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-
- 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.
- 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.
- 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.
- 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.
- Civil Aviation- allowing private participation in civil aviation for the boosting of the sector by reducing some restrictions and providing 1000 crore per year.
- 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.
- 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.
- 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.