New Delhi: Finance Minister Nirmala Sitharaman in the fourth installment of the economic stimulus package emphasized the objective of promoting structural reforms and creating jobs. The Finance Minister called for changes in eight sectors – coal, minerals, defence production, civil aviation sector, power distribution companies in union territories, space sector and nuclear power sector for self-reliant India.
10 big things about the fourth installment of the economic stimulus package
- Six more airports will be auctioned for participation by private companies.
- Additional investment of 13 thousand crores from private companies in 12 airports.
- Restrictions on Indian airways will be relaxed for passenger flights, aviation sector will be given benefits of one thousand crore rupees in a year.
- Uninterrupted exploration-mining-production system will be introduced in the mineral sector. 500 blocks will be auctioned
- Commercial mining will begin in the coal sector, government monopoly will end
- Revenue-sharing arrangement will be introduced for commercial mining in coal sector instead of tonnage fee tonne arrangement
- The limit of foreign direct investment through automatic clearance route in defence manufacturing sector will be increased from 49 to 74 percent:
- There will be a ban on the import of some weapons / weapons forums, such weapons and equipment can only be procured from India.
- Power distribution companies will be privatized in the union territories. Prepaid electricity meters will be installed for the convenience of consumers.
- Government will spend 50 thousand crores on lifting of coal extracted from mines
Apart from this, private companies will be given a chance in the space sector. Private companies will also be able to use the facilities of the Indian Space Research Organization (ISRO).
