use ISRO facilities and other relevant assets to improve their capabilities; d) future projects for planetary exploration, outer space travel etc to be open to private sector; e) liberal geo-spatial data policy for providing remove-sensing data to tech-entrepreneurs.
As for defence manufacturing, FDI limit under automatic route was raised from 49% to 74%. The government will also begin time-bound defence procurement and faster decision making by setting up a Project Management Unit (PMU) to support contract management.
