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Structural Reforms announced for 8 key sectors to boost the economy, says Financial Minister

Nirmala Sitharaman and her collateral minister on Saturday addressed the media on the fourth tranche of the economic package distribution. The major announcement of the day was structural reforms of 8 main sectors such as coal, mineral, power distribution, space, atomic energy, social infrastructure, defence production and civil aviation.

The following are the major announcement in 8 major sectors-

  1. Coal- Introducing commercial mining in the sector, making easy norms of entry around 50 blocks to be offered immediately. The government will invest Rs 50k crore for building evacuation infrastructure.
  2. Mineral Sector- 500 blocks of minerals will be offered for mining as well as its production. A joint offered of bauxite and coal blocks will enhance the production aluminium by reducing its cost of production.
  3. Defence Manufacturing- to enhance the production in defence sector government has uplifted the foreign direct investment (FDI) limit in the defence sector ie.49 to 74 per cent.
  4. Space Activity- To uplift the space industry private participation will be allowed, it will enhance the satellite capacity as well as brings many other projects simultaneously.
  5. Civil Aviation- allowing private participation in civil aviation for the boosting of the sector by reducing some restrictions and providing 1000 crore per year.
  6. Atomic Energy- In atomic energy, a research reactor in privatisation in the public sector will enhance the production of medical products that can be easily available for the treatment of the various diseases.
  7. Power Distribution- the distribution of electricity, especially in union territories, will be privatised by the government. It will not only enrich the power sector but also provide better services to consumers.
  8. Social Infrastructure- social sector will be boosted with Rs 8100 crore as a viability gap funding for its development.in present, the social infrastructure is poor phase so for its betterment, 30 per cent of its total project cost will be given.

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