New Delhi | Jagran Business Desk: Finance Minister Nirmala Sitharaman on Saturday addressed to announce the fourth part of the Rs 20 lakh crore economic package that was announced by Prime Minister Narendra Modi to revive the economy of the country.

While addressing the nation fourth time in a row, the Finance Minister said that today's announcements will focus on structural reforms in new sectors, where growth is possible and employment is generated. "PM had said that we should prepare for tough competition. When we speak of Aatma Nirbhar Bharat, we are not looking inwards, it is not isolationist policy, it is making India rely on its strengths, ready to face global challenges," Sitharaman said.

Here are the highlights from Nirmala Sitharaman's address to the media:

* Policy simplification is needed. We need to prepare for tough global competition, said Sitharaman

Also Read | Economic Package Tranche 4: Commercial mining in coal sector, FDI in defence production raised, auction of 6 airports announced

* Government has brought many reforms; PM has been consistent in ensuring reforms are being taken up

Many sectors need policy simplification, to make it simpler for people to understand what sector can give, participate in activities and bring transparency. Once we decongest sectors, we can boost the sector, for growth and jobs 

Reforms in eight sectors: Coal, minerals, defence production, aviation/airspace management, MRO (maintenance, repair and overhaul), power distribution companies, space, atomic energy

Govt will introduce competition, transparency, and private sector participation in the Coal Sector through revenue sharing mechanism instead of the regime of fixed rupee/tonne

Also Read | Economic Package: Centre raises FDI limit in defence manufacturing from 49% to 74%

* The investment of Rs. 50,000 crores is for the evacuation of enhanced CIL's (Coal India Limited) target of 1 billion tons of coal production by 2023-24 plus coal production from private blocks

500 mining blocks would be offered through an open and transparent auction process, a joint auction of Bauxite & Coal mineral blocks will be introduced to enhance Aluminum industry's competitiveness

Rationalisation of stamp duty payable at the time of award of mining leases

'MakeInIndia' for self-reliance in defence production - we will notify a list of weapons/platforms for ban on import with year wise timelines. There will be indigenisation of imported spares

Airports Authority of India has awarded 3 airports out of 6 bid for operation & maintenance on Public-Private Partnership (PPP) basis. Additional investment by private players in 12 airports in fIrst & second rounds expected around Rs 13,000 crores

Also Read | Economic Package: Centre introduces commercial mining in coal sector to end govt monopoly

* Restrictions on the utilisation of Indian Air Space will be eased so that civilian flying becomes more efficient. Will bring a total benefit of Rs. 1000 crores per year for the aviation sector

India to become a global hub for Aircraft Maintenance, Repair and Overhaul (MRO). The tax regime for the MRO ecosystem has been rationalized. Aircraft component repairs and airframe maintenance to increase from Rs 800 crores to Rs 2000 crores in 3 years

Indian private sector will be a co-traveller in India's space sector journey. Will provide a level-playing field for private companies in satellites, launches & space-based services

The private sector will be allowed to use ISRO facilities and other relevant assets to improve their capacities. Future projects for planetary exploration, outer space travel, etc. to be open for the private sector

Also Read | Economic Package: Restrictions on India Air Space eased, six airports to be auctioned to private companies

* Privatisation of distribution in Union Territories - sub-optimal performance of power distribution & supply, power departments/utilities in Union Territories will be privatised

The private sector will be allowed to use ISRO facilities and other relevant assets to improve their capacities. Future projects for planetary exploration, outer space travel, etc. to be open for the private sector

Atomic Energy-related reforms; link India's robust start-up ecosystem to the nuclear sector - Technology Development cum Incubation Centres will be set up for fostering synergy between research facilities and tech entrepreneurs

Posted By: Aalok Sensharma