Finance Minister Nirmala Sitharaman gives the finer details of the Rs 20 lakh crore stimulus announced by Prime Minister Narendra Modi earlier this week.
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.
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
— 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.