Niramala Sitharaman on Economic Package Part 4: 'India to become a global hub for Aircraft MRO services' | Highlights
New Delhi | Jagran Business Desk: Finance Minister Nirmala Sitharaman on Saturday addressed the media and shared the fourth tranche of the Rs 20 lakh crore economic package announced by Prime Minister Narendra Modi.
In today’s presser, the finance minister said that today's announcements will be focussed on structural reforms in new sectors, where growth is possible and employment is generated. She also said that many sectors need policy simplification, to make it simpler for people to understand what sector can give, participate in activities & bring transparency. Once we decongest sectors, we can boost the sector, for growth and jobs.
Earlier on Friday, Sitharaman had announced Rs 1 lakh crore Agri Infrastructure Fund for farm gate infrastructure for farmers and Rs 10,000 crore scheme for the formalisation of Micro Food Enterprises (MFEs) under the Rs 20 lakh crore stimulus package.
She had also proposed amendments to the Essential Commodities Act to enable better price realisation for farmers, and said no stock limit should apply to processors or value chain participants.
Here are Highlights from Niramala Sitharaman’s press briefing on Rs 20 lakh cr economic package:
5:13 pm: 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: Finance Minister Nirmala Sitharaman.
5:11 pm: 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: Finance Minister Nirmala Sitharaman.
5:08 pm: 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: Finance Minister Nirmala Sitharaman.
5:03 pm: Boosting private sector investment in Social Infrastructure through revamped Viability Gap Funding Scheme of Rs 8100 crores: Finance Minister Nirmala Sitharaman.
5:01 pm: Privatisation of distribution in Union Territories - sub-optimal performance of power distribution & supply, power departments/utilities in Union Territories will be privatised: Finance Minister Nirmala Sitharaman.
4:58 pm: A Tariff policy with reforms will be released, including consumer rights, promotion of industry and sustainability of sector: Finance Minister Nirmala Sitharaman.
4:56 pm: 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: FM Nirmala Sitharaman.
4:53 pm: 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: FM Nirmala Sitharaman.
4:50 pm: 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: Finance Minister Nirmala Sitharaman.
4:41 pm: Foreign Direct Investment limit in defence manufacturing under automatic route is being raised from 49% to 74%: Finance Minister Nirmala Sitharaman.
4:39 pm: '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: Finance Minister Nirmala Sitharaman.
4:37 pm: Rationalisation of stamp duty payable at the time of award of mining leases: Finance Minister Nirmala Sitharaman.
4:37 pm: Efforts taken give us confidence that Make In India, an initiative to change mindset, bring in new ways of doing business, make sure India becomes attractive on its strength, is bearing fruit. This is a foundation for Aatma Nirbhar Bharat: FM
4:33 pm: 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: FM Nirmala Sitharaman
4:30 pm: 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: FM
4:28 pm: Diversified opportunities in the Coal Sector, investment of Rs. 50,000 crores: Finance Minister Nirmala Sitharaman.
4:26 pm: 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: Finance Minister Nirmala Sitharaman.
4:24 pm: The structural reforms being announced today will impact those sectors which are new horizons of growth, unleashing new investment, boosting production and creating jobs: Finance Minister Nirmala Sitharaman
4:23 pm: Schemes will be implemented in states through challenge mode for Industrial Cluster Upgradation of common infrastructure facilities and connectivity: Finance Minister Nirmala Sitharaman
4:22 pm: PM has very strong record in taking up deep systemic reforms. Direct Benefit Transfer enabled giving money directly to people, GST brought in One Nation One Market, IBC resolved insolvency issues, ease of doing business steps taken: FM Nirmala Sitharaman
4:20 pm: Incentive schemes for the promotion of New Champion Sectors will be launched in sectors such as Solar PV manufacturing; advanced cell battery storage etc.: Finance Minister Nirmala Sitharaman
4:19 pm: Eight sectors are focus of today's reforms: Coal, minearals, defence, civil aviation, power distribution companies in UTs, space, atomic energy: FM
4:17 pm: Many sectors need policy simplification, to make it simpler for people to understand what sector can give, participate in activities & bring transparency. Once we decongest sectors, we can boost the sector, for growth and jobs: FM Nirmala Sitharaman
4:14 pm: Today’s announcements focussing on structural reforms in new sectors, where growth is possible and employment is generated: Finance Minister Nirmala Sitharaman
4:12 pm: PM had said that we should prepare for tough competition. When we speak of AatmaNirbharBharat, we are not looking inwards, it is not isolationist policy, it is making India rely on its strengths, ready to face global challenges: FM
4:07 pm: Policy simplification is needed. We need to prepare for tough global competition: Nirmala Sitharaman
3:58 pm: Sitharaman to start presser shortly
3:55 pm: Watch LIVE Briefing here:
3:53 pm: The focus of today’s announcements are also likely to be on tourism and transportaion sectors.
3:50 pm: Today she is expected to announce relief measures for the infrastructure and aviation sector.
3:45 pm: Finance Minister Nirmala Sitharaman will address the media at 4 pm
Posted By: Talib Khan