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LIVE: FM Nirmala Sitharaman holds 4th press conference over economic package

LIVE: FM Nirmala Sitharaman holds 4th press conference over economic package

| @indiablooms | 16 May 2020, 10:50 am

New Delhi/IBNS: Union Finance Minister Nirmala Sitharaman is holding her fourth press conference to give details of the Rs. 20 lakh crore mega stimulus economic package which was announced by Prime Minister Narendra Modi earlier this week. 

This is the fourth tranche of the package. 

The FM said the fourth tranche will focus on structural reforms. 

Announcements

Coal: Government monopoly in coal mining to be removed. Commercial mining in coal sector with revenue sharing. 

Private sector participation will increase in the coal sector. 

Mineral: Seamless composite exploration cum mining cum production. 500 mining blocks to be offered through this mechanism. 

Sale of left, unused mineral. 

Process of developing mineral index is going on. 

Defence Productions: Import of High-Tech defence equipment. 

Import of some Defence equipments will be banned. Banned list will be evaluated. 

Indigenous spares for imported equipment. 

Corporatisation of Ordinance Factory Board. "Corporatisation does not mean privatisation," said the FM. 

FDI limits raised from 49 per cent to 74 per cent. 

Overhauling of trial and testing of procedures. 

Civil Aviation: Only 60 per cent of Airspace will be avalable freely. 

Six more airports are for auctions on PPP basis. 

Rs. 2,300 crore down payment to AAI for auction. 

Power Sector: Privatisation of power distribution companies in Union Territories in line with the tariff policy.

Social Infra Projects: Rs. 8,100 crores will go in the form of viability gap funding. 30 per cent of the Centre and the States will contribute for viability gap funding. 

Space: Will make provision with the ISRO for private companies to benefit. "We want private players to be co-travellers with us," said Sitharaman. 

"Private sector has been given good access so that both govt and private sector can work for Aatmanirbhar Bharat," said FM. 

Work on Liberal geo-spacial data policy. 

Atomic Energy: Research reactor in PPP mode will be established only for the production of medical isotopes. 

Establishment of facilities in PPP mode to use raditation technology for food preservation. 

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