FM Nirmala Sitharaman announces structural reforms from stimulus package

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FM Nirmala Sitharaman announces structural reforms from stimulus package
FM Nirmala Sitharaman announces structural reforms from stimulus package

New Delhi : Finance Minister Nirmala Sitharaman on Saturday addressed a fourth consecutive press conference to declare the utilization of 20 lakh crore stimulus package announced by PM on Tuesday. She spoke about the structural reforms in the new sector. 

"PM had said that we should prepare for tough competition. When we speak of Aatma Nirbhar Bharat, we are not looking inwards, it is not isolationist policy, it is making India rely on its strengths, ready to face global challenges," Sitharaman said.

Here are the highlights from her press conference on Saturday:

* Policy simplification is needed. We need to prepare for tough global competition, said Sitharaman

* Government has brought many reforms; PM has been consistent in ensuring reforms are being taken up

* Many sectors need policy simplification, to make it simpler for people to understand what sector can give, participate in activities and bring transparency. Once we decongest sectors, we can boost the sector, for growth and jobs 

* Reforms in eight sectors: Coal, minerals, defence production, aviation/airspace management, MRO (maintenance, repair and overhaul), power distribution companies, space, atomic energy

* Govt will introduce competition, transparency, and private sector participation in the Coal Sector through revenue sharing mechanism instead of the regime of fixed rupee/tonne

* The investment of Rs. 50,000 crores is for the evacuation of enhanced CIL's (Coal India Limited) target of 1 billion tons of coal production by 2023-24 plus coal production from private blocks

* 500 mining blocks would be offered through an open and transparent auction process, a joint auction of Bauxite & Coal mineral blocks will be introduced to enhance Aluminum industry's competitiveness

* Rationalisation of stamp duty payable at the time of award of mining leases

* 'MakeInIndia' for self-reliance in defence production - we will notify a list of weapons/platforms for ban on import with year wise timelines. There will be indigenisation of imported spares

* Airports Authority of India has awarded 3 airports out of 6 bid for operation & maintenance on Public-Private Partnership (PPP) basis. Additional investment by private players in 12 airports in fIrst & second rounds expected around Rs 13,000 crores

* Restrictions on the utilisation of Indian Air Space will be eased so that civilian flying becomes more efficient. Will bring a total benefit of Rs. 1000 crores per year for the aviation sector

* India to become a global hub for Aircraft Maintenance, Repair and Overhaul (MRO). The tax regime for the MRO ecosystem has been rationalized. Aircraft component repairs and airframe maintenance to increase from Rs 800 crores to Rs 2000 crores in 3 years.