Live Updates: Finance Minister Nirmala Sitharaman is Announcing the Fifth Installment of the Economic Package
Finance Minister Nirmala Sitharaman is announcing the fifth installment of the Rs 20 lakh crore economic relief package to support the economy affected by the corona virus epidemic. Earlier, Finance Minister Nirmala Sitharaman announced the fourth installment of the economic stimulus package on Saturday. In the fourth installment, policy reforms were emphasized in the areas of coal, defense manufacturing, aviation, space, power distribution etc.
Highlights of the fourth installment of the package…
About 50 blocks will be offered to private companies in the coal sector to start commercial mining. Government monopoly will end.
Revenue-sharing arrangement will be introduced instead of per tonne fee for commercial mining in the coal sector.
An overall permission system will be introduced for exploration-mining-production in the mineral sector. 500 blocks will be auctioned.
There will be a ban on the import of some weapons / weapons forums, such weapons and equipment can only be procured from India.
In defense manufacturing sector, the limit of foreign direct investment through automatic approval route will be increased from 49 to 74 percent.
Restrictions on Indian airways will be relaxed for passenger flights, aviation sector will benefit one thousand crore rupees in a year.
The government will spend 50 thousand crore rupees on the basic facilities for lifting coal extracted from mines.
Auction will be conducted for participation of private companies in six more airports, additional investment of Rs 13 thousand crore will be received from private companies in 12 airports.
Electricity distribution companies (discoms) will be privatized in the union territories.
Private companies will get opportunities for participation in India's space program, including satellites, launches and space-based services.
Research nuclear plants will be built on PPP basis for economical treatment of cancer and other diseases.
