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Deep structural reforms under third tranche of economic stimulus
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SME Times News Bureau | 16 May, 2020
In a mega push to boost mining, defence, civil aviation and power
distribution sectors, Finance Minister Nirmala Sitharaman, here on
Saturday, announced deep structural reforms under the Rs 20 lakh crore
economic package for the 'self-reliant India' programme, announced by
Prime Minister Narendra Modi recently.
The Minister detailed makeover initiatives for eight key sectors, to be supported and promoted via structural reforms.
The
biggest reform measure, ending one the last great central monopolies,
announced was for the coal sector, where mining has been deregulated.
The
Minister said nearly 50 blocks would be offered for auction
immediately, and in a departure from the tradition, there will no
eligibility conditions, only upfront payment with a ceiling.
The
Rs 50,000 crore infrastructure development will be instituted for
evacuation of coal to help Coal India's (CIL) achieve the 1 billion
tonnes output target by 2023-24, plus the coal produced from private
blocks.
The coal-based methane gas reserves will also be auctioned and incentives be provided for conversion of coal into gas.
A
new regime for seamless composite exploration-cum-mining-cum-production
will be introduced, and joint auction of bauxite and coal blocks for
the aluminium industry will be conducted.
Similarly, a major set
of reforms has been announced for the defence manufacturing sector. The
foreign direct investment (FDI) limit for the industry will be raised
from 49 per cent to 74 per cent under the automatic route.
Sitharaman
assured of time-bound defence procurement process and faster
decision-making under the new policy. The Centre will also set up a
project management unit to support contract management.
It has
also been decided to notify certain weapons and platform that would not
be imported and efforts would be made for local production of spares.
The
Centre will also go for corporatisation of the Ordnance Factory Board
to improve autonomy, accountability and efficiency in ordnance
supplies.
Six more airports have been identified for the second
round of bidding for operation and maintenance on the public-private
partnership (PPP) basis. The air space availability will also be eased
to allow airlines save cost and passengers, flying time.
For the
power distribution business, the Minister said discoms in the Union
Territories would be privatised. A Rs 8,100 crore revamped-up viability
gap funding scheme was also announced for social infrastructure
projects.
The government will encourage the private sector's
participation in the space sector through collaboration with the Indian
Space Research Organization (ISRO) and a liberal geo-spatial data
policy.
A medical isotope producing research reactor will be set up under the PPP mode.
These
announcements have been made under Prime Minister's mega stimulus
package amounting to 10 per cent of the gross domestic product (GDP).
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