FM Nirmala Sitharaman on structural reforms in 8 sectors: Highlights
FM Nirmala Sitharaman focused on the Micro Small and Medium Enterprises (MSMEs) on day 1, while day 2 she took care of migrant workers. The day 3 saw the FM focusing on agriculture and its allied activities.
Union finance minister Nirmala Sitharaman on Saturday unveiled the fourth tranche of Centre’s Rs 20 lakh crore fiscal stimulus package which attempts to cushion the economy reeling under the effect of coronavirus and the lockdown situation in the country. Day 1 focused on the Micro Small and Medium Enterprises (MSMEs) and the middle class; while day 2 took care of migrant workers and small shopkeepers. The day 3 saw the FM focusing on agriculture and its allied activities.
Here are the highlights of the FM’s announcement on day 4:
* Structural reforms is the focus of the fourth tranche of economic package
* States will be ranked on investment attractiveness for new investments
* There will be policy reforms to fast-track investment
* Scheme will be implemented in states through challenge mode for industrial cluster upgradation of common infrastructure facilities and connectivity
* All industrial parks will be ranked in 2020-21
* Fast-track investment clearance through empowered group of secretaries
* Project development cell in each ministry to prepare investible projects, coordinate with investors and central/state governments
* Govt to introduce competition, transparency and private sector participation in coal sector through revenue sharing mechanism instead of regime fixed rupee/tonne
* Introduction of a seamless composite exploration-cum-mining-cum-production regime
* 500 mining blocks would be offered through this transparent auction process
* Remove distinction between captive and non-captive mines to allow transfer of mining leases and sale of surplus unused minerals
* Ministry of mines in the process of developing a Mineral Index for Different Minerals
* Govt to enhance self-reliance in defence production
* Notify a list of weapons/platforms for ban on import with year wise timelines
* Indigenisation of imported spares will be given priority in defence
* Separate budget provisioning for domestic capital procurement. This will help reduce huge Defence import bill
* FDI limit in defence manufacturing under automatic route raised from 49% to 74%
* Indian private sector to be a co-traveller in India’s space sector journey
