Union Finance Minister Nirmala Sitharaman’s fourth tranche of economic package is largely devoted to policy and structural reforms in key sectors including power, coal, defence and aircraft MRO.
The Union Minister made a slew of announcements on Wednesday, Thursday and Friday.
Here are the live updates:
5.20 pm
Union Finance Minister Nirmala Sitharaman concluded her press conference by saying “The final tranche of the stimulus package will be announced in an 11 am briefing tomorrow.”
5.12 pm
Atomic energy:
So far, atomic energy is entirely in govt hands. Now private involvement to be brought into certain areas through PPP mode. Research reactor to be set up in PPP mode for production of medical isotopes which can be used for treatment of cancer and other diseases.
Irradiation technology facilities for food preservation to be set up in PPP mode, to assist farmers.
Indian start-ups and tech entrepreneurs will be linked up with nuclear research facilities through tech development-cum-incubation centres to foster synergies.
5.10 pm
Space:
ISRO has brought India many laurels, but want to create level playing field for private players in the satellites, launches and space-based services. Govt will provide predictable policy and regulatory environment, and allow private sector to use ISRO facilities.
Future projects for travel in outer space or exploration of new planets will be open to the private sector.
Govt will ease geo-spatial data policy to make such remote-sensing data more widely available to tech entrepreneurs, with safeguards put in place.
5.07 pm
Creation of social infrastructure projects and promotion of private investment through viability gap funding, which is being increased from 20% to 30%.
Total outlay is Rs. 8,100 crore.
5.05 pm
Power distribution companies in union territories shall be privatised, says the Finance Minister.
Tariff policy reforms to protect consumer rights, so that inefficiency of discoms will not burden the consumer.
Load shedding will be penalised. There will be a progressive reduction in cross subsidies.
Smart prepaid meters to be set up and subsidies paid by direct benefit transfer.
5.00 pm
Civil aviation
Only 60% of Indian airspace is freely available. There is a need to ease restrictions to make civilian flying faster and more efficient. We will bring benefit of Rs. 1000 crore per year. It will save pilot and passenger travel time, aviation fuel and have positive environmental benefits, says Finance Minister Nirmala Sitharaman.
Six more airports are up for auction on PPP basis by Airports Authority of India.
Additional investment by private players to be invited in 12 airports, which is expected to net Rs. 13,000 crore for AAI.
To make India a global hub for aircraft maintenance, report and overhaul (MRO) hub, the tax regime for MRO ecosystem is being rationalised. This will save maintenance cost for airlines, allow convergence between defence and civil aviation MROs. The target is to grow MRO market in the country from Rs. 800 crore to Rs. 2000 crore over three years.
4.55 pm
Ordnanc