Following are the highlights of the fourth tranche of the Rs 20 lakh crore comprehensive economic package announced by Finance Minister Nirmala Sitharaman to tide over the COVID-19 crisis:
Defence: * FDI in defence manufacturing to be hiked to 74 per cent from 49 per cent under automatic route * Govt to notify a list of weapons/platforms banned for imports, such items can only be purchased from India * To promote indigenisation of imported spares, focus on lowering defence import bill
* Separate budget provisioning for domestic capital procurement
* Faster decision making in defence procurement * Govt to corporatise Ordnance Factory Board
Civil Aviation: * Restrictions on utilisation of the Indian air space to be eased for increasing efficiency of passenger aircraft, to cut fuel usage and time * To rake in Rs 1,000 crore per year benefit for the aviation sector * 6 more airports to be privatised * India to become a global hub for Aircraft Maintenance, Repair and Overhaul (MRO), tax rates rationalised
Coal and mineral:
* To introduce commercial mining in coal sector * Entry norms to be liberalized, nearly 50 blocks to be offered immediately * Coal Gasification / Liquefication to be incentivised through rebate in revenue share
* Rs 50,000 crore earmarked for infrastructure development in coal sector * Coal Bed Methane (CBM) extraction rights to be auctioned from Coal India's mines * To introduce seamless composite exploration-cum-mining-cum-production
regime in minerals sector, 500 mining blocks to be auctioned * Introduce joint auction of bauxite and coal mineral blocks * To rationalise stamp duty payable at the time of award of mining leases
Power Distribution: * To bring out reform in tariff policy, privatise Discoms in Union Territories
Social Infrastructure: * Govt's share in viability gap funding for development of social infrastructure, including hospitals, hiked to 30 per cent from 20 per cent, total outlay Rs 8,100 crore
Space: * To allow private sector companies in satellites, launches and space-based services * Private sector will be allowed to use ISRO facilities and other relevant assets to improve their capacities
Atomic Energy: * To set up a research reactor in PPP mode for the production of medical isotopes to help make available affordable treatment for cancer and other diseases * Establish facilities in PPP mode to use irradiation technology for food preservation to complement agricultural reforms and assist farmers.
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