Highlights of “Aatma Nirbhar Economic Package” : Part-4
OVERVIEW OF PAST THREE TRANCHES :
The first tranche included measures for small businesses, the second aimed at helping migrant workers and the third aimed at Agriculture, Farmers and Workers.
KEY HIGHLIGHTS :
STRUCTURAL REFORMS ARE THE FOCUS OF THESE ANNOUNCEMENTS :
Which are new horizons of growth, unleashing new investment, boosting production and creating jobs.
(1.) Many sectors need policy simplification, to make it simpler for people to understand what sector can give, participate in activities & bring transparency. Once we decongest sectors, we can boost the sector, for growth and jobs.
(2.) Public sector bank reforms infused equity and also ensured that they are professionally managed, also giving them independence. No cronyism has been developed through banks.
(3.) Direct taxation reforms were taken, daring power sector reforms, coal sector, irrigation – PM Mr. Modi, has been consistent in taking up reforms.
(4.) Steps to be taken for Investment reboot :
> Fast tracking investment clearances
> Special cell for seamless approvals
> Upgrade of industrial infra
> Providing land solutions
(5.) All industrial parks to be ranked.
(6.) PM has very strong record in taking up deep systemic reforms :
> Direct Benefit Transfer enabled giving money directly to people
> GST brought in One Nation One Market
> IBC resolved insolvency issues, #Ease of Doing Business steps taken
(7.) Eight Sectors In Focus :
> Coal
> Minerals
> Defence Production
> Airspace management,
> Airports
> Power distribution companies in Union Territories
> Space
> Atomic Energy
(8.) Rs 50,000 crore alloted for creating evacuation infrastructure for coal.
(9.) Boosting Mineral Sector :
> Seamless mining, exploration regime
> 500 mining blocks to be offered
> Joint auction of bauxite and coal blocks
> Distinction between captive, non-captive mines removed
> A mineral index to be made
> Stamp duty to be rationalised
(10.) Boosting private sector investment in Social Infrastructure through revamped Viability Gap Funding Scheme with a Total outlay of Rs 8100 crores.
(11.) Boosting private participation in Space activities: Govt. to provide predictable policy and regulatory environment to private players.
(12.) A Tariff Policy laying out the reforms in :
> Black small square Consumer Rights
> Black small square Promote Industry
> Black small square Sustainability of Sector
(13.) Make in India push for defence :
> Indigenistion of imported spares
> List of weapons/platforms to be notified for import ban
> Separate budget for procurement
> Improve autonomy, accountability in ordnance
> FDI limit raised from 49% to 74%
> Overhaul of testing systems
> We need to be self-reliant where we can be
(14.) Distinction between captive and non-captive mines to be removed:
> Will help transfer of mining leases and sell surplus unused minerals
> Ministry Of Mines is developing a Minerals Index
> Stamp duty for mining license being rationalized
(15.) New wings for Aviation :
> 6 more airports up for auction
> Pvt players get investment room expected money: Rs 13,000 cr
> 6 more airports to be identified
> Rationalising air space to reduce flying time, save fuel
> Air space curbs to be removed
> Green efforts to be boosted
(16.) Tariff policy reform for power :
> Discoms in Metros to be privatised
> You won’t have to suffer for discom inefficiencies
> Load shedding will face penal action
> Discom functions to be streamlined to improve accountability
(17.) Atomic energy reforms :
> Research reactor to be done in PPP mode (for medical isotopes)
> PPP mode facility for irradiation tech for food
> Startup ecosystem to be linked with nuclear sector
(18.) We are making sure that using technology, land parcels are mapped using GIS and are utilized properly. 3,376 Industrial parks over 5 lakh hectares have been mapped, so that potential investors can utilize them appropriately.
Thanks for reading my article on Highlights of “Aatma Nirbhar Economic Package” : Part-4
Source : News/ Press Conference & Twitter
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