Detailing the measures for easing economic hardships triggered by the coronavirus pandemic, Finance Minister Nirmala Sitharaman announced structural reforms in eight sectors: Coal, Minerals, Defence Production, Airports, Airspace Management, Maintenance Repair and Overhaul, Power Distribution companies in UTs and Space Atomic Energy.
Talking about reforms in airspace management, Sitharaman said that only 60 percent of Indian airspace was freely available. To ensure optimum utilisation of airspace, the government will ease restrictions on the utilisation of Indian airspace.
"The move will benefit the aviation sector to the tune of Rs 1,000 crore per year," the FM said.
Subsequently, it will also result in a reduction in fuel use and time. It will also have a positive impact on the environment, FM said.In addition to benefiting the aviation sector, efficient management of airspace is likely to reduce the cost of flying for passengers.
Efficient Airspace Management for Civil Aviation: Restrictions on utilisation of the Indian Air Space will be eased so that civilian flying becomes more efficient#AatmaNirbharEconomy pic.twitter.com/0tjdghtQ85
Frequently Asked QuestionsView moreShowView moreHow does a vaccine work?
A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine.How many types of vaccines are there?
There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine.What does it take to develop a vaccine of this kind?
Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time.
— PIB India #StayHome #StaySafe (@PIB_India) May 16, 2020
May 16 is the fourth day of the finance minister outlining a tranche of the contours of India’s Rs 20 lakh crore fiscal stimulus announced by Prime Minister Narendra Modi.
So far, the steps announced by the government have focussed on MSMEs, PSU banks, agriculture and welfare of the poor.
On May 15, Sitharaman announced Rs 1 lakh crore for a farm infrastructure fund and a Rs 10,000 crore scheme for micro food enterprises. Moreover, she proposed amendments to the Essential Commodities Act to enable better pricing for farmers.
The nationwide lockdown enforced on March 25 has brought most economic activities in the country to a standstill.Follow Moneycontrol's full coverage on Coronavirus here