Finance Minister Nirmala Sitharaman on Saturday announced commercial mining of coal by the private sector – a government monopoly till now.
Government brings Policy Reforms in Coal Sector:
- Introduction of Commercial Mining in Coal Sector
- Investment of Rs 50,000 crores
- Liberalised Regime in Coal Sector
Addressing the nation fourth time on economic stimulus announced by PM Modi, the Finance Minister said commercial mining will be done on revenue sharing mechanism instead of the regime of fixed rupee/tonne.
Enhancing Private Investments in the Mineral Sector: Structural reforms to boost growth, employment and bring state-of-the-art technology.
The structural reforms to boost, growth, employment and bring state-of-the-art technology especially in exploration through:
- Introduction of a seamless composite exploration-cum-mining-cum-production regime. 500 mining blocks will be offered through an open and transparent auction process.
Enhancing Self Reliance in Defence Production: ‘Make in India’ for Aatma Nirbhar Bharart in Defence Production
- Notify a list of weapons/platforms for ban on import with year wise timeline.
- Indigenisation of imported spares
- Separate budget provisioning for domestic capital procurement
- Will help reduce huge defence import bill
- Improve autonomy, accountability and efficiency in ordnance supplies by corporatisation of ordnance factory board
- FDI limit in the defence manufacturing under automatic route will be raised from 49 per cent to 74 per cent
Efficient Airspace Management for Civil Aviation: “Restrictions on utilisation of the Indian Air Space will be eased so that civilian flying becomes more efficient,” said FM
- Reduction in flying Cost – Rs 1000 crore
- Only 60 per cent of the Indian airspace is freely available
More World-class Airports through PPP: Another 6 airports will be put out for the third round of bidding
- AAI has awarded 3 airports out of 6 for operation and maintenance on PPP basis
- 6 more airports identified in second round bid to commence immediately.
Power Departments / Utilities in Union Territories to be privatized.
Boosting private sector investment in Social Infrastructure through revamped Viability Gap Funding Scheme with a Total outlay of Rs 8100 crores.
- “The government will enhance the quantum of viability gap funding up to 30% each of total project cost as VGF by Centre and state,” said Finance Minister.
Boosting private participation in Space activities: Govt. to provide predictable policy and regulatory environment to private players.
Govt. to establish research reactor in PPP mode for production of medical isotopes to promote welfare of humanity through affordable treatment for cancer and other diseases.
Govt. to bring in Policy Reforms to fast-track Investment; Project Development Cell in each Ministry to prepare investible projects, coordinate with investors and Central/ State Governments.