Finance Minister Nirmala Sitharaman announced several significant reforms on Saturday, announcing the fourth instalment under the Self-Reliant India Scheme. Nirmala Sitharaman has opened many avenues for the private sector to increase growth through investment. They are invoking the private sector by ending the government’s monopoly in coal mining and the space sector. Apart from this, significant reforms have also announced for the mineral, power, defence production, civil aviation sectors.
Investment Policy Reforms
Finance Minister said that policy reforms made in investment to create a self-reliant India. Investment schemes approved soon through an empowered group of secretaries. Project development cells made in every ministry. It’s coordinate with investors and state governments. There are 3376 industrial areas in the country covering 5 lakh hectares. These mapped so that that land can make available to investors soon.
Reforms for Coal Sector
Finance Minister said that commercial mining in the coal sector would be approved. The government’s monopoly in the coal sector will end. India still imports a significant amount of coal. We are not able to tap our potential so that it will be changed. There will be an auction process for coal mining. Fifty new blocks available for auction. For this, the central government will spend 50 thousand crore rupees on infrastructure development.
Private Investment in Mineral Mining
Finance Minister Nirmala Sitharaman said that improvements in the mineral mining sector. Private investment increased. Five hundred mineral blocks available in a transparent auction manner. The joint auction emphasized bauxite and coal mineral blocks. This will reduce electricity expenditure. It will increase mining and generate employment. The mineral index created.
Self – reliance on defence production
Finance Minister said that bring self-sufficiency in defence production. It is necessary to strengthen Make in India. India has taken many steps in this direction. The arms list will be notified, and imports will be banned. A separate budget will be given for this. This will cost defence imports and benefit companies that make weapons for the military in India. The Ordnance Factory Organization will be incorporated. The Finance Minister emphasized that it would be organized, not privatized, to improve functioning. It will be listed on the stock market. Ordinary people will be able to buy their shares. The FDI limit in defence production raised from 49% to 74%.
Civil Aviation Sector
Finance Minister said that currently, only 60% of the airspace is for civil aircraft. So they have to take longer routes and fuel costs more. This will be simplified so that the plane will be reduced in time and their expenses will be saved. This will cut the civil aviation sector by one thousand crore rupees. It also benefit the environment. Facilities will be expanded at airports. The Airport Authority of India has given for maintenance on three airport PPP models. Six more such airports have been identified and will be handed over to the private sector through auction. In the first and second phase, the private sector will invest Rs 13 thousand crores in 12 airports.
Also, a global hub for aircraft maintenance, repair and overhaul (MRO) created. This causes them to go abroad to repair civil and military aircraft. Now repair will arranged in their country. Major engine makers will set up units in India. This will cut spending on all airlines.
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Power Sector Reforms
Finance Minister said that power distribution companies privatized in the Union Territories. In addition, reforms made in the tariff policy. This will protect the rights of consumers. Consumers will have to provide adequate electricity. Electricity generation will get a boost. The competition will increase in power generation companies. The subsidy given through DBT, and smart meters installed. The Finance Minister hoped that the State Governments would implement these reforms as well.
8100 crore rupees for social infrastructure
Nirmala Sitharaman said that changes made to increase private sector investment in social infrastructure. 30% will be provided by the Center and 30% by the State Governments in the Viability Gap Funding. This will strengthen the region. But in the other sectors, only 20-20% will remain. A provision of Rs 8100 crore has made for this.
Entry to the private sector in space activity
Finance Minister Nirmala Sitharaman said that Indian space sector opened for private industry. Private companies will also have equal rights. It’s also able to launch the satellite. Private sector companies to use ISRO facilities. In the future, the private sector invited to search for planets or travel to other worlds.
Source – Google
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